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HomeMy WebLinkAboutOMNI CRA 2024-04-25 Agenda PacketCity of Miami 3500 Pan American Drive Miami, FL 33133 www.miamigov.com 1i. ..... N.,„. Omni CRA Meeting Agenda Thursday, April 25, 2024 9:30 AM (OR THEREAFTER) City Hall 3500 Pan American Drive Miami, FL 33133 OMNI Community Redevelopment Agency Damian Pardo, Chair, District Two Joe Caro//o, Vice Chair, District Three Miguel Angel Gabela, Board Member, District One Manolo Reyes, Board Member, District Four Christine King, Board Member, District Five ************************* OMNI CRA OFFICE ADDRESS: 1401 N. Miami Avenue, 2nd Floor Miami, FL 33136 Phone: (305) 679-6868 www.miamicra.com OMNI Community Redevelopment Agency Meeting Agenda April 25, 2024 CALL TO ORDER APPROVING THE MINUTES OF THE FOLLOWING MEETING(S): 1. OMNI COMMUNITY REDEVELOPMENT AGENCY - REGULAR MEETING - FEB 8, 2024 9:30 AM OMNI CRA DISCUSSION ITEM(S) 1. OMNI CRA DISCUSSION 15950 PRESENTATION OF EXTERNAL AUDIT REPORT FOR FISCAL YEAR 2023. OMNI CRA RESOLUTION(S) 1. OMNI CRA RESOLUTION 15951 A RESOLUTION OF THE BOARD OF COMMISSIONERS OF THE OMNI REDEVELOPMENT DISTRICT COMMUNITY REDEVELOPMENT AGENCY ("CRA") ALLOCATING $500,000 TO A RESIDENTIAL AND BUSINESS BEAUTIFICATION GRANT PROGRAM FOR THE PURPOSES OF PROPERTY ENHANCEMENT IN THE OMNI REDEVELOPMENT AREA FROM ACCOUNT NO. 10040.920501.883000.0000.00000; AUTHORIZING THE EXECUTIVE DIRECTOR TO DISBURSE FUNDS SOLELY IN HIS/HER DISCRETION AS A GRANT TO PROPERTY OWNERS, ON A REIMBURSEMENT BASIS TO PROPERTY OWNERS, OR DIRECTLY TO VENDORS UPON PRESENTATION OF INVOICES AND/OR SATISFACTORY DOCUMENTATION TO QUALIFYING PROPERTY OWNERS IN ORDER TO DISBURSE FUNDS AS STATED HEREIN SUBJECT TO THE AVAILABILITY OF FUNDS; FURTHER AUTHORIZING THE EXECUTIVE DIRECTOR TO NEGOTIATE ANY AND ALL NECESSARY DOCUMENTS, ALL IN A FORM ACCEPTABLE TO THE GENERAL COUNSEL, FOR THE PURPOSES STATED HEREIN. 2. OMNI CRA RESOLUTION 15952 A RESOLUTION OF THE BOARD OF COMMISSIONERS OF THE OMNI REDEVELOPMENT DISTRICT COMMUNITY REDEVELOPMENT AGENCY ("OMNI CRA"), WITH ATTACHMENT(S), BY A FOUR -FIFTHS (4/STHS) AFFIRMATIVE VOTE, AFTER AN ADVERTISED PUBLIC HEARING, RATIFYING, APPROVING AND CONFIRMING THE EXECUTIVE DIRECTOR'S RECOMMENDATION AND FINDING, ATTACHED AS EXHIBIT "A" THAT COMPETITIVE NEGOTIATION METHODS AND PROCEDURES ARE NOT PRACTICABLE OR ADVANTAGEOUS PURSUANT TO SECTIONS 18-85 OF THE CODE OF THE CITY OF MIAMI, FLORIDA, AS AMENDED, AS ADOPTED BY THE OMNI CRA; WAIVING THE REQUIREMENTS FOR COMPETITIVE SEALED BIDDING AS NOT BEING PRACTICABLE OR ADVANTAGEOUS TO THE OMNI CRA; AUTHORIZING FUNDING IN AN AMOUNT NOT TO EXCEED ONE HUNDRED TWENTY-FIVE THOUSAND DOLLARS AND ZERO CENTS ($125,000.00) ("FUNDS"), TO THE GREATER ISRAEL BETHEL PRIMITIVE BAPTIST CHURCH, A FLORIDA NOT -FOR - PROFIT CORPORATION ("GREATER ISRAEL BETHEL"), TO PROVIDE OMNI Community Redevelopment Agency Page 2 Printed on 4/22/2024 OMNI Community Redevelopment Agency Meeting Agenda April 25, 2024 REHABILITATION AND PRESERVATION TO THE PROPERTY LOCATED AT 160 NW 18TH ST, MIAMI, FLORIDA 33136 ("PURPOSE"); FURTHER AUTHORIZING THE EXECUTIVE DIRECTOR TO NEGOTIATE AND EXECUTE AN AGREEMENT, IN A FORM ACCEPTABLE TO THE GENERAL COUNSEL, TO PROVIDE FUNDING FOR THE PURPOSES STATED HEREIN; AND PROVIDING FOR AN EFFECTIVE DATE. 3. OMNI CRA RESOLUTION 15953 A RESOLUTION OF THE BOARD OF COMMISSIONERS OF THE OMNI REDEVELOPMENT DISTRICT COMMUNITY REDEVELOPMENT AGENCY ("CRA"), WITH ATTACHMENT(S), BY A FOUR -FIFTHS (4/5THS) AFFIRMATIVE VOTE, AFTER AN ADVERTISED PUBLIC HEARING, RATIFYING, APPROVING, AND CONFIRMING THE EXECUTIVE DIRECTOR'S RECOMMENDATION AND FINDING, ATTACHED AND INCORPORATED AS EXHIBIT "A," THAT COMPETITIVE NEGOTIATION METHODS AND PROCEDURES ARE NOT PRACTICABLE OR ADVANTAGEOUS TO THE CRA PURSUANT TO SECTIONS 18-85 AND 18- 86 OF THE CODE OF THE CITY OF MIAMI, FLORIDA, AS AMENDED, AS ADOPTED BY THE CRA; WAIVING THE REQUIREMENTS FOR COMPETITIVE SEALED BIDDING AS NOT BEING PRACTICABLE OR ADVANTAGEOUS TO THE CRA; ALLOCATING GRANT FUNDS FROM THE CRA'S FISCAL YEAR 2023-2024 BUDGET IN AN AMOUNT NOT TO EXCEED NINE HUNDRED THOUSAND DOLLARS ($900,000.00) FOR AN AFFORDABLE HOUSING DEVELOPMENT PROJECT CONSISTING OF SIX (6) UNITS AT 50% AMI, THREE (3) UNITS AT 80% AMI, AND NINE (9) UNITS AT 100% AMI AT THE PROPERTIES LOCATED AT 102 NW 14TH STREET, MIAMI, FL - 33136, ALL LOCATED IN THE CRA REDEVELOPMENT AREA, TO PALM PLAZA; AUTHORIZING THE EXECUTIVE DIRECTOR TO DISBURSE FUNDS IN HIS/HER DISCRETION; AUTHORIZING THE EXECUTIVE DIRECTOR TO NEGOTIATE AND EXECUTE ANY AND ALL AGREEMENTS NECESSARY, ALL IN FORMS ACCEPTABLE TO THE GENERAL COUNSEL, FOR THE PURPOSES STATED HEREIN; ALL BEING SUBJECT TO THE RENTS BEING RESTRICTED UNTIL 2054 AS MORE PARTICULARLY DETAILED IN A RESTRICTIVE COVENANT THAT IS TO BE RECORDED IN THE PUBLIC RECORDS OF MIAMI-DADE COUNTY, FLORIDA. 4. OMNI CRA RESOLUTION 15954 A RESOLUTION OF THE BOARD OF COMMISSIONERS OF THE OMNI REDEVELOPMENT DISTRICT COMMUNITY REDEVELOPMENT AGENCY ("CRA") AUTHORIZING THE EXECUTIVE DIRECTOR TO EXECUTE A PURCHASE AND SALE AGREEMENT ("AGREEMENT"), IN A FORM ACCEPTABLE TO THE GENERAL COUNSEL, BETWEEN THE CRA AND SHERMAN BULLARD FOR THE ACQUISITION OF REAL PROPERTY LOCATED AT 1851 NW 1ST COURT, MIAMI, FLORIDA 33136, CONTAINING AN APPROXIMATE TOTAL LOT AREA OF 7,500 SQUARE FEET ("PROPERTY") FOR A TOTAL PURCHASE PRICE NOT TO EXCEED ONE MILLION SEVENTY FIVE THOUSAND DOLLARS ($1,075,000.00) CONTINGENT UPON THE CRA OBTAINING A WRITTEN APPRAISAL FROM A LICENSED FLORIDA APPRAISER STATING THAT THE APPRAISED VALUE OF THE PROPERTY IS, AT A MINIMUM, THE REFERENCED AMOUNT HEREIN; FURTHER AUTHORIZING THE EXECUTIVE DIRECTOR TO NEGOTIATE AND EXECUTE ANY AND ALL NECESSARY DOCUMENTS, INCLUDING ANY AMENDMENTS AND OMNI Community Redevelopment Agency Page 3 Printed on 4/22/2024 OMNI Community Redevelopment Agency Meeting Agenda April 25, 2024 MODIFICATIONS TO SAID AGREEMENT, IN A FORM ACCEPTABLE TO THE GENERAL COUNSEL, THAT MAY BE NECESSARY TO EFFECTUATE SAID ACQUISITION; ALLOCATING FUNDS FROM ACCOUNT NO. 10040.920501.662000.0000.00000 IN A TOTAL AMOUNT NOT TO EXCEED ONE MILLION ONE HUNDRED EIGHTY-TWO THOUSAND FIVE HUNDRED DOLLARS ($1,182,500.00) INCLUSIVE OF SAID ACQUISITION, THE COST OF A SURVEY, ENVIRONMENTAL REPORT, TITLE INSURANCE, AND RELATED CLOSING COSTS ASSOCIATED WITH SAID ACQUISITION, ALL IN ACCORDANCE WITH THE TERMS AND CONDITIONS OF THE AGREEMENT; AUTHORIZING GENERAL COUNSEL TO ENGAGE OUTSIDE COUNSEL FOR THE PURPOSES OF THE CLOSING. 5. OMNI CRA RESOLUTION 15958 A RESOLUTION OF THE BOARD OF COMMISSIONERS OF THE OMNI REDEVELOPMENT DISTRICT COMMUNITY REDEVELOPMENT AGENCY ("CRA"), WITH ATTACHMENT(S), APPROVING THE RELOCATION PLAN PROGRAM, IN SUBSTANTIALLY THE ATTACHED FORM, FOR TEMPORARY RELOCATION ASSISTANCE TO RESIDENTS THAT ARE DISPLACED AS A RESULT OF A CRA PROJECT ("PROGRAM"); AUTHORIZING AN AMOUNT NOT TO EXCEED $100,000.00 FOR THE PROGRAM FROM RESERVE FUNDS FROM ACCOUNT CODE 10040.920501.531000; FURTHER AUTHORIZING THE EXECUTIVE DIRECTOR TO DISBURSE FUNDS, AT HER DISCRETION, DIRECTLY TO RESIDENTS OR TO VENDORS FOR ELIGIBLE COSTS; FURTHER AUTHORIZING THE EXECUTIVE DIRECTOR TO NEGOTIATE AND EXECUTE ANY AND ALL DOCUMENTS NECESSARY TO EFFECTUATE THE PROGRAM, ALL IN A FORM ACCEPTABLE TO THE GENERAL COUNSEL. 6. OMNI CRA RESOLUTION 15955 A RESOLUTION OF THE BOARD OF COMMISSIONERS OF THE OMNI REDEVELOPMENT DISTRICT COMMUNITY REDEVELOPMENT AGENCY ("CRA"), WITH ATTACHMENT(S), APPOINTING ISIAA JONES ("MS. JONES") AS EXECUTIVE DIRECTOR. ADJOURNMENT OMNI Community Redevelopment Agency Page 4 Printed on 4/22/2024 OMNI Board of Commissioners Meeting April 25, 2024 1.1 OMNI REDEVELOPMENT DISTRICT COMMUNITY REDEVELOPMENT AGENCY INTER -OFFICE MEMORANDUM Board Chair Damian Pardo and Members of the CRA Board Isiaa Jones Interim Executive Director Date: April 22, 2024 File: 15950 Subject: OMNI CRA External Audit Report for FY 2023 Enclosures: 15950 External Audit Report 15950 Financial Statements Discussion regarding Independent Annual Audit Report for Fiscal Year 2023. Packet Pg. 5 !' Omni CRA City of Miami Legislation OMNI CRA Discussion 1.1 OMNI CRA 1401 N. Miami Avenue Miami, FL 33136 www.miamicra.com File Number: 15950 Final Action Date: PRESENTATION OF EXTERNAL AUDIT REPORT FOR FISCAL YEAR 2023. City of Miami Page 2 of 2 File ID: 15950 (Revision:) Printed On: 4/22/2024 Packet Pg. 6 1.1.a CERTIFIED PUBLIC ACCOUNTANTS & CONSULTANTS 1 r Omni Community Redevelopment Agency 2023 Audit Results and Required Communications Report to Those Charged with Governance Packet Pg. 7 1.1.a SKJSF CE RI IFIEO PUBLIC ACCOUN IANTS & CONSULTANTS Sanson, Kline, Jacomino & Tandoc, LLP 5805 Blue Lagoon Drive I Suite 145 I Miami, FL 33126 Tel: (305) 269-8633 I Fax: (305) 265-0652 I www.skjtllp.com January 9, 2024 Management and Board Members City of Miami Omni Community Redevelopment Agency Miami, Florida Dear Management and Board Members: We are pleased to present the results of our audit of the basic financial statements of the City of Miami Omni Community Redevelopment Agency (the "Agency") for the year ended September 30, 2023. This report summarizes our audits, the scope of our engagement, and key observations and findings from our audit procedures for the year ended September 30, 2023. This report also contains the communications required by our professional standards and by Government Auditing Standards. The audit was designed to express an opinion on the Agency's 2023 basic financial statements. In accordance with professional standards, we obtained a sufficient understanding of internal control to plan the audits and to determine the nature, timing, and extent of tests to be performed. However, we were not engaged to and we did not perform an audit of internal control over financial reporting. This report is intended solely for the information and use of those charged with governance, and is not intended to be and should not be used by anyone other than these specified parties. We appreciate this opportunity to meet with you to discuss the contents of this report, and to answer any questions that you may have about this report or any other audit -related matters. If you have any questions, please contact Richie C. Tandoc, Partner in charge of the audit, at (305) 269-8633, ext. 8016. Very truly yours, Ae.w Klatt datAvAtivwfr & Tac>n atoc, w Packet Pg. 8 1.1.a Omni Community Redevelopment Agency 2023 Audit Results and Required Communications Generally Accepted Auditing Standards and Government Auditing Standards require the auditor to communicate certain matters to those charged with governance that may assist in overseeing management's financial reporting and disclosure process. Below is a summary of these required communications, and our response to each, as they apply to the Agency as of and for the fiscal year ended September 30, 2023. Required Communication Response Auditors' Responsibilities Under Generally Accepted Auditing Standards (GAAS) and Government Auditing Standards (GAS) Our responsibility is to express an opinion on the Agency's financial statements based on our audit conducted in accordance with auditing standards generally accepted in the United States and Government Auditing Standards. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. In addition, we are required to report on the Agency's internal control over financial reporting and on compliance and other matters. However, providing assurance on the internal control or compliance with certain provisions of laws, regulations, contracts, and agreements was not an objective of our audit, and accordingly, we do not express such an opinion. We have issued an unmodified opinion (i.e. clean opinion) on the Agency's basic financial statements for the year ended September 30, 2022. We have also issued our report on the Agency's internal control over financial reporting and on compliance and other matters for the year ended September 30, 2023. We reported two significant deficiencies in internal control in our report. Both reports are dated January 9, 2024. Significant Accounting Policies Initial selection of and changes in significant accounting policies or their application and new accounting and reporting standards during the year must be reported. In addition, we must discuss our judgments about the quality, not just the acceptability, of the accounting policies as applied in the Agency's financial reporting. The Agency's significant accounting policies are described in Note 1 to the financial statements. Accounting principles selected by management are consistent with those prescribed by govermnent accounting standards, and the Agency's financial statements and related disclosures are clearly presented in a complete manner. Accounting Estimates The preparation of the financial statements requires the use of accounting estimates. We are required to inform those charged with governance of such accounting estimates and about our conclusions regarding the reasonableness of those estimates. For fiscal year ended September 30, 2023, management's judgment was called upon to establish the useful lives of capital assets. We have determined that such estimates are reasonable. Methods of Accounting for Significant Unusual Transactions and for Controversial or Emerging Areas We are required to inform those charged with governance about the methods used to account for significant unusual transactions and the effects of significant accounting policies in controversial or emerging areas for which there is a lack of authoritative guidance or consensus. We did not identify any significant unusual transactions by the Agency or any significant accounting policies used by the Agency related to controversial or emerging areas for which there is a lack of authoritative guidance. Significant and/or Unadjusted Audit Adjustments We are required to inform those charged with governance about auditor adjustments arising from the audit (whether recorded or not) that could, in our judgment, have a significant effect, individually or in the aggregate, on the Agency's financial statements. We had no significant or unadjusted audit adjustments during the current year's audit. All adjustments made during the audit were proposed by the Finance Officer, and approved by us. 1 Packet Pg. 9 1.1.a Omni Community Redevelopment Agency 2023 Audit Results and Required Communications Required Communication Response Fraud and Illegal Acts We are required to inform those charged with governance about any and all fraud and illegal acts involving senior management and any fraud and illegal acts (whether caused by management or other employees) that cause a material misstatement of financial resources. We are not aware of any fraud or illegal acts that occurred during the fiscal year involving senior management, or any fraud or illegal acts involving any employee that would cause a material misstatement of the financial statements. Disagreements or Difficulties with Management We are required to inform those charged with governance about any significant disagreements or difficulties encountered with management. We did not encounter any significant disagreements or difficulties with management during the course of the audit. Major Issues Discussed with Management Prior to Retention We are required to inform those charged with governance about any major issues discussed with management prior to retaining us as auditors. We did not discuss any major issues with management prior to retaining us as your auditors. Independence We are required to communicate with those charged with governance, at least annually, the following: 1. Disclose, in writing, all relationships between us and the Agency and its related entities that, in our professional judgment, may reasonably be thought to impede our independence; 2. Confirm in writing that, in our professional judgment, we are independent of the Agency in accordance with generally accepted auditing standards and Government Auditing Standards; and 3. Disclose any non -audit services performed for the Agency. 1. There are no relationships between us and the Agency and its related entities that, in our professional judgment, may reasonably be thought to impede our independence. 2. With regards to our audit of the Agency as of September 30, 2022, we are independent with respect to the Agency, in accordance with Rule 101 of the American Institute of Certified Public Accountants' Code of Professional Conduct, its interpretations and rulings, and Government Auditing Standards. 3. We have not performed any non -audit services for the Agency during the fiscal year ended September 30, 2023, or thereafter, except for assistance in preparing the financial statements. Management Letter We are required to issue a management letter responding to certain requirements in accordance with the Rules of the Auditor General of the State of Florida. We have issued a management letter in accordance with the Rules of the Auditor General of the State of Florida, dated January 9, 2024. Management Representations We are required to communicate with those charged with governance about representations requested from management. We requested certain representations from management that are included in the management representation letter dated January 9, 2024. 2 Packet Pg. 10 1.1.b CITY OF MIAMI OMNI COMMUNITY REDEVELOPMENT AGENCY (A Component Unit of the City of Miami, Florida) Basic Financial Statements September 30, 2023 (With Independent Auditor's Report Thereon) Attachment: 15950 Financial Statements (15950 : OMNI CRA External Audit Report for FY 2023) Packet Pg. 11 1.1.b CITY OF MIAMI OMNI COMMUNITY REDEVELOPMENT AGENCY (A Component Unit of the City of Miami, Florida) September 30, 2023 Table of Contents Independent Auditor's Report Management's Discussion and Analysis (Required Supplementary Information) Pages 1-2 3-8 Basic Financial Statements: Government -wide Financial Statements: Statement of Net Position 9 Statement of Activities 10 Fund Financial Statements: Balance Sheet — Governmental Funds 11 Reconciliation of the Balance Sheet - Governmental Funds to the Statement of Net Position 12 Statement of Revenues, Expenditures, and Changes in Fund Balances — Governmental Funds 13 Reconciliation of the Statement of Revenues, Expenditures and Changes in Fund Balances - Governmental Funds to the Statement of Activities 14 Notes to Basic Financial Statements 15-23 Required Supplementary Information (Unaudited): Budgetary Comparison Schedule — Special Revenue Fund Note to Required Supplementary Information 24 25 Other Reports: Independent Auditor's Report on Internal Control Over Financial Reporting and on Compliance and Other Matters Based on an Audit of Financial Statements Performed in Accordance With Government Auditing Standards 26-27 Schedule of Findings and Responses 28 Management letter in Accordance with the Rules of the Auditor General of the State of Florida 29-30 Independent Accountant's Report on Compliance with Sections 163.387(6) and (7), Florida Statutes 31 Attachment: 15950 Financial Statements (15950 : OMNI CRA External Audit Report for FY 2023) Packet Pg. 12 1.1.b Independent Auditor's Report Attachment: 15950 Financial Statements (15950 : OMNI CRA External Audit Report for FY 2023) Packet Pg. 13 1.1.b CERTIFIED PUBLIC ACCOUNTANTS & CONSULTANTS Sanson, Kline, Jacomino & Tandoc, LLP 5805 Blue Lagoon Drive Suite 145 1 Miami, FL 33126 Tel: (305) 269-8633 I Fax: (305) 265-0652 I www.skjtllp.com Independent Auditor's Report The Board of Directors City of Miami Omni Community Redevelopment Agency: Opinions We have audited the accompanying financial statements of the governmental activities and each major fund of the City of Miami Omni Community Redevelopment Agency (the Agency), a component unit of the City of Miami, Florida, as of and for the year ended September 30, 2023, and the related notes to the financial statements, which collectively comprise the Agency's basic financial statements as listed in the table of contents. In our opinion, the financial statements referred to above present fairly, in all material respects, the respective financial position of the governmental activities and each major fund of the Agency as of September 30, 2023, and the respective changes in financial position thereof for the year then ended in accordance with accounting principles generally accepted in the United States of America. Basis for Opinions We conducted our audit in accordance with auditing standards generally accepted in the United States of America and the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States. Our responsibilities under those standards are further described in the Auditor's Responsibilities for the Audit of the Financial Statements section of our report. We are required to be independent of the Agency, and to meet our other ethical responsibilities, in accordance with the relevant ethical requirements relating to our audit. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinions. Responsibilities of Management for the Financial Statements Management is responsible for the preparation and fair presentation of the financial statements in accordance with accounting principles generally accepted in the United States of America, and for the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, management is required to evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the Agency's ability to continue as a going concern for twelve months beyond the financial statement date, including any currently known information that may raise substantial doubt shortly thereafter. Auditor's Responsibilities for the Audit of the Financial Statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinions. Reasonable assurance is a high level of assurance but is not absolute assurance and therefore is not a guarantee that an audit conducted in accordance with generally accepted auditing standards and Government Auditing Standards will always detect a material misstatement when it exists. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Misstatements are considered material if there is a substantial likelihood that, individually or in the aggregate, they would influence the judgment made by a reasonable user based on the financial statements. 1 Attachment: 15950 Financial Statements (15950 : OMNI CRA External Audit Report for FY 2023) Packet Pg. 14 1.1.b In performing an audit in accordance with generally accepted auditing standards and Govermnent Auditing Standards, we: • Exercise professional judgment and maintain professional skepticism throughout the audit. • Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and design and perform audit procedures responsive to those risks. Such procedures include examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. • Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Agency's internal control. Accordingly, no such opinion is expressed. • Evaluate the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluate the overall presentation of the financial statements. • Conclude whether, in our judgment, there are conditions or events, considered in the aggregate, that raise substantial doubt about the Agency's ability to continue as a going concern for a reasonable period of time. We are required to communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit, significant audit findings, and certain internal control -related matters that we identified during the audit. Required Supplementary Information Accounting principles generally accepted in the United States of America require that the management's discussion and analysis and budgetary comparison information be presented to supplement the basic financial statements. Such information, although not a part of the basic financial statements, is required by the Governmental Accounting Standards Board who considers it to be an essential part of financial reporting for placing the basic financial statements in an appropriate operational, economic, or historical context. We have applied certain limited procedures to the required supplementary information in accordance with auditing standards generally accepted in the United States of America, which consisted of inquiries of management about the methods of preparing the information and comparing the information for consistency with management's responses to our inquiries, the basic financial statements, and other knowledge we obtained during our audit of the basic financial statements. We do not express an opinion or provide any assurance on the information because the limited procedures do not provide us with sufficient evidence to express an opinion or provide any assurance. Other Reporting Required by Government Auditing Standards In accordance with Government Auditing Standard's, we have also issued our report dated January 9, 2024 on our consideration of the Agency's internal control over financial reporting and our tests of its compliance with certain provisions of laws, regulations, contracts, and grant agreements and other matters. The purpose of that report is to describe the scope of our testing of internal control over financial reporting and compliance and the results of that testing, and not to provide an opinion on the internal control over financial reporting or on compliance. That report is an integral part of an audit performed in accordance with Government Auditing Standards in considering the Agency's internal control over financial reporting. 4,v4& TiI,adet,, Miami, Florida January 9, 2024 2 Attachment: 15950 Financial Statements (15950 : OMNI CRA External Audit Report for FY 2023) Packet Pg. 15 1.1.b Management's Discussion and Analysis Attachment: 15950 Financial Statements (15950 : OMNI CRA External Audit Report for FY 2023) Packet Pg. 16 1.1.b CITY OF MIAMI OMNI COMMUNITY REDEVELOPMENT AGENCY (A Component Unit of the City of Miami, Florida) Management's Discussion and Analysis - Unaudited September 30, 2023 This section of the City of Miami Omni Community Redevelopment Agency (the Agency) financial statement presents management's analysis of the financial performance during the fiscal year that ended September 30, 2023. This discussion addresses whether or not the Agency as a whole is better off or worse off as a result of this year's activities. Overview The purpose of the Agency is to eliminate blight and slum conditions within the redevelopment area of the Agency, pursuant to the redevelopment plans of the Agency for new residential and commercial activity in the Omni area. The Agency's primary source of revenue is tax -increment funds. This revenue is computed by applying the operating tax rate for the City and the County, multiplied by the increased value of property located within the boundaries of the redevelopment areas of the Agency, over the base property value, minus 5%. Both the City and the County are required to fund this amount annually without regard to tax collections or other obligations. On June 24, 1996, the City and County entered into an Interlocal Cooperation Agreement with the Agency, whereby the Agency will receive over a three-year period, commencing on the date of the Agreement, a total of $1.2 million of tax increment revenue contributed by the City and County. If within the three-year period the Agency receives more than $1.2 million in tax increment revenue, the excess shall be remitted to the County for the Performing Arts Center Project. Thereafter, the Agency shall remit to the County tax increment funds received up to, but no more than $1.43 million per year. The obligation to pay the $1.43 million each year shall cease at such time that the County has no Performing Arts Center construction bonds outstanding. On December 31, 2007, the City and County entered into an Interlocal Agreement with the Agency, whereby in addition to the $1.43 million per year described above for the Performing Arts Center project, the Agency shall remit on March 31, 2010 and every March 31st thereafter ending on March 31, 2012 an amount equal to 35% of the amount by which the increment revenue exceeds $1.43 million, and on March 31, 2013 and every March 31st thereafter until March 31, 2027, including any additional time extensions beyond March 31, 2027, an amount equal to the greater of $1.43 million or 35% of the increment revenue, provided that the mounts remitted by the Agency do not exceed $25 million in any fiscal year. On August 6, 2007, the City, County and The Children's Trust (the Trust) entered into an Interlocal Agreement with the Agency, whereby the Agency would receive from the Trust, on an annual basis, tax increment revenues derived from the imposition of a half -mil tax levied by the Trust against real property located within the redevelopment district (referred to as Trust revenues). The agency agreed to use the Trust revenues for debt service on, and other obligations relating to, existing debts of the Agency only after all other available tax increment revenues have been exhausted for such purpose, and to remit to the Trust on the last day of the Agency's fiscal year, all of the Trust revenues that are not needed for debt service on, or other obligations relating to, existing debts of the Agency. Further, the Agency's policy is set by a board of directors comprised of the five members of the City commission and are separate, distinct and independent from the governing body of the City; and its management plan is executed by a small professional staff led by its executive director. 3 Attachment: 15950 Financial Statements (15950 : OMNI CRA External Audit Report for FY 2023) Packet Pg. 17 1.1.b CITY OF MIAMI OMNI COMMUNITY REDEVELOPMENT AGENCY (A Component Unit of the City of Miami, Florida) Management's Discussion and Analysis - Unaudited September 30, 2023 Financial Highlights The assets of the Agency exceeded its liabilities at the close of its most recent fiscal year by $44,551,856. Of this amount, $32,047,507 was invested in capital assets net of related debt, $2,521,095 was restricted for debt service, resulting in $9,983,254 (unrestricted net position) available to meet the Agency's obligations to citizens in the Omni district. At the close of the current fiscal year, the Agency's governmental funds reported combined ending fund balances of $27,325,903 a decrease of $20,190,710 in comparison with the prior year. Overview to the Financial Statements This discussion and analysis is intended to serve as an introduction to the Agency's basic financial statements. The Agency's basic financial statements are comprised of three components: • Government -wide financial statements • Fund financial statements • Notes to the basic financial statements In addition, the Agency reports, as required supplementary information, a budget to actual comparison and notes to the required supplementary information. Government -wide Financial Statements The government -wide financial statements are designed to provide readers with a broad overview of the Agency's finances, in a manner similar to a private -sector business (i.e. economic resources and measurement focus). The statement of net position presents information on all of the Agency's assets and liabilities, with the difference between the two reported as net position. Over time, increases or decreases in net position may serve as a useful indicator of whether the financial position of the Agency is improving or deteriorating. The statement of activities presents information showing how the Agency's net position changed during the most recent fiscal year. All changes in net position are reported as soon as the underlying event giving rise to the change occurs, regardless of the timing of the related cash flows. Thus, revenues and expenses are reported in this statement for some items that will only result in cash flows in future fiscal periods. The government -wide financial statements may be found on pages 9 and 10 of this report. Fund Financial Statements A fund is a grouping of related accounts that is used to maintain control over resources that have been segregated for specific activities or objectives. The Agency, like other state and local governments, uses fund accounting to ensure and demonstrate compliance with finance related legal requirements. All of the funds of the Agency are categorized as governmental funds. Governmental funds are used to account for essentially the same functions reported as governmental activities in the government -wide financial statements. However, unlike the government -wide financial statements, governmental fund financial statements focus on near -term inflows and outflows of expendable resources, as well as on balances of expendable resources available at the end of the fiscal year. Such information may be useful in evaluating a government's near -term financing requirements. 4 Attachment: 15950 Financial Statements (15950 : OMNI CRA External Audit Report for FY 2023) Packet Pg. 18 1.1.b CITY OF MIAMI OMNI COMMUNITY REDEVELOPMENT AGENCY (A Component Unit of the City of Miami, Florida) Management's Discussion and Analysis - Unaudited September 30, 2023 Because the focus of governmental funds is narrower than that of the government -wide financial statements, it is useful to compare the information presented for governmental funds with similar information presented for governmental activities in the government -wide financial statements. By doing so, readers may better understand the long-term impact of the government's near -term financing decisions. Both the governmental fund balance sheet and the governmental fund statement of revenues, expenditures and changes in fund balances provide a reconciliation to facilitate this comparison between governmental funds and governmental activities. The Agency maintains three individual governmental funds during fiscal year 2023. Information is presented separately in the governmental fund balance sheet and in the governmental fund statement of revenues, expenditures, and changes in fund balances for each governmental fund. The basic governmental fund financial statements can be found on pages 11 and 13 of this report. The reconciliations between the governmental funds and governmental activities can be found on pages 12 and 14 of this report. Notes to the Basic Financial Statements The notes provide additional information that is essential to a full understanding of the data provided in the government -wide and fund financial statements. The notes to the basic financial statements can be found on pages 15 to 23 of this report. Budgetary Highlights The Agency adopts an annual budget on an individual fund basis. Budgetary comparison schedules have been provided for the Special Revenue Fund to demonstrate compliance with the budget on page 24 of this report. The following is a brief review of the significant variances between the original budget and the final budget, as well as the significant variances between the final budget and actual amounts, for the Special Revenue Fund: • The significant variance between the final budget and actual amounts reported for investment income is a result of investment income not being an item budgeted by management of the Agency. • The significant variance between the final budget and actual amounts reported for community redevelopment expenditures is a result of redevelopment projects that either did not commence yet or were not yet completed as planned. Financial Analysis Government -Wide Analysis Our analysis of the financial statements of the Agency begins below. The Statement of Net Position and the Statement of Activities report information about the Agency's activities that will help answer questions about the position of the Agency. A comparative analysis is provided below. 5 Attachment: 15950 Financial Statements (15950 : OMNI CRA External Audit Report for FY 2023) Packet Pg. 19 1.1.b CITY OF MIAMI OMNI COMMUNITY REDEVELOPMENT AGENCY (A Component Unit of the City of Miami, Florida) Management's Discussion and Analysis - Unaudited September 30, 2023 Table A-1 Summary of Net Position FY 2023 FY 2022 Current assets $ 27,537,021 48,493,396 Lease receivable - 1,266,208 Capital assets, net 32,047,507 26,106,136 Total assets 59,584,528 75,865,740 Current liabilities 211,118 1,025,549 Non -current liabilities 14,821,554 17,093,457 Total liabilities 15,032,672 18,114,006 Net position: Net investment in capital assets 32,047,507 26,106,136 Restricted 2,521,095 12,363,801 Unrestricted 9,983,254 18,059,355 Total net position $ 44,551,856 56,529,292 • Total assets decreased from the prior year mainly as a result of more cash used to pay down on grants and projects throughout the year compared to the prior year, as well as the decrecognition of the lease receivable and liability. • Total liabilities decreased from the prior year as a result of the current year's debt service payment on the tax increment notes. • Total net position increased from the prior year as a result of the overall net increase in operations. Table A-2 Summary of Changes in Net Position FYE 2023 FYE 2022 Revenues: Charges for services $ 921,923 341,937 Intergovernmental: Operating 120,324 114,723 General revenues: Tax increment revenue 33,559,256 32,024,597 Investment income 1,497,940 (83,903) Other 12,621 58,762 Total revenues 36,112,064 32,456,216 Expenses: General government 1,039,843 1,477,744 Community redevelopment 46,371,686 17,083,443 Interest on long-term obligations 677,971 760,196 Total expenses 48,089,500 19,321,383 Change in net position Net position, beginning of year (11,977,436) 13,134,833 56,529,292 43,351,727 Net position, end of year $ 44,551,856 56,529,292 6 Attachment: 15950 Financial Statements (15950 : OMNI CRA External Audit Report for FY 2023) Packet Pg. 20 1.1.b CITY OF MIAMI OMNI COMMUNITY REDEVELOPMENT AGENCY (A Component Unit of the City of Miami, Florida) Management's Discussion and Analysis - Unaudited September 30, 2023 • Charges for services increased in the current year as a result of the new residential building, leasing to individuals for one-year terms. • Tax increment revenue increased in the current year as a result of the increase in the payout by the City and the County. • Community redevelopment expenditures Increased in the current year as a result of the significant increase in grant and project activity from the prior year. Individual Fund Analysis The fund balance for the Special Revenue Fund decreased from $35,152,812 at September 30, 2022 to $24,804,808 at September 30, 2023. Fund balance for the Redevelopment Projects Fund decreased from $9,842,706 at September 30, 2022 to $0 at September 30, 2023. Fund balance for the Debt Service Fund remained the same at $2,521,095 as September 30, 2022 and September 30, 2023. Since the Agency only has governmental funds/activities, the changes in fund balance also explain the increases in net position. The following are key factors in the changes in fund balances for 2023: ■ The significant decrease in fund balance in the Special Revenue Fund was mainly due to the significant increase in grant and project activity from the prior year. Capital Assets As of September 30, 2023, the Agency's investment in capital assets, net of accumulated depreciation, amounted to $32,047,507, decreasing from $26,106,136 as of September 30, 2022. Summary of Capital Assets (Net of Accumulated Depreciation) Fiscal Year Fiscal Year 2023 2022 Land $ 11,447,103 $ 11,447,103 Construction -in -progress 6,432,142 - Infrastructure 14,168,262 14,659,033 Total capital assets $ 32,047,507 $ 26,106,136 Additional capital asset information can be found on page 19 of this report. Debt Management On March 6, 2018, the Agency issued Tax Increment Revenue Note, Tax-exempt Series 2018A, in the aggregate principal amount of $10,000,000, maturing through September 1, 2029, at an interest rate of 3.25% payable semi-annually on March 1 and September 1. The note is secured by a pledge of tax increment revenue amounts received for the Omni Community Redevelopment area. Pledged revenues on the note includes all tax increment funds accruing within the redevelopment area, after amounts deducted for any payments of the Interlocal Agreement obligations and to payment on a parity therewith of other outstanding authorized notes. The proceeds of the note are to be used to finance a portion of the 2009 amended Omni Area Community Redevelopment Plan, including support of affordable housing, acquisition of real estate and other capital projects (the "2017 Project"). 7 Attachment: 15950 Financial Statements (15950 : OMNI CRA External Audit Report for FY 2023) Packet Pg. 21 1.1.b CITY OF MIAMI OMNI COMMUNITY REDEVELOPMENT AGENCY (A Component Unit of the City of Miami, Florida) Management's Discussion and Analysis - Unaudited September 30, 2023 On July 13, 2018, the Agency issued Tax Increment Revenue Note, Taxable Series 2018B, in the aggregate principal amount of $15,000,000, maturing through September 1, 2029, at an interest rate of 4.49% payable semi-annually on March 1 and September 1. The note is secured by a pledge of tax increment revenue amounts received for the Omni Community Redevelopment area. Pledged revenues on the note includes all tax increment funds accruing within the redevelopment area, after amounts deducted for any payments of the Interlocal Agreement obligations and to payment on a parity of the 2018A Note. The proceeds of the note are to be used to finance a portion of the 2009 amended Omni Area Community Redevelopment Plan, including support of affordable housing, acquisition of real estate and other capital projects (the "2017 Project"). As of September 30, 2023, the Agency had notes payable outstanding in the amount of $14,745,000 compared to $16,885,000 of as of September 30, 2022. No new debt was issued during fiscal year 2023. Additional debt information can be found on pages 20 of this report. Requests for Information This financial report is designed to provide a general overview of the Agency's finances. Questions concerning any of the information provided in this report or requests for additional information should be addressed to the Executive Director, 1401 North Miami Avenue, Miami, Florida 33136. 8 Attachment: 15950 Financial Statements (15950 : OMNI CRA External Audit Report for FY 2023) Packet Pg. 22 1.1.b Basic Financial Statements Attachment: 15950 Financial Statements (15950 : OMNI CRA External Audit Report for FY 2023) Packet Pg. 23 1.1.b CITY OF MIAMI OMNI COMMUNITY REDEVELOPMENT AGENCY (A Component Unit of the City of Miami, Florida) Statement of Net Position September 30, 2023 Governmental Activities Assets Current assets: Cash $ 24,834,306 Restricted cash equivalents 2,526,095 Interest receivable 176,620 Non -current assets: Capital assets (net of accumulated depreciation): Land 11,447,103 Construction -in -progress 6,432,142 Infrastructure 14,168,262 Total assets 59,584,528 Liabilities Current liablities: Accounts payable and accrued liabilities 211,118 Non -current liabilities: Due within one year Notes payable 2,225,000 Due in more than one year: Notes payable 12,520,000 Compensated absences 76,554 Total liabilities 15,032,672 Net Position Net investment in capital assets 32,047,507 Restricted for debt service 2,521,095 Unrestricted 9,983,254 Total net position $ 44,551,856 The accompanying notes are an integral part of the basic financial statements. 9 Attachment: 15950 Financial Statements (15950 : OMNI CRA External Audit Report for FY 2023) Packet Pg. 24 1.1.b CITY OF MIAMI OMNI COMMUNITY REDEVELOPMENT AGENCY (A Component Unit of the City of Miami, Florida) Statement of Activities Year ended September 30, 2023 Expenses Program Revenues Net Revenue Operating (Expense) and Charges for Grants and Changes in Net Services Contributions Position Functions/Programs Governmental Activities: General government $ 1,039,843 921,923 (117,920) Community redevelopment 46,371,686 - 120,324 (46,251,362) Interest on long-term obligations 677,971 (677,971) Total expenses $ 48,089,500 921,923 120,324 (47,047,253) General revenues: Tax increment revenue 33,559,256 Other 12,621 Investment income (loss) 1,497,940 Total general revenues 35,069,817 Change in net position (11,977,436) Net position - beginning of the year 56,529,292 Net position - end of the year $ 44,551,856 The accompanying notes are an integral part of the basic financial statements. 10 Attachment: 15950 Financial Statements (15950 : OMNI CRA External Audit Report for FY 2023) Packet Pg. 25 1.1.b CITY OF MIAMI OMNI COMMUNITY REDEVELOPMENT AGENCY (A Component Unit of the City of Miami, Florida) Balance Sheet Governmental Funds September 30, 2023 Total Special Redevelopment governmental revenue projects Debt service funds Assets Cash $ 24,839,306 (5,000) 24,834,306 Restricted cash equivalents - 2,526,095 2,526,095 Interest receivable 176,620 176,620 Total assets $ 25,015,926 2,521,095 27,537,021 Liabilities Accounts payable and accrued liabilities $ 211,118 211,118 Fund balances Spendable: Restricted Committed Total fund balances Total liabilities, deferred inflows of resources and fund balances 24,804,808 24,804,808 $ 25,015,926 2,521,095 2,521,095 24,804,808 2,521,095 27,325,903 2,521,095 27,537,021 The accompanying notes are an integral part of the basic financial statements. 11 Attachment: 15950 Financial Statements (15950 : OMNI CRA External Audit Report for FY 2023) Packet Pg. 26 1.1.b CITY OF MIAMI OMNI COMMUNITY REDEVELOPMENT AGENCY (A Component Unit of the City of Miami, Florida) Reconciliation of the Balance Sheet - Governmental Funds to the Statement of Net Position September 30, 2023 Total fund balance - governmental funds $ 27,325,903 Amounts reported for governmental activities in the statement of net position consist of: Capital assets used in governmental activities are not financial resources and, therefore, are not reported in the funds. 32,047,507 Long-term liabilities are not due and payable in the current period and therefore are not reported in the funds: Notes payable Compensated absences (14,745,000) (76,554) (14,821,554) Net position of governmental activities $ 44,551,856 The accompanying notes are an integral part of the basic financial statements. 12 Attachment: 15950 Financial Statements (15950 : OMNI CRA External Audit Report for FY 2023) Packet Pg. 27 1.1.b CITY OF MIAMI OMNI COMMUNITY REDEVELOPMENT AGENCY (A Component Unit of the City of Miami, Florida) Statement of Revenues, Expenditures, and Changes in Fund Balances Governmental Funds Year ended September 30, 2023 Total Special Redevelopment governmental revenue projects Debt servicce funds Revenues: Tax increment $ 33,559,256 - 33,559,256 Intergovernmental 120,324 - 120,324 Lease 921,923 - 921,923 Investment income (loss) 1,497,940 - 1,497,940 Other 12,621 - 12,621 Total revenues 36,112,064 - 36,112,064 Expenditures: Current: General government 1,039,843 - 1,039,843 Community redevelopment 42,602,254 9,842,706 52,444,960 Debt service: Principal - 2,140,000 2,140,000 Interest and other charges - 677 971 677,971 Total expenditures 43,642,097 9,842,706 2,817,971 56,302,774 Excess (deficiency) of revenues over (under) expenditures (7,530,033) (9,842,706) (2,817,971) (20,190,710) Other financing sources (uses): Transfers in - 2,817,971 2,817,971 Transfers out (2,817,971) - (2,817,971) Total other financing sources (uses) (2,817,971) - 2,817,971 Net change in fund balances (10,348,004) (9,842,706) (20,190,710) Fund balances - beginning 35,152,812 9,842,706 2,521,095 47,516,613 Fund balances - ending $ 24,804,808 - 2,521,095 27,325,903 The accompanying notes are an integral part of the basic financial statements. 13 Attachment: 15950 Financial Statements (15950 : OMNI CRA External Audit Report for FY 2023) Packet Pg. 28 1.1.b CITY OF MIAMI OMNI COMMUNITY REDEVELOPMENT AGENCY (A Component Unit of the City of Miami, Florida) Reconciliation of the Statement of Revenues, Expenditures, and Changes in Fund Balances - Governmental Funds to the Statement of Activities Year ended September 30, 2023 Net change in fund balances - total governmental funds $ (20,190,710) Amounts reported for governmental activities in the statement of activities are different because: The governmental funds reported capital outlays as expenditures, however, in the statement of activities, the cost of those assets is allocated over their estimated useful lives: Expenditures for capital assets 6,432,142 Depreciation expense (490,771) 5,941,371 Items reported in the statement of activities do not require the use of current financial resources, and therefore, are not reported as expenditures in governmental funds: Decrease in compensated absences The issuance of long-term debt provides current financial resources to governmental funds, while the repayment of principal of long-term debt consumes the current financial resources of governmental funds. Neither transaction has any effect on net position. Also, governmental funds report the effect of premiums, discounts and similar items when debt is first issued, whereas these amount are deferred and amortized on the statement of activities. Principal payments on long-term obligations: Notes payable Change in net position of governmental activities 2,140,000 The accompanying notes are an integral part of the basic financial statements. 14 131,903 2,140,000 $ (11,977,436) Attachment: 15950 Financial Statements (15950 : OMNI CRA External Audit Report for FY 2023) Packet Pg. 29 1.1.b CITY OF MIAMI OMNI COMMUNITY REDEVELOPMENT AGENCY (A Component Unit of the City of Miami, Florida) Notes to Basic Financial Statements September 30, 2023 1. Summary of Significant Accounting Policies This summary of the City of Miami Omni Community Redevelopment Agency (the Agency) significant accounting policies is presented to assist the reader in interpreting the basic financial statements. The policies are considered essential and should be read in conjunction with the basic financial statements. The accounting policies of the Agency conform to accounting principles generally accepted in the United States of America applicable to governmental units. This report, the accounting systems and classification of accounts conform to standards of the Governmental Accounting Standards Board (GASB), which is the accepted standard -setting body for establishing governmental accounting and financial reporting principles. The following is a summary of the more significant policies: A. Reporting Entity The Agency was established in 1986 by the City of Miami, Florida (the City) under the provisions of Section 163, Florida Statutes. The purpose of the Agency is to eliminate blight and slum conditions within the redevelopment area of the agency pursuant to the redevelopment plans of the Agency for new residential and commercial activity of the Omni area. The board of directors of the Agency are comprised of the five members of the City commission and are separate, distinct and independent from the governing body of the City. The City entered into an Interlocal Cooperation Agreement on June 24, 1996 with Miami -Dade County, Florida (the County) whereby tax increment revenue collected by the parties would be paid to the Agency and used in accordance with the approved budgets of the redevelopment plans and terms and conditions of the lnterlocal Agreement for the benefit of the Agency. In addition, on March 13, 2000, the Agency entered into an lnterlocal Agreement with the City. As stated on the agreement, the City has agreed to provide financial support to the Agency for the planning, development, program management, technical assistance, coordination, monitoring and other services needed for the projects. In addition, the City has agreed to provide personnel and other resources including the use of the City attorney, which shall serve as counsel and the City Clerk, which will serve as the official custodian of records. For financial reporting purposes, the Agency is a component unit of the City and is thus included in the City's comprehensive annual financial report as a blended component unit. B. Government -wide and Fund Financial Statements The government -wide financial statements (i.e., the statement of net position and the statement of activities) report information on all the nonfiduciary activities of the Agency. For the most part, the effect of interfund activity has been removed from these statements. Governmental activities, which normally are supported by taxes and intergovernmental revenues, are reported separately from business — type activities, which rely to a significant extent on fees and charges for support. The Agency does not have any business -type activities. The statement of activities demonstrates the degree to which the direct expenses of a given function or segment are offset by program revenues. Direct expenses are those that are clearly identifiable with a specific function or segment. Program revenues include 1) charges to customers or applicants who purchase, use, or directly benefit from goods, services, or privileges provided by a given function or segment and 2) grants and contributions that are restricted to meeting the operational or capital requirements of a particular function or segment. Taxes and other items not properly included among program revenues are reported instead as general revenues. 15 Attachment: 15950 Financial Statements (15950 : OMNI CRA External Audit Report for FY 2023) Packet Pg. 30 1.1.b CITY OF MIAMI OMNI COMMUNITY REDEVELOPMENT AGENCY (A Component Unit of the City of Miami, Florida) Notes to Basic Financial Statements September 30, 2023 1. Summary of Significant Accounting Policies (continued) B. Government -wide and Fund Financial Statements (continued) Separate financial statements are provided for the governmental funds. Major individual governmental funds are reported as separate columns in the fund financial statements. C. Measurement Focus, Basis of Accounting, and Financial Statement Presentation The government -wide financial statements are reported using the economic resources measurement focus and the accrual basis of accounting. Revenues are recorded when earned and expenses are recorded when a liability is incurred, regardless of the timing of related cash flows. Governmental fund financial statements are reported using the current financial resource measurement focus and the modified accrual basis of accounting. Revenues are recognized as soon as they are both measurable and available. Revenues are considered available when they are collectible within the current period or soon enough thereafter to pay liabilities of the current period. For this purpose, the Agency considers revenues to be available if they are collected within 60 days of the end of the current fiscal period. Expenditures generally are recorded when a liability is incurred, as under accrual accounting. However, debt service expenditures, as well as expenditures related to compensated absences and claims and judgments, are recorded only when payment is due. Tax increment revenue, intergovernmental revenues, lease revenue, and interest associated with the current fiscal period are all considered to be susceptible to accrual and so have been recognized as revenues of the current fiscal period. Only the portion due within the current fiscal period is considered to be susceptible to accrual as revenue of the current period. All other revenue items are considered to be measurable and available only when cash is received by the government. The Agency reports the following major governmental funds: The Special Revenue Fund accounts for the proceeds of specific revenue sources (other than major capital projects) that are legally restricted for specified purposes. Specifically, this fund reports tax increment revenue collected from the City, County and The Children's Trust; and The Redevelopment Projects Fund accounts for construction of certain redevelopment projects funded by the Tax Increment Revenue Notes, Tax-exempt Series 2018A and Taxable Series 2018B. The Debt Service Fund accounts for the accumulation of resources for, and the payment of, bond principal and interest on the Tax Increment Revenue Notes, Tax-exempt Series 2018A and Taxable Series 2018B. D. Equity in Pooled Cash The Agency participates in the City's pool on a dollar equivalent and daily transaction basis. Investment income (which includes interest and unrealized gains and losses) is distributed monthly based on a monthly average balance. All such cash is reflected as equity in pooled cash on the Agency's governmental fund balance sheet and statement of net position. E. Restricted Cash Equivalents Unspent proceeds from the Tax Increment Revenue Notes, Tax-exempt Series 2018A and Taxable Series 2018B are considered restricted because their use is limited by the applicable bond indenture, and currently consists of money market funds that have an original maturity of three months or less from the date of purchase. 16 Attachment: 15950 Financial Statements (15950 : OMNI CRA External Audit Report for FY 2023) Packet Pg. 31 1.1.b CITY OF MIAMI OMNI COMMUNITY REDEVELOPMENT AGENCY (A Component Unit of the City of Miami, Florida) Notes to Basic Financial Statements September 30, 2023 1. Summary of Significant Accounting Policies (continued) F. Capital Assets Capital assets are defined by the Agency as assets with an initial, individual cost of more than $1,000 and an estimated useful life in excess of one year. Such assets are recorded at historical cost or estimated historical cost if purchased or constructed. Donated capital assets are recorded at estimated fair market value at the date of donation, unless donated by a related entity (e.g. the City). Capital assets donated by a related entity are recorded at the net book value of the related entity at the time of donation. The costs of normal maintenance and repairs that do not add to the value of the asset or materially extend assets lives are not capitalized. Major outlays for capital assets and improvements are capitalized as projects are constructed. Capital assets of the Agency are depreciated using the straight-line method over the following estimated useful lives: Assets Years Furniture and equipment Infrastructure G. Fund Balance / Net Position 5 5-35 Fund balance GASB Statement No. 54, Fund Balance Reporting and Governmental Fund Type Definitions, establishes criteria for classifying fund balances into specifically defined classifications and clarifies definitions for governmental fund types. Fund balances for governmental funds are reported in classifications that comprise a hierarchy based primarily on the extent to which the government is bound to honor constraints on the specific purposes for which amounts in those funds can be spent, as follows: • Non spendable fund balance - amounts that cannot be spent because they are either (a) not in spendable form or (b) legally or contractually required to be maintained intact. • Restricted fund balance - amounts that are restricted to specific purposes when constraints placed on the use of resources are either by (a) externally imposed by creditors (such as debt covenants), grantors, contributors, or laws or regulations of other governments; or (b) imposed by law through constitutional provisions or enabling legislations. • Committed fund balance - amounts that can only be used for specific purposes pursuant to constraints imposed by formal action of the government's highest level of decision -making authority. • Assigned fund balance - amounts that are constrained by the government's intent to be used for specific purposes, but are neither restricted nor committed. • Unassigned fund balance - amounts that have not been assigned to other funds and that have not been restricted, committed, or assigned to specific purpose within the general fund. When both restricted and unrestricted amounts are available for use, it is the Agency's practice to use restricted resources first. Additionally, the Agency would first use committed, then assigned, and lastly unassigned amounts of unrestricted fund balance. 17 Attachment: 15950 Financial Statements (15950 : OMNI CRA External Audit Report for FY 2023) Packet Pg. 32 1.1.b CITY OF MIAMI OMNI COMMUNITY REDEVELOPMENT AGENCY (A Component Unit of the City of Miami, Florida) Notes to Basic Financial Statements September 30, 2023 1. Summary of Significant Accounting Policies (continued) H. Fund Balance / Net Position (continued) Net position The government -wide financial statements utilize a net position presentation. Net position can be categorized as net investment in capital assets, restricted, or unrestricted. The first category represents capital assets, less accumulated depreciation and net of any outstanding debt associated with the acquisition of capital assets. Restricted net position represents amounts that are restricted by requirement of debt indenture or enabling legislation. Unrestricted net position represents the net position of the Agency which are not restricted for any project or purpose. I. Tax Increment Revenues The Agency's primary source of revenue is tax increment funds. This revenue is computed by applying the operating tax rate for the City and the County, multiplied by the increased value of property located within the boundaries of the redevelopment areas of the Agency, over the base property value, minus 5%. Both the City and the County are required to fund this amount annually without regard to tax collections or other obligations. On June 24, 1996, the City and County entered into an Interlocal Cooperation Agreement with the Agency, whereby the Agency will receive over a three-year period, commencing on the date of the Agreement, a total of $1.2 million of tax increment revenue contributed by the City and County. If within the three-year period the Agency receives more than $1.2 million in tax increment revenue, the excess shall be remitted to the County for the Performing Arts Center Project. Thereafter, the Agency shall remit to the County tax increment funds received up to, but no more than $1.43 million per year. The obligation to pay the $1.43 million each year shall cease at such time that the County has no Performing Arts Center construction bonds outstanding. On December 31, 2007, the City and County entered into an Interlocal Agreement with the Agency (the "Global Agreement"), whereby in addition to the $1.43 million per year described above for the Performing Arts Center project, the Agency shall remit on March 31, 2010 and every March 31' thereafter ending on March 31, 2012 an amount equal to 35% of the amount by which the increment revenue exceeds $1.43 million, and on March 31, 2013 and every March 31s` thereafter until March 31, 2027, including any additional time extensions beyond March 31, 2027, an amount equal to the greater of $1.43 million or 35% of the increment revenue, provided that the mounts remitted by the Agency do not exceed $25 million in any fiscal year. For the fiscal year ended September 30, 2023, the Agency remitted a total of $22,017,522 to the County. On August 6, 2007, the City, County and The Children's Trust (the Trust) entered into an Interlocal Agreement with the Agency, whereby the Agency would receive from the Trust, on an annual basis, tax increment revenues derived from the imposition of a half -mil tax levied by the Trust against real property located within the redevelopment district (referred to as Trust revenues). The Agency agreed to use the Trust revenues for debt service on, and other obligations relating to, existing debts of the Agency only after all other available tax increment revenues have been exhausted for such purpose, and to remit to the Trust on the last day of the Agency's fiscal year, all of the Trust revenues that are not needed for debt service on, or other obligations relating to, existing debts of the Agency. For the fiscal year September 30, 2023, the Agency remitted a total $1,400,153 to the Trust. 18 Attachment: 15950 Financial Statements (15950 : OMNI CRA External Audit Report for FY 2023) Packet Pg. 33 1.1.b CITY OF MIAMI OMNI COMMUNITY REDEVELOPMENT AGENCY (A Component Unit of the City of Miami, Florida) Notes to Basic Financial Statements September 30, 2023 1. Summary of Significant Accounting Policies (continued) J. Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Although these estimates are based on management's knowledge of current events and actions it may undertake in the future, they may ultimately differ from actual results. 2. Cash and Restricted Cash Equivalents At September 30, 2023, the Agency's cash and restricted cash equivalents consist of the following: Cash: Pooled cash $ 24,834,306 Restricted cash equivalents: Money market funds $ 2,526,095 Custodial Credit Risk is the risk that in the event of a bank failure, the Agency's deposits may not be returned to it. In addition to insurance provided by the Federal Deposit Insurance Corporation (FDIC), deposits are held in banking institutions approved by the State of Florida, State Treasurer to hold public funds. Under the Florida Statutes Chapter 280, "Florida. Security for Public Deposits Act", the State Treasurer requires all qualified public depositories to deposit with the Treasurer or another banking institution eligible collateral. In the event of a failure of a qualified public depository, the remaining public depositories would be responsible for covering any resulting losses. 3. Capital Assets Capital asset activity for the fiscal year ended September 30, 2023 was as follows: Capital assets, not being depreciated: Land Construction -in -progress Total capital assets, not being depreciated Capital assets, being depreciated: Infrastructure Furniture and equipment Total capital assets, being depreciated Less accumulated depreciation for: Infrastructure Furniture and equipment Total accumulated depreciation Total capital assets, being depreciated, net Total capital assets (net of accumulated depreciation) Balance 9/30/2022 Transfers / Transfers / Balance Additions Deletions 9/30/2023 $ 11,447,103 - 6,432,142 - 11,447,103 - 6,432,142 11,447,103 6,432,142 - 17,879,245 18,053,865 22,407 - 18,053,865 - 22,407 18,076,272 3,394,832 22,407 490,771 - 18,076,272 - 3,885,603 - 22,407 3,417,239 14,659,033 $ 26,106,136 490,771 (490,771) - 3,908,010 - 14,168,262 5,941,371 - 32,047,507 During fiscal year 2023, depreciation expense in the amount of $490,771 was charged to Community Redevelopment. 19 Attachment: 15950 Financial Statements (15950 : OMNI CRA External Audit Report for FY 2023) Packet Pg. 34 1.1.b CITY OF MIAMI OMNI COMMUNITY REDEVELOPMENT AGENCY (A Component Unit of the City of Miami, Florida) Notes to Basic Financial Statements September 30, 2023 4. Long -Term Obligations The changes in the long-term obligations for the year ended September 30, 2023 are as follows: Amount Balance Balance due within 9/30/2022 Additions Deletions 9/30/2023 one year Tax Increment Revenue Note, Tax -Exempt Series 2018A $ 6,465,000 - (835,000) 5,630,000 865,000 Tax Increment Revenue Note, Taxable Series 2018B 10,420,000 - (1,305,000) 9,115,000 1,360,000 Total notes payable 16,885,000 - (2,140,000) 14,745,000 2,225,000 Compensated absences 208,457 - (131,903) 76,554 - Total long-term obligations $ 17,093,457 - (2,271,903) 14,821,554 2,225,000 Notes Payable At September 30, 2023, a description of each revenue note payable is as follows: Amount On March 6, 2018, the Agency issued Tax Increment Revenue Note, Tax-exempt Series 2018A, in the aggregate principal amount of $10,000,000, maturing through September 1, 2029, at an interest rate of 3.25% payable semi-annually on March 1 and September 1. The note is secured by a pledge of tax increment revenue amounts received fbr the Omni Community Redevelopment area. Pledged revenues on the note includes all tax increment funds accruing within the redevelopment area, after amounts deducted for any payments of the Interlocal Agreement obligations and to payment on a parity therewith of other outstanding authorized notes. The proceeds of the note are to be used to finance a portion of the 2009 amended Omni Area Community Redevelopment Plan, including support of affordable housing, acquisition of real estate and other capital projects (the "2017 Project"). $ 5,630,000 On July 13, 2018, the Agency issued Tax Increment Revenue Note, Taxable Series 2018B, in the aggregate principal amount of $15,000,000, maturing through September 1, 2029, at an interest rate of 4.49% payable semi-annually on March 1 and September 1. The note is secured by a pledge of tax increment revenue amounts received for the Omni Community Redevelopment area. Pledged revenues on the note includes all tax increment funds accruing within the redevelopment area, after amounts deducted for any payments of the Interlocal Agreement obligations and to payment on a parity of the 2018A Note. The proceeds of the note are to be used to finance a portion of the 2009 amended Omni Area Community Redevelopment Plan, including support of affordable housing, acquisition of real estate and other capital projects (the "2017 Project"). 9,115,000 Total notes payable $ 14745,000 Debt service requirements of notes payable outstanding as of September 30, 2023, are as follows: Fiscal Year(s) Principal Interest Total 2024 $ 2,225,000 592,239 2,817,239 2025 2,310,000 503,062 2,813,062 2026 2,405,000 410,441 2,815,441 2027 2,500,000 313,865 2,813,865 2028 2,600,000 213,395 2,813,395 2029 2,705,000 108,869 2,813,869 $ 14,745,000 2,141,871 16,886,871 20 Attachment: 15950 Financial Statements (15950 : OMNI CRA External Audit Report for FY 2023) Packet Pg. 35 1.1.b CITY OF MIAMI OMNI COMMUNITY REDEVELOPMENT AGENCY (A Component Unit of the City of Miami, Florida) Notes to Basic Financial Statements September 30, 2023 5. Fund Balances At September 30, 2023, the Agency reported the following governmental fund balances: • Non spendable fund balance — portion of fund balance that is not an available resource because it represents the fiscal year-end balance of the lease receivable in excess of the deferred inflow of resources for the lease receivable, which is not a spendable resource. • Restricted fund balance - these amounts are restricted to specific purposes stipulated by the Tax • Committed fund balance - these amounts can only be used for specific purposes pursuant to constraints imposed by the Board of the Agency. The items cannot be removed unless the Board removes it in the same manner it was implemented. Below is a table of fund balance categories and classifications, by fund, at September 30, 2023: Special Redevelopment Debt Revenue Projects Service Spendable: Restricted for debt service Committed to community redevelopment Total 2,521,095 24,804,808 $ 24,804,808 2,521,095 6. Operating Lease In January 2014, the Agency, entered into a lease agreement with a company for certain restaurant facilities, which was amended in January 2022. In fiscal year 2022, the Agency recognized a lease receivable and deferred inflows of resources in accordance with GASB Statement No. 87, Leases. However, during fiscal year 2023 the Agency agreed to cancel the lease agreement with the company due to unforeseen circumstances with the restaurant facility. As such, the lease receivable and deferred inflows of resources were derecognized, resulting in a loss of $53,055. 7. 401(a) Deferred Compensation Plan All employees, including executives and general employees, of the Agency are eligible, after one year of service, to join the ICMA Retirement Trust 401(a) Deferred Compensation Plan (the Plan). The Plan agreement requires the Agency to contribute 8% of each executive employee's earnable compensation, and 5% of each general employee's earnable compensation. Contributions by executive and general employees are not required. Participants may withdraw funds at retirement or upon separation based on a variety of payout options. The following information relates to the Agency's participation in the 401(a) Deferred Compensation Plan: Executives General Current year's payroll $ 200,000 305,000 Current year's employer contributions $ 22,410 13,413 8. Risk Management The Agency is exposed to various risks of losses related to torts; theft or damage to, and destruction of assets; errors and omissions; injuries to employees; and natural disasters. The Agency purchases commercial insurance for the risks of loss to which it is exposed. Policy limits and deductibles are reviewed by management and established at amounts to provide reasonable protection from significant financial loss. There were no losses or claims incurred during the current fiscal year, and there were no settlements that exceeded insurance coverage during the past three fiscal years. 21 Attachment: 15950 Financial Statements (15950 : OMNI CRA External Audit Report for FY 2023) Packet Pg. 36 1.1.b CITY OF MIAMI OMNI COMMUNITY REDEVELOPMENT AGENCY (A Component Unit of the City of Miami, Florida) Notes to Basic Financial Statements September 30, 2023 9. Commitment and Contingencies (a) In accordance with an Economic Incentive Agreement entered into between the Agency and MNR Max Miami, LLC (the "Developer"), upon completion of the development of the MAX Miami mixed -use project (the "Project"), the Agency agreed to reimburse the Developer for the actual tax increment generated by the Project, with a maximum payout of $812,500 up to and through the year 2030 for a total amount not to exceed $9,000,000. (b) In accordance with the Global Agreement entered into between the Agency, the County, and the City, the Agency is committed to provide an annual contribution of $2,000,000 to Museum Park's capital expenditure fund, payable commencing on the date of substantial completion of the park component of the project through 2030. During the fiscal year ended September 30, 2023, the Agency made the annual contribution of $4,000,000. (c) Also as part of the Global Agreement, the Agency agreed to fund the City's portion of the Port Tunnel project upon substantial completion. On October 25, 2012, the Agency's Board authorized the issuance of an annual grant to the City, in an amount equal to the total principal (up to $50 million) and interest on the debt issued by the City to fund its portion of the Port Tunnel project, and further authorized the Executive Director to execute a Port Tunnel Interlocal and Grant Agreement with the City. Payments on the grant started in fiscal year 2013 and will continue through fiscal year 2030, and are pledged by tax increment funds. During the fiscal year ended September 30, 2023, payments made on the grant to the City totaled $4,077,000. (d) On October 30, 2019, the Board passed a resolution authorizing the Agency to rebate to a grantee the tax increment finance ("TIF") revenues generated only from the development by the grantee of the 17th Street Apartment Project in an amount not to exceed 95% of the TIF collected from the project annually or $420,000 annually, whichever is less, per year until 2030, or until 2047 if the life of the Agency is extended to 2047, for a total amount not to exceed $8,471,238, with payment to commence upon substantial completion of the project. As of September 30, 2023, the project was not substantially complete. On September 24, 2020, the Board passed a resolution authorizing the Agency to rebate to a grantee the TIF revenues generated by the development of the grantee's project in an amount not to exceed 95% of the TIF collected from the project annually until 2030, or until 2047 if the life of the Agency is extended to 2047, for a total amount not to exceed $12,935,675, with payment to commence upon substantial completion of the project. Additionally, on the same date, an award in the amount of $1,100,000 was approved for a mixed -use development project. As of September 30, 2023, the project has not yet been completed and $1,100,000 was disbursed to the developer accordingly. (f) On September 24, 2020, the Board passed a resolution approving a project grant in the amount of $9,900,000 with a developer, derived from the Series 2018B Loan and the Agency's fiscal year 2020/2021 mandatory affordable housing budget subject to a reverter. This grant amount was paid to developer in May 2023. On October 28, 2021, the Board passed a resolution approving a project grant in the amount of $15,000,000 with a developer to develop a mixed -use development project (the 14th Street Apartment Project). The project funding is subject to availability of funds and subject to the Agency being able to successfully secure funding for the project. (e) (g) 22 Attachment: 15950 Financial Statements (15950 : OMNI CRA External Audit Report for FY 2023) Packet Pg. 37 1.1.b CITY OF MIAMI OMNI COMMUNITY REDEVELOPMENT AGENCY (A Component Unit of the City of Miami, Florida) Notes to Basic Financial Statements September 30, 2023 9. Commitment and Contingencies (continued) (h) On October 28, 2021, the Board passed a resolution authorizing the Agency to rebate to a grantee the tax increment finance ("TIF") revenues generated only from the development by the grantee of the 14th Street Apartment Project in an amount not to exceed 95% of the TIF collected from the project annually or $816,731 annually, whichever is less, per year until 2047 if the life of the Agency is extended to 2047, for a total amount not to exceed $13,600,000, with payment to commence upon substantial completion of the project and project receiving a certificate of occupancy, subject to the rents being restricted until 2047. As of September 30, 2022, the project was not substantially complete. On September 13, 2021, the Board passed a resolution approving funds for an emergency shoring of the Citizens Bank Building located at 1367 North Miami Avenue in the amount of $5,800,000. As of September 30, 2022, this project is underway and expected to be completed by March 2024. (j) On June 9, 2022, the Board passed resolutions authorizing the Agency to rebate, to K-P 1900 Biscayne JV, LLC and K-P 2000 Biscayne JV, LLC, revenues generated only from the development in an amount not to exceed 95% of the TIF collected from the project annually until 2030, or until 2047 if the life of the Agency is extended to 2047. (k) On October 27, 2021, the Board passed a resolution authorizing the Agency to award a grant in an amount not to exceed $1.3M to CAPROCK 123, LLC in the form of a forgivable loan with a term of 30 years with two (2) 10-year extensions, subject to a covenant being recorded on the Property. (i) 10. New Pronouncements Issued The following pronouncements were recently issued, but were not yet effective for the Agency's fiscal year ended September 30, 2023. Management will evaluate the effect that the pronouncements will have on its financial statements: • GASB Statement No. 99, Omnibus 2022 • GASB Statement No. 100, Accounting Changes and Error Corrections —an amendment of GASB Statement No. 62 • GASB Statement No. 101, Compensated Absences 11. Subsequent events The Agency evaluated subsequent events through January 9, 2024, the date the financial statements were available to be issued, and does not believe that there are any such events or transactions that require disclosure. 23 Attachment: 15950 Financial Statements (15950 : OMNI CRA External Audit Report for FY 2023) Packet Pg. 38 1.1.b Required Supplementary Information Attachment: 15950 Financial Statements (15950 : OMNI CRA External Audit Report for FY 2023) Packet Pg. 39 1.1.b CITY OF MIAMI OMNI COMMUNITY REDEVELOPMENT AGENCY (A Component Unit of the City of Miami, Florida) Budgetary Comparison Schedule - Special Revenue Fund (Required Supplementary Information - Unaudited) Year ended September 30, 2023 Revenues: Tax increment Intergovernmental Lease Investment income Other Total revenues Expenditures: Current: General government Community redevelopment Total expenditures Excess (deficiency) of revenues over (under) expenditures Other financing sources (uses): Transfers out Net carryover fund balance Total other financing sources (uses) Net change in fund balance Fund balances - beginning Fund balances - ending Budgeted amounts Original Final $ 33,415,862 $ 33,415,862 120,324 120,324 172,800 172,800 33,708,986 1,477,245 43,178,770 44,656,015 Actual 33,559,256 120,324 921,923 1,497,940 12,621 33,708,986 36,112,064 1,477,245 1,039,843 43,178,770 42,602,254 44,656,015 43,642,097 (10,947,029) (10,947,029) (7,530,033) (2,817,971) 13,765,000 10,947,029 Variance with final budget - positive (negative) 143,394 749,123 1,497,940 12,621 2,403,078 437,402 576,516 1,013,918 3,416,996 (2,817,971) (2,817,971) 13,765,000 - (13,765,000) 10,947,029 (2,817,971) (13,765,000) (10,348,004) (10,348,004) 35,152, 812 $ 24,804,808 The note to the required supplementary information is an integral part of this schedule. 24 Attachment: 15950 Financial Statements (15950 : OMNI CRA External Audit Report for FY 2023) Packet Pg. 40 1.1.b CITY OF MIAMI OMNI COMMUNITY REDEVELOPMENT AGENCY (A Component Unit of the City of Miami, Florida) Note to Required Supplementary Information September 30, 2023 1. Budgetary Policy The Agency adopts an annual budget for the operations of the Special Revenue Fund. In accordance with generally accepted accounting principles, budgetary comparison information is disclosed for the Special Revenue Fund. The budget is adopted on a basis consistent with U.S. generally accepted accounting principles. Budgetary control is maintained at the fund level. 25 Attachment: 15950 Financial Statements (15950 : OMNI CRA External Audit Report for FY 2023) Packet Pg. 41 1.1.b Other Reports Attachment: 15950 Financial Statements (15950 : OMNI CRA External Audit Report for FY 2023) Packet Pg. 42 1.1.b CERTIFIED PUBLIC ACCOUNTANTS & CONSULTANTS Sanson, Kline,Jacomino & Tandoc, LLP 5805 Blue Lagoon Drive I Suite 145 I Miami, FL 33126 Tel: (305) 269-8633 I Fax: (305) 265-0652 I www.skjtllp.com Report on Internal Control Over Financial Reporting and on Compliance and Other Matters Based on an Audit of Financial Statements Performed in Accordance With Government Auditing Standards The Board of Directors City of Miami Omni Community Redevelopment Agency: We have audited, in accordance with the auditing standards generally accepted in the United States of America and the standards applicable to financial audits contained in Government Auditing Standards issued by the Comptroller General of the United States, the financial statements of the governmental activities and the major fund of the City of Miami Omni Community Redevelopment Agency (the Agency) as of and for the year ended September 30, 2023, and the related notes to the financial statements, which collectively comprise the Agency's basic financial statements, and have issued our report thereon dated January 9, 2024. Internal Control Over Financial Reporting In planning and performing our audit of the financial statements, we considered the Agency's internal control over financial reporting (internal control) as a basis for designing audit procedures that are appropriate in the circumstances for the purpose of expressing our opinions on the financial statements, but not for the purpose of expressing an opinion on the effectiveness of the Agency's internal control. Accordingly, we do not express an opinion on the effectiveness of the Agency's internal control. A deficiency in internal control exists when the design or operation of a control does not allow management or employees, in the normal course of performing their assigned functions, to prevent, or detect and correct, misstatements on a timely basis. A material weakness is a deficiency, or a combination of deficiencies, in internal control, such that there is a reasonable possibility that a material misstatement of the entity's financial statements will not be prevented, or detected and corrected on a timely basis. A significant deficiency is a deficiency, or a combination of deficiencies, in internal control that is less severe than a material weakness, yet important enough to merit attention by those charged with governance. Our consideration of internal control was for the limited purpose described in the first paragraph of this section and was not designed to identify all deficiencies in internal control that might be material weaknesses or, significant deficiencies. Given these limitations, during our audit we did not identify any deficiencies in internal control that we consider to be material weaknesses. We did identify certain deficiencies in internal control, described in the accompanying Schedule of Findings and Responses as items 2023-1 and 2023-2 that we consider to be significant deficiencies. Compliance and Other Matters As part of obtaining reasonable assurance about whether the BID's financial statements are free from material misstatement, we performed tests of its compliance with certain provisions of laws, regulations, contracts, and grant agreements, noncompliance with which could have a direct and material effect on the determination of financial statement amounts. However, providing an opinion on compliance with those provisions was not an objective of our audit, and accordingly, we do not express such an opinion. The results of our tests disclosed no instances of noncompliance or other matters that are required to be reported under Government Auditing Standards. 26 Attachment: 15950 Financial Statements (15950 : OMNI CRA External Audit Report for FY 2023) Packet Pg. 43 1.1.b Purpose of this Report The purpose of this report is solely to describe the scope of our testing of internal control and compliance and the results of that testing, and not to provide an opinion on the effectiveness of the entity's internal control or on compliance. This report is an integral part of an audit performed in accordance with Government Auditing Standards in considering the entity's internal control and compliance. Accordingly, this communication is not suitable for any other purpose. Icot*rti ?Met eI (jcw,rms & c/ oticf &G, Miami, Florida January 9, 2024 27 Attachment: 15950 Financial Statements (15950 : OMNI CRA External Audit Report for FY 2023) Packet Pg. 44 1.1.b CITY OF MIAMI OMNI COMMUNITY REDEVELOPMENT AGENCY (A Component Unit of the City of Miami, Florida) Schedule of Findings and Responses September 30, 2023 2023-1 Type of finding: Significant Deficiency in Internal Control over Financial Reporting Condition: We noted that the former Executive Director of the Agency abated the rent for 1401 Group, LLC (the "Group") for an indefinite period of time, starting in December 2022, as a result of utilities issues outside of the Group's control that would not allow the Group to open their restaurant. However, that abatement was not approved by Board prior to the abatement occurring. Criteria or specific requirement: Any significant changes to contracts or agreements, such as abating rent after the lease agreement has commenced, should be approved by the Board. Effect: The former Executive Director authorized a significant change to an executed agreement without the Board's consent. Recommendation: We recommend that the Agency implement appropriate procedures to ensure that any changes to executed agreements are first approved by the Board, and then documented as an amendment to the executed agreement. Views of responsible officials and planned corrective actions: The Agency will bring the item to the board pursuant to Chapter 18 Article V of the Code of the City of Miami for 4/5ths vote with the required supporting information. Additionally, the Agency will ensure that all employees have guidance on this provision of the City Code. 2023-2 Type of finding: Significant Deficiency in Internal Control over Financial Reporting Condition: In September 2022, the former Executive Director of the Agency hired the services of a security company, without going through the Agency's procurement process, and without Board approval. Payments made to the security company during fiscal year 2023 totaled approximately $611,000. Criteria or specific requirement: Purchases of significant services and products must go through a formal procurement process, and must be approved by the Board. Effect: Without going through the Agency's procurement process, and obtaining Board approval, the former Executive Director entered into an unauthorized agreement for security services. Recommendation: We recommend that the Agency implement adequate internal controls to ensure that significant purchases of services and products go through the Agency's procurement process, and obtain Board approval for such purchases. Views of responsible officials and planned corrective actions: The Agency previously adopted the procurement code and additional safeguards and procedures via resolution. We are not sure why they were not followed by the previous Executive Director and staff internally. Moving forward we will implement a policy and procedure manual to guide employees internally. We will provide mandatory training resources for procurement and ethics for all CRA employees so as to avoid future reoccurrence, this should be completed with 6 months of hire. 28 Attachment: 15950 Financial Statements (15950 : OMNI CRA External Audit Report for FY 2023) Packet Pg. 45 1.1.b CERTIFIED PUBLIC ACCOUNTANTS & CONSULTANTS Sanson, Kline, Jacomino & Tandoc, LLP 5805 Blue Lagoon Drive I Suite 145 I Miami, FL 33126 Tel: (305) 269-8633 I Fax: (305) 265-0652 I www.skjtllp.com Management Letter in Accordance with the Rules of the Auditor General of the State of Florida The Board of Directors City of Miami Omni Community Redevelopment Agency: Report on the Financial Statements We have audited the financial statements of the City of Miami Omni Community Redevelopment Agency (the Agency), a Component Unit of the City of Miami, Florida, as of and for the fiscal year ended September 30, 2023, and have issued our report dated January 9, 2024. Auditor's Responsibility We conducted our audit in accordance with auditing standards generally accepted in the United States of America; the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States; and Chapter 10.550, Rules of the Florida Auditor General. Other Report Requirements We have issued our Independent Auditors' Reports on Internal Control over Financial Reporting and on Compliance and Other Matters Based on an Audit of the Financial Statements Performed in Accordance with Government Auditing Standards. Disclosures in that report, which is dated January 9, 2024, should be considered in conjunction with this management letter. Prior Audit Findings Section 10.554(1)(i)1., Rules of the Auditor General, requires that we determine whether or not corrective actions have been taken to address findings and recommendations made in the preceding annual financial audit report. Corrective action has been taken to address the finding and recommendation that was reported in the preceding annual financial audit report. Official Title and Legal Authority Section 10.554(1)(i)4., Rules of the Auditor General, requires that the name or official title and legal authority for the primary government and each component unit of the reporting entity be disclosed in this management letter, unless disclosed in the notes to the financial statements. Such disclosures are made in note 1 to the Agency's financial statements. Financial Condition and Management Section 10.554(1)(i)5.a. and 10.556(7), Rules of the Auditor General, requires that we report the results of our determination as to whether or not the Agency has met one or more of the conditions described in Section 218.503(1), Florida Statutes, and identification of the specific condition(s) met. In connection with our audit, we determined that the Agency did not meet any of the conditions described in Section 218.503(1), Florida Statutes. Pursuant to Sections 10.554(1)(i)5.c. and 10.556(8), Rules of the Auditor General, we applied financial condition assessment procedures as of September 30, 2023. It is management's responsibility to monitor the Agency's financial condition, and our financial condition assessment was based in part on representations made by management and the review of financial information provided by same. 29 Attachment: 15950 Financial Statements (15950 : OMNI CRA External Audit Report for FY 2023) Packet Pg. 46 1.1.b CITY OF MIAMI OMNI COMMUNITY REDEVELOPMENT AGENCY (A Component Unit of the City of Miami, Florida) Schedule of Findings and Responses September 30, 2023 Section 10.554(1)(i)2., Rules of the Auditor General, requires that we communicate any recommendations to improve financial management. In connection with our audit, see the Schedule of Findings and Responses on pages 28 for our recommendations to improve the Agency's financial management. Specific Information As required by Section 218.39(3)(a), Florida Statutes, and Section 10.554(1)(i)6, Rules of the Auditor General, the Agency reported: a. A total of 6 employees compensated in the last pay period of the Agency's fiscal year. b. A total of one independent contractors to whom nonemployee compensation was paid in the last month of the Agency's fiscal year. c. Compensation earned by or awarded to employees, whether paid or accrued, regardless of contingency totaled $566,435 for the fiscal year. d. Compensation earned by or awarded to nonemployee independent contractors, whether paid or accrued, regardless of contingency totaled $60,000 for the fiscal year. e. The following is a list of construction projects with a total cost of at least $65,000 approved by the Agency that is scheduled to begin on or after October 1 of the fiscal year being reported: Project Name Project Expenditures for FYE 9/30/2023 Bank Building $ 2,035,367 f. A budget variance based on the budget adopted under Section 189.016(4), Florida Statutes, before the beginning of the fiscal year being reported if the Agency amends a final adopted budget under Section 189.016(6), Florida Statutes — is not applicable, as the Agency did not amend a final adopted budget under Section 189.016(6), Florida Statutes. Additional Matters Section 10.554(1)(i)3., Rules of the Auditor General, requires that we address noncompliance with provisions of contracts or grant agreements, or abuse, that have occurred, or are likely to have occurred, that have an effect on the financial statements that is less than material but which warrants the attention of those charged with governance. In connection with our audit, we did not have any such findings. Purpose of this Letter Our management letter is intended solely for the information and use of the Florida Legislative Auditing Committee, members of the Florida Senate and the Florida House of Representatives, the Florida Auditor General, and the Board of Directors and management of the Agency, and is not intended to be and should not be used by anyone other than these specified parties. 5464 / a'% OtelkA( 9- & j614,80, Miami, Florida January 9, 2024 30 Attachment: 15950 Financial Statements (15950 : OMNI CRA External Audit Report for FY 2023) Packet Pg. 47 1.1.b CERTIFIED PUBLIC ACCOUNTANTS & CONSULTANTS Sanson, Kline, Jacomino & Tandoc, LLP 5805 Blue Lagoon Drive I Suite 145 I Miami, FL 33126 Tel: (305) 269-8633 I Fax: (305) 265-0652 I www.skjtllp.com Independent Accountant's Report on Compliance with Sections 163.387(6) and (7), Florida Statutes The Board of Directors City of Miami Omni Community Redevelopment Agency: We have examined the City of Miami Omni Community Redevelopment Agency (the Agency), a Component Unit of the City of Miami, Florida compliance with Sections 163.387(6) and (7), Florida Statutes regarding the redevelopment trust fund during the year ended September 30, 2023. Management is responsible for the Agency's compliance with those requirements. Our responsibility is to express an opinion on the Agency's compliance based on our examination. Our examination was conducted in accordance with attestation standards established by the American Institute of Certified Public Accountants and, accordingly, included examining, on a test basis, evidence about the Agency's compliance with those requirements and performing such other procedures as we considered necessary in the circumstances. We believe that our examination provides a reasonable basis for our opinion. Our examination does not provide a legal determination on the Agency's compliance with specified requirements. In our opinion, the Agency complied, in all material respects, with the aforementioned requirements for the year ended September 30, 2023. This report is intended solely for the information and use of the Florida Legislative Auditing Committee, members of the Florida Senate and the Florida House of Representatives, the Florida Auditor General, and the Board of Directors and management of the Agency, and is not intended to be and should not be used by anyone other than these specified parties. lax** 2Ctist cjew,olukew- & Tou &G, Miami, Florida January 9, 2024 31 Attachment: 15950 Financial Statements (15950 : OMNI CRA External Audit Report for FY 2023) Packet Pg. 48 OMNI Board of Commissioners Meeting April 25, 2024 2.1 OMNI REDEVELOPMENT DISTRICT COMMUNITY REDEVELOPMENT AGENCY INTER -OFFICE MEMORANDUM Board Chair Damian Pardo and Members of the CRA Board Isiaa Jones Interim Executive Director Date: April 22, 2024 File: 15951 Subject: OMNI CRA Beautification Grant Program Enclosures: 15951 Backup BACKGROUND: The Omni Community Redevelopment Agency ("Omni CRA") is committed to enhancing the visual appeal, and appearance and eliminating blight in the Omni CRA area. Our Residential and Business Beautification Grant Program is a vital initiative aimed at revitalizing our community. The program aims to remove blighted conditions, enhance the overall beauty of our community, encourage new development and revitalization projects, and foster a sense of pride and ownership among our residents and business owners. The grant program is aligned with the goals of the 2010 CRA Redevelopment Plan, which emphasizes the importance of enhancing the visual attractiveness of businesses and residents within the Omni CRA. By providing funding for improvements such as landscaping, exterior paint, minor outdoor repairs, and graffiti removal, the program seeks to create a more inviting and vibrant community. JUSTIFICATION: In light of the above -mentioned background information, the beautification of residential and business properties, and the overall improvement of the community's aesthetics, it is recommended that the Board of Directors of the CRA adopt the attached resolution. FUNDING: The recommended funding of $500,000.00 will be allocated from the Omni Tax Increment Fund 10040.920501.883000.0000.00000 — Other Grants and Aids. Packet Pg. 49 2.1 `\s Omni CRA OMNI Community Redevelopment Agency Legislation OMNI CRA Resolution: OMNI CRA 1401 N. Miami Avenue Miami, FL 33136 www.miamicra.com File Number: 15951 Final Action Date: A RESOLUTION OF THE BOARD OF COMMISSIONERS OF THE OMNI REDEVELOPMENT DISTRICT COMMUNITY REDEVELOPMENT AGENCY ("CRA") ALLOCATING $500,000 TO A RESIDENTIAL AND BUSINESS BEAUTIFICATION GRANT PROGRAM FOR THE PURPOSES OF PROPERTY ENHANCEMENT IN THE OMNI REDEVELOPMENT AREA FROM ACCOUNT NO. 10040.920501.883000.0000.00000; AUTHORIZING THE EXECUTIVE DIRECTOR TO DISBURSE FUNDS SOLELY IN HIS/HER DISCRETION AS A GRANT TO PROPERTY OWNERS, ON A REIMBURSEMENT BASIS TO PROPERTY OWNERS, OR DIRECTLY TO VENDORS UPON PRESENTATION OF INVOICES AND/OR SATISFACTORY DOCUMENTATION TO QUALIFYING PROPERTY OWNERS IN ORDER TO DISBURSE FUNDS AS STATED HEREIN SUBJECT TO THE AVAILABILITY OF FUNDS; FURTHER AUTHORIZING THE EXECUTIVE DIRECTOR TO NEGOTIATE ANY AND ALL NECESSARY DOCUMENTS, ALL IN A FORM ACCEPTABLE TO THE GENERAL COUNSEL, FOR THE PURPOSES STATED HEREIN. WHEREAS, the Omni Redevelopment District Community Redevelopment Agency ("CRA") is responsible for carrying out community redevelopment activities and projects within the Omni Redevelopment Area ("Area") in accordance with the 2010 Omni CRA Redevelopment Plan ("Plan"); and WHEREAS, Section 4.4, C., D-1, at page 41 of the Plan; Section 4.4, D., A02, at page 42 of the Plan; and Section 4.4, E., D-7, at page 42 of the Plan all list maximizing conditions for residents to live in the area, the elimination of conditions which contribute to blight, and minimizing condemnation and relocation as stated redevelopment objectives; and WHEREAS, Section 5 of the Plan titled "Projects and Strategies" also authorizes the CRA to authorize "small business development through the creation of financial resource pools"; and WHEREAS, the Board of Commissioners of the CRA has previously allocated funds to programs that rehabilitate facades, small business improvements, and improvements to the quality of life within the Area; and WHEREAS, these programs have all been successful and have moved towards accomplishing the goals and objectives of the Plan; and WHEREAS, the Board of Commissioners wishes to further allocate an additional five hundred thousand dollars ($500,000) to the CRA's Beautification Grant Program ("Program") to enhance the areas visual attractiveness in the Area; and WHEREAS, funds are available from Account No. 10040.920501.883000.0000.00000 for the Program; and City of Miami Page 2 of 3 File ID: 15951 (Revision:) Printed On: 4/22/2024 Packet Pg. 50 2.1 File ID: 15951 Enactment Number: WHEREAS, the Executive Director is further requesting authority to disburse funds from the Program to eligible participants as a grant, as a loan, on a reimbursement basis, or directly to vendors upon presentation of invoices and satisfactory documentation without the need for further approval from the Board of Commissioners and within the Executive Director's sole discretion; NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF COMMISSIONERS OF THE OMNI REDEVELOPMENT DISTRICT COMMUNITY REDEVELOPMENT AGENCY OF THE CITY OF MIAMI, FLORIDA: Section 1. The recitals and findings contained in the Preamble of this Resolution are adopted by reference hereto and incorporated herein as if fully set forth in this Section. Section 2. The Beautification Program is hereby established with funds in the amount of Five Hundred Thousand Dollars ($500,000) allocated from Account No. 10040.920501.883000.0000.00000. Section 3. The Executive Director is authorized to disburse funds in his/her sole discretion as either a grant, a loan, on a reimbursement basis, or directly to vendors upon presentation of invoices and satisfactory documentation to qualifying businesses. Section 4. The Executive Director is authorized to negotiate and execute any and all documents necessary to effectuate the Program, all in a form acceptable to the General Counsel. Section 5. This Resolution shall become effective immediately upon adoption. APPROVED AS TO FORM AND CORRECTNESS: John G', , Interim City Attorney 4/22/2024 City of Miami Page 3 of 3 File ID: 15951 (Revision:) Printed on: 4/22/2024 Packet Pg. 51 2.1.a • Omni C R A Omni Community Redevelopment Agency (CRA) Beautification Program Proposal Program Description: The Omni Community Redevelopment Agency (CRA) is dedicated to revitalizing our community by enhancing the aesthetic appeal and mitigating blight across the Omni CRA district. Our Beautification Grant Program, encompassing both residential properties and business fronts, is a cornerstone effort to invigorate our neighborhood's charm and vitality. This program aims to erase blighted conditions, boost the overall attractiveness of our area, stimulate new and rejuvenating development projects, and cultivate a strong sense of pride and belonging among all stakeholders. The Omni CRA Beautification Grant Program extends financial support to eligible residential and commercial property owners within the Omni CRA boundaries, aiding in costs associated with beautification endeavors. Eligible improvements for residences include exterior painting, minor landscaping, and certain outdoor repairs that improve the property's curb appeal. For business fronts, the program supports facade improvements, signage enhancements, and landscaping that contributes to a welcoming and vibrant commercial environment. This initiative is designed to cover expenses that are not eligible for funding from other sources or to complement grants from other programs, with a project limit of $5,000 and $10,000 respectively, subject to exceptions at the Executive Director's discretion. To qualify, properties must be situated within the specified boundaries of the Omni CRA District. Residential properties should be owner -occupied, homesteaded, and in need of aesthetic upgrades, while commercial properties should demonstrate a clear plan for facade and street -visible improvements that align with the program's goals. All properties must be free from municipal or county liens, judgments, or encumbrances. Grant recipients are responsible for any costs that exceed the grant amount provided by the CRA. Funding is allocated based on availability and in accordance with the program's prioritized objectives. Program Areas and Priorities The Omni CRA Beautification Grant Program aims to improve the street -visible appearance of both residential properties and business fronts within the Omni CRA district, offering support for exterior paint, minor landscaping, potentially minor outdoor home repairs, and now including graffiti removal. Despite the surge in commercial and residential development across parts of the Omni CRA's redevelopment area, certain segments within the CRA district have lagged behind, missing out on these investment benefits. Both the residential zones and business corridors within Packet Pg. 52 2.1.a the Omni CRA have endured issues with neglected properties, vacant lots, and unsightly graffiti, contributing to an unwelcoming environment for residents and businesses alike. This expanded grant program reflects our commitment to revitalizing all corners of our community by addressing the aesthetic needs of both homes and commercial establishments. By making businesses eligible for the grant, alongside residential properties, we aim to foster a more vibrant, safe, and attractive community for everyone. The inclusion of graffiti removal as a covered expense underlines our dedication to beautifying the Omni CRA district, ensuring it remains a desirable place to live, work, and visit. To address these challenges, the Omni CRA is offering the following grant programs: Residential Beautification Grant: The Omni CRA Residential Beautification Grant offers homeowners within the Omni CRA district financial support for street -visible projects like landscaping, exterior painting, and minor outdoor repairs, with a project cap of $5,000, subject to special exceptions. This initiative addresses the challenges of property maintenance amidst construction, burglaries, and natural disasters, providing assistance for urgent repairs, infrastructure replacement, and other emergency -related costs to improve property conditions and enhance community safety and appeal. Evaluated on a rolling basis by the executive team, this grant underscores the Omni CRA's commitment to revitalizing neighborhoods, ensuring they remain vibrant and welcoming. Business Beautification Grant: The Omni CRA Business Beautification Grant aims to rejuvenate commercial fronts in the district, enhancing both aesthetics and safety. This initiative supports businesses with grants for street -visible improvements like exterior paint, landscaping, graffiti removal, and minor repairs. With a $10,000 cap per project (exceptions at the Executive Director's discretion), the grant addresses challenges posed by infrastructure projects, burglaries, and other issues. Eligibility requires the business to be within the CRA boundaries and the proposed enhancements to significantly improve the area visually and functionally. Funds are allocated on a rolling basis, subject to funding availability and alignment with the CRA's vision for a vibrant district. Eligibility: These grants are intended for specific beautification and enhancement projects and are not intended for routine maintenance They should be part of a larger scope of improvements to the property or area. The property should be actively used or planned for residential/business purposes. To be eligible for the program, property owners must meet the following criteria: • Located within the Omni Community Redevelopment Area. • Approval from the property owner for any proposed upgrades or improvements. • Must not have any delinquent ad valorem (Property) taxes and must be free of any municipal or county liens, judgments, or encumbrances of any kind • Must be a legally conforming use per the City of Miami Zoning Code. • Must be in need of beautification or improvement Packet Pg. 53 2.1.a Beautification Grant Project Procedures: CRA= CRA Staff; CNTR = Contractor; PROP = Property Owner; TNT = Tenant Application Process CRA meets with Property Owner, verifies that the property is an eligible address and that the property meets basic criteria for the CRA Residential Beautification Grant. o Review property for eligibility — CRA o Eligible scope of work and budget is prepared — CRA, PROP o Property owner prepares application, detailing scope and budget — PROP o BEFORE pictures are taken and delivered to CRA — PROP/CRA o Letter of Grant Award or Denial is sent to property owner — CRA Contract Process o Contract includes scope of work exhibit. o Property owner secures pricing (3 bids) and selects contractor (lowest bid wins) — PROP o Property owner submits contractor list and copies of estimates to CRA — PROP o CRA prepares contract with scope of work as exhibit — CRA o Contract is executed — CRA, PROP, CNTR o Work authorization form is executed — CRA, PROP o CRA gives 40% to the Contractor to begin the work o CRA monitors progress — CRA Project Completion o AFTER Pictures are taken and sent to the CRA — PROP o Final Invoice is submitted for payment — CNTR & PROP o CRA makes the final payment to the Contractor (payment timeline 2-4 weeks) — CRA o Participants display signage acknowledging the Omni CRA's assistance. Conclusion: In conclusion, the Omni CRA Beautification Grant Program is a vital initiative aimed at enhancing the visual appeal of residential and business properties within the Omni Community Redevelopment Area. By providing assistance for exterior paint, minor landscaping, and potential outdoor home repairs, as well as business improvements, the program aims to improve individual properties and contribute to the overall revitalization of the community. With a focus on street - visible enhancements and a commitment to supporting property owners and businesses, this program plays a crucial role in fostering a vibrant and attractive living and business environment for residents and entrepreneurs alike. Through careful planning and collaboration, we can continue to beautify our neighborhoods and create a more welcoming community for all. Packet Pg. 54 2.1.a Omni CRA Beautification Information Program Grant Application Form Applicant Contact Property Owners Name: Mailing Address: Telephone #: E-mail: Type of Grant Requested Residential Beautification Grant ❑ Business Beautification Grant • Property Information (if different from above ) Tennant Name: Address: Telephone#: • Project Details i_Selected Contractor: Phone #: Address: be attached detailing scope and budget Total Cost of Project: Proj ect Scope (description of project) - A separate document may Acknowledgements As a current property owner in this community, I wish to participate in the Omni CRA's Beautification Program Grant. I acknowledge that I have received a copy of the Beautification Program Grant procedures and will comply with all requirements should I be awarded a grant. Print Name of Property Owner/Sign Date Packet Pg. 55 OMNI Board of Commissioners Meeting April 25, 2024 2.2 OMNI REDEVELOPMENT DISTRICT COMMUNITY REDEVELOPMENT AGENCY INTER -OFFICE MEMORANDUM Board Chair Damian Pardo and Members of the CRA Board Isiaa Jones Interim Executive Director Date: April 22, 2024 File: 15952 Subject: 4/5ths Grant to Greater Israel Bethel Primitive Baptist Church Enclosures: 15952 Exhibit A 15952 Notice to the Public 15952 Backup BACKGROUND: The Omni Community Redevelopment Agency ("Omni CRA") is responsible for executing community redevelopment initiatives and projects within its designated area in accordance with the 2010 CRA Redevelopment Plan ("Plan"). The Greater Israel Bethel Primitive Baptist Church, located at 160 NW 18th St, Miami, Florida 33136, falls within the Omni CRA's jurisdiction. As a longstanding institution in our community, the church has played a pivotal role in spiritual, social, and community development. The church has identified specific renovation projects that align with the Omni CRA's objectives and contribute to the overall enhancement of our community. The 2010 Redevelopment Plan emphasizes the importance of historic preservation and includes provisions for collaborating with private entities to revitalize blighted properties. This project aligns with Section D of the Plan, which focuses on "Improvements to the Public Realm" to enhance the area's visual appeal for businesses and residents. RECOMMENDATION: Based on the aforementioned background, the need for roof repairs and renovation, and community enhancement, it is recommended that the Board of Commissioners of the Omni Community Redevelopment Agency adopt the attached resolution. This resolution, approved by a four -fifths (4/5ths) affirmative vote, ratifies, confirms, and approves the Executive Director's finding that it is most beneficial for the CRA to provide funding to the Greater Israel Bethel Primitive Baptist Church for the repair and preservation of the roof and air conditioning systems. Packet Pg. 56 FUNDING: 2.2 $125,000.00 has been allocated from the Omni Tax Increment Fund, Account No. 10040.920501.883000.0000.00000 — Other Grants and Aids. City of Miami Page 2 of 4 File ID: 15952 (Revision:) Printed On: 4/22/2024 Packet Pg. 57 2.2 `\s Omni CRA OMNI Community Redevelopment Agency Legislation OMNI CRA Resolution: OMNI CRA 1401 N. Miami Avenue Miami, FL 33136 www.miamicra.com File Number: 15952 Final Action Date: A RESOLUTION OF THE BOARD OF COMMISSIONERS OF THE OMNI REDEVELOPMENT DISTRICT COMMUNITY REDEVELOPMENT AGENCY ("OMNI CRA"), WITH ATTACHMENT(S), BY A FOUR -FIFTHS (4/5THS) AFFIRMATIVE VOTE, AFTER AN ADVERTISED PUBLIC HEARING, RATIFYING, APPROVING AND CONFIRMING THE EXECUTIVE DIRECTOR'S RECOMMENDATION AND FINDING, ATTACHED AS EXHIBIT "A" THAT COMPETITIVE NEGOTIATION METHODS AND PROCEDURES ARE NOT PRACTICABLE OR ADVANTAGEOUS PURSUANT TO SECTIONS 18-85 OF THE CODE OF THE CITY OF MIAMI, FLORIDA, AS AMENDED, AS ADOPTED BY THE OMNI CRA; WAIVING THE REQUIREMENTS FOR COMPETITIVE SEALED BIDDING AS NOT BEING PRACTICABLE OR ADVANTAGEOUS TO THE OMNI CRA; AUTHORIZING FUNDING IN AN AMOUNT NOT TO EXCEED ONE HUNDRED TWENTY-FIVE THOUSAND DOLLARS AND ZERO CENTS ($125,000.00) ("FUNDS"), TO THE GREATER ISRAEL BETHEL PRIMITIVE BAPTIST CHURCH, A FLORIDA NOT -FOR -PROFIT CORPORATION ("GREATER ISRAEL BETHEL"), TO PROVIDE REHABILITATION AND PRESERVATION TO THE PROPERTY LOCATED AT 160 NW 18TH ST, MIAMI, FLORIDA 33136 ("PURPOSE"); FURTHER AUTHORIZING THE EXECUTIVE DIRECTOR TO NEGOTIATE AND EXECUTE AN AGREEMENT, IN A FORM ACCEPTABLE TO THE GENERAL COUNSEL, TO PROVIDE FUNDING FOR THE PURPOSES STATED HEREIN; AND PROVIDING FOR AN EFFECTIVE DATE. WHEREAS, the Omni Redevelopment District Community Redevelopment Agency ("OMNI CRA") is a community redevelopment agency created pursuant to Chapter 163, Florida Statutes, and is responsible for carrying out community redevelopment activities and projects within its redevelopment area in accordance with the 2010 Omni Redevelopment Plan (the "Plan"); and WHEREAS, Omni CRA's Plan is to "preserve historic buildings and cultural heritage"; and WHEREAS, on August 24, 2007, the City of Miami City Attorney, acting as General Counsel to the OMNI CRA, issued Formal Legal Opinion No. 07-014, opining that the OMNI CRA may use TIF funds to repair or renovate churches within the redevelopment area for the purpose of improving the community; and WHEREAS, Greater Israel Bethel Primitive Baptist Church, a Florida not -for -profit corporation ("Greater Israel Bethel Primitive Baptist Church"), located at 160 NW 18th St, Miami, Florida 33136 (the "Property"), has requested funds from the OMNI CRA to complete rehabilitation works including but not limited to repairs to the roof and air conditioning systems ("Purpose"); and City of Miami Page 3 of 4 File ID: 15952 (Revision:) Printed On: 4/22/2024 Packet Pg. 58 2.2 File ID: 15952 Enactment Number: WHEREAS, the Board of Commissioners wishes to authorize funding in an amount not to exceed One Hundred Twenty -Five Thousand Dollars and Zero Cents ($125,000.00) ("Funds"), to Greater Israel Bethel for the repair and preservation of the roof and air conditioning systems at the Property as stated herein; and WHEREAS, the Board of Commissioners finds that authorizing this Resolution would further the OMNI CRA redevelopment goals and objectives; and WHEREAS, based on the recommendation and written findings of the Executive Director attached and incorporated as Exhibit "A", it is in the OMNI CRA's best interest for the Board of Commissioners to authorize, by an affirmative four -fifths (4/5ths) vote, a waiver of competitive sealed bidding procedures pursuant to Section 18-85 of the Code of the City of Miami, Florida, as amended ("City Code"), as adopted by the OMNI CRA, to authorize the Executive Director to negotiate and execute any and all agreements necessary, all in forms acceptable to the General Counsel, with Greater Israel Bethel for provision of grant funds in an amount not to exceed One Hundred Twenty -Five Thousand Dollars and Zero Cents ($125,000.00) subject to the availability of funds; NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF COMMISSIONERS OF THE OMNI COMMUNITY REDEVELOPMENT AGENCY OF THE CITY OF MIAMI, FLORIDA: Section 1. The recitals and findings contained in the Preamble to this Resolution are adopted by reference and incorporated herein as if fully set forth in this Section. Section 2. By a four -fifths (4/5th) affirmative vote, after an advertised public hearing, the Executive Director's recommendation and written findings, attached and incorporated as Exhibit "A," outlining that competitive negotiation methods and procedures are not practicable or advantageous to the OMNI CRA, pursuant to Section 18-85 of the City Code, as adopted by the OMNI CRA, and waiving the requirements for said procedures is ratified, approved, and confirmed. Section 3. The Executive Director is hereby authorized to disburse funds, at her/his discretion, on a reimbursement basis or directly to vendors, upon presentation of invoices and satisfactory documentation from the OMNI CRA Tax Increment Fund, "Other Grants and Aids" Account No. 10040.920501.883000.0000.00000 to Greater Israel Bethel Church for the repair and preservation of the roof and air conditioning systems at the Property for the Purpose stated herein. Section 4. The Executive Director is authorized to negotiate and execute an agreement and all supporting documents in a form acceptable to the General Counsel, to provide for the Funding for said Purpose. Section 5. This Resolution shall become effective immediately upon its adoption. APPROVED AS TO FORM AND CORRECTNESS: John Gam, Interim City money 4/22/2024 City of Miami Page 4 of 4 File ID: 15952 (Revision:) Printed on: 4/22/2024 Packet Pg. 59 2.2.a Damian Pardo Board Chair � I Omni C R A INTER -OFFICE MEMORANDUM Isiaa Jones Interim Executive Director TO: Board Chair Damian Pardo and DATE: April 25, 2024 Members of the CRA Board FROM: Isiaa Jones Interim Executive Director SUBJECT: 4/5ths Bid Waiver to waive authorizing the allocation of Funds to Greater Israel Bethel Primitive Baptist Church for Rehabilitation work at the Church BACKGROUND: The Omni Community Redevelopment Agency ("Omni CRA") is responsible for implementing community redevelopment activities and projects within its redevelopment area, as outlined in the 2010 CRA Redevelopment Plan ("Plan"). The Greater Israel Bethel Primitive Baptist Church, located at 160 NW 18th St, Miami, Florida 33136, falls within the Omni CRA's jurisdiction. As a longstanding institution in our community, the church has played a pivotal role in spiritual, social, and community development. The church has identified specific renovation projects that align with the Omni CRA's objectives and contribute to the overall betterment of our community. The 2010 Redevelopment Plan of the CRA highlights the importance of historic preservation, with a specific focus on this property. The project aligns with Section D of the Plan, page 41, which emphasizes "Improvements to the Public Realm" to enhance the area's visual appeal for businesses and residents. Additionally, the Plan includes provisions on page 42 A-1 to collaborate with private entities to incentivize the redevelopment of blighted properties. Objective A-3 of the Plan is to promote the rehabilitation and maintenance of existing viable uses and structures. RECOMMENDATION: Based on the background information provided, the need for renovation, and community enhancement, it is recommended that the Board of Directors of the CRA adopt the attached resolution by a four -fifths (4/5ths) affirmative vote. This resolution ratifies, confirms, and approves the Executive Director's finding that it is most advantageous for the CRA to grant funding to the Greater Israel Bethel Primitive Baptist Church. OMNI COMMUNITY REDEVELOPMENT AGENCY OF THE CITY OF MIAMI 1401 N. Miami Ave' 2nd Floor l Miami, FL 33136 Tel (305) 679 68681 http://www.omnicra.com Attachment: 15952 Exhibit A (15952 : 4/5ths Grant to Greater Israel Bethel Primitive Baptist Church) Packet Pg. 60 2.2.b Omni C R A OMNI REDEVELOPMENT DISTRICT COMMUNITY REDEVELOPMENT AGENCY NOTICE OF PUBLIC HEARING The Board of Commissioners ("Board") of the Omni Redevelopment District Community Redevelopment Agency ("CRA") will hold a Public Hearing on Thursday, April 25`h, at 9:30 am or anytime thereafter in the City Commission chambers located at Miami City Hall, 3500 Pan American Drive, Miami, FL 33133. The Board will consider the award of grant funds to GREATER ISRAEL BETHEL PRIMITIVE BAPTIST CHURCH, a Florida not for profit corporation and legal entity authorized to transact business/render services in the State of Florida, to underwrite a portion of the costs associated with the rehabilitation of the Church. In accordance with the Board's 2010 Redevelopment Plan ("Plan") and Florida Statutes 163, the Board will consider funding an amount not to exceed of $125,000.00 to underwrite the expenditures and costs associated with the rehabilitation of the Church located within the CRA's boundaries. This funding is essential in roof and ac repairs for the church building thereby extending its useful life to serve the community. All comments and questions with respect to the special meeting and remote public participation should be addressed to Isiaa Jones, Interim Executive Director, at 1401 N. Miami Ave., 2nd Floor, Miami Florida 33136 (305) 679-6868. Should any person desire to appeal any decision of the Board with respect to any matter considered at this special meeting, that person shall ensure that a verbatim record of the proceedings is made, including all testimony and evidence upon which any appeal may be based (F.S. 286.0105). In accordance with the Americans with Disabilities Act of 1990, persons needing special accommodations to participate in this proceeding may contact the Office of the City Clerk at (305) 250-5361 (Voice), not later than two (2) business days prior to the proceeding. TTY users may call 711 (Florida Relay Service), not later than two (2) business days prior to the proceeding. Ad No. 41177 Todd B. Hannon Clerk of the Board Attachment: 15952 Notice to the Public (15952 : 4/5ths Grant to Greater Israel Bethel Primitive Baptist Church) Packet Pg. 61 2.2.c Greater Israel Bethel Primitive Baptist Church Dea. Willie Scott Chairman, Deacon Ministry Bro. John McBride Chair. Trustee Ministry To: Omni CRA Date: March 11, 2024 160 Northwest 18th Street -Miami, Florida 33136 Phone (305) 573-6331/Fax (305) 573-3005 Email: GIBS bellsouth.net Elder K. L. Washington, Pastor Sis. Thelma Wilcox Clerk/Financial Secretary Greater Israel Bethel Primitive Baptist Church is in need of your help! Greater Israel Bethel Primitive Baptist Church is 109 years old, and as a beloved and enduring entity, we are an essential part of the fiber and glue that makes up this entire community! We were established in the Omni/Overtown community in 1912, at which time the original building was located at 225 N.W. 14th Terrace. The current Church building at 160 N. W. 18th Street, which lies immediately adjacent to Phillis Wheatley Elementary School, was erected in 1952. The Church has always been a beckon of light to the community at large. Because of our age and our vital contributio-ns throughout the years, we are considered one of the "Mother Churches" of the Omni/Overtown Community! We have, as a church, always tried to provide spiritual guidance, inspiration, and physical assistance as well, to all of those who come to our services. In recent years, we have provided "Back- to -School" supplies and uniforms to students in need, provided a welcoming refuge of spirituality and a church school class for residents of the Miami Rescue Mission, and provided help to our sick -and -shut-in members. Also, we have provided transportation to and from church for those who have no other means of getting to and from our services. Additionally, pre -Pandemic, we provided clothing and Thanksgiving basket drives/ and household goods hand-outs for the community -at -large. Further, we have provided in conjunction with community medical resources, "Health and Wellness Fairs" for the Community. We have always sought to be a bright light as a source of help with everyday needs and -as well as a source of spiritual guidance. Through the years, Greater Israel Bethel has fulfilled many secular needs, as we have identified them, or we have disseminated information as to where those seeking information on needs beyond our scope could go to seek such help. Additionally, as the needs arose, we have provided educational seminars/ information seminars and workshops to promote member and community wellbeing on topics such as: Attachment: 15952 Backup (15952 : 4/5ths Grant to Greater Israel Bethel Primitive Baptist Church) Packet Pg. 62 2.2.c 1. Covid-19: understanding the virus and the means of preventing its spread 2. Workshop on Aids: Understanding its Prevention and its means of transmission 3. Frauds and Scams: How to avoid becoming a victim 4. Workshop on Crimes against Seniors and Others 5. Workshops on Forgiveness and Anger: Stemming -the violence 6. -Workshops on Marriage 7. Workshops on Surviving the Death of a Spouse Lately during the Covid -19 Pandemic, However, we have lost some of our older, financially contributing members, and at the same time, we have been repeated forced to "fix" leaks in the Church's roof! Our seventy- year -old building is in di€re need of some several extremely costly repairs, and the estimated costs of these repairs have risen steeply as the Pandemic has continued. Our roofing, which was completely re -roofed in 1992, has begun to leak in many spots, and we find ourselves constantly "fixing it" with costly repairs, the latest of which was just completed at a cost of $1.0,000.00, The estimated replacement cost for a new roof is : $ 65,000.00 Additionally, our fire alarm system, which passed our recent building survey certification, is sorely in need of upgrading. Further, our major air condition system, which is comprised of two 20 ton units, is not working properly. One of the units is broken beyond repair, and the other is working on a wing and a prayer— much prayer and many repairs! Both units are old and outdated. The cost to replace these both of these air conditioning units and the units downstairs is estimated to be in excess of $75,000.00! Further, our elevator, which is continually in need of expensive repair work, is swiftly approaching the end of its serviceable Iifespan and is crying out for updating / replacement! Additionally, we own a vacant lot across the street from the Church that we envision converting to paved parking lot that can be used by the Church and - perhaps --Phillis Wheatley School on occasions, for needed parking space. Our building is in dire need of these repairs, but our faithful membership is vibrant and strong! Our pleading outreach to you is for any and all help that you can grant to us in getting these essential repairs done! Any help will be greatly appreciated! We want you to consider how vital it is to maintain wholesome, spiritually uplifting, stable houses of worship within this Omni/Overtown community. They - and we - form a vital part of the moral fiber and of the very upright -lifeblood of this community. Without such entities as Greater Israel Bethel, which now is 112 years old, much of the sound moral character and stabilizing influencers of the Omni/Overtown community would in time vanish. We therefore plead with you for any and all help which you can extend to us! Greater Israel Bethel wishes to thank you, in advance, for you every kind consideration of our request for your urgently needed help! Sincerely yours, `° 1 q,' f / Elder K. L. Washington Attachment: 15952 Backup (15952 : 4/5ths Grant to Greater Israel Bethel Primitive Baptist Church) Packet Pg. 63 2.2.c Roof Estimate # 1 Attachment: 15952 Backup (15952 : 4/5ths Grant to Greater Israel Bethel Primitive Baptist Church) Packet Pg. 64 2.2.c .ALL AMERICAN ROOFING, INC. FAMILY OWNED AND OPERATED .SINGE 1989 4 198, ✓.. \tins:ttsNt.43 ERICANROOF.COM Date: 3/5/2024 ID#: 2402-5376810-01 944West Prospect Road Fort Lauderdale, FL 33309 Email: aar@allamericanroof.com GREATER ISRAEL BETHEL PRIMITIVE BAPTIST CHURCH 160 NW 18th Street Miami, FL 33136 Phone #: (305) 528-0264 Email: Johnmcbride2234@icloud.com CCCO55 70 Serving Broward, Miami Dade and Palm Beach Counties. Dade: (305) 466-0411 Broward (954)772-7553 Palm B,:(561)479-4933 fax (964)772-5001 SHINGLE REROOF Re: New Roof We are pleased to submit the following proposal for your consideration on the_above referenced premises... We agree to provide all labor, material, equipment, taxes, permit and the proper insurance. All proper care to protect owner's property will be taken. SCOPE OF WORK: Remove the existing slope roof and install new shingles on the slope roof. Price is based on truck access to roof. Flat roof is not included. Price is based on satellite measurements field verification is needed for final price. PROCEDURE OF WORK: PREP-ATORY OF WORK: A. Cut and remove all existing roofing down to the plywood deck. Remove only as much roofing in one working day period that can be replaced. Water cut off is to be installed at the end of each working day to assure a watertight condition. B. Replace all rotted plywood sheathing up to 75 square feet at no additional charge. Any additional replacement of the plywood decking beyond what's stated will be at the cost of $4.50 per square foot or replace all 1" X 6" tongue and groove decking up to 75 linear feet at no additional charge. Any additional replacement of tongue and groove beyond what's stated will be at the cost of $4.50 per linear foot. In the event that the property needs both plywood and tongue and groove decking replacement, then only one item of non -chargeable wood replacement will __apply. Any plank, fire rated plywood, fascia, beams, trusses, or soffit replacement is not included in the quote. C. Remove all debris anti cart away. DECK SECUREMENT: Re -nail sheathing to meet local codes. Screws are not included, if applicable. A.S.T.M. 30 LB. FELTS: Install 2 plies of 30 lb. felts which will be mechanically fastened in accordance with local building codes and manufacturer specifications. Attachment: 15952 Backup (15952 : 4/5ths Grant to Greater Israel Bethel Primitive Baptist Church) Packet Pg. 65 Page 2 of 7 2.2.c SHINGLES: Install GAF Timberline lifetime HDZ or CertainTeed dimensional fiberglass fungus resistant asphalt shingles. Shingles are to be mechanically fastened with Metro Dade approval Ring Shank roofing nails in strict accordance with the manufacturer and local building department specifications. The available color is to be determined by the owner. MISCELLANEOUS: 1. Install new lead flashings on all plumbing vent through roof waste pipes. 2. Install 26 gauge galvanized mill finish, brown or white drip edge metal flashing. Secured 4" - 6" on center according to local building codes. 3. Install 26 gauge galvanized mill finish 16" valley metal nailed every four inches. 4. To assure a proper seal, install an additional three course roofing system consisting of one ply of asphalt saturated membrane embedded between two layers of roof flashing cement on the valley metal. 5. When applying new roofing, all necessary metals will also receive one coat of cut asphalt primer for proper adhesion. 6. Remove and replace 26 gauge galvanized all-purpose two way vents. 7. Install GAF self -adhering storm guard membrane to all valleys, L flashings and penetrations. 8. Install GAF Pro -Starters shingles. 9. Install GAF Seal -A -Ridge shingles on hips and ridges. QUOTATION: For the sum of $55,170.00 Fifty-five thousand one hundred seventy dollars with zero cents Please note: If you have L flashing metal that runs behind the stucco and your L flashing metal is not copper or stainless steel, the building department is requiring removal and replacement. The procedure is as follows: Cut stucco, remove L metal, install now 4"x5" galvanized L metal with new wire mesh and new stucco. The unit price is $45.00 per ln.ft. This total price is based on field verification and measurements. Priming and painting is to be done by others and is not included. Please call to discuss. OPTION SIMPSON HURRICANE STRAPS: Remove wood decking on all eave areas (rake and gables not included), install approved Simpson Hurricane Straps- 1 strap per beam/truss-mechanically fastened to top of wall with (2) strong drive HD screws and (2) 16D nails on (1) 16D side (1) nail on the other side. Price is based on truss/beam span 24" oneenter. Beams less than 24" on your insurance company regarding mitigation benefits. All American Roofing, Inc. is not responsible for verification of mitigation benefits. Additional . $5,475.00 OPTION FOR SECONDARY WATER RESISTANCE: Self -adhering polymer modified bitumen roofing 4" width underlayment applied directly to the plywood sheathing seams. This is applied as a secondary means to protect the dwelling from water intrusion. Tongue and groove and plank decks are not included. Additional . $3,150.00 *Price option is only based on existing plywood decking. Attachment: 15952 Backup (15952 : 4/5ths Grant to Greater Israel Bethel Primitive Baptist Church) Packet Pg. 66 Page 5 of 7 2.2.c 22. When replacing deteriorated wood some areas maybe not be physically accessible due to design. Deteriorated wood replacement is limited to physically accessible areas from the roof top only. Some areas may remain visible in attic or ceiling space. When replacing deteriorated wood, interior spray foam or batt insulation replacement is not included. 23. If the existing gutters are secured to the face of edge metal. Code required fastener to be below the metal face. If gutter replacement and/or repair is need due to reroof project it is not included in price. 24. Please note that tiles, shingles, and metal are purchased from a manufacturer. The exact color/shading of the materials and accessories and mortar may vary from brochure photos and hard samples. All American Roofing, Inc. is not responsiblefor color/shading of tiles, mortar, shingles, and or metal products. Due to structural movement no warranty for minor cracks in mortar. 25. When installing tile roofing to an existing shingle roof, the proposal is based on the existing structures design being capable to accept the added weight load. Please note that additional weight load could cause some cracks or spawls in ceiling. All American Roofing, Inc. is not responsible for engineering for weight load or repairs to ceiling, deck, truss or structure from additional weight load. 26. Ifthe customer is interested in hurricane straps, please contact All American- Roofing, Inc. for pricing. ATTENTION PROPERTY OWNERS DON'T JEOPARDIZE YOUR INSURANCE! We are fully and properly insured. Proof of insurance will be sent upon request. It behooves the owner to select a contractor that carry the proper insurance and licenses. ** FACT ** ALL ROOFS NEED SOME DEGREE OF PREVENTATIVE MAINTENANCE!!! All roofs need some degree of maintenance such as roof cleaning, refilling pitch pans and/or resealing roof terminations. This work is not included in -material and/or labor warranty. Please call us to design a maintenance program that fits your needs. SUPERVISION: Our work is done in a workmanlike manner by trained, qualified mechanics, using the latest technical equipment for the job. Trained professionals supervise all jobs_and upon completion also inspect and evaluate the premises and workmanship. Every safety precaution will be taken to protect the owner, pedestrians, property, and landscaping. All work areas will be cleaned daily, and the equipment will be removed immediately upon completion of work. Please review all proposals to assure they have the same scope of work and check all references to assure all contractors are reputable. Thank you for the opportunity to bid on this work. Should you have any questions or require any additional information, please do not hesitate to call. Attachment: 15952 Backup (15952 : 4/5ths Grant to Greater Israel Bethel Primitive Baptist Church) Packet Pg. 67 Page 4 of 7 2.2.c 2. Asbestos - abatement removal and disposal is not included, if applicable. 3. If we are tieing into your adjacent roof, there is a possibility that water may be traveling from that roof, which is beyond our control. Please call to discuss if this is applicable to your property. 4. Please inform us if you have an exposed roof deck (the underside of the deck is visible and not covered by ceiling). If you have exposed decking, some nail tips may show and/or some sprawling or splintering of ceiling may occur. The budget to overlay existing deck with 5/8" plywood is $3.50 per square foot. It is the responsibility of the owner to request this option. All American Roofing, Inc. is not responsible for ceiling damage from fastener. Also dirt, dust, and debris could fall from the seams during the reroof procedure. Please take the necessary precautions to protect the interior. Please call to discuss. 5. Unless otherwise stated, this proposal does not include gutter and downspout damage, repair and/or replacement, AC, electric, plumbing, solar panel, mechanical, satellite dish and /or screen enclosures, if applicable. 6. There will be an additional charge if other trades damage our roof or delay our work due to their negligence. 7. Any water diverter may need to be permanently removed. Water diverters are on improper design because diverters restrict drainage and cause ponding and premature roof deterioration. 8. Tongue and groove decking may be replaced with plywood, if applicable. 9. Price based on using existing metal base flashing, if new metal base flashing, metal installation, and wall removal / replacement is required, there may be an additional charge. 10. Please be informed that heavy equipment's and tools may be used to perform the roof work. There may be some disturbance to the occupants from the noise and vibration. All American Roofing, Inc., will not be responsible for loose interior fixtures including, but not limited to light fixtures, chandeliers, wall hangings, popcorn or water damaged ceilings. Please call to discuss, if necessary. 11. Skylight replacement and interior work are not included, if applicable. 12. Price is based on flashing to and reusing gas vents. As per building codes, any gas vents on the roof need to be worked on and/or signed off by a licensed plumber, which is not included in this contract. 13. If insulation and sheathing overlayment is desired ar required it will be at an additional charge. 14. When reroofing and/or repairing roofs, some deck deflection maybe visible. New roofing is to follow the contour of existing deck. All American Roofing, Inc., is not responsible for deflection. 15. Price based on wood -decking with one (1) existing roof with no insulation or tapered insulation. Any additional roof removal, insulation ar tapered insulation will be at an additional charge. 16. Metal roof or awnings are not included in warranty 17. If the building department requires an architect and/or an engineer for any documentation unrelated -to your roof, this is not included in this proposal. If the building department requires any testing beyond what is stated in our proposal, there will be an additional charge. 18. Any warranty is non -transferable without written authorization from All American Roofing, Inc. 19. If your city requires the Miami 21 Solar reflectance products, it is not included in this proposal. 20. Please be aware your home/building may be under jurisdiction of a community association or local building department and certain types of roof systems may not be permitted. It is the customer's responsibility to determine if the roof system is acceptable to all parties involved. 21. Any piping and wiring improperly installed on the underside of the deck may be damaged by fasteners and/or nails and is not the responsibility of All American Roofing, Inc. Attachment: 15952 Backup (15952 : 4/5ths Grant to Greater Israel Bethel Primitive Baptist Church) Packet Pg. 68 Page3of7 2.2.c WARRANTY: - Seven (7) year workmanship warranty on all labor provided by All American Roofing, Inc. - Twenty five (25) year manufacturer limited warranty by shingle manufacturer. GAF GOLDEN PLEDGE WARRANTY ON SLOPE ROOF: GAF offers a unique material, labor and workmanship warrantee. Unlike all other shingle manufacturers this warrantee covers workmanship on installation as well as an enhanced material warrantee. All American Roofing, Inc. is a GAF registered Master Elite contractor. Please review the following Golden Pledge option and attached Golden Pledge literature. Install GAF self -adhering StormGuard to all valleys, penetrations and L flashings at no charge. Install 68 Ln. FT. of GAF Cobra Ridge Vent ..... $1,020.00 Please note that cobra ridge vent requires adequate soft venting. If additional soffit vents are necessary, it will be at an additional charge. Provide GAF Golden Pledge 25 year warrantee .... $1,260.00 Total .. $2,280.00 Please keep in mind that even if you don't choose the GAF Golden Pledge Warrantee your roof is still being installed by a GAF Master Elite contractor. Please note that Golden Pledge warranty is based on adequate soffit ventilation and pre -approval from GAF. ***************FINANCING OPTION************** All American Roofing, Inc., is a Pace Program Certified Roofing Contractor. Most homeowners are eligible through the equity in their home. Please contact our office and we will gladly assist with the application process. Our estimators do not work on commission! All of our estimators are paid hourly or salary, thus preventing a conflict with cost or quality on a new roof. ******* WE WANT TO -BE YOUR ROOFER! ******** SO PLEASE CALL US BECAUSE WE WILL DO OUR UTMOST TO ACHIEVE THIS GOAL. PLEASE REVIEW ALL NOTES AND CALL TO DISCUSS WHAT IS APPLICABLE BEFORE SIGNING APPROVAL. **** SOLAR POWER **** If you have ever thought about going solar on your home or business, there is no better time than when planning to replace your roof. All American Roofing makes it easy by working side by side with several solar companies_so you can pick which is the right one for you to go green and cut down on your electricity bills! NOTES (Please review the following notes and call to discuss items that may apply to your root): l . The existing roof may be fully adhered or stuck to the roof deck. If so, complete removal cannot be performed and a partial roof removal and/or a recover specification may be necessary, if so All American Roofing, Inc. will provide a written change order request. Attachment: 15952 Backup (15952 : 4/5ths Grant to Greater Israel Bethel Primitive Baptist Church) Packet Pg. 69 2.2.c Roof Estimate # 2 Attachment: 15952 Backup (15952 : 4/5ths Grant to Greater Israel Bethel Primitive Baptist Church) Packet Pg. 70 PALM, RN' cot T Cc1offs BUILD RIGHT, BUILD TO LAST! PALMA ROOFING CONTRACTORS CORP, L!C..CCC1332704 2901 NW 7TH AVE, MIAM€, FL 33127 PALMA ROOFING CONTRACTORS. 2901 NW 7th Ave, Miami FL, 33127 LIC. NO: CCC1332709 Miami Florida February 29, 2024 Greater Israel Bethel Primitive Baptist Church 160 NW 18TH Street, Miami, FL 33136 (305) 528-0264 WE DO FINANCE 786.803,5439 786 426.34e4 InfoOpalmQroofing.com www.paimaroo,fing.com TELEPHONE: ENG 786-803-5439 ESP 786-426-3484 Proposal/Contract Steep -slope Dimensional Architectural Roofing Singles system / Steps to perform: 1. -Clean existing area to create a workable surface, 5,182 roofing square feet. 2. - Remove and replace damage and rotten wood on roof deck surface. 3. - Support rotten and damaged trusses where necessary to improve load strength capability. . - Re -nailed existing roof deck sheathing by code to improve grip and roof attachment force. 5. - Install TAMKO® NO. 30 ASTM SATURATED FELT underlayment with tin caps and ring shank nails 6. - install 3-inch X 3-inch X 10 ft. Drip Edge, 26 Gauge Galvanized, White Finish metal. 7. - Install roof to wall flashing with dry pins, seal and protect with waterproofing calk double layer membrane and waterproofing elastomeric roof coating. 8. -Install valley metal flashings with ring shank nails and code approve wet or dry roof cement. 9. -Install two (2) roofing vent caps to improve house ventilation. Attachment: 15952 Backup (15952 : 4/5ths Grant to Greater Israel Bethel Primitive Baptist Church) Packet Pg. 71 2.2.c 10.-Install lead boot roofing vent flashing pipes where necessary. 11.-Install Owen's Corning SureNail® Technology wind resistant DIMENSIONAL ARCHITECTUAL Roofing Shingles. Price $57,200. Terms and Conditions: First 50% payment upon permit issuance approval by the city building department .to commence the project, second payment 25% upon first inspection approval and last payment 25% upon project completion and final inspection approval. Note: Ten (10) years warrantee for labor not included in case of vandalism, natural disasters, or other climate phenomena. 200ft wood included in the price. Breach of contract fee ten percent of contract amount. Permit fee is included inthe price. Palma Roofing (Certified Contractors) Greater Israel Bethel Primitive Baptist Church (Owne Attachment: 15952 Backup (15952 : 4/5ths Grant to Greater Israel Bethel Primitive Baptist Church) Packet Pg. 72 2.2.c Roof Estimate # 3 Attachment: 15952 Backup (15952 : 4/5ths Grant to Greater Israel Bethel Primitive Baptist Church) Packet Pg. 73 2.2.c Lic. CCC 1328038 4337 East 11 Ave Hialeah, Fl 33013 Phone. 305-599-2782 Fax. 305-599-2783 To: Israel Bethel Primitive Baptist Church 160 NW 18 ST Miami, FL 33136 PROPOSAL Date Proposal # 3/8/2024 11551 Job Location: Israel Bethel Primitive Baptist Church 160 NW 18 ST Miami, FL 33136 We hereby submit proposal for: New Shingle Roof System: 60SQ $45,000.00 - Remove existing shingle roof down to wood workable surface. - Contract price includes 100 ft. or 3 sheets of plywood, additional wood for roof deck at $5.50 per ft. and plywood at 100.00 per plywood sheet. - Cost for replacement of wood fascia/sub-fascia Ix $15.00 In ft, 2x $25.00 in ft and plywood soffit $30.00 LF FT. - Re -nail deck with 8D RS nails per FBC requirement. - Install two layer 30 felt with metal cap nails as per Building Code. - Install new 16" wide galvanized metal at all valleys. - histall new lead shields and galvanized roof vents on all pipes protruding roof deck. - Install new 3 X 3 galvanized eave drip color White or Brown, along entire edge of roof. - install new GAF HDZ Dimensional Shingle, color of your choice. - Haul away all roofing debris, leaving premises in a clean condition, - Contract price includes roofing permit, inspections as required by code. - New shingle roof is guaranteed for 5 years, from date of completion. *Primer or paint not included. Notes: - Air conditioning units, Solar Panels, Drain -Gutters, Adornments, Signs, Antennas, Trees, Pipes, Electrical equipment/lines, Phone Lines, Awnings, Screen Frames and/or Enclosures and any other attachment to building or roof shall be removed by owner or others at owner's expense if necessary. - Customer is responsible to notify A&I Roofing Corp. the location of exposed sheathing, septic tank, and dram field. - Where exposed sheathing, holes and openings exist, customer shall protect interior and furnishings from falling sediments and All material is guaranteed to be ! Terms 1 Total as specified. All work to be ! completed in a professional manner according to standard practices. Any alteration or ACCEPTANCE OF PROPOSAL — deviation from above specifications involving extra The above prices, specifications and conditions are satisfactory and are hereby costs will be executed only accepted. You are authorized to do the work as specified. Payment will be upon written orders; and will made as outlined below. become an extra charge over and above the estimate. All agreements contingent upon strikes, accidents or delays beyond our control. Owner to Authorized carry fire, tornado and other Signature: Signature: necessary insurance. Our workers are fully covered by Worker's Compensation Date Of Acceptance: Signature: insurance. Attachment: 15952 Backup (15952 : 4/5ths Grant to Greater Israel Bethel Primitive Baptist Church) Page 1 Packet Pg. 74 2.2.c Lic. CCC 1328038 4337 East 11 Ave Hialeah, Fl 33013 Phone. 305-599-2782 Fax. 305-599-2783 To: Israel Bethel Primitive Baptist Church 160 NW 18 ST Miami, FL 33136 PROPOSAL Date Proposal # 3/8/2024 11551 Job Location: Israel Bethel Primitive Baptist Church 160NW18ST Miami, FL 33136 We hereby submit proposal for: debris filtering through roof sheathing - No woodwork, deck work, metalwork, plastering, stucco, painting or calking whatsoever included in this contract unless mentioned in specifications above - Roof deck condition under installation or repair is owner's responsibility. - By signing this contract, owner acknowledges that he or she is aware that A&.I Roofing Corp., can only follow the existing contour of roof deck - It is agreed that owner is to provide us with access to the roof at all times. - Unless otherwise stated payments are to be made as per terns dictated un this ment; in the event payment is not made as stated herein, all fees incurred in collection, such as attorney fees, court costs, filings and collection agencies are to be paid by the owner. Any unpaid balance will accrue interest at a rate of 18% APR from due date amortized daily or a minimum monthly fee of $ 35.00 USD. - Mechanical, A/C, and Electrical work is not included in contract price. - Roof deck has to be structure sound, any repair needed on deck is not included in contract price. - We are not responsible for structural integrity, design or building code compliance. - We are not responsible for roof drains or adequacy of existing drainage. - There are no verbal or other agreements which are part of this contract. The written terms herein are the only teams of this contract. - All needed caution will be taken during each project phase to ensure a safe work environment. All material is guaranteed to be as specified. All work to be completed in a professional manner according to standard practices. Any alteration or deviation from above specifications involving extra costs will be executed only upon written orders; and will become an extra charge over and above the estimate. All agreements contingent upon strikes, accidents or delays beyond our control. Owner to carry fire, tornado and other necessary insurance. Our workers are fully covered by Worker's Compensation insurance. Terms Tota I ACCEPTANCE OF PROPOSAL --- The above prices, specifications and conditions are satisfactory and are hereby accepted. You are authorized to do the work as specified. Payment will be made as outlined below. Authorized Signature: Signature: Date Of Acceptance: Signature: Attachment: 15952 Backup (15952 : 4/5ths Grant to Greater Israel Bethel Primitive Baptist Church) Page 2 Packet Pg. 75 2.2.c Lic. CCC 1328038 4337 East 11 Ave Hialeah, Fl 33013 Phone. 305-599-2782 Fax. 305-599-2783 To: Israel Bethel Primitive Baptist Church 160 NW 18 ST Miami, FL 33136 PROPOSAL Date Proposal # 3/8/2024 11551 Job Location: Israel Bethel Primitive Baptist Church 160NW18ST Miami, FL 33136 We hereby submit proposal for: § 713.015. Mandatory provisions for direct contracts (1)Any direct contract greater than $ 2,500 between an owner and a contractor, related to improvements to real property consisting of single or multiple family dwellings up to and including four runts, roust contain the following notice provision printed in no less than 12-point, capitalized, boldfaced type on the front page of the contract or on a separate page, signed by the owner and dated: ACCORDING TO FLORIDA'S CONSTRUCTION LIEN LAW (SECTIONS 713.001-713.37, FLORIDA STATUTES), THOSE WHO WORK ON YOUR PROPERTY OR PROVIDE MATERIALS AND SERVICES AND ARE NOT PAID IN FULL HAVE A RIGHT TO ENFORCE THEIR CLAIM FOR PAYMENT AGAINST YOUR PROPERTY. THIS CLAIM IS KNOWN AS A CONSTRUCTION LIEN. IF YOUR CONTRACTOR OR A SUBCONTRACTOR FAILS TO PAY SUBCONTRACTORS, SUB -SUBCONTRACTORS, OR MATERIAL SUPPLIERS, THOSE PEOPLE WHO ARE OWED MONEY MAY LOOK TO YOUR PROPERTY FOR PAYMENT, EVEN IF YOU HAVE ALREADY PAID YOUR CONTRACTOR IN FULL. IF YOU FAIL TO PAY YOUR CONTRACTOR, YOUR CONTRACTOR MAY ALSO HAVE A LIEN ON YOUR PROPERTY. THIS MEANS IF A LIEN IS FILED YOUR PROPERTY COULD BE SOLD AGAINST YOUR WILL TO PAY FOR LABOR, MATERIALS, OR OTHER SERVICES THAT YOUR CONTRACTOR OR A SUBCONTRACTOR MAY HAVE FAILED TO PAY. TO PROTECT YOURSELF, YOU SHOULD STIPULATE IN THIS CONTRACT THAT BEFORE ANY PAYMENT IS MADE, YOUR CONTRACTOR IS REQUIRED TO PROVIDE YOU WITH A WRITTEN RELEASE OF LIEN FROM ANY PERSON OR COMPANY THAT HAS PROVIDED TO YOU A "NOTICE TO OWNER." FLORIDA'S CONSTRUCTION LIEN LAW IS COMPLEX, AND IT IS RECOMMENDED THAT YOU CONSULT AN ATTORNEY. =PAYMENT TERMS= ALL INVOICES ARE DUE ON RECEIPT: 25% on acceptance, 25% on corrunencement, 25% on shingle delivery and balance due on completion. All material is guaranteed to be as specified. All work to be completed in a professional manner according to standard practices. Any alteration or deviation from above specifications involving extra costs will be executed only upon written orders; and will become an extra charge over and above the estimate. All agreements contingent upon strikes, accidents or delays beyond our control. Owner to carry fire, tornado and other necessary insurance. Our workers are fully covered by Worker's Compensation insurance. Terms Total S45,000.00 ACCEPTANCE OF PROPOSAL --- The above prices, specifications and conditions are satisfactory and are hereby accepted. You are authorized to do the work as specified. Payment will be made as outlined below. Authorized Signature: Signature: Date Of Acceptance: Signature: Attachment: 15952 Backup (15952 : 4/5ths Grant to Greater Israel Bethel Primitive Baptist Church) Page 3 Packet Pg. 76 2.2.c Roof Estimate # 4 Attachment: 15952 Backup (15952 : 4/5ths Grant to Greater Israel Bethel Primitive Baptist Church) Packet Pg. 77 2.2.c 46:a:411 Bee's Perfect Roofing 2235 Northwest 41 st Street j Miami, Florida 33142 786-412-0510 and 305-895-9237 I BeesPerfectRoofing@gmail.com Beesperfectroofing.com Shingles Gaf Timberlin HD Shingles Gaf Manufacturing warranty. Asphalt Shingles, Laminate, wood decking. Fiberglass reinforced heavy weight asphalt roof shingles, with laminate profile. Was 110, 131 /4" X 39 3/8". LIMITATIONS 1. Fire classification is not part of this acceptance; refer to a current Approved Roofing Materials Directory -for fire ratings of this product. 2. Shall not be installed on roof mean heights in excess of 33 ft. 3. All products listed herein shall have a quality as-suranc-e audit in accordance with the Florida Building Code and Rule -61 G20-3 of the Florida Administrative Code. INSTALLATION 1. Shingles shall be installed in compliance with Roofing Application Standard RAS 115. 2. Flashing shall be in accordance with Roofing Application Standard RAS 115 3. The manufacturer shall provide clearly written application instructions.-4. Exposure and course layout shall be in compliance with Detail 'A', attached. 5. Nailing shall be in compliance with Detail 'B', attached. LABELING Shingles shall bear the imprint or identifiable marking of the manufacturer's name or logo, city and state of manufacturing facility, and following statement: "Miami -Dade County Product Control Approved" or the Miami -Dade County Product Control Seal as shown below. BUILDING PERMIT REQUIREMENTS 1. Application for building permit shall be accompanied by copies of the following: 1.1 This NoticeofAcceptance. 1.2 Any other documents required by the Building Official or the applicable code in order to properly evaluate the installation of this system. A deposit of $5,475.00 will be required to begin. PLEASE NOTE (if you are working with a permit) - AB permits are included in the total pricing and taken care of by the contractor. -Including and limited to, Asbestos Tests, Permits, Engineer Reports, etc. -Please note that permits are taking Longer than normally, the estimated time frame is a month or more. -Please note that permits are the longest part of your project. Once your project is started it will be completed within 5 to 10 business days or less. If the weather permits. TERMS AND CONDITIONS - This proposal is for immediate acceptance (void if not accepted within 24hrs) and is subject to withdrawal without notice. It is made with the understanding that if accepted by the owner approved by Bee's perfect Roofing LLC. Or the duty $0.00 Total $0.00 $54,750.00 Attachment: 15952 Backup (15952 : 4/5ths Grant to Greater Israel Bethel Primitive Baptist Church) Packet Pg. 78 2.2.c Bee's Perfect Roofing 2235 Northwest 41 st Street I Miami, Florida 33142 786-412-0510 and 305-895-9237 ( BeesPerfectRoofing@gmail.com Beesperfectroofing.com RECIPIENT: Great Israel Bethel primitive Baptist Church 160 Northwest 18th Street Miami, Florida 33136 Sent on Feb 27, 2024 Commercial -Shingles on Steep roof PREP WORK - Remove existing roof to a clean workable surface and dispose of debris. - Replace rotten sheathing at $13.00 per lineal ft. Contract includes carpentry and max of 150 lineal ft. - Install new 26-gauge 16" galvanized metal to all valleys and tie-ins SHINGLES -Install#30 ASTM base sheet. -Install -DIMENSIONAL fiberglass fungus resistant shingles -Mfg. GAF color: Customer Choice - Mfg. Warranty 25 years -$54,750.00 $54,750.00 Attachment: 15952 Backup (15952 : 4/5ths Grant to Greater Israel Bethel Primitive Baptist Church) Packet Pg. 79 2.2.c A/C Estirnate4t 1 Attachment: 15952 Backup (15952 : 4/5ths Grant to Greater Israel Bethel Primitive Baptist Church) Packet Pg. 80 2.2.c ALAI Proposal AIR CONDITIONING 8 HEATING, INC. 4208 SW 24th St West Park, FL 33023 Phone # (954) 986-4101 Name / Address Job Address Greater Israel Bethel Primitive Baptist Church 160 NW 18th Street Miami, Fl. 33136 160 NW 18th Street Miami, Pl. 33136 Description of Work Date Estimate # 3/6/2024 2353 A/C CHANGE OUT We hereby propose to furnish the materials and perform the labor necessary for the change out of (3) existing air conditioning systems. - Will install (1) new 20-Ton 10KW 1 1EER Ruud split air conditioning unit. - Will install (2) new 5-Ton 10KW 14Seer Bard wall -hung package air conditioning units. - New units to be connected to existing duct work,_electrical work and freon lines. - Also includes (3) new digital theiinostats. NOTE 1: PERMIT FEE COSTS ARE INCLUDED. One year labor warranty. One year parts and five year compressor warranty by Ruud and Bard, if registered by owner. Payment schedule: $26,000 deposit payment and $26,000.00 due after installation. Payment scheduling will be discussed uponacceptance ofproposal; unless otherwise stated above. This proposal may be withdrawn by us if not accepted within 30 days. Any alteration or deviation from the above specifications involving extra costs will be executed only upon written orders, and will become an extra -charge over and above the estimate, Alt agreements contingent upon strikes, accidents or delays beyond our control. Owner to carry fire, tornado and other necessary insurance upon above work. Workmen's Compensation and Public Liability Insurance on above work to be taken out by Alanis Air Conditioning & Heating, Inc. Customer Signature: Customer Signature: Sum of $52,000.00 Authorized -Signature Acceptance ofProposaf Date: Date: Attachment: 15952 Backup (15952 : 4/5ths Grant to Greater Israel Bethel Primitive Baptist Church) Packet Pg. 81 2.2.c ►'NIS Proposal AIR CONDITIONING & HEATING, INC. 4208 SW 24th St West Park, FL 33023 Phone # (954) 986-4101 Name 1 Address Job Address Greater Israel Bethel Primitive Baptist Church 160 NW 18th Street Miami, Fl. 33136 160 NW 18th Street Miami, Fl. 33136 Description of Work Date Estimate # 3/6/2024 2352 Compressor Change Out We hereby propose to furnish the materials and perform the labor necessary for the change out of an existing condensing unit. - Will replace the existing condensing unit with a new 20-Ton York condensing unit. Model #YC240C00A2AAAA - Includes (2) 5-Ton 410A expansion valves to convert the air handler unit to new freon. One year labor warranty. Payment schedule: $16,000.00 deposit payment and $16,000.00 due upon completion. Payment scheduling will be discussed -upon acceptance of proposal; unless otherwise stated above. This proposal may be withdrawn by us if not accepted within 30 days. Any alteration or deviation from the above specifications involving extra costs will be executed only upon written orders, and will become an extra charge over and -above the estimate. All agreements contingent upon strikes, accidents or delays beyond our control. -Owner to carry fire, tornado and other necessary insurance upon above work. Workmen's Compensation and Public Liability Insurance on above work to be taken out by Alanis Air Conditioning & Heating, Inc. Customer Signature: Customer Signature: Sum of $32,000.00 Authorized Signature Acceptance of Proposal Date: Date: Attachment: 15952 Backup (15952 : 4/5ths Grant to Greater Israel Bethel Primitive Baptist Church) Packet Pg. 82 Split -system Air Conditioner (including Ductless) Singte Packaged Air Conditioner 14 SEER I .12.2 EER 14 SEER I .11 EER <45k BTU: 14.3 SEER2.1 11.7/9.8a EER2 (Equivalent to 15 SEER I 12.2/10. 2a EER) 45k BTU: 13.8 SEER24 I 11.2/9.83 EER2 (Equivalent to 14.5 SEER/ 11.7/10.29 EER 13.4 SEER2 1, 10.6 EER2b (Equivalent to 14 SEER I 11 EER) Units that do not meet the new energy4efficiency requirements cannot be installed on or after January 1, 2023. Units that do not meet the new energy4efficiency requirements cannot be installed on or after January 1, 2023. 4/5ths Grant to Greater Israel Bethel Primitive Baptist Church) Attachment: 15952 Backup (15952 Packet Pg. 83 2.2.c A/C Estimate # 2 Attachment: 15952 Backup (15952 : 4/5ths Grant to Greater Israel Bethel Primitive Baptist Church) Packet Pg. 84 2.2.c UNITED HVAC SERVICES, INC. 5865 SW 21sr STREET, WEST PARK — FLORIDA 33023 Dade: (305) 625-2901 Broward: (954) 404-9413 + Palm Beach: (561) 201-2625 + Fax: (954) 362-4598 LICENSE # CMC1249371 PROPOSAL SENT VIA EMAIL. Tuesday, March 5, 2024 ATT: Pastor K. Washington GREATER ISRAEL BETHEL 160 NW 18'H STREET Miami, FL 33031 JOB SITE LOCATION: SAME AS ABOVE Re: PROVIDE LABOR AND MATERIALS TO REPLACE 20 TON YORK SPLIT -SYSTEM ON EAST SIDE OF CHURCH SANCTUARY. PROVIDE LABOR AND MATERIALS TO REPLACE 5 TON BARD PACKAGE UNIT ON EAST SIDE OF CHURCH AND WEST SIDE ON 1S` FLOOR. Dear Sir, Thank you for the opportunity to submit our proposal for the project listed above. SCOPE OF WORK: Furnish labor and materials to disassemble and remove existing air handling unit in closet and discard. Furnish labor and materials to remove existing condensing unit and discard. Furnish labor and materials to clean out refrigerant lines for reuse. Furnish labor and materials to pressurize and leak check refrigerant lines. Furnish labor and materials to install new replacement 20 ton York split -system. Furnish labor and materials to reconnect existing piping, electrical and controls. Furnish labor and materials to evacuate and charge system for normal operation. Furnish labor and materials to remove existing 5 ton units on east and west side of bldg. Furnish labor and materials to remove existing wall bracket on east side of bldg. Furnish labor and materials to install new fabricated wall bracket on east side of bldg. Furnish labor and materials to install new 5 ton units on east and west side of bldg. All units shall attach to existing structure, power supply, duct system, refrigerant piping and controls. EXCLUSION: Any materials not specifically reference herein. Fire alarm Roofing Permitting Controls Cutting and patching Removal of doors and framing Removal of stair case and furniture Based on a study of our costs and field -collected data our pricing to furnish the following parts will be 6�2,685.00 Attachment: 15952 Backup (15952 : 4/5ths Grant to Greater Israel Bethel Primitive Baptist Church) OWNER'S SIGNATURE DATE Packet Pg. 85 We look forward to being of service to you. If you have any questions or concerns, please call us at (305) 625- 290I 2.2.c Respectfully, Bo Cassamajor United HVAC Services, Inc. CMC1249371 TERMS & CONDITIONS: All work covered under this Proposal shall be performed during normal working hours, 8:00 am to 4:30 pm Monday through Friday, excluding legal holidays. United HVAC Services Inc. reserves the right to discontinue this Proposal at any tune, without notice, in the event that payments under this Proposal shall not have been made as agreed United HVAC Services Inc. and Customer agree that the occurrence of any of the following conditions which, without limitation, might render performance by United HVAC Services Inc. impractical, such as, but not limited to: strikes, fires, war, inclement weather, late or non -delivery by suppliers of United HVAC Services Inc. and all other contingencies beyond the reasonable control of United HVAC Services Inc. Under no circumstances shall United HVAC Services Inc. be liable for any special or consequential damages whether based upon lost goodwill lost resale profits, work stoppage, impairment of other goods or negligence otherwise and whether arising out of breach of warranty, breach of contract, negligence or otherwise, (unless such negligence is directly caused by United HVAC Services Inc.) except only in the case of personal injury where applicable by law reqnires such liability. But in no event shall United HVAC Services Inc. liability exceed the purchase price paid under this Proposal. United HVAC Services inc. is not responsible for loss or damage caused by unavailability of equipment, components or material for whatever reasons, including forces of nature, inaccessibility to premises, negligence by Customer or others, inadequate_system design, vandalism or other causes beyond United HVAC Services Inc. control. Both parties shall seek to avoid litigation. However, in the event that any legal actions are required to be taken by either party relating to this Proposal, it is agreed that such legal actions shall be commenced within one year, or earlier as may be provided by law, from the date in which the cause of action occurred and that the successful party in such legal action shall be awarded reasonable attorneys' fees, litigation or arbitration costs, and collection costs. Any and all legal action shall be filed within the county wherein the work was performed. It is the customer's obligalion to inform United HVAC Services Inc. Of the existence of any hazardous material that may exist at the jobsite. hi accordance with OSHA's Hazard Communication Standard Regulations, Customer shall provide United HVAC Services Inc. all relevant Material Safety Data Sheets (MSDS), United HVAC Services Inc. responsibility under this Proposal excludes the identification, removal or abatement of asbestos, mold, mildew or other hazardous substances. In the event such products or substances are encountered, United HVAC Services Inc. obligation shall be limited to informing Customer of the possible existence of such materials, . In the event that hazardous substances are encountered, all work shall immediately cease and shall not again commence until written documentation that abatement has been performed is provided to United HVAC Services Inc. -The Customer shall pay United I4VAC Services-Ine., in addition to the price -of this Proposal, the amount of all present and future taxes or any other government charges now or -hereafter imposed by existent or future laws with respect to the transfer, use, ownership or possession of equipment to which this Proposal relates, exclusive of ordinary personal property Taxes assessed against United HVAC Services Inc. It is agreed that the Customer shall assume responsibility and pay extra for all services and material required due to electrical power failure, low voltage, burned out main or branch fuses, low water pressure, corrosion, or lightning strikes, and any and all items listed in the EXCLUSIONS section of this Proposal. Customer is responsible for the cost of any additional items of equipment or performance of any safety test or correction in design as recommended or required by insurance companies, stale, municipality, or other governmental authorities. Only the materials specifically listed in the service details section of this Proposal are included as a part of the Proposal. All other materials and/or equipment replacement are to be paid for by the Customer, in addition to this Proposal, if the Customer so requests or authorizes such work to be perforated by United HVAC Services Inc. any additional work, not specifically stated elsewhere in this Proposal, shall only be performed upon authorization of Customer prior to proceeding with the work Customer's oral or written authorization will be mutually acceptable. All additional work, unless -a quoted price is agreed to prior to commencement of the work, shall be performed on a time and material basis. Signature of Customer's building maintenance personnel or other employee on United HVAC Services Inc. Work Order/service ticket shall constitute acceptance and authorization for payment of the work covered by that form. Contractors are required by law to be licensed and regulated by the Contractors State License Board. Any questions concerning a contractor may be referred to the Department of Professional Regulation, Tallahassee, Florida. Initial Attachment: 15952 Backup (15952 : 4/5ths Grant to Greater Israel Bethel Primitive Baptist Church) Packet Pg. 86 2.2.c A/C Estimate # 3 Attachment: 15952 Backup (15952 : 4/5ths Grant to Greater Israel Bethel Primitive Baptist Church) Packet Pg. 87 2.2.c DEACOA I R Deaco Air 160 NW 18th St Miami, FL 33136 (305) 528-0264 johnmcbride2234@idaid.com ESTIMATE ESTIMATE #444 ESTIMATE DATE Mar 6, 2024 TOTAL $56,820.00 CONTACT US 4730 E loth Ln Hialeah, FL 33013 (305) 688-8858 into@cleacoair.com Air Conditioner - Trane 20 Ton DX Split System 1.0 $37,100.00 $37,100.00 Unit replacement labor and materials - new air handler -new condensing unit- -new thermostat -drain materials -drain flush -condenser tie downs -rxl 1 refrigerant lines flush shot for refrigerant conversion - float switch - mini torches -vacuum -410A refrigerant -Stand for AHU New Installation And Retrofitting - Commercial unit-replacerent- 3 Ton Daikin Packaged Unit Commercial -unit replacement -Ground level unit Scope of work -turn off power and lockout tag -out disconnect switch - removed power and controls from Equipment -take off all debris and old metal pan that is corroded - Necessary sheetmetal duct modifications (Internally Lined) - clean both area and prep for new install -install controls and power -install condensate drains 1.0 $8,750.00 $8,750.00 Attachment: 15952 Backup (15952 : 4/5ths Grant to Greater Israel Bethel Primitive Baptist Church) Deaco Air CAC1815316 http://deacoair.com 1 of 2 Packet Pg. 88 - startup unit and check performance 2.2.c New Installation And Retrofitting - Commercial unit replacement 3 Ton Daikin Packaged Unit Commercial unit replacement - Ground level unit Scope of work - New Aluminum Wall Bracket -Necessary sheetmetal duct modifications (Internally Lined) -turn off power and lockout tag -out disconnect switch -removed power and controls from Equipment -take off all debris and old metal pan that is corroded -clean both area and prep for new install -install-controls and power - install condensate drains. - startup unit and check performance 1.0 $10;970.00 $10,970.00 Services subtotal: $56,820.00 Subtotal $56,820.00 Total $56,820,00 Attachment: 15952 Backup (15952 : 4/5ths Grant to Greater Israel Bethel Primitive Baptist Church) Deaco Air CACI815318 http://deacoair.com 2 of 2 Packet Pg. 89 OMNI Board of Commissioners Meeting April 25, 2024 2.3 OMNI REDEVELOPMENT DISTRICT COMMUNITY REDEVELOPMENT AGENCY INTER -OFFICE MEMORANDUM Board Chair Damian Pardo and Members of the CRA Board Isiaa Jones Interim Executive Director Date: April 22, 2024 File: 15953 Subject: 4/5ths Grant to Palm Plaza Apartments Enclosures: 15953 Exhibit A 15953 Notice to the Public 15953 Proposal 15953 Property Search BACKGROUND: The Omni Community Redevelopment Agency ("Omni CRA") is responsible for executing community redevelopment initiatives and projects within its designated area in accordance with the 2010 CRA Redevelopment Plan ("Plan"). Palm Plaza, an 18-unit studio apartment building/hotel in Overtown, Miami, built in 1951, falls within the Omni CRA's jurisdiction. The building was initially a full -service motel and was purchased by the Starke family in 1977. The east corner of the building served as a mini convenience store named "Bennet's Discount Grocery." The building has suffered from deferred maintenance over the years, resulting in less than full occupancy. It has recently served the local community by providing affordable housing and sits at the eastern entrance to Overtown on 14th Street at the FEC Railway crossing. The 2010 Redevelopment Plan emphasizes the importance of historic preservation, the creation of affordable housing units and includes provisions for collaborating with private entities to revitalize blighted properties. This project aligns with Section D of the Plan, which focuses on "Improvements to the Public Realm" to enhance the area's visual appeal for businesses and residents. RECOMMENDATION: Based on the aforementioned background, the need for renovation, and community enhancement, it is recommended that the Board of Commissioners of the Omni Community Redevelopment Agency adopt the attached resolution. This resolution, approved by a four -fifths (4/5ths) affirmative vote, ratifies, confirms, and approves the Executive Director's finding that it is most beneficial for the CRA to provide funding to Packet Pg. 90 2.3 Palm Plaza for renovation and community enhancement. FUNDING: $900,000.00 has been allocated from the Omni Tax Increment Fund, Account No. 10040.920501.883000.0000.00000 — Other Grants and Aids. City of Miami Page 2 of 4 File ID: 15953 (Revision:) Printed On: 4/22/2024 Packet Pg. 91 2.3 `\s Omni CRA OMNI Community Redevelopment Agency Legislation OMNI CRA Resolution: OMNI CRA 1401 N. Miami Avenue Miami, FL 33136 www.miamicra.com File Number: 15953 Final Action Date: A RESOLUTION OF THE BOARD OF COMMISSIONERS OF THE OMNI REDEVELOPMENT DISTRICT COMMUNITY REDEVELOPMENT AGENCY ("CRA"), WITH ATTACHMENT(S), BY A FOUR -FIFTHS (4/5THS) AFFIRMATIVE VOTE, AFTER AN ADVERTISED PUBLIC HEARING, RATIFYING, APPROVING, AND CONFIRMING THE EXECUTIVE DIRECTOR'S RECOMMENDATION AND FINDING, ATTACHED AND INCORPORATED AS EXHIBIT "A," THAT COMPETITIVE NEGOTIATION METHODS AND PROCEDURES ARE NOT PRACTICABLE OR ADVANTAGEOUS TO THE CRA PURSUANT TO SECTIONS 18-85 AND 18-86 OF THE CODE OF THE CITY OF MIAMI, FLORIDA, AS AMENDED, AS ADOPTED BY THE CRA; WAIVING THE REQUIREMENTS FOR COMPETITIVE SEALED BIDDING AS NOT BEING PRACTICABLE OR ADVANTAGEOUS TO THE CRA; ALLOCATING GRANT FUNDS FROM THE CRA'S FISCAL YEAR 2023-2024 BUDGET IN AN AMOUNT NOT TO EXCEED NINE HUNDRED THOUSAND DOLLARS ($900,000.00) FOR AN AFFORDABLE HOUSING DEVELOPMENT PROJECT CONSISTING OF SIX (6) UNITS AT 50% AMI, THREE (3) UNITS AT 80% AMI, AND NINE (9) UNITS AT 100% AMI AT THE PROPERTIES LOCATED AT 102 NW 14TH STREET, MIAMI, FL - 33136, ALL LOCATED IN THE CRA REDEVELOPMENT AREA, TO PALM PLAZA; AUTHORIZING THE EXECUTIVE DIRECTOR TO DISBURSE FUNDS IN HIS/HER DISCRETION; AUTHORIZING THE EXECUTIVE DIRECTOR TO NEGOTIATE AND EXECUTE ANY AND ALL AGREEMENTS NECESSARY, ALL IN FORMS ACCEPTABLE TO THE GENERAL COUNSEL, FOR THE PURPOSES STATED HEREIN; ALL BEING SUBJECT TO THE RENTS BEING RESTRICTED UNTIL 2054 AS MORE PARTICULARLY DETAILED IN A RESTRICTIVE COVENANT THAT IS TO BE RECORDED IN THE PUBLIC RECORDS OF MIAMI-DADE COUNTY, FLORIDA. WHEREAS, the Omni Redevelopment District Community Redevelopment Agency ("CRA") is tasked with reducing slum and blight within its boundaries; and WHEREAS, the Developer, submitted a request for funding to rehabilitate Palm Plaza to consist of six (6) units at 50% of Area Median Income ("AMI"), three (3) units at 80% AMI, and nine (9) units at 100% AMI, at the property located at 102 NW 14TH STREET, MIAMI, FL - 33136 (the "Project"); and WHEREAS, the 2010 Redevelopment Plan ("Plan") on page 41, Section C-2 lists the objective of the CRA to "Provide incentives for the development of a variety of housing choices, including affordable, special needs and a workforce housing" and to make "Improvements to the Public Realm" by "[enhancing] the areas' visual attractiveness to businesses and along with creating a variety of housing"; and City of Miami Page 3 of 4 File ID: 15953 (Revision:) Printed On: 4/22/2024 Packet Pg. 92 2.3 File ID: 15953 Enactment Number: WHEREAS, the Plan also outlines working with private entities on page 42, Sections A-1 and A-3 and states that the CRA is to "Provide incentives for redevelopment of blighted properties," and WHEREAS, the Developer requests grant funding for the Project in an amount not to exceed $900,000.00; and WHEREAS, the success of the Project will result in accomplishing the stated objectives of the Plan; and WHEREAS, based on the recommendation and finding of the Executive Director, attached and incorporated as Exhibit "A", it is in the CRA's best interest to authorize, by an affirmative four -fifths (4/5ths) vote, a waiver of competitive sealed bidding procedures pursuant to Sections 18-85 and 18-86 of the Code of the City of Miami, Florida, as amended ("City Code"), as adopted by the CRA, for the allocation of grant funds for the Project in an amount not to exceed $900,000.00 to be disbursed subject to the Executive Director's discretion; NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF COMMISSIONERS OF THE OMNI REDEVELOPMENT DISTRICT COMMUNITY REDEVELOPMENT AGENCY OF THE CITY OF MIAMI, FLORIDA: Section 1. The recitals and findings contained in the Preamble of the Resolution are adopted by reference and incorporated as fully set forth in this Section. Section 2. By a four -fifths (4/5ths) affirmative vote, after an advertised public hearing, the Executive Director's recommendation and written finding, attached and incorporated, pursuant to Sections 18-85 and 18-86 of the City Code, as adopted by the CRA, are ratified, approved, and confirmed and the requirements for competitive sealed bidding methods as not being practicable or advantageous to the CRA are waived. Section 3. Funds in an amount not to exceed $900,000.00 for the Project are allocated from CRA Fiscal Year 2023-2024 budget, to fund the costs as requested. Section 4. The Executive Director is authorized to negotiate and execute any and all necessary documents, all in forms acceptable to the General Counsel, for the purposes stated herein, including but not limited to a restrictive covenant detailing rent restrictions which is to be recorded in the public records of Miami -Dade County, Florida. Section 5. This Resolution shall become effective immediately upon its adoption. APPROVED AS TO FORM AND CORRECTNESS: John Gam, Interim City fey 4/22/2024 City of Miami Page 4 of 4 File ID: 15953 (Revision:) Printed on: 4/22/2024 Packet Pg. 93 2.3.a Damian Pardo Board Chair � I Omni C R A INTER -OFFICE MEMORANDUM Isiaa Jones Interim Executive Director TO: Board Chair Damian Pardo and DATE: April 25, 2024 Members of the CRA Board FROM: Isiaa Jones Interim Executive Director SUBJECT: 4/5ths Bid Waiver to waive authorizing the allocation of Funds to Palm Plaza to underwrite costs associated with the rehabilitation of an affordable housing project in the Omni CRA BACKGROUND: The Omni Community Redevelopment Agency ("Omni CRA") is responsible for implementing community redevelopment activities and projects within its redevelopment area, as outlined in the 2010 CRA Redevelopment Plan ("Plan"). Palm Plaza, an 18-unit studio apartment building/hotel in Overtown, Miami, built in 1951, falls within the Omni CRA's jurisdiction. The building was initially a full -service motel and was purchased by the Starke family in 1977. The east corner of the building served as a mini convenience store named "Bennet's Discount Grocery." The building has suffered from deferred maintenance over the years, resulting in less than full occupancy. It has recently served the local community by providing affordable housing and sits at the eastern entrance to Overtown on 14th Street at the FEC Railway crossing. The 2010 Redevelopment Plan of the CRA highlights the importance of historic preservation, with a specific focus on Palm Plaza. The project aligns with Section D of the Plan, page 42, which emphasizes "Improvements to the Public Realm" to enhance the area's visual appeal for businesses and residents. Additionally, the Plan includes provisions on page 42 A-1 to collaborate with private entities to incentivize the redevelopment of blighted properties. Objective A-3 of the Plan is to promote the rehabilitation and maintenance of existing viable uses and structures. Furthermore, the Plan, on page 41, Section C-2, lists the objective of the CRA to "Provide incentives for the development of a variety of housing choices, including affordable, special needs, and workforce housing" and to make "Improvements to the Public Realm" by "[enhancing] the areas' visual attractiveness to businesses and along with creating a variety of housing. RECOMMENDATION: Based on the background information provided, the need for renovation, and community enhancement, it is recommended that the Board of Directors of the CRA adopt the attached resolution by a four -fifths (4/5ths) affirmative vote. This resolution ratifies, confirms, and approves the Executive Director's finding that it is most advantageous for the CRA to grant funding to Palm Plaza for renovation and community enhancement. OMNI COMMUNITY REDEVELOPMENT AGENCY OF THE CITY OF MIAMI 1401 N. Miami Ave' 2nd Floor l Miami, FL 33136 Tel (305) 679 68681 http://www.omnicra.com Attachment: 15953 Exhibit A (15953 : 4/5ths Grant to Palm Plaza Apartments) Packet Pg. 94 2.3.b art P Omni C R A OMNI REDEVELOPMENT DISTRICT COMMUNITY REDEVELOPMENT AGENCY NOTICE OF PUBLIC HEARING The Board of Commissioners ("Board") of the Omni Redevelopment District Community Redevelopment Agency ("CRA") will hold a Public Hearing on Thursday, April 25`h, at 9:30 am or anytime thereafter in the City Commission chambers located at Miami City Hall, 3500 Pan American Drive, Miami, FL 33133. The Board will consider the award of grant funds for the PALM PLAZA PROPERTY LOCATED AT 102 NW 14TH STREET, MIAMI, FLORIDA TO LEONARDO D. STARKE ESQ TRS LANDTRUST, as Trustee authorized to transact business/render services in the State of Florida for stated property, to underwrite a portion of the costs associated with the rehabilitation of an affordable housing project in the Omni CRA. In accordance with the Board's 2010 Redevelopment Plan ("Plan") and Florida Statutes 163, the Board will consider funding an amount of $900,000.00 to underwrite the expenditures and costs associated with the rehabilitation of fully restricted housing units located within the Redevelopment Area of the Omni CRA at 102 NW 141h Street, Miami, Florida within CRA's boundaries. This funding is critical in the rehabilitation of the property, which is envisioned to reduce slum and blight and provide much -needed affordable housing in the area. All comments and questions with respect to the special meeting and remote public participation should be addressed to Isiaa Jones, Interim Executive Director, at 1401 N. Miami Ave., 2nd Floor, Miami Florida 33136 (305) 679-6868. Should any person desire to appeal any decision of the Board with respect to any matter considered at this special meeting, that person shall ensure that a verbatim record of the proceedings is made, including all testimony and evidence upon which any appeal may be based (F.S. 286.0105). In accordance with the Americans with Disabilities Act of 1990, persons needing special accommodations to participate in this proceeding may contact the Office of the City Clerk at (305) 250-5361 (Voice), not later than two (2) business days prior to the proceeding. TTY users may call 711 (Florida Relay Service), not later than two (2) business days prior to the proceeding. Ad No. 41176 Todd B. Hannon Clerk of the Board Attachment: 15953 Notice to the Public (15953 : 4/5ths Grant to Palm Plaza Apartments) Packet Pg. 95 2.3.c Leonardo & LaUntrice Starke 9115 NW13 Ave Miami, FI 33147 Lmstarkeproperties@gmail.com March 13, 2024 Isiaa Jones, Executive Director Omni Community Redevelopment Agency 1401 N Miami Avenue Miami, FL 33136 Dear Ms. Jones, I am writing to you to submit our comprehensive proposal for the full rehabilitation and revitalization of the 18-unit garden apartment situated at the entrance to Overtown 102 NW 14th Street Miami, FL 33136, The Palm Plaza Downtown. Our vision is to revitalize this 1950s gem into a bright beacon that not only respects its historical value but also fulfills the contemporary needs of its residents and the neighborhood. Our team is a Miami family business. We recognize the opportunity to contribute meaningfully to the area's resurgence while ensuring the preservation of its unique character. Our proposal details a sustainable; community -oriented approach that aligns with the goals and standards set forth by the Omni CRA, shown in previous projects. We have created a renovation plan with help from other funding sources that integrates modern amenities and energy -efficient upgrades while maintaining the property's vintage charm. Our intention is to create affordable, yet quality living spaces that.support the CRA's mission of economic vitality and inclusivity, as the neighborhood changes. Furthermore, we are committed to sourcing local labor and materials to empower the local economy and to foster a sense of ownership and pride within the community. We understand the strategic significance of this property as a gateway to Overtown and are poised to make it a landmark that stands as a testament to the area's revitalization and potential. We have included detailed architectural renderings, projected financials, and a community impact assessment to provide a clear and comprehensive understanding of our vision. Thank you for considering our proposal. We look forward to the possibility of working together to bring new life to this historic neighborhood. Warm regards, Leonardo & LaUntrice Starke Attachment: 15953 Proposal (15953 : 4/5ths Grant to Palm Plaza Apartments) Packet Pg. 96 2.3.c Proposal for Omni CRA Rehabilitation funding for - Palm Plaza Downtown 102 NW 14th Street Project Introduction Palm Plaza is an 18-unit studio apartment building/hotel built in Overtown in 1951 at the height of its ascendancy as a cultural capital of Miami and known throughout the country as the "Harlem of the South." The building was initially purposed as a full -service motel, attracting guests looking for affordable stays with popular amenities of the time. Palm Plaza was purchased by the Starke family in 1977. The east corner served as a mini convenience store named "Bennet's Discount Grocery" that provided locals with basic household necessities, food items, drinks, snacks, etc. More recently, the building has served the local community by providing affordable housing. This building sits at the eastern entrance to Overtown on 14th Street at the FEC Railway crossing. During the many years since its construction the hotel has suffered from some deferred maintenance, resulting in less than full occupancy, which could potentially lead to the sale or loss of the building if not repaired. In order to assist Tong -term owners of small-scale naturally occurring affordable housing, Miami Homes For All has created a Capital Needs Assessment Grant that aims to defray some of the initial costs of determining the amount of funded required to bring a building up to code and keep it running well for decades to come. The Palm Plaza is in the first round of projects funded by this grant. It has also applied for and been awarded the County's 2023 NOAH Rehab Grant, which aims to assist small -building owners to repair their existing affordable housing. Attachment: 15953 Proposal (15953 : 4/5ths Grant to Palm Plaza Apartments) Packet Pg. 97 2.3.c Owner Background Leonardo D. Starke Esq. A native of Miami, Florida, born and raised in Coconut Grove. He is a graduate of Coral Gables Sr. High School, Florida State University, and the University of Miami Law. A retired attorney, Leonardo currently serves as the general manager of Palm Plaza Downtown. As a child, he grew up working along with his father, doing odd jobs and chores around the building. Since graduating from college, Leonardo has played an integral part in the day-to- day operation of the building. He was finally left with sole responsibility after his father retired in 1988. LaUntrice M. Starke A native Floridian originally from Pensacola, FL. She earned a bachelor's degree from the University of West Florida and a master's degree from Nova Southeastern University. LaUntrice moved to Miami in 1987 after marrying Leonardo Starke. She retired from Miami -Dade County Public Schools in 2020 after 33 years of service and currently works as a real estate professional. In addition, she serves as a project manager, expeditor of all issues related to the City of Miami permitting, facilitating 40/50-year re -certification requirements, and seeking capital funding resources and opportunities for Palm Plaza Downtown. Leonardo D. Starke II Born in Pensacola, Florida, and raised in Miami, Florida. Leonardo is the eldest of the Starke offspring. He attended Coral Gables Sr. High School, Miami -Dade College, and DeVry University. He is employed by Innovative Property Management Group (IPMG) and is the current property manager for Palm Plaza Downtown. Devan Starke Born and raised in Miami, Florida, Devan graduated from Coral Gables Sr. High School, received a BA from Florida State University in Applied Economics, and an MBA from Florida International University in Finance. He currently works for Aroma 305 as a Senior Accountant. In addition, he works for Palm Plaza Downtown as the Chief Financial Officer. Alana Starke Born and raised in Miami, Florida, Alana graduated from Coral Gables Sr. High School and Florida State University. She is a brand account manager for a major marketing/advertising firm in South Florida. She also serves as the Marketing and Advertising Director for Palm Plaza Downtown. Attachment: 15953 Proposal (15953 : 4/5ths Grant to Palm Plaza Apartments) Packet Pg. 98 2.3.c Neighborhood Need Downtown Miami is witnessing a construction boom, signaling growth and development. Yet, this expansion masks a deeper, more pervasive issue: the city is grappling with a severe housing affordability crisis. High housing costs coupled with relatively low wages have placed Miami among the cities with the most severe housing affordability issues in the nation. This crisis is particularly acute in neighborhoods like Overtown, where the impacts of gentrification and the shortage of affordable housing are felt most strongly. Naturally Occurring Affordable Housing (NOAH) refers to privately owned residential properties that are lower in cost because they are older and usually subject to deferred maintenance. Rents charged for NOAH multifamily units are typically lower than those charged at market -rate units due to their age, condition, older design and location. However, many NOAH properties are desirable for tenants because of the location within neighborhoods that are convenient to places of work, worship, transportation hubs, and because the rent is affordable. Miami's expensive and highly competitive real estate market coupled with low wages has led to a housing affordability crisis. As a result, the unique cultural and socio-economic fabric of communities like Overtown is under threat, highlighting the need for targeted affordable housing solutions in these areas. In the amended Redevelopment Plan on pages 4-32 and 5-56, the CRA emphasizes the importance of housing affordability as a pivotal initiative: "To Assist For -Profit Housing Providers in the CRA could: 2) Pay some portion of development costs such as impact or permit fees 3) Provide a direct cash subsidy in the form of a rebate equal to a percentage of the increases in taxes paid over a defined period of time after completion if affordable units are provided" 6) Housing Affordability - The CRA should fund established and creative new ways to increase the stock of workforce and lower income affordable housing within the district. GOALS: a) Create project -specific developer incentives to ensure that new or significantly redeveloped residential projects in the CRA contain a sufficient number of units that are affordable to the target populations." The Project and accompanying request seek financial support from the CRA to underwrite the development of residential units, specifically for low-income and workforce households, and asks the CRA to provide the Applicant with a project -specific incentive. Attachment: 15953 Proposal (15953 : 4/5ths Grant to Palm Plaza Apartments) Packet Pg. 99 2.3.c This initiative seeks financial backing from the CRA to support the creation of housing solutions targeted at low-income and workforce groups. The request entails granting the applicant special incentives tailored to the project, underscoring the CRA's commitment to making affordable housing more accessible and supporting the development of inclusive, thriving communities. Efforts to address the housing crisis must include a focus on neighborhoods like Overtown, where the need for affordable housing is most acute. The Community Redevelopment Agency's (CRA) initiatives to develop affordable housing are crucial for the economic vitality and sustainability of such communities. By supporting projects that include affordable units and offering financial incentives for developers, there is potential to mitigate the impacts of gentrification and ensure that residents of Overtown and similar neighborhoods have access to affordable, quality housing. This approach not only addresses immediate needs but also contributes to the broader goal of fostering a more equitable and inclusive Miami. Proposed Renovations For detailed budget see attached Exterior Site Improvements Historic Sign Restoration Impact Windows & Doors Roof Stucco & Painting 40-Year Requirements Interior Mold mitigation Termite mitigation Flooring Plumbing Upgrades Electrical Upgrades HVAC System upgrades Insulation & Drywall ADA Kitchens ADA Bathrooms Interior Painting Fire Alarm System Parking Lot Repaving and Striping Exterior Lighting Exterior Wall Landscaping Attachment: 15953 Proposal (15953 : 4/5ths Grant to Palm Plaza Apartments) Packet Pg. 100 2.3.c Financing Plan & CRA Request This project is a 3C Capital Needs Assessment Grant Recipient from Miami Homes For All —a nonprofit champion for low-income residents across the County who struggle to find a safe and affordable place to live —for up to $100,000 in costs associated with capital needs assessment, including soft costs such as architecture, 40-year inspections, mold testing, legal research, and more. This allows the true costs associated with long-term rehabilitation to be accurately estimated before work begins. The Palm Plaza Downtown Project is also an awardee of the 2023 Miami -Dade County Housing Preservation through NOAH (Naturally Occurring Affordable Housing) Rehabilitation Grant Program for up to $240,000. This grant focuses on essential improvements to small multifamily buildings like Palm Plaza Downtown. This project was selected in a competitive process from throughout Miami Dade. These sources still leave a gap in the high costs of construction and financing in Miami today. To offset the high cost of construction and lending the Starkes ask the Omni CRA to support maintaining and revitalizing housing affordable to Overtown residents, preventing displacement of residents as well as the Toss of mom & pop ownership in the community and contribute a forgivable loan of $50,000 per unit for a portion of the interior and exterior improvements listed above. Affordability Plan Palm Plaza Downtown currently has 18 total studio units. 12 units are currently unoccupied in anticipation of the renovation of the building and 6 units have existing long-term tenants who are paying significantly below -market rents. Best efforts will be made to provide for the temporary relocation of existing renters in these 6 units during construction, if needed, and to keep rents affordable to these renters during their ongoing tenure. Of the remaining 12 units, 3 will be capped at 80% AMI and 9 units will be capped at 140% AMI as required by the County's NOAH Grant requirements with covenant in place. Attachment: 15953 Proposal (15953 : 4/5ths Grant to Palm Plaza Apartments) Packet Pg. 101 2.3.c EXHIBIT A Proof of Ownership Attachment: 15953 Proposal (15953 : 4/5ths Grant to Palm Plaza Apartments) Packet Pg. 102 2.3.c EXHIBIT B Current Rent Rolls Attachment: 15953 Proposal (15953 : 4/5ths Grant to Palm Plaza Apartments) Packet Pg. 103 2.3.c EXHIBIT C Pro -Forma Attachment: 15953 Proposal (15953 : 4/5ths Grant to Palm Plaza Apartments) Packet Pg. 104 2.3.c EXHIBIT D Bid for Construction Attachment: 15953 Proposal (15953 : 4/5ths Grant to Palm Plaza Apartments) Packet Pg. 105 904 '6d 1a)13ed Date 4/22/2024 Proiect Name Address UNITS Palm Plaza Downtown 102 NW 14th Street MHFA Capital Needs Grant Unit Type Studio 1 Studio 2 Studio 3 Studio 4 Studio 5 Studio 6 Studio 7 Studio 8 Studio 9 Studio 10 Studio 11 Studio 12 Studio 13 Studio 14 Studio 15 Studio 16 Studio 17 Studio 18 Set -aside: 50% AM I 50% AM I 50% AM I 50% AMI 50% AM I 50% AM I 80% AMI 80%AMI 80% AMI 00% AM 100%AM 00%AM 100%AM 100%AM 100%AM 100%AM 100%AM 100% AMI Unit Size ISFI Under Al, 750 750 750 750 750 750 750 750 750 750 750 750 750 750 750 750 750 750 Unit Type 0/1 0/1 0/1 0/1 0/1 0/1 0/1 0/1 0/1 0/1 0/1 0/1 0/1 0/1 0/1 0/1 0/1 0/1 Rent 993 993 993 993 993 993 1,450 $ 1,450 1,450 $ 1,450 $ 1,450 $ 1,450 $ 1,450 $ 1,450 $ 1,450 $ 1,450 $ 1,450 $ 1,450 Units 6 3 9 0/ 0/ 0/ Unit Type 50% AMI Rent 2024 80 % AMI Rent 2024 100% AMI Rent 2024 )% AMI Rent 2, TOTAL 4arket Rent 202 Delta 2024 993.00 $1.445.00 $1,988.00 5,958.00 $4,335.00 $13,050.00 450.00 $2,742.00 $1,450.00 $15.00 $1,450.00 $0.00 18 RENT LIMITS 2024 AMI 0/1 993 100% 140 % 2024 Market - Overtown 1,988 2024 Income Limit 2024 Income Limit Gross / Year / Unit 1 person 2 people $11,916.00 $14,304.00 $19,080.00 $23,856.00 $28,620.00 $33 384.00 $17 400.00 $ 39,750 $ 47,700 63 600 79 500 $ 95,400 $ 111,300 $ 45,400 54,480 72,640 90,800 108,960 127,120 $2,757.00 Attachment: 15953 Proposal (15953 : 4/5ths Grant to Palm Plaza Apartments) $23,358 $280,296 CAP RATE VALUATION 9,400 3.00% $6,241,303.33 3.50% $5,349,688.57 4.00% $4,680,977.50 Monthly Yearly 4.50% $4,160,868.89 % Property Sq. Ft. % Med. Gross Gross 5.00% $3,744,782.00 Of Total Configuration Per Unit Income. Rent Rent 5.50% $3,404,347.27 0/1 750 80.00% $5,958.00 $71,496.00 6.00% $3,120,651.67 0/1 750 80.00% $4,350.00 $52,200.00 6.50% $2,880,601.54 0/1 750 80.00% $13,050.00 $156,600.00 7.00% $2,674,844.29 7.50% $2,496,521.33 99.90% 2,250 $23,358.00 $280,296.00 $ 280,296 0.00% $ - Unit/Monthly $ - 0.00% $ - Unit/Monthly $ - 0.00% $ - Unit/Monthly $ $ 280,296 6.00% $ (16,818) $ 263,478 28.94% $ (76,239) $ 187,239 " Property Taxes, Insurance, Legal, Accounting Attachment: 15953 Proposal (15953 : 4/5ths Grant to Palm Plaza Apartments) 366 $ 306.287 $ 315.476 $ 324.940 $ 334.688 $ 344.729 $ 355.071 $ 365.723 $ 376.694 $ 387.995 $ 399.635 $ 411.624 $ 423.973 $ 436.692 $ 449.793 $ 463.287 $ 477.185 $ 491.501 $ 506.246 $ 521.433 $ 537.076 $ 553.188 $ 569.784 $ 586.878 $ 604.484 $ 622.618 $ 641.297 $ 660.536 366 $ 306.287 $ 315,476 $ 324.940 $ 334,688 $ 344.729 $ 355.071 $ 365.723 $ 376,694 $ 387.995 $ 399,635 $ 411.624 $ 423.973 $ 436.692 $ 449,793 $ 463,287 $ 477,185 $ 491,501 $ 506.246 $ 521.433 $ 537.076 $ 553,188 $ 569,784 $ 586,878 $ 604,484 $ 622.618 $ 641.297 $ 660.536 342) $ (18,377) $ (18,929) $ (19,496) $ (20,081) $ (20,684) $ (21,3041 $ (21,943) $ (22.602) $ (23,280) $ (23,978) $ (24,697) $ (25,438) $ (26,2021 $ (26.988) $ (27,797) $ (28,631) $ (29,490) $ (30,375) $ (31,286) $ (32,2251 $ (33.1911 $ (34,187) $ (35,213) $ (36,269) $ (37,357) $ (38,478) $ (39,6321 524 $ 287,910 $ 296,547 $ 305,443 $ 314,607 $ 324,045 $ 333,766 $ 343,779 $ 354,093 $ 364,716 $ 375,657 $ 386,927 $ 398,534 $ 410,491 $ 422,805 $ 435,489 $ 448,554 $ 462,011 $ 475,871 $ 490,147 $ 504,852 $ 519,997 $ 535,597 $ 551,665 $ 568,215 $ 585,261 $ 602,819 $ 620,904 948 $ 26,195 $ 27.505 $ 28,880 $ 30,324 $ 31,841 $ 33,433 $ 35,104 $ 36.860 $ 38,703 $ 40,638 $ 42,670 $ 44,803 $ 47,043 $ 49.395 $ 51.865 $ 54,458 $ 57,181 $ 60,040 $ 63,042 $ 66,194 $ 69.504 $ 72.979 $ 76,628 $ 80,460 $ 84,483 $ 88,707 $ 93,142 969 $ 4,167 $ 4,376 $ 4,595 $ 4,824 $ 5,066 $ 5,319 $ 5,585 $ 5,864 $ 6,157 $ 6,465 $ 6,788 $ 7,128 $ 7,484 $ 7.858 $ 8,251 $ 8,664 $ 9,097 $ 9,552 $ 10,029 $ 10,531 $ 11.057 $ 11.610 $ 12,191 $ 12,800 $ 13,440 $ 14,112 $ 14,818 354 $ 6.251 $ 6.564 $ 6.892 $ 7.237 $ 7.598 $ 7.978 $ 8.377 $ 8.796 $ 9.236 $ 9.698 $ 10.183 $ 10.692 $ 11.226 $ 11.788 $ 12.377 $ 12.996 $ 13.646 $ 14.328 $ 15.044 $ 15.796 $ 16.586 $ 17.416 $ 18.286 $ 19.201 $ 20.161 $ 21.169 $ 22.227 181 $ 11.516 $ 11.862 $ 12.218 $ 12.584 $ 12.962 $ 13.351 $ 13.751 $ 14.164 $ 14.589 $ 15.026 $ 15.477 $ 15.941 $ 16.420 $ 16.912 $ 17.420 $ 17.942 $ 18.480 $ 19.035 $ 19.606 $ 20.194 $ 20.800 $ 21.424 $ 22.067 $ 22.729 $ 23.410 $ 24.113 $ 24.836 369 $ 4,167 $ 4,376 $ 4,595 $ 4,824 $ 5,066 $ 5,319 $ 5,585 $ 5,864 $ 6,157 $ 6,465 $ 6,788 $ 7,128 $ 7,484 $ 7,858 $ 8,251 $ 8,664 $ 9,097 $ 9,552 $ 10,029 $ 10,531 $ 11.057 $ 11,610 $ 12,191 $ 12,800 $ 13,440 $ 14,112 $ 14,818 729 $ 36,465 $ 38,288 $ 40,203 $ 42,213 $ 44,324 $ 46,540 $ 48,867 $ 51,310 $ 53,876 $ 56,569 $ 59,398 $ 62,368 $ 65,486 $ 68.761 $ 72,199 $ 75,809 $ 79,599 $ 83,579 $ 87,758 $ 92,146 $ 96.753 $ 101,591 $ 106,670 $ 112,004 $ 117,604 $ 123,484 $ 129,658 749 $ 88,763 $ 92,971 $ 97,382 $ 102,007 $ 106,856 $ 111,939 $ 117,269 $ 122,858 $ 128,717 $ 134,861 $ 141,304 $ 148,059 $ 155,144 $ 162,572 $ 170,363 $ 178,532 $ 187,100 $ 196,086 $ 205,509 $ 215,393 $ 225,75B $ 236,630 $ 248,033 $ 259,994 $ 272,539 $ 285,697 $ 299,500 775 $ 199,147 $ 203,576 $ 208,061 $ 212,600 $ 217,189 $ 221,827 $ 226,510 $ 231,235 $ 235,998 $ 240,796 $ 245,623 $ 250,475 $ 255,347 $ 260,233 $ 265,127 $ 27D,D22 $ 274,910 $ 279,785 $ 284,638 $ 289,459 $ 294,239 $ 298,967 $ 303,632 $ 308,221 $ 312,723 $ 317,122 $ 321,404 1.76 $ 771.623 $ 975.199 $ 1.183.260 $ 1.395.860 $ 1.613.050 $ 1.834.877 $ 2.061.387 $ 2.292.622 $ 2.528.621 $ 2.769.417 $ 3.015.039 $ 3.265.515 $ 3.520.862 $ 3.781.094 $ 4.046.221 $ 4.316.243 $ 4.591.153 $ 4.870.939 $ 5.155.577 $ 5.445.036 $ 5.739.275 $ 6.038.241 $ 6.341.873 $ 6.650.094 $ 6.962.817 $ 7.279.939 $ 7.601.343 Attachment: 15953 Proposal (15953 : 4/5ths Grant to Palm Plaza Apartments) Year 1 2 3 4 5 6 _7 8 9 10 $ 280,296 $ 288,705 $ 297,366 $ 306,287 $ 315,476 $ 324,940 $ 334,688 $ 344,729 $ 355,071 $ 365,723 $ 280,296 $ 288,705 $ 297,366 $ 306,287 $ 315,476 $ 324,940 $ 334,688 $ 344,729 $ 355,071 $ 365,723 6.00% $ (16,818) $ (17,322) $ (17,842) $ (18,377) $ (18,929) $ (19,496) $ (20,081) $ (20,684) $ (21,304) $ (21,943) ffective Gross Income $ 263,478 $ 271,383 $ 279,524 $ 287,910 $ 296,547 $ 305,443 $ 314,607 $ 324,045 $ 333,766 $ 343,779 f Month $ 21,600 $ 23,760 $ 24,948 $ 26,195 $ 27,505 $ 28,880 $ 30,324 $ 31,841 $ 33,433 $ 35,104 1,200 200 $ 3,600 $ 3,780 $ 3,969 $ 4,167 $ 4,376 $ 4,595 $ 4,824 $ 5,066 $ 5,319 $ 5,585 300 $ 5,400 $ 5,670 $ 5,954 $ 6,251 $ 6,564 $ 6,892 $ 7,237 $ 7,598 $ 7,978 $ 8,377 878 $ 10,539 $ 10,855 $ 11,181 $ 11,516 $ 11,862 $ 12,218 $ 12,584 $ 12,962 $ 13,351 $ 13,751 200 $ 3,600 $ 3,780 $ 3,969 $ 4,167 $ 4,376 $ 4,595 $ 4,824 $ 5,066 $ 5,319 $ 5,585 2,625 $ 31,500.00 $ 33,075 $ 34,729 $ 36,465 $ 38,288 $ 40,203 $ 42,213 $ 44,324 $ 46,540 $ 48,867 5,403 $ 76,239 $ 80,920 $ 84,749 $ 88,763 $ 92,971 $ 97,382 $ 102,007 $ 106,856 $ 111,939 $ 117,269 Net Operating Income $ 187,239 $ 190,462 $ 194,775 $ 199,147 $ 203,576 $ 208,061 $ 212,600 $ 217,189 $ 221,827 $ 226,510 Attachment: 15953 Proposal (15953 : 4/5ths Grant to Palm Plaza Apartments) 2.3.d OFFICE OF THE PROPERTY APPRAISER Detailed Report PROPERTYINFORMATIf IMP Folio Property Address Owner 01-3136-009-0430 102 NW 14 ST MIAMI, FL 33136-2616 LEONARDO D STARKE ESQ TRS , LAND TRUST Mailing 3340 MCDONALD ST Address MIAMI, FL 33133 Primary Zone 7000 INDUSTRIAL - GENERAL Primary Land 1209 MIXED USE-STORE/RESIDENTIAL : MIXED Use USE - RESIDENTIAL Beds / Baths 0 / 0 / 0 /Half Floors 2 Living Units 0 Actual Area 7,840 Sq.Ft Living Area 7,840 Sq.Ft Adjusted Area 7,023 Sq.Ft Lot Size 7,180 Sq.Ft Year Built 1951 SESSMENT INFORMATION Year Land Value Building Value Extra Feature Value Market Value Assessed Value 2023 2022 2021 $610,300 $430,800 $430,800 $134,700 $254,404 $225,509 $0 $4,533 $4,576 $745,000 $689,737 $660,885 $745,000 $689,737 $660,885 �;aisly�91�I��l,luL�NMI Benefit Type 2023 2022 2021 Note: Not all benefits are applicable to all Taxable Values (i.e. County, School Board, City, Regional). Generated On: 04/22/2024 2023 Aerial Photography 200 ft TAXABLE VALUE INFORMATION Year 2023 2022 2021 COUNTY Exemption Value $0 $0 $0 Taxable Value $745,000 $689,737 $660,885 SCHOOL BOARD Exemption Value $0 $0 $0 Taxable Value $745,000 $689,737 $660,885 CITY Exemption Value $0 $0 $0 Taxable Value $745,000 $689,737 $660,885 REGIONAL Exemption Value $0 $0 $0 Taxable Value $745,000 $689,737 $660,885 The Office of the Property Appraiser is continually editing and updating the tax roll. This website may not reflect the most current information on record. The Property Appraiser and Miami -Dade County assumes no liability, see full disclaimer and User Agreement at http://www.miamidade.gov/info/disclaimer.asp E to Q. RS N FL E �a a 0 co N t u7 rn t c to t 0 0. 0 M Lf) 0) Ln Attachment: Packet Pg. 110 2.3.d OFFICE OF THE PROPERTY APPRAISER Generated On: 04/22/2024 Property Information Folio: 01-3136-009-0430 Property Address: 102 NW 14 ST Roll Year 2023 Land, Building and Extra -Feature Details LAND INFORNIATI i' The calculated values for this property have been overridden. Please refer to the Land, Building, and XF Values in the Assessment Section, in order to obtain the most accurate values. Land Use Muni Zone GENERAL D1 PA Zone 7000 Unit Type Square Ft. Units 7,180.00 Calc Value BUILDING INFORMATION The calculated values for this property have been overridden. Please refer to the Land, in order to obtain the most accurate values. Building Number 1 1 Sub Area 1 2 Year Built 1951 1951 Actual Sq.Ft. 7,000 840 Building, and XF Values in the Assessment Section, Living Sq.Ft. 7,000 840 Adj Sq.Ft. 6,216 807 Calc Value EXTRA FEATURES The calculated values for this property have been overridden. Please refer to the Land, in order to obtain the most accurate values. Description Wrought Iron Fence Chain -link Fence 6-7 ft high Building, and XF Values in the Assessment Section, Year Built 2001 1973 Units 98 140 Calc Value The Office of the Property Appraiser is continually editing and updating the tax roll. This website may not reflect the most current information on record. The Property Appraiser and Miami -Dade County assumes no liability, see full disclaimer and User Agreement at http://www.miamidade.gov/info/disclaimer.asp Attachment: 15953 Property Search (15953 : 4/5ths Grant to Palm Plaza Apartments) Packet Pg. 111 2.3.d OFFICE OF THE PROPERTY APPRAISER Generated On: 04/22/2024 Property Information Folio: 01-3136-009-0430 Property Address: 102 NW 14 ST Roll Year 2022 Land, Building and Extra -Feature Details Land Use GENERAL Muni Zone PA Zone Unit Type D1 7000 Square Ft. Units 7,180.00 Calc Value $430,800 BUILDING INFORMATION Building Number 1 1 w Sub Area Year Built Actual Sq.Ft. Living Sq.Ft. Adj Sq.Ft. Calc Value 1 1951 7,000 7,000 6,216 $230,769 2 1951 840 840 807 $23,635 EXTRA FEATURE Description Year Built Units Calc Value Wrought Iron Fence 2001 98 $3,455 Chain -link Fence 6-7 ft high 1973 140 $1,078 The Office of the Property Appraiser is continually editing and updating the tax roll. This website may not reflect the most current information on record. The Property Appraiser and Miami -Dade County assumes no liability, see full disclaimer and User Agreement at http://www.miamidade.gov/info/disclaimer.asp Attachment: 15953 Property Search (15953 : 4/5ths Grant to Palm Plaza Apartments) Packet Pg. 112 2.3.d OFFICE OF THE PROPERTY APPRAISER Generated On: 04/22/2024 Property Information Folio: 01-3136-009-0430 Property Address: 102 NW 14 ST Roll Year 2021 Land, Building and Extra -Feature Details Land Use GENERAL Muni Zone PA Zone Unit Type D1 7000 Square Ft. Units 7,180.00 Calc Value $430,800 BUILDING INFORMATION Building Number 1 1 Sub Area Year Built 1 1951 2 1951 w Actual Sq.Ft. Living Sq.Ft. Adj Sq.Ft. Calc Value 6,266 $204,710 807 $20,799 EXTRA FEATURE Description Year Built Units Calc Value Wrought Iron Fence 2001 98 $3,498 Chain -link Fence 6-7 ft high 1973 140 $1,078 The Office of the Property Appraiser is continually editing and updating the tax roll. This website may not reflect the most current information on record. The Property Appraiser and Miami -Dade County assumes no liability, see full disclaimer and User Agreement at http://www.miamidade.gov/info/disclaimer.asp Attachment: 15953 Property Search (15953 : 4/5ths Grant to Palm Plaza Apartments) Packet Pg. 113 2.3.d OFFICE OF THE PROPERTY APPRAISER Generated On: 04/22/2024 Property Information Folio: 01-3136-009-0430 Property Address: 102 NW 14 ST FULL LEGAL DESCRIPTION ALICE BALDWIN ET AL SUB PB B-87 & PB 6-43 LOT 1 BLK 5 LOT SIZE 71.800 X 100 OR 12858-2748/24431-4454 0186 5 SALES INFORMATION Previous Sale 04/13/2020 02/11/2015 11/01/2003 01 /01 /1986 10/01/1977 Price $100 $0 $0 $0 $13,000 OR Book -Page 32150-4150 30568-1798 22005-1011 12858-2748 09837-0973 Qualification Description Corrective, tax or QCD; min consideration Corrective, tax or QCD; min consideration Sales which are disqualified as a result of examination of the deed Sales which are disqualified as a result of examination of the deed Sales which are disqualified as a result of examination of the deed The Office of the Property Appraiser is continually editing and updating the tax roll. This website may not reflect the most current information on record. The Property Appraiser and Miami -Dade County assumes no liability, see full disclaimer and User Agreement at http://www.miamidade.gov/info/disclaimer.asp Attachment: 15953 Property Search (15953 : 4/5ths Grant to Palm Plaza Apartments) Packet Pg. 114 OMNI Board of Commissioners Meeting April 25, 2024 2.4 OMNI REDEVELOPMENT DISTRICT COMMUNITY REDEVELOPMENT AGENCY INTER -OFFICE MEMORANDUM Board Chair Damian Pardo and Members of the CRA Board S Isiaa Jones Interim Executive Director Date: April 22, 2024 File: 15954 Subject: Purchase of Real Property located at 1851 NW 1st Ct., Miami, FL 33136 Enclosures: 15954 Appraisals 15954 Letter of Interest 15954 Property Search BACKGROUND: The Omni Community Redevelopment Agency ("Omni CRA") is responsible for executing community redevelopment initiatives and projects within its designated area in accordance with the 2010 CRA Redevelopment Plan ("Plan"). Sherman Bullard owns a property located at 1851 NW 1st Court, Miami, Florida 33136, which falls within the Omni CRA's jurisdiction. The property has a total area of 7,500 square feet. The Omni CRA is interested in purchasing this property from Mr. Bullard to develop it for affordable housing, in line with the goals of the 2010 Redevelopment Plan. RECOMMENDATION: Based on the aforementioned background, the need for renovation, and community enhancement, it is recommended that the Board of Commissioners of the Omni Community Redevelopment Agency adopt the attached resolution. This resolution, ratifies, confirms, and approves the Executive Director's finding that it is most beneficial for the CRA to provide funding to acquire the property for development in accordance with the Plan. FUNDING: $1,182,500.00 has been allocated from the Omni Tax Increment Fund, Account No. 10040.920501.662000.0000.00000 — OMNI Land. Packet Pg. 115 2.4 `\s Omni CRA OMNI Community Redevelopment Agency Legislation OMNI CRA Resolution: OMNI CRA 1401 N. Miami Avenue Miami, FL 33136 www.miamicra.com File Number: 15954 Final Action Date: A RESOLUTION OF THE BOARD OF COMMISSIONERS OF THE OMNI REDEVELOPMENT DISTRICT COMMUNITY REDEVELOPMENT AGENCY ("CRA") AUTHORIZING THE EXECUTIVE DIRECTOR TO EXECUTE A PURCHASE AND SALE AGREEMENT ("AGREEMENT"), IN A FORM ACCEPTABLE TO THE GENERAL COUNSEL, BETWEEN THE CRA AND SHERMAN BULLARD FOR THE ACQUISITION OF REAL PROPERTY LOCATED AT 1851 NW 1ST COURT, MIAMI, FLORIDA 33136, CONTAINING AN APPROXIMATE TOTAL LOT AREA OF 7,500 SQUARE FEET ("PROPERTY") FOR A TOTAL PURCHASE PRICE NOT TO EXCEED ONE MILLION SEVENTY FIVE THOUSAND DOLLARS ($1,075,000.00) CONTINGENT UPON THE CRA OBTAINING A WRITTEN APPRAISAL FROM A LICENSED FLORIDA APPRAISER STATING THAT THE APPRAISED VALUE OF THE PROPERTY IS, AT A MINIMUM, THE REFERENCED AMOUNT HEREIN; FURTHER AUTHORIZING THE EXECUTIVE DIRECTOR TO NEGOTIATE AND EXECUTE ANY AND ALL NECESSARY DOCUMENTS, INCLUDING ANY AMENDMENTS AND MODIFICATIONS TO SAID AGREEMENT, IN A FORM ACCEPTABLE TO THE GENERAL COUNSEL, THAT MAY BE NECESSARY TO EFFECTUATE SAID ACQUISITION; ALLOCATING FUNDS FROM ACCOUNT NO. 10040.920501.662000.0000.00000 IN A TOTAL AMOUNT NOT TO EXCEED ONE MILLION ONE HUNDRED EIGHTY-TWO THOUSAND FIVE HUNDRED DOLLARS ($1,182,500.00) INCLUSIVE OF SAID ACQUISITION, THE COST OF A SURVEY, ENVIRONMENTAL REPORT, TITLE INSURANCE, AND RELATED CLOSING COSTS ASSOCIATED WITH SAID ACQUISITION, ALL IN ACCORDANCE WITH THE TERMS AND CONDITIONS OF THE AGREEMENT; AUTHORIZING GENERAL COUNSEL TO ENGAGE OUTSIDE COUNSEL FOR THE PURPOSES OF THE CLOSING. WHEREAS, the Omni Redevelopment District Community Redevelopment Agency ("CRA") wishes to acquire the real property located at 1851 NW 1st Court, Miami, Florida 33136 containing an approximate total lot area of 7,500 square feet ("Property"); and WHEREAS, the CRA plans to develop the Property for affordable housing to enhance the quality of life in the surrounding area and address slum and blight as detailed in the CRA's Redevelopment Plan; and WHEREAS, the CRA's estimated total cost for the acquisition of the Property will not exceed One Million One Hundred Eighty -Two Thousand Five Hundred Dollars ($1,182,500.00) which includes the cost of acquisition, the cost of a survey, environmental report, title insurance, and related closing costs associated with said acquisition; and WHEREAS, funds are to be allocated from Account No. 10040.920501.662000.0000.00000; City of Miami Page 2 of 3 File ID: 15954 (Revision:) Printed On: 4/22/2024 Packet Pg. 116 2.4 File ID: 15954 Enactment Number: NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF DIRECTORS OF THE OMNI REDEVELOPMENT DISTRICT COMMUNITY REDEVELOPMENT AGENCY: Section 1. The recitals and findings contained in the Preamble to this Resolution are hereby adopted by reference thereto and incorporated herein as if fully set forth in this Section. Section 2. The Executive Director is authorized to execute a Purchase and Sale Agreement ("Agreement"), in a form acceptable to the General Counsel, between the CRA and the Seller for the acquisition of the Property for a total purchase price not to exceed One Million Seventy Thousand Dollars ($1,075,000.00) contingent upon the CRA obtaining a written appraisal from a licensed Florida appraiser stating that the appraised value of the Property is at a minimum the referenced amount herein. Section 3. The Executive Director is further authorized to negotiate and execute any and all necessary documents, including any amendments and modifications to said Agreement, in a form acceptable to the General Counsel, as may be necessary to effectuate said acquisition, with funds allocated from 10040.920501.662000.0000.00000, in a total amount not to exceed One Million One Hundred Eighty -Two Thousand Five Hundred Dollars ($1,182,500.00), to cover the cost of said acquisition, inclusive of the cost of a survey, environmental report, title insurance, and related closing costs associated with said acquisition. Section 4. The General Counsel is authorized to engage outside counsel to assist with the closing of said transaction. Section 5. This Resolution shall become effective immediately upon its adoption. APPROVED AS TO FORM AND CORRECTNESS: John Gam, Interim City fey 4/22/2024 City of Miami Page 3 of 3 File ID: 15954 (Revision:) Printed on: 4/22/2024 Packet Pg. 117 2.4.a APPRAISAL REPORT #1 BLAKE AND ASSOCIATES, INC. Attachment: 15954 Appraisals (15954 : Purchase of Real Property located at 1851 NW 1st Ct., Miami, FL 33136) Packet Pg. 118 2.4.a APPRAISAL REPORT 1851 NW 1st Court Miami, Miami -Dade County, FL 33136 PREPARED FOR Ms. Isiaa Jones, Executive Director City of Miami, Omni Community Redevelopment Agency 1401 N. Miami Avenue 2nd Floor Miami, FL 33136 PREPARED BY Joseph J. Blake and Associates, inc. 5201 Blue Lagoon Drive Suite 270 Miami, FL 33126 Attachment: 15954 Appraisals (15954 : Purchase of Real Property located at 1851 NW 1st Ct., Miami, FL 33136) Packet Pg. 119 2.4.a JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTING 5201 Blue Lagoon Drive, Suite 270 1 Miami, FL 33126 I Phone: (305) 448-1663 I Fax: (305) 448-7077 1 www.josephlhlake.com February 8, 2024 Ms. Isiaa Jones, Executive Director City of Miami, Omni Community Redevelopment Agency 1401 N. Miami Avenue 2nd Floor Miami, FL 33136 Re: 1851 NW 1st Court 1851 NW lst Court Miami, FL 33136 Dear Ms. Jones: As requested, we have prepared an appraisal of the property referenced above presented in the attached Appraisal Report. The purpose of the appraisal is to develop an opinion of the following values: Perspective Value Prospective "As Is" Date of Value Interest Appraised Value Type 3/1/24 Leased Fee Estate Market Val u e Briefly described, the subject consists of an average quality two-story apartment property in good condition, containing 6 rental apartments totaling approximately 2,568 SF of net rentable area, constructed in 1954. The average unit size is approximately 428 SF. The property is currently vacant. The property was recently renovated by the owner and is subject to a rent regulatory agreement with the Omni Redevelopment District Community Redevelopment Agency which provided financing for the renovations. The subject's site consists of approximately 7,500 SF or approximately .17 acres of land, with a surrounding fence. The site is rectangular and is level and at street grade. The unit amenities include central air-conditioning units and standard kitchen appliances. Currently the contractor is waiting to install recently received electrical equipment that will allow the final certificate of occupancy. This is expected to occur within the next week per as per the contractor. The Rental Regulatory Agreement is linked to the Forgivable Loan Agreement and the utilization of the Omni CRA funds to rehabilitate the property. The subject must always, during the affordability period and subject to existing tenants, maintain the following unit types: For the two 2-bedroom units, the rental rate must be at or below the rental rates established for households at or below 80% of the area median income ($1,858), as determined by the U.S Departments of Housing and Urban development (HUD). For the two 1-bedroom units, the rental rate must be at or below the rental rates established for households at or below 60% of the area median income ($1,161). For the two studios/efficiencies, the rental rate must be at or below the rental rate established for households at or below 40% of the area median income ($723). The unit rents may be adjusted annually based on the HUD tables. The appraisal and the attached Appraisal Report have been prepared in conformity with and are subject to the Code of Professional Ethics and Standards of Professional Appraisal Practice of the Appraisal Institute and the Uniform Standards of Professional Appraisal Practice of the Appraisal Foundation (USPAP). In preparing this appraisal, we considered the use of the three most widely recognized approaches to value: the Cost, Income Capitalization and Sales Comparison Approaches. The appraisal is subject to the attached Assumptions and Limiting Conditions and Definition of Market Value. Regional Offices: Atlanta 1 Boston 1 Chicago I Dallas 1 Los Angeles 1 Miami 1 Orlando I Phoenix 1 New York City I San Antonio San Francisco 1 Washington D.C, Blake & Sanyu Alliance: Tokyo 1 Osaka 1 Nagoya 1 Tohoku Attachment: 15954 Appraisals (15954 : Purchase of Real Property located at 1851 NW 1st Ct., Miami, FL 33136) Packet Pg. 120 2.4.a February 8, 2024 Ms. Isiaa Jones Page 2 of 2 This appraisal has also been prepared in conformity with Title XI of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 (FIRREA) updated in 1994 and further updated by The Interagency Appraisal and Evaluation Guidelines promulgated in 2010. The appraisal did not use or rely upon unsupported conclusions relating to bias, such as characteristics relating to race, color, religion, national origin, gender, marital status, familial status, age, receipt of public assistance income, disability, group homogeneity, or any other prohibited basis. Based on the analysis of pertinent physical and economic factors, we have arrived at the following value opinions: Perspective Pros pective Value "As Is" Date of Value Interest Appraised Value Opinion 3/1/24 Leased Fee Estate $920,000 EXTRAORDINARY ASSUMPTIONS This appraisal is not based on any extraordinary assumptions. HYPOTHETICAL CONDITIONS There are no hypothetical conditions for this appraisal. The opinion(s) of value are based on exposure times of 6 to 12 months, assuming the property was properly priced and actively marketed. The attached Appraisal Report summarizes the documentation and analysis in support of our opinions. If you have any questions, please contact the undersigned. We thank you for retaining the services of our firm. Respectfully submitted, J❑SEPFI J. BLAKE AND ASSOCIATES, INC. Draft Draft Ted Allen, MAI, MRICS Desmond Dorceus Managing Partner Associate Appraiser Florida -State -Certified General Real Estate Appraiser Florida -State -Registered Trainee Appraiser RZ426 No. R125541 Expires: November 30, 2024 Expires: November 30, 2024 tallen@josephjblake.com Attachment: 15954 Appraisals (15954 : Purchase of Real Property located at 1851 NW 1st Ct., Miami, FL 33136) Packet Pg. 121 2.4.a 1851 NW 1st Court 23-022-02 TABLE OF CONTENTS TITLE PAGE TRANSMITTAL LETTER EXECUTIVE SUMMARY .............. 1 PHOTOGRAPHS OF THE SUBJECT 2 CERTIFICATION 7 GENERAL ASSUMPTIONS & LIMITING CONDITIONS 9 INTENDED USER AND USE OF THE APPRAISAL 11 PERTINENT DATES OF INSPECTION, APPRAISAL VALUE AN❑ REPORT 11 PURPOSE OF THE APPRAISAL AND PROPERTY RIGHTS APPRAISED 11 ❑EFINITION OF VALUE 11 EXPOSURE TIME 11 MARKETING TIME 11 SCOPE OF THE APPRAISAL 12 IDENTIFICATION OF THE PROPERTY 13 CURRENT USE OF THE SUBJECT 13 HISTORY OF THE SUBJECT 13 AREA ANALYSIS 14 NEIGHBORHOOD ANALYSIS 22 NATIONAL MARKET ANALYSIS 28 ❑ESCRIPTION OF THE SITE . 50 DESCRIPTION OF THE IMPROVEMENTS 53 ZONING 56 TAXES 57 HIGHEST AND BEST USE 60 ANALYSIS OF DATA AN❑ CONCLUSIONS 62 INCOME CAPITALIZATION APPROACH 63 SALES COMPARISON APPROACH 89 RECONCILIATION AND FINAL VALUE 98 ADDENDA Replacement Cost for Insurance Purposes Miami -Dade County Property Record Card Real Estate Tax Information Legal Description Zoning Map Zoning Information Most Recent Deed Tax Information Flood Map Rent Regulatory Agreement Construction Renovation Budget HUD Income and Rent Tables Appraisal Engagement Contract Glossary of Terms Qualifications of the Appraisers Attachment: 15954 Appraisals (15954 : Purchase of Real Property located at 1851 NW 1st Ct., Miami, FL 33136) JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTING Packet Pg. 122 2.4.a 1851 NW lst Court 23-022-02 EXECUTIVE SUMMARY PROPERTY SUMMARY Address City County State Zip Parcel ID/Tax ID 1851 NW 1st Court Miami Miami -Dade FL 33136 01-3125-048-0650 The subject is located on the east side of NW 1st Court, south of NW 19th Street. The property is located in the City of Miami. Briefly described, the subject consists of an average quality two-story apartment property in good condition, containing 6 rental apartments totaling approximately 2,568 SF of net rentable area, constructed in 1954. The average unit size is approximately 428 SF. The property is currently vacant. The property was recently renovated by the owner and is subject to a rent regulatory agreement with the Omni Redevelopment District Community Redevelopment Agency which provided financing for the renovations. The subject's site consists of approximately 7,500 SF or approximately .17 acres of land, with a surrounding fence. The site is rectangular and is level and at street grade. The unit amenities include central air-conditioning units and standard kitchen appliances. The following table provides a summary of the subject improvements: Building Name/ID Net Rentable Area Year Renovated Current Occupancy 1851 NW 1st Court 2,568 2020 0.00% The following table summarizes the subject site: Gross Land Gross Land Primary Zoning Primary Zoning Projected Taxes Area (Acres) Area (SF) Primary Zoning Code Description Authority Rounded 0.17 7,500 T3-0 Multi -Family, Low- City Of Miami $18,000 The following table summarizes the highest and best use, the current use, and the appraised use of the subject: Highest and Best Use Site as Vacant Site as Improved To maximize the utility of the site in relation to the zoning The current i mprovements Current Use Appraised Use Multifamily development Multifamily development PERTINENT DATES The date of the report is February 8, 2024. The date of the inspection was February 1, 2024. The date(s) of valuation are as follows: Value Date of Value "As Is" 3/1/24 VALUE SUMMARY The value conclusions are summarized as follows: Perspective Value Date of Value Interest Appraised Value Opinion Prospective "As Is" 3/1/24 Leased Fee Estate $920,000 Attachment: 15954 Appraisals (15954 : Purchase of Real Property located at 1851 NW 1st Ct., Miami, FL 33136) JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTING Packet Pg. 123 2.4.a 1851 NW 1st Court 23-022-02 PHOTOGRAPHS OF THE SUBJECT Building Front, West Side of Property View North on NW Vt Ct. View South on NW 1.5t Ct. Residents Mail Boxes First Floor Entrance/Walkway Unit 1 - 2 bed, 1 bath Attachment: 15954 Appraisals (15954 : Purchase of Real Property located at 1851 NW 1st Ct., Miami, FL 33136) JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTING Packet Pg. 124 2.4.a 1851 NW 1st Court 23-022-02 PHOTOGRAPHS OF THE SUBJECT Typical Living Room (2 bed, 1 bath) Typical Unit Bedroom (2 bed, 1 bath) Unit 2 - Studi❑ Typical Unit Kitchen (2 bed, 1 bath) Typical Unit Bathroom (2 bed,1 bath) Typical Living/Bed Room (Studio) Attachment: 15954 Appraisals (15954 : Purchase of Real Property located at 1851 NW 1st Ct., Miami, FL 33136) JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTING Packet Pg. 125 2.4.a 1851 NW Zs# Court 23-022-02 PHOTOGRAPHS OF THE SUBJECT Typical Unit Kitchen (Studio) Typical Unit Bathroom (Studio) Unit 3 -1 bed,1 bath Typical Living Room (1 bed, 1 bath) Typical Unit Kitchen (1 bed, 1 bath) Typical Unit Bedroom (1 bed, 1 bath) Attachment: 15954 Appraisals (15954 : Purchase of Real Property located at 1851 NW 1st Ct., Miami, FL 33136) JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTING Packet Pg. 126 2.4.a 1851 NW 1st Court 23-022-02 PHOTOGRAPHS OF THE SUBJECT Typical Unit Bathroom (1 bed, 1 bath) Typical Unit HVAC Equipment/Water Heater Front Stairway to Second Floor Second Floor Entrance/Walkway Rear Side of Building North Side of Building Attachment: 15954 Appraisals (15954 : Purchase of Real Property located at 1851 NW 1st Ct., Miami, FL 33136) JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTING Packet Pg. 127 2.4.a 1851 NW 1st Court 23-022-02 PHOTOGRAPHS OF THE SUBJECT Attachment: 15954 Appraisals (15954 : Purchase of Real Property located at 1851 NW 1st Ct., Miami, FL 33136) JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTING Packet Pg. 128 2.4.a 1851 NW lst Court 23-022-02 CERTIFICATION We certify that, to the best of our knowledge and belief: ■ The statements of fact contained in this report are true and correct. • The reported analyses, opinions, and conclusions are limited only by the reported assumptions and limiting conditions and are our personal, impartial, and unbiased professional analyses, opinions, and conclusions. • We have no present or prospective interest in the property that is the subject of this report and no personal interest with respect to the parties involved. • We have performed no services, as an appraiser or in any other capacity, regarding the property that is the subject of this report within the three-year period immediately preceding the agreement to perform this assignment. • We have no bias with respect to the property that is the subject of this report or to the parties involved with this assignment. • Our engagement in this assignment was not contingent upon developing or reporting predetermined results. • Our compensation for completing this assignment is not contingent upon the development or reporting of a predetermined value or direction in value that favors the cause of the client, the amount of the value opinion, the attainment of a stipulated result, or the occurrence of a subsequent event directly related to the intended use of this appraisal. • Our analyses, opinions, and conclusions were developed, and this report has been prepared, in conformity with the Uniform Standards of Professional Appraisal Practice. • Ted Allen, MAI, MRICS, has made a personal inspection of the property that is the subject of this report. Desmond Dorceus, has also made a personal inspection of the property that is the subject of this report. ■ No one provided significant real property appraisal assistance to the persons signing this certificate. • As of the date of this report, Ted Allen, MAI, MRICS has completed the continuing education program for Designated Members of the Appraisal Institute. • The Appraisal Report is not based on a requested minimum valuation, a specific valuation, or the approval of a loan. In addition, our engagement was not contingent upon the appraisal producing a specific value and neither engagement, nor employment, nor compensation, is based upon approval of any related loan application. • The reported analyses, opinions and conclusions were developed, and this report has been prepared, in conformity with the requirements of the Code of Professional Ethics and Standards of Professional Appraisal Practice of the Appraisal Institute. • The use of this report is subject to the requirements of the State of Florida relating to review by the Real Estate Appraisal Subcommittee of the Florida Real Estate Commission. • The use of this report is subject to the requirements of the Appraisal Institute relating to review by its duly authorized representatives. • We are professionally competent to perform this appraisal assignment by virtue of previous experience with similar assignments and/or appropriate research and education regarding the specific property type being appraised. Attachment: 15954 Appraisals (15954 : Purchase of Real Property located at 1851 NW 1st Ct., Miami, FL 33136) JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTING Packet Pg. 129 2.4.a 1851 NW 1st Court 23-022-02 CERTIFICATION • Desmond Dorceus, State -registered trainee real estate appraiser, assisted with the on -site inspection, research of the demographic and market trend data, writing of descriptive sections of this report, Highest and Best Use analysis, development of the approaches to value and final reconciliation. No other individual has provided significant real property appraisal assistance to the persons signing this certificate. • I, Ted Allen, the supervisory appraiser of a registered trainee appraiser who contributed to the development or communication of this appraisal, hereby accept full and complete responsibility for any work performed by the registered trainee named in this report as if it were my own work. JOSEPH J. BLAKE AND ASSOCIATES, INC, Draft Draft Ted Allen, MAI, MRICS Desmond Dorceus Managing Partner Associate Appraiser Florida -State -Certified General Real Estate Appraiser Florida -State -Registered Trainee Appraiser RZ426 No. R125541 Expires: November 30, 2024 Expires: November 30, 2024 tallen@josephjblake.com Attachment: 15954 Appraisals (15954 : Purchase of Real Property located at 1851 NW 1st Ct., Miami, FL 33136) JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTING Packet Pg. 130 2.4.a 1851 NW lst Court 23-022-02 GENERAL ASSUMPTIONS & LIMITING CONDITIONS This Appraisal Report is subject to underlying assumptions and limiting conditions qualifying the information contained in the Report as follows: The valuation opinion(s) apply only to the property specifically identified and described in the ensuing Report. Information and data contained in the report, although obtained from public record and other reliable sources and, where possible, carefully checked by us, is accepted as satisfactory evidence upon which rests the final opinion(s) of property value. We have made no legal survey, nor have we commissioned one to be prepared, and therefore, reference to a sketch, plat, diagram or previous survey appearing in the report is only for the purpose of assisting the reader to visualize the property. It is assumed that all information known to the client and/or the property contact and relative to the valuation has been accurately furnished and that there are no undisclosed leases, agreements, liens or other encumbrances affecting the use of the property, unless otherwise noted in this report. Ownership and management are assumed to be competent and in responsible hands. No responsibility beyond reasonableness is assumed for matters of a legal nature, whether existing or pending. We, by reason of this appraisal, shall not be required to give testimony as expert witness in any legal hearing or before any Court of Law unless justly and fairly compensated for such services. By reason of the Purpose of the Appraisal and the Intended User and Use of the Report herein set forth, the value opinion(s) reported are only applicable to the Property Rights Appraised, and the Appraisal Report should not be used for any other purpose. Disclosure of the contents of this Appraisal Report is governed by the By -Laws and Regulations of the Appraisal Institute. Neither all nor any part of the contents of this report (especially any opinions as to value, our identity, or the firm with which we are connected, or any reference to the Appraisal Institute or to the MAI Designation) shall be reproduced for dissemination to the public through advertising media, public relations media, news media, sales media or any other public means of communication without our prior consent and written approval. We have not been furnished with soil or subsoil tests, unless otherwise noted in this report. In the absence of soil boring tests, it is assumed that there are no unusual subsoil conditions or, if any do exist, they can be or have been corrected at a reasonable cost through the use of modern construction techniques. This appraisal is based on the conditions of local and national economies, purchasing power of money, and financing rates prevailing at the effective dates) of value. We are not engineers and any references to physical property characteristics in terms of quality, condition, cost, suitability, soil conditions, flood risk, obsolescence, etc., are strictly related to their economic impact on the property. No liability is assumed for any engineering -related issues. Unless otherwise stated in this report, we did not observe the existence of hazardous materials, which may or may not be present on or in the property. The presence of substances such as asbestos, urea -formaldehyde foam insulation, or other potentially hazardous materials, may affect the value of the property. The value opinion is predicated on the assumption that there is no such material on or in the property that would cause a loss in value or extend their marketing time. No responsibility is assumed for any such conditions, or for the expertise or engineering knowledge required to discover them. The client is urged to retain an expert in this field, if desired. Attachment: 15954 Appraisals (15954 : Purchase of Real Property located at 1851 NW 1st Ct., Miami, FL 33136) JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTING Packet Pg. 131 1851 NW lst Court 23-022-02 GENERAL ASSUMPTIONS & LIMITING CONDITIONS 2.4.a Toxic and hazardous substances, if present within a facility, can introduce an actual or potential liability that may adversely affect marketability and value. Such effects may be in the form of immediate clean-up expense or future liability of clean-up costs (stigma). In the development of our opinion(s) of value, no consideration was given to such liabilities or their impact on value. The client and all intended users release Joseph J. Blake and Associates, Inc., from any and all liability related in any way to environmental matters. Possession of this report or a copy thereof does not imply right of publication, nor use for any purpose by any other than the client to whom it is addressed, without our written consent. Cash flow projections are forecasts of estimated future operating characteristics and are based on the information and assumptions contained within the Appraisal Report. The achievement of the financial projections will be affected by fluctuating economic conditions and is dependent upon other future occurrences that cannot be assured. Actual results may well vary from the projections contained herein. We do not warrant that these forecasts will occur. Projections may be affected by circumstances beyond our current realm of knowledge or control. The Americans with Disabilities Act (ADA) became effective January 26, 1992. We have not made a specific compliance survey and analysis of this property to determine whether it is in conformity with the various detailed requirements of the ADA. It is possible that a compliance survey of the property, together with a detailed analysis of the requirements for the ADA, could reveal that the property is not in compliance with one or more of the requirements of the Act. If so, this fact could have a negative effect upon the value of the property. Unless otherwise stated in this report, we have no direct evidence relating to this issue and we did not consider possible non-compliance with the requirements of the ADA in forming the opinion of the value of the property. EXTRAORDINARY ASSUMPTIONS This appraisal is not based on any extraordinary assumptions. HYPOTHETICAL CONDITIONS There are no hypothetical conditions for this appraisal. Attachment: 15954 Appraisals (15954 : Purchase of Real Property located at 1851 NW 1st Ct., Miami, FL 33136) JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTING Packet Pg. 132 2.4.a 1851 NW 1st Court 23-022-02 INTRODUCTION INTENDED USER AND USE OF THE APPRAISAL The intended user of this appraisal is the client, City of Miami, Omni Community Redevelopment Agency. We assume any affiliates, successors and assigns noted herein have the same intended use, knowledge and understanding as the original named client. The intended use of this appraisal is to assist the client with asset management decisions. This appraisal is not intended to be used by any other parties, for any other reasons, other than those which are stated here. Non -identified parties are not intended users of this report. PERTINENT DATES OF INSPECTION, APPRAISAL VALUE AND REPORT The date of the report is February 8, 2024. The date of the inspection was February 1, 2024. This Appraisal Report, with its analyses, conclusions, and final opinions of market value, is specifically applicable to the following date(s) of valuation: Value "As Is" Date of Value 3/1/24 PURPOSE OF THE APPRAISAL AND PROPERTY RIGHTS APPRAISED Perspective Value Date of Value Interest Appraised Value Type Prospective "As Is" 3/1/24 Leased Fee Estate Market Value DEFINITION OF VALUE Value Value Definition Value Source 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 interests; 3. A reasonable time is allowed for exposure in 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 the normal consideration for the property sold unaffected by special or creative financing or sales concessions granted by anyone associated with the sale." 12 C.F.R. § 34.42, 225.62, 323.2, 564.2, 722.2 EXPOSURE TIME To arrive at an estimate of exposure time, we reviewed exposure periods of comparable sales and listings. We are of the opinion that 6 to 12 months is a reasonable exposure time, assuming the property was reasonably priced and actively marketed. MARKETING TIME To arrive at an estimate of marketing time, we reviewed marketing periods of comparable sales and listings. It is our opinion that a marketing time of 6 to 12 months is considered reasonable for the subject property. According to the PwC Real Estate Investor Survey, fourth quarter 2023, the quoted marketing time for National Apartment properties on a national basis ranged from 2 to 15 months, and averaged 6.3 months. The subject's marketing time should be similar to the PwC average. The subject is located in a stable apartment market in a densely populated part of South Florida Attachment: 15954 Appraisals (15954 : Purchase of Real Property located at 1851 NW 1st Ct., Miami, FL 33136) JOSEPH J. BLADE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTING Packet Pg. 133 2.4.a 1851 NW lst Court 23-022-02 INTRODUCTION SCOPE OF THE APPRAISAL The scope of an appraisal assignment is relative to the intended use of the appraisal. The following outlines the extent of property inspection, market data collection, verification and analysis performed for this assignment. Inspection Ted Allen, MAI, MRICS, has made a personal inspection of the property that is the subject of this report. Desmond Dorceus, has also made a personal inspection of the property that is the subject of this report. This inspection included the interior and exterior of the subject. The inspection was visual in nature, to assess the economic condition of the property, in order to effectively compare it to other properties in the market. We are not engineers, and we did not assess the property from the standpoint of its structural integrity, or to determine whether any latent defects (water leaks, plumbing or electrical problems, etc.) were present. Subject Physical and Economic Characteristics The types of information obtained and the sources providing such information are detailed in the following table. Information Sources Information Type Miami -Dade County Property Record Card Rea I Estate Tax Information Legal Description Zoning Map Zoning Information Most Recent Deed Tax Information Flood Map Rent Regul atory Agreement Construction Renovation Budget HUD Income a nd Rent Tab! es Appraisal Engagement Contract Received? Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Source Public Public Public Public Public Public Public Records Records Records Records Records Records Records FEMA Representative of Owner Representative of Owner Public Records CI i ent Type of Analysis Applied The Sales Comparison and the Income Capitalization Approaches were applied in this valuation analysis. Extent of Data Research General economic data and market data were reviewed. Comparable sales were compiled from published sources including various reliable publications. Market data compiled for this report include a variety of rent comparables and improved property sales. These data are a result of research specific to the market and pertinent to the subject. The data were verified by buyers, sellers, brokers, managers, government officials or other sources regarded as knowledgeable and reliable. A rental survey of competing properties was conducted, and we provide photographs of all the comparable sales and rentals, where available. Information specific to the subject was provided by the client, owner, and/or representatives of the owner, and is assumed to be correct. Other information, such as zoning and tax records, was obtained from governmental sources. Specific estimates concerning market rent, expenses, vacancy, etc., reflect our judgment based on interpretation of the market data. The reasoning behind such estimates is illustrated throughout each of the approaches to value. Attachment: 15954 Appraisals (15954 : Purchase of Real Property located at 1851 NW 1st Ct., Miami, FL 33136) JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTING Packet Pg. 134 2.4.a 1851 NW 1st Court 23-022-02 INTRODUCTION IDENTIFICATION OF THE PROPERTY The property is commonly known as: 1851 NW 1st Court. The property address and tax parcel numbers as identified by the Miami -Dade County Property Appraiser/Tax Collector's Office are as follows: Address City County State Zip Parcel 1D/Tax ID 1851 NW lst Court Miami Miami -Dade FL 33136 01-3125-048-0650 We received a legal description of the subject property and it can be found in the addenda section. The legal description of the property is assumed to be correct. We have not commissioned a survey, nor have we had one verified by legal counsel. Therefore, we suggest a title company, legal counsel, or other qualified expert verify this legal description before it is used for any purpose. CURRENT USE OF THE SUBJECT As of the date of the value opinion(s), the subject was being used as follows. For the purposes of this report, the subject is valued as follows. Current Use Appraised Use Multifamily development Multifamily development HISTORY OF THE SUBJE 1 We are not aware of any listings, real property transactions, or ownership transfers pertaining to the subject in the three years prior to the date of the value opinion, other than that which is reported here. The property was recently renovated by the owner and is subject to a rent regulatory agreement with the Omni Redevelopment District Community Redevelopment Agency which provided financing for the renovations. Below states the agreement's regulations. The execution of this Regulatory Agreement by the Borrower is in eomnecction with the Forgivable Loan Agccmcut and use of CRA Funds (the "Loan"), secured by certain loan documents to be executed in connection therewith (the "Loan Documents"), for the rehabilitation of a total of Six (6) residential apartment units. All six (6) of the units will be CRA-assisted units (the "CRA-Assisted Chits") of that certain project located at 185 I NW 1st Court, Miami, Florida_ In accordance with the requirements set forth in (i) that certain Forgivable Loan Agreement executed of even date herewith by the Borrower and the CRA for the CRA funds (the "Agreement"), and (ii) the other Loan Documents of even date therewith bctwcean the Borrower and the CRA, all six (6) units are considered "CRA-Assisted" and all of the CRA-Assisted Units are subject to the restrictions provided herein- The six. (6) CRA-Assisted Units shall be "fixed" units, meaning that they are specifically designated units_ All six (6) of the total six (6) Project units shall he, at any cane tirnc, in compliance with the CRA-Assisted requirements set forth herein and in the Loan Do uments, including but not limited to the Covenant on the property legally described in Exhibit "A," attached hereto and incorporated herein- The Project must at all times (during the Affordability Period and subject to Existing Tenants) maintain the following unit mix structure: two (2) two -bedroom must be rented at or below 80% area median income ("AIv11" ) as determined by the li,S. Department of Housing and Urban Devetopment ("HUD"), with adjustments and certain exceptions as provided in 24 CFR Part 92 (the "Regulation"). (2) one - bedroom must be rented at or below 60% A1w11 and two (2) efficiencies must be rented at or below 40% AM I (the "Unit -Mix"). Attachment: 15954 Appraisals (15954 : Purchase of Real Property located at 1851 NW 1st Ct., Miami, FL 33136) JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTING Packet Pg. 135 2.4.a 1851 NW lst Court 23-022-02 AREA ANALYSIS El Portal 034) W WY DOWN TOW '4]Al,11 Miami AREA MAP 711 Miami Springs ALLAPATTAH Lr•T!-= HAVANA `I..AGArm ��? Little Gables -_- fy (yl3 Coral Gables col/AL Wm, North Bay Village cO Miami Beach M10-BEACH Miami Beach ACH Dodge Island . Fisher Island Virginia Key Map data g2024 Google INTRODUCTION To evaluate the factors that influence a property's income potential over the projection term, we analyze economic indicators at the macro or citywide level and work down to the more specific micro or subject property level. The subject property is located in the City of Miami, within Miami -Dade County and the State of FL. Reference is made to the area map identifying the location of the subject property above. The following analysis includes an overview of the region, as well as historical and projected trends of income, population and employment for the subject's area. LOCATION The subject is located in Miami CCD, FL . Our regional, demographic, and economic analyses are based on data extracted from Site To Do Business/ESRI, U.S. Bureau of Labor Statistics, and the U.S. Census Bureau. This data has been extrapolated from various databases and are the most current available. The combined databases include various economic and demographic variables for the subject's respective area. The Site To Do Business/ESRi database includes population estimates, households, household income, home value, employment by industry and related data. This data is based on 2023 populations with projections through 2028. The U.S. Bureau of Labor Statistics provided area unemployment trends. Attachment: 15954 Appraisals (15954 : Purchase of Real Property located at 1851 NW 1st Ct., Miami, FL 33136) JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTING Packet Pg. 136 2.4.a 1851 NW 1st Court 23-022-02 AREA ANALYSIS POPULATION Population within Miami CCD, FL is currently indicated at 1,000,173 and is expecting an increase to 1,039,297 within five years, an increase of approximately 3.91% over the five-year period, or 0.78% per year. Comparatively, the national population is projected to increase annually by 0.30% over the same period. The current population is higher than the population indicated at the 2020 census, which was 981,627. Population at the previous census in 2010 was 908,805, indicating a long-term growth rate from 2010 to 2023 ❑f 0.77% per year. 1,100,000 1,050,000 1,000,000 950,000 900,000 850,000 800. 000 908,805- • 2010 POPULATION 1,000,17• 981,627 1,0.39,29/ 2020 2023 2028 Est.) Households are expected to follow a similar trend, with total households within Miami CCD, FL increasing from 397,430 in 2023 to 422,128 in 2028, with a current 2.47 persons per household. The national average household size in 2023 is 2.53. There were 338,276 households in 2010 and 384,252 households in 2020, indicating a long-term growth rate of 1.35% from 2010 to 2023. 450,000 400,000 350,000 300,000 250,000 200,000 150,000 100,000 50,000 0 HOUSEHOLDS 338,276 ... 384,252 2010 2020 397,430 422,128 2023 2028 (Est_) Attachment: 15954 Appraisals (15954 : Purchase of Real Property located at 1851 NW 1st Ct., Miami, FL 33136) JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTING Packet Pg. 137 2.4.a 1851 NW 1st Court 23-022-02 AREA ANALYSIS The median age in Miami CCD, FL is currently indicated at 39.7 years, up from 2010, when the median age was 38.2 years. The population is expected to increase in 2028, with the median age projected as 40.6 years. The median age nationally in 2023 is 39.1. 41.0 40.5 40.0 39.5 39.0 38.5 38.0 37.5 37.0 36.5 38.2 2010 MEDIAN AGE 40.2 2020 2023 40.6 2028 (Est.) 13.40% 15.30% 2020 POPULATION BY AGE 6.00% 12.20% 12.20% 13.80% 15.10% 11.70% 5.60% 5.509 .a• 2023 12.20% 14.40% 13.70% 12.00% 5.40% 5.20% .40°4 2028 (Est.) • 85 + ■ 75 - 84 u+ 65 - 74 ■ 55 - 64 ■ 45-54 ■ 35 - 44 ■ 25-34 • 15 - 24 ■ 10-14 ■ 5-9 ■ 0-4 Attachment: 15954 Appraisals (15954 : Purchase of Real Property located at 1851 NW 1st Ct., Miami, FL 33136) JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTING Packet Pg. 138 2.4.a 1851 NW lst Court 23-022-02 AREA ANALYSIS POPULATION (25+) BY EDUCATION ■ Less than 9th Grade: 8.4% ■ 9th - 12th Grade, No Diploma: 6.8% ■ Nigh School Graduate: 24.3% ■ GEM/Alternative Credential: 2.8% ■ Some College, No Degree: 12.9% ' Associate Degree: 9.0% Bachelor's Degree: 21.4% Graduate/Professional Degree: 14.4% INCOME Site To Do Business/ESRI reports current median household income at $54,617, which is forecasted to increase to $65,022 by 2028, an increase of 19.05%. Similarly, per capita income is expected to increase from its current level of $36,502 to $43,739 by 2028, an increase of 19.83%. In 2023, the national median household income is $72,603 and the national per capita income is $41,310. According to ESRI, Miami CCD, FL has a wealth index of 71, indicating less wealth when compared to the national average of 100. $120,000 $100,000 $ 80,000 $60,000 540,000 $20,000 $0 HOUSEHOLD INCOME $54,617 $91,729 2023 $107,561 $65,022 2028 (Est.) ■ Median ■ Average Attachment: 15954 Appraisals (15954 : Purchase of Real Property located at 1851 NW 1st Ct., Miami, FL 33136) JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTING Packet Pg. 139 2.4.a 1851 NW lst Court 23-022-02 AREA ANALYSIS $46,400 $44,000 $42,000 $40,000 $38,000 $36,000 534,000 $32,000 PER CAPITA INCOME 2023 $43,739 2028 (Est-) 450,000 400,000 350,000 300,000 250,000 200,000 150,000 100,000 50,000 2023 HOUSEHOLDS BY INCOME 100.804%, 14.20% 11.70% 16.10% 10.50% 7.80% 8.00% 12.70% 2028 (Est.) ■ $200,000+ 715150,000 - $199,999 ■ $100,000 - $149,999 • $75,000 - $99,999 f $50,000 - $74,999 • $35,000 - 549,999 ■ $25,000 - $34,999 w $15,000 - $24,999 ■ <$15,000 HOUSI NG According to Site To Do Business/ESRI, there were approximately 390,570 housing units in Miami CCD, FL as of the 2010 census. That figure increased to 431,958 housing units as of the 2020 census. Current estimates indicate 448,308 housing units, an increase of 3.79% from the 2020 census. Housing units are forecasted to grow to 472,526 units in 2028, indicating a growth rate of 5.40% over the five-year period. Renter -occupied units comprise the majority of the housing stock in the area. Current estimates indicate that approximately 35.8% of total housing units are owner -occupied, with 52.9% of units occupied by renters. The balance of the units, 11.3%, are vacant. in 2028, the mix is expected to shift to 35.1% owner -occupied units and 54.2% renter -occupied units. Nationally in 2023, 58.50% are owner -occupied, 31.70% are occupied by renters, and 9.80% are vacant. Attachment: 15954 Appraisals (15954 : Purchase of Real Property located at 1851 NW 1st Ct., Miami, FL 33136) JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTING Packet Pg. 140 2.4.a 1851 NW lst Court 23-022-02 AREA ANALYSIS The E5RI Housing Affordability Index (HAI) has a base of 100, representing an area where median income is sufficient to qualify for a loan on a home valued at the median home price and not be cost -burdened, defined as spending more than 30 percent of income on housing -related costs. The higher the index is over 100, the more affordable the housing is in the area. An index of below 100 indicates housing is less affordable and a typical resident cannot purchase a home in the area without being cost -burdened. Miami CCD, FL has a Housing Affordability Index of 53, indicating that the median income is not sufficient for a typical resident to purchase a median value home in the area. The national Housing Affordability Index in 2023 is 94, indicating Miami CCD, FL is less affordable than the national average. Assuming the national average effective mortgage rate from the Federal Housing Finance Agency (FHFA), a 30-year mortgage, and a 20% down payment, the typical resident in Miami CCD, FL spends 46.6% of their household income on mortgage payments. Nationally, the percent of income used for a mortgage is 25.60%. 180,000 160,000 140,000 120,000 100,000 80,000 60,000 40,000 20,000 OWNER OCCUPIED HOUSING UNITS BY VALUE 4.80% 7.70% 22.017% 5.90% 5.80% 2023 5.80°% 8.90% 20.50"% 5.10% 5..30% 4.40% 3.30% 2028 (Est.) ! $2,000,000 1 51,500,000- 51,999,999 • $1,000,000- $1,499,999 • $750,000 - $999,999 w $500,000 - $749,999 s; $400,000 - 5499,999 ■ $300,000 - $399,999 f 5250,000 - $299,999 • $200,000 - $249,999 • $150,000 - $199,999 11 5100,000 - $149,999 In 2023, the median home value is $423,567. It is expected to increase to $447,804 by 2028, indicating an annual home appreciation rate of 1.14%. The median home value nationally in 2023 is $308,943. Attachment: 15954 Appraisals (15954 : Purchase of Real Property located at 1851 NW 1st Ct., Miami, FL 33136) JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTING Packet Pg. 141 2.4.a 1851 NW 1st Court 23-022-02 AREA ANALYSIS $600,000 $500,000 $400,000 $300,000 $200,000 $100,000 $o HOME VALUE $530,963 $423,567 $447,804 $567,033 2023 2028 (Est.) It Median ! Average EMPLOYM ENT Miami CCD, FL currently employs 637,973 workers according to Site To Do Business/ESRI. The U.S. Bureau of Labor Statistics currently reports unemployment at 1.6%, as of December 2023, which is lower than the long-term average of 5.1% since January 2013. Unemployment peaked in May 2020 at 12.0%. Year to date, unemployment has averaged 1.8%, down from last year's 2.6% average. 9.0% 8.0% 7.0% 6.0% 5.0% 4.0% 3.0% 2.0% 1.0% 0.0% 7.6% UNEMPLOYMENT 6.8% 6.1% 5.696 4.896 11111 2.99.E 8.4% 5.6% 2.6% 1.896 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 rra Attachment: 15954 Appraisals (15954 : Purchase of Real Property located at 1851 NW 1st Ct., Miami, FL 33136) JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTING Packet Pg. 142 2.4.a 1851 NW lst Court 23-022-02 AREA ANALYSIS EMPLOYED POPULATION (16+) BY INDUSTRY 0.2% 3.4 • Agriculture/Mining:0.2% 3.9% —2.1°% ■ Construction: 8.8% 1.7% • Manufacturing: 3.9% • Wholesale Trade: 2.1% • Retail Trade:10.0% • Transportation/Utilities: 9.2% • Information: 1.7% % Finance/Insurance/Real Estate: 8.4% • Services: 52.2% • Public Administration: 3.4% EMPLOYED POPULATION (16+) BY OCCUPATION • White Collar: 58.3% ■ Management/Business/Financial: 18.4% ■ Professional: 19.3% ■ Sales: 10.4% ■ Administrative Support: 10.2% • Services: 21.0% • Blue Collar: 20.7% ■ Farming/Forestry/Fishing: 0.1% • Construction/Extraction: 6.5% • Installation/Maintenance/Repair: 2.5% ■ Production: 2.8% CONCLUSION An analysis of South Florida and more specifically, Miami -Dade County, demonstrates that the area has historically been on a path of growth. Many of the factors that led to Miami -Dade County's historical success remain in place. Therefore, the county will likely continue to grow. Attachment: 15954 Appraisals (15954 : Purchase of Real Property located at 1851 NW 1st Ct., Miami, FL 33136) JOSE'PH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTING Packet Pg. 143 2.4.a 1851 NW 1st Court 23-022-02 NEIGHBORHOOD ANALYSIS Hialeah F 250; M1NOLA Miami Springs FLAGAMf NEIGHBORHOOD MAP West Little River Gladeview El Portal 1.[;:i4) z Brownsville y en (1 ALLAPAT'e AHI LSTTLE otAVANA North Bay Village Miami Beach h.tirD-f1!ACh4 SOU' •{ 9CA0d Little Gables d:Miami Fisher Island Coral Gables Virginia Key Map dataC2024 Google INTRODUCTION A property is an integral part of its surroundings and must not be treated as an entity separate and apart from its surroundings. The value of a property is not found exclusively in its physical characteristics; physical, economic, political and sociological forces in the area interact to give value to a property. In order to determine the degree of influence extended by these forces on a property, their past and probable future trends are analyzed. Therefore, in order to form an opinion of the value of a property, an analysis is made of the area in which the property under study is found. This area is referred to as a neighborhood. A neighborhood can be a portion of a city, a community or an entire town. It is usually an area which exhibits a fairly high degree of homogeneity as to use, tenancy and certain other characteristics. Homogeneity is a state of uniform structure or composition throughout. Therefore, in real estate terminology, a homogeneous neighborhood is one in which the property types and uses are similar. A neighborhood is more or less a unified area with somewhat definite boundaries. As a neighborhood's boundaries serve to limit the physical area that exerts germane influences on a property's value, the boundaries may indeed run concurrent with variations in prevailing land uses or physical characteristics. LOCATION The subject is located on the east side of NW 1st Court, south of NW 19th Street. The property is located in the City of Miami. The subject is in the City of Miami's Omni CRA neighborhood. The city of Miami formed the Omni Community Redevelopment Agency (Omni CRA) to carry out renovation and revitalization activities within the boundaries of the designated redevelopment area. Attachment: 15954 Appraisals (15954 : Purchase of Real Property located at 1851 NW 1st Ct., Miami, FL 33136) JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTING Packet Pg. 144 2.4.a 1851 NW lst Court 23-022-02 NEIGHBORHOOD ANALYSIS The neighborhood's boundaries are NW 2nd Avenue to the west, NE 20th Terrace to the north, Interstate 395 to the south, and Biscayne Bay to the east. The prevailing land uses within this area are predominantly retail along primary roadways and single-family and multi -family rental apartment along secondary roadways. ACCESSIBILITY The subject's site primary frontage is along NW 1st Court. Nw lst Ct. is a north -south thoroughfare. Primary access to the property is via NW lst Ct., from NW 19th Street from the north and NW 18th Street from the south. 1-95, a 6-lane thoroughfare located near the subject, allows access to most parts of Miami - Dade County from the northeast to southeast direction. Located near of the subject is I-95(to the west) & US-1 (to the east), both major north —south Interstate Highways on the East Coast of the United States, Allowing access from most parts of Florida. Located South of the subject is 1-395, A west -east Highway. DEVELOPMENT There is a significant amount of new development occurring in the subject's neighborhood. The following map shows many of the developments taking place in the Omni neighborhood. Within the Market Analysis section of this report, we provided additional details associated with following developments occurring in the subject's neighborhood. NW [ary �+ NW 22Hrt t.•: NW 26th Ter NW 20Ih St 16tn Ln V iSth Ter NW t6th St _ 11ej %xth SI 316a+u •� 1'a1M 'Qv 0 22r rf sr NW 21e1 Si NW lelll St _,Nw isuJ St u 1ortst reek NW 17th SI ..NW T3th St'G NE 2011 Ter NE7H1h SI NE 1 i;h T..� NE 151h_*t — RA,- • ©cal l Adm Mary HuiNrrg N- 1S01 Ter NE 201h 1er, NF 161h : I ZrH s•..�II�I s HE. 23rr1 = NE 22ne -Go snuthforide 0 0 0 0 0 Mixed -use Multifamily Hotel Retail Other Office industrial Attachment: 15954 Appraisals (15954 : Purchase of Real Property located at 1851 NW 1st Ct., Miami, FL 33136) JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTING Packet Pg. 145 2.4.a 1851 NW lst Court 23-022-02 NEIGHBORHOOD ANALYSIS I-395 Reconstruction/Enhancements The subject is located just north of the 1-395 highway. Enhancements along 1-395 are from the SR 836/1-95/1- 395 (Midtown) Interchange to the MacArthur Causeway, approximately 1.4 miles long. The project will completely reconstruct the existing facility and create a signature bridge that will span 1,025 feet over NE 2 Avenue and SR5/Biscayne Boulevard, redefining the Miami skyline with its six sweeping arches. The new raised portion of the highway will replace the current configuration that essentially "walls off" the Omni neighborhood to the north and the Miami World Center neighborhood to the south. The project will create additional capacity on 1-395 with a total of three through lanes in each direction and provide separate connector ramps for traffic to and from 1-95. The existing 1-395 eastbound off -ramps at NE 2 Avenue will be moved west to North Miami Avenue, and the westbound on -ramps at NE 1 Avenue will be shifted to the west of North Miami Avenue. NW 2 Avenue will also be reconnected under 1-395, providing residents greater access. The centerpiece of this project is the signature bridge that is slated to change the City's skyline become an iconic P J with the Miami Central Business District to the south. symbol. The signature bridge and the adjoining structures will allow for the transformation of the area underneath to vibrant community spaces linked together by a contiguous trail for the enjoyment of Omni, Biscayne Boulevard, and Overtown residents, nearby communities, and visitors. The Department and City of Miami are partnering to refine the design of the community spaces underneath I-395. The completion of the reconstruction is projected to occur in late 2027. The completion of the construction will unite the area surrounding the Adrian Arsht Center for the Performing Arts and the Knight Concert Hall, Attachment: 15954 Appraisals (15954 : Purchase of Real Property located at 1851 NW 1st Ct., Miami, FL 33136) JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTING Packet Pg. 146 2.4.a 1851 NW lst Court 23-022-02 NEIGHBORHOOD ANALYSIS DEMOGRAPHICS The Site To Do Business is a service that provides demographic data, including historical, current and forecasted population estimates for a specified region. Patterns of development, density and migration are reflected in the population estimates. A survey of the subject area's population and growth rate is summarized in the following charts, followed by a map of the surveyed area. Demographics 2023 2028 Summary 1 mile 3 mile 5 mile 1 mile 3 mile 5 mile Population 47,314 297,314 552,278 62,739 328,653 584,913 Households 23,268 133,208 241,089 31,883 151,667 260,922 Families 9,384 65,544 124,864 13,287 73,929 134,649 Average Household Size 1.97 2.19 2.26 1.92 2.13 2.22 Owner Occupied Housing Units 4,508 32,663 73,738 5,133 34,643 76,801 Renter Occupied Housing Units 18,760 100,545 167,351 25,750 117,024 184,121 Median Age 34.3 38.1 39.6 34.2 38.7 40.3 Population by Age 1 mile 3 mile 5 mile 1 mile 3 mile 5 mile 0 - 4 5.9% 5.3% 5.1% 6.3% 5.4% 5.2% 5 - 9 5.4% 5.3% 5.2% 5.2% 4.9% 4.9% 10 - 14 4.9% 5.1% 5.1% 4.8% 4.9% 4.9% 15 - 19 4.7% 4.6% 4.6% 4.9% 4.8% 4.9% 20 - 24 8.1%❑ 6.2%❑ 5.8% 8.8% 7.0❑% 6.4% 25 - 34 22.6% 18.1% 16.7% 21.4% 16.9% 15.3% 35 -44 16.8% 15.9% 15.3% 16.2% 15.6% 15.2% 45 - 54 11.1% 12.1% 12.6% 11.5% 12.4% 12.7% 55 - 64 9.3% 11.1% 11.8% 8.7% 10.6% 11.5% 65 - 74 6.7% 9.1% 9.8% 6.9% 9.4% 10.2% 75 - 84 3.2% 5.3% 5.8% 3.7% 5.9% 6.5% 85+ 1.2% 1.8% 2.1% 1.4% 2.1% 2.4% Households by Income 1 mile 3 mile 5 mile 1 mile 3 mile 5 mile <$15,000 13.80% 17.50% 16.40% 11.20% 14.90% 14.20% $15,000 - $24,999 7.10% 10.10% 10.50% 5.30% 7.90% 8.30% $25,000 - $34,999 7.40% 8.50% 8.60% 6.00% 7.40% 7.40% $35,000 - $49,999 10.70% 10.80% 11.40% 9.60% 9.40% 9.90% $50,000 - $74,999 17.40% 15.20% 15.60% 17.60% 15.20% 15.50% $75,000 - $99,999 11.40% 10.00%❑ 10.60% 12.40% 11.30% 11.70% $100,000 - $149,999 17.00% 12.10% 11.50% 19.40% 14.30% 13.80% $150,000 - $199,999 6.70% 5.60% 6.10% 9.00%© 8.50% 8.20% $200,000+ 8.40% 9.40% 9.30% 9.60% 11.10% 11.00% Median Household Income $63,538 $53,864 $53,623 $75,597 $65,188 $64,313 Average Household Income $95,039 $92,459 $91,842 $109,562 $108,458 $107,609 Per Capita Income $46,812 $41,453 $40,145 $55,671 $50,074 $48,058 Source: Site To Do Business Attachment: 15954 Appraisals (15954 : Purchase of Real Property located at 1851 NW 1st Ct., Miami, FL 33136) JOSEPH J. BLAKE AND ASSOCIATES, 1NC. REAL ESTATE VALUATION AND CONSULTING Packet Pg. 147 2.4.a 1851 NW lst Court 23-022-02 NEIGHBORHOOD ANALYSIS Trends: 2023 - 2028 Annual Rate 1 mile Radius Population Households Families Owner HI -Is Median Household Income 3 mile Radius Population Households Families Owner HI -Is Median Household Income 5 mile Radius Population Households Families Owner HI -Is Median Household Income Area State National 5.81% 0.63% 0.30% 6.50% 0.77% 0.49% 7.20% 0.74% 0.44% 2.63% 0.93% 0.66% 3.54% 3.34% 2.57% Area State National 2.02% 0.63% 0.30% 2.63% 0.77% 0.49% 2.44% 0.74% 0.44% 1.18% 0.93% 0.66% 3.89% 3.34% 2.57% Area State National 1.15% 0.63% 0.30% 1.59% 0.77% 0.49% 1.52% 0.74% 0.44% 0.82% 0.93°% 0.66% 3.70% 3.34% 2.57% Source: Site To Do Business NEIGHBORHOOD/AREA COMPARISON Category 1 mile 3 mile 5 mile Area Median Household Income $63,538 $53,864 $53,623 $54,617 Average Household Income $95,039 $92,459 $91,842 $91,729 Per Capita Income $46,812 $41,453 $40,145 $36,502 Average Household Size 1.97 2.19 2.26 2.47 Median Age 34.3 38.1 39.6 39.7 Attachment: 15954 Appraisals (15954 : Purchase of Real Property located at 1851 NW 1st Ct., Miami, FL 33136) JOSEPH J. BLADE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTING Packet Pg. 148 2.4.a 1851 NW ist Court 23-022-02 NEIGHBORHOOD ANALYSIS als aieah West le ver North Be Village • • a Brownsvt i Springs A1Kio.s Eapy W F.121113 Miami sw zv sw i! . 1 \VI iami Beach 1 r f / 1e LIFE CYCLE A neighborhood's life cycle usually consists of four stages: • Growth - a period during which the neighborhood gains public favor and acceptance • Stability - a period of equilibrium without marked gains or losses • Decline - a period of diminishing demand • Revitalization - a period of renewal, redevelopment, modernization, and increasing demand Source: The Appraisal of Real Estate, 15th Edition From a general examination, it appears that the neighborhood is in the revitalization stage. The factors that have led to the neighborhood's revitalization remain in place. These factors will be considered in the subject's valuation. NEIGHBORHOOD ANALYSIS CONCLUSION With the re -gentrification of the neighborhoods to the north and south of the subject, as well as the redevelopment of some of the underutilized property in the area, we are of the opinion that the subject neighborhood is in the revitalization stage, a period of renewal, modernization, and increasing demand. The subject benefits from the access to Biscayne Boulevard, the primary north -south thoroughfare through the eastern side of Miami -Dade County, proximity to the Miami CBD and a location near Miami's Wynwood, Midtown and Design District neighborhoods located to the north. Edgewater, to the northeast of the subject, has experienced explosive residential development over the past five to ten years, as has the Miami CBD, located on the south side of 1-395. All the noted factors will be considered in the valuation of the subject. Attachment: 15954 Appraisals (15954 : Purchase of Real Property located at 1851 NW 1st Ct., Miami, FL 33136) JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTING Packet Pg. 149 2.4.a 1851 NW lst Court 23-022-02 MARKET ANALYSIS MARKET ANALYSIS The following information was compiled from published sources and is used in conjunction with primary and secondary data to analyze the market trends impacting the value of the subject property. NATIONAL APARTMENT MARKET - PWC According to the PwC Real Estate investor Survey, 4th Quarter 2023 (based on data collected in 3rd Quarter 2023): Investors have varied views on leasing activity over the past three months but the majority believe it has slowed a bit. Compared to this time last year, most investors see fewer buying opportunities but they do expect the bid -ask pricing gap to tighten in the near term. One investor's goal for 2024 is to "find growth in the face of declining fundamentals and try to capitalize on the pricing advantage." • Despite another quarterly increase in its average overall cap rate to 5.59%, the majority of investors in the national apartment market anticipate further cap rate increases over the next six months. The average expected increase is 60 basis points. • Investors' expectation for property value appreciation in the coming year ranges from -25.0% to 3.0%for this market. The average forecast value change of -3.9% is less than the composite average of -6.5% for the ten national markets surveyed. • One year ago, most investors viewed conditions in this market as neutral --equally favoring buyers and sellers. This quarter, only 40.0% see it as neutral, 40.0% believe conditions favor buyers, and the remainder think sellers hold the advantage. FORECAST VALUE CHANGE [NEXT 12 MONTHS]: Range: (25.0%) — 3.0% Average: (3.9%) Key Survey Stats National Apartment Market Fourth Quarter 2023 Current Quarter Last Quarter Total Vacancy Assumption 1.0%-12.0% 1.0%42.0% Average 5.6% 5.2% Months of Free Rent (1-yr lease) 0-4 0-4 Average 1.3 1.3 %of participants using 57.1% 50.0% Market Conditions Favor Buyers 40,0% 50.0% Sellers 20.0% 17.0% Neither 40.0% 33.0% Source: PwC Real Estate Investor Survey, 4th Quarter 2023 Attachment: 15954 Appraisals (15954 : Purchase of Real Property located at 1851 NW 1st Ct., Miami, FL 33136) JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTING Packet Pg. 150 1851 NW lst Court 23-022-02 MARKET ANALYSIS 2.4.a National Market Yield Rates for Real Estate Investments National Apartment Market Fourth Quarter 2023 Current Quarter Last Quarter Year Ago Discount Rate (I RR) Average 6.00%8.00% 7.00% 5.75%-8.00% 6.77% 4.75%40.00% 6.86% Overall Cap Rate (OAR) 4.00%8.00% 3.75°%-8.00°%a 3.25%-8.00% Average 5.59% 5.28% 4.89% Residual Cap Rate 425%-8.00%a 4.00%-8.00% 4.00%-8.00% Average 5.91% 5.67% 5.28% Market Rent Change Rate 0.00%-5.00% 2.00%-4.00% 0.00%-10.00% Average 2.93% 3.00% 3.89% Expense Change Rate Average 3.00%8.00% 3.93% 3.00%-6.00%p 3.5 0% 0.00 -8.00% 3.42% Marketing Time Range 2-15 months 2-12 months 1-12 months Average 6.3 6.0 4.6 Source: PwC Real Estate investor Survey, 4th Quarter 2023 Attachment: 15954 Appraisals (15954 : Purchase of Real Property located at 1851 NW 1st Ct., Miami, FL 33136) JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CORSETING Packet Pg. 151 2.4.a 1851 NW lst Court 23-022-02 MARKET ANALYSIS MIAMI APARTMENT MARKET ANALYSIS According to the CoStar multifamily market analysis from February of 2024, Miami's multifamily demand growth has remained tepid over the last year relative to recent elevated levels, with annual apartment absorption growing by 5,300 units through the first quarter of 2024, trending below the five-year annual average of 6,500 units. After five years of strong demand growth outperformance relative to the U.S. average between 2018-2021, demand decelerated through the second half of 2022 and reverted back to pre - pandemic norms in 2023. Affordability concerns, along with a shrinking population and an elevated supply pipeline weigh on multifamily fundamentals in the near term, with annual rent gains slowing to 1.7%© from a high of3.7%a year ago. Slowing demand comes at a time when developers are set to deliver elevated levels of new apartments. Despite starts slowing to 8,400 units in 2023, 2022 set a record with 16,000 units underway, after an already elevated level in 2021 totaling 12,000 units. 70% of units underway are set to deliver over the next couple of years, with 2023 deliveries totaling 6,400 units, in -line with the five-year historical average of 6,800 units. Deliveries are set to rise higher in 2024, totaling 9,400 units, a record for the market. That said, renter demand from new, higher income residents, and those priced out of the single-family market will help buoy demand, allowing the overall apartment vacancy rate to remain below the U.S. average through 2024. Continued inventory growth in luxury apartments through 2025 will place downward pressure on rent growth as vacancies expand for this market segment. By the end of 2024, 4 & 5 Star unstabilized vacancies are expected to rise to 9%, while 1 to 3 Star vacancies are set to remain below 5%. The Downtown Miami Submarket, which is home to 40% of new construction activity, is facing the bulk of supply pressure and is forecast to see unstabilized vacancies rise to 10% for 4- & 5-Star product through the end of 2024. The rise in luxury apartment deliveries is leading to a slowdown in new apartment lease -up and rent gains while demand normalizes. This is leading managers to offer increased concessions in order to compete for a smaller demand pool, with several newly delivered properties offering up to two months of free rent, softening luxury rent gains. Although 4- & 5-Star demand growth slowed to 8% annually in the second half of 2023, well below the five- year average annual growth of 14%, long term trends continue to highlight a growing renter preference towards newer luxury units. 90% of demand growth over the last decade has been concentrated in 4- & 5- Star units, even though this market segment rents at a more than 35% premium over 3 Star units. On the other hand, lower income households will continue to struggle to find affordable housing as less than 10% of units' underway fall within the 1 & 2 Star and 3 Star segments. Sales volume over the last 12 months totaled $1.5 billion, below the five-year historical average of $2.3 billion. Activity is now moderating from record levels in 2021 and 2022 totaling $4 billion each year. Still, over a longer time horizon, annual sales volume has remained in -line with the ten-year average of $1.7 billion. These trends are indicative of transaction activity which is returning to historical norms after an unprecedented boom in 2021 and 2022. Attachment: 15954 Appraisals (15954 : Purchase of Real Property located at 1851 NW 1st Ct., Miami, FL 33136) JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTING Packet Pg. 152 2.4.a 1851 NW lst Court 23-022-02 MARKET ANALYSIS KEY INDICATORS Current Overeat Un144 9 r I< %sii.8Oil* Effective RAAbiorpOon Wffilei !Solvated Wets u a� !tr 48 551.91 71,841 13.0% S2.9543 52.825 558 224 25,621 a 3 Stir 35,951 4.1% 52.092 52.073 56 50 2638 1 & 2 Star 79,712 3.2% 51,447 51,441 , 1 i': Cr 0 Whack I87,M4 E $23I7 112.301 814 21114 28,45E A .0 al Trout' 12 noel' Ntetrs *cif Foram! AvmaI Avnntq Fmk 'Nhet irmpll Yid Yacanc, Change (Y0Y1 0.2% 5.2% 8.3% 8.2% 2020 02 29% 2022 01 Aheniptext Units 5,297 2,670 5.148 14,218 2021 03 ; 1 4051 2007 02 Deed Unps 6,192 2,989 6.269 8,917 2019 02 48 2002 04 Drrnrxehed Units 167 260 312 1,17i 2012 02 0 2002 04 Aa Jr.g Rent Crcwlh (YOY) 1.7% 2.6% 2.8% 16.97E 2022 01 c. 0: 2009 02 Ord).* Rent Grcrehh (YOY) 1.5% 2.7% 2.8% 19.1 % 2022 01 2009 02 Sales VsWme 51.36 5992_2114 NA 55.46 2022 02 5143.914 2008 04 Vacancy Demand saw a healthy rebound in the second half 2023, totaling over 4,900 units absorbed for the year. Still, this has slowed from peak demand levels seen in 2021 totaling over 13,000 units absorbed. Demand begun to slow since 2022, returning to long-term norrns of 5,100 units of average annual net absorption over the last ten years. Slowing immigration and job growth, which are coming off elevated levels, are resulting in a general downtick in demand, which for now appears to be reverting to pre -pandemic levels after booming in 2021. Economic headwinds, which will continue to weigh on household formation, will likely have a dampening effect on demand growth in the near future. In fact, after outperforming the U.S. average in terms of population growth from 2009 to 2017, growth decelerated in 2018 and has actually turned negative since 2020, as lower income residents began exiting the market for more affordable areas in central and northern Florida as well as out-of-state. Additionally, vacancies are expected to continue to rise as supply additions are expected to outpace demand over the next few years. Vacancies have so far increased from historic lows of 2.9% in early 2022 to 5.2% as of the first quarter of 2024, still these remain below the U.S. average vacancy rate of 7.7%. As supply pressures are limited to higher -quality properties in lease up, most of the recent and looming vacancy expansion is expected to impact the luxury market segment. In fact, 4- & 5-Star vacancies have expanded the fastest so far, rising from a low of 4.3% in early 2022 to 8.0% as of the first quarter of 2024. Submarkets with significant 4- & 5-Star supply pipelines, such as Aventura, Coconut Grove, Downtown Miami, and North Miami Beach, are expected to see a significant rise in unstabilized vacancies in the near -term. Still, all submarkets, with the exception of Coral Gables and Westchester/Tamiami, which have muted construction activity, are expected to see higher luxury vacancy rates over the next three years. Downtown Miami, which represents over 40% of Miami's under construction activity, is expected to see luxury vacancies rise as high as 10% by the end of 2024, with supply additions expected to continue to impact the submarket well into 2026. The second -highest submarket in terms of units underway is Homestead/South Dade, which only represents around 9% of construction activity, and is expected to see 4- & 5-Star vacancies rise to over 13% by 2025. Despite having the largest supply pipeline across all Florida markets, Miami's multifamily vacancy rate is the third lowest in the state, and rent gains remain higher relative to similar sized markets such as Fort Lauderdale, Tampa, Orlando, Jacksonville, and Palm Beach. Miami is also expected to maintain tighter vacancies compared to these markets, largely driven by tight vacancies in 1 to 3 Star product, resulting in rent growth outperformance over the two-year forecast period. Attachment: 15954 Appraisals (15954 : Purchase of Real Property located at 1851 NW 1st Ct., Miami, FL 33136) JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTING Packet Pg. 153 2.4.a 1851 NW lst Court 23-022-02 MARKET ANALYSIS A850RPTu)N. NET DELIVERIES A VACANCY 8.000 7 000 6 000 5 000 000 3000 ° 2000 000 0 Forecast 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 .Atrsc,al,cr r 'det Dery ries # Vacanc-y U'+rtod Ststes V'acsnc, 4% 3% Via 1% Rental Rates After a year of unsustainable double-digit rent hikes, asking rent growth has slowed to 1.7% in the first quarter of 2024, well below 2022 rent growth of over 7% and below the five-year historical average growth of 5.5%. Still, rent growth continues to surpass national average gains of 0.5%. Significant rent outperformance in 2021 and 2022 has resulted in a widening rent premium relative to U.S. average asking rents from around 25% in 2020 to over 35% today. 4- & 5-Star units drove this outperformance with rent gains exceeding 1 & 2- and 3-Star units, after underperforming from 2014 to 2020. But since the third quarter of 2022, 1 to 3 Star rent gains began outperforming once again, now growing at 4.3%and 3.3% annually for 1 & 2 Star and 3 Star units respectively, versus 0.6% gains for 4- & 5-star properties as of the first quarter of 2024. Despite a recovery in real wage growth since 2021, the average median income in Miami remains 13% lower than the national average. Recent steep increases in apartment rents, almost doubling the U.S. average in 2022, coupled with an increasingly limited workforce inventory, continue to pose challenges for the majority of apartment renters. Miami's high employment concentration in the leisure and hospitality and trade, transportation, and utilities sectors will continue to drive this widening disparity between incomes and rent levels. Going forward, outsized job gains within the recovering leisure and hospitality segment, will further limit rent growth outperformance towards more affordable units. Around 80% of renter households in South Florida make less than $80,000/year while most higher income households prefer to own a home. This stands in stark contrast with new apartment inventory which is concentrated in luxury rentals with asking rents well above what the typical renter can afford. The mismatch between new apartments and the renter demand pool will continue to result in higher concessions and slower occupancy gains as new supply delivers in 2024. Additionally, this mismatch between affordable housing supply and demand is expected to lead to rent growth outperformance for 1 & 2- and 3-Star units through the near -term forecast. Submarkets with lower asking rents such as Hialeah/Miami Lakes, Miami Gardens/Opa Locka, Kendall, Westchester/Tamiami, and North Beach have witnessed strong annual rent gains in the last few quarters as renters continue to seek more affordable geographies. Attachment: 15954 Appraisals (15954 : Purchase of Real Property located at 1851 NW 1st Ct., Miami, FL 33136) JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTING Packet Pg. 154 2.4.a 1851 NW 1st Court 23-022-02 MARKET ANALYSIS Concessions have begun to rise as the over 6,400 units that delivered in 2023 and the 9,400 units expected to deliver in 2024 continue to expand 4- & 5-Star apartment vacancies. A slowing economic environment, specifically for the higher earning finance and technology sectors will further weigh on luxury demand and rental gains. That said, elevated home values and mortgage rates will limit homeownership even for higher income earners, helping the area retain a higher share of renters across all star ratings. MARKET RENT PER UNIT & RENT GROWTH 53,000 $2,800 52,600 52,400 $2,200 y 52,000 51,800 51,600 51,400 51,200 2018 2019 2020 2021 2022 202 Forecast 2024 2025 202E 2027 18% 18% 14% 12% t 10% a 8°/0 6% 4% 2% 0% S %target Rent Growth WY • Market Rent Pet Unit • Ettecteae Rent Per Lind United :Mares Market Rent Per Unit MARKET RENT PER UNIT BY BEDROOM 53,400 53,200 53,000 $2,800 52,600 52,400 52,200 52,000 51,800 S1,600 51,400 51,200 2018 2019 2020 2021 • Studio ■ 1 Bed • 2 Bea 3 Bed 2022 2023 Attachment: 15954 Appraisals (15954 : Purchase of Real Property located at 1851 NW 1st Ct., Miami, FL 33136) JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTING Packet Pg. 155 2.4.a 1851 NW lst Court 23-022-02 MARKET ANALYSIS 3 STAR EXPENSES PER SF (ANNUAL) Operating Expanses Caper Experrdrt eas Mersin r tlusmr Ncrnt Admen_ Pewee Water Mamas Want Iwusaraa Tawas Appliance 1wcbral Wee Salami $0.54 S0.57 $0.33 S0.40 $0.68 $0.81 $0.64 51.47 50.00 $0.14 50.1 r $6.42 Avendra 50.60 $0 63 S0.49 50.42 $0.64 $0.80 50.06 11.55 50 10 $0.19 50153 $7.11 Commit Grove $0.55 $0_51 50.32 50.42 $0.71 $0.77 $0.66 51.52 30_09 $0.15 $0.81 $6.53 Coral Gables $0.52 $0_50 S0.32 S0.42 $0.70 50.76 S0.61 $1.47 $0,00 $0.13 $0_75 56.27 Doventowrr Miami $0.56 $0.44 50.36 50.39 $0.73 $D.23 50.66 $1.65 50.09 50.15 $0.79 56.06 HialeehlMiami Lakes $0.53 50.50 50.32 50.42 $0.70 $0.77 50.63 51.48 SO 09 $0.14 50 7 7 $6.35 HomesreadrSouth D... $0.48 50.02 50.34 $0.37 $0.57 $1.70 $0.59 $1.07 $0 09 $0.15 $0.81 56.05 Kendall $0.53 50.95 S0.35 $0.32 $0,54 $1.59 50.65 $1.30 S0.09 $0.15 $0.81 $7.26 Lille Havana $0.56 50.48 $0.33 S0.39 $0.69 50.36 $0.68 $1.55 $0.09 $0.15 $0.81 $6.00 Mani Gerdensr(3pa,.. $0.53 $0,59 $0.32 $0.41 $0.63 $0.74 S0Q3 11,48 $0.09 $6.14 $0.76 $6.32 Miami Spnngs/ooral $0.56 M.52 $0.35 $0.42 $0.71 son $0.60 $1.55 $0.09 $0.15 $0 78 $6.66 Mid -Beach $0.51 $0_50 50.32 $0.41 $0.70 $0.76 50.60 $1.46 $0_06 50.13 30.73 $6.20 Noith Beach $0.51 $0_50 $0.32 $0.41 50.70 $0.76 30.511 51.46 $0.06 50.13 30.72 56.15 North Miami Beach $0.53 $0.61 50.32 10.42 $0.62 $0.76 $0.62 $1.47 $0.09 $0.11 50 75 $6.33 Outlying Mlarn-Dad... $0.47 50.82 50.32 $0.37 $0.56 51.70 $0.58 $1.03 $0_1:19 $0.15 $0.81 $6.90 South ®,each $0.53 $0.50 S0.32 S0.42 $0_70 $0.77 - $0.63 $1.48 $0.09 $0.14 30.75 $6.34 Weslehester7Ternaml 50.55 50.51 ; 10.32 $0,42 $0.71 S0.77 $0.68 $1.52 $0.09 $0.15 50.81 $6.53 S.aFee rases are Catenated users 4ICr:F-1F, IFEM, and CaSI dile tw a the narrowed poste graeraphrei ddrihon iron PZ Leda le rawer Construction Higher financing costs and a slowing economic environment are beginning to impact development with construction starts receding in 2023, after peaking in late 2022. Still, annual starts for 2023 totaled over 8,400 units, above pre -pandemic figures averaging over 6,600 units from 2015 through 2019. A pandemic amplified surge in demand has emboldened apartment developers in the Miami area over the last three years. 2021 starts of over 12,000 units almost doubled the historical annual average and 2022 starts rose even further, reaching a record of over 15,900 units. The vast majority of starts remain underway, with under construction units totaling over 28,000, representing the largest supply pipeline in all of Florida and the ninth largest in the country. Deliveries are expected to reach a historical record level in 2024, totaling over 9,500 units, with a further 8,700 units expected by 2026. Supply underway represents around 15.2% of existing inventory with over 90% set to deliver as 4- & 5-Star luxury units. Over 65% of units underway are concentrated in the area between 1-95 and the Atlantic Ocean, with the majority, over 40%, located between downtown Miami and the reinvigorated Wynwood area. Following national trends, new development is occurring in areas with a significant and growing share of neighborhood amenities, which include proximity to beach access and new or updated retail establishments. Employment gains are set to drive household formation and income growth over the coming years, resulting in a continued rise in housing demand, though these have slowed over the last year. Slower demand and an increase in competitive supply delivering in close proximity is resulting in longer lease -up periods along with increased concessions. These incentives will likely have to remain in place well into 2026 as new deliveries begin to wane thereafter. Still, homeownership has been impacted by higher insurance premiums, rising maintenance costs in older condo properties and a pandemic induced surge in home values, making renting more attractive. The limited construction of single-family housing across South Florida, coupled with elevated mortgage rates further impact home affordability, helping drive housing demand towards new luxury apartments and garden style rental developments. Attachment: 15954 Appraisals (15954 : Purchase of Real Property located at 1851 NW 1st Ct., Miami, FL 33136) JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTING Packet Pg. 156 2.4.a 1851 NW Tat Court 23-022-02 MARKET ANALYSIS Going forward, construction starts should continue to slow as higher financing costs weigh on development activity. Additionally, elevated land costs and expenses, specifically for insurance, are impacting investment decisions. In fact, insurance costs per unit have risen over 3x, from around $900/unit a few years ago to over $3,000/unit today. DELIVERIES DEMOLITIONS 5,000 4,000 3,000 2,0oa 1,000 Forecast 1,(00 I I I I 1, . I I I , 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 Ill Oaltvenes ■ Bamo^rshea I. Net Deli UNDER CONSTRUCTION Properly warmdxddruss The River District Apart.. * * * * 401 SW 3rd Ave }' 800 3 4 CentreClty 3825 NW Fth S.t 1 Southslde Park Apart... 1105-1133 SW 2nd Ave Emerald Bay 4030 W BBitro S! 5 Link at Douglas Apartme... Douglas Rd g 7 3049-3050 Biscayne Blvd Atlantic Malian 152 NW e1h SI Palm Ihdis * ***i * Tr*1S* * * * * * 1,200 1,175 917 Sures 54 Nov 2022 Nov 2021 8 Ping 2022 Aug 2024 Oct 220121 Apr 2024 5 May 2022 Jun 2024 37 * * * * 616 10 36 Jan 202t Dec 2024 .Fan 2024 Jain 2026 .Faro 2023 Apr 2025 Cvnpkea D.wlopatl0wn. The Cletnt Gfotga The C#retnr Group Terra Gawp IDS Development Group JOS Development Group G0117Aig7 & Sans Equtpnw i lnc Adler Ptopertles Crescent 1-1ef CreBcent Heighis Attantic I Pacitc Management City of Mom Attachment: 15954 Appraisals (15954 : Purchase of Real Property located at 1851 NW 1st Ct., Miami, FL 33136) JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTING Packet Pg. 157 2.4.a 1851 NW 1st Court 23-022-02 MARKET ANALYSIS UNDER CONSTRUCTION Property NanW*I frws $ Modem Towers 25850 SW 14 0tih Ct 10 9 NEMA kllaml 2909 Biscayne Blvd Miami World rower 700 NE 1st Ave 11 12 13 14 15 16 17 18 19 20 21 22 555 N Manx Awe 23 24 163.75 Biscayne Blvd 25 26 The Metro Parc Apartme... 955E 25th St Paramount Mlaml World.._ 1001NE1st S1 1535 NE Miami Ct The Wynwood Plaza 95 NW 291h Si The Gallery at West Bria.. 201 SW 10Lh St Nexus Riverside 230 S W 3rd Si Madera Riverside 230Third Si 2000 Biscayne Bt d 20W Biscayne Blvd Madera Apentura 2681 NE 191 st St Seventh Street Apartme... 697 N Miami Ave C aces Miami Woddce nee... 698 NE 1st Ave Okan Tower- Condos Leksa at C ItyPtace 8401 NW 34th Ter Soleste on the Bay 26399 S Dixie Hwy Aura North Miami Beach 16955-17071 West D,oe... Residence 23 27 220 i NE 2nd Si 28 Gardens Residences 11S5NE 126EnSt * * * * theta Shoos Start 607 ***** 588 * * * * * * * * * ***** * * * * * ** **"� ****4r * * * * ** * *'a * * * *' * * * * * * * * • * * * * * * * * * * * * * 575 6 39 S3 560 10 558 59 550 20 509 12 465 462 426 29 36 36 424 36 420 16 413 43 399 Sep 2020 May 2022 Mar 2022 Nov 2021 Dec 2023 Jul 2022' Mar 2023 Sep 2022 Aug 2022 Jan 2021 Dec 2021 Apr 2023 Mar 2022 Mar 2024 Jul 2024 Apr 2024 Jan 2025 Dec 2025 Jul 2024 Apr 2025 May 2025 Oct 2024 Aug 2024 Mar 2024 Aug 2025 Nov 2025 hawlnpotlONn•r HP Realty Services. LLC HP Realty Services. LLC Crescent Heights Crescent Heights Lalezanan Properties L alezanan Properties MG Developer Maarni MG Developer Warm F,iield Companies Fdteld Companies J. Milton & Assocsaies J. Milton & Assoc aiee L&L Hoiding Company. LLC L&L Holding Company, LLC Related Development. LLC Related Development LLC Adler Propertes Ma Creak Residental Mel Crux Reiident1 Trust LLC Mai Creek Residential kustarer Cotes !(usurer Cornparries f.MAO Creek Residental kW Creek Resident: al Falcone Group Falcone Group 40 Jan 2023 Jun 2024 76 Sep 2022 Sep 2025 DWI Group °ken Group Suffolk Construction 383 374 373 15 9 36 9 Dec 2022 Jun 2024 Feb 2023 Jul 2923 Aug 2022 &tar 2023 Jul 201_2 May 2025 Dec 2024 .has 2024 Jun 2024 Jim 2024 Estate invesments Group Estate investments Group Edirne International Reality Ediviai international Reality. Tonic Resioermai Croup Trmic Residential Group Trilogy Real Estate Group Omega Real Estate Management. Drnega Real Estate Management Sales Transaction activity reverted back to pre -pandemic norms in 2023, totaling $1.5 billion for the year, as higher interest rates and slowing economic growth impacted investment activity. Despite this, volume remained in - line with longer term trends averaging $1.7 billion annually over the past 10 years. Since 2020, strong tenant demand, resulting in significant rent gains, has attracted outsized investor interest to Miami. Double-digit pricing growth in 2021 and 2022 has underscored investor appetite for multifamily in the area, though higher interest rates, softer rent gains and higher costs, particularly for insurance, are now slowing pricing gains and activity. Over the past few years, transactions of over $100 million have reached double digits, with over 13 trades in 2021 and 12 trades in 2022 surpassing this figure. This was up from an average of around two of these Attachment: 15954 Appraisals (15954 : Purchase of Real Property located at 1851 NW 1st Ct., Miami, FL 33136) J05EPH J. BLADE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTING Packet Pg. 158 2.4.a 1851 NW 1st Court 23-022-02 MARKET ANALYSIS transactions a year from 2015 to 2020. In the last couple of years, seven transactions have exceeded $200 million, an unprecedented occurrence before 2021, though 2023 saw one transaction at over $270 million and only two transactions of over $100 million. These trades have been concentrated in large 4- & 5-Star apartment complexes that have been built or renovated in the last eight years. Four of these trades occurred in the downtown Miami, Wynwood and Miami Beach areas, and one each in Coral Gables, South Miami, and Doral. Due to their location and age, these assets have traded at a premium of over $550,000/unit on average, well above average pricing for 4- & 5-Star assets of just over $400,000/unit over the past four quarters. Virtually all trade activity for deals above $100 million have involved institutional and private equity players, with public and private REIT buyers making up an increasing share since 2021. Three large trades for over $100 million occurred in 2023, two have been concentrated in newly built luxury properties which were more than 70% occupied at sale. The largest trade was for the 2022-built Casero Apartments which was purchased by Stockbridge Capital Group from Trammell Crow Residential in September. The 4-Star, 356-unit property located in Dora!, sold for $156 million or over $438,000/unit. Large trades continued into the fourth quarter of 2023 with 29 WYN which was purchased by Berkshire from the Related Group in October. The 4-Star, 248-unit property located in Wynwood, sold for $135 million or over $544,000/unit. The property was completed in June of 2023. An exception to the rule was the purchased of the renovated Southgate Towers by Apartment Income REIT for around $270 million at more than $547,000/unit. The over 490-unit 4 Star property, at 900 West Ave. in Miami Beach, is a prime example of the strong pricing that even well located and well -maintained older assets can achieve. Despite continued investor interest, an interest driven rise in cap rates and softening fundamentals is impacting pricing. Transaction cap rates rose significantly in the second half of 2023, from lows in the mid- 4% to 5% range in 2022 to the mid 6% range. Still, institutional investors have remained a significant share of buyer activity over the last year. Going forward, tight financial conditions will continue to result in slower transaction activity relative to the boom in 2021 and 2022. Additionally, pricing growth will remain muted as softening rent growth and higher costs, specifically for insurance, impacts value creation. SALES VOLUME 3 MARKET SALE PRICE PER UNIT Martet S;a.. 5360.000 $340, 000 5320.000 $300.000 $280, 000 $260, 000 $240,000 5220 000 $200 000 $180.000 5160.000 :Forecast 2018 2019 2020 2021 2022 2023 2024 2025 2025 2027 • Sated Volume • Miami +':xe1Vnd • United Slates PmelUnirt 5200 51.80 St 60 Si 40 St20 Si 00 5080 50.60 $0 40 5020 SO 00 Attachment: 15954 Appraisals (15954 : Purchase of Real Property located at 1851 NW 1st Ct., Miami, FL 33136) JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTING Packet Pg. 159 2.4.a 1851 NW 1st Court 23-022-02 MARKET ANALYSIS MARKET CAP RATE 7 0% 6.5% 6.0% 5.5% 5.0% 4 5% 4 0% Forecast 3.5%4 1,.1_. I'' , ,, +_ f 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 • Miami 4-5 Star I Mtn: united Submarket The subject is located in the Downtown Miami submarket. SUBMARKET INVENTORY tnrwrrary 12 11Ian®a Dalivenus lladar Construction Na_ 5ut rnarknt fildos liras 1Y Ylakat Rank Bldg% Units Parnslt Rack 211cl1s. Urns Poresd Rank 1 ...aTi:ur.1 1y 2.436 1.3% 14 0 0 0% - 5 1,333 54.9% 7 2 Coconut Grove 111 2.536 1.4 % 13 2 593 23_4% 3 1 46 1.6% 14 3 Cara' Gables 337 10_051 5.4 % 9 3 539 5.4% 4 5 1.794 1741% 5 4 Downtown Mona 540 20_441 i5.7% 1 4 1292 4.4% 1 28 12.649 43_0% 1 5 Hialeah/Miami Lakes 723 21.135 11.3% 2 2 419 2.0 6 8 1.105 5.2% 8 e Homestead/South Dade 222 11.700 6.2% 8 d 511 4.4% 5 10 2.520 21.5% 2 - 7 Kendall 91 18.000 8.5% 1 7 1 296 1.9% 10 _ . 2 428 2.7% 11 8 Lttle Havaar® 1,343 16,297 8.7% 8 -3 300 1 3% 4 4 969 5.3% 10 9 MlerM Gerdens&Dpa-Locka 566 19.361 10.3% ' 4 3 165 0.9% 12 8 1.787 9.2% 6 ' 10 Miami Sprrlg IDera1 33-5 20.202 10.8% 3 0 14 0.1% 14 3 2.148 10.6% 4 11 Mtd-Beach 43 589 0.3% 16 0 0 0% - 1 173 30_2% 12 12 Nor h Beach 473 7.041 3.5'4 11 121 16 0.2'/i 13 0 0 0% 13 Narlh Miami Beach 751 16,440 9.8% 5 1 367 2.0 4 7 10 2.420 132% 3 14 Outtytng Mrarnl•DadeCo_.. 9 2,099 1.t% 1 t5 4 1,193 56_8% 2 2 1.017 48.5% 9 15 Sawn Beach 36.4 7,207 3.81 10 1 179 2.5% 11 2 151 2.1% 13 `76 Westches1e 1Tamieml 42 2.967 1,6% 12 1 314 10.6% 8 0 0 0% Attachment: 15954 Appraisals (15954 : Purchase of Real Property located at 1851 NW 1st Ct., Miami, FL 33136) JOSEPH J. BLADE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTING Packet Pg. 160 2.4.a 1851 NW 1st Court 23-022-02 MARKET ANALYSIS 5UOMARK ET RENT Asking Rears Mentor Rants leo. Marini Per and Per SF Rank Yr_ Gioath Par theft Pier SP Rank Yr_ Ones* GreurArseeorr Rank 1 .Aventure $2,78.6 $2.63 5 5 MI $2.778 52.62 5 5.7% 0.3% 1 2 Coconut Grove _ VA 14 $3.01 4 0.8% 52.353 $2_93 4 -1.616 2.6% 3 Corsi Gabies $2,868 53.37 2 41993 S2,852 53.33 2 -1.614 1.3% 4 Downtown Mauni 52,931 $324 3 1_0% S2 910 53.22 3 0.9% 0.7% I 5 Hialeah/Miami Lakes $1,959 5227 15 3416 S t 940 52.24 15 2.916 1.1316 1 5 6 HomeateddiSouiti Dade 51.090 $1.07 16 1.0% St 863 8206.16 2.2% , 0.4% _I 14 - _ - 7 Kendall $2292 $2_51 a 2.7% 52 278 $2.49 8 2.7% 0.7% I 8 6 Little Havana $ta la $212 11 2.1% St 894 52.40 11 1.7% 0.8% I 6 - 9 Miami GerdiansiOpa-Looka 51.014 $2.31 13 4.016 SI 904 52.30 13 4.094 0.5% 1 10 likarni Sponge)rloaral $2,473 $2.63 6 9.4% 52.460 62.62 6 0.5% 0.5% [ 13 11 Mid -Beach 51,905 52.39 12 -1.4% St 1394 52.37 12 -1.4% 0.6% I 10 12 North Beach 51.727 $2.44 ID 1.7% S I 718 52.45 9 2.2% 0.5% i 12 13 Nctth &terra Beach $2,070 $2.51 1.4% 52 1.155 $2.50 7 1.3% 0,6% 1 9 14 Outlying Mletni-Dela Co__ $2,580 $228 14 -1.0% S2 550 52.25 14 -2_0% 1.1% [ 4 15 1, South Heath 52.619 53.43 1 0.816 52 BDP 53.41 711 0.8% 0.4% I 15 1, 16 7 Westchestenlarniem 51,858 $2418 9 4.1% S t 822 5213 10 2.2% 2.0% ' 2 SUBMARKET VACANCY & ABSORPTION Sudtirsa rkot Aveerura Vacipty 12 Month Absorption bolds Parini Pm* Mitt otlnv Plonk tan struo. ha 85 2.7% 2 16 1.6% 11 2 Coconut Grove 424 Ceral Gables 655 4 Downtown Miami 1,704 b FllalaahAtlarre Lakes L 461 6 HornesteecPSouti Dade 1 626 7 Kendall 8 Lille vare 9 Miami Gardens/Ope -Locke 10 Morel SpengEuDoral 11 Mid -Beach 12 North Matti 13 North Miami Reach 16.7% 16 215 8.6% 9 2.6 a 591 5.9% 4 0.5 . 5.8% 10 1,433 4.9% i 1 0 8 2216 468 2.2% _ 5 0_1 5.4% 843 7.2% 2 OA 881 5.5% I 269 1.7% 8 1.1 483 _ 3.0% 3 -1 348 2.116 7 0.8 1,145 59% 11 1 001) -1 Dii..• 16 965 AA% 6 146) -0.2% 14 48 8.2% 13 (8) -1 CAA 13 471 el% 12 157) -i 8% 15 865 4.7% 5 364 2.0% 6 1.0 14 Outlying Miami -Dade CO... 15 South Beech 16 kruesichesIevaamienv 514 24.5% 16 , 624 39.3% 3 1.1 259 3.6% 4 --I 156 2216 10 1.1 290 BS% 14 35 1_2% 12 9.8 Attachment: 15954 Appraisals (15954 : Purchase of Real Property located at 1851 NW 1st Ct., Miami, FL 33136) JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AHD CONSULTING Packet Pg. 161 2.4.a 1851 NW lst Court 23-022-02 MARKET ANALYSIS Downtown Miami Multi -Family Submarket Downtown Miami continues to be the target of investor and developer interest, making up over 15% of Miami's annual transaction volume and over 50% of under construction units as of the third quarter of 2023. The submarket has the highest share of apartment inventory in Miami, making up over 15% of the metro's product, and encompasses some of the most iconic neighborhoods including Brickell, Downtown, Edgewater, and Wynwood. The area's proximity to Miami Beach, retail and entertainment amenities and the Miami Airport makes it an attractive location for renters, tourists, and employers alike. Over the past five years over 35% of Miami's renter demand has been concentrated in the submarket, making up over 11,000 units absorbed. A rise in new deliveries has driven vacancies to around 5.8% as of the first quarter of 2024, still these remain below the five-year historical average rate of 8.9%. Elevated demand and tight vacancies have driven significant rent gains in the area, with rents rising over 20% since 2019, but as new deliveries hit the submarket's fundamentals are beginning to soften. Rent has begun to contract by 1.0% annually, down from a high of 1.1% over the last 12 months. Still, submarket rents stand at a more than 25% premium over average market rents, the highest rents in the Miami market, followed by neighboring Coral Gables. Despite significant rental increases in the last few years, renter demand remains positive, though an elevated pipeline of apartments delivering in the next three years will continue to soften vacancies along with rent gains, specifically for 4- & 5-Star properties which make up over 90% of inventory underway. Relocations to the area by major companies such as Kaseya, Citadel, and D1 Capital Partners continue to power an influx of higher income residents. With its proximity to the Brickell, Coconut Grove, and Downtown Miami office markets, Downtown Miami multifamily will continue to be the main beneficiary of these relocations. That said, the near -term impact of the economic slowdown on the information and financial activities sectors will likely slow activity from peak levels seen in the last couple of years. After record deal volume of aver $1.4 billion in 2022, sales activity has slowed, with 2023 volume totaling just over $260 million through the third quarter. Still, activity remains strong relative to pre -pandemic levels, although virtually all activity this year has been driven by two major deals of over $90 million. The largest sale involved the aver 240-unit, 4-Star Wynwood 29 for $135 million or over $544k/unit in October. The 2023- built property was still in lease -up during the sale. The second large trade involved the sale of the over 200- unit, 4-Star Milagro Coral Gables, located at 2263 SW 37th Ave in Coral Gables. Pant7er Properties bought the 4-star property, built in 2013, for over $97 million or over $411,000/unit from Wafra Inc, in May. The property sold at a 20% discount relative to the average annual transaction price of over $480,000/unit for 4- & 5-Star properties t as of the first quarter of 2024. Attachment: 15954 Appraisals (15954 : Purchase of Real Property located at 1851 NW 1st Ct., Miami, FL 33136) JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTING Packet Pg. 162 2.4.a 1851 NW lst Court 23-022-02 MARKET ANALYSIS KEY INDICATORS amnia Oua`r 4S55141 3 51a 1 E.2Mar Wes Vacancy Nei Adekkaii Runt faNclwRae Ra/JaotpPma Ulnae 21.275 5.74E 33,103 53.051 273 2,515 1.94E 32.583 52.575 5,351 4.3% 31.181. 51.175 0 Oelvered uate>s 224 1Y 0 IJnaar Comb' Wert 12,520 29 0 Anneal 'hands temeixamel Average Vacancy Cneruje (YOY1 7,3'4 Abearptlari Linda 1.438 782 De Bred Units 1231 893 Denw{ahed Untts 20 73 Asv.ing Rent Growl {Y0Y'I 1 1% 2.3% Eleet#.te Reni Ghat) (YOY1 .13% 2.354 &slea Volume 526714,1 $168M 12 Month feercaal Away* 9.7% 2.003 2,878 79 Peak Wean 17.74e 2020 42 4 2% 202201 4.348 2021 03 j 131 2007 02 4,797 2015 02 0 2013 01 480 2014 04 0 2021 02 2.796 18.04E 2022 01 •5.614 2009 02 2.7% 20 re'. 2022 01 E i . 2009 02 NA 51.85 2022 03 54M 2009 02 Vaca ncy Slowing immigration and job growth, which are coming off of elevated levels, are resulting in a downtick in demand which began to take hold in the first quarter of 2023. Despite this slowdown, 2023 absorption rate remained positive, totaling over 1,400 units. Still, vacancies are expected to continue to rise as the supply pipeline remains elevated and economic headwinds weigh on household formation. Vacancies have so far increased over two percentage points, from historic lows of 4.2% in the first quarter of 2021 to 5.8% as of the first quarter of 2024. As supply pressures are limited to higher quality properties in lease up, most of the recent and looming vacancy expansion is expected to impact the luxury market segment. With elevated forecast deliveries of over 5,200 units through 2024, unstabilized vacancies are expected to rise by more than 5 percentage points to over 12% through the end of 2024.4- & 5-star product is expected to drive most of the expansion with vacancies rising to over 14% for this segment by the end of 2024. Due to more limited inventory additions, 1-to-3-star product is expected to hold vacancies below 5% through the near -term forecast. Despite having the largest supply pipeline across all Miami submarkets, Downtown Miami remains one of the most attractive areas for renters. The area's evolving restaurant and retail amenities coupled with transit access through the Metro mover and multiple bus routes make it one of the most walkable areas in the Miami metro. Driven by organizations such as the Wynwood Business Improvement District, redevelopment of the submarket's neighborhoods will continue, which bodes well for future renter demand. Attachment: 15954 Appraisals (15954 : Purchase of Real Property located at 1851 NW 1st Ct., Miami, FL 33136) JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTING Packet Pg. 163 2.4.a 1851 NW lst Court 23-022-02 MARKET ANALYSIS ABSORPTION. NET DELIVERIES & VACANCY 5 A a 4 9 2 000 1 800 1 60n 1400 1 200 1000 800 600 400 200 0 -200 $ '! 2018 2019 2020 #' 1 Forecast I { 2021 2022 2023 2024 2025 2026 2021 ■ Abscwolron • Nei Dehvenes ! Vacancy Warm Vacancy 22% 20% 1 ilern 16% 14% 12% 10% 8%b 6% 4% 2% 0' Rental Rates After a year of unsustainable double digit rent hikes, rent growth has slowed to 1.0% as of the first quarter of 2024, the lowest reading since the third quarter of 2020 and well below the 5-year historical average growth of 4.6%. 3 Star and 4- & 5-Star units drove the recent outperformance in rent growth with gains exceeding 1- & 2-Star units, after underperforming from the fourth quarter of 2018 to the first quarter of 2021. However, so far in the second half of 2023 3 Star and 1 and 2 Star rent gains are outperforming once again, now growing at 2.5% for 3 Star and 3.0% for 1 & 2 Star, versus 0.9% growth for 4- & 5-Star properties. Studio rent growth outperformed larger units through 2022, but rent growth has now stalled across size ranges in the first quarter of 2023. Despite a recovery in real wage growth since 2021, the average median income in Miami remains 12% lower than the national average. Recent steep increases in apartment rents, almost doubling the U.S. average in 2022, coupled with an increasingly limited workforce inventory, continue to pose challenges for the majority of apartment renters. Miami's high employment concentration in the leisure and hospitality and trade, transportation, and utilities sectors will continue to drive this widening disparity between incomes and rent levels. Going forward, outsized job gains within the recovering leisure and hospitality segment will further limit rent growth outperformance towards more affordable units. Additionally, concessions have begun to rise as the over 1,100 units delivering in 2023 continue to expand 4- & 5-Star apartment vacancies. A slowing economic environment, specifically for the higher earning finance and technology sectors will further weigh on luxury demand and rental gains. That said, elevated home values and mortgage rates will limit homeownership even for higher income earners, helping the area retain a higher share of renters across all star ratings. Attachment: 15954 Appraisals (15954 : Purchase of Real Property located at 1851 NW 1st Ct., Miami, FL 33136) JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTING Packet Pg. 164 2.4.a 1851 NW lst Court 23-022-02 MARKET ANALYSIS MARKET REJT PER LIFT A RENT ORCPNTN 53,400 S3.200 S3,000 S2,600 S2,600 52,400 52,200 52,000 51,800 .Forecast • r i r 6 3ii% 25% 20% 15% 10% 5% 1 I1flhiii ui .■ -5% • 10% S1.6001 I E ( L L_I' '�, 1 4 ' 1 ' f i I, I 15% 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 • Mae Rent Growth Vf" • Mencet Rent Per Unit ; Ettectwe Rent Pet unit Man., Market Rent Per Unit f Construction Construction starts have totaled over 3,300 units so far in 2023, close to the annual average for starts of over 4,200 over the last 5 years. A pandemic amplified surge in demand has emboldened apartment developers in Downtown Miami over the last two years. 2021 starts of over 3,900 units almost tripled the historical annual average of around 1,500 units since 2010. 2022 starts rose even further, reaching a record of over 11,200 units. The vast majority of starts remain underway, with under construction units totaling 12,649, representing the largest supply pipeline across all Florida submarkets. Supply underway represents over 43.0% of existing inventory with over 90% set to deliver as 4- & 5-Star luxury units. Over 50% of units underway are concentrated in the Wynwood and Brickell neighborhoods which have attracted outsized renter demand over the last few years. Stabilized vacancies for 4- & 5-star assets in these two neighborhoods remain tight below 5%, while properties which delivered since 2020 hold an over 27% vacancy rate largely driven by four recent deliveries which remain in lease -up, 29 WYN, The Dorsey, and Wynd 27 & 28. The largest projects underway in these neighborhoods include Mana Wynwood with over 3,400 units, The River District Apartments with over 1,600 units and 1 Southside Park with over 1,100 units. Above average employment gains are set to drive household formation and income growth over the corning years, resulting in a continued rise in housing demand. Additionally, homeownership has been impacted by higher insurance premiums, rising maintenance costs in older condo properties, and a pandemic induced surge in home values, making renting more attractive. The limited construction of single-family housing across South Florida, coupled with elevated mortgage rates further impact home affordability, helping drive housing demand toward new luxury apartments and garden style rental developments. Attachment: 15954 Appraisals (15954 : Purchase of Real Property located at 1851 NW 1st Ct., Miami, FL 33136) JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTING Packet Pg. 165 2.4.a 1851 NW 1st Court 23-022-02 MARKET ANALYSIS DELIVERIES li DEMOLITIONS 2 500 2,000 1,500 1,000 500 Forecast 2010 2019 2020 2021 2022 2023 2024 2025 2026 2027 i Delivenes • LAemollshee1 • NelDehven+es RECENT DELIVERIES Property MarneAoaress 2 3 4 7 8 9 10 11 12 Wynwtso© Haus 23 NE 17th Ter Metro Edgewater 452 NE 31a1 S1 29WYN 2828 NW 1st Ave Urban 22 2222 NE 2n0 Ave NYND 27 8 211 127NW27thSi 3011 SW 1st Ave Downtown 1st 30SW 1mSt Artern 90 NW 291h St The Boulevard 5700 Bfacayrle Blvd Strata Wynwood 21 NE 22nd St The Dorsey 252-286 NW 29111 St Albs Lime Havana 2100 SW BW St * * * * * * * A • * * * * * * * * * * * * # * * * * * * * * :. * *** hefts stories scan Compete Doha l0p9r.0wrier 2221 2(1 279 32 2413 12 441 15 152 12 8 3 560 57 1a9 282 11 260 11 306 12 224 8 Jun 2021 .Lan 2024 Jun 2021 Dec 2023 Dec 2022 Jun 2023 Jan 2022 Jun 2023 Mar 2021 Mar 2023 i4ar 2022 Jan 2023 Jan 2022 Dec 2022 Sep 2020 Oct 2022 Jan 2020 Aug 2022 Aug 2010 Apr 2022 Apr 2022 Feb 2020 Feb 2022 Dec 2020 Lrndefre Group Feces Design • Build Building Block Realty. LLC Reamed Development LLC Berkanrre Melo Group Mev3 Group Kushner Corms Kusrrner Compames Meso Group Melo Group Lennar Duertesra Multdern?y Laving, LLC 13tn Fkxr Investments Pantzer Proper t One Real Estate tnveslment RockF.t The Regaled Companies Related Development LLC Altman Management Company Altman Management Company Attachment: 15954 Appraisals (15954 : Purchase of Real Property located at 1851 NW 1st Ct., Miami, FL 33136) JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTING Packet Pg. 166 2.4.a 1851 NW 1st Court 23-022-02 MARKET ANALYSIS 1 2 3 4 5 6 7 8 UNDER CONSTRUCTION Property NarndAdd pass he River District Apart... 401 SW 3rd Ave 1 SduthaldePark -Apart.,. l 1106-1 In SW 2n 1 Ave 3000-31350 Biscayne Btvd Atlantic Station 152 NW 8th St NEMA Miami 2900 Biscayne Blvd Miami World Tower 700 NE 1st Ave Paramount Miami World.., 1001 NE 1st St 1635 NE Miami Ct The Wynwood Plaza l5 NW 241h St UNDER CONSTRUCTION Rating * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * Lane Semitic 1,600 SJ NOY 2022 Nov 2024 1,175 64 Got 2021 Apr 2024 843 10 Jan 2024 Jan 2026 616 36 Jan 2023 Apr 2025 39 May 2022 Jui 2024 575 53 Mar 2022 Apr 2024 558 59 Dec 202S Dec 2025 550 20 Jul 2022 Jul 2024 SOD 12 Mar 2023 Apr 2025 588 Sean Cp npkh nevelopon Owner The Crelnt Group The Cr etnt Group JDS Development Group JOS Development Group Crescent lieiahts Crescent Heights At: attic I Pa©fic Management City o1 Maim Crescent Heights Crescent Heights Laiezaran Properties Laiezanan Properties Fitted Companies Meld Companies J. Milton & Associates J. Milton & Associates L&L Holding Company, LLC L&L Holding Company, LLC Proparty Marne/Address 10 11 12 The Gallery at West Bric... 201 SW 1D1,11 St Nexus Riverside 230 SW 3rd S1 Madera Rrverslde 230 Third St 13 2000 Biscayne Blvd 2000 Biscayne Blvd Seventh Street Apartme... 697 N Miami Ave 14 1S 16 17 18 14 Cabo Miami Warldcente_.. 598 NE 151 Ave Man Tower- Condos 555 N Marro Ave Residence 23 22111 NE 2nd Si NoMact Residences 2100 NW 2nd Ave Society Wynwood 176NW25thSt M 20 d MA Wynwoo 70 NW 25th S1 Aiding * * * * * * * * * * * * * * * * * * * * * Unto 465 462 425 420 Stones Start 29 Sep 202 2 36 Aug 2022 36 Jan 2021 36 Dec 2021 Mar 2022 Jan 2023 Sep 2022 Mar 2023 Sep 2023 Complete berreleporterrar May 2025 Oct 2024 Aug 2024 Mar 2024 Nov 2025 Jun 2024 Sep 2025 Jul 2024 Jut 2025 318 5 Dec 2021 Mar 2024 31S 8 Jim 2021 Mar 2024 Related Development LLC Related Development LLC Allier Properties kISI Creek Residential Mr! Creek Residential Trust LLC AteY Creak Res+dental Kushner Comparres Kushner Comparvee Falcone Group Fatczine Group Okan Group Okan Group Treogy Real Estate Group Tricap Related Development LLC PMG NVC LLC PMG A1NLI Residential AMLI Management Company Attachment: 15954 Appraisals (15954 : Purchase of Real Property located at 1851 NW 1st Ct., Miami, FL 33136) JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AHD CONSULTING Packet Pg. 167 2.4.a 1851 NW 1st Court 23-022-02 MARKET ANALYSIS 1 2 3 4 5 PROPOSED Proprty MamrOAddrvss limits Mena Wynwoad. Reside. 550 NW 24th St the Eastrldge .MF 5045 NE 2nd Ave 700 N Miami Awe Casa Forma 1370 NE 2nd Ave 1900 Biscayne Blvd 31 NW tOtn St 7 midtown 7 3001 NE 1atAve 180 SW 9th St Vizcaya Place 3206 SW 151 Ave 10 650 S Miami Ave PROPOSED * **** 3,487 10 ****A * * * * ***?ff * * * * w, * ***A * * * * ***A * 3,360 2,346 1441 872 650 3g1 32F 300 25 54 54 42 30 31 43 10 82 Shots Sled Canprr dwrainlopielMA r Moshe Maria GRM Spar Ready Lc Spw Realty Le Wolkoff W dko1l Crescent Heights Uescern deigns Atlas Bowery LLC Kus.rnet Convparues LYN6 Magelan Deve1oprnent Group, Ltd AML6 Management Company WeatPcte Partners WestPlne Partners Feb 2024 Apt 2025 Mar 2024 Mar 2026 Mar 2024 Mar 2026 May 2024 Sep 2025 Mar 2024 Mar 2025 Jun 2024 Dec 2025 Fab 2024 Jan 2026 Feb 2024 Aug 2025 Apr 2024 Oct 2025 Mar 2024 Jan 2025 Terra Group Swtite Properties Isamu Hyundai Trading Property l ores cidrlas 11 Wyn wood Urby 26 NE 27th St 12 27022 5 Federal Hwy 13 Residence 27 2728 NE 2nd Ave t4 510 NE 34th St 15 16 17 Wynwo d 18 NW 23rd St Edgewood 22 2140 NE 2nd Ave 43 NE 53rd St 18 Evolve Wynwaod 536 NW 3Sth St 19 1715 SW 37th Ave 20 View 29 2901 NW ****T * * * * * * It *- * * * * 1F * ***A traits Storms 54art Comic a O rely ietClOmar 289 8 Mar 2024 Oct 2025 11rhy Limy 266 8 May 2024 May 2025 Tne Rachman Group orCompanies 247 Feb 2024 204 43 Feb 2024 178 12 Mar 2024 160 18 Mar 2024 147 - Dee 2024 141 8 120 8 Apr 2024 116 12 Mar 2026 Feb 202E Mar 2026 Apr 2025 Aug 2025 Jul 2024 Dec 2024 Dec 2025 Mar 2024 Dec 2024 Trnogy Real Estate Group Apartment investment and Mena. . Apartment investment and Maria. A1ctmy ABR Investment Partners Alchemy AiIR Investment Partners Heritage Equity Partners I-typenan Development Group Inc. Hyperon Development Group Inc. Evove Companies Evolve Companies BAM Property Managerr.ent BAM Property Management Nev Urban Development Sales Activity has begun to increase, with volume totaling just over $136.8 million through the fourth quarter of 2023, with two major trades driving activity. Since 2020, strong tenant demand resulting in significant rent gains has attracted outsized investor interest in Downton Miami. Double digit pricing growth in 2021 and again in 2022 has underscored investor appetite for multifamily in the area, though rising interest rates resulting in cap rate uncertainty are now slowing pricing gains and transaction activity. Sales activity has slowed in the last 12 months, with 22 property trades totaling $267 million in investment volume, this is down from a record of over 56 trades totaling over $1.7 billion achieved from the fourth quarter of 2021 through the third quarter of 2022. Attachment: 15954 Appraisals (15954 : Purchase of Real Property located at 1851 NW 1st Ct., Miami, FL 33136) JOSEPH J. BLAKE AND ASSOCIATES, 1NC. REAL ESTATE VALUATION AND CONSULTING Packet Pg. 168 2.4.a 1851 NW lst Court 23-022-02 MARKET ANALYSIS Downtown Miami multifamily now trades at a premium, 30% higher than the Miami market average as of the third quarter of 2023, up from a premium of around 20% before 2020. Since 2020 median pricing growth in Downtown Miami has outperformed the broader Miami market, growing by around 137% versus 82% respectively. The average annual transaction price per unit has grown to around $410,000/unit today. Headwinds to occupancy, resulting in a normalization in rent gains over the last few months, should slow pricing appreciation over the coming quarters. Virtually all activity so far this year has been driven by two major deals. The largest involving the sale of the over 240-unit, 4-Star Wynwood 29 for $135 million or over $544k/unit in October. The 2023-built property, developed by the Related Group, was still in lease -up and was 68% vacant at sale. Ajoint venture between Berkshire and Bayshore Global Management acquired the property which includes studio, one-, two- and three -bedroom units which rent for $3,200/unit on average. The buyers secured a $79.5 million loan for the purchase by assuming an existing $69 million loan and increasing it by $10.5 million. A deed restriction states that the property cannot be converted into condominium. The second largest sale involves the sale of the over 200-unit Milagro Coral Gables, located at 2263 SW 37th Ave in Coral Gables. Pantzer properties bought the 4-star property, built in 2013, for over $97 million or over $411,000/unit from Wafra Inc in May. The property sold at a more than 10% discount relative to the average market price of over $450,000/unit for 4- & 5-Star properties as of the second quarter of 2023, but still 25% higher than the purchase price Wafra Inc secured back in 2017. As the property is farther inland when compared to recent sales in the market, it is unsurprising that it traded at a relative discount. Downtown Miami has been the central target of investor demand, making up over 20% of transaction volume since 2020. The largest deal in the last few years includes Boca Raton -based developer Mill Creek Residential selling the recently built 296-unit Watermarc at Biscayne to Denver -based AIR Communities for $211 million or over $712,000/unit in June 2022. The property was over 97% leased at the time of sale. Another major sale involves the Miro Brickell, a 372-unit multifamily property, sold for over $184 million, or approximately $496,000/unit. The property delivered in 2017 and was 93% occupied at the time of sale in July 2022. More recently, in November 2022 Pantzer Properties purchased The Boulevard, a 282-unit complex built in 2022, for over $620,000/unit. Both downtown Miami and Mid -Beach continue to see the highest pricing across the metro, with the latter submarket enjoying a slight premium due to its extended beachfront access. Going forward, tight financial conditions will continue to result in slower transaction activity relative to the boom in 2021 and 2022. Additionally, pricing growth will remain muted as softening fundamentals and higher cap rates continue to impact property values. Attachment: 15954 Appraisals (15954 : Purchase of Real Property located at 1851 NW 1st Ct., Miami, FL 33136) JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTING Packet Pg. 169 2.4.a 1851 NW Tat Court 23-022-02 MARKET ANALYSIS SALES VOLUME & MARKET SALE PRICE PER UNIT Unrfter Sate A+,'r,,Une $480,000 $460 000 $440,000 $420,000 $400.000 $380.000 $ 360, 000 $340,000 $320,000 $300.000 $280, 000 $260,000111 2010 2019 202 MARXET CAP RATE Forecast $1 100 51,000 $900 5800 $700 3600 $500 $400 $300 $200 $100 �I ' 11 $o 2021 2022 2023 2024 2025 2026 2021' M Saws Volume • 0c, n own Miami PnecvUniT 5.8% 5.6% 5.4% 5 2% 5.0% 4 8% 4 6% 4.4% 4.2% 4 0% 3 8% 36% 1- � 1 1 4-,, 1 2018 2019 2020 1 1 .1 1 2021 2022 ' 11 2023 2024 1 i--f 1 1_1 4 1 i 2025 2026 2027 M Downtown Miami 3 S;i • Boomtown Muni 4-9 5tut •f]q•irntcmn khan Miami 1 Conclusion The subject is an existing 3-star property located in the Downtown Miami Multi -family submarket. Properties of that class, and in that submarket, have an overall vacancy of 5.8% which is slightly more than the overall market rate of 5.2%. Average asking rental rates are down, most likely in response to the previous periods' high levels of rent growth. Downtown Maimi ranks first in growth projection over the next few years, contributing to over 12,500 units to the Miami -Dade County Market. Rent growth is projected to slow significantly and may even decline over the next year. Cap rates have increased based on conservative projections and increase in the cost of financing, interest rates. Attachment: 15954 Appraisals (15954 : Purchase of Real Property located at 1851 NW 1st Ct., Miami, FL 33136) JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTING Packet Pg. 170 2.4.a 1851 NW 1st Court 23-022-02 MARKET ANALYSIS Although we have provided market rents for the subject, the subject's contract rents are regulated by the Omni CRA. For the two 2-bedroom units, the rental rate must be at or below the rental rates established for households at or below 80% of the area median income ($1,858), as determined by the U.S Departments of Housing and Urban development (HUD). For the two 1-bedroom units, the rental rate must be at or below the rental rates established for households at or below 50% of the area median income ($1,161). For the two studios/efficiencies, the rental rate must be at or below the rental rate established for households at or below 40% of the area median income ($723). The unit rents may be adjusted annually based on the HUD tables. t1UD misses!. 571172a23 ERscilve: 1,152023 u.al t me-Arrnrd o21S+at1» 2023 Income Us1 o and Rent Llrntts F lorl0a Hau6lny Finance Corpoauan 411ultrhntlty Rental Programs and CWW111P Homeownersnlp Program MO ME. Doer not Frain to CDSGOR. 1*4RP. HUaME &HIM or SHIP [matey 1 Metro) Pacmv¢ Cdeyn,l Income Limit by Number al Person%1n lioinehold Rent LeM by %umile of amman= In Unit t 2 3 4 5 6 1 a 1 10 6 1 2 3 4 S Illmo -Dam fATIIIy 20% 14,461 15,1220 11,510 20.146 22,300 11960 25100 27250 tic In 30,541 361 317 461 530 519 607 144arr1-Mare 13aarr- 1.6.075 22.i50 23,225 a ale 27,875 5.551] 32 Ork 21075 36.122 36.164 55, 634 533 5717 746 325 Kans11 H1AF04 765E 20241 23,121 26,012 21.516 31,721 33.544 35.210 31,104 40.454 42,751 506 542 550 151 431 125 3B".4 21.F90 24.700 27 679 30 9CA 23,45➢ 15,940 39.409 49.094 43.344 45:021 541 562 595 835 695 931 33% 13,17 27,250 MAD 31.121 31,195 32.536 42.240 411021 47.671 50401 356 631 760 45! 118 1,1190 70' 25305 26,910 32515 36120 391725 41.930 41800 47 765 56.561 53.452 832 677 612 941 1.048 R 156 402 21.120 33,010 31,150 41,210 44,520 47,929 51,210 51220 57.112 61,514 727 774 929 1171 1,1511 1,321 551i. 32:535 37.17ti 411,45 45 4411 5111.78 539111 57 62c, 51.335 5.5,175 €5731 613 971 1.345 1 297 1.347 t 456 50k 32,150 411301 46,450 51.606 15,151 06,101 041000 11,150 12,240 72.361 103 011 1,111 12341 1,167 1.651 61131 43390 417.510 55,749 61,4251 06.40,1 71 +351:1 79.899 31700 64158E 91,142 1,204 1161 1,393 1.611 1 191 1,352 700. 51.111 57,820 05.030 72,246 10250 13,600 19101 151110 111,136 106,215 1,265 1.355 1,125 1.171 1016 2.112 4.1som 04.760 A01N 57E40 65,000 74,320 82„560 89.200 05 i411 102.03 109 840 115, 6* r:2.183 1.449 1 549 1,050 2,147 2 M6 2,643 1211E 14,113 11,120 111.410 121,144 133,100 141.756 151,600 113,310 573,374 113,213 2,111 2.323 2.717 3,221 3.514 3,164 1457 16112, 115E400 13909.9 14143(' i ' SS, 'DO 1577,1 173290 :11JE1.G :92_2P2 213.033 2.520 2_710 3.251 i.757 4.192 41325 Attachment: 15954 Appraisals (15954 : Purchase of Real Property located at 1851 NW 1st Ct., Miami, FL 33136) JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTING Packet Pg. 171 2.4.a 1851 NW 1st Court 23-022-02 DESCRIPTION OF THE SITE Parcel ID/Tax ID 01-3125-048-0650 Gross Land Area (Acres) 0.17 Site Summary Gross Land Area (5F) 7,500 Zoning Code T3-0 Selected Density 18 du/acre SITE DETAILS ADDRESS 1851 NW lst Court, Miami, Miami -Dade County, FL 33136 PARCEL NUMBER 01-3125-048-0650 LEGAL DESCRIPTION WADDELLS ADD TO MIAMI PB B-53 S1/2 LOT 3 & N1/2 LOT 6 BLK 23 LOT SIZE 60.000 X 125 OR 14757-1483 0890 4 COC 23470-4349 09 2003 1 LOCATION The subject is located on the east side of NW 1st Court, south of NW 19th Street. The property is located in the City of Miami. LOCATION TYPE Suburban MAP LATITUDE/LONGITUDE 25.793706/-80.1974663 CENSUS TRACT 12-086-0031.00 SIZE 7,500 SF or 0.17 acres USABLE LAND 7,500 SF or 0.17 acres ZONING The parcel is zoned "T3-0," under the jurisdiction of the City Of Miami. PRIMARY FRONTAGE STREET NW 1st Ct. PRIMARY FRONTAGE STREET LENGTH 60 ft. PRIMARY FRONTAGE COMMENTS The subject's site primary frontage is along NW lst Court. Nw 1st Ct. is a north -south thoroughfare. ADJACENT PROPERTIES - NORTH Multifamily development ADJACENT PROPERTIES - SOUTH Multifamily development ADJACENT PROPERTIES - WEST Elementary School ADJACENT PROPERTIES - EAST Multifamily development AVERAGE DEPTH 125 VIEW Street ACCESS Primary access to the property is via NW lst Ct., from NW 19th Street from the north and NW 18th Street from the south. 1-95, a 6-lane thoroughfare located near the subject, allows access to most parts of Miami -Dade County from the northeast to southeast direction. INGRESS/EGRESS There is one points of ingress/egress onto the property from NW 1st Court. SITE VISIBILITY Average STREET LIGHTING Yes STREET CONDITION Paved with asphalt SIDEWALKS Yes CURBS AND GUTTERS Yes LANDSCAPING The subject's landscaping is typical for the area. TOPOGRAPHY The subject's topography is level and at street grade. SHAPE The subject site is rectangular. REQUIRED SITE WORK None Noted. SOIL CONDITIONS AND DRAINAGE The soil conditions observed at the subject appear to be typical of the region and adequate to support development. Attachment: 15954 Appraisals (15954 : Purchase of Real Property located at 1851 NW 1st Ct., Miami, FL 33136) JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTING Packet Pg. 172 2.4.a 1851 NW lst Court 23-022-02 DESCRIPTION OF THE SITE FLOOD ZONE FLOOD ZONE DEFINITION ENCUMBRANCES AND EASEMENTS ENVIRONMENTAL HAZARDS WETLANDS AND WATERSHEDS ADEQUACY OF UTILITIES PUBLIC ELECTRICITY WATER SUPPLY TYPE SEWER TYPE UNDERGROUND UTILITIES POLICE AND FIRE PROTECTION SITE IMPROVEMENTS CONCLUSION The site lies within Zone X (unshaded). This information was obtained from the National Flood Insurance Rate Map Number 12086C0312L dated September 11, 2009. Area of minimal flood hazard, usually depicted on FIRMs as above the 500-year flood level. In communities that participate in the NFIP, flood insurance is available to all property owners and renters in this zone. There are no known adverse encumbrances or easements. Please reference Limiting Conditions and Assumptions. There are no known adverse environmental conditions on the subject's site. Please reference Limiting Conditions and Assumptions. No wetlands were observed during our site inspection. Public utilities are available to the site. FPL Miami -Dade County Water and Sewer Miami -Dade County Water and Sewer Yes City of Miami The site is improved with a two-story apartment property with a surrounding fence. The subject site is considered well -suited to functionally support its current use. Attachment: 15954 Appraisals (15954 : Purchase of Real Property located at 1851 NW 1st Ct., Miami, FL 33136) JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTING Packet Pg. 173 2.4.a 1851 NW 1st Court 23-022-02 DESCRIPTION OF THE SITE AERIAL PHOTOGRAPH Attachment: 15954 Appraisals (15954 : Purchase of Real Property located at 1851 NW 1st Ct., Miami, FL 33136) JOSEPH J. BLAME AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTING Packet Pg. 174 2.4.a 1851 NW 1st Court 23-022-02 DESCRIPTION OF THE IMPROVEMENTS Building Name/ID 1851 NW 1st Court Unit Type Studio 1 BD/1 BA 2 BD/1 BA Total/Wtd. Avg. Condition Average Building Summary Number of Floors/Stories 2 Net Rentable Area 2,568 Unit Mix -1851 NW 1st Court No. of Units 2 2 2 6 DESCRIPTION MARSHALL VALUATION SERVICE CLASS MARSHALL VALUATION SERVICE QUALITY BUILDING CLASS CONDITION YEAR BUILT RENOVATIONS EFFECTIVE AGE TOTAL ECONOMIC LIFE REMAINING ECONOMIC LIFE CONSTRUCTION TYPE CURRENT OCCUPANCY LAND TO BUILDING RATIO FLOOR AREA RATIO (FAR) PARKING TYPE CONDITION OF PARKING LOT TENANT TYPE DEFERRED MAINTENANCE DESIGN AND FUNCTIONAL UTILITY NUMBER OF BUILDINGS Size (SF) 288 436 560 428 Current Occupancy 0.00©% Avg Unit Size Total N RA (SF) 288 576 436 872 560 1,120 428 2,568 Number of Units 6 % of Total 22.43% 33.96% 43.61% 100.00% GENERAL DETAILS Briefly described, the subject consists of an average quality two- story apartment property in good condition, containing 6 rental apartments totaling approximately 2,568 SF of net rentable area, constructed in 1954. The average unit size is approximately 428 SF, The property is currently vacant. The property was recently renovated by the owner and is subject to a rent regulatory agreement with the Omni Redevelopment District Community Redevelopment Agency which provided financing for the renovations. The subject's site consists of approximately 7,500 SF or approximately .17 acres of land, with a surrounding fence. The site is rectangular and is level and at street grade. The unit amenities include central air-conditioning units and standard kitchen appliances. C Average C Average 1954 2020 10 Years 55 Years 45 Years Concrete Block with Stucco 0% 2.92 0.34 Street Average Multi -Tenant From an inspection of the property, no visible items ❑f deferred maintenance were noted. The overall layout of the improvements on the parcel is considered to be average. 1 Attachment: 15954 Appraisals (15954 : Purchase of Real Property located at 1851 NW 1st Ct., Miami, FL 33136) JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTING Packet Pg. 175 2.4.a 1851 NW 1st Court 23-022-02 DESCRIPTION OF THE IMPROVEMENTS BUILDING 1 DETAILS BUILDING NAME 1851 NW 1st Court BUILDING DESCRIPTION Multiple Residences BUILDING CLASS C DWELLING TYPE Two-story, exterior hallway apartment CONDITION Average YEAR BUILT 1954 RENOVATIONS 2020 EFFECTIVE AGE 10 Years TOTAL ECONOMIC LIFE 55 Years REMAINING ECONOMIC LIFE 45 Years GROSS BUILDING AREA 2,568 SF NET RENTABLE AREA 2,568 SF NUMBER ❑F UNITS 6 LAND TO BUILDING RATIO 2.92 FLOOR AREA RATIO (FAR) 0.34 BUILDING EFFICIENCY RATIO 100.0% CURRENT OCCUPANCY 0% NET LEASE❑ No TENANT TYPE Multi -Tenant APPEAL AND APPEARANCE Average DESIGN AN❑ FUNCTIONAL UTILITY The overall layout of the improvements on the parcel is considered to be average. BUILDING AMENITIES Surrounding fence. UNIT AMENITIES Central air-conditioning, standard kitchen appliances.. DEFERRED MAINTENANCE From an inspection of the property, no visible items of deferred maintenance were noted. PLANNED CAPITAL IMPROVEMENTS None Noted. CONSTRUCTION DETAILS MARSHALL VALUATION SERVICE C CLASS MARSHALL VALUATION SERVICE Average QUALITY CONSTRUCTION TYPE Concrete Block with Stucco NUMBER ❑F STORIES 2 FOUNDATION Poured concrete slab FRAME Masonry Frame EXTERIOR WALLS/FINISH Concrete Block WINDOWS Aluminum -framed plate glass ROOF TYPE Flat ROOF COVER Rubber Membrane or Built-up Materials FLOOR PLAN LAYOUT Average FLOOR COVERING Tile or Wood Plank INTERIOR WALLS Painted drywall CEILING COVER Drywall INTERIOR LIGHTING LED Fixtures Attachment: 15954 Appraisals (15954 : Purchase of Real Property located at 1851 NW 1st Ct., Miami, FL 33136) JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTING Packet Pg. 176 2.4.a 1851 NW 1st Court 23-022-02 DESCRIPTION OF THE IMPROVEMENTS RESTROOMS HVAC UTILITIES HOT WATER ELECTRICAL PLUMBING FIRE SPRINKLER NUMBER OF ELEVATORS ELEVATOR DESCRIPTION NUMBER OF ESCALATORS ENTRANCES AND EXITS The restroorns have tiled floors, tiled or painted walls and contain fixtures that are average quality. Package Units All Available Water Heaters in Units Currently the contractor is waiting to install recently received equipment that will allow the final certificate of occupancy. Assumed to be in compliance with prevailing code requirements. N/A None N/A None There are single entrances into the units via an exterior covered walkway. There are two set of stairs allowing access to the second floor of the building. PARKING DETAILS PARKING TYPE Street CONDITION OF PARKING LOT Average Attachment: 15954 Appraisals (15954 : Purchase of Real Property located at 1851 NW 1st Ct., Miami, FL 33136) JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTING Packet Pg. 177 2.4.a 1851 NW ist Court 23-022-02 ZONING The subject is zoned ''T3-O," Multi -Family, Low -Density , under the jurisdiction of the City Of Miami. The subject property's zoning density allows for a maximum of 18 developed units per acre. The density of the subject passes the allowed density, however is grandfathered in. Due to zoning regulations, the subject has a legal, but non -conforming use. ZONING CODE ZONING DESCRIPTION PERMITTED USES ZONED DENSITY MAXIMUM LOT COVERAGE MINIMUM LOT AREA MINIMUM FRONTAGE LANDSCAPE OPEN SPACE SET BACK DISTANCE SIDE YARD DISTANCE INTERIOR SIDE REAR BUILDING HEIGHT BUILDING NUMBER OF STORIES PARKING COMMENTS CURRENT USE CURRENT USE LEGALLY CONFORMING? PERMITTED DENSITY ZONING CHANGE MADE/REQUESTED? PARCEL ZONING COMMENTS ZONE DETAILS T3-❑ Multi -Family, Low -Density Single Family Residence, Community Residence, Two -Family Residence, Home Office. 18 du/acre 50% first floor, 30% second floor 5,000 square feet 50 ft. 25% 20 ft. 5 ft. 0 ft. 20 ft. 25 ft. 2 stories 2 spaces per unit The subject property's zoning density allows for a maximum of 18 developed units per acre. The density of the subject exceeds the allowed density, however is grandfathered in due to the age of the property. The subject is considered a legal but non- conforming use as it pertains to residential density. PARCEL DETAILS Multifamily development Is a legal and non -conforming use of the site. 18 du/acre No The subject property's zoning density allows for a maximum of 18 developed units per acre. The density of the subject passes the allowed density, however is grandfathered in. Due to zoning regulations, the subject has a legal, but non -conforming use. Based on a review of the subject in relation to the T3-O zoning district, it appears the subject is a legal and non -conforming use of the site. However, we are not experts in determining if a property is fully in compliance with all aspects of the zoning code. We suggest interested parties obtain a letter of zoning compliance from the City Of Miami to determine if the subject is zoning compliant. Attachment: 15954 Appraisals (15954 : Purchase of Real Property located at 1851 NW 1st Ct., Miami, FL 33136) JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATIIIN AND CONSULTING Packet Pg. 178 2.4.a 1851 NW lst Court 23-022-02 TAXES The subject is assessed by the Miami -Dade County property appraiser's office, and is taxed by the City Of Miami. According to public records, it appears there is an unpaid tax liability in the amount of $9,646.36. The real estate taxes for 2023 have not yet been paid. Assessments in the county are done by the any Florida County Property Appraiser's offices. The tax bills are sent in October, and paid by March of the following year. A 4% discount is given to bills paid in November, 3% to those paid in December, 2% if paid in January, and 1% if paid in February. Taxes paid after March are considered delinquent. Since assessments are completed annually, trends in assessed values have generally been increasing, as property values have increased. School taxes are based on "market value." Non -school taxes are based on "assessed value." These values may be equal or may be different amounts, depending on the property. The "market value" used to calculate school taxes can be increased with no cap, and is intended to be synonymous with the property's actual market value if it were to sell in the open market. The "assessed value" used to calculate non -school taxes can be adjusted upward, but has a maximum cap. According to Florida law: "Constitutional Amendment 1, approved by voters on January 29, 2008, was a provision to limit increases in the annual assessment of Non -Homestead properties to ten percent (10%). The base - year for implementing this change was 2008 and assessments were capped beginning in 2009. • There is no application for the Non Homestead Cap as it applies automatically. • Changes in ownership and use resets the Non Homestead Cap base year following the change. For example, filing a homestead exemption application removes the Non Homestead Cap. • The Non -Homestead Cap limits increases in the assessed value to 10%, excluding School Board assessments." Therefore, in times of increasing values, the "assessed value" (used to calculate non -school taxes) can fall below the "market value" (used to calculate school taxes). The "market value" is multiplied by the millage rate(s) associated with the school district. The "assessed value" is multiplied by the millage rate associated with any non -school taxes. The two amounts are added together to arrive at the total ad valorem taxes. Any non -ad valorem taxes are then added to that amount to arrive at the total tax liability. According to Florida law, if a property sells, then the "assessed value" will increase to the "market value." As we will demonstrate, the "market value" for tax purposes often falls below the actual sales price, and is not to be equated with our concluded opinion of market value. Attachment: 15954 Appraisals (15954 : Purchase of Real Property located at 1851 NW 1st Ct., Miami, FL 33136) JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTING Packet Pg. 179 1851 NW lst Court 23-022-02 TAXES 2.4.a The following table summarizes the subject's assessment and taxes: Parcel ID Assessment Year Tax Authority Land Value Tax Authority Improvements Value Tax Authority Other Value Total Market Value Total Assessed Value School Board Millage Rate Non -School Millage Rate School Board Millage Rate Taxes Non -School Mill age Rate Taxes Total Tax Rate Tax Rate Per Taxes Special Assessments Taxes with Special Assessments Early Payment Discount Percentage Total Taxes 1851 NW 1st Court 01-3125-048-0650 2023 $487,800 $319,066 $0 $806,866 $306,059 6.699000 13.857400 $5,405 $4,241 20.556400 $1,000.00 $9,646 $0 $ 9,646 4% $9,261 To estimate the subject's assessment and taxes, we have analyzed other properties in Miami -Dade County. The tax comparables are outlined in the following table: Address Display Name Tax ParCFI ID Dale Price As %Pss men( Year Ty(aI Assessment Assessment Pert era Assess rnent Year Prior Total Assessment Prior Prior Assessment Percentage Value Change 1037 NW 3rd Ave. 1837 NW 3rd Ave. 01-3136-029-0280 10/11/2023 51,891,400 2023 51,640.000 8G.71% 2022 5810,000 42.83% 102.47% 1720 NW 1st. PI 1720 NW 1st PI 01-3125-048-0950 07/21/2022 $1.500,000 2023 $1,090,000 72.67% 2022 5700,000 46-67% 55.71% 1710 NW 1st Ct. 1801-1805 NW Ind Ct 1710 NW 1s t Ct. 1801-1805 NW 2nd Ct 01.3125-048-1050 01 .313G-029-0080 07/15/2022 03/18/2022 $3,500.000 53.800,000 2023 2023 $2.580,000 $2.975,000 73.14% 85.00% 2022 2022 51,410,000 $2,090,000 40.29% 59.71% 81.56% 42.34% Average $2,597,850 $2,058,250 79.38% 51,252,500 47.37% 70.52% Assessed value on properties with homestead exemption is the base year market value, adjusted for annual percentage factor (3% or Consumer Price Index (CPI), whichever is less), plus new construction. • Assessed value cannot exceed market value. • On properties that do not have homestead exemption, assessed value and market value are synonymous. Florida law requires that the Property Appraiser assess all properties at market value as ofJanuary 1, of every year. To accomplish this task, sales from the prior years are used in valuing properties. For example, January 1, 2015 property assessments are based on sales activity from 2014. In arriving at just valuation as required under section 4, Art. VII of the State Constitution, the property appraiser shall take into consideration eight criteria. The eight criteria states as follows: Attachment: 15954 Appraisals (15954 : Purchase of Real Property located at 1851 NW 1st Ct., Miami, FL 33136) JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTING Packet Pg. 180 2.4.a 1851 NW 1st Court 23-022-02 TAXES "The net proceeds of the sale of the property, as received by the seller, after deduction of all of the usual and reasonable fees and costs of the sale, including the costs and expenses of financing, and allowance for unconventional or atypical terms of financing arrangements. When the net proceeds of the sale of any property are utilized, directly or indirectly, in the determination of just valuation of realty of the sold parcel or any other parcel under the provisions of this section, the property appraiser, for the purposes of such determination, shall exclude any portion of such net proceeds attributable to payments for household furnishings or other items of personal property." As previously noted, within the State of Florida, assessments are supposed to approximate 100% of market value; however, in many instances, upon a sale of a property the assessed values equate to only 75% to 95% of market value. We therefore discussed the topic of assessments with the Miami -Dade County Property Appraiser's office. They concurred that an assessment will typically fall at less than 100% of a property's market value when values are rising, but could not comment on a specific percent of value. In times when property values are falling, the actual assessed value will likely be at or close to 100% of the market value. Based on our experience in various counties in Florida and in particular Miami -Dade County, and considering the tax comparables presented, we estimate that upon reassessment, the subject's assessment would equate to approximately 75% to 95% of market value assuming a sale of the property. We estimate the assessment would equate to SO% of the market value concluded to in the Sales Comparison Approach. The subject's projected taxes are shown in the following table. Since our opinion of value is predicated on the assumption that the subject would sell (based on the definition of market value presented in the Introduction), we also estimate the subject would be reassessed and the school taxes and non -school taxes would be based on the new "market value," which would also equal the new "assessed value." Since "market value" equals "assessed value" after a sale, the combined millage rates (school tax millage and non -school tax millage) are multiplied by the new market value to arrive at the projected new taxes. Any non -ad valorem taxes are added to arrive at the total tax liability. Parcel ID Projected Taxable Total Assessment Percent Assessment Projected Total Assessment Projected Mill age Rate Tax Rate Per Projected Taxes Projected Special Assessments Projected Total Taxes Early Payment Discount Percentage Projected Total Taxes with Discount Projected Taxes Rounded 1851 NW lst Court 01-3125-048-0650 $1,140,000 80% $ 912,000 20.556400 $1,000 $18,747 so $18,747 4% $17,998 $18,000 The projected taxes are used in the Income Capitalization Approach. Attachment: 15954 Appraisals (15954 : Purchase of Real Property located at 1851 NW 1st Ct., Miami, FL 33136) JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTING Packet Pg. 181 2.4.a 1851 NW lst Court 23-022-02 HIGHEST AND BEST USE In determining the highest and best use of the property, consideration was given to the economic, legal, and social factors that motivate investors to develop, own, buy and sell, manage, and lease real estate. In forming an opinion of the highest and best use of a vacant parcel of land, there are essentially four stages of analysis: • Physically Possible Use: What uses of the site in question are physically possible? • Legally Permissible Use: What uses are permitted by zoning and deed restrictions on the site in question? • Financially Feasible Use: Which possible and permissible uses will produce a gross return to the owner of the site? • Maximally Productive: Among the feasible uses, which will produce the highest return or highest present worth of the site in question? The following tests must be met in estimating the highest and best use of a vacant parcel: the potential use must be physically possible and legally permissible, there must be a profitable demand for such a use, and it must return to the land the highest net return for the longest period of time. These tests have been applied to the subject's site and are discussed as follows: PHYSICALLY POSSIBLE The site is on NW 1st Ct., in Miami, FL. The underlying site consists of 7,500 SF or 0.17 acres. The subject's topography is level and at street grade. As noted in the Assumptions and Limiting Conditions, we know of no environmental or engineering study that has been conducted on the site to determine subsoil conditions. Upon analysis of all physical aspects, space, size, shape, terrain, location and others the most supportable highest and best uses of the site, as it relates to physical properties, are multifamily development. LEGALLY PERMISSIBLE The subject's site is zoned "T3-O," Multi -Family, Low -Density, under the jurisdiction of the City Of Miami, FL. Reference is made to the Zoning section of this report. Permitted uses include Single Family Residence, Community Residence, Two -Family Residence, Home Office.. Upon analysis of the permitted uses, the most supportable highest and best uses of the site, as it relates to what is legally permissible, are multifamily development. FINANCIALLY FEASIBLE Analysis for financially feasible uses for the site, as if vacant, involves consideration of several criteria. Unlike the physically possible and legally permissible aspects of the highest and best use analysis, many external economic factors serve to prove or disprove financial feasibility. The cost of acquisition, sources of capital, forecast of potential revenue/expenses, reversionary price forecast, property tax implications and measures of risk and yield are all determinant to this analysis. The above financial measures serve to eliminate the uses that would not provide a reasonable return to the land based on an investor's expectations. The cost of land and its development limits the highest and best use of the site, generally to only those uses that are financially feasible. We conclude that financially feasible uses of the site that are physically possible and legally permissible are to maximize the utility of the site in relation to the zoning. Attachment: 15954 Appraisals (15954 : Purchase of Real Property located at 1851 NW 1st Ct., Miami, FL 33136) JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTING Packet Pg. 182 2.4.a 1851 NW 1st Court 23-022-02 HIGHEST AND BEST USE MAXIMALLY PRODUCTIVE We considered those uses, as aforementioned, to meet the physically possible, legally permissible and financially feasible tests of the highest and best use definition. The final criteria for full compliance within the highest and best use of the subject, as vacant, is that of a maximally productive use. We conclude the maximally productive use of the site is to maximize the utility of the site in relation to the zoning. HIGHEST AND BEST USE, AS IF VACANT A final reconciliation of the analysis leads to the conclusion that the highest and best use of the site, as if vacant, is to maximize the utility of the site in relation to the zoning. HIGHEST AND BEST USE, AS IMPROVED We must also determine the highest and best use of the subject, as improved, by analyzing occupancy levels of various surrounding improvements, as well as the general needs within the area. Based on the current conditions of the subject's market, there appears to be no alternative use that would justify the removal or substantial alteration of the existing improvements. As such, the highest and best use of the subject, as improved, is the current improvements. Attachment: 15954 Appraisals (15954 : Purchase of Real Property located at 1851 NW 1st Ct., Miami, FL 33136) JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTING Packet Pg. 183 2.4.a 1851 NW 1st Court 23-022-02 ANALYSIS OF DATA AND CONCLUSIONS IDENTIFICATION OF A LIKELY BUYER The most likely buyer of a property such as the subject would be a local or regional investor interested in the cash flow, tax benefits and appreciation potential of the property. VALUATION METHODOLOGIES In appraising a property, there are three traditional valuation methodologies that can be applied: the Cost, Income Capitalization and Sales Comparison Approaches. Selection of one or more of the approaches in the appraisal of a property rests primarily upon the property type and its physical characteristics, as well as the quality and quantity of available market data. The Cost Approach is based on the premise that an informed purchaser will not pay more for a property than it would cost him or her to construct a property of similar utility. This approach is most applicable when the subject is of new or nearly new construction and the improvements represent the highest and best use of the site, This approach is also particularly useful when appraising unique or special purpose properties where there are few, if any, comparable sales or leases. The Income Capitalization Approach is based on the fundamental investment premise that the higher a property's earnings, the higher its value. Investment in an income -producing property represents the exchange of present dollars for the right to receive future dollars. In this approach, a value indication for an income -producing property is derived by converting its anticipated benefits (cash flows and reversion) into property value. This conversion can be accomplished in two ways: one year's income expectancy can be capitalized at a market -derived capitalization rate, or alternatively, the annual cash flows for the holding period and the reversion can be discounted at a specified discount rate. The Income Capitalization Approach typically provides the most meaningful estimate of value for income -producing properties. The Sales Comparison Approach involves delineating appropriate units of measurement from comparable sales, in order to apply them to the subject's property. Adjustments are then made to the sales prices of the comparable properties based on various shared elements. This methodology may be used to value many different types of improved properties and vacant land, as long as there is a sufficient quantity of good -quality market data available. It becomes less reliable as the quantity and magnitude of adjustments increases, and it is generally not applicable to unique or special purpose properties. The final step in the valuation process is the reconciliation or correlation of the value indications. In the reconciliation or correlation, we consider the relative applicability of each of the approaches used, examine the range between the value indications, and place major emphasis on the approach that appears to produce the most reliable and credible result. VALUATION METHODOLOGIES APPLICABLE TO THE SUBJECT PROPERTY The Cost Approach was not utilized because the typical purchaser would not use this method when making a purchase decision, since the age of the improvements makes the depreciation highly subjective to accurately measure. The Income Capitalization Approach was utilized because while the subject is not currently leased, it could generate an income stream and there is adequate data to develop a value estimate with this approach. The Sales Comparison Approach was utilized because there is adequate data to develop a value estimate and this approach reflects market behavior for this property type. Attachment: 15954 Appraisals (15954 : Purchase of Real Property located at 1851 NW 1st Ct., Miami, FL 33136) JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTING Packet Pg. 184 2.4.a 1851 NW 1st Court 23-022-02 THE INCOME CAPITALIZATION APPROACH Typically, a value estimate by the Income Capitalization Approach requires an analysis of the comparable and competing market for the type of property under appraisal and an estimate of market rent for that property. Also required in the Income Capitalization Approach is an analysis of current investment policies relative to financing and rates of return for today's income property investor. The subject is income -producing real estate purchased for the purpose of generating net annual income or cash flow to ownership. Net income or cash flow, the primary benefit of ownership, is the basis for determining value when value is recognized as the present worth of the future economic benefits arising out of ownership to typical users or investors. The value indicated by the Income Capitalization Approach is a reflection of a prudent investor's analysis of an income -producing property. In this approach, the direct capitalization method is used. Future benefits are estimated by forecasting the gross earning potential of the property under prevailing and foreseeable market conditions. Appropriate allowances for vacancy and operating expenses, based on prevailing and foreseeable market trends, are then deducted from gross earnings. This process results in an estimate of net monetary benefits to ownership, which are then capitalized into a present worth. ECONOMIC PROFILE Briefly described, the subject consists of an average quality two-story apartment property in good condition, containing 6 rental apartments totaling approximately 2,568 SF of net rentable area, constructed in 1954. The average unit size is approximately 428 SF. The property is currently vacant. The property was recently renovated by the owner and is subject to a rent regulatory agreement with the Omni Redevelopment District Community Redevelopment Agency which provided financing for the renovations. The subject's site consists of approximately 7,540 SF or approximately .17 acres of land, with a surrounding fence. The site is rectangular and is level and at street grade. The unit amenities include central air-conditioning units and standard kitchen appliances. The best indicators of the rents achievable in the subject units are the rents actually being charged in the complex on a current basis. However, the subject is a fully renovated apartment, with no leases in place. Consequently, we have relied most heavily on rent comparables in estimating the market rents for the different unit types found at the subject. MARKET RENT COMPARABLES A search of the market was conducted for rental comparables. The pertinent data relating to these comparables can be found on the following pages. Attachment: 15954 Appraisals (15954 : Purchase of Real Property located at 1851 NW 1st Ct., Miami, FL 33136) JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTING Packet Pg. 185 2.4.a 1851 NW lst Court 23-022-02 THE INCOME CAPITALIZATION APPROACH Lease Comparable 1 Location Name 225 NW 16th St County Miami -Dade County Address 225 NW 16th St Zip 33136 City Miami Tax Parcel ID 01-3136-021-1710 State FL Site & Improvements NRA 2,902 Year Built 1954 No. of Floors 2 No. of Buildings 1 Land SF 5,250 Land Acres 0.12 MVS Quality Average Condition Average LTB Ratio 1.49 Parking Type Street Parking Spaces NA Parking Ratio No. of Units 8 Avg. Unit Size 363. Unit Amenities Wall unit Air Conditioning, Property Amenities Gated Fence Range/Oven, Refrigerator Lease Concessions NA Occupancy 100.00% Asking Rental Data Utilities Included Verification Units & Rent Trash Listing Broker : Bert Rego Description No. Units Unit Size Rent/Month Rent/SF 1BD/1BA 8 363 $1,500 $4.13 Comments According to the Listing broker, each unit features separate water and electric meters, as well as wall -mounted AC units, ensuring tenant independence. The landlord only covers trash utilities. Attachment: 15954 Appraisals (15954 : Purchase of Real Property located at 1851 NW 1st Ct., Miami, FL 33136) JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTING Packet Pg. 186 2.4.a 1851 NW lst Court 23-022-02 THE INCOME CAPITALIZATION APPROACH Name Address City State 1315 NE Miami Ct 1315 NE Miami Ct Miami FL Lease Comparable 2 Location County Zip Tax Parcel ID Miami -Dade County 33132 01-3136-009-1540 Site & Improvements NRA 17,969 Year Built 1960 No. of Floors 3 No. of Buildings 1 Land SF 18,750 Land Acres 0.43 MVS Quality Average Condition Average LTB Ratio 0.92 Parking Type Surface Parking Spaces 30 Parking Ratio 1 No. of Units 35 Avg. Unit Size 513 Unit Amenities Air Conditioning, Dishwasher, Property Amenities Gated Fence Range/Oven, Refrigerator, Washer/Dryer Asking Rental Data Lease Concessions NA Utilities Included Occupancy 100.00% Verification Water, Sewer, Trash Listing Broker : David Cohen Units & Rent Description No. Units Unit Size Rent/Month Rent/SF Studio 34 500 $1,855 $3.71 1BD/1BA 1 550 $2,200 $4.00 Comments According to the Isiting broker, the property is currently 100% occupied with tenants at market rents. The unit mix is 34 One -bedroom units and 1 Two -bedroom unit. The property is zoned T6-24A-0 under Miami-21 zoning which allows high-rise development in addition to short-term hospitality. Attachment: 15954 Appraisals (15954 : Purchase of Real Property located at 1851 NW 1st Ct., Miami, FL 33136) JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTING Packet Pg. 187 2.4.a 1851 NW lst Court 23-022-02 THE INCOME CAPITALIZATION APPROACH Lease Comparable 3 la I nu III , nrrE n u Id;Ii#I Name 268 NW 34th St Address 268 NW 34th St City Miami State FL Location County Zip Tax Parcel ID Miami -Dade County 33127 01-3125-019-1760 Site & Improvements NRA 5,574 Year Built 1925,2001 No. of Floors 3 No. of Buildings 1 Land SF 6,864 Land Acres 0.16 MVSQuality Average Condition Average LTB Ratio 1.23 Parking Type Street Parking Spaces NA Parking Ratio No. of Units 10 Avg. Unit Size 557 Unit Amenities Air Conditioning, Range/Oven, Property Amenities Gated Fence, Laundry Room Refrigerator Asking Rental Data Lease Concessions NA Utilities Included Occupancy 100.00% Verification Water, Sewer, Trash Listing broker : Jesse Spencer Units & Rent Description No. Units Unit Size Rent/Month Rent/SF Studio 1 500 $1,700 $3.40 1BD/1BA 6 450 $1,800 $4.00 2BD/1BA 2 650 $2,200 $3.38 28D/1BAwith Den 1 1,074 $2,298 $2.14 Comments According to the listing broker, the property was fully renovated. All major mechanical, electrical, and plumbing components have been upgraded. Capital improvements include; new roof (2023) Impact windows & doors, central HVACs, exterior stucco & paint (2023), interior stairs, common area walkways (in -progress), and fully renovated interiors with tile flooring, upgraded bathrooms, stainless steel appliances and modern fixtures and finishes. He also confirmed that tenants pay for Electric & Internet/Cable, while the Landlord Pays Water/Sewer &Trash. Attachment: 15954 Appraisals (15954 : Purchase of Real Property located at 1851 NW 1st Ct., Miami, FL 33136) JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTING Packet Pg. 188 2.4.a 1851 NW 1st Court 23-022-02 THE INCOME CAPITALIZATION APPROACH Name 524 NW 35th St Address 524 NW 35th St City Miami State FL Lease Comparable 4 Location County Zip Tax Parcel ID Miami -Dade County 33127 01-3125 021-0150 Site & Improvements NRA 4,500 Year Built 1926 No. of Floors 2 No. of Buildings 1 Land 5F 6,900 Land Acres 0.16 MVS Quality Average Condition Average LTB Ratio 1.53 Parking Type Street Parking Spaces NA Parking Ratio No. of Units 5 Avg. Unit Sire 900 Unit Amenities Air Conditioning, Stainless Steel Property Amenities Gated Fence Appliances, Window Treatments Asking Rental Data Lease Concessions NA Utilities Included Occupancy 80.00% Verification Units & Rent Water, Sewer, Trash Listing Agent : Paul Lara Description No. Units Unit Size Rent/Month Rent/5F 23❑/1BA 5 900 $2,400 $2,67 Comments The property is a 5 unit apartment building, consisting of all 2 bed 1 bath units. According to the listing agent, the property consist of stainless steel appliances, hurricane impact windows, cold central a/c. He also confirmed that the utilities included are Water/Sewer & Trash. Attachment: 15954 Appraisals (15954 : Purchase of Real Property located at 1851 NW 1st Ct., Miami, FL 33136) JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTING Packet Pg. 189 2.4.a 1851 NW 1st Court 23-022-02 THE INCOME CAPITALIZATION APPROACH Name 46 NW 35th St Address 46 NW 35th St City Miami State FL Lease Comparable 5 Location County Zip Tax Parcel ID Miami -Dade County 33127 01-3125-019-1070 Site & Improvements NRA 2,700 Year Built 1972 No. of Floors 2 No. of Buildings 1 Land SF 5,000 Land Acres 0.11 MVS Quality Average Condition Average LTB Ratio 1.67 Parking Type Surface Parking Spaces 4 Parking Ratio 1 No. of Units 4 Avg. Unit Size 675 Unit Amenities Central Air Conditioning, Window Property Amenities Gated Fence, Laundry Room Treatments, Stainless Steel Appliances Asking Rental Data Lease Concessions NA Utilities Included Occupancy 50.00% Verification Water, Sewer, Trash Listing Agent: Ivan Ochoa Units & Rent Description No. Units Unit Size Rent/Month Rent/SF 1BD/1BA 2 600 $2,075 $3.46 23D/1BA 2 750 $2,475 $3.30 Comments The property is a 4 unit apartment building, consisting of 2, 2 bed 1 bath and 2, 1 bed 1 bath. 1 of each unit type are currently vacant. According to the listing agent,the utilities included are Water/Sewer & Trash landscape, storage, and common laundry. Attachment: 15954 Appraisals (15954 : Purchase of Real Property located at 1851 NW 1st Ct., Miami, FL 33136) JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTING Packet Pg. 190 2.4.a 1851 NW 1st Court 23-022-02 THE INCOME CAPITALIZATION APPROACH RENT COMPARABLES SUMMARY Comp Address Year Built No. of Units City NRA Condition Avg. Unit Size Occupancy 1 225 NW 16th St 1954 8 Miami 2,902 Average 363 100.00% 2 1315 NE Miami Ct 1960 35 Miami 17,969 Average 513 100.00% 3 268 NW 34th St 1925, 2001 10 Miami 5,574 Average 557 100.00% 4 524 NW 35th St 1926 5 Miami 4,500 Average 900 80.00% 5 46 NW 35th St 1972 4 Miami 2,700 Average 675 50.00% RENT COMPARABLES MAP z rt atiyi 41171 MN any Lai. MN oogle OD NW 281h St H I i 4 1 5 MIAMI DESIGN DISTRICT co, cx WYNWOOD ew ew w 2 EDGEW,ATER NE 20th St arty Pu.:3N TOWN "ARE! 7411-4rttrur Cs:r , -w11 —g141111 tivATcr o ici Ahl Map data 2024 Goode Attachment: 15954 Appraisals (15954 : Purchase of Real Property located at 1851 NW 1st Ct., Miami, FL 33136) JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTING Packet Pg. 191 2.4.a 1851 NW lst Court 23-022-02 THE INCOME CAPITALIZATION APPROACH RENT COMPARABLE UNIT RENT SUMMARY The units for each comparable are summarized as follows, along with the subject's units: Property Name 225 NW 16th St 1315 NE Miami Ct 268 NW 34th St 524 NW 35th St 46 NW 35th St Subject All Units Unit Type Size (SF) Rent/Month Rent/5F 180/18A 363 $1,500 $4.13 Studio 500 $1,855 $3.71 180/18A 550 $2,200 $4.00 Studio 500 $1,700 $3.40 100/18A 450 $1,800 $4.00 2BD/1BA 650 $2,200 $3.38 2BD/18Awith Den 1,074 $2,298 $2.14 28D/18A 900 $2,400 $2.67 1BD/18A 600 $2,075 $3.46 2BD/18A 750 $2,475 $3.30 Studio 288 $1,100 $3.82 1BD/18A 436 $1,500 $3.44 28D/18A 560 $1,900 $3.39 The efficiency units for each comparable are summarized as follows, along with the subject's average market rents for efficiency units: Stud ios/Efficiencies Property Name Unit Type Size (SF) Rent/Month Rent/SF 1315 NE Miami Ct Studio 500 $1,855 $3.71 268 NW 34th St Studio 500 $1,700 $3.40 Subject Studio 288 $1,100 $3.82 The one -bedroom units for each comparable are summarized as follows, along with the subject's average market rents for one -bedroom units: Property Name 225 NW 16th St 1315 NE Miami Ct 268 NW 34th St 46 NW 35th St Subject 1 Bedroom Unit Type Size (SF) Rent/Month Rent/SF 100/18A 363 $1,500 $4.13 180/18A 550 $2,200 $4.00 180/18A 450 $1,800 $4.00 1BD/18A 600 $2,075 $3.46 1BD/18A 436 $1,500 $3.44 Attachment: 15954 Appraisals (15954 : Purchase of Real Property located at 1851 NW 1st Ct., Miami, FL 33136) JOSEPH J. BLADE AND ASSOCIATES. INC. REAL ESTATE VALUATION AND CONSULTING Packet Pg. 192 1851 NW 1st Court 23-022-02 THE INCOME CAPITALIZATION APPROACH 2.4.a The two -bedroom units for each comparable are summarized as follows, along with the subject's average market rents for two -bedroom units: 2 Bedroom Property Nam a Unit Type Size (SF) Rent/Month 268 NW 34th St 524 NW 35th St 46 NW 35th St Subject Rent/SF 2BD/1BA 650 $2,200 $3.38 213D/1BAwith Den 1,074 $2,298 $2.14 28D/1BA 900 $2,400 $2.67 2BD/1BA 2BD/1BA 750 $2,475 $3.30 560 $1,900 $3.39 ANALYSIS OF RENT COMPARABLES To estimate the value of the subject, an analysis of the rent comparables and the adjustments made to them is utilized to estimate a market rental rate for the subject. Location The adjustment for location reflects the trend that properties in areas of active growth and development, as well as those which offer good accessibility in terms of frontage on major thoroughfares, typically have a higher rental rate than properties which do not offer these attributes, with all other factors held constant. Downward adjustments were made to comparables 2, 3, 4, and 5, as they feature a superior location than the subject due to better access. No adjustments were made to Comparable 1, as it is a similar location as the subject. Age (Year Built) Adjustments are applied to the comparables on the basis of age. Typically, the older a building's improvements, the lower the income it can achieve in the market and the shorter its remaining economic life; thus, it will generate a lower rental rate, with all other factors held constant. The subject was built in 1954. We have made a downward adjustment to Rent Comparable 5 which is newer than the subject. We have made an upward adjustment to Rent Comparable 4 which is older than the subject. The remaining comparables are of similar age to the subject, so no adjustments are made to these comparables. Construction Quality (MVS Quality) Adjustments are applied to the comparables on the basis of quality of construction, design and market appeal. The more inferior a comparable's quality of improvements, the Tower the rental rate it can achieve in the market, with all other factors held constant. The subject is an average quality property. All the comparables are similar in terms of construction quality, so no adjustments are made for this factor. Condition Adjustments are applied to the comparables on the basis of relative condition. The more inferior a comparable's condition, the lower the rental rate it can achieve in the market, with all other factors held constant. The subject is in average condition. All the comparables are similar in terms of condition, so no adjustments are made for this factor. Attachment: 15954 Appraisals (15954 : Purchase of Real Property located at 1851 NW 1st Ct., Miami, FL 33136) JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL E STATE VALUATION AND CONSULTING Packet Pg. 193 1851 NW lst Court 23-022-02 THE INCOME CAPITALIZATION APPROACH 2.4.a Utilities Included The subject does not include electric utilities in the rental rate. Tenants are responsible for their own electric utility. Rent Comparable 1 features a smaller number of utilities included within the rental rate. We made an upward adjustment to rent comparable 1. The remaining comparables receive the same utilities as the subject, so no adjustments are made to these comparables. Average Unit Size The subject's average unit size is 428 SF. We have made downward adjustments to Rent Comparables 2, 3, 4, and 5 which featured average unit sizes larger than the subject. An upward adjustment is made to Rent Comparable 1 featured a similar average unit size. Unit Amenities The adjustment for the unit amenities package considers that properties which offer extensive useful amenities to their tenants typically rent for a higher price, with all other factors held constant. Central air-conditioning, standard kitchen appliances. All the comparables have similar unit amenities, so no adjustments are made for this factor. Property Amenities The adjustment for the property amenities package considers that properties which offer extensive useful amenities to their tenants typically rent for a higher price, with all other factors held constant. Surrounding fence. All of the comparables have similar unit amenities so no adjustments are made for this factor. MARKET RENT CONCLUSION Therefore, based on the information presented, we conclude to the following market rate rental schedule. The following table summarizes market rent by space type at the subject. Market Rent by Space Type No. of Avg. Unit Market Space Type Units Size Rent Studio 2 288 $1,100 1BD/1BA 2 436 $1,500 2BDf 1BA 2 560 $1,900 The studii❑ units in the subject's market are 500 SF, with rental rates ranging from $1,700 to $1,850. The subject's studio unit sizes are a lot smaller than the Comparables. Downward adjustments were made to dictate the market rental range for the subject's studio units. We concluded to a market rent of $1,100 for the studio units, however due to the regulating rents by the OMNI CRA, the units can only rent at a maximum of $723 per studio unit. The 1-bedroom units in the subject's market ranged from 360 to 600 SF, with rental rates ranging from $1,500 to $2,200. The subject's 1-bedroom unit sizes were in the range of the comparables. Emphasis was put on comparable 1 as it was located closest to the subject and features a similar unit size for the 1-bedroom unit type. We concluded to a market rent of $1,500 for the 1-bedroom units, however due to the regulating rents by the OMNI CRA, the units can only rent at a maximum of $1,161 per 1-bedroom unit. Attachment: 15954 Appraisals (15954 : Purchase of Real Property located at 1851 NW 1st Ct., Miami, FL 33136) JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTING Packet Pg. 194 2.4.a 1851 NW 1st Court 23-022-02 THE INCOME CAPITALIZATION APPROACH The 2-bedroom units in the subject's market ranged from 650 to 1075 SF, with rental rates ranging from $2,200 to $2,475. The subject's 2-bedroom unit sizes are smaller than the Comparables. Downward adjustments were made to dictate the market rental range for the subject's 2-bedroom units. We concluded to a market rent of $1,900 for the 2-bedroom units, however due to the regulating rents by the OMNI CRA, the units can only rent at a maximum of $1,858 per 2-bedroom unit. Attachment: 15954 Appraisals (15954 : Purchase of Real Property located at 1851 NW 1st Ct., Miami, FL 33136) JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTING Packet Pg. 195 2.4.a 1851NW1stCaurt 23-022-02 THE INCOME CAPITALIZATION APPROACH INCOME PROJECTION An analysis of the potential gross income for the occupied space, the vacant space and a summary are as follows: Base Rental Revenue - Occupied Space No. of Contract Contract Rent Market Market Contract V. Occupied Space SF Units Rent Rent/Month Method Rent Rent/Month Mkt. Rent Studio 576 2 517,352 $723 $/Month $26,400 $1,100 65.73% 1BD/1BA 872 2 $27,864 $1,161 $/Month $36,000 $1,500 77.40% 28D/16A 1,120 2 544,592 51,858 $/Month $45,600 $1,900 97.79% oocvpiedSpace Totals 2,568 6 $89,808 $1,247 $108,000 $1,500 83,16% 'Contract Rent =Annualized rent as of appraisal date Vacancy and Collection Loss Vacancy and collection loss reflects the fact that most income -producing properties have a certain amount of vacancy and rental income loss. The vacancy factor is determined primarily by current market conditions; however, other determinants such as management competency can also affect this factor. The appraisers' projected expense is exhibited below. Projection - Vacancy and Collection Loss - Subject Direct Cap Projection Per SF ($1.05) Per Unit ($449) POTENTIAL AND EFFECTIVE GROSS INCOME The potential gross income figure includes base rent. Effective gross income is income remaining after an allowance for vacancy and collection loss has been made. The following displays our projected year one income. Unit/space Type Studio 1 BD/1 BA 2 BD/1 BA SF/Units Total Rent % of Rent 2 $17,352 $723.00 19.32% 2 $27,864 $1,161.00 31.03% 2 $44,592 $1,858.00 49.65% Base Rental Revenue: $89,808 100.00% Total $/SF °% of Rent Base Rental Revenue $89,808 $34.97 100.00% Vacancy and Collection Loss @ 3.00% ($2,694) ($1.05) Effective Gross Income $87,114 $33,92 97.00% The subject's projected EGI is exhibited below.. Projection - Effective Gross Income - Subject Direct Cap Projection Per SF $33.92 Per Unit $14,519 Attachment: 15954 Appraisals (15954 : Purchase of Real Property located at 1851 NW 1st Ct., Miami, FL 33136) JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTING Packet Pg. 196 2.4.a 1851 NW 1st Court 23-022-02 THE INCOME CAPITALIZATION APPROACH EXPENSE PROJECTION Typical deductions from the calculated effective gross income fall into two categories for re& property, those being fixed and variable expenses. The data from competing properties in the subject's market, were analyzed in estimating appropriate expenses for the subject, The subject's projected expenses are summarized in the following table. Direct Cap Projection Amounts $/Unit Base Rental Revenue $89,808 $14,968 Potential Gross Income $89,808 $14,968 Vacancy and Collection Loss ($2,594) ($449) Effective Gross Income $87,114 $14,519 Amounts $/Unit Real Estate Taxes $18,000 $3,000 Insurance $ 6,000 $1,000 Utilities $2,100 $350 Repairs and Maintenance $4,800 $800 Contract Services $900 $150 Management Fee $4,356 $726 Payroll $3,000 $500 Administrative $900 $150 Total Operating Expenses $40,056 $6,676 Expense Ratio 45.98% Net Operating Income $47,058 $7,843 Reserves $1,200 $200 Total Operating Expenses (for NCF) $41,256 $6,876 Expense Ratio 47.36% Net Cash Flow $45,858 $7,643 The following table summarizes the comparable expense data: Comparable 1 2 3 City Miami Miami Miami County Miami -Dade County Miami -Dade County Miami -Dade County NRA 12,142 8,970 13,797 No. of Units 26 12 21 Comparable 1 2 3 $/Unit $/Unit $/Unit Real Estate Taxes $2,365 $1,738 $2,074 Insurance $571 $673 $1,335 Utilities $945 $1,287 $348 Repairs and Maintenance $1,885 $1,751 $748 Contract Services $112 $130 $329 Management Fee $822 $83 $801 Payroll $0 $0 $714 Administrative $414 $1,441 $119 Marketing $0 $0 $48 Total Operating Expenses $7,113 $7,104 $6,516 Attachment: 15954 Appraisals (15954 : Purchase of Real Property located at 1851 NW 1st Ct., Miami, FL 33136) JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTING Packet Pg. 197 2.4.a 1851 NW 1st Court 23-022-02 THE INCOME CAPITALIZATION APPROACH Normally, the most reliable information is that of the actual expense history of the property being appraised, along with competing properties in the marketplace. Projections of first year expense amounts for individual expense categories are discussed as follows: FIXED EXPENSES These are operating expenses that do not vary with occupancy. These expenses must be paid whether or not the property is occupied. Real Estate Taxes The subject's estimated real estate taxes are detailed in the following table: Projection - Real Estate Taxes - Subject Direct Cap Projection Per SF $7.01 Per Unit $3,000 Insurance Insurance expense typically includes an owner's liability coverage, fire and extended coverage, and potentially other catastrophic insurance coverage. The expense comparables for this category and the appraisers' projected expense are exhibited below. Insurance Expense Comp 1 2 3 Per SF $1.22 $0.90 $2.03 Per Unit $571 $673 $1,335 Projection - Insurance - Subject Direct Cap Projection Per SF $2.34 Per Unit $1,000 VARIABLE EXPENSES Utilities This expense accounts for common area electric, fuel, telephone, and water and sewer. The expense comparables for this category and the appraisers' projected expense are exhibited below. Utilities Expense Comp 1 2 3 Per SF $2.02 $1.72 $0.53 Per Unit $945 $1,287 $348 Projection - Utilities - Subject Direct Cap Projection Per SF $0.82 Per Unit $350 Attachment: 15954 Appraisals (15954 : Purchase of Real Property located at 1851 NW 1st Ct., Miami, FL 33136) JCSEPH 1. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTING Packet Pg. 198 2.4.a 1851 NW 1st Court 23-022-02 THE INCOME CAPITALIZATION APPROACH Each unit is individually metered and tenants are responsible for their own utilities. We have added a smaller utility expense to the subject, to factor for nominal common areas. Repairs and Maintenance This expense accounts for all items of general maintenance and repair, both interior and exterior. This includes building maintenance, maintenance salaries and supplies, security, landscaping, janitorial, trash removal and other miscellaneous operating expenses. The expense comparables for this category and the appraisers' projected expense are exhibited below. Repairs and Maintenance Expense Comp 1 2 3 Per SF $4.04 $2.34 $1.14 Per Unit $1,885 $1,751 $748 Projection - Repairs and Maintenance - Subject Direct Cap Projection Per SF $1.87 Per Unit $800 Contract Services The expense comparables for this category and the appraisers' projected expense are exhibited below. Contract Services Expense Comp 1 Per SF $0.24 Per Unit $112 2 3 $0.17 $0.50 $130 $329 Projection - Contract Services - Subject Direct Cap Projection Per SF $0.35 Per Unit $150 Management Fee The management fee expense is the fee paid to an outside agent for managing the building's operation. The expense comparables for this category and the appraisers' projected expense are exhibited below. Management Fee Expense Comp 1 2 3 Per SF $1.76 $0.11 $1.22 Per Unit $822 $83 $801 % of EGI 7.28% 0.61% 5.00% Attachment: 15954 Appraisals (15954 : Purchase of Real Property located at 1851 NW 1st Ct., Miami, FL 33136) JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL E STATE VALUATION AND CONSULTING Packet Pg. 199 2.4.a 1851 NW 1st Court 23-022-02 THE INCOME CAPITALIZATION APPROACH Projection - Management Fee - Subject Direct Cap Projection Per SF $1.70 Per Unit $726 % of EGl 5.00% Payroll The expense comparables for this category and the appraisers' projected expense are exhibited below. Payroll Expense Comp 1 2 3 Per SF $0.00 $0.00 $1.09 Per Unit $0 $0 $714 Projection - Payroll - Subject Direct Cap Projection Per SF $1.17 Per Unit $500 Administrative The expense comparables for this category and the appraisers' projected expense are exhibited below. Administrative Expense Comp 1 2 3 Per SF $0.89 $1.93 $0.18 Per Unit $414 $1,441 $119 Projection - Administrative - Subject Direct Cap Projection Per SF $0.35 Per Unit $150 TOTAL OPERATING EXPENSES These expenses include those associated with the operation of the property and do not include any reserves for replacements, capital expenditure items or debt service payments. The expense comparables for this category and the appraisers' projected expense are exhibited below. Total Operating Expenses Expense Comp 1 2 3 Per SF $15.23 $9.50 $9.92 Per Unit $7,113 $7,104 $6,516 % of EGI 63.07% 51.51% 40.66% Attachment: 15954 Appraisals (15954 : Purchase of Real Property located at 1851 NW 1st Ct., Miami, FL 33136) JOSEPH J. BLAKE AND ASSOCIATES. INC. REAL ESTATE VALUATION AND CONSULTING Packet Pg. 200 1851 NW 1st Court 23-022-02 THE INCOME CAPITALIZATION APPROACH 2.4.a Projection - Total Operating Expenses - Subject Per SF Per Unit % off EGI Direct Cap Projection $15.60 $ 6,676 45.98% NET OPERATING INCOME Net operating income is that amount of the annual income remaining after applying all expenses incurred in the operation of the subject. This net income affords the owner capital with which to satisfy the debt service and provide a return on the owner's equity. The subject's projected NOI are summarized in the following tables. Projection - Net Operating Income - Subject Direct Cap Projection Per SF $18.32 Per Unit $7,843 Reserves This expense category is often considered a hidden expense of ownership not normally found on an expense statement. From an appraisal standpoint, reserves must be set aside for future replacement of items such as heating and cooling systems, roof replacement, and other short-lived items. We have included reserves of $200 per unit in the cash flow projection. TOTAL OPERATING EXPENSES (FOR NCF) The expense comparables for this category and the appraisers' projected expense are exhibited below. Total Operating Expenses (for NCF) Expense Comp 1 2 3 Per SF $15.23 $9.50 $10.30 Per Unit $7,113 $7,104 $6,766 % of EGI 63.07% 51.51% 42.22% Projection - Total Operating Expenses (for NCF) - Subject Direct Cap Projection Per SF $16.07 Per Unit $6,876 % of EGI 47.36% NET CASH FLOW The subject's net cash flow is calculated after deducting the cost of tenant improvements, leasing commissions and reserves. The subject's projected NCF are summarized in the following table. Attachment: 15954 Appraisals (15954 : Purchase of Real Property located at 1851 NW 1st Ct., Miami, FL 33136) JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTING Packet Pg. 201 2.4.a 1851 NW 1st Court 23-022-02 THE INCOME CAPITALIZATION APPROACH Projection - Net Cash Flow - Subject Direct Cap Projection Per 5F $17.86 Per Unit $7,643 Attachment: 15954 Appraisals (15954 : Purchase of Real Property located at 1851 NW 1st Ct., Miami, FL 33136) JOSEPH J. BEAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTING Packet Pg. 202 2.4.a 1851 NW 1st Court 23-022-02 THE INCOME CAPITALIZATION APPROACH DIRECT CAPITALIZATION MODEL Direct Capitalization is used to convert an estimate of a single year's net operating income expectancy into an indication of value in one direct step. in this procedure, the income is divided by an appropriate overall capitalization rate (OAR or Cap Rate), which is derived from market evidence. The chosen rate represents the relationship between income and value as reported by participants in the market. We have examined appropriate first year overall rates of return via three methods: the band of investment method, a survey of institutional investors active in the national market, and an examination of recent actual sales reflecting overall rates within the local market. Most emphasis is placed on the last method. Band of Investment -Debt CoverageRatio To estimate an overall rate, the debt coverage ratio can be multiplied by the mortgage capitalization rate and the loan -to -value ratio. The formula is: Ro = DCR x RM x M The following table indicates the mortgage rates and terms that were extracted from the most recent edition of the RealtyRates.com Investor Survey. Attachment: 15954 Appraisals (15954 : Purchase of Real Property located at 1851 NW 1st Ct., Miami, FL 33136) JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTING Packet Pg. 203 2.4.a 1851 NW lst Court 23-022-02 THE INCOME CAPITALIZATION APPROACH Commercial Mortgage Rates and Terms Apt. industrial Office Restaurant Retail Spread Over Base Minimum 0.72% 1.08% 1.10% 1.78% 0.92% Maximum 4.78% 5.78% 5.65% 11.98% 5.88% Average 2.75% 3.17% 2.88% 4.68% 3.27% Interest Rate Minimum 4.89% 5.25% 5.27% 595% 5.09% Maximum 8.95% 9.95% 9.82% 16.15% 10.05% Average 6.92% 7.34% 7.05% 8,85% 7.44% Debt Coverage Ratio Minimum 1.00 1.10 1.10 1.10 1.05 Maximum 1.86 2.05 2.15 2.15 2.15 Average 1.43 1,45 1.63 1.57 1.39 Loan -to -Value Ra ti o Minimum 55% 50% 50% 50% 50% Maximum 90% 80% 80% 80% 80% Average 73% 70% 68% 65% 70% Arnortization (Years) Minimum Maximum Average Terms (Years) Minimum 3 Maximum 10 Average 6.20 Equity Dividend Minimum 4.66% 6.66% 7.18% 10.08% 7.58% Maximum 13.63% 15.11% 15.40% 19.68% 17.13% Average 9.59% 11.31% 11.70% 15.36% 12.83% Source: Rea ItyRates.com Investor Survey, 4th Quarter 2023 (3rd Quarter2023 Data) Rates 15 15 15 15 15 40 40 40 30 40 26 25 30 22 25 3 40 20.50 3 3 3 30 30 15 11.46 8.00 7.45 Band of Investment Analysis - Mortgage and Equity The band of investment technique is a capitalization method in which the overall capitalization rate is abstracted from the component parts of the real estate investment. This mortgage -equity capitalization depends on the mortgage and equity market demands for the individual segments of the cash flow generated by the investment. The formula for calculating the overall rate using the mortgage -equity band of investment technique is as follows: Ro=(M*RM)+(E*RE) Ro is the overall rate, M is the loan -to -value ratio, RM is the mortgage capitalization rate or mortgage constant, E is the equity ratio, and RE is the equity capitalization rate. RE is also known as the investor's cash -on -cash rate. Attachment: 15954 Appraisals (15954 : Purchase of Real Property located at 1851 NW 1st Ct., Miami, FL 33136) JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTING Packet Pg. 204 2.4.a 1851 NW 1st Court 23-022-02 THE INCOME CAPITALIZATION APPROACH Based on the information presented, we conclude to the following mortgage interest rate, loan term, loan to value ratio, debt coverage ratio and equity dividend rate. The resulting overall rate (Ro) is calculated as follows: Capitalization Rate Variables Mortgage Interest Rate 6.50% Debt Coverage Ratio 1.50 Loan Term (Years) 30 Equity Dividend Rate 8.00% Loan To Value Ratio 60.00% Band of Investment Analysis Mortgage Constant Loan Ratio Contributions 0.0758 x 0.6000 = 0.0455 Equity Dividend Rate Equity Ratio 0.0800 x 0.4000 = 0.0320 Band of Investment Capitalization Rate: 0.0775 Rounded: 7.75% Debt Coverage Ratio Analysis Debt Coverage Ratio x Loan to Value Ratio x Mortgage Constant 1.5 x 0.60 x 0.0758 = 0.0683 Debt Coverage Ratio Capitalization Rate: 0.0683 Rounded: 6.75% SURVEY DATA The following information was obtained from a survey of institutional investors active in the national market. National Market Capitalization Rates for Real Estate Investments National Apartment Market Fourth Quarter 2023 Current Quarter Last Quarter Year Ago Overall Cap Rate (OAR) 4.00%•8.00% 3.75%-8.00% 3.25%-8.00% Average 5.59% 5.28% 4.89% Residual Cap Rate 425%-8.00% 4.00%-8.00% 4.00%-8.00% Average 5.91% 5.67% 5.28% Source: PwC Real Estate Investor Survey, 4th Quarter2023 LOCAL SALES DATA The following table summarizes the capitalization rates of the comparable sales presented in the Sales Comparison Approach. Comparable Sale Capitalization Rates Comp City/state Price Date Cap Rate 2 Miami, FL $3,500,000 7/15/2022 5.01% 3 Miami, FL $1,075,000 10/7/2022 5.75% Attachment: 15954 Appraisals (15954 : Purchase of Real Property located at 1851 NW 1st Ct., Miami, FL 33136) JOSEPH J. BLADE AND ASSOCIATES. INC. REAL ESTATE VALUATION AND CONSULTING Packet Pg. 205 2.4.a 1851 NW 1st court 23-022-0Z THE INCOME CAPITALIZATION APPROACH CONCLUSION A summary of overall rates is exhibited below. Summary of Overall Rates Band of Investment Debt Coverage Ratio PWC National Apartment Market Sales Comparison Approach 7.75% 6.75% 4.00% - 8.00% 5.01%- 5.75% Average 5.59% 5.38% An appropriate first year capitalization rate for the subject is in the range of 5.01% to 5.75%. We conclude to 5.00%. As discussed throughout the report, interest rates have significantly increased over that time frame. When interest rates increase, it generally leads to an increase in cap rates. This is because as interest rates rise, the cost of borrowing money to purchase a property also increases. As a result, investors require a higher return on their investment to compensate for the increased borrowing costs. With the subject having low restricted rents, it holds less risk, yielding a lower capitalization rate. We provided a higher capitalization rate, 5.50%, for the market rents, as it holds a higher risk compared to the restricted rents. We have considered the national averages and have also considered the strength and popularity of the Miami's apartment market among investors. The subject is a fully renovated property in a strong and growing apartment submarket. Primary emphasis is placed on the comparable sales set. These sales had cap rates which ranged from 5.01% to 5.75%. It should be noted that most of the overall rates are based on the actual performance of the property. Most of the properties received renovations, and were occupied at the time of the sale. Attachment: 15954 Appraisals (15954 : Purchase of Real Property located at 1851 NW 1st Ct., Miami, FL 33136) JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTING Packet Pg. 206 2.4.a 1851 NW 1st Court 23-022-02 THE INCOME CAPITALIZATION APPROACH STABILIZED PRO FORMA — OMNI CRA RENTAL RATES Unit/Space Type SF/Units Total Rent % of Rent Studio 2 $17,352 $723.00 19.32% 1BD/1BA 2 $27,864 $1,161.00 31.03% 2BD/1BA 2 $44,592 $1,858.00 49.65% Base Rental Revenue: $89,808 100.00% Total $/SF % of Rent Base Rental Revenue $89,808 $34.97 100.00% Vacancy and Collection Loss @ 3.00% ($2,694) ($1.05) Effective Gross Income $87,114 $33.92 97.00% Total $/SF % of EGI Real Estate Taxes $18,000 $7.01 20.66% Insurance $6,000 $2.34 6.89% Utilities $2,100 $0.82 2.41% Repairs and Maintenance $4,800 $1.87 5.51% Contract Services $900 $0.35 1.03% Management Fee $4,356 $1.70 5.00% Payroll $3,000 $1.17 3.44% Administrative $900 $0.35 1.03% Total Expenses (NOI) $40,056 $15.60 45.98% Net Operating Income (NOI) $47,058 $18.32 54.02% Reserves $1,200 $0.47 1.38% Total Expenses (NCF) $41,256 $16.07 47.36% Net Cash Flow (NCF) $45,858 $17,86 52.64% DIRECT CAPITALIZATION METHOD NCF $45,858 Divided by OAR 5.00% Indicated Value $917,161 DIRECT CAPITALIZATION CONCLUSION The indicated value estimate for the subject is calculated as follows. Date of Rounded Final Perspective Value Value indicated Value Value Prospective "As Is" 3/1/24 $917,161 $920,000 Attachment: 15954 Appraisals (15954 : Purchase of Real Property located at 1851 NW 1st Ct., Miami, FL 33136) JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTING Packet Pg. 207 2.4.a 1851 NW 1st Court 23-022-02 THE INCOME CAPITALIZATION APPROACH ADUSTMENT FOR INTEREST APPRAISED The Rental Regulatory Agreement is linked to the Forgivable Loan Agreement and the utilization of the Omni CRA funds to rehabilitate the property. The subject must always, during the affordability period and subject to existing tenants, maintain the following unit types: For the two 2-bedroom units, the rental rate must be at or below the rental rates established for households at or below 80% of the area median income ($1,858), as determined by the U.S Departments of Housing and Urban development (HUD). For the two 1-bedroom units, the rental rate must be at or below the rental rates established for households at or below 60% of the area median income ($1,161). For the two studios/efficiencies, the rental rate must be at or below the rental rate established for households at or below 40% of the area median income ($723). The unit rents may be adjusted annually based on the HUD tables. Therefore, the fee simple value is adjusted downward for the interest appraised to arrive at the leased fee value for the property. This value indicates the prospective market value at completion and stabilization of the leased fee estate considering rental restrictions. STABILIZED PRO FORMA — AT MARKET Unit/Space Type SF/Units Total Rent % of Rent Studio 2 $26,400 $1,100.00 24.44% 1BD/1BA 2 536,000 $1,500.00 33.33% 2BD/1BA 2 $45,600 $1,900.00 42.22% Base Rental Revenue: $108,000 100.00% Total $/SF %of Rent Base Rental Revenue $108,000 $42.06 100.00% Vacancy and Collection Loss @ 3.00% ($3,240) ($1.26) Effective Gross Income $104,760 $40.79 97.00% Total $/5F % of EGI Real Estate Taxes $18,000 $7.01 17.18% Insurance $6,000 $2.34 5.73% Utilities $2,100 $0.82 2.00% Repairs and Maintenance $4,800 $1.87 4.58% Contract Services $900 $0.35 0.86% Management Fee $3,143 $1.22 3.00% Payroll $3,000 $1.17 2.86% Administrative $900 $0.35 0.86% Total Expenses (NOI) $38,843 $15.13 37.08% Net Operating Income (NOI) $65,917 $25.67 62.92% Reserves $1,200 $0.47 1.15% Total Expenses (NCF) $40,043 $15.59 38.22% Net Cash Flow (NCH $64,717 $25.20 61.78% DIRECT CAPITALIZATION METHOD NCF $64,717 Divided by OAR 5.50% Indicated Value $1,176,676 Attachment: 15954 Appraisals (15954 : Purchase of Real Property located at 1851 NW 1st Ct., Miami, FL 33136) JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTING Packet Pg. 208 2.4.a 1851 NW 1st Court 23-022-02 THE INCOME CAPITALIZATION APPROACH Adj ustement for interest appraised Fee Simple Market Value Leased Fee Market Value $1,176,676 $917,161 Value Differential $259,515 The fee simple value is adjusted downward for the interest appraised to arrive at the leased fee value for the property. This value indicates the prospective market value at completion and stabilization of the leased fee estate considering rental restrictions. Attachment: 15954 Appraisals (15954 : Purchase of Real Property located at 1851 NW 1st Ct., Miami, FL 33136) JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTING Packet Pg. 209 2.4.a 1851 NW 1st Court 23-022-02 THE INCOME CAPITALIZATION APPROACH INCOME CAPITALIZATION APPROACH CONCLUSION The direct capitalization method is used to value the subject. We have relied on the direct capitalization method for the subject's final value estimate via the Income Capitalization Approach. Perspective Value Date of Value Final Value Prospective "As Is" 3/1/24 $920,000 Attachment: 15954 Appraisals (15954 : Purchase of Real Property located at 1851 NW 1st Ct., Miami, FL 33136) JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTING Packet Pg. 210 2.4.a 1851 NW lst Court 23-022-02 THE SALES COMPARISON APPROACH The Sales Comparison Approach is based upon the assumption that a prudent buyer would not pay more for a property than it would cost him or her to acquire a comparable substitute property. This approach involves the direct comparison of the property being appraised to other similar properties that have sold or are currently being offered for sale. Since no two properties are ever identical, adjustments for differences in quality, location, size and market appeal are often necessary. The reliability of this technique is dependent upon the availability of comparable sales data, the verification of the sales data, the degree of comparability between each sale and the subject, the date of the sale in relation to the date of the appraisal (taking into account market changes during the interim), and consideration of any atypical conditions affecting price or terms of the sale. The price a typical purchaser pays is usually the result of an extensive process in which available alternatives are compared. There were no rent restricted sale comparables in the immediate market of the subject. Market rent sale comparables were used. The property that is ultimately purchased typically represents the best available balance between the buyer's specifications and the purchase price. Verified and analyzed data will generally provide good evidence of value, if it represents typical actions and reactions of buyers and sellers active in the market. Attachment: 15954 Appraisals (15954 : Purchase of Real Property located at 1851 NW 1st Ct., Miami, FL 33136) JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTING Packet Pg. 211 2.4.a 1851 NW 1st Court 23-022-02 THE SALES COMPARISON APPROACH Comparable 1 Name Address City State County Zip Tax Parcel ID Recordation NRA No. of Buildings Land SF MVS Quality LTB Ratio Parking Spaces No. of Units Unit Amenities 1745 NW 1st PI 1745 NW 1st PI Miami FL Miami -Dade County 33136 01-3125-048-1030 33811-0548 3,959 1 6,360 Average 1.51 NA 10 Wall unit Air Conditioning, Transaction Date Price Grantor Grantee Property Rights Financing Conditions of Sale Verification Site & Improvements Year Built No. of Floors Land Acres Condition Parking Type Parking Ratio Avg. Unit Size Property Amenities 6/21/23 $2,000,000 1745 Wynwood LLC MRM 8993 Corp. Fee Si mpl a Estate Cash to Seller Arm's length Seller : Michael Abadi-Balid 1951 2 0.15 Average Street 396 Gated Fence Financial Data Price Per 5F NOI NOI/Unit $505.18 N/A N/A Price Per Unit NOI/SF Occupancy Cap Rate $200,000 N/A 90.00% N/A Comments On June 21st, 2023, the property located at 1745 NW 1st PI, Miami FL33136 sold for $2,000,000, or $200,000 per unit. The subject is a 10 unit, two story apartment, with a net rentable area of 3,959 square feet. According to the seller, he stated that before the sale of the property a full renovation was done to the property. New impact window, new plumbing, new electrical, new appliances, new interior finishes, new paint on the interior and exterior of the property. He also stated that 1 unit was vacant at the sale of the property. Attachment: 15954 Appraisals (15954 : Purchase of Real Property located at 1851 NW 1st Ct., Miami, FL 33136) JOSEPH J. BLAKE AND ASSOCIATES, 1NC. REAL ESTATE VALUATION AND CONSULTING Packet Pg. 212 2.4.a 1851 NW 1st Court 23-022-02 THE SALES COMPARISON APPROACH Name Address City State County Zip Tax Parcel ID Recordation N RA No. of Buildings Land SF MVS Quality LTB Rati❑ Parking Spaces No. of Units Unit Amenities 1710 NW 1st Ct 1710 NW 1st Ct Miami FL Miami -Dade County 33136 01-3125-048-1060 33296-1781 Comparable 2 Transaction Date Price Grantor Grantee Property Rights Financing Conditions of Sale Verification Site & Improvements 9,167 Year Built 2 No. of Floors 12,720 Land Acres Average Condition 1.39 Parking Type 8 Parking Ratio 20 Avg. Unit Size Central air-conditioning, Property Amenities Price Per SF NOI N01/Unit $381.80 $175,350 $8,768 Financial Data Price Per Unit N0l/5F Occupancy Cap Rate 7/15/22 $3,500,000 Apple 1710 LLC 1710 NW 1st LLC Fee Simple Estate Cash to Seller Arms length Buyer/Seller Broker :Alec 1951, 1954 2 0.29 Average Surface 458 Gated Fence $175,000 $19.13 95.00% 5.01% Comments 0n July 15th, 2022, the property located at 1710 nw 1st Ct, Miami FL 33136 sold for $3,500,000, or $175,000 per unit. The subject is a 20 unit, two story apartment, with a net rentable area of 9,167 square feet. According to the Buyer/Seller broker, he stated that the property was fully gutted and renovated, prior to the sale of the property. He stated that everything was replace, new flooring, new impact windows and doors, new plumbing, new electrical, a new roof and new interior and exterior paint on the property. He also confirmed that the property sold at a 5.01%cap rate. Attachment: 15954 Appraisals (15954 : Purchase of Real Property located at 1851 NW 1st Ct., Miami, FL 33136) JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTING Packet Pg. 213 2.4.a 1851 NW 1st Court 23-022-02 THE SALES COMPARISON APPROACH Comparable 3 Transaction Name 172 NW 12th St Date 10/7/22 Address 172 NW 12th St Price $1,075,000 City Miami Grantor Sa bl edore Corp. State FL Grantee 172 Twelfth LLC County Miami -Dade County Property Rights Fee Si mpl a Estate Zip 33136 Financing Cash to Seller Tax Parcel ID 01-3136-009-2000 Conditions of Sale Arm's length Recordation 334240800 Verification Listing Broker : Laura Sanchez Site & Improvements NRA 2,618 Year Built 1958 No. of Buildings 1 No. of Floors 2 Land SF 4,750 Land Acres 0.11 MVS Quality Average Condition Average LTB Ratio 1.81 Parking Type Street Parking Spaces NA Parking Ratio No. of Units 6 Avg. Unit Size 436 Unit Amenities Wall unit Air Conditioning, Property Amenities Gated Fence Financial Data Price Per SF $410.62 Price Per Unit $179,167 NOI $61,813 NOI/SF $23.61 NOI/Unit $10,302 Occupancy 100.00% Cap Rate 5.75% Comments On October 7th, 2022, the property located at 172 NW 12th St, Miami FL, 33136 sold for $1,075,000, or approxiamately $179,000 per unit. The subject is a 6 unit, two story apartment, with a net rentable area of 2,664 square feet. According to the listing broker, she stated that the exterior of the property was recently repainted in 2020. She also stated that the interior of the property was remodeled with new flooring, new stainless steel appliances and new interior paint. She also confirmed that the property sold at a 5.75%cap rate. Attachment: 15954 Appraisals (15954 : Purchase of Real Property located at 1851 NW 1st Ct., Miami, FL 33136) JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTING Packet Pg. 214 2.4.a 1851 NW 1st Court 23-022-02 THE SALES COMPARISON APPROACH IMPROVED SALES SUMMARY Comp Address Recordation Price Land SF NRA No.ofUnits City Year Built Date Lib Ratio Price per SF Avg. Unit Size Price per Unit Cap Rate 1 1745 NW 1st PI 3381a-0548 $2,000,000 6,360 3,959 1.0 Miami 1951 06/21/2023 1.61 $505.18 396 S200,000 2 1710 NW 15tCt 33296-1781 $3,500.000 12,720 9,167 20 Miami 1951,1954 07/15/2022 1.39 $381.80 458 $175,000 5.01% 3 172 NW 12th St 334240800 51,075,000 4,750 2,618 6 Miami 1958 10/07/2022 1.81 $410.62 436 $179,167 5.75% SALES COMPARABLES MAP NW22ndSt Cr, NW21stS1 us 1 z ca D Ca NW 12th SI NW 2'2nd St NW 20th St 1 NW 19th SI -I NW 17th St—_.. NW 1111SI,M OVERTO.WN I+iW 10th St ` NW 21 st St NW 20th St Q. 9 (1 8th Str NW 11 th St NW 10th St NE 22nd St NE lath St N£ 19th SI z Fla O. 3 ID NE 15th St z x ! 111-1j rR ,;a ( i 1": ..___:<. i M m Map data'. 2024 Googie IMPROVED SALES ANALYSIS To estimate the value of the subject, we analyzed the sale comparables and have made adjustments for varying characteristics. Property Rights Conveyed The property rights conveyed for each sale are shown in the adjustment grid. The subject is valued in this report on the basis of a leased fee estate. The fee simple value is adjusted downward for the interest appraised to arrive at the leased fee value for the property. This value indicates the prospective market value at completion and stabilization of the leased fee estate considering rental restrictions. These adjustments are made at the conclusion. No adjustments are made for this factor within the sales comparison grid. Attachment: 15954 Appraisals (15954 : Purchase of Real Property located at 1851 NW 1st Ct., Miami, FL 33136) JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTING Packet Pg. 215 2.4.a 1851 NW 1st Court 23-022-02 THE SALES COMPARISON APPROACH Financing Terms The financing terms for each sale are shown in the adjustment grid. The subject is valued in this report on the basis of a cash to seller transaction. No adjustments are made for this factor. Conditions of Sale The conditions of sale for each sale are shown in the adjustment grid. The subject is valued in this report on the basis of an arm's length transaction. No adjustments are made for this factor. Expenditures after Sale The expenditures after sale for each comparable are shown in the adjustment grid. No adjustments are made for this factor. Market Conditions In terms of an adjustment for market conditions, from the sales shown, it is somewhat subjective to determine an exact adjustment. We have applied a 3% adjustment to each comparable, annualized from the date of each sale to March 1, 2024. Location The adjustment for location realizes that properties in areas of active growth and development, as well as those which offer good accessibility in terms of frontage on major thoroughfares, typically sell for a higher price per SF than properties which do not offer these attributes, with all other factors held constant. The relative desirability of each site in relation to the subject is shown in the adjustment grid. The subject is in the City of Miami's Omni CRA neighborhood. The Omni Community Redevelopment Agency (Omni CRA) carries out renovation and revitalization activities within the boundaries of the designated redevelopment area. Sales 1, 2 and 3 are in the same neighborhood, featuring a similar location. No adjustments are made for this factor. Age (Year Built) Logical adjustments are applied to the comparables on the basis of age. Typically, the older a building's improvements, the lower the income it can achieve in the market; thus, it will sell for a lower price, with all other factors held constant. The subject was built in 1954. All the comparable sales are of similar age as the subject so no adjustments are made for this factor. Construction Quality (NIVS Quality) Logical adjustments are applied to the comparables on the basis of quality of construction, design and market appeal, The more inferior a comparable's quality of improvements, the lower the value it can achieve in the market, with all other factors held constant. The subject is an average quality property. All the comparables are similar in terms of quality, so no adjustments are made for this factor. Condition Logical adjustments are applied to the comparables on the basis of relative condition. The more inferior a comparable's condition, the lower the value it can achieve in the market, with all other factors held constant. The subject is in average condition. All the comparables are similar in terms of condition, so no adjustments are made for this factor. Attachment: 15954 Appraisals (15954 : Purchase of Real Property located at 1851 NW 1st Ct., Miami, FL 33136) JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTING Packet Pg. 216 2.4.a 1851 NW lst Court 23-022-02 THE SALES COMPARISON APPROACH Occupancy Adjustments must also be made for income characteristics, which appear to have a significant effect on sale price in the case of properties within the subject's market. Typically, properties that are fully leased generally sell for higher prices than those which are not at a stabilized occupancy level. The subject is currently O%o occu pied. Although the subject is vacant, it would lease up fast, due to the low restricted rents. No adjustments are made for this factor. Average Unit Size In terms of average unit size, it is noted that properties with a smaller average unit size typically sell for a higher price per SF than properties with a larger average unit size, with all other factors held constant. On a per unit size basis, properties with a larger average unit size typically sell for a higher price per unit than properties with a smaller average unit size, with all other factors held constant. The subject's average unit size is 428 SF. All of the comparables feature a similar average unit size, so no adjustments are made for this factor. Unit Amenities The adjustment for the unit amenities package considers that properties which offer extensive useful amenities to their tenants typically rent for a higher price, with all other factors held constant. Central air-conditioning, standard kitchen appliances. All the comparables feature similar unit amenities, so no adjustments are made for this factor. Property Amenities The adjustment for the property amenities package considers that properties which offer extensive useful amenities to their tenants typically rent for a higher price, with all other factors held constant. Surrounding fence. All the comparables feature similar property amenities, so no adjustments are made for this factor. Attachment: 15954 Appraisals (15954 : Purchase of Real Property located at 1851 NW 1st Ct., Miami, FL 33136) JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTING Packet Pg. 217 2.4.a 1851 NW lst Court 23-022-02 THE SALES COMPARISON APPROACH IMPROVED SALES ANALYSIS CONCLUSION The previously -described adjustments are summarized in the following grid. The percentage adjustments are used to show the emphasis placed on each adjustment, and are not based on a paired sales analysis. IMPROVED SALES ADJUSTMENT GRID (PRICE/UNIT) Analysis Grid Subject Comp 1 Comp 2 Comp.3 Name 1851 NW 1st Court 1745 NW 1st PI 1710 NW 1st Ct Address 1851 NW 1st Court 1745 NW 1st PI 1710 NW 1st Ct City Miami Miami Miami State FL FL FL Date 6/21/2023 7/15/2022 Price $2,000,000 $3,500,000 No. of Units 6 10 20 172 NW 12th St 172 NW 12th St Miami FL 10/7/2022 $1,075,000 6 Price per Unit $200,000 $175,000 $179,167 Transactional Adjustments Property Rights Leased Fee Estate Fee Simple Estate 0% Fee Simple Estate 0% Fee Simple Estate 0% Financing Cashtoseller Cashto5eller 0% Cashtoseller 0% Cash toSeller 0% Conditions of Sale Arm's Length Arms length 0% Arm's length 0% Arms length 0% Market Trends Through 3/1/2024 3% 2% 4.94% 4.23% Adjusted Price per Unit $204,160 $183,645 $186,745 Property Adjustments Location Similar Similar Similar %Adjustment $ Adjustment 0% $0 0% $0 0% 50 Year Built 1954 1951 1951, 1954 1958 %Adjustment 0% 0% 0% $ Adjustment $0 $0 50 MVS Quality Average Average Average Average % Adjustment 0% 0% 0% $ Adjustment $0 $0 $0 Condition Average Average Average Average %Adjustment $ Adjustment 0% $0 0% 0% $0 50 Occupancy 0.00% 90.00% 95,00% 100,00% %Adjustment 0% 0% $ Adjustment $0 50 0% $0 Avg. Unit Size 428 396 458 436 %Adjustment $ Adjustment 0% $0 0% $0 0% 50 Unit Amenities Central air- Wall unit Air Central air- Wall unit Air conditioning, Conditioning, conditioning, Conditioning, standard kitchen Standard Kitchen standard kitchen Stainless steel appliances. Appl iances. appliances. appliances. %Adjustment 0% 0% 0% $ Adjustment $0 50 $0 Property Amenities Surrounding fence. Gated Fence Gated Fence Gated Fence %Adjustment $ Adjustment 0% $0 0% $0 0% $0 Adjusted Price per Unit $204,160 $183,645 $186,745 Property Adjustments (Net) 0% 0% 0% Property Adjustments (Gross) 0% 0% 0% Attachment: 15954 Appraisals (15954 : Purchase of Real Property located at 1851 NW 1st Ct., Miami, FL 33136) JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTING Packet Pg. 218 2.4.a 1851 NW 1st Court 23-022-02 THE SALES COMPARISON APPROACH PRICE/UNIT METHOD CONCLUSION The comparables show a price/Unit range of $183,645.00 /Unit to $204,160.00 /Unit on an adjusted basis, with an average of $191,516.81 /Unit. Based on the comparables and the adjustments made to them, we conclude to a value in the range of $185,000.00 JUnit to $205,000.0❑ /Unit. We conclude to $190,000.00/Unit. Value Conclusion $190,000.00 /Unit Multiplied bySubjectSize 6 Units Indicated Value $1,140,000 Emphasis is placed on all comparables, in consideration for the final concluded value. Adjustment for Date of Interest Rounded Final Perspective Value Value Indicated Value Appraised Adjusted Value Value Prospective "As Is" 3/1/24 $1,140,000 ($259,515) $880,485 $880,000 The fee simple value is adjusted downward for the interest appraised to arrive at the leased fee value for the property. This value indicates the prospective market value at completion and stabilization of the leased fee estate considering rental restrictions. This calculation is shown in the Income Approach. SALES COMPARISON APPROACH CONCLUSION We have used the price per unit as the unit of comparison to value the subject. We have relied on the price per unit method for the subject's final value estimate via the Sales Comparison Approach. Perspective Prospective Date of Value Value Final Value "As is" 3/1/24 $880,000 Attachment: 15954 Appraisals (15954 : Purchase of Real Property located at 1851 NW 1st Ct., Miami, FL 33136) JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTING Packet Pg. 219 2.4.a 1851 NW lst Court 23-022-02 RECONCILIATION AND FINAL VALUE The Sales Comparison and the Income Capitalization Approaches were employed in the valuation of the subject. The values derived via these methods are shown below: Income Capitalization Sales Comparison Perspective Value Date of Value Direct Cap Condusion Condusion Prospective "As Is" 3/1/24 $920,000 $920,000 $880,000 In each of these approaches, we have attempted to summarize all the input data and have briefly explained our methodology in processing and/or analyzing this data. Insofar as we have been able to determine, this data has been obtained from reliable sources and was accepted as being accurate. We give full recognition to the inherent weaknesses in each of the approaches. It should be acknowledged that because the appraisal of real property is not an exact science, professional judgment on our part becomes a component of each of the recognized approaches. In the Cost Approach, accrued depreciation, if any, is deducted from the replacement cost of the improvements and was added to the land value. The resultant figure indicates the value of the entire property via the Cost Approach. The Sales Comparison Approach is dependent on a direct comparative technique of the sale, or offering of, similar properties. Since no two properties are ever identical, it is necessary to analyze and determine the degree of comparability between the subject and the sale properties for differences. The primary unit of comparison utilized in the valuation of the subject was the price per unit. A number of recent sales of comparable properties were uncovered, and after the adjustment process, we concluded to a value/unit for the subject. Based on the sales presented and their similarity to the subject, supporting emphasis is placed on the Sales Comparison Approach. In the Income Capitalization Approach, the gross annual income potential of the subject is estimated via a comparison with the rents being charged at competitive properties, and with consideration to the existing leases at the property. After estimating gross income potential, deductions are made for the appropriate vacancy, collection loss, and all applicable expenses incurred through the ownership of the property. The direct capitalization method is employed in the Income Capitalization Approach. The direct capitalization method is the primary method of valuation used by the class of investors that would potentially purchase or sell a property similar to the subject. Due to the availability of data relating to market rental rates, expenses and overall capitalization rates, a high level of reliability is placed on this method. The Income Capitalization Approach is given primary consideration in the reconciliation process. In the final analysis of the subject, we consider the influence of the approaches used in relation to one another and in relation to the subject and, since buyers and sellers of similar properties are primarily interested in the monetary benefits of ownership, the Income Capitalization Approach is the most reliable technique in forming an opinion of the subject's value. Based on the analysis of pertinent physical and economic factors, we have arrived at the following value opinions: Perspective Value Date of Value Interest Appraised Value Opinion Prospective "As Is" 3/1/24 Leased Fee Estate $920,000 This appraisal is not based on any extraordinary assumptions. There are no hypothetical conditions for this appraisal. Attachment: 15954 Appraisals (15954 : Purchase of Real Property located at 1851 NW 1st Ct., Miami, FL 33136) JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATIDN AND CONSULTING Packet Pg. 220 1851 NW lst Court 23-022-02 ADDENDA 2.4.a Attachment: 15954 Appraisals (15954 : Purchase of Real Property located at 1851 NW 1st Ct., Miami, FL 33136) JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTING Packet Pg. 221 2.4.a 1851 NW 1st Court 23-022-02 GLOSSARY OF VALUATION TERMS Term Definition Source Air Rights The right to undisturbed use and control of designated air Appraisal Institute, The space above a specific land area within stated elevations. Dictionary of Real Air rights may be acquired to construct a building above Estate Appraisal, 7th the land or building of another or to protect the light and Ed. (Chicago: Appraisal air of an existing or proposed structure on an adjoining Institute, 2022) lot. Air rights d❑ not always include development rights. As Is Market Value The estimate of the market value of real property in its Appraisal Institute, The current physical condition, use, and zoning as of the Dictionary of Real appraisal date. (Interagency Appraisal and Evaluation Estate Appraisal, 7th Guidelines) Note that the use of the "as is" phrase is Ed. (Chicago: Appraisal specific to appraisal regulations pursuant to FIRREA Institute, 2022) applying to appraisals prepared for regulated lenders in the United States. The concept of an "as is" value is not included in the Standards of Valuation Practice of the Appraisal Institute, Uniform Standards of Professional Appraisal Practice, or International Valuation Standards. Band of Investment A technique in which the capitalization rates attributable Appraisal Institute, The to components of an investment are weighted and Dictionary of Real combined to derive a weighted -average rate attributable Estate Appraisal, 7th to the total investment (i.e., debt and equity, land and Ed. (Chicago: Appraisal improvements). institute, 2022) Condominium An attached, detached, or stacked unit within or attached Appraisal Institute, The to a structure with common areas that are held as tenants Dictionary of Real in common (an undivided interest) with other owners in Estate Appraisal, 7th the project. The units can be residential, commercial, Ed. (Chicago: Appraisal industrial, or parking spaces or boat docks. These units are Institute, 2022) commonly defined by state laws in their locations. Because units can be stacked on top of other units, these units can be defined both vertically and horizontally. Debt Coverage Ratio (DCR) The ratio of net operating income to annual debt service Appraisal Institute, The (DCR = NOI/IM), which measures the relative ability of a Dictionary of Real property to meet its debt service out of net operating Estate Appraisal, 7th income; also called debt service coverage ratio (DSCR). A Ed. (Chicago: Appraisal larger DCR typically indicates a greater ability for a Institute, 2022) property to withstand a reduction of income, providing an improved safety margin for a lender. Deferred Maintenance Items of wear and tear on a property that should be fixed Appraisal Institute, The now to protect the value or income -producing ability of Dictionary of Real the property, such as a broken window, a dead tree, a leak Estate Appraisal, 7th in the roof, or a faulty roof that must be completely Ed. (Chicago: Appraisal replaced. These items are almost always curable. Institute, 2022) Attachment: 15954 Appraisals (15954 : Purchase of Real Property located at 1851 NW 1st Ct., Miami, FL 33136) JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTING Packet Pg. 222 2.4.a 1851 NW 1st Court 23-022-02 GLOSSARY OF VALUATION TERMS Term Definition Source Depreciation 1. In appraisal, a loss in the value of improvements from any cause; the difference between the cost of an improvement on the effective date of the appraisal and the value of the improvement on the same date. 2. In accounting, an allocation of the original cost of an asset, amortizing the cost over the asset's life; calculated using a variety of standard techniques. Appraisal Institute, The Dictionary of Real Estate Appraisal, 7th Ed. (Chicago: Appraisal Institute, 2022) Discount Rate (Y) A rate of return on capital used to convert future payments or receipts into present value. Appraisal Institute, The Dictionary of Real Estate Appraisal, 7th Ed. (Chicago: Appraisal Institute, 2022) Effective Gross Income (EGI) The anticipated income from all operations of the real estate after an allowance is made for vacancy and collection Tosses and an addition is made for any other income. Appraisal Institute, The Dictionary of Real Estate Appraisal, 7th Ed. (Chicago: Appraisal Institute, 2022) Effective Gross Income Multiplier (EGIM) The ratio between the sale price (or value) of a property and its effective gross income. Appraisal Institute, The Dictionary of Real Estate Appraisal, 7th Ed. (Chicago: Appraisal Institute, 2022) Entrepreneurial Profit 1. A market -derived figure that represents the Appraisal Institute, The amount an entrepreneur received for his or her Dictionary of Real contribution to a past project to compensate for Estate Appraisal, 7th his or her time, effort, knowledge, and risk; the Ed. (Chicago: Appraisal difference between the total cost of a property Institute, 2022) (cost of development) and its market value (property value after completion), which represents the entrepreneur's compensation for the risk and expertise associated with development. An entrepreneur is motivated by the prospect of future value enhancement (i.e., the entrepreneurial incentive). An entrepreneur who successfully creates value through new development, expansion, renovation, or an innovative change of use is rewarded by entrepreneurial profit. Entrepreneurs may also fail and suffer losses. 2. In economics, the actual return on successful management practices, often identified as coordination, the fourth factor of production following land, labor, and capital; also called entrepreneurial return or entrepreneurial reward. Attachment: 15954 Appraisals (15954 : Purchase of Real Property located at 1851 NW 1st Ct., Miami, FL 33136) JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTING Packet Pg. 223 2.4.a 1851 NW lst Court 23-022-02 GLOSSARY OF VALUATION TERMS Term Definition Source Equity Capitalization Rate (RE) An income rate that reflects the relationship between one year's equity cash flow and the equity investment; also called the cash -on -cash rate, cash flow rate, cash throw- off rate, or equity dividend rate. (RE - IENVE, or Pre -Tax Cash Flow/Equity Invested) Appraisal Institute, The Dictionary of Real Estate Appraisal, 7th Ed. (Chicago: Appraisal Institute, 2022) Equity Ratio (E) The ratio between the down payment paid on a property and its total price; the fraction of the investment that is unencumbered by debt. Appraisal Institute, The Dictionary of Real Estate Appraisal, 7th Ed. (Chicago: Appraisal Institute, 2022) Excess Land Land that is not needed to serve or support the existing use. The highest and best use of the excess land may or may not be the same as the highest and best use of the improved parcel. Excess land has the potential to be sold separately and is valued separately. Appraisal Institute, The Dictionary of Real Estate Appraisal, 7th Ed. (Chicago: Appraisal Institute, 2022) Exposure Time An opinion, based on supporting market data, of the length of time that 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. Uniform Standards of Professional Appraisal Practice 2020-2021 Ed. (Washington, DC: The Appraisal Foundation, 2019 (extended through December 31, 2023)). External Obsolescence A type of depreciation; a diminution in value caused by negative external influences and generally incurable on the part of the owner, landlord, or tenant. The external influence may be either temporary or permanent. There are two forms of external obsolescence: economic and locational. Appraisal Institute, The Dictionary of Real Estate Appraisal, 7th Ed. (Chicago: Appraisal Institute, 2022) Extraordinary Assumption An assignment -specific assumption as of the effective date regarding uncertain information used in an analysis which, if found to be false, could alter the appraiser's opinions or conclusions. Uniform Standards of Professional Appraisal Practice 2020-2021 Ed. (Washington, DC: The Appraisal Foundation, 2019 (extended through December 31, 2023)). Fee Simple Estate Absolute ownership unencumbered by any other interest or estate, subject only to the limitations imposed by the governmental powers of taxation, eminent domain, police power, and escheat. Appraisal Institute, The Dictionary of Real Estate Appraisal, 7th Ed. (Chicago: Appraisal Institute, 2022) Attachment: 15954 Appraisals (15954 : Purchase of Real Property located at 1851 NW 1st Ct., Miami, FL 33136) JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTING Packet Pg. 224 2.4.a 1851 NW ist Court 23-022-02 GLOSSARY OF VALUATION TERMS Term Definition Source Gross Building Area (GBA) 1. Total floor area of a building, excluding Appraisal Institute, The unenclosed areas, measured from the exterior of Dictionary of Real the walls of the above -grade area. This includes Estate Appraisal, 7th mezzanines and basements if and when typically Ed. (Chicago: Appraisal included in the market area of the type of Institute, 2022) property involved. 2. Gross leasable area plus all common areas. 3. For residential space, the total area of all floor levels measured from the exterior of the walls and including the superstructure and substructure basement; typically does not include garage space. Gross Leasable Area (GLA) Total floor area designed for the occupancy and exclusive Appraisal Institute, The use of tenants, including basements and mezzanines; Dictionary of Real measured from the center of joint partitioning to the Estate Appraisal, 7th outside wall surfaces. Ed. (Chicago: Appraisal Institute, 2022) Highest and Best Use 1. The reasonably probable use of property that Appraisal Institute, The results in the highest value. The four criteria that Dictionary of Real the highest and best use must meet are legal Estate Appraisal, 7th permissibility, physical possibility, financial Ed. (Chicago: Appraisal feasibility, and maximum productivity. Institute, 2022) 2. The use of an asset that maximizes its potential and that is possible, legally permissible, and financially feasible. The highest and best use may be for continuation of an asset's existing use or for some alternative use. This is determined by the use that a market participant would have in mind for the asset when formulating the price that it would be willing to bid. (IVS) 3. [The] highest and most profitable use for which the property is adaptable and needed or likely to be needed in the reasonably near future. (Uniform Appraisal Standards for Federal Land Acquisitions) Attachment: 15954 Appraisals (15954 : Purchase of Real Property located at 1851 NW 1st Ct., Miami, FL 33136) JUSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTING Packet Pg. 225 2.4.a 1851 NW lst Court 23-022-02 GLOSSARY OF VALUATION TERMS Term Definition Source 4. [For fair value determination] The use of a nonfinancial asset by market participants that would maximize the value of the asset or the group of assets and liabilities (for example, a business) within which the asset would be used. (FASB Glossary) The highest and best use of a nonfinancial asset takes into account the use that is physically possible, legally permissible, and financially feasible. (FASB 820-10-35-10B). The highest and best use of a nonfinancial asset establishes the valuation premise used to measure the fair value of the asset, as follows: (a) The highest and best use of a nonfinancial asset might provide maximum value to market participants through its use in combination with other assets as a group (as installed or otherwise configured for use) or in combination with other assets and liabilities (for example, a business). (b) The highest and best use of the asset might provide maximum value to market participants on a standalone basis. (FASB 820-10-35-10E) Hypothetical Condition A condition, directly related to a specific assignment, which is contrary to what is known by the appraiser to exist on the effective date of the assignment results, but is used for the purpose of analysis. Uniform Standards of Professional Appraisal Practice 2020-2021 Ed. (Washington, DC: The Appraisal Foundation, 2019 (extended through December 31, 2023)). Insurable Value A type of value for insurance purposes. Appraisal Institute, The Dictionary of Real Estate Appraisal, 7th Ed. (Chicago: Appraisal Institute, 2022) Internal Rate of Return (IRR) The annualized yield rate or rate of return on capital that is generated within an investment or portfolio over a period of ownership. Alternatively, the indicated return on capital associated with a projected or pro forma income stream. Appraisal Institute, The Dictionary of Real Estate Appraisal, 7th Ed. (Chicago: Appraisal Institute, 2022) Attachment: 15954 Appraisals (15954 : Purchase of Real Property located at 1851 NW 1st Ct., Miami, FL 33136) JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTING Packet Pg. 226 2.4.a 1851 NW 1st Court 23-022-02 GLOSSARY OF VALUATION TERMS Term Definition Source Leased Fee Interest The ownership interest held by the lessor, which includes Appraisal Institute, The the right to receive the contract rent specified in the lease Dictionary of Real plus the reversionary right when the lease expires. Estate Appraisal, 7th Ed. (Chicago: Appraisal Institute, 2022) Leasehold Estate (Leasehold Interest) The right held by the lessee to use and occupy real estate Appraisal Institute, The for a stated term and under the conditions specified in the Dictionary of Real lease. Estate Appraisal, 7th Ed. (Chicago: Appraisal Institute, 2022) Loan -to -Value Ratio (M) The ratio between a mortgage loan and the value of the Appraisal Institute, The property pledged as security, usually expressed as a Dictionary of Real percentage; also called loan ratio or LTV. Estate Appraisal, 7th Ed. (Chicago: Appraisal Institute, 2022) Marketing Time An opinion of the amount of time to sell a property Appraisal Institute, The interest at the concluded market value or at a benchmark Dictionary of Real price during the period immediately after the effective Estate Appraisal, 7th date of an appraisal. Marketing time differs from Ed. (Chicago: Appraisal exposure time, which precedes the effective date of an Institute, 2022) appraisal. Market Rent The most probable rent that a property should bring in a Appraisal Institute, The competitive and open market under all conditions Dictionary of Real requisite to a fair lease transaction, the lessee and lessor Estate Appraisal, 7th each acting prudently and knowledgeably, and assuming Ed. (Chicago: Appraisal the rent is not affected by undue stimulus. Implicit in this Institute, 2022) definition is the execution of a lease as of a specified date under conditions whereby • Lessee and lessor are typically motivated; • Both parties are well informed or well advised, and acting in what they consider their best interests; • Payment is made in terms of cash or in terms of financial arrangements comparable thereto; and • The rent reflects specified terms and conditions typically found in that market, such as permitted uses, use restrictions, expense obligations, duration, concessions, rental adjustments and revaluations, renewal and purchase options, frequency of payments (annual, monthly, etc.), and tenant improvements (Tls). Attachment: 15954 Appraisals (15954 : Purchase of Real Property located at 1851 NW 1st Ct., Miami, FL 33136) JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTING Packet Pg. 227 2.4.a 1851 NW lst Court 23-022-02 GLOSSARY OF VALUATION TERMS Term Definition Source Market Value A type of value, stated as an opinion, that presumes the Uniform Standards of transfer of a property (i.e. a right of ownership or a bundle Professional Appraisal of such rights), as of a certain date, under specific Practice 2020-2021 Ed. conditions set forth in the value definition that is (Washington, DC: The identified by the appraiser as applicable in an appraisal. Appraisal Foundation, 2019 (extended through December 31, 2023)). Mortgage Capitalization Rate (RM) The capitalization rate for debt; the ratio of the annual Appraisal Institute, The debt service to the remaining principal balance of the Dictionary of Real mortgage loan. The mortgage capitalization rate (RM) is Estate Appraisal, 7th equivalent to the periodic (monthly, quarterly, annual) Ed. (Chicago: Appraisal mortgage constant multiplied by the number of payments Institute, 2022) per year on a given loan on the day the loan is initiated. RM = Annual Debt Service/Mortgage Principal Mortgage Debt Service (IM) The annualized periodic payment for interest on and Appraisal Institute, The retirement of the principal of a mortgage loan; also called Dictionary of Real total mortgage debt service. The abbreviation lM refers to Estate Appraisal, 7th the annual debt service. These terms often refer to annual Ed. (Chicago: Appraisal debt service, but clarification is often required if they are Institute, 2022) monthly, quarterly, or annual because many mortgages are paid monthly. Net Income Multiplier (NIM) The relationship between price or value and net operating Appraisal Institute, The income expressed as a factor; the reciprocal of the overall Dictionary of Real capitalization rate. Estate Appraisal, 7th Ed. (Chicago: Appraisal Institute, 2022) Net Operating Income (NOI or lo) The actual or anticipated net income that remains after all Appraisal Institute, The operating expenses are deducted from effective gross Dictionary of Real income but before mortgage debt service and book Estate Appraisal, 7th depreciation are deducted. Note: This definition mirrors Ed. (Chicago: Appraisal the convention used in corporate finance and business Institute, 2022) valuation for EBITDA (earnings before interest, taxes, depreciation, and amortization). Net Rentable Area (NRA, Rentable Area) For office or retail buildings, the tenant's pro rata portion Appraisal Institute, The of the entire office floor, excluding elements of the Dictionary of Real building that penetrate through the floor to the areas Estate Appraisal, 7th below. The rentable area of a floor is computed by Ed. (Chicago: Appraisal measuring to the inside finished surface of the dominant Institute, 2022) portion of the permanent building walls, excluding any major vertical penetrations of the floor. Alternatively, the amount of space on which the rent is based; calculated according to local practice. Attachment: 15954 Appraisals (15954 : Purchase of Real Property located at 1851 NW 1st Ct., Miami, FL 33136) JUSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTING Packet Pg. 228 2.4.a 1851 NW lst Court 23-022-02 GLOSSARY OF VALUATION TERMS Term Definition Source Overall Capitalization Rate (Ro) The relationship between a single year's net operating Appraisal Institute, The income expectancy and the total property price or value Dictionary of Real (Ro = la IVo). Estate Appraisal, 7th Ed. (Chicago: Appraisal Institute, 2022) Prospective Market Value "As Completed" and "As Stabilized" A prospective market value may be appropriate for the Appraisal Institute, The valuation of a property interest related to a credit decision Dictionary of Real for a proposed development or renovation project. Estate Appraisal, 7th According to USPAP, an appraisal with a prospective Ed. (Chicago: Appraisal market value reflects an effective date that is subsequent Institute, 2022) to the date of the appraisal report. Prospective value opinions are intended to reflect the current expectations and perceptions of market participants, based on available data. Two prospective value opinions may be required to reflect the time frame during which development, construction, and occupancy will occur. The prospective market value —as completed— reflects the property's market value as of the time that development is expected to be completed. The prospective market value —as stabilized— reflects the property's market value as of the time the property is projected to achieve stabilized occupancy. For an income -producing property, stabilized occupancy is the occupancy level that a property is expected to achieve after the property is exposed to the market for lease over a reasonable period of time and at comparable terms and conditions to other similar properties. (See USPAP Statement 4* and Advisory Opinion 17.) (Interagency Appraisal and Evaluation Guidelines) Prospective Opinion of Value A value opinion effective as of a specified future date. The Appraisal Institute, The term does not define a type of value. Instead, it identifies Dictionary of Real a value opinion as being effective at some specific future Estate Appraisal, 7th date. An opinion of value as of a prospective date is Ed. (Chicago: Appraisal frequently sought in connection with projects that are Institute, 2022) proposed, under construction, or under conversion to a new use, or those that have not yet achieved sellout or a stabilized level of long-term occupancy. Replacement Cost The estimated cost to construct, at current prices as of a Appraisal Institute, The specific date, a substitute for a building or other Dictionary of Real improvements, using modern materials and current Estate Appraisal, 7th standards, design, and layout. Ed. (Chicago: Appraisal Institute, 2022) Attachment: 15954 Appraisals (15954 : Purchase of Real Property located at 1851 NW 1st Ct., Miami, FL 33136) JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTING Packet Pg. 229 2.4.a 1851 NW 1st Court 23-022-02 GLOSSARY OF VALUATION TERMS Term Definition Source Replacement Cost for Insurance Purposes The estimated cost, at current prices as of the effective Appraisal Institute, The date of valuation, of a substitute for the building being Dictionary of Real valued, using modern materials and current standards, Estate Appraisal, 7th design, and layout for insurance coverage purposes Ed. (Chicago: Appraisal guaranteeing that damaged property is replaced with new Institute, 2022) property (i.e., depreciation is not deducted). Reproduction Cost The estimated cost to construct, at current prices as of the Appraisal Institute, The effective date of the appraisal, a duplicate or replica of the Dictionary of Real building being appraised, using the same or similar Estate Appraisal, 7th materials, construction standards, design, layout, and Ed. (Chicago: Appraisal quality of workmanship and embodying all the Institute, 2022) deficiencies, superadequacies, and obsolescence of the subject building. Residual Capitalization Rate (RN) An overall capitalization rate used to estimate the resale Appraisal Institute, The price of a property; usually applied to the anticipated Dictionary of Real stabilized income for the year beyond the holding period; Estate Appraisal, 7th also called terminal capitalization rate. Ed. (Chicago: Appraisal Institute, 2022) Retrospective Value Opinion A value opinion effective as of a specified historical date. Appraisal Institute, The The term retrospective does not define a type of value. Dictionary of Real Instead, it identifies a value opinion as being effective at Estate Appraisal, 7th some specific prior date. Value as of a historical date is Ed. (Chicago: Appraisal frequently sought in connection with property tax Institute, 2022) appeals, damage models, lease renegotiation, deficiency judgments, estate tax, and condemnation. Inclusion of the type of value with this term is appropriate, e.g., "retrospective market value opinion." Sandwich Lease A lease in which an intermediate, or sandwich, Appraisal Institute, The leaseholder is the lessee of one party and the lessor of Dictionary of Real another. The owner of the sandwich lease is neither the Estate Appraisal, 7th fee owner nor the user of the property; he or she may be Ed. (Chicago: Appraisal a leaseholder in a chain of leases, excluding the ultimate Institute, 2022) sublessee. Attachment: 15954 Appraisals (15954 : Purchase of Real Property located at 1851 NW 1st Ct., Miami, FL 33136) JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTING Packet Pg. 230 2.4.a 1851 NW lst Court 23-022-02 GLOSSARY OF VALUATION TERMS Term Definition Sum of the Retail Values The sum of the separate and distinct market value opinions for each of the units in a condominium, subdivision development, or portfolio of properties, as of the date of valuation. The aggregate of retail values does not represent the value of all the units as though sold together in a single transaction; it is simply the total of the individual market value conclusions. An appraisal has an effective date, but summing the sale prices of multiple units over an extended period of time will not be the value on that one day unless the prices are discounted to make the value equivalent to what another developer or investor would pay for the bulk purchase of the units. Also called the aggregate of the retail values or aggregate retail selling price. Source Appraisal institute, The Dictionary of Real Estate Appraisal, 7th Ed. (Chicago: Appraisal Institute, 2022) Surplus Land Land that is not currently needed to support the existing use but cannot be separated from the property and sold off for another use. Surplus land does not have an independent highest and best use and may or may not contribute value to the improved parcel. Appraisal Institute, The Dictionary of Real Estate Appraisal, 7th Ed. (Chicago: Appraisal Institute, 2022) Attachment: 15954 Appraisals (15954 : Purchase of Real Property located at 1851 NW 1st Ct., Miami, FL 33136) JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTING Packet Pg. 231 2.4.a QUALIFICATIONS OF THE APPRAISER TED ALLEN, MA Mr. Allen currently holds the position of Managing Partner with the Miami office of Joseph J. Blake and Associates, Inc., at 5201 Blue Lagoon Drive, Suite 270, Miami, Florida. Previous positions include Principal (1986 to 2011), Regional Manager Southeast Region (1984 to 1986), Senior Appraiser (1982 to 1983) and Associate Appraiser (1979 to 1981). University of Texas - Austin, Texas Bachelor of Business Administration FORMAL EDUCATION PROFESSIONAL AFFILIATIONS Affiliation Number Florida State -Certified General Real Estate Appraiser No. RZ 426 Georgia State -Certified General Real Property Appraiser No. CG 1855 Appraisal Institute, Designated Member No. 6949 Royal Institution of Chartered Surveyors No. 6329062 CURRENT RESPONSIBILITIES Responsibilities include the preparation and direction of a variety of full narrative real estate appraisals and consulting studies prepared on a national basis. Mr. Allen supervises all staff appraisers and consultants and directs all major assignments throughout the southeastern United States and the Caribbean. APPRAISAL EXPERIENCE Mr. Allen has prepared and directed numerous appraisal and consulting assignments which include mixed - use properties, multifamily developments, proposed and existing condominiums and conversions, timeshares, office buildings, motels, hotels, industrial properties, regional malls, shopping centers, mobile home parks, market studies, feasibility studies, and investment analyses on a variety of institutional and non - institutional grade real property in over 15 states and 10 Caribbean nations. He has appraised and has supervised appraisals, as well as prepared consulting studies of properties for a variety of public pension funds, large institutional investors, pension fund advisors, insurance companies and banks. Mr. Allen has qualified as an expert witness for Federal Bankruptcy Court in the State of Florida and the State of Georgia and has given oral and written testimony in each. He has also been qualified in Florida State and County Courts. LEADERSHIP AND ADDITIONAL EXPERIENCE Mr. Allen is currently one of three executive committee members managing the operations of Joseph J Blake and Associates. This position oversees all aspects of the firms operations throughout the US. His duties including accounting oversight, IT oversight, marketing, short and long range planning, personnel staffing and budgeting. Positions held at the Appraisal Institute include: former service on Chapter Admissions Committee Member, former service on National Admissions Committee, and former service on National Ethics Committee. Additional real estate activities include NCREIF and Mortgage Bankers Association functions and service as Special Magistrate Miami Dade County Value Adjustment Board for the 2014 tax year. Attachment: 15954 Appraisals (15954 : Purchase of Real Property located at 1851 NW 1st Ct., Miami, FL 33136) JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTING Packet Pg. 232 2.4.a QUALIFICATIONS OF THE APPRAISER CERTIFICATION Ron DeSantis, Governor STATE OF FLORIDA Melanie S. Griffin, Secretary dbpr DEPARTMENT OF BUSINESS AND PROFESSIONAL REGULATION FLORIDA REAL ESTATE APPRAISAL BD THE CERTIFIED GENERAL APPRAISER HEREIN IS CERTIFIED UNDER THE PROVISIONS OF CHAPTER 475, FLORIDA STATUTES • ALLEN, TED EUGENE 5201 BLUE LAGOON DRIVE SUITE 270 MIAMI FL 33126 .: • AA4. Si .. LICENSE NUMBER: R2426 EXPIRATION DATE: NOVEMBER 30, 2024 Always verify licenses online at MyFlonidaLicerrse.tan Do not alter this document in any form. This Is your license. It is unlawful for anyone other than the licensee to use this document. Attachment: 15954 Appraisals (15954 : Purchase of Real Property located at 1851 NW 1st Ct., Miami, FL 33136) JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTING Packet Pg. 233 2.4.a QUALIFICATIONS ❑F THE APPRAISER DESMOND JEREMY DORCEUS Mr. Dorceus is a State -registered trainee real estate appraiser with the Miami office of Joseph J. Blake and Associates, Inc., at 5201 Blue Lagoon, Suite 270, Miami, Florida. CURRENT EDUCATION Florida International University— Miami, FL Bachelor of Business Administration in Real Estate, April 2023 REAL ESTATE AND APPRAISAL EDUCATION Course Name Real Estate Principles Real Estate Law Real Estate Appraisal Real Estate Invest Prerequisite Appraisal Courses Provider Florida International University Florida International University Florida International University Florida International University McKissock PROFESSIONAL AFFILIATIONS Affiliation Number Florida - State -registered trainee real estate appraiser No. RI25541 APPRAISAL EXPERIENCE Responsibilities include preparation of full narrative appraisal and market study reports for a wide variety of property types and purposes, including but not limited to business parks, office buildings, industrial buildings, shopping centers, multi -family projects, hotels and land. Attachment: 15954 Appraisals (15954 : Purchase of Real Property located at 1851 NW 1st Ct., Miami, FL 33136) JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTING Packet Pg. 234 2.4.a QUALIFICATIONS OF THE APPRAISER CERTIFICATION Ron DeSantis, Governor STATE OF FLORIDA DEPARTMENT OF BUSINESS AND PROFESSIONAL REGULATION Melanie S. Griffin, Secretary dbr FLORIDA REAL ESTATE APPRAISAL BD THE REGISTERED TRAINEE APPRAISER HEREIN HAS REGISTERED UNDER THE PROVISIONS OF CHAPTER 475, FLORIDA STATUTES DORCEUS, DESMOND JEREMY 5963 NW 19 ST LAUDERHILL FL 33313 LI$NUMBERRJ2554141 EXPIRATION DATE: NOVEMBER 30, 2024 Always verify licenses online at MyFloricial icense.com Do not alter this document In any form. This is your license. It is unlawful for anyone other than the licensee to use this document. Attachment: 15954 Appraisals (15954 : Purchase of Real Property located at 1851 NW 1st Ct., Miami, FL 33136) JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTING Packet Pg. 235 2.4.a APPRAISAL REPORT #2 CBRE, INC. Attachment: 15954 Appraisals (15954 : Purchase of Real Property located at 1851 NW 1st Ct., Miami, FL 33136) Packet Pg. 236 2.4.a CBRE VALUATION & ADVISORY SERVICES APPRAISAL REPORT SIX - UNIT RENOVATED LIHTC 1 851 NW 1ST COURT MIAMI, FLORIDA 33136 CBRE FILE NO. CB24US008028-1 CLIENT: COMMUNITY REDEVELOPMENT AGENCY CBR Packet Pg. 237 2.4.a VALUATION & ADVISORY SERVICES CBRE 777 Brickell Ave. Ste. 1 100 Miami, FL 33131 T (305) 381-6480 www.cbre.com Date of Report: March 4, 2024 Ms. Isiaa Jones Executive Director COMMUNITY REDEVELOPMENT AGENCY 819 NW 2nd Avenue Miami, Florida 33136 RE: Appraisal of: Six - Unit Renovated LIHTC 1851 NW 1st Court Miami, Miami -Dade County, Florida 33136 CBRE, Inc. File No. CB24US008028-1 Dear Ms. Jones: At your request and authorization, CBRE, Inc. has prepared an appraisal of the market value of the referenced property. Our analysis is presented in the following Appraisal Report. The subject is a 6-unit low-income housing tax credit (LIHTC) multi -family walk-up property located at 1851 NW 1st Court in Miami, Florida. The property consists of a single, two-story apartment building with studios, one -bedroom and two -bedroom units, which are rent restricted at 40%, 60% and 80% area median income (AMI), respectively, as set forth for Miami -Dade County by HUD. The improvements were constructed in 1954, renovated in 2023 and are situated on a 0.17-acre site, with the renovations consisting of full interior and exterior updates with a total renovation budget of $568,810. As of the time of inspection, the subject was vacant and was pending the completion of electric work in order to receive the certificate of occupancy (CO) from the City of Miami. We requested updated data such as current rents and operating data/budget however, no updated data was provided with the only data provided being from 2018-2019. Therefore, we have utilized the most recent rent limits for the subject rents based on the AMI's provided for each unit type as well as market expenses. An extraordinary assumption has been made that the latest rents published by HUD for Miami -Dade County will be applied to the subject units once certificate of occupancy has been issued. The improvements were vacant and are considered to be not stabilized. Therefore, we have estimated a 3-month lease up for the subject and have deducted a lease -up discount from the As Stabilized value in order to provide the As Is value. Per information provided, the electrical work remaining at the subject requires no additional costs to complete with only an inspection pending by the City of Miami to be able to receive the certificate of occupancy (CO). Therefore, no additional cost to complete was deducted to arrive at the As Is value. Attachment: 15954 Appraisals (15954 : Purchase of Real Property located at 1851 NW 1st Ct., Miami, FL 33136) © 2024 CBRE, Inc. Packet Pg. 238 March 4, 2024 Page 2 2.4.a Based on the analysis concluded as follows: contained in the following report, the market value of the subject is MARKET VALUE CONCLUSION Appraisal Premise As Is (LIHTC As Is) Hypothetical As Is (Property Assuming Compiled by CBRE Market) Interest Appraised Fee Simple Estate Fee Simple Estate Date of Value February 15, 2024 February 15, 2024 Value Conclusion $1,025,000 $1,525,000 This Appraisal Report is subject to Extraordinary Assumptions and/or Hypothetical Conditions; please refer to the Executive Summary section of this report for further discussion and analysis. The report, in its entirety, including all assumptions and limiting conditions, is an integral part of, and inseparable from, this letter. The following appraisal sets forth the most pertinent data gathered, the techniques employed, and the reasoning leading to the opinion of value. The analyses, opinions and conclusions were developed based on, and this report has been prepared in conformance with, the guidelines and recommendations set forth in the Uniform Standards of Professional Appraisal Practice (USPAP), and the requirements of the Code of Professional Ethics and Standards of Professional Appraisal Practice of the Appraisal Institute. It also conforms to Title XI Regulations and the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 (FIRREA) updated in 1994 and further updated by the Interagency Appraisal and Evaluation Guidelines promulgated in 2010. The intended use and user of our report are specifically identified in our report as agreed upon in our contract for services and/or reliance language found in the report. As a condition to being granted the status of an intended user, any intended user who has not entered into a written agreement with CBRE in connection with its use of our report agrees to be bound by the terms and conditions of the agreement between CBRE and the client who ordered the report. No other use or user of the report is permitted by any other party for any other purpose. Dissemination of this report by any party to any non -intended users does not extend reliance to any such party, and CBRE will not be responsible for any unauthorized use of or reliance upon the report, its conclusions or contents (or any portion thereof). Attachment: 15954 Appraisals (15954 : Purchase of Real Property located at 1851 NW 1st Ct., Miami, FL 33136) 2 © 2024 CBRE, Inc. CBl w Packet Pg. 239 March 4, 2024 Page 3 2.4.a It has been a pleasure to assist you in this assignment. If you have any questions concerning the analysis, or if CBRE can be of further service, please contact us. Respectfully submitted, CBRE - VALUATION & ADVISORY SERVICES Kristian Cata, CCIM Senior Appraiser Cert Gen RZ4283 /kristian.min Brad Lyons, MAI First Vice President Cert Gen RZ2897 Phone: (305) 720-7806 Phone: (407)-839-3136 Email: Email: Eric Castro Senior Valuation Associate Registered Trainee RI24529 www.cbre.com!=-ic.castro Phone: (305) 260-2421 Email: eric.castro@cbre.com Attachment: 15954 Appraisals (15954 : Purchase of Real Property located at 1851 NW 1st Ct., Miami, FL 33136) 3 © 2024 CBRE, Inc. CB� w r Packet Pg. 240 Certification 2.4.a Certification We certify to the best of our knowledge and belief: 1. The statements of fact contained in this report are true and correct. 2. The reported analyses, opinions, and conclusions are limited only by the reported assumptions and limiting conditions and are our personal, impartial, and unbiased professional analyses, opinions, and conclusions. 3. We have no present or prospective interest in the property that is the subject of this report and no personal interest with respect to the parties involved. 4. Kristian Cata, CCIM, Bradley Lyons, MAI, and Eric Castro have not provided services, as an appraiser, regarding the property that is the subject of this report within the three-year period immediately preceding acceptance of this assignment. 5. We have no bias with respect to the property that is the subject of this report or to the parties involved with this assignment. 6. Our engagement in this assignment was not contingent upon developing or reporting predetermined results. 7. Our compensation for completing this assignment is not contingent upon the development or reporting of a predetermined value or direction in value that favors the cause of the client, the amount of the value opinion, the attainment of a stipulated result, or the occurrence of a subsequent event directly related to the intended use of this appraisal. 8. The reported analyses, opinions, and conclusions were developed, and this report has been prepared, in conformity with the requirements of the Uniform Standards of Professional Appraisal Practice. 9. Eric Castro has made a personal inspection of the property that is the subject of this report. Kristian Cata, CCIM and Bradley Lyons, MAI, have not made a personal inspection of the property that is the subject of this report. 10. No one provided significant real property appraisal assistance to the persons signing this certification. 11. The reported analyses, opinions, and conclusions were developed, and this report has been prepared, in conformity with the requirements of the Code of Professional Ethics and Standards of Professional Appraisal Practice of the Appraisal Institute. 12. The use of this report is subject to the requirements of the Appraisal Institute relating to review by its duly authorized representatives. 13. As of the date of this report, Bradley Lyons, MAI, has completed the continuing education program for designated members of the Appraisal Institute. 14. As of the date of this report, Bradley Lyons, MAI has completed the Standards and Ethics Education Requirements for Practicing Affiliates of the Appraisal Institute. 15. The reported analyses, opinions, and conclusions were developed, and this report has been prepared, in conformity with the requirements of the State of Florida. 16. Eric Castro, the registered appraiser trainee, researched and analyzed area, neighborhood, site, improvements, zoning, tax and assessment, market, highest and best use, comparable sale and rent data. Additionally, Eric Castro developed the valuation indications herein under the direct supervisor of Bradley Lyons, MAI over the course of approximately 20 hours. Kristian Cata, CCIM 15 Bradley Lyons, MAI Cert Gen RZ4283 Cert Gen RZ2897 Eric Castro Registered Trainee RI24529 Attachment: 15954 Appraisals (15954 : Purchase of Real Property located at 1851 NW 1st Ct., Miami, FL 33136) © 2024 CBRE, Inc. CB� A Packet Pg. 241 Subject Photographs 2.4.a Subject Photographs !Aerial View (Source: Miami -Dade County Property Appraiser) 1 Attachment: 15954 Appraisals (15954 : Purchase of Real Property located at 1851 NW 1st Ct., Miami, FL 33136) © 2024 CBRE, Inc. CB� -- Packet Pg. 242 Subject Photographs 2.4.a Sub'ect Exterior Subject Exterior Subject Interior Sub'ect Exterior Subject Exterior Subject Interior Attachment: 15954 Appraisals (15954 : Purchase of Real Property located at 1851 NW 1st Ct., Miami, FL 33136) 111 © 2024 CBRE, Inc. CIE� -- Packet Pg. 243 Subject Photographs 2.4.a Sub'ect Interior Subject Interior Subject Street Sub'ect Interior Subject Interior Subject Street Attachment: 15954 Appraisals (15954 : Purchase of Real Property located at 1851 NW 1st Ct., Miami, FL 33136) iv © 2024 CBRE, Inc. C Packet Pg. 244 Executive Summary 2.4.a Executive Summary Property Name Location Parcel Number(s) Client Highest and Best Use As If Vacant As Improved Property Rights Appraised Date of Inspection Estimated Exposure Time Estimated Marketing Time Primary Land Area Zoning Improvements Property Type Number of Buildings Number of Stories Gross Building Area Net Rentable Area Number of Units Average Unit Size Year Built / Renovated Effective Age Remaining Economic Life Condition Buyer Profile Financial Indicators Current Occupancy Stabilized Occupancy Stabilized Credit Loss Estimated Lease -up Period Overall Capitalization Rate Six - Unit Renovated LIHTC 1851 NW 1st Court Miami, Miami -Dade County, FL 33136 01-3125-048-0650 Community Redevelopment Agency Multifamily Multifamily Fee Simple Estate February 15, 2024 3 - 9 Months 3 - 9 Months 0.17 AC T3-O Multifamily 1 2 2,952 SF 2,568 SF 6 428 SF 1954 / 2023 5 Years 50 Years Good Investor -Regional 0.0% 97.0% 0.5% 3 Months 5.50% 7,500 SF Comments (Multi -Family Walk -Up) Attachment: 15954 Appraisals (15954 : Purchase of Real Property located at 1851 NW 1st Ct., Miami, FL 33136) v © 2024 CBRE, Inc. CIE� imil Packet Pg. 245 Executive Summary 2.4.a Pro Forma LIHTC As Is Total Per Unit Effective Gross Income $86,665 Operating Expenses $29,395 Expense Ratio 33.92% Net Operating Income $57,269 $9,545 VALUATION Total Per Unit Market Value As Is On Sales Comparison Approach Income Approach Hypothetical As Is (Property Assuming Market) Sales Comparison Approach Income Approach Insurable Value February 15, 2024 February 15, 2024 $14,444 $4,899 $1,000,000 $1,025,000 $1,500,000 $1,525,000 $300,000 $166,667 $170,833 $250,000 $254,167 $50,000 CONCLUDED MARKET VALUE Appraisal Premise Interest Appraised Date of Value Value As Is (LIHTC As Is) Hypothetical As Is (Property Assuming Market) Fee Simple Estate Fee Simple Estate February 15, 2024 February 15, 2024 $1,025,000 $1,525,000 Compiled by CBRE STRENGTHS, WEAKNESSES, OPPORTUNITIES AND THREATS (SWOT) Strengths/ Opportunities • The subject was recently renovated with modern design/finishes. • There is continuous demand for affordable housing. • Neighborhood demographics indicate that the area will experience moderate growth in relation to population and households over the near term. • The subject is an LIHTC property and will benefit from lower real estate taxes. • The parcels are in close proximity to supporting transportation, employment, and supporting service linkages. Weaknesses/ Threats • The subject is currently vacant and is pending electrical work for completion. • The property is subject to income/rent restrictions. • Commercial real estate market conditions have deteriorated at the macro level. The significant recent increase in the cost of capital and reduced volume of transaction activity is impacting price discovery and creating an increase in uncertainty. Increasing interest rates and subdued economic growth will continue to weigh on commercial real estate fundamentals and investment transaction volumes. This creates a higher degree of uncertainty in general, though the impacts may vary by market and asset class/type. Attachment: 15954 Appraisals (15954 : Purchase of Real Property located at 1851 NW 1st Ct., Miami, FL 33136) vi © 2024 CBRE, Inc. CB� A r Packet Pg. 246 Executive Summary 2.4.a MARKET VOLATILITY We draw your attention to a combination of inflationary pressures (leading to higher interest rates) and recent failures/stress in banking systems which have significantly increased the potential for constrained credit markets, negative capital value movements and enhanced volatility in property markets over the short -to -medium term. Experience has shown that consumer and investor behavior can quickly change during periods of such heightened volatility. Lending or investment decisions should reflect this heightened level of volatility and the potential for deteriorating market conditions. It is important to note that the conclusions set out in this report are valid as at the valuation date only. Where appropriate, we recommend that the valuation is closely monitored, cis we continue to track how markets respond to evolving events. CURRENT ECONOMIC CONDITIONS At its January 2024 meeting, the Federal Reserve held the federal funds rate at a range of 5.25% to 5.50% and indicated it will continue reducing its balance sheet by $95 billion per month. The Fed removed language from its policy statement about further tightening but stated it needs more confidence inflation "is moving sustainably toward 2.00%" before considering cuts. Rising real interest rates will be a headwind for the economy in coming quarters; however, CBRE expects the U.S. economy will remain resilient with growth averaging 1.6% for the year. While opinions vary on future economic issues, the general market consensus at the time of this appraisal is the anticipation of moderating inflation as higher interest rates cool demand. Tighter lending conditions and a weakening economy will keep capital markets activity subdued and reduce leasing demand in the short to medium term. Amid this uncertain and dynamic environment, investment market performance will be uneven across property types. Attachment: 15954 Appraisals (15954 : Purchase of Real Property located at 1851 NW 1st Ct., Miami, FL 33136) vii © 2024 CBRE, Inc. CIE� A Packet Pg. 247 Executive Summary 2.4.a EXTRAORDINARY ASSUMPTIONS An extraordinary assumption is defined as "an assignment -specific assumption as of the effective date regarding uncertain information used in an analysis which, if found to be false, could alter the appraiser's opinions or conclusions." 1 • The 'as stabilized' appraisal assumes the development is fully entitled and permitted for the renovations of the improvements as specifically described herein and that the project will be completed within budget and in accordance with the plans and assumed good level of specifications commensurate with other renovated developments in the surrounding area. • The use of these extraordinary assumptions may have affected the assignment results. HYPOTHETICAL CONDITIONS A hypothetical condition is defined as "a condition, directly related to a specific assignment, which is contrary to what is known by the appraiser to exist on the effective date of the assignment results but is used for the purposes of analysis." 2 • In addition to the As Is value, we have provided a Hypothetical As Is value assuming market rent and expenses (no rent restrictions/tax credit). The use of these hypothetical conditions may have affected the assignment results. OWNERSHIP AND PROPERTY HISTORY OWNERSHIP SUMMARY Item Current Current Ownership Owner: SHERMAN W BULLARD Seller: N/A Purchase Price: $15,000 Transaction Date: September 1, 2003 Sale in Last 3 Years?: No Legal Reference: 23470-4349 County/Locality Name: Miami -Dade Pending Sale Under Contract: No Current Listing Currently Listed For Sale: No Compiled by CBRE CBRE is unaware of any arm's length ownership transfers of the property within three years of the date of appraisal. Further, the property is not reportedly being offered for sale as of the current date. The Appraisal Foundation, USPAP, 2024 Edition (Effective January 1, 2024) 2 The Appraisal Foundation, USPAP, 2024 Edition (Effective January 1, 2024) Attachment: 15954 Appraisals (15954 : Purchase of Real Property located at 1851 NW 1st Ct., Miami, FL 33136) © 2024 CBRE, Inc. CB� A Packet Pg. 248 Executive Summary 2.4.a EXPOSURE/MARKETING TIME Current appraisal guidelines require an estimate of a reasonable time period in which the subject could be brought to market and sold. This reasonable time frame can either be examined historically or prospectively. In a historical analysis, this is referred to as exposure time. Exposure time always precedes the date of value, with the underlying premise being the time a property would have been on the market prior to the date of value, such that it would sell at its appraised value as of the date of value. On a prospective basis, the term marketing time is most often used. The exposure/marketing time is a function of price, time, and use. It is not an isolated estimate of time alone. In consideration of these factors, we have analyzed the following: • exposure periods for comparable sales used in this appraisal; • exposure/marketing time information from the CBRE, Inc. National Investor Survey and the PwC Real Estate Investor Survey; and • the opinions of market participants. The following table presents the information derived from these sources. EXPOSURE/MARKETING TIME DATA Investment Type Exposure/Mktg. (Months) Range Average PwC Apartment National Data Local Market Professionals CBRE Exposure Time Estimate CBRE Marketing Period Estimate 2.0 - 15.0 6.3 6.0 - 12.0 9.0 3 - 9 Months 3 - 9 Months Various Sources Compiled by CBRE Attachment: 15954 Appraisals (15954 : Purchase of Real Property located at 1851 NW 1st Ct., Miami, FL 33136) ix © 2024 CBRE, Inc. CIE� A Packet Pg. 249 Table of Contents 2.4.a Table of Contents Certification Subject Photographs Executive Summary v Table of Contents x Scope of Work 1 Area Analysis 5 Neighborhood Analysis 7 Site Analysis 11 Improvements Analysis 13 Zoning 19 Tax and Assessment Data 21 Highest and Best Use 38 Insurable Replacement Cost 40 Sales Comparison Approach 42 Income Capitalization Approach 47 Reconciliation of Value 76 Assumptions and Limiting Conditions 77 ADDENDA Improved Sale Data Sheets E Rent Comparable Data Sheets ( Operating Data D Deed F Client Contract Information F Qualifications Attachment: 15954 Appraisals (15954 : Purchase of Real Property located at 1851 NW 1st Ct., Miami, FL 33136) X © 2024 CBRE, Inc. CB� -- Packet Pg. 250 Scope of Work 2.4.a Scope of Work This Appraisal Report is intended to comply with the real property appraisal development and reporting requirements set forth under Standards Rule 1 and 2 of USPAP. The scope of the assignment relates to the extent and manner in which research is conducted, data is gathered, and analysis is applied. INTENDED USE OF REPORT This appraisal is to be used for Acquisition/Disposition/Exchange due diligence underwriting and no other use is permitted. CLIENT The client is Community Redevelopment Agency. INTENDED USER OF REPORT This appraisal is to be used by Community Redevelopment Agency. No other user(s) may rely on our report unless as specifically indicated in this report. Intended users are those who an appraiser intends will use the appraisal or review report. In other words, appraisers acknowledge at the outset of the assignment that they are developing their expert opinions for the use of the intended users they identify. Although the client provides information about the parties who may be intended users, ultimately it is the appraiser who decides who they are. This is an important point to be clear about: The client does not tell the appraiser who the intended users will be. Rather, the client tells the appraiser who the client needs the report to be speaking to, and given that information, the appraiser identifies the intended user or users. It is important to identify intended users because an appraiser's primary responsibility regarding the use of the report's opinions and conclusions is to those users. Intended users are those parties to whom an appraiser is responsible for communicating the findings in a clear and understandable manner. They are the audience. 3 RELIANCE LANGUAGE Reliance on any reports produced by CBRE under this Agreement is extended solely to parties and entities expressly acknowledged in a signed writing by CBRE as Intended Users of the respective reports, provided that any conditions to such acknowledgement required by CBRE or hereunder have been satisfied. Parties or entities other than Intended Users who obtain a copy of the report or any portion thereof (including Client if it is not named as an Intended User), whether as a result of its direct dissemination or by any other means, may not rely upon any opinions or conclusions contained in the report or such portions thereof, and CBRE will not be responsible for 3 Appraisal Institute, The Appraisal of Real Estate, l5th ed. (Chicago: Appraisal Institute, 2020), 40. Attachment: 15954 Appraisals (15954 : Purchase of Real Property located at 1851 NW 1st Ct., Miami, FL 33136) 1 © 2024 CBRE, Inc. CIE� A Packet Pg. 251 Scope of Work 2.4.a any unpermitted use of the report, its conclusions or contents or have any liability in connection therewith. PURPOSE OF THE APPRAISAL The purpose of this appraisal is to develop an opinion of the market value. DEFINITION OF VALUE The current economic definition of market value agreed upon by agencies that regulate federal financial institutions in the U.S. (and used herein) is as follows: The most probable price which a property should bring in a competitive and open market under all conditions requisite to a fair sale, the buyer and seller each acting prudently 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 interests; 3. a reasonable time is allowed for exposure in 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 the normal consideration for the property sold unaffected by special or creative financing or sales concessions granted by anyone associated with the sale. 4 INTEREST APPRAISED The value estimated represents the Fee Simple Estate as defined below: Fee Simple Estate - Absolute ownership unencumbered by any other interest or estate, subject only to the limitations imposed by the governmental powers of taxation, eminent domain, police power and escheat.' Extent to Which the Property is Identified The property is identified through the following sources: • postal address • assessor's records • legal description 4 12 CFR, Part 34, Subpart C-Appraisals, 34.42(h). 5 Appraisal Institute, The Dictionary of Real Estate Appraisal, 7tb ed. (Chicago: Appraisal Institute, 2022), 73. Attachment: 15954 Appraisals (15954 : Purchase of Real Property located at 1851 NW 1st Ct., Miami, FL 33136) 2 © 2024 CBRE, Inc. CB� w Packet Pg. 252 Scope of Work 2.4.a Extent to Which the Property is Inspected Eric Castro inspected the interior and exterior of the subject, as well as its surrounding environs on the effective date of appraisal. This inspection was considered adequate and is the basis for our findings. Type and Extent of the Data Researched CBRE reviewed the following: • applicable tax data • zoning requirements • flood zone status • demographics • income and expense data • comparable data Type and Extent of Analysis Applied CBRE, Inc. analyzed the data gathered through the use of appropriate and accepted appraisal methodology to arrive at a probable value indication via each applicable approach to value. The steps required to complete each approach are discussed in the methodology section. Data Resources Utilized in the Analysis DATA SOURCES Item: Source(s): Site Data Size Improved Data Building Area No. Bldgs. Parking Spaces Year Built/Developed Economic Data Deferred Maintenance: Building Costs: Income Data: Expense Data: Miami -Dade County Property Appraiser Website Miami -Dade County Property Appraiser Website/Owner Inspection/Aerial Inspection Miami -Dade County Property Appraiser Website Inspection Marshall Valuation Services (MVS) HUD (Restricted Rents)/Market Market (Operating Data not Provided) Compiled by CBRE Attachment: 15954 Appraisals (15954 : Purchase of Real Property located at 1851 NW 1st Ct., Miami, FL 33136) 3 © 2024 CBRE, Inc. CIE� w Packet Pg. 253 Scope of Work 2.4.a APPRAISAL METHODOLOGY In appraisal practice, an approach to value is included or omitted based on its applicability to the property type being valued and the quality and quantity of information available. Cost Approach The cost approach is based on the proposition that the informed purchaser would pay no more for the subject than the cost to produce a substitute property with equivalent utility. This approach is particularly applicable when the property being appraised involves relatively new improvements that represent the highest and best use of the land, or when it is improved with relatively unique or specialized improvements for which there exist few sales or leases of comparable properties. Sales Comparison Approach The sales comparison approach utilizes sales of comparable properties, adjusted for differences, to indicate a value for the subject. Valuation is typically accomplished using physical units of comparison such as price per square foot, price per unit, price per floor, etc., or economic units of comparison such as gross rent multiplier. Adjustments are applied to the physical units of comparison derived from the comparable sale. The unit of comparison chosen for the subject is then used to yield a total value. Economic units of comparison are not adjusted, but rather analyzed as to relevant differences, with the final estimate derived based on the general comparisons. Income Capitalization Approach The income capitalization approach reflects the subject's income -producing capabilities. This approach is based on the assumption that value is created by the expectation of benefits to be derived in the future. Specifically estimated is the amount an investor would be willing to pay to receive an income stream plus reversion value from a property over a period of time. The two common valuation techniques associated with the income capitalization approach are direct capitalization and the discounted cash flow (DCF) analysis. Methodology Applicable to the Subject In valuing the subject, only the sales comparison and income capitalization approaches are applicable and have been used. The cost approach is not applicable in the estimation of market value given that the typical investor would not put any weight consideration on this approach given the age/condition of the subject. The exclusion of said approach is not considered to compromise the credibility of the results rendered herein. Attachment: 15954 Appraisals (15954 : Purchase of Real Property located at 1851 NW 1st Ct., Miami, FL 33136) 4 © 2024 CBRE, Inc. CIE� w Packet Pg. 254 Area Analysis 2.4.a Area Analysis REGIONAL AREA Prepared by CBRE Valunien & Adwaay Services J �JI f1 fL�S Fort Lauderdale Pembroke Pines Hialeah 4t MIA C)i Kends p rnopbor AIIce Town The subject is located in Miami -Dade County. Key information about the area is provided in the following tables. POPULATION The area has a population of 2,733,765 and a median age of 40, with the largest population group in the 30-39 age range and the smallest population in 80+ age range. Population has increased by 237,330 since 2010, reflecting an annual increase of 0.7%. Population is projected to increase by 38,725 between 2023 and 2028, reflecting a 0.3% annual population growth. Source: ESRI, downloaded on Feb, 23 2024 500,000 400,000 300,000 200,000 100,000 0 Source: Esri 3,000,000 2,500,000 2,000,000 1,500,000 1,000,000 500,000 Source: Esri 0 AREA POPULATION BY AGE iiiliiii. 1011911111110-19 20-29 30-39 40-49 50-59 60-69 70-79 80+ POPULATION BY YEAR 2,496,435 2010 2,733,765 2023 2,772,490 2028 Attachment: 15954 Appraisals (15954 : Purchase of Real Property located at 1851 NW 1st Ct., Miami, FL 33136) 5 © 2024 CBRE, Inc. CB� w r Packet Pg. 255 Area Analysis 2.4.a INCOME The area features an average household income of $95,752 and a median household income of $60,992. Over the next five years, median household income is expected to increase by 19.6%, or $2,389 per annum. EDUCATION A total of 34.9% of individuals over the age of 24 have a college degree, with 21.9% holding a bachelor's degree and 13.0% holding a graduate degree. EMPLOYMENT Health Care/Social Assistance Retail Trade Transportation/Warehousing Prof/Scientific/Tech Services Construction Accommodation/Food Services Educational Services Admin/Support/Waste Mgmt Srvcs Other Services (excl Publ Adm) Finance/Insurance $80,000 $60,000 $40,000 $20,000 so Source: Esri MEDIAN INCOME BY YEAR $60,992 2023 $72,938 POPULATION BY DEGREE • Bachelor's Degree • Graduate Degree • Other Source: Esri 0% 2% 4% 2028 10% 12% 14% The area includes a total of 1,376,756 employees. The top three industries within the area are Health Care/Social Assistance, Retail Trade and Transportation/Warehousing, which represent a combined total of 32% of the workforce. Source: ESN, downloaded on Feb 23, 2024; BLS.gov doted Jon 0, 1900 In summary, the area is forecasted to experience an increase in population and an increase in household income. Attachment: 15954 Appraisals (15954 : Purchase of Real Property located at 1851 NW 1st Ct., Miami, FL 33136) 6 © 2024 CBRE, Inc. CB� w Packet Pg. 256 Site Analysis 2.4.a Neighborhood Analysis NEIGHBORHOOD Prryarsd hr. CFIRE Valuation 6 AdvisaY Scvico Kendall 0 mapbax 0 pp Hialeah MIA Miami Beach Miami LOCATION The subject is in the City of Miami and is considered a suburban location. The subject is situated in southeastern Miami -Dade County, about 2 miles northwest of the Miami Central Business District. BOUNDARIES The neighborhood boundaries are detailed as follows: North: NW 20'" Street South: 395 Expressway East: Biscayne Boulevard (US-1) West: I-95 Expressway Attachment: 15954 Appraisals (15954 : Purchase of Real Property located at 1851 NW 1st Ct., Miami, FL 33136) 7 © 2024 CBRE, Inc. CB� w r Packet Pg. 257 Site Analysis 2.4.a LAND USE Land uses within the subject neighborhood consist of a complimentary mix of commercial and residential development. The subject's immediate area is a moderately dense district comprised of mainly single-family residences with some light multifamily/flex buildings and commercial retailers along the neighborhood's major roadways. Commercial uses are concentrated along arterial roadways of the neighborhood including NW 2nd Avenue and N Miami Avenue, both of which run north/south. Because of this, it also contains a large portion of the neighborhood's commercial retailers, restaurants, and multifamily developments. Residential development are along secondary streets and ranges from detached single-family homes, duplexes to low-rise apartment complexes with signs of new multifamily developments located in the area. ACCESS The subject neighborhood is bracketed by major South Florida Highways. North/south regional access is provided by Interstate 95 to the west and 395 Expressway to the south. The 195 expressway is also located to the north of the subject. Local east/west access is primarily provided by NW 20th Street. Additional local access is provided by NW 2nd Avenue and N Miami Avenue, which travel to the south towards the CBD/downtown Miami Area. Overall, access to, from, and throughout the subject neighborhood is considered to be good. Attachment: 15954 Appraisals (15954 : Purchase of Real Property located at 1851 NW 1st Ct., Miami, FL 33136) 8 © 2024 CBRE, Inc. CIE� w Packet Pg. 258 Site Analysis 2.4.a DEMOGRAPHICS Selected neighborhood demographics in 1-, 3- and 5-mile radius from the subject are shown in the following table: SELECTED NEIGHBORHOOD DEMOGRAPHICS 1851 NW 1st Court Miami, FL 33136 1 Mile Radius 3 Mile Radius 5 Mile Radius Miami -Dade County Population 2028 Total Population 62,739 328,653 584,913 2,772,490 2023 Total Population 47,314 297,314 552,278 2,733,765 2010 Total Population 29,410 243,495 494,645 2,496,435 2000 Total Population 22,809 215,363 460,154 2,253,399 Annual Growth 2023 - 2028 5.81% 2.02% 1.15% 0.28% Annual Growth 2010 - 2023 3.73% 1.55% 0.85% 0.70% Annual Growth 2000 - 2010 2.57% 1.24% 0.73% 1.03% Households 2028 Total Households 31,883 151,667 260,922 1,019,262 2023 Total Households 23,268 133,208 241,089 989,193 2010 Total Households 12,753 98,251 202,187 867,352 2000 Total Households 8,715 79,229 179,009 776,797 Annual Growth 2023 - 2028 6.50% 2.63% 1.59% 0.60% Annual Growth 2010 - 2023 4.73% 2.37% 1.36% 1.02% Annual Growth 2000 - 2010 3.88% 2.18% 1.23% 1.11% Income 2023 Median Household Income $63,538 $53,864 $53,623 $60,992 2023 Average Household Income $95,039 $92,459 $91,842 $95,752 2023 Per Capita Income $46,812 $41,453 $40,145 $34,693 2023 Pop 25+ College Graduates 15,799 83,825 156,727 680,904 Age 25+ Percent College Graduates - 2023 47.0% 38.4% 38.3% 34.9% Source: ESRI CONCLUSION As shown above, population growth within the subject's neighborhood has been moderately increasing over the past seventeen years. The neighborhood currently has a middle income demographic profile with a 2023 median household income of $53,864 in a three-mile radius. The outlook for the neighborhood is for relatively stable performance with moderate increases in population and household formation expected over the next five years. As a result, Attachment: 15954 Appraisals (15954 : Purchase of Real Property located at 1851 NW 1st Ct., Miami, FL 33136) 9 © 2024 CBRE, Inc. CB� w Packet Pg. 259 Site Analysis 2.4.a FLOOD PLAIN MAP National Flood Hazard Layer FIRMette 12 F Feet 250 5CD '.CDS 1.50C 2.C23 1_6r000 8asemap ImagerySDue USGS Rational Map 2023 FEMA Legend r ED•]2•blb• r_^h:n-n 9H FIS FaLKIV FDRDEINIED mESFNDAND MDER MAP FDa F•h. SFE,:I AL FLOC'S HA7ARO AREAS OTHER ARE,52 Or FLOOD HAZARD OTHER AREAS GENERAL STRIA Til{E5 o1IER FEATURES' MAP PANELS Wbaa Base Flom EJevatbn I El. Lc 2a.M1YMS Whh 9FE a tope, Ass et Aa. Re n.es Ftesgdatorc Floadawr D.]% Ann eel Chance Flood Hamrd. 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Map Imr age. tor unmapped uandrpdesF+c Mee areas cannot be used for regulates, Attachment: 15954 Appraisals (15954 : Purchase of Real Property located at 1851 NW 1st Ct., Miami, FL 33136) 10 © 2024 CBRE, Inc. CB� w r Packet Pg. 260 Site Analysis 2.4.a Site Analysis The following chart summarizes the salient characteristics of the subject site. SITE SUMMARY AND ANALYSIS Physical Description Gross Site Area Net Site Area Shape Topography Parcel Number(s) Zoning District Flood Map Panel No. & Date Flood Zone Adjacent Land Uses Comparative Analysis Visibility Functional Utility Traffic Volume Adequacy of Utilities Landscaping Drainage Utilities Water Sewer Natural Gas Electricity Telephone Mass Transit Other Detrimental Easements Encroachments Deed Restrictions Reciprocal Parking Rights Availability City of Miami City of Miami N/A Florida Power and Light Various Providers City of Miami Yes 0.17 Acres 0.17 Acres Rectangular Generally Level 01-3125-048-0650 7,500 Sq. Ft. 7,500 Sq. Ft. T3-O 12086C0312L Zone X (Unshaded) Commercial, residential 11-Sep-09 Rating Average Average Average Assumed Adequate Average Assumed Adequate No Comments Yes Yes N/A Yes Yes Yes Unknown x x x x Various sources compiled by CBRE INGRESS/EGRESS Ingress and egress are available to the site via NW 1 ' Court. Street improvements include asphalt paving and concrete curbs, gutters and sidewalks, and street lighting. Street parking appears to be permitted. Attachment: 15954 Appraisals (15954 : Purchase of Real Property located at 1851 NW 1st Ct., Miami, FL 33136) 11 © 2024 CBRE, Inc. CIE� A Packet Pg. 261 Site Analysis 2.4.a EASEMENTS AND ENCROACHMENTS There are no known easements or encroachments impacting the site that are considered to affect the marketability or highest and best use. It is recommended that the client/reader obtain a current title policy outlining all easements and encroachments on the property, if any, prior to making a business decision. COVENANTS, CONDITIONS AND RESTRICTIONS There are no known covenants, conditions or restrictions impacting the site that are considered to affect the marketability or highest and best use. It is recommended that the client/reader obtain a copy of the current covenants, conditions and restrictions, if any, prior to making a business decision. ENVIRONMENTAL ISSUES Although CBRE was not provided an Environmental Site Assessment (ESA), a tour of the site did not reveal any obvious issues regarding environmental contamination or adverse conditions. The appraiser is not qualified to detect the existence of potentially hazardous material or underground storage tanks which may be present on or near the site. The existence of hazardous materials or underground storage tanks may affect the value of the property. For this appraisal, CBRE, Inc. has specifically assumed that the property is not affected by any hazardous materials that may be present on or near the property. ADJACENT PROPERTIES The adjacent land uses are summarized as follows: North: Residential South: Residential East: Residential West: Commercial The adjacent properties are considered to be generally in average condition. CONCLUSION The site is well -located and afforded good access and average visibility. The size of the site is typical for the area and use, and there are no known detrimental uses in the immediate vicinity. Overall, there are no known factors that are considered to prevent the site from development to its highest and best use, as if vacant, or adverse to the proposed use of the site. Attachment: 15954 Appraisals (15954 : Purchase of Real Property located at 1851 NW 1st Ct., Miami, FL 33136) 12 © 2024 CBRE, Inc. CIE� w Packet Pg. 262 Improvements Analysis 2.4.a Improvements Analysis The following chart shows a summary of the improvements. IMPROVEMENTS SUMMARY AND ANALYSIS Property Type Multifamily (Multi -Family Walk -Up) Number of Buildings 1 Number of Stories 2 Gross Building Area 2,952 SF Net Rentable Area 2,568 SF Number of Units 6 Average Unit Size 428 SF Development Density 34.8 Units/Acre Subject Characteristics Flat Roofs, LIHTC (Low Income Housing Tax Credit), Street Parking, Dishwasher, Microwave Oven, Range / Oven and Refrigerator Parking Improvements Surface Parking Spaces: 4 Parking Ratio (spaces/unit) 0.67 Year Built / Renovated 1954 / 2023 Actual Age 70 Years Effective Age 5 Years Total Economic Life 55 Years Remaining Economic Life 50 Years Age/Life Depreciation 9.1% Functional Utility Typical Source: Various sources compiled by CBRE UNIT MIX Percent of Unit Size Unit Mix/Type Comments No. Units Total (SF) NRA (SF) Studio @ 40% AMI Considered functional in layout 2 33.3% 288 576 1 BR/1 BA @ 60% AMI Considered functional in layout 2 33.3% 436 872 2BR/1 BA @ 80% AMI Considered functional in layout 2 33.3% 560 1,120 Total/Average: 6 100.0% 428 2,568 Source: Various sources compiled by CBRE The following illustrates the key features/components of the subject improvements. Attachment: 15954 Appraisals (15954 : Purchase of Real Property located at 1851 NW 1st Ct., Miami, FL 33136) 13 © 2024 CBRE, Inc. CB� w Packet Pg. 263 Improvements Analysis 2.4.a IMPROVEMENT DESCRIPTION & RATING Improvement Summary Description Comparative Rating Foundation Concrete Average Frame Concrete Average Exterior Walls Stucco Average Interior Walls Painted drywall Average Roof Flat roof with asphalt covering Average Ceiling Painted drywall Average HVAC System Ground mounted split units (central air/unit) Average Exterior Lighting Typical for similar developments Average Interior Lighting Fluorescent lighting Average Flooring Tile flooring Average Plumbing Assumed adequate (see comments) Average Stairwells Exterior staircases Average Elevators None Average Smoke Detectors Yes Average Sprinkler System No Average Amenities Flat Roofs, LIHTC (Low Income Housing Tax Credit), Street Parking, Dishwasher, Microwave Average Oven, Range / Oven and Refrigerator Furnishings Personal property not included Average Parking On -site Average Landscaping Average/typical for similar developments Average Source: Various sources compiled by CBRE YEAR BUILT The subject was built in 1954 and renovated in 2023 (pending certificate of occupancy/inspection for electrical). CONSTRUCTION CLASS Building construction class is as follows: C - Masonry/concrete ext. walls & wood/steel roof & floor struct., exc. concrete slab on grade The construction components are assumed to be in working condition and adequate for the building. The overall quality of the facility is considered to be average for the neighborhood and age. However, CBRE, Inc. is not qualified to determine structural integrity and it is recommended that the client/reader retain the services of a qualified, independent engineer or contractor to determine the structural integrity of the improvements prior to making a business decision. FOUNDATION/FLOOR STRUCTURE The foundation is assumed to be of adequate load -bearing capacity to support the improvements. The floor structure is summarized as follows: Ground Floor: Other Floors: Concrete slab on compacted fill Plywood deck with light -weight concrete cover Attachment: 15954 Appraisals (15954 : Purchase of Real Property located at 1851 NW 1st Ct., Miami, FL 33136) © 2024 CBRE, Inc. 14 CBi w Packet Pg. 264 Improvements Analysis 2.4.a EXTERIOR WALLS The exterior walls are wood frame with brick veneer and wood accents and trim. The buildings have aluminum frame windows. ROOF COVER The subject has a flat roof with a built-up composition asphalt covering. ELEVATOR/STAIR SYSTEM The subject building includes exterior covered stairwells with no elevator noted. HVAC The HVAC systems are ground mounted individual split systems (individual central air units). It is assumed to be in good working order and adequate for the units. UTILITIES Each unit is individually metered for electrical usage. We requested updated data such as current rents at the subject and operating data/budget however, no updated data was provided with the only data provided being from 2018-2019. Therefore, we have utilized the most recent rent limits for the subject rents based on the AMI's provided for each unit type as well as market expenses. Market operations indicate the tenants will be responsible for all utilities with the owner being responsible for common areas and vacant units. Therefore, we have included a utility expense for the subject towards the lower end of the market range as further discussed in the income capitalization approach. SECURITY None noted LIFE SAFETY AND FIRE PROTECTION It is assumed the improvements have adequate fire alarm systems, fire exits, fire extinguishers, fire escapes and/or other fire protection measures to meet local fire marshal requirements. CBRE, Inc. is not qualified to determine adequate levels of safety & fire protection, whereby it is recommended that the client/reader review available permits, etc. prior to making a business decision. PROJECT AMENITIES None noted Attachment: 15954 Appraisals (15954 : Purchase of Real Property located at 1851 NW 1st Ct., Miami, FL 33136) 15 © 2024 CBRE, Inc. CIE� w Packet Pg. 265 Improvements Analysis 2.4.a UNIT AMENITIES Kitchens Each unit features a stainless -steel appliance package that includes a range/oven, built-in microwave and refrigerator. Additionally, each unit features wood laminate cabinets with quartz countertops and tile flooring in all living areas. Bathrooms The bathrooms within each unit feature showers with ceramic tile wainscot. Additionally, each bathroom features a commode, wood laminate cabinet with quartz counter and built-in porcelain sink, with vanity mirror and tile flooring. Interior Lighting Each unit features incandescent lighting in appropriate interior and exterior locations with fluorescent lighting in bathrooms and kitchen areas. Patios, Balconies and Storage None noted SITE AMENITIES Parking and Drives According to the property contact, the subject features 4 surface parking spaces with a parking ratio of 0.67. All parking spaces and vehicle drives are asphalt paved and considered to be in average condition. Landscaping Landscaping is considered to be in average condition and minimal. FUNCTIONAL UTILITY All of the floor plans are considered to feature functional layouts and the layout of the overall project is considered functional in utility. Therefore, the unit mix is also functional, and no conversion is warranted to the existing improvements. ADA COMPLIANCE All common areas of the property appear to have handicap accessibility and four of the project's units have been designed for handicap occupancy. The client/reader's attention is directed to the specific limiting conditions regarding ADA compliance. Attachment: 15954 Appraisals (15954 : Purchase of Real Property located at 1851 NW 1st Ct., Miami, FL 33136) 16 © 2024 CBRE, Inc. CIE� w Packet Pg. 266 Improvements Analysis 2.4.a FURNITURE, FIXTURES AND EQUIPMENT The apartment units are rented on an unfurnished basis. However, miscellaneous maintenance tools, pool furniture, leasing office furniture, recreational room and clubhouse furniture, and various exercise machines are examples of personal property associated with, and typically included in the sale of, multifamily apartment complexes. Our market value assumes any FF&E at the property would transfer if the property were to sell. This is consistent with how buyers and sellers analyze similar properties. ENVIRONMENTAL ISSUES Although CBRE was not provided an Environmental Site Assessment (ESA), a tour of the site did not reveal any obvious issues regarding environmental contamination or adverse conditions. The appraiser is not qualified to detect the existence of potentially hazardous material or underground storage tanks which may be present on or near the site. The existence of hazardous materials or underground storage tanks may affect the value of the property. For this appraisal, CBRE, Inc. has specifically assumed that the property is not affected by any hazardous materials that may be present on or near the property. CONDITION ANALYSIS Although CBRE was not provided a Property Condition Assessment (PCA), a tour of the improvements did not reveal any significant maintenance issues. Our tour of the improvements included a cursory inspection of the buildings, surface parking, garage parking, maintenance facilities, swimming pool and a sample of interior units including all vacant units. ECONOMIC AGE AND LIFE CBRE, Inc.'s estimate of the subject improvements effective age and remaining economic life is depicted in the following chart: ECONOMIC AGE AND LIFE Actual Age Effective Age MVS Expected Life Remaining Economic Life Accrued Physical Incurable Depreciation 70 Years 5 Years 55 Years 50 Years 9.1% Compiled by CBRE The remaining economic life is based upon our on -site observations and a comparative analysis of typical life expectancies as published by Marshall and Swift, LLC, in the Marshall Valuation Service cost guide. While CBRE, Inc. did not observe anything to suggest a different economic life, a capital improvement program could extend the life expectancy. Attachment: 15954 Appraisals (15954 : Purchase of Real Property located at 1851 NW 1st Ct., Miami, FL 33136) 17 © 2024 CBRE, Inc. CIE� w Packet Pg. 267 Improvements Analysis 2.4.a CONCLUSION The improvements are in good overall condition. Overall, there are no known factors that adversely impact the marketability of the improvements. Attachment: 15954 Appraisals (15954 : Purchase of Real Property located at 1851 NW 1st Ct., Miami, FL 33136) 18 © 2024 CBRE, Inc. CIE� w Packet Pg. 268 Zoning 2.4.a Zoning The following chart summarizes the subject's zoning requirements. ZONING SUMMARY Current Zoning T3-O Legally Conforming Yes Uses Permitted THE SUB -URBAN ZONE consists of low - Density areas, primarily comprised of Single - Family and Two Family residential units with relatively deep Setbacks, Streetscapes with swales, and with or without Sidewalks. Blocks may be large and the roads may be of irregular geometry to accommodate natural and historic conditions. Zoning Change Not likely Category Zoning Requirement Minimum Lot Size 5,000 Sq. Ft. Minimum Lot Width 50 Feet Maximum Height 2 Stories Minimum Setbacks Front Yard 20 Feet Street Side Yard 10 Feet Interior Side Yard 5 Feet Rear Yard 20 Feet Maximum Bldg. Coverage 50% Maximum Density 18 Units per Acre Subject's Actual Density 34.8 Units/Acre Parking Requirements 2 parking spaces per unit Subject's Actual Parking None (Street parking) Source: Planning & Zoning Dept. ANALYSIS AND CONCLUSION The improvements appear to represent a legally non -conforming use due to density, which if damaged, may require special permit application. Additional information may be obtained from the appropriate governmental authority. For purposes of this appraisal, CBRE has assumed the information obtained is correct. Attachment: 15954 Appraisals (15954 : Purchase of Real Property located at 1851 NW 1st Ct., Miami, FL 33136) 19 © 2024 CBRE, Inc. CIE� w Packet Pg. 269 Zoning 2.4.a ZONING MAP T4-R Zoom Select Site Address OwnerName: Property Districts HEP 1851 NW 1 CT SHERMAN W BUL_ _andUse Flood Links Miami 21 Zoning(Current): Zone:1 Description: T3-0 5Jh-Urba- Zane Enactment: Areas of Specific Designation: Section: I Description: Enactment: Ncne Special Area Planning: Description: 1 Enactment: Established Setbacks: Former 11000(Not Valid): Description: Multifamily Medium -Density Residential Enactment: Former Overlay Districts: Section: None Description: Enactment: Attachment: 15954 Appraisals (15954 : Purchase of Real Property located at 1851 NW 1st Ct., Miami, FL 33136) 20 © 2024 CBRE, Inc. CB� Packet Pg. 270 Tax and Assessment Data 2.4.a Tax and Assessment Data The following summarizes the local assessor's estimate of the subject's market value, assessed value, and taxes, and does not include any furniture, fixtures or equipment. The CBRE estimated tax obligation is also shown. AD VALOREM TAX INFORMATION Pro Forma Pro Forma Hypothetical LIHTC As Is (Property Parcel Assessor's Parcel No. Parcel Description 2022 2023 Assuming Markel] 1 01-3125-048-0650 $573,487 $806,866 Subtotal $573,487 $B06,866 $1,041,264 $1,544,361 % of Assessed Value 49% 38% 35% 75% Final Assessed Value 278,236 306,059 $364,442 $1,158,271 General Tax Rate (per $1,000 A.V.) 20.615200 20,556400 20.556400 20.556400 General Tax: $5,736 $6,291 $7,492 $23,810 School Board Taxes 1,945 3,355 Special Assessments: $1,945 $3,355 $0 $0 Effective Tax Rate (per $1,000 A,V.) 26.502957 30,257256 19.734144 19.734144 Total Taxes $7,681 $9,646 $7,492 $23,810 4%Tax Reduction for Early Payment ($307) 1$386) ($300) ($952) Total Taxes $7,374 $9,261 $7,192 $22,857 Taxes per Unit $1,229 $1,543 $1,199 $3,810 Source: Assessor's Office In the State of Florida, real estate is assessed at 100% of the property appraiser's estimate of "fair market value". However, in reality, assessments are typically somewhat lower than actual market values in order to reduce the frequency of tax appeals. As well, in the State of Florida, a 4.0% early -payment discount is available to property owners who pay their real estate taxes prior to a pre -established deadline. Within our analysis we have assumed that prudent management would act to realize the full 4.0% early -payment discount for the subject property. DELINQUENCY None noted Attachment: 15954 Appraisals (15954 : Purchase of Real Property located at 1851 NW 1st Ct., Miami, FL 33136) 21 © 2024 CBRE, Inc. CIE� Into Packet Pg. 271 Tax and Assessment Data 2.4.a TAX COMPARABLES As a crosscheck to the subject's applicable real estate taxes, CBRE, Inc. has reviewed the real estate tax information according to Miami -Dade County for comparable properties in the market area. The following table summarizes the comparables employed for this analysis: LIHTC - RATIO OF ASSESSED VALUE TO SALE PRICE Comparable Sale Running Brook College Park Sunset Bay Villa Biscayne Four Freedoms LIHTC Towers LIHTC LIHTC Park City LIHTC LIHTC House LIHTC Riverwalk LIHTC Year Built 2002 1979 2001 1993 1995 1964 / 2014 1994 Tax Year 2022 2022 2022 2021 2021 2020 2020 Assessor's Market Value $10,300,000 $17,685,000 $15,700,000 $7,500,000 $8,800,000 $14,861,000 $4,862,000 Date of Sale Dec-21 Nov-21 May-21 Oct-20 Feb-20 Dec-19 Apr-19 Sales Price $45,000,000 $46,100,000 $43,250,000 $14,350,000 $28,454,000 $32,000,000 $12,000,000 AV Ratio 23% 38% 36% 52% 31% 46% 41% Source: Assessors Office RATIO OF ASSESSED VALUE TO SALE PRICE Comparable Sale 1007-1011 Bay Drive, Miami Beach St. George Apartments The 759 NE 128 Shenandoah Street, North Cordoba I & II Blue Lagoon 7 Apartments Miami Logo Mar Alameda West Blue Lake Point Apartments Apartments Year Built 1946 1958 1925 1956 2010 2020 1968 2020 1991 No. Units 16 84 24 9 454 330 112 306 106 Tax Year Assessor's Market Value Date of Sale Sales Price AV Ratio 2022 2022 2022 2022 2022 2022 2022 2022 2022 $2,340,000 $10,040,000 $4,500,000 $925,635 $126,300,000 $75,800,000 $13,080,000 $70,500,000 $12,170,000 Dec-21 Nov-21 Oct-21 Oct-21 Sep-21 Aug-21 Aug-21 Jun-21 May-21 $3,600,000 $14,200,000 $6,400,000 $1,325,000 $160,000,000 $93,834,200 $17,500,000 $82,920,000 $15,000,000 65% 71% 70% 70% 79% 81% 75% 85% 81% Minimum 65% Maximum 85% Average 75% Source: Assessors Office Based on the Real Estate tax comparables shown above, Miami -Dade County typically assesses market value of apartment properties similar to the subject at 65% to 85% for market sale transactions and 23% to 52% for properties that are subject to income/rent restrictions. DIRECT TAX COMPARABLES As a crosscheck to the subject's applicable real estate taxes, CBRE, Inc. has reviewed the real estate tax information for comparable properties in the market area. The following table summarizes the rent comparables employed for this analysis and additional LIHTC properties in the area: AD VALOREM TAX COMPARABLES Comparable Rental Year Built No. Units Tax Year Assessor's Market Value AV Per Unit Source: Assessor's Office Tuscany Place LIHTC Madison Point Keys Apartments Crossing LIHTC LIHTC Princeton Casa Matias Woodside Running Brook Park LIHTC LIHTC Oaks LIHTC LIHTC Subject 2003 2022 2017 2018 2012 2011 2002 340 263 100 150 80 103 187 2023 2023 2023 2023 2023 2023 2023 $19,019,000 $12,913,317 $4,763,000 $8,085,000 $1,694,000 $4,400,000 $11,330,000 $55,938 $49,100 $47,630 $53,900 $21,175 $42,718 $60,588 1954 6 2023 $364,442 $60,740 Attachment: 15954 Appraisals (15954 : Purchase of Real Property located at 1851 NW 1st Ct., Miami, FL 33136) 22 © 2024 CBRE, Inc. CB� Packet Pg. 272 Tax and Assessment Data 2.4.a CONCLUSION It is our experience that the valuation process for LIHTC properties by the county property appraisers differs from conventional properties due to specific instruction within the Florida statutes requiring that only the income approach be considered, and that the analysis must be inclusive of the restricted rental rates. In addition, due to the specialized nature of LIHTC apartment complexes and the restrictions with which they operate, a significant real estate tax increase can effectively limit the cash flow of the property due to the inability to offset the tax increase by increasing rents, leading to less funds being available to put towards repairs & maintenance and capital improvements. This ultimately would lead to the undermining of affordable housing preservation and because of this, municipalities are less likely to place a significant real estate tax increase on LIHTC properties upon sale. Based upon our analysis of recent LIHTC sales/re-assessments from across the state, the re- assessment ratios generally ranged from 30% to 70% of the purchase price. This differs from conventional apartment sales, which re -assessments typically range from 70% to 90%. In concluding our real estate tax estimate for our "Pro Forma LIHTC As Is' analysis, we have utilized an assessment ratio of approximately 35% and a final assessed value of $364,442 based on the 2023 millage rate, we have utilized a tax liability of $7,192 for income capitalization purposes. Based upon our review of the Miami -Dade County Tax Collector records, there are no known past due taxes for the subject property. Attachment: 15954 Appraisals (15954 : Purchase of Real Property located at 1851 NW 1st Ct., Miami, FL 33136) 23 © 2024 CBRE, Inc. CIE� w Packet Pg. 273 Market Analysis 2.4.a METROPOLITAN MIAMI-MIAMI BEACH-KENDALL, FL APARTMENT MARKET OVERVIEW Recent Performance The following table summarizes historical and projected performance for the overall metropolitan Miami -Miami Beach -Kendall, FL apartment market, as reported by Axiometrics. MIAMI-MIAMI BEACH-KENDALL, FL APARTMENT MARKET Year Ending Inventory Completions Occupied Stock (Units) (Units) (Units) 2013 273,194 2,331 263,851 2014 275,677 2,483 266,580 2015 277,219 2,685 269,152 2016 283,050 5,867 272,294 2017 288,047 5,154 276,583 2018 292,857 5,051 280,147 2019 298,972 6,486 286,923 2020 307,007 8,035 291,687 2021 314,007 7,375 309,014 Occupancy 96.6% 96.7% 97.1% 96.2% 96.0% 95.7% 96.0% 95.0% 98.4% Effective Rent Effective Net Absorption ($/Unit / Mo.) Rent Change (Units) $1,356 5.22% 1,966 $1,443 4.93% 2,731 $1,538 4.05% 2,590 $1,537 2.73% 3,135 $1,598 1.83% 4,301 $1,709 3.58% 3,553 $1,758 1.38% 6,769 $1,702 -3.15% 4,780 $2,087 19.58% 17,322 Q1 2022 314,852 845 309,972 98.5% $2,212 4.31% 939 Q22022 315,804 952 308,477 97.7% $2,342 4.48% -1,495 Q32022 317,448 1,644 307,544 96.9% $2,436 2.70% -903 Q4 2022 319,350 1,902 308,013 96.5% $2,484 0.55% 444 2022 319,350 5,343 308,013 96.5% $2,484 13.68% -1,016 01 2023 320,911 1,601 308,107 96.0% $2,518 0.90% 108 Q2 2023 322,323 1,412 308,141 95.6% $2,555 0.78% 27 03 2023 323,987 1,664 308,727 95.3% $2,566 -0.24% 601 Q4 2023 326,763 2,776 311,274 95.3% $2,548 -0.69% 2,554 2023 326,763 7,453 311,274 95.3% $2,548 1.07% 3,286 2024* 340,116 13,353 326,171 95.9% $2,590 1.60% 14,766 2025* 349,387 9,271 336,110 96.2% $2,665 2.90% 9,939 2026* 351,896 2,509 339,932 96.6% $2,762 3.60% 3,821 2027* 353,786 1,890 341,403 96.5% $2,856 3.40% 1,472 2028* 355,759 1,973 342,596 96.3% $2,958 3.60% 1,192 * Future Projected Data according to Axiometrics Source: Axiometrics, 4th Quarter 2023 The Miami -Miami Beach -Kendall, FL apartment market consists of approximately 326,763 units of apartment space. The following observations are noted from the table above: • As of 4th Quarter 2023, there were approximately 311,274 units of occupied apartment space, resulting in an occupancy rate of 95.3% for the metro area. This reflects no change from the previous quarter's occupancy of 95.3%, and a decrease from an occupancy rate of 96.5% from last year. • The area experienced positive 2,554 units of net absorption for the current quarter. This indicates an improvement from the previous quarter's positive 601 units of net absorption, and an improvement from the negative 1,016 units of net absorption from last year. • The area had completions of positive 2,776 units for the current quarter, which indicates an increase from the previous quarter's completions of positive 1,664 units, and indicates a decline from completions of positive 5,343 units from last year. Attachment: 15954 Appraisals (15954 : Purchase of Real Property located at 1851 NW 1st Ct., Miami, FL 33136) 24 © 2024 CBRE, Inc. CB� w Packet Pg. 274 Market Analysis 2.4.a • The area achieved average effective rent of $2,548 per unit, which indicates a decrease from the previous quarter's effective rent of $2,566 per unit, and an increase from the effective rent of $2,484 per unit from last year. Historical Inventory — Market INVENTORY: MIAMI-MIAMI BEACH-KENDALL, FL APARTMENT MARKET 400,000 350,000 300,000 250,000 200,000 150,000 100,000 50,000 0 273,194 340,116 - 319,350 326,763 288,047 292,857 298,972 307,007 314,007 275,677 277,219 283,050 2013 2014 2015 2016 2017 2018 2019 2020 2021 2023 2024• 2025• 2026* 2027• 2028• * Future Projected Data according to Axiometrics Source: Axiometrics, 4th Quarter 2023 Inventory is projected to be 326,763 units at the end of the current year, which represents an increase from the previous year's inventory of 319,350 units. Inventory for next year is projected to be 340,116 units, reflecting an increase from the current year. Historical Occupancy - Market OCCUPANCY: MIAMI-MIAMI BEACH-KENDALL, FL APARTMENT MARKET 98.0% 97.0% 96.0% 95.0% 94.0% 93.0% 36.6% 96.7% 97.1% 96.2% 1 96.0% 96.0% 1 95.7% 1 95.0% i 98.4% 96.5 95.3% 95.9% 2013 2014 2015 2016 2117 _.,._ __._ ____ ____ _.,__ 2023 2024' 2025" _.,_6 Future Projected Data according to Axiometrics Source: Axiometrics, 41h Quarter 2023 At the end of the current year, the occupancy rate is projected to be 95.3%, which reflects a decrease from the 96.5% occupancy rate at the end of last year. Occupancy for next year is projected to be 95.9%, reflecting an increase from the current year. Attachment: 15954 Appraisals (15954 : Purchase of Real Property located at 1851 NW 1st Ct., Miami, FL 33136) 25 © 2024 CBRE, Inc. CB� w Packet Pg. 275 Market Analysis 2.4.a Historical Net Absorption - Market NET ABSORPTION: MIAMI-MIAMI BEACH-KENDALL, FL APARTMENT MARKET 18,000 16,000 14,000 12,000 10,000 8,000 6,000 4,000 2,000 0 -2,000 4,301 2,731 3,135 2,590 1,956 ■111 2013 2014 2015 2016 2017 4,780 3,553 1 2018 2019 2020 17,322 3,286 2021 21P 2023 2024' 2025' 2026' 2027' 2028' 14,765 -1,016 3,821 1,472 1,192 `Future Projected Data according to Axiometrics Source: Axiometrics, 4th Quarter 2023 At the end of the current year, the area is projected to experience positive 3,286 units of net absorption, which indicates an improvement from the negative 1,016 units of net absorption for the previous year. The area is projected to experience positive 14,766 units of net absorption as of the end of next year, which indicates an improvement from the current year. Historical Completions - Market COMPLETIONS: MIAMI-MIAMI BEACH-KENDALL, FL APARTMENT MARKET 14,000 12,000 10,000 8,000 6,000 4,000 2,000 0 2,331 2,483 111 8,035 7,375 1,453 .3,353 1 9,271 2,509 1,890 1,973 1 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024' 2025' 2026' 2027' 2028' * Future Projected Data according to Axiometrics Source: Axiometrics, 4th Quarter 2023 The area is projected to achieve completions of positive 7,453 units for the current year, which indicates an improvement from the previous year's completions of positive 5,343 units. The area is projected to experience completions of positive 13,353 units as of the end of next year, which indicates an improvement from the current year. Attachment: 15954 Appraisals (15954 : Purchase of Real Property located at 1851 NW 1st Ct., Miami, FL 33136) 26 © 2024 CBRE, Inc. CB� w Packet Pg. 276 Market Analysis 2.4.a Historical Effective Rent - Market EFFECTIVE RENT: MIAMI-MIAMI BEACH-KENDALL, FL APARTMENT MARKET 53,000 52,500 52,000 51,500 51,000 5500 50 $1,538 S1,537 S1598 $1,356 51,443 111 31,709 51,758 51,702 $2,087 52,484 S2,548 $2,590 $2,762 52,856 $2,665 11 52,958 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024' 2025' 2026' 2027' 2028' Future Projected Data according to Axiometrics Source: Axiometrics, 4th Quarter 2023 The area is projected to achieve average effective rent of $2,548 per unit at the end of the current year, which indicates an increase from the previous year's effective rent of $2,484 per unit. The area is projected to achieve effective rent of $2,590 per unit by the end of next year, indicating an increase from the current year. Attachment: 15954 Appraisals (15954 : Purchase of Real Property located at 1851 NW 1st Ct., Miami, FL 33136) 27 © 2024 CBRE, Inc. CB� w Packet Pg. 277 Market Analysis 2.4.a SUBMARKET SNAPSHOT The following table summarizes the supply of apartment units for each submarket within the Miami -Miami Beach -Kendall, FL market as of 4th Quarter 2023. SUBMARKET SNAPSHOT Submarket Inventory (Units) \.ornplettons Effective Rent ($/Unit / Mo.) Occupancy Coral Gables/South Miami Downtown Miami/South Beach Hialeah/Miami Lakes Homestead/South Dade County Miami Gardens North Central Miami Northeast Miami Westchester/Kendall West Miami/Doral 52,915 72,290 37,065 21,700 20,954 15,951 51,230 28,016 26,642 1,762 1,032 1,563 1,381 112 716 305 174 408 $2,855 $3,188 $2,158 $1,943 $2,108 $1,794 $2,501 $2,246 $2,686 95.1% 94.9% 98.0% 95.8% 93.1% 98.0% 95.1% 95.8% 94.3% *Completions include trailing 4 quarters Source: Axiometrics, 4th Quarter 2023 Coral Gables/South Miami Submarket Important characteristics of the Coral Gables/South Miami apartment market are summarized below: CORAL GABLES/SOUTH MIAMI APARTMENT SUBMARKET Year Ending 2013 2014 2015 2016 2017 2018 2019 2020 2021 Inventory Completions (Units) (Units) 41,032 41,759 42,241 43,479 44,542 45,507 46,126 48,722 50,592 547 727 482 1,238 1,132 965 619 2,596 1,970 Occupied Stock (Units) 40,224 40,218 40,560 41,188 42,386 43,154 44,055 45,750 49,388 Occupancy 98.0% 96.3% 96.0% 94.7% 95.2% 94.8% 95.5% 93.9% 97.6% Effective Rent Effective Net Absorption ($/Unit / Mo.) Rent Change (Units) $1,442 $1,606 $1,734 $1,765 $1,889 $1,949 $2,021 $1,850 $2,308 1.57% 4.85°/u 1.24% 2.15% 2.25% 1.76% 1.12% -7.41% 17.12% 370 -3 342 626 1,200 768 900 1,694 3,637 Q1 2022 Q2 2022 Q3 2022 Q4 2022 50,816 50,816 51,093 51,153 224 0 277 60 49,678 49,515 49,438 49,199 97.8% 97.4% 96.8% 96.2% $2,489 $2,618 $2,790 $2,864 5.19% 4.38% 4.27% 0.45% 295 -164 -79 -234 2022 51,153 561 49,199 96.2% $2,864 17.23% -185 Q 1 2023 Q2 2023 Q3 2023 Q4 2023 51,836 52,231 52,614 52,915 683 395 383 301 49,623 49,640 49,931 50,343 95.7% 95.0% 94.9% 95.1% $2,873 $2,880 $2,867 $2,855 0.44% 0.12% -0.61 % -0.86% 421 20 289 412 2023 2024* 2025* 2026* 2027* 2028* 52,915 53,909 55,152 55,152 55,549 55,924 1,762 994 1,243 0 397 375 50,343 51,267 52,615 52,891 53,216 53,463 95.1 % 95.1% 95.4% 95.9% 95.8% 95.6% $2,855 $2,862 $2,895 $2,982 $3,060 $3,144 -0.22% 0.20% 1.20% 3.00% 2.60% 2.70% 1,141 1,052 1,293 234 325 247 *Future Projected Data according to Axiometrics Source: Axiometrics, 4th Quarter 2023 Attachment: 15954 Appraisals (15954 : Purchase of Real Property located at 1851 NW 1st Ct., Miami, FL 33136) 28 © 2024 CBRE, Inc. CB� Packet Pg. 278 Market Analysis 2.4.a The Coral Gables/South Miami apartment submarket consists of approximately 52,915 units of apartment space. The current submarket inventory represents approximately 16.2% of the overall market inventory. The following observations were noted from the table above: • As of 4th Quarter 2023, there were approximately 50,343 units of occupied apartment space, resulting in an occupancy rate of 95.1% for the submarket. This reflects a small increase from the previous quarter's occupancy of 94.9%, and a decrease from an occupancy rate of 96.2% from last year. The submarket occupancy is below the 95.3% market occupancy. • The submarket experienced positive 412 units of net absorption for the current quarter. This indicates an improvement from the previous quarter's positive 289 units of net absorption, and an improvement from the negative 185 units of net absorption from a year ago. Overall, the submarket has experienced positive 1,142 units of net absorption for the current year-to-date period. The submarket's current net absorption of positive 412 units is below the overall market net absorption of positive 2,554 units. • The submarket had completions of positive 301 units for the current quarter, which indicates a decrease from the previous quarter's completions of positive 383 units, and an increase from the completions of positive 60 units from last year. • The submarket achieved average effective rent of $2,855 per unit, which indicates a decrease from the previous quarter's effective rent of $2,867 per unit, and a decrease from the effective rent of $2,864 per unit from last year. The submarket's current effective rent of $2,855 per unit compares favorably with the overall market asking rent of $2,548 per unit. Historical Inventory - Submarket INVENTORY: CORAL GABLES/SOUTH MIAMI APARTMENT MARKET 300,000 263,050 273,194 275,677 277,219 250,000 200,000 150,000 100,000 50,000 349,387 351,896 353,786 355,759 2013 2014 2015 2016 2017 201E 2019 2020 2021 2022 2023 2024' 2025• 2026' 2027' 202E' Future Projected Data according to Axiometrics Source: Axiometrics, 4th Quarter 2023 Attachment: 15954 Appraisals (15954 : Purchase of Real Property located at 1851 NW 1st Ct., Miami, FL 33136) 29 © 2024 CBRE, Inc. CB� w Packet Pg. 279 Market Analysis 2.4.a Submarket Inventory is projected to be 52,915 units at the end of the current year, which represents a small increase from the previous year's submarket inventory of 51,153 units. Inventory for next year is projected to be 53,909 units, reflecting a small increase from the current year. Historical Occupancy - Submarket OCCUPANCY: CORAL GABLES/SOUTH MIAMI APARTMENT MARKET 99.0% 98.0% 97.0% 96.0% 95.0% 94.0% 93.0% 92.0% 91.0% 98.096 7awR 95.3% II 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2026• 2025• 2626 2027• I Market—0-5ubmarket Future Projected Data according to Axiometrics Source. Axiometrics, 41h Quarter 2023 Submarket occupancy is projected to be 95.1% at the end of the current year, which represents a decrease from the previous year's submarket occupancy of 96.2%. Submarket occupancy for next year is projected to be 95.1 %, reflecting no change from the current year. Historical Net Absorption - Submarket NET ABSORPTION: CORAL GABLES/SOUTH MIAMI APARTMENT MARKET 10.000 5,000 6,769 2013 201L 2015 2016 2017 2018 2019 2020 2021 .8.8.i?-'r 2023 2021• 2025• 2016' 2027' 20'-8' -1,015 p Market —0—Suhmaket . Future Projected Data according to Axiometrics Source. Axiometrics, 41h Quarter 2023 Attachment: 15954 Appraisals (15954 : Purchase of Real Property located at 1851 NW 1st Ct., Miami, FL 33136) 30 © 2024 CBRE, Inc. CB� w Packet Pg. 280 Market Analysis 2.4.a Net absorption in the submarket is projected to be positive 1,141 units at the end of the current year, reflecting an improvement from the previous year's net absorption of negative 185 units. Net absorption for next year is projected to be positive 1,052 units, indicating a decline from the current year. Historical Completions - Submarket COMPLETIONS: CORAL GABLES/SOUTH MIAMI APARTMENT MARKET 2,331 2,483 54, 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 I Market—0-5ubmaker Future Projected Data according to Axiometrics 2023 2024' 2025' 202E- 2027' 2023- Source'. Axiometrics, 4th Quarter 2023 The submarket is projected to achieve completions of positive 1,762 units at the end of the current year, which indicates an improvement from the previous year's completions of positive 561 units. The submarket is projecting completions of positive 994 units for next year, which indicates a decline from the current year. Historical Effective Rent - Submarket EFFECTIVE RENT: CORAL GABLES/SOUTH MIAMI APARTMENT MARKET 53.500 53.000 52,500 52.000 51.500 51,000 5500 50 $2,895 52,982 53,060 $3,144 52,864 52,855 52,862 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 p Mark et—0-Subrnaket Future Projected Data according to Axiometrics 2023 2024' 2025' 2026' 2027' 2028' Source: Axiometrics, 4th Quarter 2023 Attachment: 15954 Appraisals (15954 : Purchase of Real Property located at 1851 NW 1st Ct., Miami, FL 33136) 31 © 2024 CBRE, Inc. CB� w Packet Pg. 281 Market Analysis 2.4.a The submarket is projected to achieve average effective of $2,855 per unit at the end of the current year, which represents a decrease from the previous year's effective rent of $2,864 per unit. The submarket is projected to achieve average effective rent of $2,862 per unit, reflecting an increase from the current year. DEMOGRAPHIC ANALYSIS Demand for residential properties is a direct function of demographic characteristics analyzed on the following pages. Housing, Population and Household Formation The following table illustrates the population and household changes for the subject neighborhood with primary focus on the 1-, 3- and 5-mile radius. POPULATION AND HOUSEHOLD PROJECTIONS 1 Mile Radius 3 Mile Radius 5 Mile Radius Miami -Dade Population County 2028 Total Population 62,739 328,653 584,913 2,772,490 2023 Total Population 47,314 297,314 552,278 2,733,765 2010 Total Population 29,410 243,495 494,645 2,496,435 2000 Total Population 22,809 215,363 460,154 2,253,399 Annual Growth 2023 - 2028 5.81% 2.02% 1.15% 0.28% Annual Growth 2010 - 2023 3.73% 1.55% 0.85% 0.70% Annual Growth 2000 - 2010 2.57% 1.24% 0.73% 1.03% Households 2028 Total Households 31,883 151,667 260,922 1,019,262 2023 Total Households 23,268 133,208 241,089 989,193 2010 Total Households 12,753 98,251 202,187 867,352 2000 Total Households 8,715 79,229 179,009 776,797 Annual Growth 2023 - 2028 6.50% 2.63% 1.59% 0.60% Annual Growth 2010 - 2023 4.73% 2.37% 1.36% 1.02% Annual Growth 2000 - 2010 3.88% 2.18% 1.23% 1.11% Source: ESRI As shown, the subject's neighborhood is experiencing moderate positive increases in both population and households. Attachment: 15954 Appraisals (15954 : Purchase of Real Property located at 1851 NW 1st Ct., Miami, FL 33136) 32 © 2024 CBRE, Inc. CB� w r Packet Pg. 282 Market Analysis 2.4.a Income Distributions Household income available for expenditure on housing and other consumer items is a primary factor in determining the price/rent level of housing demand in a market area. In the case of this study, projections of household income, particularly for renters, identifies in gross terms the market from which the subject submarket draws. The following table illustrates estimated household income distribution for the subject neighborhood. HOUSEHOLD INCOME DISTRIBUTION Households by Income Distribution (2023) < $15, 000 $15,000 - $24,999 $25,000 - $34,999 $35,000 - $49,999 $50,000 - $74,999 $75,000 - $99,999 $100,000 - $149,999 $150,000 - $199,999 $200,000+ Source: ESRI 1 Mile Radius 3 Mile Radius 5 Mile Radius Miami -Dade County 13.79% 7.10% 7.43% 10.68% 17.44% 11.45% 16.99% 6.74% 8.38% 17.46% 10.10% 8.48% 10.77% 15.22% 9.99% 12.05% 6.57% 9.36% 16.42% 10.48% 8.60% 11.41% 15.57% 10.62% 1 1.49% 6.10% 9.30% 12.06% 8.79% 8.29% 11.82% 16.97% 12.46% 13.96% 6.75% 8.88% The following table illustrates the median and average household income levels for the subject neighborhood. HOUSEHOLD INCOME LEVELS 1 Mile Radius 3 Mile Radius 5 Mile Radius Miami -Dade County Income 2023 Median Household Income $63,538 $53,864 $53,623 $60,992 2023 Average Household Income $95,039 $92,459 $91 ,842 $95,752 2023 Per Capita Income $46,812 $41,453 $40,145 $34,693 Source: ESRI Attachment: 15954 Appraisals (15954 : Purchase of Real Property located at 1851 NW 1st Ct., Miami, FL 33136) 33 © 2024 CBRE, Inc. CB� w Packet Pg. 283 Market Analysis 2.4.a Employment An employment breakdown typically indicates the working-class characteristics for a given market area. The specific employment population within the indicated radii of the subject is as follows: EMPLOYMENT BY INDUSTRY Occupation (2023) 1 Mile Radius 3 Mile Radius 5 Mile Radius Miami -Dade County Agric/Forestry/Fishing/Hunting 0.04% 0.21% 0.23% 0.56% Construction 6.03% 12.07% 10.44% 8.83% Manufacturing 3.35% 4.05% 4.02% 4.77% Wholesale Trade 2.69% 2.26% 2.15% 2.70% Retail Trade 10.34% 9.88% 9.89% 10.77% Transportation/Warehousing 8.95% 8.55% 9.09% 9.44% Information 2.78% 2.09% 2.08% 1.81% Finance/Insurance 5.63% 5.42% 5.27% 5.36% Prof/Scientific/Tech Services 11.34% 11.08% 10.25% 8.87% Mgmt of Companies/Enterprises 0.24% 0.10% 0.09% 0.10% Admin/Support/Waste Mgmt Srvcs 6.72% 7.26% 7.27% 6.69% Educational Services 4.20% 4.74% 5.37% 7.12% Health Care/Social Assistance 12.36% 9.78% 10.46% 12.95% Arts/Entertainment/Recreation 4.27% 2.81% 2.65% 2.23% Accommodation/Food Services 13.77% 10.88% 1 1.31 % 8.15% Other Services (excl Pub! Adm) 4.45% 6.06% 6.54% 5.90% Public Administration 2.84% 2.77% 2.88% 3.76% Source: ESRI The previous table illustrates the employment character of the submarket, indicating a predominantly lower- to middle -income employment profile, with the majority of the population holding executive & managerial or professional specialty related jobs. Outlook Based on this analysis, the immediate area surrounding the subject is projected to experience moderate, positive growth relative to households and population into the near future. Given the area demographics, it appears that demand for both comparable surrounding area apartment units and the subject will continue to be favorable. Attachment: 15954 Appraisals (15954 : Purchase of Real Property located at 1851 NW 1st Ct., Miami, FL 33136) 34 © 2024 CBRE, Inc. CB� w r Packet Pg. 284 Market Analysis 2.4.a SUBJECT ANALYSIS The subject is a renovated 6-unit multifamily property built 1954 and recently renovated in 2023 (pending completion). Additional comparable absorption in the South Florida market: COMPARABLE SPACE ABSORPTION Property County Size (Units) Lease Up (Months) Absorption/Month (Units) Lazul North Miami Miami -Dade 314 14 22 Circ Hollywood Broward 344 19 18 Shoreline Sole MIA Miami -Dade 370 11 34 Aviva Coral Gables Miami -Dade 240 18 13 Soma at Bricekll Miami -Dade 393 11 36 Legacy at 19th Miami -Dade 80 5 16 275 Fontaine Parc Miami -Dade 133 6 22 215 Park Broward 45 7 6 Compiled by CBRE Avg./Month = 21 The above comparable space absorption provides an absorption rate per month range of 6 to 36 units, with an average of 21 units per month. It is noted that the smaller developments (less than 100 units) had a reduced absorption of 6 to 16 units per month. Therefore, we conclude to a reduced absorption of 2 units per month or 3 months for stabilization, which should allow a reasonable amount of time to stabilize the subject property. We have applied a 3-month lease -up period upon completion of construction. Attachment: 15954 Appraisals (15954 : Purchase of Real Property located at 1851 NW 1st Ct., Miami, FL 33136) 35 © 2024 CBRE, Inc. CIE� w Packet Pg. 285 Market Analysis 2.4.a COMPETITIVE PROPERTIES Comparable properties were surveyed in order to identify the current occupancy within the competitive market. The comparable data is summarized in the following table: SUMMARY OF COMPARABLE MULTIFAMILY RENTALS Comp. No. Name Location Occupancy 1 1160 NW 4th Street and 337 NW 1160 NW 4th Street 12th Avenue 337 NW 12th Avenue Miami, FL 2 San Gabriel Apartments 858 NW 3rd Street Miami, FL 3 Florida Apartments 1050 NW 2nd Street Miami, FL 4 Temple Court Apartments 431 NW 3rd St Miami, FL 5 East River Living 39 NW 7th Avenue Miami, FL 6 540 NW 7th Street 540 NW 7th Street Miami, FL 7 Rio Mio 1160 NW North River Drive Miami, FL 8 726 Holding LLC 726 NW 3rd Street Miami, FL 100% 100% 100% 98% 88% 98% 97% 100% Subject Six - Unit Renovated LIHTC 1851 NW 1st Court, 0% Miami, Florida Compiled by CBRE Occupancy Based on the foregoing analysis, CBRE, Inc.'s conclusion of stabilized occupancy for the subject is illustrated in the following table. This estimate considers both the physical and economic factors of the market. OCCUPANCY CONCLUSIONS Miami -Miami Beach -Kendall, FL Market Coral Gables/South Miami Submarket Rent Comparables Subject's Current Occupancy Subject's Stabilized Occupancy Lease -up Period Compiled by CBRE 95.3% 95.1% 97.3% 0.0% 97.0% 3 Months Attachment: 15954 Appraisals (15954 : Purchase of Real Property located at 1851 NW 1st Ct., Miami, FL 33136) 36 © 2024 CBRE, Inc. CIE� w Packet Pg. 286 Market Analysis 2.4.a CONCLUSION In general, the area apartment market and the local submarket are exhibiting stabilized vacancy levels and moderate rent growth. As such, the local submarket should maintain a relatively stable occupancy position in the near term. The long-term projection for the subject submarket is for continued moderate growth in rental rates. With respect to the subject properly in particular, we believe the subject is reasonably well located for an apartment project. The site is conveniently located with respect to employment centers and major roadways, and surrounding apartment developments are experiencing good levels of demand. Based upon our analysis, the subject property should experience good market acceptance. Per the market analysis data, occupancy levels within the subject submarket currently show an occupancy of 95.1% for Q4 2023 as well as for the total of 2023. In addition, occupancies are projected to be 95.1% for 2024 and show to be in the range of 95.6% to 95.9% for years 2025- 2028, indicating overall stable occupancy levels within the subject submarket. In addition, effective rent change currently shows a negative -0.86% for Q4 2023 and showed a minimal decrease of -0.22% for the total of 2023. However, effective rent growth is expected to have increases ranging from 0.20% to 3.00% each subsequent year through 2028 indicating an increasing/stable rental market within the subject submarket. Therefore, given the above data/analysis and considering that the subject is a low-income rent restricted property which typically yield higher occupancy levels, we conclude to a stabilized vacancy of 3.0% for the As Is LIHTC scenario and 5.0% for the Hypothetical assuming market rents and expenses scenario and a 2.5% rent growth for market rents. Attachment: 15954 Appraisals (15954 : Purchase of Real Property located at 1851 NW 1st Ct., Miami, FL 33136) 37 © 2024 CBRE, Inc. CIE� w Packet Pg. 287 Highest and Best Use 2.4.a Highest and Best Use In appraisal practice, the concept of highest and best use represents the premise upon which value is based. The four criteria the highest and best use must meet are: • legally permissible; • physically possible; • financially feasible; and • maximally productive. The highest and best use analysis of the subject is discussed below. AS VACANT Legal Permissibility The legally permissible uses were discussed in the Site Analysis and Zoning Sections. Physical Possibility The subject is adequately served by utilities, and has an adequate shape and size, sufficient access, etc., to be a separately developable site. There are no known physical reasons why the subject site would not support any legally probable development (i.e. it appears adequate for development). Existing structures on similar sites provides additional evidence for the physical possibility of development. Financial Feasibility The determination of financial feasibility is dependent primarily on the relationship of supply and demand for the legally probable land uses versus the cost to create the uses. As discussed in the market analysis, the subject multifamily market is generally stabilized. Development of new multifamily properties has occurred in the past few years. Maximum Productivity - Conclusion The final test of highest and best use of the site as if vacant is that the use be maximally productive, yielding the highest return to the land. Based on the information presented above and upon information contained in the market and neighborhood analysis, we conclude that the highest and best use of the subject as if vacant would be the development of an multifamily property. More specifically, the subject would be developed at a density of 18 units per acre, which is typical of similar projects in this market. The design would be characterized as a multi -unit walk- up style property. Our analysis of the subject and its respective market characteristics indicate the most likely buyer, as if vacant, would be an investor (land speculation) or a developer. Attachment: 15954 Appraisals (15954 : Purchase of Real Property located at 1851 NW 1st Ct., Miami, FL 33136) 38 © 2024 CBRE, Inc. CIE� w Packet Pg. 288 Highest and Best Use 2.4.a AS IMPROVED Legal Permissibility The site has been improved with an multifamily development that is a legal nonconforming use due to density as previously discussed in the zoning section of the report. Physical Possibility The layout and positioning of the improvements are considered functional for multifamily use. While it would be physically possible for a wide variety of uses, based on the legal restrictions and the design of the improvements, the continued use of the property for multifamily users would be the most functional use. Financial Feasibility The financial feasibility of an multifamily property is based on the amount of rent which can be generated, less operating expenses required to generate that income; if a residual amount exists, then the land is being put to a productive use. Based upon the income capitalization approach conclusion, the subject is producing a positive net cash flow and continued utilization of the improvements for multifamily purposes is considered financially feasible. Further, the value of the subject property as improved clearly exceeds the underlying land value. Maximum Productivity - Conclusion As shown in the applicable valuation sections, buildings that are similar to the subject have been acquired or continue to be used by multifamily tenants. None of the comparable buildings have been acquired for conversion to an alternative use. The most likely buyer for the subject property is considered to be Investor -Regional. Based on the foregoing, the highest and best use of the property, as improved, is consistent with the existing use as an multifamily development. Attachment: 15954 Appraisals (15954 : Purchase of Real Property located at 1851 NW 1st Ct., Miami, FL 33136) 39 © 2024 CBRE, Inc. CIE� w Packet Pg. 289 Insurable Replacement Cost 2.4.a Insurable Replacement Cost Insurable Replacement Cost is defined as follows: Replacement Cost for Insurance Purposes - The estimated cost, at current prices as of the effective date of valuation, of a substitute for the building being valued, using modern materials and current standards, design, and layout for insurance coverage purposes guaranteeing that damaged property is replaced with new property (i.e., depreciation is not deducted). 6 CBRE, Inc. has followed traditional appraisal standards to develop a reasonable calculation based upon industry practices and industry -accepted publications such as the Marshall Valuation Service. The methodology employed is a derivation of the cost approach and is not reliable for Insurable Replacement Cost estimates. Actual construction costs and related estimates can vary greatly from this estimate. The Insurable Replacement Cost estimate presented herein is intended to reflect the value of the destructible portions of the subject, based on the replacement of physical items that are subject to loss from hazards (excluding indestructible items such as basement excavation, foundation, site work, land value and indirect costs). In the case of the subject, this estimate is based upon the base building costs (direct costs) as obtained via the Marshall Valuation Service cost guide, with appropriate deductions. This analysis should not be relied upon to determine proper insurance coverage as only consultants considered experts in cost estimation and insurance underwriting are qualified to provide an Insurable Replacement Cost. It is provided to aid the client/reader/user as part of their overall decision -making process and no representations or warranties are made by CBRE, Inc. regarding the accuracy of this estimate. It is strongly recommended that other sources be utilized to develop any estimate of Insurable Replacement Cost. 6 Appraisal Institute, The Dictionary of Real Estate Appraisal, 7'" ed. (Chicago: Appraisal Institute, 2022), 163. Attachment: 15954 Appraisals (15954 : Purchase of Real Property located at 1851 NW 1st Ct., Miami, FL 33136) 40 © 2024 CBRE, Inc. CB� w Packet Pg. 290 Insurable Replacement Cost 2.4.a INSURABLE REPLACEMENT COST Primary Building Type: Multifamily Height per Story: 10' Effective Age: 5 YRS Number of Buildings: 1 Condition: Good Gross Building Area: 2,952 SF Number of Units: 6 Average Unit Size: 428 SF Number of Stories: 2 Average Floor Area: 1,476 SF MVS Sec/Page/Class S12/P16 Quality/Class Average/C Building Component Multiple Residences Component Sq. Ft. 2,952 SF Base Square Foot Cost $109.00 Square Foot Refinements Heating and cooling Subtotal Height and Size Refinements Number of Stories Multiplier Height per Story Multiplier Floor Area Multiplier Subtotal Cost Multipliers Current Cost Multiplier Local Multiplier Final Square Foot Cost Base Component Cost $0.00 $109.00 1.000 1.000 1.000 $109.00 0.99 0.97 $104.67 $308,994 Base Building Cost Insurable Exclusions (via Marshall Valuation Service cost data) $308,994 10.0% of Total Building Cost ($30,899) Indicated Insurable Replacement Cost $278,094 Rounded $300,000 Value Per SF $116.82 Compiled by CBRE Attachment: 15954 Appraisals (15954 : Purchase of Real Property located at 1851 NW 1st Ct., Miami, FL 33136) 41 © 2024 CBRE, Inc. CB� w r Packet Pg. 291 Sales Comparison Approach 2.4.a Sales Comparison Approach The following map and table summarize the comparable data used in the valuation of the subject. A detailed description of each transaction is included in the addenda. Prepared by CBRE Valuation & Advisory Services 0 Six - Unit Renovated LIHTC 1851 NW let Court Miami, FL, 33136 0 8-Unit Apartment 1380 SW 2nd Street Miami, FL, 33135 ® 4-Unit Apartment 14015 Le Jeune Roed Miami, FL, 33134 Shore Crest Apartments 1030 NE 80th Street Miami, FL, 33133 • b-Unit Apartment Building 701 NE 121 Street North Miami, FL, 33161 Miami Beach MapbpnOpenStreetMap CBRE SUMMARY OF COMPARABLE MULTIFAMILY SALES No. Properly Name Transaction Interest YOC / Property No. Avg. Unit Actual Sale Adjusted Sale Price Per NOI Per Type Date Transferred Rends! Type Units Size Price Price Unit t Oec. Unit OAR 1 8-Unit Apartment Sale Dec-23 Leased Fee 1971 Residential 884 $1,800,000 $1,800,000 $225,000 100.00% $13,495 6.00% 1380 SW 2nd Street Miami, FL 33135 2 4-Unit Apartment Sale Dec-23 Leased Fee 1944 Residential 4 747 $1,125,000 $1,125,000 $281,250 100.00% $14,434 5.13% 1401 5. Le Jeune Road Miami, FL 33134 3 Shore Crest Apartments Sale Mar-23 Leased Fee 1962/ Residential 6 700 $1.,600,000 $1,600,000 $266,667 100.00% $18,367 6,89% 1030 NE 80th Street 2015 Miami, FL 33138 4 6-Unit Apartment Building Sale Mar-23 Leased Fee 1966 Residential 6 670 $1260,000 $1,260,000 $210,000 100.00% $13,596 6.47% 701 NE 121 Street North Miami, FL 33161 Subj. Six- Unit Renovated LIHTC Pro 1851 NW 1st Court Forma Miami, FL 33136 1954 / Multifamily 2023 428 --- --- --- 97.00% $9,545 Adjusted sale price for cash equivalency, lease -up and/or deferred maintenance (where applicable) Compiled by CORE The sales utilized represent the best data available for comparison with the subject. They were selected from our research of comparable improved sales within the Miami and surrounding areas. These sales were chosen based upon size, appeal, and location. Attachment: 15954 Appraisals (15954 : Purchase of Real Property located at 1851 NW 1st Ct., Miami, FL 33136) 42 © 2024 CBRE, Inc. CB� w Packet Pg. 292 Sales Comparison Approach 2.4.a Location Adjustments The following supplemental data was collected in order to provide support for the location adjustments: IMPROVED SALES LOCATION ADJUSTMENT ANALYSIS Comparable Number Address Subject 1851 NW 1st Court Radius for Demographic Analysis 3 Mile Radius 2023 Households 133,208 2023 Average Household Income $92,459 AHI Relative to Subject --- 2023 Median Value of Owner Occupied Housing Units $464,207 2023 % Renter Occupied Housing Units 65.1 % 2023 % College/Graduate Degree Age 25+ 38.4% 2023 Median Age 38.1 Indicated Qualitative Adjustment --- Concluded Quantitative Adjustment Compiled by CBRE 1 2 3 4 1380 SW 2nd 1401 S. Le 1030 NE 80th 701 NE 121 Street Jeune Road Street Street 3 Mile Radius 3 Mile Radius 3 Mile Radius 3 Mile Radius 149,607 100,546 56,085 62,950 $93,470 $94,458 $85,355 $78,667 1.1% 2.2% -7.7% -14.9% $465,340 $469,886 $476,716 $384,374 64.2% 55.4% 54.9% 49.6% 40.1% 38.1% 33.9% 25.8% 39.7 43.8 38.5 37.1 Similar Similar Similar Inferior 0% 0% 0% 10% Comparable 4 was considered inferior based primarily on households, average household income and/or median value therefore, an upward adjustment was applied. The indicated adjustments will be used in the following discussions. DISCUSSION/ANALYSIS OF IMPROVED SALES Improved Sale One This comparable is an 8-unit multifamily walk-up property built in 1971 on a 0.23 acre site located at 1380 SW 2nd Street in Miami. The property is concrete block construction and the interiors are average finish. It includes all studio units. The property sold in December 2023 for $1,800,000 or $225,000 per unit and the indicated cap rate is based on in place rent and operating expenses are based on market, including taxes reset at 80% of the sale price. In terms of age/condition, this comparable was judged inferior due to older construction and more long-lived physical deterioration and received an upward adjustment for this characteristic. An adjustment for avg. unit size was considered appropriate for this comparable given n/a. Because of this superior trait, a downward adjustment was considered appropriate. Overall, the adjustments applied to this comparable resulted in a net adjustment of zero, whereby the property was deemed similar in comparison to the subject. Improved Sale Two This comparable is an 4-unit multifamily walk-up property built in 1944 on a 0.18 acre site located at 1401 S. Le Jeune Road in Miami. The property is concrete block construction, and the interiors are average finish. It includes all 1 BR units. The property sold in December 2023 for $1,125,000 or $281,250 per unit and the indicated cap rate is based on in place rent and operating expenses are based on market, including taxes reset at 80% of the sale price. Attachment: 15954 Appraisals (15954 : Purchase of Real Property located at 1851 NW 1st Ct., Miami, FL 33136) 43 © 2024 CBRE, Inc. CB� w Packet Pg. 293 Sales Comparison Approach 2.4.a In terms of age/condition, this comparable was judged inferior due to older construction and more long-lived physical deterioration and received an upward adjustment for this characteristic. An adjustment for avg. unit size was considered appropriate for this comparable given n/a. Because of this superior trait, a downward adjustment was considered appropriate. Overall, the adjustments applied to this comparable resulted in a net adjustment of zero, whereby the property was deemed similar in comparison to the subject. Improved Sale Three The property is a 6-unit multi -family property located at 1030 NE 80th Street in Miami, Florida. The property consists of one building, two-story property. The improvements were constructed in 1962 and have been renovated in approx. 2022 and is situated on a 0.17-acre site. The improvements were 100.0% leased and is listed for $1,650,000 or $275,000 per unit. The property includes one and two -bedroom units and show to have all been updated. An attempt was made to contact the parties involved/info available for, however, were unsuccessful. In terms of age/condition, this comparable was judged inferior due to older construction and more long-lived physical deterioration and received an upward adjustment for this characteristic. An adjustment for avg. unit size was considered appropriate for this comparable given n/a. Because of this superior trait, a downward adjustment was considered appropriate. Overall, this comparable was deemed superior in comparison to the subject and a downward net adjustment was warranted to the sales price indicator. Improved Sale Four The property is a 6-unit multi -family walk-up property located at 701 NE 121 Street in North Miami, Florida. The property consists of a single, two-story apartment building. The improvements were constructed in 1966 and are situated on a 0.21-acre site. According to the Purchase and Sale Agreement dated December 25, 2022, the subject is currently under contract for $1,300,000, or $216,667 per unit and per addendum to the contract, the sale will include a $30,000 credit towards closing costs. The actual reported sale price per Miami -Dade County is $1,260,000 or $210,000 per unit. The reason for the disconnect is not known; however, its likely due to further negotiations and we used the recorded sale price. The property was 100% occupied at sale and per the appraisers pro forma yielded a capitalization rate of 6.47%, based on stabilized income with real estate taxes adjusted to 75% of the contract price. The upward adjustment for location reflects this comparable's inferior feature with respect to inferior demographics which garner lower rental rates. In terms of age/condition, this comparable was judged inferior due to older construction and more long-lived physical deterioration and received an upward adjustment for this characteristic. An adjustment for avg. unit size was considered appropriate for this comparable given n/a. Because of this superior trait, a downward adjustment was considered appropriate. Overall, this comparable was deemed inferior in comparison to the subject and an upward net adjustment was warranted to the sales price indicator. Attachment: 15954 Appraisals (15954 : Purchase of Real Property located at 1851 NW 1st Ct., Miami, FL 33136) 44 © 2024 CBRE, Inc. CIE� w Packet Pg. 294 Sales Comparison Approach 2.4.a SUMMARY OF ADJUSTMENTS Based on our comparative analysis, the following chart summarizes the adjustments warranted to each comparable. MULTIFAMILY SALES ADJUSTMENT GRID Comparable Number 1 2 3 4 Transaction Type Sale Sale Sale Sale Transaction Date Dec-23 Dec-23 Mar-23 Mar-23 Interest Transferred Leased Fee Leased Fee Leased Fee Leased Fee Year Built/Renovated 1971 1944 1962 / 1966 2015 Property Type Residential Residential Residential Residential No. Units 8 4 6 6 Avg. Unit Size 884 747 700 670 Actual Sale Price $1,800,000 $1,125,000 $1,600,000 $1,260,000 Adjusted Sale Price 1 $1,800,000 $1,125,000 $1,600,000 $1,260,000 Price Per Unit' $225,000 $281,250 $266,667 $210,000 Occupancy 100% 100% 100% 100% NOI Per Unit $13,495 $14,434 $18,367 $13,596 OAR 6.00% 5.13% 6.89% 6.47% Adj. Price Per Unit $225,000 $281,250 $266,667 $210,000 Property Rights Conveyed 0% 0% 0% 0% Financing Terms' 0% 0% 0% 0% Conditions of Sale 0% 0% 0% 0% Market Conditions (Time) 0% 0% 0% 0% Subtotal - Price Per Unit $225,000 $281,250 $266,667 $210,000 Location 0% 0% 0% 10% Project Size 0% 0% 0% 0% Age/Condition 10% 10% 5% 10% Quality of Construction 0% 0% 0% 0% Avg. Unit Size -10% -10% -10% -10% Project Amenities 0% 0% 0% 0% Parking 0% 0% 0% 0% Total Other Adjustments 0% 0% -5% 10% Indicated Value Per Unit $225,000 $281,250 $253,333 $231,000 Absolute Adjustment 20% 20% 15% 30% Subj. Pro Forma 1954 / 2023 Multifamily 6 428 97% $9,545 ' Adjusted for cash equivalency, lease -up and/or deferred maintenance (where applicable) Compiled by CBRE SALES COMPARISON APPROACH CONCLUSION Prior to analysis, the comps reflect an unadjusted range in values from $210,000 to $281,250 per unit with an unadjusted average of $245,729 per unit. After analysis, the comps reflect an adjusted range in values from $225,000 to $281,250 per unit with an adjusted average of $247,646 per unit. The comparables were considered to have a reasonably narrow adjusted range therefore, a conclusion towards the central tendency is considered reasonable. Attachment: 15954 Appraisals (15954 : Purchase of Real Property located at 1851 NW 1st Ct., Miami, FL 33136) 45 © 2024 CBRE, Inc. CIE� w Packet Pg. 295 Sales Comparison Approach 2.4.a In addition, we also analyzed the sales comparison approach for the hypothetical As -Is (property assuming market rents and expenses/no tax credit) and As Is (LIHTC) via the direct capitalization method to provide an adjustment: ADJUSTMENT DUE TO REAL ESTATE (RE) TAXES/NO EXEMPTION Hypothetical As Is (Property Assuming Market) As Is (LIHTC As Is) Adjustment due to Income/Rent Restrictions Compiled by CBRE $1,525,000 $1,025,000 $500,000 Therefore, the difference in value yields a $500,000 adjustment based on the above scenarios which has been deducted to arrive at the As Is value conclusion. The following table presents the estimated value for the subject as indicated by the sales comparison approach. SALES COMPARISON APPROACH Total Units X Value Per Unit = Value 6 6 X $247,500 = $1,485,000 X $252,500 = $1,515,000 VALUE CONCLUSION As Stabilized Market Value $1,500,000 Rounded $1,500,000 Lease -Up Discount (14,000) As Complete Market Value $1 ,486,000 Rounded $1,475,000 Adjustment due to Income/Rent Restrictions (500,000) As Is Market Value 1 ,000,000 Rounded $1,000,000 Value Per Unit $166,667 Compiled by CBRE As previously discussed, the improvements were vacant and are considered to be not stabilized. Therefore, we have estimated a 3-month lease up for the subject and have deducted a lease -up discount from the As Stabilized value in order to provide the As Is value. Per information provided, the electrical work remaining at the subject requires no additional costs to complete with only an inspection pending by the City of Miami to be able to receive the certificate of occupancy (CO). Therefore, no additional cost to complete was deducted to arrive at the As Is value. Attachment: 15954 Appraisals (15954 : Purchase of Real Property located at 1851 NW 1st Ct., Miami, FL 33136) 46 © 2024 CBRE, Inc. CIE� w Packet Pg. 296 Income Capitalization Approach 2.4.a Income Capitalization Approach The following map and table summarize the primary comparable data used in the valuation of the subject. A detailed description of each transaction is included in the addenda. Prepared by CARE valuation E. Advisory services lO Sec - Unit Renovated LIHTC 1851 NW 1st Court Miami, FL 33136 • 1160 NW 4th Street and 337 NW 12th Avenue 1160 NW 4th Street Miami, FL 33128 0 San Gabriel Apartments 858 NW 3rd Street Miami. FL 33128 ® Florida Apartments 1050 NW 2nd Street Miami, FL 33128 OTemple Court Apartments 431 NW 3rd St Miami, FL 33128 ® East River Living 39 NW 7th Avenue Mlam1 FL 33128 ® 540 NW 7th Street 540 NW 7th Street Miami. FL 33136 e Rio Min T160 NW North River Dn. Miami. FL 33136 ® 726 Holding LLC 726 NW 3rd Street Miami FL 33128 Omapbox Cz O ©© W Flagler St© Mapbo 5 :.StleetMnp CBRE SUMMARY OF COMPARABLE MULTIFAMILY RENTALS No. Property Name YOC / No. Avg. Rent Location Reno'd Property Subtype Occ. Units Per Unit 1160 NW 4th Street and 337 NW 12th 1160 NW 4th Street 1937 / Multi -unit Garden 100% 16 $2,108 Avenue 337 NW 12th Avenue 2016 2 San Gabriel Apartments 858 NW 3rd Street 1925 Multi -unit Garden 100% 24 $1,590 Miami, FL 33128 3 Florida Apartments 1050 NW 2nd Street 1925 Multi -unit Walk-up 100% 24 $1,839 Miami, FL 33128 4 Temple Court Apartments 431 NW 3rd St 1913 / Multi -unit Garden 98% 61 $1,058 Miami, FL 33128 2006 East River Living 39 NW 7th Avenue 2022 Multi -unit Garden 88% 34 $606 Miami, FL 33128 6 540 NW 7th Street 540 NW 7th Street 1957 / Multi -unit Garden 98% 51 $1,664 Miami, FL 33136 2018 7 Rio Mio 1160 NW North River Drive 1964 Multi -unit Lofts 97% 42 $1,533 Miami, FL 33136 726 Holding LLC 726 NW 3rd Street 2022 Multi -unit Garden 100% 24 $1,791 Miami, FL 33128 Subj. Six - Unit Renovated LIHTC 1 851 NW 1st Court 1954 / Multifamily 0% 6 Miami, FL 33136 2023 Compiled by CBRE The rentals utilized represent the best data available for comparison with the subject. They were selected from our research within the Miami and surrounding areas. Attachment: 15954 Appraisals (15954 : Purchase of Real Property located at 1851 NW 1st Ct., Miami, FL 33136) 47 © 2024 CBRE, Inc. CB� w Packet Pg. 297 Income Capitalization Approach 2.4.a Location Adjustments The following supplemental data was collected in order to provide support for our location conclusions: MULTIFAMILY RENT LOCATION ADJUSTMENT ANALYSIS Comparable Number Subject 1 2 3 4 5 6 7 8 Address 1851 NW 1st Court 1160 NW 4th 858 NW 3rd 1050 NW 2nd 431 NW 3rd St 39 NW 7th 540 NW 7th 1160 NW 726 NW 3rd Street Street Street Avenue Street North River Street nrivp Radius for Demographic Analysis 3 Mile Radius 3 Mile Radius 3 Mile Radius 3 Mile Radius 3 Mile Radius 3 Mile Radius 3 Mile Radius 3 Mile Radius 3 Mile Radius 2023 Households 133,208 147,997 141,640 146,242 132,985 137,486 135,880 146,686 138,804 2023 Average Household Income $92,459 $93,055 $93,864 $93,484 $95,310 $95,014 $94,206 $91,262 $94,389 AHI Relative to Subject 0.6% 1.5% 1.1% 3.1% 2.8% 1.9% -1.3% 2.1 % 2023 Median Value of Owner Occupied Housing Units $464,207 $456,685 $464,117 $459,480 $474,656 $470,962 $469,070 $451,595 $468,359 2023 % Renter Occupied Housing Units 65.1% 63,6% 63.7% 63.6% 64,1 % 63.8% 64,0% 63.8% 63.7% 2023 % College/Graduate Degree Age 25+ 38.4% 39.1% 39,1% 39.4% 39.8% 39.7% 39.1% 38.0% 39.2% 2023 Median Age 38,1 39.3 39.2 39.3 38.9 39.2 38.9 39.1 39.2 Indicated Qualitative Adjustment Similar Similar Similar Similar Similar Similar Similar Similar Concluded Quantitative Adjustment 0% 0% 0% 0% 0% 0% 0% 0% Compiled by CBRE The comparables were considered reasonably similar to the subject based primarily on households, average household income and/or median value therefore, no adjustments were applied. Rent Comparable One This comparable is a multi -family property with 16-units in 2, two story buildings built in 1937 on a 0.17 acre site located at 1 160 NW 4th Street and 337 NW 12th Avenue in Miami, Florida. The properly was renovated in 2016/2017. Rent Comparable Two This property is a 24-unit multi -family walk-up property located at 858 NW 3rd Street in Miami, Florida. The property consists of two, two-story apartment buildings. The improvements were constructed in 1925 and are situated on a 0.34-acre site. The unit mix is comprised of 24 1 BR/1 BA units with a small den room adjacent to the kitchen and the units have an average unit size of 625 SF. As of the most current roll provided, the property is 100% occupied. Rent Comparable Three This rent comparable is a 24-unit multifamily walk-up property located in the neighborhood of Little Havana at 1050 NW 2nd Street, Miami, Florida. The property is a single building of 3 floors built in 1925 on a 0.31 acre site. Attachment: 15954 Appraisals (15954 : Purchase of Real Property located at 1851 NW 1st Ct., Miami, FL 33136) 48 © 2024 CBRE, Inc. CB� Eft PacketPg. 298 Income Capitalization Approach 2.4.a Rent Comparable Four This property is a 61-unit multi -family garden property located at 431 NW 3rd St in Miami, Florida. The property consists of one three-story apartment building and one two-story apartment building. The improvements were constructed in 1913, renovated in 2006 and are situated on a 0.53-acre site. Rent Comparable Five This property is a 34-unit multi -family mid/high rise property located at 39 NW 7th Avenue in Miami, Florida. The property is a single, eight -story apartment building. The improvements are situated on a 0.23-acre site. The improvements consist of a combination of studios, one - bedroom, one -bedroom plus den, and two -bedroom units. Unit's size will range from 444 to 867 square feet. Available units were provided via the development website as attempts to contact the leasing office were unsuccessful. Rent Comparable Six This is a 51-unit apartment complex located at 540 NW 7th Street in Miami, Florida. . 2023 AV: $5,990,000. Cross Streets: NW 7th Avenue and NW 7th Street. Neighborhood: Overtown Rent Comparable Seven This comparable rental represents the Rio Mio apartments, a 42-unit multifamily apartment property located at 1 160 NW N. River Drive in Miami, Florida. The improvements were originally constructed in 1964 and reported to be in average condition. . 2023 AV: $4,680,000. Cross Streets: NW 12th Avenue and Dolphin Expressway. Neighborhood: Allapattah Rent Comparable Eight This is a 24-unit multi -family walk-up property located at 726 NW 3rd Street in Miami, Florida. The property consists of a single, three-story apartment building. The improvements were constructed in 2022 and are situated on a 0.17-acre site. The improvements were 100.0% leased as of the date of the rent roll (as of October 30, 2023) and are considered to be stabilized. The property consists of only studio units with an avg. unit size of 408 square feet. In addition, there were no amenities noted (on -site parking, gym, swimming pool, etc.). Attachment: 15954 Appraisals (15954 : Purchase of Real Property located at 1851 NW 1st Ct., Miami, FL 33136) 49 © 2024 CBRE, Inc. CIE� w Packet Pg. 299 Income Capitalization Approach 2.4.a SUBJECT RENTAL INFORMATION The following table shows the subject's unit mix and restricted rental rates. SUBJECT RENTAL INFORMATION No. of Unit Unit Rent Restricted Rent Type Units Size (SF) Occ. $/Unit Per SF Studio @ 40% AMI 2 288 0% $723 $2.51 1 BR/1 BA @ 60% AMI 2 436 0% $1,161 $2.66 2BR/1 BA @ 80% AMI 2 560 0% $1,858 $3.32 Total/Average: 6 428 0% $1,247 $2.91 Compiled by CBRE As previously discussed, the subject is currently vacant as it is awaiting the completion of electrical work to receive the certificate of occupancy. Studio Units SUMMARY OF COMPARABLE RENTALS EFFICIENCY/STUDIO UNITS Rental Rates Comparable Plan Type Size (SF) $/Mo. $/SF Subject (Avg. In -Place) Studio 288 SF $723 $2.51 Temple Court Apartments Studio - Section 8 290 SF $931 $3.21 Rio Mio Studio 375 SF $1,250 $3.33 540 NW 7th Street Studio 350 SF $1,335 $3.81 Florida Apartments Studio 480 SF $1,714 $3.57 Subject (Concluded Market) Studio 288 SF $1,750 $6.08 726 Holding LLC Studio 400 SF $1,750 $4.38 726 Holding LLC Studio 404 SF $1,750 $4.33 726 Holding LLC Studio 406 SF $1,775 $4.37 726 Holding LLC Studio 411 SF $1,790 $4.36 726 Holding LLC Studio 394 SF $1,797 $4.56 726 Holding LLC Studio 426 SF $1,802 $4.23 726 Holding LLC Studio 409 SF $1,817 $4.44 726 Holding LLC Studio 405 SF $1,832 $4.52 Compiled by CBRE The concluded market rent fall within the provided range on a per month basis and is considered reasonable given the size of the unit and recently renovated condition of the units. Attachment: 15954 Appraisals (15954 : Purchase of Real Property located at 1851 NW 1st Ct., Miami, FL 33136) 50 © 2024 CBRE, Inc. CBi w Packet Pg. 300 Income Capitalization Approach 2.4.a One -Bedroom Units SUMMARY OF COMPARABLE RENTALS ONE BEDROOM UNITS Comparable Subject (Avg. In -Place) Temple Court Apartments San Gabriel Apartments Rio Mio 540 NW 7th Street Florida Apartments 1160 NW 4th Street and 337 NW 12th Subject (Concluded Market) East River Living East River Living East River Living Plan Type IBR/IBA 1BR/1BA - Section 8 1BR/1BA 1BR/1BA 1BR/1BA 1BR/1BA 1BR/1BA 1 BR/ 1 BA 1BR/1BA 1BR/1BA 1 BR/2BA + Den Size (SF) 436 SF 470 SF 625 SF 515 SF 505 SF 675 SF 600 SF 436 SF 590 SF 582 SF 892 SF Rental Rates $/Mo. $/SF $1,161 $1,190 $1,590 $1,600 $1,650 $1,895 $1,917 $2,000 $2,299-$2,400 $2,400 $2,699 $2.66 $2.53 $2.54 $3.11 $3.27 $2.81 $3.20 $4.59 $3.98 $4.12 $3.03 Compiled by CBRE The concluded market rent fall within the provided range on a per month basis and is considered reasonable given the size of the unit and recently renovated condition of the units. Two -Bedroom Units SUMMARY OF COMPARABLE RENTALS TWO BEDROOM UNITS Comparable Subject (Avg. In -Place) 540 NW 7th Street Florida Apartments Subject (Concluded Market) 1160 NW 4th Street and 337 NW Plan Type 2BR/IBA 2BR/2BA 2BR/1BA 2BR/IBA 12th 2BR/1 BA Size (SF) 560 SF 650 SF 691 SF 560 SF 600 SF Rental Rates $/Mo. $/SF $1,858 $3.32 $1,895 $2.92 $2,095 $3.03 $2,200 $3.93 $2,222 $3.70 Compiled by CBRE The concluded market rent fall within the provided range on a per month basis and is considered reasonable given the size of the unit and recently renovated condition of the units. Attachment: 15954 Appraisals (15954 : Purchase of Real Property located at 1851 NW 1st Ct., Miami, FL 33136) 51 © 2024 CBRE, Inc. CB� w Packet Pg. 301 Income Capitalization Approach 2.4.a MARKET RENT CONCLUSIONS As previously discussed, the subject rents are restricted at up to 40% (studio units), 60% (1- bedroom units) and 80% (2-bedroom units) AMI as set by HUD for Miami -Dade County as provided below: Nate The general hold hxmlen, proxcm. a n1 !RC Seabee 142I H2903 nw-le that projects ugh a1 le -vat nn Indkf v1 pieced Irt rAr iee on or before the awl Mille 46-day'gamer.. paned Ter nel%I-relea3ea Oasts use 1Nacnever limas pre greeter. the current -year Ielllla of the limas In use the preCedlnn year HUD release: 671612023 Effective: 91672623 Implement en/before: 6128r2023 2023 Income Limits and Rent Limits Florida Housing Finance Corporation Multifamily Rental Programs and CWHIP Homeownership P ogram NOTE: Does nor Aerlakl to COEG-DR, HHRF, HOME. NHTF or SNIP County p Mabel Percentage Category Income Limit by Humber of Persons in Household Rent Limit by Number of Bedrooms in Unit 1 2 3 4 5 6 7 8 9 18 0 1 2 3 4 5 Miami -Dade County 29% 14,460 16.520 18.580 20,640 22.300 23,960 25.600 27,260 28,896 30,547 361 387 464 536 599 660 {Miami-MartaReath- 2536 18015 70-650 73,275 75,800 71815 79950 37,(00 34a15 39,170 38.184 451 484 580 6/0 748 875 Kendall ilMFA) 25% 20,244 23,126 26,012 28,866 31,220 33,544 35,540 38,164 40,454 42,766 506 542 650 751 838 925 30% 21,690 24.780 27,870 30,960 33,450 35,940 38,400 40,890 43,344 45,621 542 580 696 805 8 991 33% 23,858 27.256 30,657 34,056 36,795 39,534 42,240 44,979 47,678 50403 596 636 766 655 968 1,090 3551 25,305 28.910 32,515 36,120 39,025 41,930 44,800 47,705 50,568 53,458 632 677 812 939 1,048 1,156 40% 28,920 33,040 37,160 41,280 44,600 47,920 51,200 54,520 57,792 61,094 723 774 929 1,073 1,198 1,321 45% 32.535 37.170 41,805 46,440 50.175 53,910 57,600 61,335 65,016 68,731 813 871 1,045 1,207 1.347 1,486 50% 36.150 41,300 46,450 51,600 55,750 59,990 64,000 66,150 72,240 76,361 903 961 1,161 1,341 1,497 1,651 60% 43,380 49,560 55,740 61.920 66,900 11880 76,800 81,780 86,688 91,642 1,084 1,161 1,393 1,610 1,797 1,982 70% 59,610 57,820 65630 72,240 78650 83,860 B9,600 95,410 101,156 106,915 1,265 1855 1,625 1,676 2.096 2,312 1.1li1i i !-,2 8016 52840 66,080 74370 87,560 89,200 55,840 107,400 109,646 115,5E14 127,189 1446 1545 1,858 7,147 2396 7,643 120% 56,760 99,120 111,460 123,640 133,860 143,780 153,600 163,560 173,376 163,283 2,169 2,323 2,767 3,220 3.594 3,964 1401 151.2711 115640 130.060 144480 156,100 167,120 119,200 190.820 207212 213,830 2,530 2,710 3,251 3.151 4193 4525 We requested updated data such as current rents at the subject and operating data/budget however, no updated data was provided with the only data provided being from 2018-2019. Therefore, we have utilized the most recent rent limits for the subject rents based on the AMI's provided for each unit type. The following chart shows the market rent conclusions for the subject: RENT CONCLUSIONS - LIHTC AS IS No. Unit Monthly Rent Annual Rent Annual Units Unit Type Size (SF) Total SF $/Unit $/SF PRI 5/Unit $/SF Total 2 Studio @ 40% AMI 288 576 $723 $2.51 $1,446 $8,676 $30.13 $17,352 2 1 BR/1 BA @ 60%AMI 436 872 $1,161 $2.66 $2,322 $13,932 $31.95 $27,864 2 2 BR/1 BA @ 80% AMI 560 1,120 $1,858 $3.32 $3,716 $22,296 $39.81 $44,592 6 428 2,568 $1,247 $2.91 $7,484 $14,968 $34.97 $89,808 Compiled by CBRE RENT CONCLUSIONS - PROPERTY ASSUMING MARKET No. Unit Monthly Rent Annual Rent Annual Units Unit Type Size Total SF $/Unit $/SF PRI 5/Unit $/SF Total 2 Studio 288 576 $1,750 $6.08 $3,500 $21,000 $72.92 $42,000 2 1 BR/1 BA 436 872 $2,000 $4.59 $4,000 $24,000 $55.05 $48,000 2 2BR/1BA 560 1,120 $2,200 $3.93 $4,400 $26,400 $47.14 $52,800 6 428 2,568 $1,983 $4.63 $11,900 $23,800 $55.61 $142,800 Compiled by CBRE Attachment: 15954 Appraisals (15954 : Purchase of Real Property located at 1851 NW 1st Ct., Miami, FL 33136) 52 © 2024 CBRE, Inc. CB� w r Packet Pg. 302 Income Capitalization Approach 2.4.a RENT ADJUSTMENTS Rent adjustments are sometimes necessary to account for differences in rental rates applicable to different units within similar floor plans due to items such as location within the property, view, and level of amenities. These rental adjustments may be in the form of rent premiums or rent discounts. As noted, the rental rates for some of the subject's units vary depending upon whether or not they have been upgraded and modernized. However, we have utilized the weighted average rental rates, taking into account this variance. Thus, no rent adjustments are required. RENT ROLL ANALYSIS The rent roll analysis serves as a crosscheck to the estimate of market rent for the subject. The collections shown on the rent roll include rent premiums and/or discounts. RENT ANALYSIS Revenue Component Total Total Monthly Rent Annual Rent 0 Occupied Units at Contract Rates $0 $0 6 Vacant Units at Rent Restrictions $7,484 $89,808 6 Total Units @ Rent Restrictions $7,484 $89,808 6 Total Units @ Market Rent $11,900 $142,800 Indicated Variance 37.1% Compiled by CBRE POTENTIAL RENTAL INCOME CONCLUSION Within this analysis, potential rental income is estimated based upon: POTENTIAL RENTAL INCOME Year Total $/Unit/Yr Expense Comparable 1 Expense Comparable 2 Expense Comparable 3 Expense Comparable 4 $28,874 $23,200 $14,959 $19,765 CBRE Estimate - LIHTC As Is $89,808 $14,968 CBRE Estimate - Hypothetical (Property Assuming Market) $142,800 $23,800 Compiled by CBRE We have concluded $14,968 per unit for the subject's potential rental income, which is within the range of the expense comparables. It is noted that expense comparable 3 was also a LIHTC property. Attachment: 15954 Appraisals (15954 : Purchase of Real Property located at 1851 NW 1st Ct., Miami, FL 33136) 53 © 2024 CBRE, Inc. CIE� w Packet Pg. 303 Income Capitalization Approach 2.4.a OPERATING HISTORY The following table presents available operating data for the subject. OPERATING HISTORY Year -Occupancy INCOME Potential Rental Income Loss to Lease Concessions Adjusted Rental Income Vacancy Credit Loss Net Rental Income Effective Gross Income EXPENSE Real Estate Taxes Property Insurance Utilities Repairs & Maintenance Landscaping & Security Management Fee Advertising & Promotion Replacement Reserves Total Operating Expenses Net Operating Income Management Fee % of EGI) Pro Forma 96.5% Total $/Unit $89,808 $14,968 $89,808 $14,968 (2,694) (449) (449) (75) $86,665 $14,444 $86,665 $14,444 $7,192 $1,199 12,000 2,000 3,000 500 2,100 350 270 45 3,033 506 300 50 1,500 250 $29,395 $4,899 $57,269 $9,545 3.5% Source: Operating statements We requested updated data such as current rents at the subject and operating data/budget however, no updated data was provided with the only data provided being from 2018-2019. Therefore, we have utilized the most recent rent limits for the subject rents based on the AMI's provided for each unit type as well as market expenses. LOSS TO LEASE Within the local market, buyers and sellers typically recognize a reduction in potential rental income due to the difference between market and contract rental rates. We have not included a loss to lease for the LIHTC value scenario given that these rents are set by HUD. We have applied a 2.5% loss to lease for the Hypothetical at market scenario given the expected increases in effective rent as discussed in the market analysis. This method of calculating rental income is most prevalent in the local market and is consistent with the method used to derive overall capitalization rates from the comparable sales data. Attachment: 15954 Appraisals (15954 : Purchase of Real Property located at 1851 NW 1st Ct., Miami, FL 33136) 54 © 2024 CBRE, Inc. CIE� - - Packet Pg. 304 Income Capitalization Approach 2.4.a CONCESSIONS Rent concessions are currently not prevalent in the local market nor are they present at the subject. VACANCY The subject's estimated stabilized occupancy rate was previously discussed in the market analysis. The subject's vacancy is detailed as follows: VACANCY Year Total % of ARI Expense Comparable 1 Expense Comparable 2 Expense Comparable 3 Expense Comparable 4 0.0% 5.0% 1.1% 0.0% CBRE Estimate - LIHTC As Is ($2,694) 3.0% CBRE Estimate - Hypothetical (Property Assuming Market) ($6,962) 5.0% Compiled by CBRE We have concluded to 3.0% for the subject's vacancy As Is (LIHTC) and 5.0% for the Hypothetical at market scenario, as discussed in the market analysis. CREDIT LOSS The credit loss estimate is an allowance for nonpayment of rent or other income. The subject's credit loss is detailed as follows: CREDIT LOSS Year Total % of ARI Expense Comparable 1 Expense Comparable 2 Expense Comparable 3 Expense Comparable 4 0.0% 0.0% 1.6% 0.0% CBRE Estimate - LIHTC As Is ($449) 0.5% CBRE Estimate - Hypothetical (Property Assuming Market) ($696) 0.5% Compiled by CBRE We have concluded to 0.5% for the subject's credit loss. Attachment: 15954 Appraisals (15954 : Purchase of Real Property located at 1851 NW 1st Ct., Miami, FL 33136) 55 © 2024 CBRE, Inc. CIE� w Packet Pg. 305 Income Capitalization Approach 2.4.a EFFECTIVE GROSS INCOME The subject's effective gross income is detailed as follows: EFFECTIVE GROSS INCOME Year Total $/Unit/Yr Expense Comparable 1 $30,424 Expense Comparable 2 $22,090 Expense Comparable 3 $14,802 Expense Comparable 4 $20,188 CBRE Estimate - LIHTC As Is $86,665 $14,444 CBRE Estimate - Hypothetical (Property Assuming Market) $131,572 $21,929 Compiled by CBRE We have concluded $14,444 per unit for the subject's effective gross income, which is slightly below the range of the expense comparables. In addition, our Hypothetical at market scenario falls within the range of the expense comparables. OPERATING EXPENSE ANALYSIS Expense Comparables The following chart summarizes expenses obtained from recognized industry publications and/or comparable properties. EXPENSE COMPARABLES Comparable Number 2 3 4 Subject Location Miami Miami Fort Lauderdale Wilton Manors Miami, FL Units 80 15 96 16 6 Year Built 2022 2022 1973 1960 1954 Type Multi -family Multi -family Multi -family Multi -family Walk -Up Mid/High Rise Walk-up Walk-up Walk-up Jan. 2023 - June T-12 Nov. 2023/Annualiz Period 2023 Budget Budget 2023 2023 ed Pro Forma Revenues $/Unit $/Unit $/Unit $/Unit $/Unit Potential Rental Income $28,874 $23,200 $14,959 $19,765 $14,968 Loss to Lease (432) 98 - - Concessions _ Adjusted Rental Income $28,442 $23,200 $15,058 $19,765 $14,968 Vacancy - (1,160) (166) - (449) Credit Loss - (244) (75) Net Rental Income $28,442 $22,040 S14,649 $19,765 $14,444 Effective Gross Income $30,424 $22,090 $14,802 $20,188 $14,444 Expenses Real Estate Taxes $3,865 $2,730 ($41) $3,218 $1,199 Property Insurance 1,151 1,150 2,154 3,411 2,000 Utilities 3,017 360 1,895 1,788 500 Repairs & Maintenance 272 300 465 1,413 350 Landscaping & Security 45 48 - 45 Management Fee 1,065 1,105 368 900 506 Advertising & Promotion 395 59 17 50 Replacement Reserves - - 250 Total Operating Expenses 59,809 $5,693 $4,900 $10,746 $4,899 Operating Expenses Excluding Taxes 5,944 2,963 4,941 7,528 3,701 Operating Expense Ratio 32.2% 25.8% 33.1% 53.2% 33.9% Management Fee (% of EGI) 3.5% 5.0% 2.5% 4.5% 3.5% z The median total differs from the sum of the individual amounts. Compiled by CBRE A discussion of each expense category is presented on the following pages. Attachment: 15954 Appraisals (15954 : Purchase of Real Property located at 1851 NW 1st Ct., Miami, FL 33136) 56 © 2024 CBRE, Inc. CB� w r Packet Pg. 306 Income Capitalization Approach 2.4.a Real Estate Taxes The comparable data and projections for the subject are summarized as follows: REAL ESTATE TAXES Year Total $/Unit/Yr Expense Comparable 1 --- $3,865 Expense Comparable 2 $2,730 Expense Comparable 3 -$41 Expense Comparable 4 $3,218 CBRE Estimate - LIHTC As Is CBRE Estimate - Hypothetical (Property Assuming Market) Compiled by CBRE $7,192 $1,199 $22,857 $3,810 We have concluded $1,199 per unit for the subject's real estate taxes, which is within the range of the expense comparables. Please refer to the tax analysis section of this report for a full discussion on the subject's assessed value and taxes. Property Insurance Property insurance expenses typically include fire and extended coverage and owner's liability coverage. The comparable data and projections for the subject are summarized as follows: PROPERTY INSURANCE Year Total $/Unit/Yr Expense Comparable 1 $1,151 Expense Comparable 2 $1,150 Expense Comparable 3 $2,154 Expense Comparable 4 $3,41 1 CBRE Estimate - LIHTC As Is CBRE Estimate - Hypothetical (Property Assuming Market) Compiled by CBRE $12,000 $2,000 $12,000 $2,000 We have concluded $2,000 per unit for the subject's property insurance, which is within the range of the expense comparables. In addition, our Hypothetical at market scenario falls within the range of the expense comparables. Attachment: 15954 Appraisals (15954 : Purchase of Real Property located at 1851 NW 1st Ct., Miami, FL 33136) 57 © 2024 CBRE, Inc. CIE� w Packet Pg. 307 Income Capitalization Approach 2.4.a Utilities Utility expenses include electricity, natural gas, water, trash and sewer. The comparable data and projections for the subject are summarized as follows: UTILITIES Year Total $/Unit/Yr Expense Comparable 1 --- $3,017 Expense Comparable 2 $360 Expense Comparable 3 $1,895 Expense Comparable 4 $1,788 CBRE Estimate - LIHTC As Is $3,000 $500 CBRE Estimate - Hypothetical (Property Assuming Market) $3,000 $500 Compiled by CBRE As discussed in the improvement analysis, each unit is individually metered for electrical usage. We requested updated data such as current rents at the subject and operating data/budget however, no updated data was provided with the only data provided being from 2018-2019. Therefore, we have utilized the most recent rent limits for the subject rents based on the AMI's provided for each unit type as well as market expenses. Market operations indicate the tenants will be responsible for all utilities with the owner being responsible for common areas and vacant units. Therefore, we have included a utility expense for the subject towards the lower end of the market range as further discussed in the income capitalization approach. We have concluded $500 per unit for the subject's utilities, which is within the range of the expense comparables. In addition, our Hypothetical at market scenario falls within the range of the expense comparables. Attachment: 15954 Appraisals (15954 : Purchase of Real Property located at 1851 NW 1st Ct., Miami, FL 33136) 58 © 2024 CBRE, Inc. CIE� w Packet Pg. 308 Income Capitalization Approach 2.4.a Repairs and Maintenance Repairs and maintenance expenses typically include all outside maintenance service contracts and the cost of maintenance and repairs supplies. The comparable data and projections for the subject are summarized as follows: REPAIRS & MAINTENANCE Year Total $/Unit/Yr Expense Comparable 1 $272 Expense Comparable 2 $300 Expense Comparable 3 $465 Expense Comparable 4 $1,413 CBRE Estimate - LIHTC As Is $2,100 $350 CBRE Estimate - Hypothetical (Property Assuming Market) $2,100 $350 Compiled by CBRE We have concluded $350 per unit for the subject's repairs & maintenance, which is within the range of the expense comparables. In addition, our Hypothetical at market scenario falls within the range of the expense comparables. Landscaping and Security Landscaping and security expenses typically include all outside landscaping and grounds maintenance service contracts and the cost of landscaping supplies, as well as security services. The comparable data and projections for the subject are summarized as follows: LANDSCAPING & SECURITY Year Total $/Unit/Yr Expense Comparable 1 $45 Expense Comparable 2 $48 Expense Comparable 3 $0 Expense Comparable 4 $0 CBRE Estimate - LIHTC As Is $270 $45 CBRE Estimate - Hypothetical (Property Assuming Market) $270 $45 Compiled by CBRE We have concluded $45 per unit for the subject's landscaping & security, which is within the range of the expense comparables. In addition, our Hypothetical at market scenario falls within the range of the expense comparables. Attachment: 15954 Appraisals (15954 : Purchase of Real Property located at 1851 NW 1st Ct., Miami, FL 33136) 59 © 2024 CBRE, Inc. CIE� w Packet Pg. 309 Income Capitalization Approach 2.4.a Management Fee Management expenses are typically negotiated as a percentage of collected revenues (i.e., effective gross income). The comparable data and projections for the subject are summarized as follows: MANAGEMENT FEE Year Total % of EGI Expense Comparable 1 Expense Comparable 2 Expense Comparable 3 Expense Comparable 4 3.5% 5.0% 2.5% 4.5% CBRE Estimate - LIHTC As Is CBRE Estimate - Hypothetical (Property Assuming Market) Compiled by CBRE $3,033 3.5% $4,605 3.5% We have concluded 3.5% of EGI for the subject's management fee, which is within the range of the expense comparables. In addition, our Hypothetical at market scenario falls within the range of the expense comparables. Advertising and Promotion Advertising and promotion expenses typically include all costs associated with the promotion of the subject including advertisements in local publications, trade publications, internet sites, et cetera. The comparable data and projections for the subject are summarized as follows: ADVERTISING & PROMOTION Year Total $/Unit/Yr Expense Comparable 1 $395 Expense Comparable 2 $0 Expense Comparable 3 $59 Expense Comparable 4 $17 CBRE Estimate - LIHTC As Is $300 $50 CBRE Estimate - Hypothetical (Property Assuming Market) $300 $50 Compiled by CBRE We have concluded $50 per unit for the subject's advertising & promotion, which is within the range of the expense comparables. In addition, our Hypothetical at market scenario falls within the range of the expense comparables. Attachment: 15954 Appraisals (15954 : Purchase of Real Property located at 1851 NW 1st Ct., Miami, FL 33136) 60 © 2024 CBRE, Inc. CIE� w Packet Pg. 310 Income Capitalization Approach 2.4.a Reserves for Replacement Reserves for replacement have been estimated based on market parameters. The comparable data and projections for the subject are summarized as follows: REPLACEMENT RESERVES Year Total $/Unit/Yr Expense Comparable 1 $0 Expense Comparable 2 $0 Expense Comparable 3 $0 Expense Comparable 4 $0 CBRE Estimate - LIHTC As Is $1,500 $250 CBRE Estimate - Hypothetical (Property Assuming Market) $1,500 $250 Compiled by CBRE It is our experience that replacement reserves for stabilized developments typically range from $200 to $350. Given that the subject is a newly renovated development, we conclude to $250 per unit for replacement reserves. OPERATING EXPENSE CONCLUSION The comparable data and projections for the subject are summarized as follows: TOTAL OPERATING EXPENSES Year Total $/Unit/Yr Expense Comparable 1 --- $9,809 Expense Comparable 2 $5,693 Expense Comparable 3 $4,900 Expense Comparable 4 $10,746 CBRE Estimate - LIHTC As Is $29,395 $4,899 CBRE Estimate - Hypothetical (Property Assuming Market) $46,633 $7,772 Compiled by CBRE We have concluded $4,899 per unit for the subject's total operating expenses, which is slightly below the range of the expense comparables. Our Hypothetical at market scenario falls within the range of the expense comparables. Attachment: 15954 Appraisals (15954 : Purchase of Real Property located at 1851 NW 1st Ct., Miami, FL 33136) 61 © 2024 CBRE, Inc. CIE� w Packet Pg. 311 Income Capitalization Approach 2.4.a OPERATING EXPENSE EXCLUDING TAXES CONCLUSION The comparable data and projections for the subject are summarized as follows: OPERATING EXPENSES EXCLUDING TAXES Year Total $/Unit/Yr Expense Comparable 1 $5,944 Expense Comparable 2 $2,963 Expense Comparable 3 $4,941 Expense Comparable 4 $7,528 CBRE Estimate - LIHTC As Is $22,203 $3,701 CBRE Estimate - Hypothetical (Property Assuming Market) $23,775 $3,963 Compiled by CBRE We have concluded $3,701 per unit for the subject's total operating expenses excluding taxes, which is within the range of the expense comparables. In addition, our Hypothetical at market scenario falls within the range of the expense comparables. NET OPERATING INCOME CONCLUSION The comparable data and projections for the subject are summarized as follows: NET OPERATING INCOME Year Total $/Unit/Yr Expense Comparable 1 --- $20,615 Expense Comparable 2 $16,397 Expense Comparable 3 $9,902 Expense Comparable 4 $9,443 CBRE Estimate - LIHTC As Is CBRE Estimate - Hypothetical (Property Assuming Market) Compiled by CBRE $57,269 $84,940 $9,545 $14,157 Attachment: 15954 Appraisals (15954 : Purchase of Real Property located at 1851 NW 1st Ct., Miami, FL 33136) 62 © 2024 CBRE, Inc. CIE� w Packet Pg. 312 Income Capitalization Approach 2.4.a SUMMARY OF CONCLUSIONS The following chart summarizes the subject's historical operating history and/or budget, along with expenses obtained from recognized industry publications and/or comparable properties. CBRE's conclusions are also included: COMPARABLE EXPENSE ANALYSIS Comparables Subject Period Comp 1 Comp 2 Comp 3 Comp 4 Conclusion Range Names Potential Rental Income Location Miami Miami Fort Lauderdale Wilton Manors Units 80 15 96 16 Year Built 2022 2022 1973 1960 Type Multi -family Multi -family Multi -family Multi -family Period 2023 Budget Budget 2023 T-12 Nov. Jan. 2023 - $/Unit/Yr $/Unit/Yr $/Unit/Yr $/Unit/Yr $/Unit/Yr $28,874 $23,200 $14,959 $19,765 $14,968 Loss to Lease (432) - 98 - 0.00% Concessions - 0.00% Adjusted Rental Income Vacancy Credit Loss Net Rental Income Effective Gross Income $28,442 $23,200 $15,058 $19,765 $14,968 (1,160) (166) - 3.00% (449) - (244) - 0.50% (75) $28,442 $22,040 $14,649 $19,765 $14,444 $30,424 $22,090 $14,802 $20,188 $14,444 Expenses Real Estate Taxes $3,865 $2,730 ($41) $3,218 $1,199 Property Insurance 1,151 1,150 2,154 3,411 2,000 Utilities 3,017 360 1,895 1,788 500 Repairs & Maintenance 272 300 465 1,413 350 Landscaping & Security 45 48 - 45 Management Fee 1,065 1,105 368 900 3.50% 506 Advertising & Promotion 395 - 59 17 50 Replacement Reserves 250 Total Operating Expenses $9,809 $5,693 $4,900 $10,746 $4,899 Operating Expenses Excluding Taxes $5,944 $2,963 $4,941 $7,528 $3,701 Operating Expense Ratio 32.2% 25.8% 33.1% 53.2% 33.9% Management Fee 3.5% 5.0% 2.5% 4.5% 3.5% Compiled by CBRE Attachment: 15954 Appraisals (15954 : Purchase of Real Property located at 1851 NW 1st Ct., Miami, FL 33136) 63 © 2024 CBRE, Inc. CB� w Packet Pg. 313 Income Capitalization Approach 2.4.a DIRECT CAPITALIZATION Direct capitalization is a method used to convert a single year's estimated stabilized net operating income into a value indication. The following subsections represent different techniques for deriving an overall capitalization rate. Comparable Sales The overall capitalization rates (OARs) confirmed for the comparable sales analyzed in the sales comparison approach are as follows: COMPARABLE CAPITALIZATION RATES Sale Sale Price Sale Date $/Unit Occupancy Buyer's Primary Analysis OAR 1 Dec-23 $225,000 100% Pro Forma (Stabilized) 6.00% 2 Dec-23 $281,250 100% Pro Forma (Stabilized) 5.13% 3 Mar-23 $266,667 100% Pro Forma (Stabilized) 6.89% 4 Mar-23 $210,000 100% Pro Forma (Stabilized) 6.47% Indicated OAR: 97% 5.13%-6.89% Compiled by CBRE The overall capitalization rates for these sales were derived based upon the actual or pro -forma income characteristics of the property. The comps indicate a range from to with an average of . The overall capitalization rates for these sales were derived based upon the actual or pro -forma income characteristics of the property. We have placed primary emphasis on the most recent sales data in concluding our overall capitalization rate as market participants noted significant compression in capitalization rates during recent months and this information is more reflective of current market trends. Based on current market conditions, the subject's age/condition and construction quality and its competitive position in the local market, an OAR consistent with the middle of the range indicated by the comparables is considered appropriate. It has been our experience that there are very few one-off affordable transactions which are straight -forward enough to utilize as a comparable sale. What we have seen in most cases is that properties are purchased within large portfolios and the allocated purchase prices which end up being recorded are not always in line with where the true market value of each asset really is, or the properties are being purchased by developers with plans for an acquisition/rehab funded by new tax credits, incentivizing developers to purchase the assets at pricing that may or may not make sense relative to market but still allowing them to earn a large developer fee, or in certain cases properties are purchased with plans to take the property through the qualified contract process in hopes of removing the restrictions altogether. Based upon input from market participants, cap rates should be in line with their market -rate counterpart and as such, we've relied on the rates indicated by the market -rate comparables and market participant input as the primary indicators for our cap rate selection. Attachment: 15954 Appraisals (15954 : Purchase of Real Property located at 1851 NW 1st Ct., Miami, FL 33136) 64 © 2024 CBRE, Inc. CIE� w Packet Pg. 314 Income Capitalization Approach 2.4.a We have provided secondary comparables of LIHTC/rent restricted/subsidized transactions as provided below: COMPARABLE CAPITALIZATION RATES Secondary Sale Sale Price Sale Date $/SF Occupancy Buyer's Primary Analysis OAR 5 Feb-24 $119,626 99% Pro Forma (Stabilized) 12.11% 6 Nov-23 $142,424 100% Pro Forma (Stabilized) 6.00% 7 Oct-23 $140,152 91% Pro Forma (Stabilized) 7.00% 8 Sep-23 $143,868 99% Pro Forma (Stabilized) 5.10% Indicated OAR: 97% 5.10%-12.11% Compiled by CBRE Published Investor Surveys The results of the most recent investor surveys are summarized in the following chart. OVERALL CAPITALIZATION RATES Investment Type OAR Range Average RealtyRates.com Apartments 5.26% - 12.04% 8.33% Garden/Suburban TH 5.26% - 1 1.01 % 7.66% Hi-Rise/Urban TH 5.68% - 12.04% 8.44% PwC Apartment National Data 4.00% - 8.00% 5.59% Indicated OAR: 5.00%-6.00% Compiled by CBRE The subject is considered to be a Class B property. OVERALL CAPITALIZATION RATES Investment Type OAR Range Average CBRE Apartments - Cap Rate Survey H 1 2023 Suburban MF South Florida Suburban MF Tampa Suburban MF Orlando Indicated OAR: 4.25% - 5.00% 4.63% 5.25% - 5.75% 5.50% 5.00% - 5.50% 5.25% 4.50%-5.75% Compiled by CBRE Attachment: 15954 Appraisals (15954 : Purchase of Real Property located at 1851 NW 1st Ct., Miami, FL 33136) 65 © 2024 CBRE, Inc. CIE� w Packet Pg. 315 Income Capitalization Approach 2.4.a Market Participants The results of recent interviews with knowledgeable real estate professionals are summarized in the following table. OVERALL CAPITALIZATION RATES Respondent Rent Restricted/Unrestricted OAR Income Date of Survey JLL Affordable Group Restricted 5.00%-5.75% Stabilized 1 Q24 CBRE Unrestricted 4.75%-5.50% Stabilized 1 Q24 Indicated OAR: 5.00%-5.75% Compiled by CBRE The market participants noted that while overall capitalization rates experienced significant compression in the Fourth Quarter 2021 and at the beginning of First Quarter 2022, the significant rise in interest rates over a short period of time has placed upward pressure on cap rates. We discussed the impact to cap rates as a result of changes in the capital markets with brokers. Most are reporting buyers are still accepting negative leverage in many instances, but it depends on the asset, location, upside potential and relative basis (price per unit). Price Discovery Discussion Beginning in April 2022 the Federal Reserve began increasing the federal fund rate as a way to combat inflation. At the same time, we began to see a decline in sale transactions as buyers and sellers have worked through price discovery due to the higher cost of capital. For some markets and property types there has been very limited sales transactions in the past year that are similar to the subject. For investment properties, this has made the determination of a reasonable cap rate more difficult than if we had transactions to draw upon. Due to the lack of recent sales evidence, we have been in close contact with brokers in our market to better understand what investors are looking for in the current environment and also what sellers are willing to accept. We have also included a band of investment to show the impact the cost of capital can have on cap rates. Attachment: 15954 Appraisals (15954 : Purchase of Real Property located at 1851 NW 1st Ct., Miami, FL 33136) 66 © 2024 CBRE, Inc. CBl w Packet Pg. 316 Income Capitalization Approach 2.4.a Band of Investment The band of investment technique has been utilized as a crosscheck to the foregoing techniques. The Mortgage Interest Rate and the Equity Dividend Rate (EDR) are based upon current market yields for similar investments. The analysis is shown in the following table. BAND OF INVESTMENT Mortgage Interest Rate 6.50% Mortgage Term (Amortization Period) 30 Years Mortgage Ratio (Loan -to -Value) 60% Mortgage Constant (monthly payments) 0.07585 Equity Dividend Rate (EDR) 7.75% Mortgage Requirement 60% x 0.07585 = 0.04551 Equity Requirement 40% x 0.07750 = 0.03100 100% 0.07651 Indicated OAR: 7.70% Compiled by CBRE Attachment: 15954 Appraisals (15954 : Purchase of Real Property located at 1851 NW 1st Ct., Miami, FL 33136) 67 © 2024 CBRE, Inc. CIE� w Packet Pg. 317 Income Capitalization Approach 2.4.a Debt Coverage Ratio The debt coverage ratio (DCR) is the ratio of net operating income to annual debt service and measures the ability of a given property to meet its debt service out of net operating income. Utilizing data obtained from knowledgeable mortgage finance professionals, the subject's projected NOI can be tested for reasonableness against the market's typical loan parameters to determine if the DCR is positive. This analysis is shown in the following table: DEBT COVERAGE RATIO ANALYSIS Estimated As Is Value $1,025,000 Mortgage Ratio (Loan -to -Value) 60% Estimated Mortgage Loan Amount $615,000 Mortgage Interest Rate 6.50% Mortgage Term (Amortization Period) 30 Years Mortgage Constant (monthly payments) 0.07585 Annual Debt Service (monthly payments) $46,647 Estimated NOI $57,269 Estimated Debt Coverage Ratio (DCR) 1.23 Market Debt DCR 1.20 Positive DCR? (Y or N) Yes Compiled by CBRE The estimated DCR can also be used to derive a capitalization rate by blending the typical market debt coverage requirements of lending institutions with the yield return of the borrowed capital. We have used the same rates and terms from the Band of Investment analysis in the following table: DEBT COVERAGE RATIO METHOD Mortgage LTV X Constant X DCR = OAR 60% X 0.07585 X 1.15 = 5.23% 60% X 0.07585 X 1.25 = 5.69% Indicated OAR: 5.23%-5.69% Compiled by CBRE Attachment: 15954 Appraisals (15954 : Purchase of Real Property located at 1851 NW 1st Ct., Miami, FL 33136) 68 © 2024 CBRE, Inc. CIE� w Packet Pg. 318 Income Capitalization Approach 2.4.a Impact of Restrictions on Capitalization Rate Based upon input from active market participants, prior to 2018 overall capitalization rates for affordable housing properties had historically traded at a premium as compared with market- rate/conventional properties of similar location and age/condition. However, they further indicated that this dynamic has shifted in recent years as demand has increased and more capital pours into the affordable housing sector, fueled by renewed AMI and rent growth experienced in recent years, the introduction of favorable tax laws for affordable housing owners, as well as due to the aggressive financing availability/terms offered by lenders. Based upon discussions with active affordable housing brokers due to the institutional investor's perception of the asset class as being relatively security with limited risk and downside potential. Considering the available data, we have concluded that due to significantly increased demand for affordable housing properties, our concluded overall capitalization rate is the same for both our With Restrictions and Without Restrictions analyses. 7-Cola 6.5% 6.0910 5.5% 5.0% 4.5% 4.0% 3.5% 3.0% Cap Rates loot Sales of LUHTC and Market Rate Properties (Actual.) LIHTC Market Rate 2011 2018 2019 2020 2021 Q12022 Source: The CoStor Group, Inc. Mar'ketRate,/LIHTC hosed can 115, /Z 40e transactions As provided in the chart above from Fannie Mae, there was minimal spread (approx. 30 basis points) between market and LIHTC cap rates through Q1 2022, with the spread being considered to have come closer together through current day given the need and demand by investors for affordable housing in Florida and South Florida in particular where the subject is located. Attachment: 15954 Appraisals (15954 : Purchase of Real Property located at 1851 NW 1st Ct., Miami, FL 33136) 69 © 2024 CBRE, Inc. CB� w Packet Pg. 319 Income Capitalization Approach 2.4.a Capitalization Rate Conclusion The following chart summarizes the OAR conclusions. OVERALL CAPITALIZATION RATE - CONCLUSION Source Indicated OAR Comparable Sales Comparable Sales (Secondary/LIHTC/Restricted/Subsidized) Published Surveys Market Participants Band of Investment Debt Coverage Ratio Method CBRE Estimate - LIHTC As Is CBRE Estimate - Property Assuming Market Compiled by CBRE 5.13%-6.89% 5.10%-12.11% 5.00%-6.00% 5.00%-5.75% 7.70% 5.23%-5.69% 5.50% 5.50% There is significant liquidity within affordable housing and demand for this product is very strong. While the fundamentals for affordable housing are very strong (under -supplied, significant demand), the current volatility in capital markets are putting pressure on cap -rates. Specific to south Florida, insurance is also creating dislocation in the market. In concluding an overall capitalization rate for the subject, primary reliance has been placed upon the data obtained from the comparable sales and interviews with active market participants. This data tends to provide the most accurate depiction of both buyer's and seller's expectations within the market. Further secondary support for our conclusion is noted via both the published investor surveys and the band of investment methodology. Considering the data presented, the concluded overall capitalization rate appears to be well supported in the local market. We have also considered recent events and prevailing market conditions with respect to capitalization rates. This includes a combination of inflationary pressures and higher cost of capital (considering interest rates as well as risk spreads). While the overall long-term outlook for commercial real estate remains positive, the full effect of these factors may not yet be reflected in transactional data. Overall, we view uncertainty and the higher cost of capital to have an upward influence on capitalization rates which is considered with respect to our conclusion herein. Cost to Achieve Stabilized Operations The cost estimates employed for this approach are reflective of a property operating at a stabilized level. A stabilized occupancy for the subject has been estimated to be 96.5%, without consideration of a 0.5% credit loss allowance. Consequently, an adjustment is warranted. As the subject will be below a stabilized occupancy position, it requires a deduction for lease -up to stabilization. This analysis utilizes assumptions developed in the market analysis and income capitalization approach and will be deducted as a line item from each approach in order to render an "As Complete" value estimate. Attachment: 15954 Appraisals (15954 : Purchase of Real Property located at 1851 NW 1st Ct., Miami, FL 33136) 70 © 2024 CBRE, Inc. CIE� imq1- Packet Pg. 320 Income Capitalization Approach 2.4.a Absorption/Lease Up Discount The subject is a renovated 6-unit multifamily property built 1954 and recently renovated in 2023 (pending completion). Additional comparable absorption in the South Florida market: COMPARABLE SPACE ABSORPTION Property County Size (Units) Lease Up (Months) Absorption/Month (Units) Lazul North Miami Miami -Dade 314 14 22 Circ Hollywood Broward 344 19 18 Shoreline Sole MIA Miami -Dade 370 11 34 Aviva Coral Gables Miami -Dade 240 18 13 Soma at Bricekll Miami -Dade 393 11 36 Legacy at 19th Miami -Dade 80 5 16 275 Fontaine Parc Miami -Dade 133 6 22 215 Park Broward 45 7 6 Compiled by CBRE Avg./Month = 21 The above comparable space absorption provides an absorption rate per month range of 6 to 36 units, with an average of 21 units per month. It is noted that the smaller developments (less than 100 units) had a reduced absorption of 6 to 16 units per month. Therefore, we conclude to a reduced absorption of 2 units per month or 3 months for stabilization, which should allow a reasonable amount of time to stabilize the subject property. We have applied a 3-month lease -up period upon completion of construction. Attachment: 15954 Appraisals (15954 : Purchase of Real Property located at 1851 NW 1st Ct., Miami, FL 33136) 71 © 2024 CBRE, Inc. CIE� w Packet Pg. 321 Income Capitalization Approach 2.4.a LEASE -UP DISCOUNT SCHEDULE LEASE UP DISCOUNT SCHEDULE Month AS -STABILIZED 1 2 3 4 5 Potential Rental Income $7,484 $7,484 $7,484 $7,484 $7,484 Loss to Lease $0 $0 $0 $0 $0 Concessions $0 $0 $0 $0 $0 Adjusted Rental Income $7,484 $7,484 $7,484 $7,484 $7,484 Vacancy & Credit Loss (%) 3.5% 3.5% 3.5% 3.5% 3.5% Vacancy & Credit Loss ($) ($262) ($262) ($262) ($262) ($262) Net Rental Income $7,222 $7,222 $7,222 $7,222 $7,222 Other Income $0 $0 $0 $0 $0 Effective Gross Income $7,222 $7,222 $7,222 $7,222 $7,222 Total Expenses ($2,450) ($2,450) ($2,450) ($2,450) ($2,450) Net Operating Income $4,772 $4,772 $4,772 $4,772 $4,772 AS -IS Potential Rental Income $7,484 $7,484 $7,484 $7,484 $7,484 Loss to Lease $0 $0 $0 $0 $0 Concessions $0 $0 $0 $0 $0 Adjusted Rental Income $7,484 $7,484 $7,484 $7,484 $7,484 Vacancy & Credit Loss (%) 100.0% 67.7% 35.3% 3.5% 3.5% Vacancy & Credit Loss ($) ($7,484) ($5,064) ($2,644) ($262) ($262) Net Rental Income $0 $2,420 $4,840 $7,222 $7,222 Other Income $0 $0 $0 $0 $0 Effective Gross Income $0 $2,420 $4,840 $7,222 $7,222 Total Expenses (0% Variable) ($2,450) ($2,450) ($2,450) ($2,450) ($2,450) Net Operating Income ($2,450) ($30) $2,390 $4,772 $4,772 NOI Differential $7,222 $4,802 $2,382 $0 $0 Tenant Improvements $0 $0 $0 $0 $0 Leasing Commissions $0 $0 $0 $0 $0 Total Lease -Up Cost $7,222 $4,802 $2,382 $0 $0 Discounted @ 0.00% $7,222 $4,802 $2,382 $0 $0 Indicated Lease -Up Discount Rounded Compiled by CBRE $14,407 $14,000 Attachment: 15954 Appraisals (15954 : Purchase of Real Property located at 1851 NW 1st Ct., Miami, FL 33136) 72 © 2024 CBRE, Inc. CIE� w Packet Pg. 322 Income Capitalization Approach 2.4.a DIRECT CAPITALIZATION SUMMARY — AS IS (LIHTC) A summary of the direct capitalization is illustrated in the following chart. DIRECT CAPITALIZATION SUMMARY - LIHTC AS IS Income $/Unit/Yr Total Potential Rental Income $14,968 $89,808 Loss to Lease 0.00% 0 Concessions 0.00% 0 Adjusted Rental Income $14,968 $89,808 Vacancy 3.00% (449) (2,694) Credit Loss 0.50% (75) (449) Net Rental Income $14,444 $86,665 Effective Gross Income $14,444 $86,665 Expenses Real Estate Taxes Property Insurance Utilities Repairs & Maintenance Landscaping & Security Management Fee Advertising & Promotion Replacement Reserves Total Operating Expenses Operating Expense Ratio Net Operating Income OAR As Stabilized Value Rounded Lease -Up Discount As Is Value Rounded Value Per Unit 3.50% February 15, 2024 February 15, 2024 $1,199 $7,192 2,000 12,000 500 3,000 350 2,100 45 270 506 3,033 50 300 250 1,500 $4,899 $29,395 $9,545 33.92% $ 57,269 5.50% $1,041,264 $1,050,000 (14,000) $1,027,264 $1,025,000 $170,833 Compiled by CBRE As previously discussed, the improvements were vacant and are considered to be not stabilized. Therefore, we have estimated a 3-month lease up for the subject and have deducted a lease -up discount from the As Stabilized value in order to provide the As Is value. Per information provided, the electrical work remaining at the subject requires no additional costs to complete with only an inspection pending by the City of Miami to be able to receive the certificate of occupancy (CO). Therefore, no additional cost to complete was deducted to arrive at the As Is value. Attachment: 15954 Appraisals (15954 : Purchase of Real Property located at 1851 NW 1st Ct., Miami, FL 33136) 73 © 2024 CBRE, Inc. CB� P'41r Packet Pg. 323 Income Capitalization Approach 2.4.a DIRECT CAPITALIZATION SUMMARY — HYPOTHETICAL (PROPERTY ASSUMING MARKET) A summary of the direct capitalization is illustrated in the following chart. DIRECT CAPITALIZATION SUMMARY - HYPOTHETICAL (PROPERTY ASSUMING MARKET) Income $/Unit/Yr Total Potential Rental Income $23,800 $142,800 Loss to Lease 2.50% (595) (3,570) Concessions 0.00% 0 Adjusted Rental Income $23,205 $139,230 Vacancy 5.00% (1,160) (6,962) Credit Loss 0.50% (116) (696) Net Rental Income $21,929 $131,572 Effective Gross Income $21,929 $131,572 Expenses Real Estate Taxes Property Insurance Utilities Repairs & Maintenance Landscaping & Security Management Fee Advertising & Promotion Replacement Reserves Total Operating Expenses Operating Expenses Excluding Taxes Operating Expense Ratio Net Operating Income OAR As Stabilized Value Rounded Lease -Up Discount As Is Value Rounded Value Per Unit 3.50% February 15, 2024 February 15, 2024 $3,810 $22,857 2,000 12,000 500 3,000 350 2,100 45 270 768 4,605 50 300 250 1,500 $7,772 $46,633 $3,963 $14,157 $23,775 35.44% $84,940 5.50% $1,544,361 $1,550,000 (14,000) $1,530,361 $1,525,000 $254,167 Compiled by CBRE As previously discussed, the improvements were vacant and are considered to be not stabilized. Therefore, we have estimated a 3-month lease up for the subject and have deducted a lease -up discount from the As Stabilized value in order to provide the As Is value. Per information provided, the electrical work remaining at the subject requires no additional costs to complete with only an inspection pending by the City of Miami to be able to receive the certificate of occupancy (CO). Therefore, no additional cost to complete was deducted to arrive at the As Is value. Attachment: 15954 Appraisals (15954 : Purchase of Real Property located at 1851 NW 1st Ct., Miami, FL 33136) 74 © 2024 CBRE, Inc. CB� w r Packet Pg. 324 Income Capitalization Approach 2.4.a CONCLUSION OF INCOME CAPITALIZATION APPROACH The conclusions via the valuation methods employed for this approach are as follows: INCOME CAPITALIZATION APPROACH VALUES Direct Capitalization Appraisal Premise As of Date Method Reconciled Value As Is (LIHTC As Is) Hypothetical As Is (Property Assuming Market) Compiled by CBRE February 15, 2024 February 15, 2024 $1,025,000 $1,525,000 $1,025,000 $1,525,000 Attachment: 15954 Appraisals (15954 : Purchase of Real Property located at 1851 NW 1st Ct., Miami, FL 33136) 75 © 2024 CBRE, Inc. CBl w Packet Pg. 325 Reconciliation of Value 2.4.a Reconciliation of Value The value indications from the approaches to value are summarized as follows: SUMMARY OF VALUE CONCLUSIONS Sales Comparison Income Reconciled Appraisal Premise As of Date Approach Approach Value As Is (LIHTC As Is) Hypothetical As Is (Property Assuming Market) Compiled by CBRE February 15, 2024 February 15, 2024 $1,000,000 $1,500,000 $1,025,000 $1,525,000 $1,025,000 $1,525,000 In the sales comparison approach, the subject is compared to similar properties that have been sold recently or for which listing prices or offers are known. The sales used in this analysis are considered highly comparable to the subject, and the required adjustments were based on reasonable and well -supported rationale. In addition, market participants are currently analyzing purchase prices on similar properties as they relate to available substitutes in the market. Therefore, the sales comparison approach is considered to provide a reliable value indication and has been given secondary emphasis in the final value reconciliation. The income capitalization approach is applicable to the subject since it is an income producing property leased in the open market. Market participants are primarily analyzing investment properties based on their income generating capability. Therefore, the income capitalization approach is considered a reasonable and substantiated value indicator and has been given primary emphasis in the final value estimate. Based on the foregoing, the market value of the subject has been concluded as follows: MARKET VALUE CONCLUSION Appraisal Premise As Is (LIHTC As Is) Hypothetical As Is (Property Assuming Market) Compiled by CBRE Interest Appraised Fee Simple Estate Fee Simple Estate Date of Value February 15, 2024 February 15, 2024 Value Conclusion $1,025,000 $1,525,000 Attachment: 15954 Appraisals (15954 : Purchase of Real Property located at 1851 NW 1st Ct., Miami, FL 33136) 76 © 2024 CBRE, Inc. CBl w Packet Pg. 326 Assumptions and Limiting Conditions 2.4.a Assumptions and Limiting Conditions 1. CBRE, Inc. through its appraiser (collectively, "CBRE") has inspected through reasonable observation the subject property. However, it is not possible or reasonably practicable to personally inspect conditions beneath the soil and the entire interior and exterior of the improvements on the subject property. Therefore, no representation is made as to such matters. 2. The report, including its conclusions and any portion of such report (the "Report"), is as of the date set forth in the letter of transmittal and based upon the information, market, economic, and property conditions and projected levels of operation existing as of such date. The dollar amount of any conclusion as to value in the Report is based upon the purchasing power of the U.S. Dollar on such date. The Report is subject to change as a result of fluctuations in any of the foregoing. CBRE has no obligation to revise the Report to reflect any such fluctuations or other events or conditions which occur subsequent to such date. 3. Unless otherwise expressly noted in the Report, CBRE has assumed that: (i) Title to the subject property is clear and marketable and that there are no recorded or unrecorded matters or exceptions to title that would adversely affect marketability or value. CBRE has not examined title records (including without limitation liens, encumbrances, easements, deed restrictions, and other conditions that may affect the title or use of the subject property) and makes no representations regarding title or its limitations on the use of the subject property. Insurance against financial loss that may arise out of defects in title should be sought from a qualified title insurance company. (ii) Existing improvements on the subject property conform to applicable local, state, and federal building codes and ordinances, are structurally sound and seismically safe, and have been built and repaired in a workmanlike manner according to standard practices; all building systems (mechanical/electrical, HVAC, elevator, plumbing, etc.) are in good working order with no major deferred maintenance or repair required; and the roof and exterior are in good condition and free from intrusion by the elements. CBRE has not retained independent structural, mechanical, electrical, or civil engineers in connection with this appraisal and, therefore, makes no representations relative to the condition of improvements. CBRE appraisers are not engineers and are not qualified to judge matters of an engineering nature, and furthermore structural problems or building system problems may not be visible. It is expressly assumed that any purchaser would, as a precondition to closing a sale, obtain a satisfactory engineering report relative to the structural integrity of the property and the integrity of building systems. (iii) Any proposed improvements, on or off -site, as well as any alterations or repairs considered will be completed in a workmanlike manner according to standard practices. (iv) Hazardous materials are not present on the subject property. CBRE is not qualified to detect such substances. The presence of substances such as asbestos, urea formaldehyde foam insulation, contaminated groundwater, mold, or other potentially hazardous materials may affect the value of the property. (v) No mineral deposit or subsurface rights of value exist with respect to the subject property, whether gas, liquid, or solid, and no air or development rights of value may be transferred. CBRE has not considered any rights associated with extraction or exploration of any resources, unless otherwise expressly noted in the Report. (vi) There are no contemplated public initiatives, governmental development controls, rent controls, or changes in the present zoning ordinances or regulations governing use, density, or shape that would significantly affect the value of the subject property. (vii) 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 readily obtained or renewed for any use on which the Report is based. (viii) The subject property is managed and operated in a prudent and competent manner, neither inefficiently, nor super -efficiently. (ix) The subject property and its use, management, and operation are in full compliance with all applicable federal, state, and local regulations, laws, and restrictions, including without limitation environmental laws, seismic hazards, flight patterns, decibel levels/noise envelopes, fire hazards, hillside ordinances, density, allowable uses, building codes, permits, and licenses. (x) The subject property is in full compliance with the Americans with Disabilities Act (ADA). CBRE is not qualified to assess the subject property's compliance with the ADA, notwithstanding any discussion of possible readily achievable barrier removal construction items in the Report. Attachment: 15954 Appraisals (15954 : Purchase of Real Property located at 1851 NW 1st Ct., Miami, FL 33136) 77 © 2024 CBRE, Inc. CB� w Packet Pg. 327 Assumptions and Limiting Conditions 2.4.a (xi) All information regarding the areas and dimensions of the subject property furnished to CBRE are correct, and no encroachments exist. CBRE has neither undertaken any survey of the boundaries of the subject property, nor reviewed or confirmed the accuracy of any legal description of the subject property. Unless otherwise expressly noted in the Report, no issues regarding the foregoing were brought to CBRE's attention, and CBRE has no knowledge of any such facts affecting the subject property. If any information inconsistent with any of the foregoing assumptions is discovered, such information could have a substantial negative impact on the Report and any conclusions stated therein. Accordingly, if any such information is subsequently made known to CBRE, CBRE reserves the right to amend the Report, which may include the conclusions of the Report. CBRE assumes no responsibility for any conditions regarding the foregoing, or for any expertise or knowledge required to discover them. Any user of the Report is urged to retain an expert in the applicable field(s) for information regarding such conditions. 4. CBRE has assumed that all documents, data and information furnished by or on behalf of the client, property owner or owner's representative are accurate and correct, unless otherwise expressly noted in the Report. Such data and information include, without limitation, numerical street addresses, lot and block numbers, Assessor's Parcel Numbers, land dimensions, square footage area of the land, dimensions of the improvements, gross building areas, net rentable areas, usable areas, unit count, room count, rent schedules, income data, historical operating expenses, budgets, and related data. Any error in any of the above could have a substantial impact on the Report and any conclusions stated therein. Accordingly, if any such errors are subsequently made known to CBRE, CBRE reserves the right to amend the Report, which may include the conclusions of the Report. The client and intended user should carefully review all assumptions, data, relevant calculations, and conclusions of the Report and should immediately notify CBRE of any questions or errors within 30 days after the date of delivery of the Report. 5. CBRE assumes no responsibility (including any obligation to procure the same) for any documents, data or information not provided to CBRE, including, without limitation, any termite inspection, survey or occupancy permit. b. All furnishings, equipment and business operations have been disregarded with only real property being considered in the Report, except as otherwise expressly stated and typically considered part of real property. 7. Any cash flows included in the analysis are forecasts of estimated future operating characteristics based upon the information and assumptions contained within the Report. Any projections of income, expenses and economic conditions utilized in the Report, including such cash flows, should be considered as only estimates of the expectations of future income and expenses as of the date of the Report and not predictions of the future. This Report has been prepared in good faith, based on CBRE's current anecdotal and evidence -based views of the commercial real estate market. Although CBRE believes its views reflect market conditions on the date of this Report, they are subject to significant uncertainties and contingencies, many of which are beyond CBRE's control. In addition, many of CBRE's views are opinion and/or projections based on CBRE's subjective analyses of current market circumstances. Actual results are affected by a number of factors outside the control of CBRE, including without limitation fluctuating economic, market, and property conditions. Actual results may ultimately differ from these projections, and CBRE does not warrant any such projections. Further, other firms may have different opinions, projections and analyses, and actual market conditions in the future may cause CBRE's current views to later change or be incorrect. CBRE has no obligation to update its views herein if its opinions, projections, analyses or market circumstances later change. 8. The Report contains professional opinions and is expressly not intended to serve as any warranty, assurance or guarantee of any particular value of the subject property. Other appraisers may reach different conclusions as to the value of the subject property. Furthermore, market value is highly related to exposure time, promotion effort, terms, motivation, and conclusions surrounding the offering of the subject property. The Report is for the sole purpose of providing the intended user with CBRE's independent professional opinion of the value of the subject property as of the date of the Report. Accordingly, CBRE shall not be liable for any losses that arise from any investment or lending decisions based upon the Report that the client, intended user, or any buyer, seller, investor, or lending institution may undertake related to the subject property, and CBRE has not been compensated to assume any of these risks. Nothing contained in the Report shall be construed as any direct or indirect recommendation of CBRE to buy, sell, hold, or finance the subject property. 9. No opinion is expressed on matters which may require legal expertise or specialized investigation or knowledge including, but not limited to, environmental, social, and governance principles ("ESG"), beyond that customarily employed by real estate appraisers. Any user of the Report is advised to retain experts in areas that fall outside the scope of the real estate appraisal profession for such matters. Attachment: 15954 Appraisals (15954 : Purchase of Real Property located at 1851 NW 1st Ct., Miami, FL 33136) 78 © 2024 CBRE, Inc. CB� w Packet Pg. 328 Assumptions and Limiting Conditions 2.4.a 10. CBRE assumes no responsibility for any costs or consequences arising due to the need, or the lack of need, for flood hazard insurance. An agent for the Federal Flood Insurance Program should be contacted to determine the actual need for Flood Hazard Insurance. 11. Acceptance or use of the Report constitutes full acceptance of these Assumptions and Limiting Conditions and any special assumptions set forth in the Report. It is the responsibility of the user of the Report to read in full, comprehend and thus become aware of all such assumptions and limiting conditions. CBRE assumes no responsibility for any situation arising out of the user's failure to become familiar with and understand the same. 12. The Report applies to the property as a whole only, and any pro ration or division of the title into fractional interests will invalidate such conclusions, unless the Report expressly assumes such pro ration or division of interests. 13. The allocations of the total value estimate in the Report between land and improvements apply only to the existing use of the subject property. The allocations of values for each of the land and improvements are not intended to be used with any other property or appraisal and are not valid for any such use. 14. The maps, plats, sketches, graphs, photographs, and exhibits included in this Report are for illustration purposes only and shall be utilized only to assist in visualizing matters discussed in the Report. No such items shall be removed, reproduced, or used apart from the Report. 15. The Report shall not be duplicated or provided to any unintended users in whole or in part without the written consent of CBRE, which consent CBRE may withhold in its sole discretion. Exempt from this restriction is duplication for the internal use of the intended user and its attorneys, accountants, or advisors for the sole benefit of the intended user. Also exempt from this restriction is transmission of the Report pursuant to any requirement of any court, governmental authority, or regulatory agency having jurisdiction over the intended user, provided that the Report and its contents shall not be published, in whole or in part, in any public document without the written consent of CBRE, which consent CBRE may withhold in its sole discretion. Finally, the Report shall not be made available to the public or otherwise used in any offering of the property or any security, as defined by applicable law. Any unintended user who may possess the Report is advised that it shall not rely upon the Report or its conclusions and that it should rely on its own appraisers, advisors and other consultants for any decision in connection with the subject property. CBRE shall have no liability or responsibility to any such unintended user. Attachment: 15954 Appraisals (15954 : Purchase of Real Property located at 1851 NW 1st Ct., Miami, FL 33136) 79 © 2024 CBRE, Inc. CB� w Packet Pg. 329 Addenda 2.4.a ADDEND` Attachment: 15954 Appraisals (15954 : Purchase of Real Property located at 1851 NW 1st Ct., Miami, FL 33136) © 2024 CBRE, Inc. Packet Pg. 330 Addenda 2.4.a Addendum A IMPROVED SALE DATA SHEETS Attachment: 15954 Appraisals (15954 : Purchase of Real Property located at 1851 NW 1st Ct., Miami, FL 33136) © 2024 CBRE, Inc. Packet Pg. 331 Sale Residential - Multi -unit Walk-up r 2.4.a Property Name Address 8-Unit Apartment 1380 SW 2nd Street Miami, FL 33135 County Miami -Dade Govt./Tax ID N/A Net Rentable Area (NRA) 7,072 sf Condition Average Land Area Net 0.230 ac/ 10,019 sf Year Built/Renovated 1971/ N/A Total # of Units 8 Unit Average Unit Size 884 sf Average Rent/Unit N/A Average Rent/SF N/A Construction Class/ Type C/ Average Exterior Finish Concrete Floor Count 2 Parking Type/ Ratio Surface/ 0.75:1,000 sf Property Features N/A Project Amenities N/A Unit Amenities N/A Transaction Details 41 Type Sale Primary Verification Listing broker Interest Transferred Leased Fee Transaction Date 12/18/2023 Condition of Sale None Recording Date N/A Recorded Buyer Alfred G Smith Sale Price $1,800,000 Buyer Type N/A Financing Market Rate Financing Recorded Seller Felix F Regueira Cash Equivalent $1,800,000 Marketing Time N/A Capital Adjustment $0 Listing Broker N/A Adjusted Price $1,800,000 Doc # 34040-3570 Adjusted Price /Unit $225,000 / $254.52 and /sf Buyer's Primary Analysis Price and Capitalization Analyses Occupancy at Sale 100% Static Analysis Method Pro Forma (Stabilized) Underwritten Occupancy 97% Source N/A Potential Gross Income $179,520 NOI /Unit and /sf $13,495 / $15.27 Vacancy/Collection Loss $5,386 IRR N/A Effective Gross Income $174,134 OER 38.00% Expenses $66,171 Expenses /Unit and /sf $8,271 / $9.36 Net Operating Income $107,963 Cap Rate 6.00% Comment This comparable is an 8-unit multifamily walk-up property built in 1971 on a 0.23 acre site located at 1380 SW 2nd Street in Miami. The property is concrete block construction and the interiors are average finish. It includes all studio units. The property sold in December 2023 for $1,800,000 or $225,000 per unit and the indicated cap rate is based on in place rent and operating expenses are based on market, including taxes reset at 80% of the sale price. Attachment: 15954 Appraisals (15954 : Purchase of Real Property located at 1851 NW 1st Ct., Miami, FL 33136) Packet Pg. 332 %my II Sale Residential - Multi -unit Walk-up r 2.4.a Property Name Address 4-Unit Apartment 1401 S. Le Jeune Road Miami, FL 33134 County Miami -Dade Govt./Tax ID 30-4108-010-0010 Net Rentable Area (NRA) 2,986 sf Condition Average Land Area Net 0.180 ac/ 7,841 sf Year Built/Renovated 1944/ N/A Total # of Units 4 Unit Average Unit Size 747 sf Average Rent/Unit N/A Average Rent/SF N/A Construction Class/ Type C/ Average Exterior Finish Concrete Floor Count 2 Parking Type/ Ratio Surface/ 2.00:1,000 sf Property Features N/A Project Amenities N/A Unit Amenities N/A Transaction Details Type Sale Primary Verification Listing Broker, One Sotheby's Interest Transferred Leased Fee Transaction Date 12/18/2023 Condition of Sale None Recording Date N/A Recorded Buyer ML Rivero & Associates LLC Sale Price $1,125,000 Buyer Type N/A Financing Market Rate Financing Recorded Seller Christian Alberto Saenz Cash Equivalent $1,125,000 Marketing Time N/A Capital Adjustment $0 Listing Broker N/A Adjusted Price $1,125,000 Doc # N/A Adjusted Price /Unit $281,250 / $376.76 and /sf Buyer's Primary Analysis Price and Capitalization Analyses Occupancy at Sale 100% Static Analysis Method Pro Forma (Stabilized) Underwritten Occupancy 97% Source N/A Potential Gross Income $96,000 NOI /Unit and /sf $14,434 / $19.33 Vacancy/Collection Loss $2,880 IRR N/A Effective Gross Income $93,120 OER 38.00% Expenses $35,386 Expenses /Unit and /sf $8,847 / $11.85 Net Operating Income $57,734 Cap Rate 5.13% Comment This comparable is an 4-unit multifamily walk-up property built in 1944 on a 0.18 acre site located at 1401 S. Le Jeune Road in Miami. The property is concrete block construction, and the interiors are average finish. It includes all 1 BR units. The property sold in December 2023 for $1,125,000 or $281,250 per unit and the indicated cap rate is based on in place rent and operating expenses are based on market, including taxes reset at 80% of the sale price. Attachment: 15954 Appraisals (15954 : Purchase of Real Property located at 1851 NW 1st Ct., Miami, FL 33136) Packet Pg. 333 Sale Residential - Multi -unit Walk-up r 2.4.a Property Name Address County Govt./Tax ID Net Rentable Area (NRA) Condition Land Area Net Year Built/Renovated Total # of Units Average Unit Size Average Rent/Unit Average Rent/SF Construction Class/ Type Exterior Finish Floor Count Parking Type/ Ratio Property Features Project Amenities Unit Amenities Transaction Details Type Interest Transferred Condition of Sale Recorded Buyer Buyer Type Recorded Seller Marketing Time Listing Broker Doc # Buyer's Primary Analysis Static Analysis Method Source NOI /Unit and /sf I RR OER Expenses /Unit and /sf Cap Rate Shore Crest Apartments 1030 NE 80th Street Miami, FL 33138 Miami -Dade 01-32-07-016-2821 4,200 sf Good 0.172 ac/ 7,500 sf 1962/2015 6 Unit 700 sf $1,750 $2.50 C/ Good Stucco 2 Surface/ 1.83:1,000 sf Exterior Stairwells, Flat Roofs, Gated / Controlled Access, Surface Parking, Thru- The-Wall Systems Barbeque Area Dishwasher, Microwave Oven, Range / Oven, Refrigerator, Stainless Steel A liances, Washer / D er Sale Leased Fee Arm's Length 1030 RENTAL MIAMI LLC Private Investor MF1 LLC N/A N/A 33657-4365 Static Capitalization Analysis Pro Forma (Stabilized) Broker $18,367 / $26.24 N/A N/A $8,033 / $11.48 6.89% Primary Verification Transaction Date Recording Date Sale Price Financing Cash Equivalent Capital Adjustment Adjusted Price Adjusted Price /Unit and /sf Occupancy at Sale Underwritten Occupancy Potential Gross Income Vacancy/Collection Loss Effective Gross Income Expenses Net Operating Income MLS# Al 1231562 03/24/2023 N/A $1, 600, 000 Cash to Seller $1, 600, 000 $0 $1, 600, 000 $266,667 / $380.95 100% N/A $158,400 N/A N/A $48,200 $110,200 Comments The property is a 6-unit multi -family property located at 1030 NE 80th Street in Miami, Florida. The property consists of one building, two-story property. The improvements were constructed in 1962 and have been renovated in approx. 2022 and is situated on a 0.17-acre site. The improvements were 100.0% leased and is listed for $1,650,000 or $275,000 per unit. The property includes one and two -bedroom units and show to have all been updated. An attempt was made to contact the parties involved/info available for, however, were unsuccessful. Attachment: 15954 Appraisals (15954 : Purchase of Real Property located at 1851 NW 1st Ct., Miami, FL 33136) Packet Pg. 334 ,44‘ »,p of Sale Residential - Multi -unit Walk-up r 2.4.a Property Name Address 6-Unit Apartment Building 701 NE 121 Street North Miami, FL 33161 County Miami -Dade Govt./Tax ID 06-2230-033-0270 Net Rentable Area (NRA) 4,020 sf Condition Average Land Area Net 0.212 ac/ 9,225 sf Year Built/Renovated 1966/ N/A Total # of Units 6 Unit Average Unit Size 670 sf Average Rent/Unit $1,383 Average Rent/SF $2.06 Construction Class/ Type C/ Average Exterior Finish Stucco Floor Count 2 Parking Type/ Ratio Surface/ 1.83:1,000 sf Property Features Exterior Stairwells, Pitched Roofs, Surface Parking, Window A/C Units Project Amenities N/A Unit Amenities N/A �I!!if I 'i11F111i11i1111:1;;1111 uui lih ilii iiiiiiiiill lll,lee leeeee�elvilii Transaction Details 1 Type Sale Primary Verification Sales Contract/Broker Interest Transferred Leased Fee Transaction Date 03/10/2023 Condition of Sale Arm's Length Recording Date N/A Recorded Buyer Sankofa Group, LLC Sale Price $1,260,000 Buyer Type Private Investor Financing Cash to Seller Recorded Seller Jacquelin and Marie Montreuil Cash Equivalent $1,260,000 Marketing Time N/A Capital Adjustment $0 Listing Broker N/A Adjusted Price $1,260,000 Doc # 33731-1297 Adjusted Price /Unit $210,000 / $313.43 Buyer's Primary Analysis Static Analysis Method Source NOI /Unit and /sf I RR OER Expenses /Unit and /sf Cap Rate Static Capitalization Analysis Pro Forma (Stabilized) Appraiser $13,596 / $20.29 N/A 32.49% $6,544 / $9.77 6.47% and /sf Occupancy at Sale 100% Underwritten Occupancy 95% Potential Gross Income $127,200 Vacancy/Collection Loss $6,360 Effective Gross Income $120,840 Expenses $39,266 Net Operating Income $81,574 Comment The property is a 6-unit multi -family walk-up property located at 701 NE 121 Street in North Miami, Florida. The property consists of a single, two-story apartment building. The improvements were constructed in 1966 and are situated on a 0.21-acre site. According to the Purchase and Sale Agreement dated December 25, 2022, the subject is currently under contract for $1,300,000, or $216,667 per unit and per addendum to the contract, the sale will include a $30,000 credit towards closing costs. The actual reported sale price per Miami -Dade County is $1,260,000 or $210,000 per unit. The reason for the disconnect is not known; however, its likely due to further negotiations and we used the recorded sale price. The property was 100% occupied at sale and per the appraisers pro forma yielded a capitalization rate of 6.47%, based on stabilized income with real estate taxes adjusted to 75% of the contract price. Attachment: 15954 Appraisals (15954 : Purchase of Real Property located at 1851 NW 1st Ct., Miami, FL 33136) Packet Pg. 335 Addenda 2.4.a Addendum B RENT COMPARABLE DATA SHEETS Attachment: 15954 Appraisals (15954 : Purchase of Real Property located at 1851 NW 1st Ct., Miami, FL 33136) © 2024 CBRE, Inc. Packet Pg. 336 2.4.a Comparable Residential - Multi -unit Garden No. 1 Property Name Address Government Tax Agency Govt./Tax ID Unit Mix Detail Rate Timeframe Unit Type 1160 NW 4th Street and 337 NW 12th Avenue 1160 NW 4th Street 337 NW 12th Avenue Miami, FL 33128 United States N/A 01-4102-005-1170 Monthly No. % Size (sf) Rent Rent / sf 1 BR/1 BA 2BR/1 BA 6 38% 600 10 63% 600 $1,917 $2,222 $3.19 $3.70 Totals/Avg Improvements Land Area Net Rentable Area (NRA) Total # of Units Average Unit Size Floor Count Property Features Project Amenities Unit Amenities Rental Survey Occupancy Lease Term Tenant Profile Survey Date Survey Notes 16 0.172 ac 9,600 sf 16 Unit 600 sf 2 N/A N/A N/A 100% 12 Mo(s). Mix 02/2024 N/A $2,108 $3.51 Status Year Built Year Renovated Condition Exterior Finish Utilities Included in Rent Rent Premiums Concessions Owner Management Existing 1937 2016 Average Concrete Block None N/A N/A N/A N/A Attachment: 15954 Appraisals (15954 : Purchase of Real Property located at 1851 NW 1st Ct., Miami, FL 33136) Packet Pg. 337 2.4.a Comparable Residential - Multi -unit Garden No. 1 Google Map data ©2024 Google This comparable is a multi -family property with 16-units in 2, two story buildings built in 1937 on a 0.17 acre site located at 1 160 NW 4th Street and 337 NW 12th Avenue in Miami, Florida. The property was renovated in 2016/2017. Attachment: 15954 Appraisals (15954 : Purchase of Real Property located at 1851 NW 1st Ct., Miami, FL 33136) Packet Pg. 338 2.4.a Comparable Residential - Multi -unit Garden No. 2 Property Name Address San Gabriel Apartments 858 NW 3rd Street Miami, FL 33128 United States Government Tax Agency N/A Govt./Tax ID 01-4138-003-3540 Unit Mix Detail Rate Timeframe Unit Type Monthly No. % Size (sf) Rent Rent / sf 1 BR/1 BA 24 100% 625 $1,590 $2.54 Totals/Avg Improvements Land Area Net Rentable Area (NRA) Total # of Units Average Unit Size Floor Count Property Features Project Amenities Unit Amenities Rental Survey Occupancy Lease Term Tenant Profile Survey Date Survey Notes 24 0.344 ac 15,000 sf 24 Unit 625 sf 2 N/A N/A N/A 100% 12 Mo(s). N/A 02/2024 N/A $1,590 $2.54 Status Year Built Year Renovated Condition Exterior Finish Utilities Included in Rent Rent Premiums Concessions Owner Management Existing 1925 N/A Average Concrete Block Water N/A N/A N/A N/A Attachment: 15954 Appraisals (15954 : Purchase of Real Property located at 1851 NW 1st Ct., Miami, FL 33136) Packet Pg. 339 2.4 Comparable Residential - Multi -unit Garden No. 2 Z Google NW . St Map data ©2024 Google This property is a 24-unit multi -family walk-up property located at 858 NW 3rd Street in Miami, Florida. The property consists of two, two-story apartment buildings. The improvements were constructed in 1925 and are situated on a 0.34-acre site. The unit mix is comprised of 24 1 BR/1 BA units with a small den room adjacent to the kitchen and the units have an average unit size of 625 SF. As of the most current roll provided, the property is 100% occupied. Attachment: 15954 Appraisals (15954 : Purchase of Real Property located at 1851 NW 1st Ct., Miami, FL 33136) Packet Pg. 340 2.4 a Comparable Residential - Multi -unit Walk-up No. 3 Property Name Address Florida Apartments 1050 NW 2nd Street Miami, FL 33128 United States Government Tax Agency Miami -Dade Govt./Tax ID 01-4102-005-2440 Unit Mix Detail Rate Timeframe Monthly Unit Type No. % Size (sf) Rent Rent / sf Studio 14 58% 480 $1,714 $3.57 1 BR/1 BA 4 17% 675 $1,895 $2.81 2BR/1 BA 6 25% 691 $2,095 $3.03 Totals/Avg 24 $1,839 $3.25 Improvements Land Area 0.311 ac Status Existing Net Rentable Area (NRA) 12,870 sf Year Built 1925 Total # of Units 24 Unit Year Renovated N/A Average Unit Size 536 sf Condition Average Floor Count 3 Exterior Finish Concrete Block Property Features N/A Project Amenities N/A Unit Amenities N/A Rental Survey Occupancy 100% Utilities Included in Rent N/A Lease Term 12 Mo(s). Rent Premiums None Tenant Profile Low income Concessions None Survey Date 02/2024 Owner N/A Survey Notes (786) 375-9412 Management N/A Attachment: 15954 Appraisals (15954 : Purchase of Real Property located at 1851 NW 1st Ct., Miami, FL 33136) Packet Pg. 341 2.4 Comparable Residential - Multi -unit Walk-up No. 3 This rent comparable is a 24-unit multifamily walk-up property located in the neighborhood of Little Havana at 1050 NW 2nd Street, Miami, Florida. The property is a single building of 3 floors built in 1925 on a 0.31 acre site. Attachment: 15954 Appraisals (15954 : Purchase of Real Property located at 1851 NW 1st Ct., Miami, FL 33136) Packet Pg. 342 2.4.a Comparable Residential - Multi -unit Garden No. 4 Property Name Address Government Tax Agency Govt./Tax ID Unit Mix Detail Rate Timeframe Unit Type Temple Court Apartments 431 NW3rdSt Miami, FL 33128 United States Miami -Dade 01-0109-000-1240 Monthly No. % Size (sf) Rent Rent / sf Studio - Section 8 1 BR/1 BA - Section 8 31 51% 290 $931 $3.21 30 49% 470 $1,190 $2.53 Totals/Avg Improvements Land Area Gross Building Area (GBA) Total # of Units Average Unit Size Floor Count Property Features Project Amenities Unit Amenities Rental Survey Occupancy Lease Term Tenant Profile Survey Date Survey Notes 61 0.528 ac 35,746 sf 61 Unit 379 sf 3 $1,058 $2.80 Status Year Built Year Renovated Condition Exterior Finish Existing 1913 2006 Average Stucco Elevators, HAP Contract, Individual Split Systems, On -Site Management, Pitched Roofs, Surface Parking Car Wash Facility, Clubhouse, Fitness Center, Laundry Facility Carpeted Flooring, Ceiling Fans, Laminate Countertops, Private Patios / Balconies, Range / Oven, Refrigerator, Vinyl Flooring, White / Beige Appliances 98% 12 Mo(s). Low income 02/2024 N/A Utilities Included in Rent Rent Premiums Concessions Owner Management N/A N/A None N/A N/A Attachment: 15954 Appraisals (15954 : Purchase of Real Property located at 1851 NW 1st Ct., Miami, FL 33136) Packet Pg. 343 2.4.a Comparable Residential - Multi -unit Garden No. 4 Google 3rd St Map data ©2024 Google li Attachment: 15954 Appraisals (15954 : Purchase of Real Property located at 1851 NW 1st Ct., Miami, FL 33136) Packet Pg. 344 2.4 a Comparable Residential - Multi -unit Garden No. 5 Property Name Address East River Living 39 NW 7th Avenue Miami, FL 33128 United States Government Tax Agency Miami -Dade Govt./Tax ID 01-0200-090-1120 Unit Mix Detail Rate Timeframe Unit Type Monthly No. % Size (sf) Rent Rent / sf Studio 1 3% 444 N/A N/A 1BR/1BA 1 3% 472 N/A N/A Studio 2 6% 478 N/A N/A Studio 1 3% 505 N/A N/A 1 BR/1 BA 1 3% 582 $2,400 $4.12 1 BR/1 BA 2 6% 590 $2,299-$2,400 $3.98 1BR/1BA 4 12% 594 N/A N/A 1BR/2BA + Den 5 15% 770 N/A N/A 1BR/2BA + Den 4 12% 778 N/A N/A 2BR/2BA 4 12% 833 N/A N/A 2BR/2BA 4 12% 867 N/A N/A 1BR/2BA + Den 5 15% 892 $2,699 $3.03 Totals/Avg ns 34 $606 $0.83 Land Area 0.230 ac Status Under Construction Net Rentable Area (NRA) 24,737 sf Year Built 2022 Total # of Units 34 Unit Year Renovated N/A Average Unit Size 728 sf Condition New Floor Count 8 Exterior Finish Concrete Property Features N/A Project Amenities Fitness Center, Pool Unit Amenities N/A Rental Survey Occupancy 88% Utilities Included in Rent None Lease Term 12 Mo(s). Rent Premiums None Tenant Profile Singles, Couples, Families Concessions Up to 1 Month Free Survey Date 01/2024 Owner N/A Survey Notes Website Management N/A Attachment: 15954 Appraisals (15954 : Purchase of Real Property located at 1851 NW 1st Ct., Miami, FL 33136) Packet Pg. 345 2.4 a Comparable Residential - Multi -unit Garden No. 5 Goo ■ e till 1 St St Map data ©2024 Gam.. 1 This property is a 34-unit multi -family mid/high rise property located at 39 NW 7th Avenue in Miami, Florida. The property is a single, eight -story apartment building. The improvements are situated on a 0.23-acre site. The improvements consist of a combination of studios, one -bedroom, one -bedroom plus den, and two -bedroom units. Unit's size will range from 444 to 867 square feet. Available units were provided via the development website as attempts to contact the leasing office were unsuccessful. Attachment: 15954 Appraisals (15954 : Purchase of Real Property located at 1851 NW 1st Ct., Miami, FL 33136) Packet Pg. 346 2.4.a Comparable Residential - Multi -unit Garden No. 6 Property Name Address Government Tax Agency Govt./Tax ID Unit Mix Detail Rate Timeframe Unit Type 540 NW 7th Street 540 NW 7th Street Miami, FL 33136 United States Miami -Dade 01-0105-020-1050 Monthly No. % Size (sf) Rent Rent / sf Studio 1 BR/1 BA 2BR/2BA 7 32 12 14% 63% 24% 350 505 650 $1,335 $1,650 $1,895 $3.81 $3.27 $2.92 Totals/Avg Improvements Land Area Net Rentable Area (NRA) Total # of Units Average Unit Size Floor Count Property Features Project Amenities Unit Amenities Rental Survey Occupancy Lease Term Tenant Profile Survey Date Survey Notes 51 $1,664 0.530 ac 25,800 sf 51 Unit 506 sf 3 $3.21 Status Year Built Year Renovated Condition Exterior Finish Existing 1957 2018 Good Concrete Block Flat Roofs, Gated / Controlled Access, Surface Parking Laundry Facility Dishwasher, Garbage Disposal, Granite Countertops, Microwave Oven, Plank Flooring, Range / Oven, Refrigerator, Stainless Steel Appliances 98% 12 Mo(s). Singles and families 12/2023 Property Contact: Emmanuel (305) 864-0000 Utilities Included in Rent Rent Premiums Concessions Owner Management Internet and trash None None Synergy Consultants Group LLC N/A Attachment: 15954 Appraisals (15954 : Purchase of Real Property located at 1851 NW 1st Ct., Miami, FL 33136) Packet Pg. 347 2.4.a Comparable Residential - Multi -unit Garden No. This is a 51-unit apartment complex located at 540 NW 7th Street in Miami, Florida. NW $ 2023 AV: $5,990,000 NW b#h Si Map data ©2024 Gocg Cross Streets: NW 7th Avenue and NW 7th Street Neighborhood: Overtown Attachment: 15954 Appraisals (15954 : Purchase of Real Property located at 1851 NW 1st Ct., Miami, FL 33136) Packet Pg. 348 2.4.a Comparable Residential - Multi -unit Lofts No. 7 Property Name Address Government Tax Agency Govt./Tax ID Unit Mix Detail Rate Timeframe Unit Type Rio Mio 1160 NW North River Drive Miami, FL 33136 United States Miami -Dade 01-3135-026-0050 Monthly No. % Size (sf) Rent Rent / sf Studio 1 BR/1 BA 8 19% 375 $1,250 $3.33 34 81% 515 $1,600 $3.11 Totals/Avg Improvements Land Area Net Rentable Area (NRA) Total # of Units Average Unit Size Floor Count Property Features Project Amenities Unit Amenities Rental Survey Occupancy Lease Term Tenant Profile Survey Date Survey Notes 42 0.935 ac 22,010 sf 42 Unit 524 sf 2 $1,533 $3.14 Status Year Built Year Renovated Condition Exterior Finish Gated / Controlled Access, Pitched Roofs, Surface Parking Existing 1964 N/A Average Concrete Block Barbeque Area, Courtyard, Laundry Facility, Pool Ceiling Fans, Ceramic Tile Flooring, Garbage Disposal, Laminate Countertops, Plank Flooring, Range / Oven, Refrigerator, Tub / Shower Combo, Vinyl Flooring, White / Beige Appliances 97% 12 Mo(s). Mixed tenancy 12/2023 Property Contact: John (305) 821-2562 Utilities Included in Rent Rent Premiums Concessions Owner Management Water, sewer, trash None None N/A The Lopez Attachment: 15954 Appraisals (15954 : Purchase of Real Property located at 1851 NW 1st Ct., Miami, FL 33136) Packet Pg. 349 2.4.a Comparable Residential - Multi -unit Lofts No. 7 This comparable rental represents the Rio Mio apartments, a 42-unit multifamily apartment property located at 1 160 NW N. River Drive in Miami, Florida. The improvements were originally constructed in /N /yy 1964 and reported to be in average condition. Ct Nr Or 2023 AV: $4,680,000 Map data ©2024 Google Cross Streets: NW 12th Avenue and Dolphin Expressway Neighborhood: Allapattah A Attachment: 15954 Appraisals (15954 : Purchase of Real Property located at 1851 NW 1st Ct., Miami, FL 33136) Packet Pg. 350 2.4.a Comparable Residential - Multi -unit Garden No. 8 Property Name Address 726 Holding LLC 726 NW 3rd Street Miami, FL 33128 United States Government Tax Agency Miami -Dade Govt./Tax ID 01-0200-030-1050 Unit Mix Detail Rate Timeframe Unit Type Monthly No. % Size (sf) Rent Rent / sf Studio 3 13% 394 $1,797 $4.56 Studio 1 4% 400 $1,750 $4.38 Studio 4 17% 404 $1,750 $4.33 Studio 3 13% 405 $1,832 $4.52 Studio 2 8% 406 $1,775 $4.37 Studio 3 13% 409 $1,817 $4.44 Studio 5 21% 411 $1,790 $4.36 Studio 3 13% 426 $1,802 $4.23 Totals/Avg 24 $1,791 $4.39 Improvements Land Area 0.172 ac Status Existing Net Rentable Area (NRA) 9,785 sf Year Built 2022 Total # of Units 24 Unit Year Renovated N/A Average Unit Size 408 sf Condition Good Floor Count 3 Exterior Finish Concrete Property Features Exterior Stairwells, Fire Sprinklered, Flat Roofs, Individual Split Systems, Street Parking Project Amenities Storage Units Unit Amenities 8-Foot Ceilings, Dishwasher, Granite Countertops, Hardwood Flooring, Microwave Oven, Range / Oven, Refrigerator, Stainless Steel Appliances Rental Survey Occupancy 100% Utilities Included in Rent Water, Sewer Lease Term 12 Mo(s). Rent Premiums None Tenant Profile Singles/Couples Concessions None Survey Date 1 1 /2023 Owner N/A Survey Notes Appraisal Assignment/Rent Roll Management N/A Attachment: 15954 Appraisals (15954 : Purchase of Real Property located at 1851 NW 1st Ct., Miami, FL 33136) Packet Pg. 351 Comparable Residential - Multi -unit Garden No. 8 ?P9gJ ern, U.�. Gy ivgicel Survey This is a 24-unit multi -family walk-up property located at 726 NW 3rd Street in Miami, Florida. The property consists of a single, three-story apartment building. The improvements were constructed in 2022 and are situated on a 0.17-acre site. The improvements were 100.0% leased as of the date of the rent roll (as of October 30, 2023) and are considered to be stabilized. The property consists of only studio units with an avg. unit size of 408 square feet. In addition, there were no amenities noted (on -site parking, gym, swimming pool, etc.). Attachment: 15954 Appraisals (15954 : Purchase of Real Property located at 1851 NW 1st Ct., Miami, FL 33136) Packet Pg. 352 Addenda 2.4.a Addendum C OPERATING DATA Attachment: 15954 Appraisals (15954 : Purchase of Real Property located at 1851 NW 1st Ct., Miami, FL 33136) © 2024 CBRE, Inc. Packet Pg. 353 2.4.a Bowels Apartments - Rent Roll 1851 NW 1st Court October 1, 2018 Tenant Diane McDonlad Gail Johnson Vacant Barbara Gardner John Gardner Virgil Young Exhibit "G" Form of Rent RegulatorN Agreement Current New Rent For Rent Existing Tenants 575.00 675.00 400.00 500.00 500.00 Vacant 575.00 675.00 400.00 ? 500.00 600.00 2,950.00 2,450.00 Type 2BR Eff 1BR 2BR Eff 1BR New Future Tenants/Rent Attachment: 15954 Appraisals (15954 : Purchase of Real Property located at 1851 NW 1st Ct., Miami, FL 33136) Packet Pg. 354 2.4.a applicable law. If an Existing Tenant wishes to renew its expiring lease, and there are no uncured defaults under such expiring lease, then Borrower shall renew such Existing Tenant's lease subject rental rate increases as provided for above in this Paragraph (1). An Existing Tenant may not assign its lease except to a spouse, parent, sibling or any lineal descendant of such Existing Tenant. (2) New -Tenant Occupancy Requirements. If a Unit is vacant at the time that this Regulatory Agreement is executed or when an Existing Tenant vacates such Existing Tenant's CRA Assisted Unit, then such Unit shall thereafter be made available to tenants who qualify under the CRA-Assisted Unit requirements as set forth in this Regulatory Agreement, as follows: a. Maximum Rent Levels. The rents charged on all CRA-Assisted Units shall be subject to the 24 CFR Part 92 (hereinafter referred to as the "Regulation"). Gross monthly rent charged on CRA-Assisted Units occupied by tenants identified as Low -Income are subject to the 40%, 60% and 80% maximum rents published annually by the U.S. Department of Housing and Urban Development ("HUD") for each locality and income level. The new rent maximums for leases signed in Miami, Florida effective as of June 2018 are as follows: Unit Type Tenant Existing Tenants' -Rent before this Regulatory Agreement New Max Rent for Existing Tenants New Tenants' Max Rents 2BR Existing Tenant 575.00 675 $1,331 (80% AMI) Eff Vacant N/A 551 $551 (40% AMI) 1BR Vacant N/A 849 $849 (60% AMI) 2BR Existing Tenant 575.00 675 $1,331 (80% AMI) Eff Vacant N/A 551 $551 (40% AMI) 1BR Existing Tenant 500.00 600 $849 (60% AMI) TOTAL 1650.00 4806.00 The foregoing maximum rents does not include utilities. Tenants will be responsible for their own utilities. In no event will the monthly rent on a CRA-Assisted Unit exceed the maximum rent levels as provided for in this Paragraph (2)(a). Rents shall not be adjusted for changes in income or HUD published maximums until lease renewal. The Project must at all times (during the Affordability Period and subject to Existing Tenants) maintain the Unit -Mix. b. Income Re -certification. Tenant income for CRA-Assisted Units shall be certified by the Borrower annually on the anniversary of each tenant's lease and maintained in the tenant file, subject to inspection by the CRA, in accordance with Paragraph (4) of this Regulatory Agreement. Existing Tenants are not subject to Income Certification, or Re - Certification. c. Deposits and Pre -payments. Borrower shall not require, as a condition of occupancy or leasing of any CRA-Assisted Unit, any other consideration or deposit from the tenant, except for the prepayment of one month's rent and plus a security deposit not to exceed one additional month's rent. Attachment: 15954 Appraisals (15954 : Purchase of Real Property located at 1851 NW 1st Ct., Miami, FL 33136) Packet Pg. 355 9S£ 'I5d 1O)I3ed Rebuilding Together Miami -Dade, Inc. 3628 Grand Ave, Miami, FL, 33133 Project: Sherman Bullard. 6-Unit Apartment Building Address: 1851 NW 1st Court in Miami, Florida, 33136 Lead testing EE&G, Environmental Services LLC. $900.00 Asbestos testing EE&G, Environmental Services LLC. $1,200.00 Architectural drawings Jorrin and Associates $20,200.00 City of Miami Permitting and Certification Fees Team Contracting $3,691.75 General Contractor Team Contracting $542,818.61 Total $568,810.36 Wells Fargo Sponsorship -$20,000.00 Total After Sponsorship $548,810.36 Attachment: 15954 Appraisals (15954 : Purchase of Real Property located at 1851 NW 1st Ct., Miami, FL 33136) FORM R405-2017 4 '.'' ;- -,.,.. am.wm GO PROJECT Qittj of:Miami Title: 18029 - SHERMAN BULLAR Bedrooms: 8 Building Type: User Conditioned Area: 2568 Owner Name: Total Stories: 2 # of Units: 1 Worst Case: No Builder Name: Rotate Angle: 0 Permit Office: Cross Ventilation: Jurisdiction: 232400 Whole House Fan: Family Type: Multi -family NelExisting: Existing (Projected) Comment: Address Typb Lot # Block/Subdivisi.�L PlatBook Street: County: City, State, Zip: * BUILDING DEPARTMENT ->- d.. p rodoes a...moda'""r'°Y'r°'r00N11°°" 7a. -*"*�a..,.e, wr ..+ •m+7y""°"°""°'"""""°""�°'""" F� BD79001687007 F 02/26/20tt` O Mia cool MIAMI , FL , 33136 CLIMATE / V Design Temp Design Location TMY Site 97.5 % 2.5 % Int Design Temp Heating Design Daily Tern Winter Summer Degree Days Moisture Range FL, Miami FL MIAMI_INTL AP 51 90 70 75 149.5 56 Low BLOCKS Number Name Area Volume 1 2 Block1 1284 10272 Block2 1284 10272 SPACES Number Name Area Volume Kitchen Occupants Bedrooms Infii ID Finished Cooled Heal 1 2 3 4 5 6 UNIT 101 560 4480 Yes UNIT 102 288 2304 Yes UNIT 103 436 3488 Yes UNIT 201 560 4480 Yes UNIT 202 288 2304 Yes UNIT 203 436 ' 3488 Yes 3 2 2 3 2 2 2 1 1 2 1 1 1 1 1 1 1 1 Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes FLOORS V# Floor Type Space Perimeter Perimeter R-Value Area Joist R-Value Tile Wood Carpet 1 Slab -On -Grade Edge Insulatio UNIT 101 60 ft 0 2 Slab -On -Grade Edge Insulatio UNIT 102 30 ft 0 3 Slab -On -Grade Edge Insulatio UNIT 103 50 ft 0 560 ft2 288 ft2 436 ft2 — _- -- 1 0 1 0 1 0 0 0 0 ROOF / V Roof Gable # Type Materials Area Area Roof Color Solar Absor. SA Tested Emitt Emitt Deck Tested Insui. Pitc (des, 1 Flat Concrete 1289 ft2 54 ft2 Light 0.75 No 0.9 No 11 4.8 ATTIC V # Type Ventilation Vent Ratio (1 in) Area RBS IRCC 1 No attic Unvented 0 1284 ft2 N N Attachment: 15954 Appraisals (15954 : Purchase of Real Property located at 1851 NW 1st Ct., Miami, FL 33136) 10/23/2018 3:45 PM EnergyGauge® USA - FlaRes2017 Section R405.4.1 Compliant Software Page 2 of 5 Packet Pg. 357 2.4.a From: Sandy Socarras To: Castro, Eric Miami Cc: Cata, Kristian Cad Miami; Llop-Noy, Frances Subject: Fw: RETAINER INVOICE: #008028RET-1-24 Community Redevelopment Agency CB24US008028 Date: Monday, March 4, 2024 8:53:44 AM Attachments: Outlook -Omni CRA.png Outlook -Omni CRA.png Outlook -Omni CRA.png Outlook -Omni CRA.png Outlook -Omni CRA.png Outlook -Omni CRA.png Outlook-ov2a5ios. png Outlook-lydzowyl. png Outlook-vwlbd20d.pnq Outlook-cmduqxzc. pnq Outlook -A picture .pnq Extern Good morning, We are trying to wrap all inspections up this month, this is driven by the electrical sub who is the only Final pending before we can call Final Building inspections. At the moment there are no additional costs anticipated unless the electrical final inspection were to result in work outside of the initial scope (not anticipated). The balance of the work pending is related to punch -outs, back fence, and final locks. Thank you, Sandy From: Cata, Kristian @ Miami <Kristian.Cata@cbre.com> Sent: Thursday, February 29, 2024 10:45 AM To: Llop-Noy, Frances <FLIop-Noy@miamigov.com>; Castro, Eric @ Miami <Eric.Castro@cbre.com>; Sandy Socarras <socarras@team-contracting.com> Subject: RE: RETAINER INVOICE: #008028RET-1-24 Community Redevelopment Agency CB24US008028 Good morning, I wanted to send a quick follow up to the below, as we are in the process of finishing up our appraisal but wanted to confirm a couple additional items to help us better understand the current status for completion. 1. Do you have an estimated timeframe that all the work will be completed and the property will be ready for occupancy 2. How much cost is left to complete the work at the property for occupancy 3. Is it only electrical work remaining (if not give us an idea of what else is remaining) Attachment: 15954 Appraisals (15954 : Purchase of Real Property located at 1851 NW 1st Ct., Miami, FL 33136) Packet Pg. 358 Addenda 2.4.a Addendum D DEED Attachment: 15954 Appraisals (15954 : Purchase of Real Property located at 1851 NW 1st Ct., Miami, FL 33136) © 2024 CBRE, Inc. Packet Pg. 359 Holum ao: (encore sett-.ddtessoo stiltipetl envolope) Kam Adder's: This lnsttumsnt Prepared by: Sherman W . adder's: 1851 NW lat Apt. #3 Miami, Fl_ 33136 Bullard Ct_ SPACE FieOVE THIS USE FOR PROCE551110 DATA This Quit -Claim Deed, Txecused this 30 11111111111111111111111111111111 2.4.a C F i-1 2 EJ C_E Ft,er 0151* OR Els 23470 P9 4349; f 11s9 ) RECORDED 06/14/2005 09:44:33 DEED DOC TAX 90.00 HARVEY RUVIN, CLERK OF COURT MIAI'!I-DADE COUNTY, FLORIDA LAST PAGE SPACE MOVE THIS LIME FOR RECOROPSO OA7A Ploy of Septesber Myrtle M. Bullard a eridowmaan 1937 NW 65th St. first party, to Sherman W. Bullard, a single man whose postoffice address is sernn,l porgy l . A. D.2003 1Jy Miami, Fl_ 33147 1851 NW 1st et -Apt- #3 Memel, Fl. 33136 t whar'vrr u.rJ herein rhr are n.. ' J,..r s,arey" a rl ' r.nl p.r q'• d,all i Iude .inauear ar+A plural, I..in, Irltal reprerenu..i.e., nd .. .,.....1 i...L.iJ.. al., a..J ehr wcresu,e. and arvee.. •u .dmir. ur .equirr..] • 4.11itnesseth, That use said first party. for and in consideration of the sum of $ in band paid by the said second party. the receipt whereof is herby aclrnowhxlged, dues hereby remise, ia- lease and quit -claim unto the said second party fore tor, all Ilee right. title. Interest. claim and demand which !ha salter first porgy hos in and to She following described lot, piece or parcel of land. situate. lying and Nolan ire the County of Dade State of Fl , to -aril: PB 8-53 al/2 Lot 3 Hl/2 Lot 6 Blk 23 Folio # 01312504800650 TO y1,aue and to lf®ld the some together with all and singular the appurtenances :hereunto belonging or to anywise appertaining. and on the **slate, riflllt. title. interest. lien. egtaily and claim Euhat- a,.rr•er of flee said first party, either het raw or equity. to the only proper use, laertefii and Leheraf of She said sou -end party forever. lin Witness Whereof, The said first party hear signed rind sealed these presents the Tray nisi, year first (shored written. Sim ygal. sealed and deliarered in presence of: tntla- ita Roes ''1 :7 i'Pe Vint. z .. a Y or (lqy,_ 1 ra`ite- L7` "'��1113 r• Sherman W, Buller _ j CEO rd } myrtle M llard t IIER rt • FRANCES`JOHNSON RacihaiNitlistbkieMw allir+•r duly authorized in the Slate aforesaid and ire the County afares:ad "' `-I} 'Pert Co mission M D03061 73 Myrtle M. Bullard 'A, / bonded M tslratltx►al t+taatrry AaEln. t.. use knrawn to be [hr person described in and who executed the foregoing instrument •Anil arkeluwlydgrd e. an In-inrc line ttxat executed the same. W1 TNF.SS eny hand and off it' ia1 seal in the enmity surf September A. n. 2003. State last aforesait this 30 clay e.t Attachment: 15954 Appraisals (15954 : Purchase of Real Property located at 1851 NW 1st Ct., Miami, FL 33136) Book2347O/Page4349 CFN#20050609285 Packet Pg. 360 Page 1 of Addenda 2.4.a Addendum E CLIENT CONTRACT INFORMATION Attachment: 15954 Appraisals (15954 : Purchase of Real Property located at 1851 NW 1st Ct., Miami, FL 33136) © 2024 CBRE, Inc. Packet Pg. 361 VALUATION & ADVISORY SERVICES Proposal and Contract for Services CBRE February 1, 2024 t.G WA, C C 1 On) Community Redevelopment Agency 819 NW 2nd Avenue, 3rd Floor Miami, FL 33136 Phone: 305-679-6800 Email: MAValentin@miamigov.com RE: Assignment Agreement I CB24US008028 Residential 1851 NW 1st Court, Miami, FL 33136 CBRE, Inc. Valuation &amp; Advisory Services, 111 West Oal<Avenue, Suite 100 Tampa, FL 33602 wavv.thro.usivaluetion Kristin Repp, MAI Managing Director Dear M5 dot We are pleased to submit this proposal and our Terms and Conditions for this assignment. PROPOSAL. SPECIFICS TIONS Purpose: Premise: Rights Appraised: Intended Use: Intended User: Reliance: To estimate the Market Value of the referenced real estate As Is Fee Simple Acquisition/Disposition/Exchange Due Diligence The intended user is Community Redevelopment Agency ("Client"), and such other parties and entities (if any) expressly recognized by CBRE as intended users (each an "Intended Users" and collectively the "Intended Users") provided that any Intended User's use of, and reliance upon, any report produced by CBRE under this Agreement shall be subject to the Terms and Conditions attached hereto and incorporated herein (including, without limitation, any limitations of liability set forth in the attached Terms and Conditions). Reliance on any reports produced by CBRE under this Agreement is extended solely to parties and entities expressly acknowledged in a signed writing by CBRE as Intended Users of the respective reports, provided that any conditions to such acknowledgement required by CBRE or hereunder have been satisfied. Parties or entities other than Intended Users who obtain a copy of the report or any portion thereof (including Client if it is not named as an Intended User), whether as a result of its direct dissemination or by any other means, may not use or rely upon any opinions or conclusions Attachment: 15954 Appraisals (15954 : Purchase of Real Property located at 1851 NW 1st Ct., Miami, FL 33136) Packet Pg. 362 VALUATION & ADVISORY SERVICES 2.4.a Community Redevelopment Agency Assignment Agreement I CB24US008028 Page 2 of 9 February 1, 2024 Scope of Inspection: Valuation Approaches: Report Type: Appraisal Standards: Appraisal Fee: Expenses: Retainer: www.cbre.us/valuation contained in the report or such portions thereof, and CBRE will not be responsible for any unpermitted use of the report, its conclusions or contents or have any liability in connection therewith. Unless otherwise expressly identified in this Agreement, there are no third -party beneficiaries of this Agreement pertaining to this appraisal assignment or any reports produced by CBRE under this Agreement, and no other person or entity shall have any right, benefit or interest under this Agreement or with respect to any reports produced by CBRE under this Agreement. A full interior and exterior inspection of the property will be conducted and arranged with the property contact and performed by CBRE Valuations. If this expected property inspection is not possible due to unforeseen issues (such as lack of on -site personnel cooperation, physical obstructions, or appraiser/property contact health and safety concerns), the client will be promptly advised. The client may continue this assignment based on other inspection options agreed upon by CBRE and client or provide CBRE with a written notice to cancel. If CBRE determines that a credible appraisal result cannot be achieved due to inspection limitations, it will promptly provide the client with a written cancellation of this assignment. All three traditional approaches to value will be considered. Appraisal Report USPAP $5,500.00. If cancelled by either party before a completion, the fee will be based on CBRE's hourly rates for the time expended; plus actual expenses. Fee includes all associated expenses except to the extent otherwise provided in the attached Terms and Conditions. A retainer of $5,500.00 is due prior to commencement of the outlined services. Please remit retainer payments via wire to: Name: Wells Fargo ABA No.: 121000248 Swift ID: WFBIUS6S Name on Account: CBRE Valuation Wire Receipts General Account No.: 4121248561 Address: 420 Montgomery Street San Francisco, CA 94104 Bank Contact: Michele Polcari Telephone Number: (310) 606-4792 CBRE Attachment: 15954 Appraisals (15954 : Purchase of Real Property located at 1851 NW 1st Ct., Miami, FL 33136) Packet Pg. 363 VALUATION & ADVISORY SERVICES Payment Terms: Delivery Instructions: Delivery Schedule: Preliminary Value: Draft Report: Final Report: Start Date: Acceptance Date: www. c b rQ. u s%vea l u n t i o n Community Redevelopment Agency Assignment Agreement I CB24US008028 Page 3 of 9 February 1, 2024 Please include the invoice number when submitting payment. For additional payment remittance options, contact CBRE VAS Accounts Receivable - 901-620-3232 I CBREVASAR@cbre.com Final payment is due upon delivery of the final report or within thirty (30) days of your receipt of the draft report, whichever is sooner. The full appraisal fee is considered earned upon delivery of the draft report. We will invoice you for the assignment in its entirety at the completion of the assignment. CBRE encourages our clients to join in our environmental sustainability efforts by accepting an electronic copy of the report. An Adobe PDF file via email will be delivered to MAValentin@miamigov.com. The client has requested 0 bound final copy (ies). Not required Not required 5 Business days The appraisal process will start upon receipt of your signed agreement, the retainer, and the property specific data. These specifications are subject to modification or withdrawal if this proposal is not accepted within 5 business days from the date of this letter. CBRE Attachment: 15954 Appraisals (15954 : Purchase of Real Property located at 1851 NW 1st Ct., Miami, FL 33136) Packet Pg. 364 VALUATION & ADVISORY SERVICES 2.4.a Community Redevelopment Agency Assignment Agreement I CB24US008028 Page 4 of 9 February 1, 2024 When executed and delivered by all parties, this letter, together with the Terms and Conditions and the Specific Property Data Request attached hereto and incorporated herein, will serve as the Agreement for appraisal services by and between CBRE and Client. Each person signing below represents that it is authorized to enter into this Agreement and to bind the respective parties, including all intended users, hereto. We appreciate this opportunity to be of service to you on this assignment. If you have additional questions, please contact us. Sincerely, CBRE, Inc. Valuation & Advisory Services 441)./U /3 app, Kristin Repp, MAI Managing Director As Agent for CBRE, Inc. T + 1 305 381 6408 Kristin.Repp@cbre.com www.c,re.us/viceluation CBRE Attachment: 15954 Appraisals (15954 : Purchase of Real Property located at 1851 NW 1st Ct., Miami, FL 33136) Packet Pg. 365 2.4.a VALUATION & ADVISORY SERVICES Community Redevelopment Agency Assignment Agreement 1 CB24US008028 Page 5 of 9 February 1, 2024 PROPERTY NAME PROPERTY LOCATION REPORT TYPE APPRAISAL FEES 1851 NW 1st Court Assignment Total: www.cbra.usAfaluation 1851 NW 1st Court, Miami, FL 33136 Appraisal Report $5,500.00 $5,500.00 CBRE Attachment: 15954 Appraisals (15954 : Purchase of Real Property located at 1851 NW 1st Ct., Miami, FL 33136) Packet Pg. 366 VALUATION & ADVISORY SERVICES Community Redevelopment Agency Assignment Agreement 1 CB24US008028 Page 6 of 9 February 1, 2024 2.4.a AG E D A R ACCEPTE FOR COMMUNITY REDEVELOPMENT AGENCY ("CLIENT"): G on • M - _6IAeC 5\t6 '24/2,V Signature Date O Ms i o ro 6 6.)12.13g, Name Title 305-679-6800 Phone Number ADDITIONAL OPTIONAL SERVICES amiamigov.com E-Mail Address Assessment & Consulting Services: CBRE's Assessment & Consulting Services group has the capability of providing a wide array of solution -oriented due diligence services in the form of property condition and environmental site assessment reports, ALTA Surveys, and other necessary due diligence service (seismic risk analysis, zoning compliance service, construction risk management, annual inspections, etc.). Initial below if you desire CBRE to contact you to discuss a proposal for any part or the full complement of consulting services, or you may reach out to us at ACPropos9©cre0cr. We will route your request to the appropriate manager. For more information, please visit www.thre.com/assessment. Attachment: 15954 Appraisals (15954 : Purchase of Real Property located at 1851 NW 1st Ct., Miami, FL 33136) Revised Muy 4, 2020 Packet Pg. 367 VALUATION & ADVISORY SERVICES Community Redevelopment Agency Assignment Agreement I CB24US008028 Page 7 of 9 February 1, 2024 N DITI 1, The Terms and Conditions herein are part of an assignment agreement (the "Agreement") for appraisal services ("Services") between CBRE, Inc. ("CBRE") and the client signing this Agreement and for whom the Services will be performed (the "Client") for the property identified herein (the "Property") and shall be deemed a part of such Agreement as though fully set forth therein. In addition, with respect to any appraisal report prepared by CBRE pursuant to the Agreement (the "Report"), any use of, or reliance on, the Report by any Intended User constitutes acceptance of these Terms and Conditions as well as acceptance of all qualifying statements, limiting conditions, and assumptions stated in the Report, The Agreement shall be governed and construed by the laws of the state where the CBRE office executing this Agreement is located without regard to conflicts of laws principles. 2. Client shall be responsible for the payment of all fees stipulated in this Agreement. Payment of the fees and preparation of the Report are not contingent upon any predetermined value or on any action or event resulting from the analyses, opinions, conclusions, or use of the Report. Final payment is due as provided in the Proposal Specifications Section of this Agreement. If a draft Report is requested, the fee is considered earned upon delivery of the draft Report. It is understood that the Client may cancel this assignment in writing at any time prior to delivery of the completed Report. In such event, the Client is obligated to pay CBRE for the time and expenses incurred (including, but not limited to, travel expenses to and from the job site) prior to the effective date of cancellation, with a minimum charge of $500. Hard copies of the Reports are available at a cost of $250 per original color copy and $100 per photocopy (black and white), plus shipping fees of $30 per Report. 3. If CBRE is subpoenaed or ordered to give testimony, produce documents or information, or otherwise required or requested by Client or a third party to participate in meetings, phone calls and conferences (except routine meetings, phone calls and conferences with the Client for the sole purpose of preparing the Report), litigation, or other legal proceedings (including preparation for such proceedings) because of, connected with or in any way pertaining to this assignment, the Report, CBRE's expertise, or the Property, Client shall pay CBRE's additional out-of-pocket costs and expenses, including but not limited to CBRE's reasonable attorneys' fees, and additional time incurred by CBRE based on CBRE's then -prevailing hourly rates and related fees. Such charges include and pertain to, but are not limited to, time spent in preparing for and providing court room testimony, depositions, travel time, mileage and related travel expenses, waiting time, document review and production, and preparation time (excluding preparation of the Report), meeting participation, and CBRE's other related commitment of time and expertise. Hourly charges and other fees for such participation will be provided upon request. In the event Client requests additional Services beyond the scope and purpose stated in the Agreement, Client agrees to pay additional fees for such services and to reimburse related expenses, whether or not the completed Report has been delivered to Client at the time of such request. 4. CBRE shall have the right to terminate this Agreement at any time for cause effective immediately upon written notice to Client on the occurrence of fraud or the willful misconduct of Client, its employees or agents, or without cause upon 5 days written notice. 5. In the event Client fails to make payments when due then, from the date due until paid, the amount due and payable shall bear interest at the maximum rate permitted in the state where the CBRE office executing this Agreement is located, EACH PARTY, AFTER HAVING THE OPPORTUNITY TO CONSULT WITH COUNSEL OF ITS CHOICE, KNOWINGLY AND VOLUNTARILY, WAIVES ANY RIGHT TO TRIAL BY JURY IN THE EVENT OF LITIGATION IN ANY WAY RELATED TO THIS AGREEMENT. 6. CBRE assumes there are no major or significant items or issues affecting the Property that would require the expertise of a professional building contractor, engineer, or environmental consultant for CBRE to prepare a valid Report hereunder. Client acknowledges that such additional expertise is not covered in the fee and agrees that, if such additional expertise is required, it shall be provided by others at the discretion and direction of the Client, and solely at Client's additional cost and expense. 7. Client acknowledges that CBRE is being retained hereunder as an independent contractor to perform the Services described herein and nothing in this Agreement shall be deemed to create any other relationship between Client and CBRE. Unless otherwise stated in this Agreement, Client shall not designate or disclose CBRE or any of its agents or employees as an expert or opinion witness in any court, arbitration, or other legal proceedings without the prior written consent of CBRE. 8. This assignment shall be deemed concluded and the Services hereunder completed upon delivery to Client of the Report discussed herein. Attachment: 15954 Appraisals (15954 : Purchase of Real Property located at 1851 NW 1st Ct., Miami, FL 33136) Rev ri i;,',ay A 2020 Packet Pg. 368 VALUATION & ADVISORY SERVICES Community Redevelopment Agency Assignment Agreement I CB24US008028 Page 8 of 9 February 1, 2024 2.4.a 9. All statements of fact in the Report which are used as the basis of CBRE's analyses, opinions, and conclusions will be true and correct to CBRE's actual knowledge and belief. CBRE does not make any representation or warranty, express or implied, as to the accuracy or completeness of the information or the condition of the Property furnished to CBRE by Client or others. TO THE FULLEST EXTENT PERMITTED BY LAW, CBRE DISCLAIMS ANY GUARANTEE OR WARRANTY AS TO THE OPINIONS AND CONCLUSIONS PRESENTED ORALLY OR IN ANY REPORT, INCLUDING WITHOUT LIMITATION ANY WARRANTY OF FITNESS FOR ANY PARTICULAR PURPOSE EVEN IF KNOWN TO CBRE. Furthermore, the conclusions and any permitted reliance on and use of the Report shall be subject to the assumptions, limitations, and qualifying statements contained in the Report. 10. CBRE shall have no responsibility for legal matters, including zoning, or questions of survey or title, soil or subsoil conditions, engineering, or other similar technical matters. The Report will not constitute a survey of the Property analyzed. 11. Client shall provide CBRE with such materials with respect to the assignment as are requested by CBRE and in the possession or under the control of Client. Client shall provide CBRE with sufficient access to the Property to be analyzed, and hereby grants permission for entry unless discussed in advance to the contrary. 12. The data gathered in the course of the assignment (except data furnished by Client, "Client Information") and the Report prepared pursuant to the Agreement are, and will remain, the properly of CBRE. With respect to Client Information provided by Client, CBRE shall not violate the confidential nature of the appraiser -client relationship by improperly disclosing any confidential and proprietary Client Information furnished to CBRE. Notwithstanding the foregoing to the contrary, CBRE is authorized by Client to disclose all or any portion of the Report and related data as may be required by applicable law, statute, government regulation, legal process, or judicial decree, including to appropriate representatives of the Appraisal Institute if such disclosure is required to enable CBRE or its employees and agents to comply with the Bylaws and Regulations of the Appraisal Institute as now or hereafter in effect. 13, Unless specifically noted, in preparing the Report CBRE will not be considering the possible existence of asbestos, PCB transformers, or other toxic, hazardous, or contaminated substances and/or underground storage tanks (collectively, "Hazardous Materials") on or affecting the Property, or the cost of encapsulation or removal thereof. Further, Client represents that there are no major or significant repairs, improvements or deferred maintenance of the Property that would require the expertise of a professional cost estimator, engineer, architect or contractor. If any such repairs, improvements or maintenance are needed, the estimates for such repairs, improvements or maintenance are to be prepared by other parties pursuant to a separate written agreement in Client's sole discretion and direction, and are not deemed part of the Services or otherwise covered as part of the fee hereunder. 14, In the event Client intends to use the Report in connection with a tax matter, Client acknowledges that CBRE provides no warranty, representation or prediction as to the outcome of such tax matter. Client understands and acknowledges that any relevant taxing authority (whether the Internal Revenue Service or any other federal, state or local taxing authority) may disagree with or reject the Report or otherwise disagree with Client's tax position, and further understands and acknowledges that the taxing authority may seek to collect additional taxes, interest, penalties or fees from Client beyond what may be suggested by the Report. Client agrees that CBRE shall have no responsibility or liability to Client or any other party for any such taxes, interest, penalties or fees and that Client will not seek damages or other compensation from CBRE relating to any such taxes, interest, penalties or fees imposed on Client, or for any attorneys' fees, costs or other expenses relating to Client's tax matters. 15. LIMITATION OF LIABILITY. NOTWITHSTANDING ANY PROVISION OF THIS AGREEMENT TO THE CONTRARY: (A) EXCEPT TO THE EXTENT ARISING FROM SECTION 16, OR SECTION 17 IF APPLICABLE, IN NO EVENT SHALL EITHER PARTY OR ANY OF ITS AFFILIATES, OFFICERS, DIRECTORS, EMPLOYEES, AGENTS, OR CONTRACTORS BE LIABLE TO THE OTHER PARTY, FOR ANY LOST OR PROSPECTIVE PROFITS OR ANY OTHER INDIRECT, CONSEQUENTIAL, SPECIAL, INCIDENTAL, PUNITIVE, INDIRECT OR OTHER EXEMPLARY LOSSES OR DAMAGES, WHETHER BASED IN CONTRACT, WARRANTY, INDEMNITY, NEGLIGENCE, STRICT LIABILITY OR OTHER TORT OR OTHERWISE, REGARDLESS OF THE FORESEEABILITY OR THE CAUSE THEREOF. (B) EXCEPT TO THE EXTENT ARISING FROM SECTION 16, OR SECTION 17 IF APPLICABLE, AGGREGATE DAMAGES IN CONNECTION WITH THIS AGREEMENT FOR EITHER PARTY (EXCLUDING THE OBLIGATION TO PAY THE FEES AND COSTS REQUIRED HEREUNDER) SHALL NOT EXCEED THE GREATER OF THE TOTAL FEES PAYABLE TO CBRE UNDER THIS AGREEMENT OR TEN THOUSAND DOLLARS ($10,000). (C) CBRE SHALL HAVE NO LIABILITY WITH RESPECT TO ANY LOSS, DAMAGE, CLAIM OR EXPENSE INCURRED BY OR ASSERTED AGAINST CLIENT ARISING OUT OF, BASED UPON OR RESULTING FROM CLIENT'S OR ANY INTENDED USER'S FAILURE TO PROVIDE ACCURATE OR COMPLETE INFORMATION OR DOCUMENTATION PERTAINING TO ANY SERVICES OR REPORT ORDERED UNDER OR IN CONNECTION WITH THIS AGREEMENT, INCLUDING CLIENT'S OR ANY INTENDED USER'S FAILURE, OR THE FAILURE OF ANY OF CLIENT'S OR ANY 15954 : Purchase of Real Property located at 1851 NW 1st Ct., Miami, FL 33136) Attachment: 15954 Appraisals Revised May 4, 2020 Packet Pg. 369 Addenda 2.4.a Addendum G QUALIFICATIONS Attachment: 15954 Appraisals (15954 : Purchase of Real Property located at 1851 NW 1st Ct., Miami, FL 33136) © 2024 CBRE, Inc. Packet Pg. 370 2.4.a PROFILES Clients Represented - Berkadia - Greystone - JLL - Fannie Mae - Freddie Mac Education - Bachelor of Science in Social Science with emphasis on Statistics and Urban/Regional Planning. CBRE VALUATION AND ADVISORY / SOUTH FLORIDA Bradley Lyons, MAI First Vice President, South Florida Multifamily Practice Leader M +13213318691 E Bradley.lyons@cbre.com Professional Experience Bradley Lyons has over 18-years of commercial real estate experience and is th multifamily practice leader for South Florida. Mr. Lyons and his team have extensiv experience with all types of multifamily properties including mid/high rise, garde style, walk up, fractured condos, student housing, affordable LIHTC and Section housing Mr. Lyons also provides feasibility studies, market rent studies, litigation and higher and best use analysis for Class A, B, and C multifamily assets in South Florida an other markets throughout Florida. Mr. Lyons and his team are involved in over 15 multifamily valuations annually with property values ranging from $10MM t $400MM. Professional Affiliation • Appraisal Institute — Designated Member (MAI), Certificate No. 444393 • Certified General Real Estate Appraiser, State of Florida, RZ2897 Attachment: 15954 Appraisals (15954 : Purchase of Real Property located at 1851 NW 1st Ct., Miami, FL 33136) Packet Pg. 371 Ron DeSantis, Governor STATE OF FLORIDA DEPARTMENT OF BUSINESS AND PROFESSIONAL REGULATION Melanie S. Griffin, Secretary d FLORIDA REAL ESTATE APPRAISAL BD THE CERTIFIED GENERAL APPRAISER HEREIN IS CERTIFIED UNDER THE PROVISIONS OF CHAPTER 475, FLORIDA STATUTES t * r rs, e. i i r +h'. ; '4— LYONS, BRADLEY JAMES 200 S ORANGE AVE SUITE 2100 g / %IP ORLANDO FL 32801 << 7 LICENSE NUMBER: RZ2897 EXPIRATION DATE: NOVEMBER 30, 2024 Always verify licenses online at MyFloridaLicense.com I I 1,41 arr.4, i °k w V. rf ' c.! Amlm Do not alter this document in any form. This is your license. It is unlawful for anyone other than the licensee to use this document. Attachment: 15954 Appraisals (15954 : Purchase of Real Property located at 1851 NW 1st Ct., Miami, FL 33136) 2.4.a PROFILES Clients Represented - Key Bank - Truist Bank - Fifth Third Bank - Bank OZK - Valley National Bank - Bank United Pro Affiliations / Accreditations Certified General Real Estate Appraiser, State of Florida, RZ4283 International Council of Shopping Centers, Associate Affiliate Licensed Real Estate Broker, State of Florida, BK3106777 Certified Commercial Investment Member (CCIM) Education - Florida International University, Bachelor of Business Administration - Florida International University, Master of Science in International Real Estate VALUATION & ADVISORY SERVICES Kristian Cata, CCIM Senior Appraiser - Miami, Florida T +1 305 381 6486 M +1 305 720 7806 E Kristian.cata@cbre.com Professional Experience Kristian Cata is a Senior Appraiser for CBRE Valuation and Advisory Services in South Florida. Mr. Cata has over 15 years of appraisal experience including both commercial and residential property types. Mr. Cata has served a broad range of clients including commercial and investment banks, insurance companies, private corporations, investors, owners, developers, and attorneys. His expertise incorporates many types of valuation services including appraisals, market and feasibility studies, real estate portfolios, litigation support and appraisal review. Prior to joining CBRE, Mr. Cata worked in various real estate and asset management roles gaining significant experience in financial analysis, due diligence, development, construction, and acquisition/disposition consulting . Throughout his career, Mr. Cata has appraised numerous property types, including but not limited to: retail; industrial; multi -family; office; net -leased assets; and land. Attachment: 15954 Appraisals (15954 : Purchase of Real Property located at 1851 NW 1st Ct., Miami, FL 33136) 1 Packet Pg. 373 Ron DeSantis, Governor STATE OF FLORIDA DEPARTMENT OF BUSINESS AND PROFESSIONAL REGULATION Melanie S. Griffin, Secretary d FLORIDA REAL ESTATE APPRAISAL BD THE CERTIFIED GENERAL APPRAISER HEREIN IS CERTIFIED UNDER THE PROVISIONS OF CHAPTER 475, FLORIDA STATUTES ! ! ii INNTOOLIN i l' i CATA, KRISTIAI_-f l 8450 NW 170TH TER =�++ ALEAH FL 33015 �'1 s ii‘s. 1+�. LICENSE NUMBER: RZ4283 EXPIRATION DATE: NOVEMBER 30, 2024 Always verify licenses online at MyFloridaLicense.com 4 t * r • J. +„ � 0, . ! i +h. 7 1* HI 1,41 Wei Do not alter this document in any form. This is your license. It is unlawful for anyone other than the licensee to use this document. Attachment: 15954 Appraisals (15954 : Purchase of Real Property located at 1851 NW 1st Ct., Miami, FL 33136) Eric Castro CBri Valuation Associate T + 1 407 839 3196 Eric.Castro@cbre.com 200 South Orange Avenue, Suite 2100 Orlando, FL 32801 Clients Represented • Berkadia • NorthMarq Capital • Interlachen Financial Group Deerwood Capital UBS Commerce National Bank Old Florida National Bank • BBVA Compas • CBRE Capital Markets • PNC Bank • Acres Capital • Walker & Dunlop Experience Eric Castro is a Valuation Associate with one year of real estate appraisal and consulting experience. Mr. Castro is in the Valuation & Advisory Services Group's Orlando office in the Florida/Caribbean Region. His primary geographical focus has been Central Florida and South Florida. Including the counties of Miami -Dade, Broward, Orange, Seminole, Osceola, Polk and Brevard. Mr. Castro's experience encompasses a wide variety of property types including retail, multifamily, office and industrial properties. Prior to joining CBRE in 201 7, Mr. Castro majored in Finance at the University of South Florida and worked on the accounting department of Raymond James Financial. Professional Affiliations / Accreditations • Registered Trainee Appraiser, RI24529 • University of South Florida, Tampa, FL Education _ Bachelors of Science, Finance - 2017 Attachment: 15954 Appraisals (15954 : Purchase of Real Property located at 1851 NW 1st Ct., Miami, FL 33136) Packet Pg. 375 Ron DeSantis, Governor STATE OF FLORIDA DEPARTMENT OF BUSINESS AND PROFESSIONAL REGULATION Melanie S. Griffin, Secretary d FLORIDA REAL ESTATE APPRAISAL BD THE REGISTERED TRAINEE APPRAISER HEREIN HAS REGISTERED UNDER THE PROVISIONS OF CHAPTER 475, FLORIDA STATUTES t r r -- j � . 1. 7 ` 2 • r CASTRO, ERIC FERNANDO • x MIAMI ,+ r.. 777 BRICKELL AVENUE SUITE 1100 FL 33131 r1 a'R e r 4 I r 4 LICENSE NUMBER: RI24529 EXPIRATION DATE: NOVEMBER 30, 2024 Always verify licenses online at MyFloridaLicense.com Do not alter this document in any form. This is your license. It is unlawful for anyone other than the licensee to use this document. Attachment: 15954 Appraisals (15954 : Purchase of Real Property located at 1851 NW 1st Ct., Miami, FL 33136) APPRAISAL REPORT #3 HEMINGWAY & ASSOCIATES Attachment: 15954 Appraisals (15954 : Purchase of Real Property located at 1851 NW 1st Ct., Miami, FL 33136) Packet Pg. 377 2.4.a APPRAISAL OF REAL PROPERTY Internal File#JV03245617 LOCATED AT 1851 NW 1st Ct Miami, FL 33136 Waddells Add To Miami Pb B-53 S1/2 Lot 3 & N1/2 Lot 6 Blk 23 Lot Size 60 X 125 Or 14757-1483 0890 4 Coc 23470-4349 09 2003 FOR Omni Community Redevelopment Agency 1401 N Miami Ave Miami, FL 33136 AS OF 03/08/2024 BY Jofre Valencia, MAI, SRA, Cert Gen RZ3562 Deutsche Valuations 4251 SW 159th AVE Miami, FL 33185 (786) 285-1205 jofre27@yahoo.com www.deutschevaluations.com Attachment: 15954 Appraisals (15954 : Purchase of Real Property located at 1851 NW 1st Ct., Miami, FL 33136) Form GA1 NV LT - "TOTAL" appraisal software by a la mode, inc.- 1-800-ALAMODE Packet Pg. 378 2.4.a Jofre Valencia, SRA, Cert.Res. RD5097 Hemingway & Associates 5901 SW 74th Street, Suite 306 South Miami, FL 33143 Omni Community Redevelopment Agency 1401 N Miami Ave Miami, FL 33136 Re: Property: 1851 NW 1st Ct Miami, FL 33136 Borrower: OMNI File No.: 11-042 In accordance with your request, we have appraised the above referenced residential property. The report of that appraisal is attached. The purpose of this appraisal is to estimate the market value of the property described in this appraisal report, as improved, in unencumbered fee simple title of ownership. This report is based on a physical analysis of the site and improvements, a locational analysis of the neighborhood and city, and an economic analysis of the market for residential properties such as the subject. The appraisal was developed and the report was prepared in accordance with the Uniform Standards of Professional Appraisal Practice and the requirements of the Code of Professional Ethics & Standards of Professional Appraisal Practice of the Appraisal institute. The value conclusions reported are as of the effective date stated in the body of the report and contingent upon the certification and limiting conditions attached. We are the opinion that a reasonable exposure time of 3-6 months is linked to the value opinion. It has been a pleasure to assist you. Please do not hesitate to contact me or any of my staff if we can be of additional service to you. Sincer y, 0 ofre Valencia, MAI, SRA, Cert Gen RZ3562 Attachment: 15954 Appraisals (15954 : Purchase of Real Property located at 1851 NW 1st Ct., Miami, FL 33136) Packet Pg. 379 2.4.a Borrower OMNI File No. JV03245617 Property Address 1851 NW 1st Ct city Miami County Miami -Dade State FL zip Code 33136 Lender/Client Omni Community Redevelopment Agency TABLE OF CONTENTS Cover Page 1 Letter of Transmittal 2 Table of Contents 3 GP Commercial Certifications Addendum 4 Summary of Salient Features 7 GP Commercial Appraisal Report 8 Additional Comparables 4-6 21 Supplemental Addendum 22 USPAP Compliance Addendum 25 Southeast Florida Multifamily Market Report- Page 1 26 Southeast Florida Multifamily Market Report- Page 2 27 Miami -Dade Multifamily Market Report 28 Building Sketch (Page - 1) 29 Building Sketch (Page - 2) 30 Floor Plan 1 31 Floor Plan 2 32 Subject Photos 33 Photograph Addendum 34 Photograph Addendum 35 Photograph Addendum 36 Comparable Photos 1-3 37 Comparable Photos 4-6 38 Rentals Photos 1-3 39 Regional Map 40 Neighborhood Map 41 Location Map 42 Rentals Map 43 Neighborhood Map 44 Bird's Eye Map 45 Site Map 46 FEMA Flood Map 47 Zoning Map 48 Qualifications fo The Appraiser 49 Appraiser's License JV 55 Invoice 56 Attachment: 15954 Appraisals (15954 : Purchase of Real Property located at 1851 NW 1st Ct., Miami, FL 33136) Form TOCNP - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE Packet Pg. 380 Assumptions & Limiting Conditions COM24-02 File No.: JV03245617 Property Address: 1851 NW 1st Ct City: Miami State: FL Zip Code: 33136 Building Name (It applicable): N/A Z.4.a Client: Appraiser: Omni Community Redevelopment Agency Jofre Valencia, MAI, SRA, Cert Gen RZ3562 STATEMENT OF ASSUMPTIONS & LIMITING CONDITIONS: Address: 1401 N Miami Ave, Miami, FL 33136 Address: 4251 SW 159th AVE, Miami, FL 33185 - The appraiser will not be responsible for matters of a legal nature that affect either the property being appraised or the title to it. The appraiser assumes that the title is good and marketable and, therefore, will not render any opinions about the title. The property is appraised on the basis of it being under responsible ownership. The future operation of the property assumes skilled and adequate management but are not represented to be historically based. - The appraiser may have provided a sketch in the appraisal report to show approximate dimensions of the improvements, and any such sketch is included only to assist the reader of the report in visualizing the property and understanding the appraiser's determination of its size. Unless otherwise indicated, a Land Survey was not performed. - If so indicated, the appraiser has examined the available flood maps that are provided by the Federal Emergency Management Agency (or other data sources) and has noted in the appraisal report whether the subject site is located in an identified Special Flood Hazard Area. Because the appraiser is not a surveyor, he or she makes no guarantees, express or implied, regarding this determination. - The appraiser will not give testimony or appear in court because he or she made an appraisal of the property in question, unless specific arrangements to do so have been made beforehand. - If the cost approach is included in this appraisal, the appraiser has estimated the value of the land in the cost approach at its highest and best use, and the improvements at their contributory value. These separate valuations of the land and improvements must not be used in conjunction with any other appraisal and are invalid if they are so used. Unless otherwise specifically indicated, the cost approach value is not an insurance value, and should not be used as such. - The appraiser has noted in the appraisal report any adverse conditions (including, but not limited to, needed repairs, depreciation, the presence of hazardous wastes, toxic substances, etc.) observed during the inspection of the subject property, or that he or she became aware of during the normal research involved in performing the appraisal. Unless otherwise stated in the appraisal report, the appraiser has no knowledge of any hidden or unapparent conditions of the property, or adverse environmental conditions (including, but not limited to, the presence of hazardous wastes, toxic substances, etc.) that would make the property more or less valuable, and has assumed that there are no such conditions and makes no guarantees or warranties, express or implied, regarding the condition of the property. The appraiser will not be responsible for any such conditions that do exist or for any engineering or testing that might be required to discover whether such conditions exist. Because the appraiser is not an expert in the field of environmental hazards, the appraisal report must not be considered as an environmental assessment of the property. - The appraiser obtained the information, estimates, and opinions that were expressed in the appraisal report from sources that he or she considers to be reliable and believes them to be true and correct. The appraiser does not assume responsibility for the accuracy of such items that were furnished by other parties. All information furnished regarding rental rates, lease terms, or projections of income and expense is from sources deemed reliable. No warranty or representation is made as to the accuracy thereof. - The appraiser will not disclose the contents of the appraisal report except as provided for in the Uniform Standards of Professional Appraisal Practice, and any applicable federal, state or local laws. However, the use of this report is subject to the requirements of the Appraisal Institute relating to review by its duly authorized representatives and also, the use of this report is subject to the requirements of the Appraisal Standards Board for the State of Florida relating to review by its duly authorized representatives. - If this appraisal is indicated as subject to satisfactory completion, repairs, or alterations, the appraiser has based his or her appraisal report and valuation conclusion on the assumption that completion of the improvements will be performed in a workmanlike manner. - An appraiser's client is the party (or parties) who engage an appraiser in a specific assignment. Any other party acquiring this report from the client does not become a party to the appraiser -client relationship. Any persons receiving this appraisal report because of disclosure requirements applicable to the appraiser's client do not become intended users of this report unless specifically identified by the client at the time of the assignment. - The appraiser's written consent and approval must be obtained before this appraisal report can be conveyed by anyone to the public, through advertising, public relations, news, sales, or by means of any other media, or by its inclusion in a private or public database. - An appraisal of real property is not a'property inspection' and should not be construed as such. As part of the valuation process, the appraiser performs a non-invasive visual inventory that is not intended to reveal defects or detrimental conditions that are not readily apparent. The presence of such conditions or defects could adversely affect the appraiser's opinion of value. Clients with concerns about such potential negative factors are encouraged to engage the appropriate type of expert to investigate. - Values for various components of the subject parcel and improvements or the value derived by one or two approaches to value as contained within this report are valid only when making a summation or final opinion of value and are not to be used independently for any purpose and must be considered invalid if so used. A separate report on only a part of a whole property, particularly if the reported value exceeds the value that would be derived if the property were considered separately as a whole, must be stated as a fractional report. - Forecasts of effective demand for the highest and best use or the best fitting and most appropriate use were based on the best available data concerning the market and are subject to conditions of economic uncertainty about the future. HYPOTHETICAL CONDITIONS and/or EXTRAORDINARY ASSUMPTIONS (if applicable):This appraisal does not employ any hypothetical conditions. We are during the extraordinary assumption that the units which we could not inspect at the date of the appraisal inspection, are in similar condition as the ones we inspected. Attachment: 15954 Appraisals (15954 : Purchase of Real Property located at 1851 NW 1st Ct., Miami, FL 33136) GP COMMERCIAL Copyright© 2007 by a la mode inc. This farm may be reproduced unmodified without written permission, however, a la mode, inn. must be acknou Form GPSMCOMAD -'TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE Packet Pg. 381 5/2008 Scope of Work & Definitions COM24-02 File No.: JV03245617 Property Address: 1851 NW 1st Ct City: Miami Slate: FL Zip Code: 33136 Building Name (It applicable): N/A 2.4.a Client: Appraiser: Omni Community Redevelopment Agency Jofre Valencia, MAI, SRA, Cert Gen RZ3562 SCOPE OF WORK: Address: 1401 N Miami Ave, Miami, FL 33136 Address: 4251 SW 159th AVE, Miami, FL 33185 The Scope of Work is the type and extent of research and analyses performed in an appraisal assignment that is required to produce credible assignment results, given the nature of the appraisal problem, the specific requirements of the intended user(s) and the intended use of the appraisal report. Reliance upon this report, regardless of how acquired, by any party or for any use, other than those specified in this report by the Appraiser, is prohibited. The Opinion of Value that is the conclusion of this report is credible only within the context of the Scope of Work, Effective Date, the Date of Report, the Intended User(s), the Intended Use, the stated Assumptions and Limiting Conditions, any Hypothetical Conditions and/or Extraordinary Assumptions, and the Type of Value, as defined herein. The appraiser, appraisal firm, and related parties assume no obligation, liability, or accountability, and will not be responsible for any unauthorized use of this report or its conclusions. Additional Scope of Work Comments: We researched the most recent and similar comparable sales and rentals as of the effective date of the appraisal. In order to comply with the appraisal process, we have made a number of investigations and analysis. We have identified the client and other intended users and the intended use of the value opinions and conclusions. We have identified the type and definition of value to be developed; the real estate to be appraised; the real estate interest to be appraised ; any special conditions and assumptions necessary for the appraisal; any hypothetical condition; the effective date of value. We have inspected the exterior and portions of the interior of the subject property for the sole purpose of determining the general condition, configuration, and size of the property. We also have inspected the surrounding neighborhood, including comparable sales and rentals. The Scope of Work is the type and extent of research and analyses performed in an appraisal assignment that is required to produce credible assignment results, given the nature of the appraisal problem, the specific requirements of the intended user(s) and the intended use of the appraisal report. Reliance upon this report, regardless of how acquired, by any party or for any use, other than those specified in this report by the Appraiser, is prohibited. The Opinion of Value that is the conclusion of this report is credible only within the context of the Scope of Work, Effective Date, the Date of Report, the Intended User(s), the Intended Use, the stated Assumptions and Limiting Conditions, any Hypothetical Conditions and/or Extraordinary Assumptions, and the Type of Value, as defined herein. The appraiser, appraisal firm, and related parties assume no obligation, liability, or accountability, and will not be responsible for any unauthorized use of this report or its conclusions. The appraisal is based on the information gathered by the appraiser from public records, private data sources, other identified sources, inspection of the subject property and neighborhood, and selection of comparable sales within the market area. The appraiser?s inspectioi commonly is limited to those things readily observable without the use of special testing or equipment. The appraiser used any combination of property inspection, plans and specifications, asset records, photographs, property sketches, recorded media, etc., to gather information about the relevant characteristics of the subject property. The original source of the comparables is shown in the Data Source section of the market grid along with the source of confirmation, if available. The original source is presented first. The sources and data are considered reliable. When conflicting information was provided, the source deemed most reliable has been used. Data believed to be unreliable was not included in this report nor was used as a basis for the value conclusion. Exterior, drive -by inspections of the comparables consist only of a front view and the afore mentioned data sources. drove by all comparable sales. The photographs of comparable sales and rentals may have been taken at this time or may be copies of photographs from the local Multi -List Service or the appraiser files. DEFINITIONS: 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 interests; 3. A reasonable time is allowed for exposure in 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 the normal consideration for the property sold unaffected by special or creative financing or sales concessions granted by anyone associated with the sale. * This definition is from regulations published by federal regulatory agencies pursuant to Title XI of the Financial Institutions Reform, Recovery, and Enforcement Act (FIRREA) of 1989 between July 5,1990, and August 24,1990, by the Federal Reserve System (FRS), National Credit Union Administration (NCUA), Federal Deposit Insurance Corporation (FDIC), the Office of Thrift Supervision (OTS), and the Office of Comptroller of the Currency (OCC). This definition is also referenced in regulations jointly published by the OCC, OTS, FRS, and FDIC on June 7,1994, and in the Interagency Appraisal and Evaluation Guidelines, dated October 27,1994. EFFECTIVE DATE OF THE OPINION OF VALUE*: Market forces are dynamic, and the appraiser's opinions and conclusions refer to a specific point in time. Given the client's needs and the nature of the assignment, the appraiser must identify the exact date the value opinion would be valid. The effective date of the opinion of value can be a current date, a retrospective(historical) date or a prospective (future) date. The date of opinion of value should not be confused with the date the appraisal report or letter of transmittal is signed. The effective Attachment: 15954 Appraisals (15954 : Purchase of Real Property located at 1851 NW 1st Ct., Miami, FL 33136) Packet Pg. 382 GP COMMERCIAL Cepyriphtm 2007 by a la mode ino. This term may be reproduced unmedidied without wninen permission, however, a la made, inc. must be acknou Form GPSMCOMAD -'TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE 5/2008 Appraiser Certifications COM24-02 File No.: JV03245617 Property Address: 1851 NW 1st Ct City: Miami State: FL Zip Code: 33136 Building Name (if applicable): N/A Z.4.a Client: Appraiser: Omni Community Redevelopment Agency Jofre Valencia, MAI, SRA, Cert Gen RZ3562 APPRAISERS CERTIFICATION: Address: 1401 N Miami Ave, Miami, FL 33136 Address: 4251 SW 159th AVE, Miami, FL 33185 certify that, to the best of my knowledge and belief:- The statements of fact contained in this report are true and correct.- The credibility of this report, for the stated use by the stated user(s), of the reported analyses, opinions, and conclusions are limited only by the reported assumptions and limiting conditions, and are my personal, impartial, and unbiased professional analyses, opinions, and conclusions.- I have no present or prospective interest in the property that is the subject of this report and no personal interest with respect to the parties involved.- I have no bias with respect to the property that is the subject of this report or to the parties involved with this assignment.- My engagement in this assignment was not contingent upon developing or reporting predetermined results.- My compensation for completing this assignment is not contingent upon the development or reporting of a predetermined value or direction in value that favors the cause of the client, the amount of the value opinion, the attainment of a stipulated result, or the occurrence of a subsequent event directly related to the intended use of this appraisal.- My analyses, opinions, and conclusions were developed, and this report has been prepared, in conformity with the Uniform Standards of Professional Appraisal Practice that were in effect at the time this report was prepared.- I did not base, either partially or completely, my analysis and/or the opinion of value in the appraisal report on the race, color, religion, sex, handicap, familial status, or national origin of either the prospective owners or occupants of the subject property, or of the present owners or occupants of the properties in the vicinity of the subject property. - Unless otherwise indicated, I have made a personal inspection of the property that is the subject of this report - Unless otherwise indicated, no one provided significant real property appraisal assistance to the person(s) signing this certification. ADDITIONAL CERTIFICATIONS: CERTIFICATION OF THE APPRAISERS We certify that, to the best of our knowledge and belief: 1. The statements of fact contained in this report are true and correct. 2. The reported analyses, opinions, and conclusions are limited only by the reported assumptions and limiting conditions, and is our personal, impartial and unbiase professional analyses, opinions, and conclusions. 3. We have no present or prospective interest in the property that is the subject of this report, and no personal interest with respect to the parties involved. 4. We have no bias with respect to property that is subject of this report or the parties involved with this assignment. 5. Our engagement in this assignment is not contingent upon developing or reporting predetermined results. 6. Our compensation for completing this assignment is not contingent upon the development or reporting of a predetermined value or direction in value that favors th cause of the client, the amount of the value opinion, the attainment of a stipulated result, on a required minimum valuation, the approval of a loan or the occurrence o a subsequent event directly related to the intended use of this appraisal. 7. Our analyses, opinions, and conclusions were developed, and this report has been prepared, in conformity with the requirements of the Code of Professional Ethic and Standards of Professional Appraisal Practice of the Appraisal Institute, which include the Uniform Standards of Professional Appraisal Practice (USPAP), and alst in conformity with the appraisal regulations issued in connection with the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 (FIRREA). 8. The use of this report is subject to the requirements of the Appraisal Institute relating to review by its duly authorized representatives. 9. The use of this report is subject to the requirements of the Appraisal Standards Board for the State of Florida relating to review by its duly authorized representatives. 10. Jofre Valencia, MAI, SRA, General Associate Members of the Appraisal Institute, has made a personal inspection of the property that is subject of this report 11. No one provided significant professional assistance to the person(s) signing this report. 12. Digital photographs taken of the subject property were not enhanced or altered in any way, shape or form. 13. We do not rely on un-supported conclusions relating to characteristics such as race, color, religion, national origin, gender, marital status, militant status, age, receiver of assistance income, handicap or an unsorted conclusion that homogeneity of such characteristics is necessary to maximize value. 14. We have experience in appraising sorties similar to the subject and in compliance th the Competency Rule of US 15. Jofre Valencia, MAI, SRA, Designated Members of the Appraisal Institute, is currently certified in the state in which the subject property is located. 16. As of the date of this report, Jofre Valencia, MAI, SRA , has completed the continuing education program of the Appraisal Institute. 17.Jofre Valencia, MAI, SRA has performed an appraisal service regarding the subject property within the last 36 months prior to the effective date of this appraisal report. 18. A true and complete copy of this report contains 55 pages including exhibits which are considered an integral part of the assignment. The appraisal report may n be properly understood without access to entire report. SIGNATURES Client Contact: Isiaa Jones Client Name: Omni Community Redevelopment Agency E-Mail: isiones@miamigov.com Address: 1401 N Miami Ave, Miami, FL 33136 APPRAISER Appraiser 3ofre Valencia, MAI, SRA, Cert Gen RZ3562 Company: Deutsche Valuations Phone: (786) 285-1205 Fax: (305) 359-3280 E-Mail: jofre27@yahoo.com Date Report Signed: 03/15/2024 License or Certification # Cert Gen RZ3562 State: FL Designation: State -certified general real estate Appraiser RZ3562 Expiration Date of License or Certification: 11 /30/2024 Inspection of Subject: ® Interior & Exterior E Exterior Only E None Date of Inspection 03/08/2024 SUPERVISORY APPRAISER (if required) or CO -APPRAISER (if applicable) Supervisory or Co -Appraiser Name: Company: Phone: E-Mail: Fax: Date Report Signed: License or Certification #. Designation: State: Expiration Date of License or Certification: Inspection of Subject Date of Inspection. Interior & Exterior Exterior Only r None mode, inc. must be acknov Attachment: 15954 Appraisals (15954 : Purchase of Real Property located at 1851 NW 1st Ct., Miami, FL 33136) Packet cket Pg. 383 GP COMMERCIAL Copyright© 2007 bt a la mode inc. This form may be reproduced unmodified without written permission, however Form GPSMCOMAD -'TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE 5/2008 2.4.a SUMMARY OF SALIENT FEATURES 0 g ES Subject Address Legal Description City County State Zip Code Census Tract Map Reference 1851 NW 1stCt Waddells Add To Miami Pb B-53 S1/2 Lot 3 & N1/2 Lot 6 Blk 23 Lot Size 60 X 125 Or 14757-1483 07 Miami Miami -Dade FL 33136 0031.00 33124 8 Sale Price Date of Sale $ N/A N/A Borrower Lender/Client OMNI Omni Community Redevelopment Agency Y, gE Size (Square Feet) Price per Square Foot Location Age Condition Total Rooms Bedrooms Baths 2,576 SqFt $ 496.89 Miami 70 Good/Renovated 14 6 6 cc a d a Appraiser Date of Appraised Value Jofre Valencia, MAI, SRA, Celt Gen RZ3562 03/08/2024 a Opinion of Value $ 1,280,000 Attachment: 15954 Appraisals (15954 : Purchase of Real Property located at 1851 NW 1st Ct., Miami, FL 33136) Form SSM2 - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE Packet Pg. 384 Deutsche Valuation (786)285-1205 COMMERCIAL PROPERTY SUMMARY APPRAISAL REPORT COM24-02 File No.: JV03245617 Property Address: 1851 NW 1st Ct City: Miami Slate: FL Zip: 33136 County. Miami -Dade Legal Description: Waddells Add To Miami Pb B-53 S1/2 Lot 3 & N1/2 Lot 6 Blk 23 Lot Size 60 X 125 Or 2.4.1 1- U w CO 0) rn 14757-1483 0890 4 Coc 23470-4349 09 2003 1 Building Name (it applicable): N/A Parcel ID #(s): 01-3125-048-0650 Borrower ('if applicable): OMNI Current Owner of Record: Sherman W Bullard Property Use (if mixed, check all that apply): Comments on Property Use: Market Area Name: ❑ Office Commercial ❑ Industrial ❑ Retail ® Other (describe) Apartment Building It is a medium sized residential income property with 6 units in one 2-story building. None unit is currently rented. OMNI Map Reference: 33124 Census Tract: 0031.00 ASSIGNMENT PARAMETERS The purpose of this appraisal is to develop an opinion of: ® Market Value (as defined), or ❑ ether type of value (describe) Intended Use: The use of this appraisal is to establish the current, "as -is" in fee simple interest, market value of the subject property. Intended User(s) (by name or type) The client: Omni Community Redevelopment Agency This report isnot intended by the appraiser(s)for any other use or by any other user(s). The appraiser(s) assume no liability for any unauthorized use of this appraisal report Client: Address: Omni Community Redevelopment Agency 1401 N Miami Ave, Miami, FL 33136 Phone: (305) 679-6868 Appraisal Company: Deutsche Valuations Fax: Contact. Isiaa Jones E-mail: fllop-noy@miamigov.com Address: 4251 SW 159th AVE, Miami, FL 33185 Phone: (786) 285-1205 Appraiser: Fax: (305) 359-3280 Web: www.deutschevaluations.com Jofre Valencia, MAI, SRA, Cert Gen RZ3562 Designation: State -certified general real estate Appraiser Certificate or License #: Cert Gen RZ3562 Co -Appraiser: Designation: Certificate or License #: Expiration Date: 11/30/2024 State: FL Expiration Date: State: Property Rights Appraised: ® Fee Simple Leasehold 0 Leased Fee E Other (describe) Reporting Option(s): ® Summary Appraisal Report Restricted Use Appraisal Report 0 Other (describe) This report reflects the following value (It not Current, see comments): ® Current (the Inspection Date is the Effective Date) Retrospective Prospective ® If checked, this report is also subject to the following Hypothetical Conditions and/or Extraordinary Assumptions: Hypothetical Conditions (if applicable). The appraisal was not completed contingent to any hypothetical condition. Extraordinary Assumptions (n applicable): We are doing the extraordinary assumption that the units which we could not inspect at the date of the appraisal inspection, are in similar condition as the ones we inspected SCOPE OF WORK Extent of Inspection of Subject Property: Data Sources Used: ® MLS ® Public Records ® Appraiser's Files Appraiser: ® Interior & Exterior Exterior Only None Date of Inspection: 03/08/2024 X Lender and/or Client X Owner E Plans & Specifications E Contract Co- or Supervisory Appraiser: Date of Inspection: Interior & Exterior Exterior Only n None X Other (describe) FARES, Realist, imapp, LoopNet, and CoStar. Building Area Measured? ® Yes ❑ No ❑ Approaches to Value Developed for This Appraisal: ❑ Cost Approach X Sales Comparison Approach ® Income Approach Reasons for Excluding an Approach to Value The Cost Approach is particularly applicable when the property being appraised involves relatively new improvements, which represent the highest and best use of land, or when relatively unique or specialized improvements are located on the site for older properties like the subject. It is difficult to estimate the accrued depreciation accurately.. Investors do not typically rely on the Cost Approach when purchasing a property such as the subject of this report. Furthermore, in the present market conditions the real estate properties are being sold below the cost to build them. Therefore, the Cost Approach was not developed. As result the cost approach has reduced credibility. Additional Scope of Work Comments The Scope of Work is the type and extent of research and analyses performed in an appraisal assignment that is required to produce credible assignment results, given the nature of the appraisal problem, the specific requirements of the intended user(s) and the intended use of the appraisal report. Reliance upon this report, regardless of how acquired, by any party or for any use, other than those specified in this report by the Appraiser, is prohibited. The Opinion of Value that is the conclusion of this report is credible only within the context of the Scope of Work, Effective Date, the Date of Report, the Intended User(s), the Intended Use, the stated Assumptions and Limiting Conditions, any Hypothetical Conditions and/or Extraordinary Assumptions, and the Type of Value, as defined herein. The appraiser, appraisal firm, and related parties assume no obligation, liability, or accountability, and will not be responsible for any unauthorized use of this report or its conclusions. The appraisal is based on the information gathered by the appraiser from public records, private data sources, other identified sources, inspection of the subject property and neighborhood, and selection of comparable sales within the market area. The appraisers inspection commonly is limited to those things readily observable without the use of specia testing or equipment. The appraiser used any combination of property inspection, plans and specifications, asset records, photographs, property sketches, recorded media, etc., to gather information about the relevant characteristics of the subject property. The original source of the comparables is shown in the Data Source section of the market grid along with the source of confirmation, if available. The original source is presented first. The sources and data are considered reliable. When conflicting information was provided, the source deemer most reliable has been used. Data believed to be unreliable was not included in this report nor was used as a basis for the value conclusion. Exterior, drive -by inspections of the comparables consist only of a front view and the afore mentioned data sources. I drove by all comparable sales. The photographs of comparable sales and rentals may have been taker at this time or may be copies of photographs from the local Multi -List Service or the appraiser files. VALUE SUMMARY Value Indication - Total Site Value. Value Indication - Cost Approach: Value Indication - Sales Comparison Approach: Value Indication - Income Approach: N/A(see above explanation) N/A(see above explanation) Applicable Applicable Opinion of Value of any Personal Property and/or Other Non -Realty Interests Included: DATE OF REPORT: 03/15/2024 Not applicable DATE OF INSPECTION: 03/08/2024 N/A N/A 1,200,000 1,360,000 N/A OPINION OF VALUE (as defined): $ 1,280,000 (as is) and/or$ 496.89/SF (other, describe) and/or $213,000/ Unit Attachment: 15954 Appraisals (15954 : Purchase of Real Property located at 1851 NW 1st Ct., Miami, FL 33136) EFFECTIVE DATE(S) OF VALUE: 03/08/2024 (as is) and/or (other, describe) GP COMMERCIAL Copyright,,,, 2008 by a la mode ino. This form may be reproduced unmodified widout writlen permission, however, a la mode, inc. must be acknom Form GPSMCOM - "TOTAL' appraisal software by a la mode, inc. - 1-800-ALAMODE Packet Pg. 385 5/2008 COMMERCIAL PROPERTY SUMMARY APPRAISAL REPORT COM24-02 FileNo.: JV03245617 Market Area Name: OMNI Market Area Boundaries: The subject's neighborhood is bounded to the North by NW 20th Street, to the South by NW 14th Street, to the East by Biscayne Blvd, and to the west by 2.4.a MARKET AREA DESCRIPTION Characteristics Location: ® Urban ❑ Suburban ❑ Rural Built up: ® Over 75% ❑ 25-75% ❑ Under 25% Development: ❑ Increasing ® Stable ❑ Decreasing Value Trend: ❑ Increasing ❑ Stable ® Decreasing Rental Demand: ❑ Increasing ® Stable ❑ Decreasing Vacancy Trend: ❑ Increasing ❑ Stable ® Decreasing Present Land Use Vacant: 3 % Undersupply Balanced Oversupply Vacancy One -Unit Residential: 50 % ❑ ❑ X 2 % Multi -Unit Residential: 5 % ❑ X ❑ 6.3 % Commercial (office/retail/hotels): 20 % ❑ ❑ X 15.9 % Industrial: 0 % ❑ X ❑ 11.6 % Others: 22 % ❑ X ❑ 6 % Change in Land Use: ® Unlikely ❑ Likely * ❑ Taking Place * * From: * To. Change in Economic Base: ® Unlikely ❑ Likely * ❑ Taking Place * * From: * To. If any Changes In Land Use and/or Economic Base are Likely or Taking Place, Indicate the impact on property values: Positive ❑ Negative ❑ None ® N/A Comments an Land Use and/or Economic Base Changes and Impacts: N/A Marketability Factors Employment Stability. Convenience to Employment: Convenience to Shopping: Convenience to Schools. Adequacy of Public Transport.: Recreational Facilities: Exc. Good Avg. Fair Poor Exc. Good Avg. Fair Poar ❑ ® ® ❑ ❑ ❑ ❑ ® ® ❑ ❑ ❑ ❑ ® ® OEE ❑ ❑ ® ❑ ❑ ❑ ® OEE ❑ ❑ ® ❑ ❑ ❑ ® OEE ❑ ❑ ® ❑ ❑ ® EOEE The subject property is located within the City of Miami in Miami -Dade County. More specifically, it is located within the OMNI area. The immediate sector is mainly residential use with mixed commercial/retail uses located nearby, along the 1 corridors. There are no known factors that will negatively affect the marketability of the subject property. The subject property is located on NW 1st CT and with NW 14th Street is located at a close run from the subject. The subject is in an average market place in which residential properties similar to the subject take less than 6 months to sell. Property value are increasing. These figures were obtained from the appraisers observation of the marketing time for listings and sales within the immediate area and the ratio of the number of listings to sales. Also considered were the dynamics of the neighborhood, city and state economies. Market conditions surveyed for the past 12 months appear increasing: Sales volume increased 30 percent in the third quarter compared with a year ago, sales prices increased 20 percent in the third quarter on a year -over -year basis. Marketability Factors Adequacy of Utilities: Property Compatibility: Protection from Detrimental Cond.: Police and Fire Protection: General Appearance of Properties: Appeal to Market: Description Analysis of Market Area and Market Conditions (including support tor the above characteristics and trends): WA Description/Analysis of the usages of nearby properties and in the Subject's immediate area. Most of the properties near the subject are small multifamily apartments income properties and single family houses. Other uses such as retails, restaurants, gas station, church, and professional offices among others uses are also present. There are a lot of commercial activities along NW 14th Street, N Miami Avenue with retail stores, small supermarket, office buildings and gas stations. SUBJECT PROPERTY SALE/TRANSFER HISTORY Is the Subject Property currently listed for sale? X No ❑ Yes If currently listed: List Price: $ N/A Days on Market. N/A Analysis of Listing: As of the effective date of the appraisal report the subject has not been listed within the past twelve months. Is the Subject Property currently under Contract or Option? X No ❑ Contract ❑ 0ptian Has the Contract or Option been reviewed? ❑ Yes ❑ No ® N/A Date of Contract or Option. N/A Expires: N/A Contract Price: 8 N/A Closing Date: N/A Buyer: N/A Seller. N/A Analysis of Contract/Option: for sale. to the extent of out knowledge as of the date of the report, the subject is not under contract and is not being listed My research ❑ did ® did not reveal any prior sales or transfers of the subject property for the three years prior to the effective date of this appraisal. Data Source(s): FARES/MLS/ Realist/ Miami -Dade Property Appraiser Webpage. Subject Sale/Transfers Prior Sale/Transfer # 1 Prior Sale/Transfer # 2 Prior Sale/Transfer # 3 Date of Sale/Transfer: 09/29/1995 08/01/1990 Sale/Transfer Price: Data Source(s): $15 000 Pub.Records/MLS/Realist $0 Pub.Records/MLS/Realist Pub.Records/MLS/Realist Analysis of Sale/Transfer History: A stated above there has been no recorded transfer of ownership in the past three years prior to the effective date of this appraisal report. See supplemental Addendum. ASSESSMENT Assessment Date: 01/01/2023 Parcel(s) Assessed. 01-3125-048-0650 Assessed Value: Total: $ 806,866 Current Taxes. Yea 2023 Tax Amount: $ Comments: Property assessment value is expected to increase in the next year, due the increasing market, 9,646.36 Special Assessments: $ .00 Comments: The current 2023 Tax assessment for the subject property is:$306,059 and the tax amount is: $9,646.36. Land Value is $487,800 and improvement value is $319,066, 39.69% of the total assessment value. The total assessment is an increase of approximately 40*1 over last year total , The change im taxes from 2022 to 2023 was $1,965.08. Attachment: 15954 Appraisals (15954 : Purchase of Real Property located at 1851 NW 1st Ct., Miami, FL 33136) N/A GP COMMERCIAL Copynghtn 2008 by a la made Inc. This form may be reproduced unmodified wnhoutwnflco permission, however a la mode, Inc. must be acknov Form GPSMCOM - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE Packet Pg. 386 5/2008 COMMERCIAL PROPERTY SUMMARY APPRAISAL REPORT COM24-02 File No.: JV03245617 Total Site Dimensions: Unknown, the appraiser was not provided with a copy of the subject's survey Total Site Area: 7,500 Sq.Ft. Excess Site Area (if applicable): 0 Sq.Ft. Net Site Area. 7,500 Sq.Ft. 2.4.a Street Frontage +/- 50 Ft. (as per Plat Map) Other Site Features or Elements. ® Inside Lot ❑ Corner Lot ❑ Cul de Sac ❑ Underground Utilities ® Other (describe) Metal & Chain Link fence Concrete Patio and SITE DESCRIPTION Utilities Electricity: Gas: Water: Sanitary Sewer: Storm Sewer: Telephone: Multimedia: ❑ ® ATT/Comcast Public Other X ❑ FPL Provider/Description ❑ ❑ None X ❑ MWSDP X ❑ MWSDP X ❑ MWSDP ❑ X ATT/Comcast Off -site Improvements Type Public Private Street: One main lane X ❑ Width: Two Lane Surface: Curb/Gutter. Sidewalk: Street Lights. Alley: Asphalt Available Concrete Pole N/A ® ❑ ® ❑ ® ❑ ❑ ❑ Topography: Level Size: Shape: Utility: Drainage View Rail Access: Typical Rectangular (Interior) Typical for the Area Appears Adequate Residential/Avg. There is not rail access facility within two mile from the subject building. description: n/a Does the Subject Properly lie within a FEMA Special Flood Hazard Area: Yes ® No FEMA Rood Zone: X FEMA Map #: 12086C0312L FEMA Map Date: 9/ 11 /2009 Are any environmental issues known or suspected? ❑ No ® If yes, describe: According to Miami -Dade public records, there are six contaminated sites within 1/4 mile radius of the subject site. See supplemental addendum for further information. No environmental impact studies were provided for this appraisal. Subsequent environmental studies, research, investigation, and resulting government actions could impact the value estimates contained and thus we reserve the right to revise the report and final value if such items are discovered. Soil Conditions: Easements: Appears to be firm and with good drainage. The land is assumed to be adaptable for normal usage without abnormal expenditures None known Encroachments: No visible encroachments were noted during the inspection of the subject property. No condemnation has been notified to the sponsor, nor do the appraisers seem to notice any in the near future. Site Comments: The site is a typical lot for the neighborhood with adequate front setback for the zoning. The site does meet rear setback. The yard has a concrete patio. Off-street paved parking are available for the residential use. 0 N N Zoning Classification: T3-O: Sub -Urban Zone: MULTI -FAMILY, LOW -DENSITY (18 DU/GROSS ACRE). Zoning Description: The T3-O Sub -Urban Zone is designed for low intensity, low rise, single-family and multiple -family residences. The conditional uses include: adult congregate living facility; day care facility; nursing home; religious institutions; private and public institutions; schools; and commercial or noncommercial parking lots and garages. Do present improvements comply with existing zoning requirements? ® Yes ❑ No Comments: (a) Any structure erected in an T3-O Sub -Urban Zone district shall conform to the general type of construction and characteristics of that neighborhood.(b) No building shall be erected of other than masonry construction in any T3-O district. The subject construction appears to meet this guidelines. Does the subject site comply with existing zoning requirements? ® Yes ❑ No Comments: (a) In the T3-O Sub -Urban Zone:, 20ft for the rear yard setback. (b) 5000 sq.ft lot minimum, green space requirements 25% lot area min, (c) Building Setback Front: 20 ft min, Side 5 ft min, Rear 20ft min, density 18 du/acre mas, lot coverage 30% max. Uses allowed under current zoning: In the T3-O Sub -urban ZOne, no building or land shall be used and no building shall be erected, constructed, reconstructed or structurally altered which is designed, arranged or intended to be used or occupied for any purpose, unless otherwise provided for, excepting for one or more of the following uses: single-family detached dwelling; townhomes; apartments; hotels. Zoning Change: ® Unlikely ❑ Likely * ❑ Taking Place * * To Comments: Base on the current zoning code, the future land use for this area, the subject can be any use as multiple -family residences and apartments, including every customary or accessory use not inconsistent therewith, including private and storage garages not involving the conduct of a business. Tt)ere Attachment: 15954 Appraisals (15954 : Purchase of Real Property located at 1851 NW 1st Ct., Miami, FL 33136) is not sign of any redevelopment in the area for the near future, due to the unstable real estate market and the high unemployment rate GP COMMERCIAL CepyrlehCW 2008 by a la mode me. This term may be reproduced unmedidied without eurieen permission, however, a la mode. inc. must be acknovd Form GPSMCOM - "TOTAL' appraisal software by a la mode, inc. - 1-800-ALAMODE Packet Pg. 387 5/2008 COMMERCIAL PROPERTY SUMMARY APPRAISAL REPORT COM24-02 FileNo.: JV03245617 General Description Property Type, Residential Income Property -Medium Sized Year Built: 1954 Actual Age: 70 Effective Age: 2 2.4.a DESCRIPTION OF THE IMPROVEMENTS # of Buildings: # of Stories: 2 Total Estimated Economic Life: 55 Construction Type: CBS Estimated Remaining Economic Lite: 53 Construction Status: ® Existing ❑ Proposed ❑ Under Construction Dual'dy: Average Building Breakdown Building Identification and Areas Units #1,2,3 Units #4,5,6, Condition: Good Roor First Second Net Rentable Area Sq.Ft. 1,288.06 1,288.06 Design or Style: Other: Sq.Ft. Two -Story Multifamily Other Net Area Describe Total Net Area Sq.Ft. 1,288.06 1,288.06 Common Area Sq.Ft 0 0 GBA Sq.Ft. 1,288.06 1,288.06 Column Totals Sq.Ft. 2,576.12 2,577 2,576.12 Describe Common Building Areas: Storage/Utility, Stairs, corridors, parking places and open patio. Usage Breakdown - All Buildings Usage Type Office: Total Net Sq.Ft. 0 Usage % 0% Building Ratios- Combined Item Building Efficiency Ratio (Net Building Area Sq.Ft./GBA Sq.Ft.): Calculated Value 100.00 % Retail: 0 0% Roar Area Ratio (GBA Sq.Ft/Net Site Sq.Ft.): 34.35 % Warehouse: Manufacturing: Distribution: 0 0 0 0% 0% 0% Research/Development: Residential: 0 2,576 0% 100 % Building(s) Total Footprint: 1,288.06 Sq.Ft. Ground Coverage Ratio (Footprint Sq.Ft/Net Site Sq.Ft.): 17.17 % Comments: The total footprint is 1288 S.F. The area of the laundry, staircse and storage/utility was not included. Parking Breakdown Item On Site: None Description Industrial Features ® Not Applicable Item # of Overhead Doors: Other Building Features ® None Noted Item Description Adequacy: Average Covered: None Garage: None Surface: Asphalt Total # of Spaces: OSP Spaces/1,000 Sq.Ft. GBA: N/A Improvement Rating Appeal/Appearance: Hoer Plan/Design: Construction Duality: Exterior Condition: Interior Condition: Roof Cover: Insulation. Plumbing: Electrical: # of Loading Bays: Floor Height (Feet): Ceiling Height (Feet): Column Spacing (Feet): Railroad Spur: Other: Exc. Good Avg. Fair Poor EXEEE EXEEE EXEEE EXEEE EXEEE EXEEE EXEEE EXEEE EXEEE Building Characteristics Item Foundation. Frame: N/A ❑ Yes ❑ No Improvement Rating Heating: Air Conditioning: Elevators: Parking Area: Fire Suppression: Landscaping: Exc. Good Avg. Fair Poor O EXEEEWE O EXEEEWE O EXEE O EXEE EEEEEEWE EWE Concrete Slab on spread concrete footings foundation. CBS/Reinforced structural frame. Description N/A Exterior Walls: Roof Support: Masonry Walls, colored reinforced block with stucco finish. Concrete slab. Roof Cover: BUG Interior Partitions: Ceiling: Insulation. Floor & Covering: Gypsum board and colored interior stucco Gypsum wallboard Fiber glass Ceramic tile Plumbing: Electrical: Heating: Assumed galvanized drain pipe and average porcelain fixtures and coper supply. Conduit wiring FWA Air Conditioning: 6 individual central air condition units Elevators: N/A Fire Suppression: smoke detectors Other Site Improvements. There is a 21 SF storage/utility room, landscaping, and metal and chain link fence. Personal Property and/or Other Nan -Realty Interests Included in Opinion of Value: S N/A Attachment: 15954 Appraisals (15954 : Purchase of Real Property located at 1851 NW 1st Ct., Miami, FL 33136) GP COMMERCIAL CnpyriphtO: 2008 by a la mode ino. This term may be reproduced unmedidied witout writlen permission, however, a la mode, inc. must be acknov Form GPSMCOM - "TOTAL' appraisal software by a la mode, inc. - 1-800-ALAMODE Packet Pg. 388 5/2008 COMMERCIAL PROPERTY SUMMARY APPRAISAL REPORT COM24-02 FileNo.: JV03245617 2.4.a DESCRIPTION OF THE IMPROVEMENTS (continued) Comments on the Improvements: The subject has a flat concrete roof covered with BUG. The height on the first floor is 8'-6". The second floor has a height of 8'-1" with attic. The subject has impact resistant glasses on all windows which provide a good safety system again hurricane. This feature has additional advantage of discount in hazard insurance. The air conditioner system is composed by fifteen wall air conditioner units. Each one of the six dwelling units has its power supply and water meters. The electrical systems have an average number of outlets according to code and specific area use, and consist of flexible conduit wiring. The improvements include a two-story building totaling 2,576 SqFt of covered area. The covered area on both floors is interiorly delimited in areas under air conditioned comprising 1,288.06 SqFt on the first floor and 1,288.06 SqFt on the second floor and no climatize areas with 21 SqFt on the first floor . two exterior stairs provide access to units on the second floor. Interior layout and uses are depicted on the included sketch of the property. FRONT PARKING FACILITIES Over 6 parking spaces are available within the premises on the off -site street parking available for the tenants on the main street. There is also some extra parking area on the Rue Vendome. Fire Protection System The buildings have fire protection system consisting of smoke detectors, and extinguisher. This is in concordance with the Code. Condition at the Time of Inspection The building was constructed in 1954 but it was complete renovated and redone in 2022. At the time of the appraisal the building was in new condition having been properly maintained and updated. All Units have been painting at the time of appraisal date. It was also vacant. All six aparments were inspected. SUBJECT ROOM COUNT Unit # Type Bed/Bath 1 Apartment 2/1 2 Apartment 0/1 3 Apartment 1/1 4 Apartment 2/1 5 Apartment 0/1 6 Apartment 1/1 HIGHEST AND BEST USE Summary of Highest & Best Use. It is to be recognized that in cases where a site has existing improvements on it, the highest and best use may very well determined to be different from the existing use. The existing use will continue, however, unless and until land value in its highest and best use exceeds the total value of the property in its existing use. Implied within these definitions is recognition of the contribution of that specific use to community environment or to community development goals in addition to wealth maximization of individual property owners.. Also implied is the determination of highest and best use results from the appraiser?s judgment and analytical skill, i.e., that the USE determined from analysis represents an opinion, not a fact to be found. Physical Qualities The subject's site size appears to be adequate for the property use. It contains 7,500 Sq.Ft, is regular in shape configuration and has approximately 50'. feet access exposure to 1st Court. The subject site has level topography and apparently good drainage. The subject site has typical governmental services provided for the neighborhood, The subject is also served with the public utilities and services provided by the County and City Governments Legal Limitation of Use The subject site falls within a multi -family zoned district. Multi -family development is appropriate and assumed to have been approved. The immediate area is comprised of residential, commercial and some retail properties, with similar appropriate improvements. Feasible and Economic Use The contracted lease of the improvements suggests economic feasibility Maximally Productive Highest and Best Use The future lease of the improvements suggests the lease fee value will represents the maximally productive and the current optimal Highest and Best Use of the site is as an improved multi -family building. As is. Highest & Best Use as if vacant: The subject is zoned T3-O, Multi -Family Residential District which entitles the property to be utilized as a Multi -family building. The subject is located within City of Miami, surrounded by residential uses and near to retail, hotels and office uses. Given its surroundings and considering the subject's zoning, the only permitted uses under zoning that are consistent with prevailing land use patterns in the area are its current use as a Multi -family residence building, and smaller -scale motels, guest houses, and multi -family residences as apartments. However, a prudent and conservative outlook for the H&BUs as though vacant for the subject property is to held for future development for a 3-5 year period. Highest & Best Use as improved. ® Present use ❑ Proposed use (explain) ❑ Other use (explain) The subject property passed all these criteria. indeed, it is legally permissible, Zoned T3-O, it is physically possible because the subject enjoys the utilities typical of the neighborhood, and has the set back according the municipal code, it is financially feasibly because units for rent are in demand and the building is full rented with good income to support a mortgage payment. Vacancy is low in the area (2%-4%). It enjoys almost maximal productivity due to its 93% occupancy and its good location near to the beaches. Based on the analysis of subject?s physical attributes, locational influences, legal limitation of use, the appraisers are of the opinion that the Highest and Best Use of the subject property as of the date of this Appraisal Report is for Multi -family residential use. Actual Use as of Effective Date, Multi -Family Residence Attachment: 15954 Appraisals (15954 : Purchase of Real Property located at 1851 NW 1st Ct., Miami, FL 33136) Use as appraised in this report Multi -Family Residence GP COMMERCIAL cepyriphtm 2008 by a la mode inc. This farm may be reproduced unmodified without written permission, however, a la mode, inc. must be acknom Form GPSMCOM - "TOTAL' appraisal software by a la mode, inc. - 1-800-ALAMODE Packet Pg. 389 5/2008 COMMERCIAL PROPERTY SUMMARY APPRAISAL REPORT COM24-02 File No.: JV03245617 Methodology - The Opinion of Site Value Is derived by the utilization of the following method(s) (see attached addenda for definitions): ❑ Sales Comparison ® Allocation Method ❑ Extraction Method ❑ Land Analysis (see attached addendum) Z.4.a ❑ Other Method (describe) Methodology Comments: Due to the fact that in case of an older property, the identification and determination of the amount of depreciation is less reliable. Furthermore, no recent land sales of similar size as the subject site are available to establish reliable land value estimates. FEATURE SUBJECT PROPERTY COMPARABLE SITE N0. 1 COMPARABLE SITE N0. 2 COMPARABLE SITE N0. 3 Address 1851 NW 1st Ct Miami, FL 33136 Proximity to Subject Miam Lot/Map Identifier Blk 2 Lot 3 II! SITE VALUATION Sale/Deed Reference N/A Data Source(s) RealQuest/MLS/Pub. Verification Source(s) Sale Price Inspection N/A C.E. ADJUSTMENTS DESCRIPTION DESCRIPTION +(-) $ Adjust DESCRIPTION +(-) $ Adjust DESCRIPTION +(-) $ Adjust Rights Appraised Dale of Sale/Time Fee Simple N/A Conditions of Sale Sale Concessions Average N/A Cash Equivalent Price $ C.E.Price/ Sq.Ft. VALUE ADJUSTMENTS Net Site Area (in Sq.Ft.) Location DESCRIPTION 7,500 Urban/interior DESCRIPTION +(-) % Adjust 0 DESCRIPTION +(-) % Adjust DESCRIPTION +(-) %Adjust -5 Topography Level Shape/Utility Utilities Site Improvements Zoning Regular/ Typical Typical for the area as though vacant T3-O Net Adjustment (Total, in $) ❑ + ❑ - ❑ + -5 Net Adjustment (Tota , in % of $ / Sq.Ft.) Adjusted Sale Price (in $ / Sq.Ft.) Net Gross Net Gross Net Gross -5.0 10.0 % (-5.00 % of $/Sq.Ft.) Comments/Analysis of Comparable Sites: The Cost Approach is more useful when used to ap praise new or almost properties. The Cost Approach may also be used to show the economic feasibility of a new property when related to the final value estimate. In the case of the subject property, an older property, the identification and determination of the amount of depreciation is less reliable. The Cost Approach was therefore not developed for this appraisal. The site value was estimate using the allocation method and tax data. Comments/Analysis of Excess And (if applicable). N/A Net Site- Indicated Value Net Site Area. 7,500 Sq.Ft. x Indicated Value of Net Site per Unit Area: 76.6666 575,000 Attachment: 15954 Appraisals (15954 : Purchase of Real Property located at 1851 NW 1st Ct., Miami, FL 33136) Excess Land - Indicated Value (if applicable) Excess And Area: 0 Sq.Ft. Indicated Value of Excess Land per Unit Area: S =$ 0 INDICATED VALUE OF THE SUBJECT TOTAL SITE (Net Site Indicated Value + Excess Land Indicated Value) _ $ GP COMMERCIAL Cepyriphtm 2008 by a la mode no. This term may be reproduced unmodified without writlen permission, however, a la made, no. must be aeknovu Form GPSMCOM - "TOTAL' appraisal software by a la mode, inc. - 1-800-ALAMODE Packet Pg. 390 5/2008 COMMERCIAL PROPERTY SUMMARY APPRAISAL REPORT COM24-02 File No.: JV03245617 This Cost Approach Analysis is based upon: H Replacement Cost New, or H Reproduction Cost New (see comments) Source of Cost Data: Marshall& Swift, 2024 National Building Cost Book and Local General Contractors 2.4.a COST APPROACH Multipliers: Current Multiplier: Comments on cost data, multipliers, etc.. Local Multiplier: Structure Breakdown Building or Component Area Unit Cost Basic Current Sq.Ft. S/Sq.Ft Cost Multiplier Cost X =$ X X X =$ X Local Multiplier: Area Multiplier: Story Height Multiplier: BUILDING = S Building or Component Area Unit Cost Basic Current Sq.Ft. S/Sq.Ft Cost Multiplier Cost X _$ X X X I BUILDING = S Building or Component Area Unit Cost Basic Current Sq.Ft. S/Sq.Ft Cast Multiplier Cost X =$ X =$ X X X I BUILDING = S ALL BUILDINGS - TOTAL COST NEW = S Site Improvements &Additional items Description Basic Current Quantity Unit Cost Cost Multiplier Cost X =$ x X =$ x X =$ x =$ X I SITE IMPROVEMENTS & ADDITIONAL ITEMS - TOTAL COST NEW = S ALL IMPROVEMENTS -TOTAL COST NEW = $ Entrepreneurial Profit & Soft Costs All Improvements Description Y Total Cost New Cost X X I ENTREPRENEURIAL PROFIT & SOFT COSTS - TOTAL COST NEW = S GRAND TOTAL - COST NEW = $ Physical Depreciation - Long-lived Items Description Effective Economic Depreciation And/Or Depreciation Age Life % Lump Sum Amount Physical Depreciation - Short-lived Items Description Effective Economic Depreciation And/Or Depreciation Age Life b Lump Sum Amount Functional Obsolescence Description Depreciation Ao8Dr Depreciation b Lump Sum Amount Economic Obsdescence Description Depreciation And/Or Depreciation k Lump Sum Amount TOTAL DEPRECIATION = DEPRECIATED VALUE OF THE IMPROVEMENTS =S OPINION OF NET SITE VALUE = S OPINION OF VALUE OF EXCESS LAND =S 575,000 0 OPINION OF VALUE OF PERSONAL PROPERTY and/or OTHER NON -REALTY INTERESTS INCLUDED = S OTHER ITEM(S) AFFECTING THE COST APPROACH VALUE (Happlicable) = S INDICATED VALUE BY COST APPROACH =S N/A FINAL INDICATION OF VALUE BY COST APPROACH (ROUNDED) = $ N/A Comments/Analysis of the Cost Approach: As mentioned before, the Cost Approach was not developed. The subject's age makes it difficult to accurately evaluate the accrued physical depreciation and consequence obsolescence. Furthermore, in the present market conditions, the properties are being sold below the cost to build them. This fact tends to make the Cost Approach unreliable. Investors do not typically rely on the Cost Approach when purchasing a property similar to the subject of this report. Therefore, we have not utilized the Cost Approach to develop an opinion of the market value in this assignment. Attachment: 15954 Appraisals (15954 : Purchase of Real Property located at 1851 NW 1st Ct., Miami, FL 33136) GP COMMERCIAL Cepyripht0: 2008 by a la mode ino. This term may be reproduced unmedidied witout written permission, however, a la mode. inc. must be acknov Form GPSMCOM - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE Packet Pg. 391 5/2008 COMMERCIAL PROPERTY SUMMARY APPRAISAL REPORT COM24-02 File No.: JV03245617 FEATURE I SUBJECT PROPERTY COMPARABLE SALE N0.1 COMPARABLE SALE N0.2 COMPARABLE SALE N0. 3 2.4.a COMPARABLE SALES ANALYSIS Address 1851 NW 1st Ct Miami, FL 33136 Proximity to Subject 1720 NW 1st PI Miami, FL 33136 0.14 miles SW 172 NW 12th St Miami, FL 33136 0.55 miles S 1745 NW 1st PI Miami, FL 33136 0.10 miles SW Building Usage/Name Sale/Deed Reference Data Source(s) Apartment Building N/A MLS/Real i st/P u b. Rec. Apartment Building 333088-2090 Realist/MLS# A2100789 Apartment Building Bk 33424/Pg 800 Realist/MLS# A11216588 DOM:84 Apartment Building 33218-4715 Realist/MLS# A11113341 DOM: 148 Verification Source(s) Sale Price Inspection S N/A Observation from the St/WD/MLS $ 1 500,000 Observation from the St/WD/MLS s 1 075,000 Sarahi GUtierrez:786-728-1689 s 2,000,000 C.E. ADJUSTMENTS DESCRIPTION DESCRIPTION +(-) $ Adjust DESCRIPTION +(-) $ Adjust DESCRIPTION +(-) $ Adjust Rights Appraised Dale of Sale/Time Conditions of Sale Sale Concessions Fee Simple N/A N/A N/A Fee Simple 07/21/2022 Cash/arm-length None known +150,000 Fee Simple 10/07/2022 Cash/arm-length None known 91,000 Fee Simple 07/26/2023 Cash/arm-length None known Market Condition Cash Equivalent Price C.E.Price/GBA Increasing s N/A Increasing 422.21 1,650,000 Increasing 445.38 1,166, 000 Increasing 505.18 2,000,000 VALUE ADJUSTMENTS Net Building Area Gross Building Area Net Site Area (in Sq.Ft.) Location DESCRIPTION 2,576.12 sq.ft 2,576.12 sq.ft 7,500 Urban/interior DESCRIPTION 3,908 sq.I1. 3,908 sq.lt. 5,520 Urban/interior +(-) % Adjust DESCRIPTION 2,618 sq.lt 2,618 sq.lt 4,750 Urban/interior +(-) % Adjust +1 DESCRIPTION 3,300 sgft 3,959 sq.ft 6,360 Urban/interior +(-) %Adjust Type of Construction CBS CBS CBS CBS Construction Duality Age Good 70 Year Average 72 Years Average 64 Years Average 73 Years Condition Parking Good/Renovated OSP/6 Average -to -Good OSP/10 +4 Good/Renovated OSP/6 Average -to -Good OSP/10 +5 Units 6 10 6 10 Bedroom/Bathroom 6/6 10/10 6/6 10/10 Annual Rent Cool &Heating Design DOM N/A CAC/FWA 2-story/multi-family N/A $114,000 Wall/windows units 2-story/multi-family N/A +1 $86,400 Wall/windows units 2-story/multi-family 84 +1 $220,800 Wall/windows units 2-story/multi-family 148 +1 Zoning T3-O Net Adjustment (Total, in $) Net Adjustment (Total, in / of $ / SF GBA) Adjusted Sale Price (in $ / SF GBA) X+ ❑- Net Gross 5.0% 5.0 % 82,500 (5.00 % of S/SF GBA $ 443.32 ®+ ❑- Net Gross 2.0 2.0 % 23,320 (2.00 % of $/SF GBA 454.29 ®+ ❑- Net Gross 6.0 % 6.0 120,000 (6.00 % of $/SF GBA 535.49 Comments/Analysis of Comparable Sales: Sales recited are from subject neighborhood and are in acceptable proximity to the subject. They are the most recent and most comparable found. All value affecting dissimilarities were adjusted according to market reaction. Secondary market standards for net and gross adjustment percentages were not met. However, this fact does not affect the marketability of the subject property. The sales comparison approach brackets a SF value range from $420.88/SF to 535.49/SF, with an average of $463.50 and a median value of $448.81. The indicated range of unit values brackets the value of the subject. After close evaluation of the comparable sales utilized, more weight is given to the most similar comparables to arrive a market value estimate. The subject market value fell in the upper part of this range thanks to its better location, new condition, only few blocks faraway from Biscayne Bay. Estimated market value is 2,576 Sf X $465/SF = 1,197,840 rounded to $1,200,000 The adjusted price per unit are: Comp#1= sale price/ unit =$150,000 per unit Comp#2= sale price/ unit =$194,000 per unit Comp#3= sale price/ unit =$200,000 per unit Comp#4= sale price/ unit =$259,000 per unit Comp#5= sale price/ unit =$197,000 per unit Comp#6= sale price/ unit =$200,000 per unit The price per unit ranges from $150,000 /unit to $259,000/unit with an average of $200,000 and a median of $197,000. Base on this data, equal weight is placed to all selected comparable sales. A rounded estimate of $200,000 per unit is adequate to be used to calculate the market value of the subject property due to its complete renovation. Therefore, the subject market value is equal to 6* $200,000 = $1,200,000 The average of the indicated values is $1,200,000. Subject GBA: 2,576.12 Sq.Ft. X S 465.90 /Sq.Ft. GBA: = VALUE BY SALES COMPARISON APPROACH = $ 1,200,214 OPINION OF VALUE OF EXCESS LAND = $ 0 OPINION OF VALUE OF PERSONAL PROPERTY and/or OTHER NON -REALTY INTERESTS INCLUDED 0 Attachment: 15954 Appraisals (15954 : Purchase of Real Property located at 1851 NW 1st Ct., Miami, FL 33136) OTHER ITEM(S) AFFECTING THE SALES COMPARISON APPROACH VALUE (if applicable) = $ 0 INDICATED VALUE BY SALES COMPARISON APPROACH = $ FINAL INDICATION OF VALUE BY SALES COMPARISON APPROACH (ROUNDED) = $ 1,200.214 1,20 GP COMMERCIAL Capydght© 2008 by a la mode, inc. This form may be reproduced unmodified whhoutwri len permission, however, a la mode inc. must be acknov Form GPSMCOM - "TOTAL' appraisal software by a la mode, inc. - 1-800-ALAMODE Packet Pg. 392 5/2008 COMMERCIAL PROPERTY SUMMARY APPRAISAL REPORT COM24-02 File Nod JV03245617 FEATURE I SUBJECT PROPERTY COMPARABLE RENTAL NO. 1 COMPARABLE RENTAL NO. 2 COMPARABLE RENTAL NO. 3 Z.4.a COMPARABLE RENTALS ANALYSIS Address 1851 NW 1st Ct Miami, FL 33136 Proximity to Subject 1948 NW 2nd Ct Miami, FL 33136 0.17 miles NW 1745 NW 1st PI Miami, FL 33136 0.10 miles SW 1710NW1stCt Miami, FL 33136 0.12 miles S Building Usage/Name Tenant Name Apartment Building Several tenants Apartment Building Several tenants Apartment Building Several tenants Apartment Building Several tenants Date of Lease 01 /01 /2011 Mo-Mo Mo-Mo Mo-Mo Date of Rent Survey 12/15/2011 12/24/2021 02/07/2024 12/08/2023 Current Vacancy % 7.69 0 0 0 Data Source(s) Verification Source(s) Actual Annual Rent iMapp/Owner Owner/rent rolls iMappMLS# A11423245 Irving Kahn: 786-640-148 172,800 iMappMLS# A11113341 Ariel Levi: 718-737-6482 220,800 iMappMLS#A11469169 Katelyn Obeli: 305-330-2753 413,400 RENT ADJUSTMENTS DESCRIPTION DESCRIPTION +(-) $ Adjust DESCRIPTION +(-) $ Adjust DESCRIPTION +(-) $ Adjust Type of Lease Gross Lease Gross Lease Gross Lease Gross Lease Length of Lease 12 months Mo-Mo Mo-Mo Mo-Mo Rent Concessions None Known None Known None Known None Known Market Conditions/Time Tenant Improvements Increasing N/A Increasing N/A Increasing N/A Increasing N/A Furnishings/Fixtures None None None None Equipment Utilities Design Laundry Room Adjusted Annual Rent Adjusted Ann. Rent/SF Refrigerator/Stove Typical 2-Story/Multi-Family Yes Refrigerator/Stove Typical 2-Story/Multi-Family Yes $ 36.04 172,800 Refrigerator/Stove Typical 2-Story/Multi-Family Yes 55.77 220,800 Refrigerator/Stove Typical 2-Story/Multi-Family Yes 63.61 413,400 MARKET ADJUSTMENTS Gross Building Area Tenant Area Compared Net Site Area (in Sq.Ft.) Location DESCRIPTION 2,576.12 scl 2,576.12 se ft 7,500 Urban/interior DESCRIPTION 4,120 sq.it. 4,795 sq.it. 7,500 Urban/interior +(-) $/SF Adjust DESCRIPTION 3,959 sq.lt 3,959 sq.ft 6,360 Urban/interior +(-) $/SF Adjust DESCRIPTION 6,499 sgft 6,499 sgft 12,760 Urban/interior +(-) $/SF Adjust Type of Construction CBS CBS CBS CBS Construction Quality Age Good 70 Year Average 65 Years Average 73 Years Average 73 Years Condition Parking Good/Renovated OSP/6 Average OSP/8 +3.52 Average OSP/10 +2.64 Average OSP/10 +2.64 Units/Building Bedroom/Bathroom 6/1 6/6 8/1 12/8 10/1 6/10 20/1 20/20 Zoning Annual Rent per bedroom T3-O $20,800/Bed T3-O $21,600/Bed T3-O $36,800/Bed T3-O $20,670/Bed Net Adjustment (Total, in $) Net Adjustment (Total, in $ / SF) Indicated Market Rent (in $ / SF) * Lease Type Abbreviations: X+ ❑- Net Gross 9.8 % 9.8 % 16,878 ($ 3.52 / SF) 39.56 X ❑- Net 4.7 % Gross 4.7 % 10,452 ($2.64/SF) 58.41 X ❑- Net 4.2 % Gross 4.2 % 17,157 ($2.64/SF) 66.25 G = Gross Lease; N = Net Lease; NNN = Triple Net; MG = Modified Gross; P = Expense Pass Through; 0 = Sales Overage Rents C = Common Area Maintenance; R = Renewal Option Comments/Analysis of Comparable Rentals. All three comparables were in similar location and considered good rental indicators. The market rents used were average and derived from information received through the MLS and other sources. RENT SIMILARITY This neighborhood has similar rent characteristic and there is minimal change from one street to another as of population, location, demographic characteristics and surrounding environmental factors. Therefore, the appraiser used similar comps to show the real market reaction and characteristics. The following are the market rent range according to apartment type: TYPE Bed/Bath Monthly Rent Studio (0/1) $1,350- $1,650 Apart. (1/1) Apart (2/1) Apart. (2/2) $1,450 - $1,850 $1,700 - $2,000 $2,400 - $3,150 SUBJECT RENT ROLL The subject is a new complete renovated building. It is vacant. The subejct could be easely rented between $1,500 to $2,200 per month. For my analysis I am using a conservative market rent of $1,500/monthly per Studio. $1,700/monthly per 1/1 $2,000/monthly per 2/1 Attachment: 15954 Appraisals (15954 : Purchase of Real Property located at 1851 NW 1st Ct., Miami, FL 33136) GP COMMERCIAL Copyright© 2008 by a la mode ino. This term may be reproduced ummoditied witnut written permission, however, a la made, inc. must be acknom Form GPSMCOM - "TOTAL' appraisal software by a la mode, inc. - 1-800-ALAMODE Packet Pg. 393 5/2008 COMMERCIAL PROPERTY SUMMARY APPRAISAL REPORT COM24-02 FileNo.: JV03245617 2.4.a SUMMARY OF SUBJECT LEASES I CURRENT & MARKET RENTS Tenant Name or Suite # Unit 1 (2/1) Unit 2 (0/1) Unit 3 (1/1) Unit 4 (2/1) Unit 5 (0/1) Unit 6 (1/1) Tenant Rented Area St.Ft. 568 291 430 568 291 430 Beginning Date of Lease N/A N/A N/A N/A N/A N/A Length (Term) of Lease 12 Months 12 Months 12 Months 12 Months 12 Months 12 Months Type of Lease * N N N N N N Current Annual Rent in $ 0 0 0 0 0 0 Current Annual Rent $/SF Indicated Annual Market Rent in $ 23,998 18,001 20,399 23,998 18,001 20,399 Indicated Annual Market Rent S/SF 42.25 61.86 47.44 42.25 61.86 47.44 Column Totals 2,578 124,796 * Lease Type Abbreviations: G = Gross Lease; N = Net Lease; NNN = Triple Net; MG = Modified Gross; P = Expense Pass Through; 0 = Sales Overage Rents; C = Common Area Maintenance; R = Renewal Option SUBJECT LEASE TERMS Current Vacancy: 100 % Range of Current Ann. Rents: Describe Expense Pass Throughs: None known S 0 to $ 0 Range of Ann. Market Rents. s 18,000 to s 36,800 Typical Ann. Tenant Improvement Allowance: S 00 Leases Expiring Within the Next One Year - Typical Lease Terms: Renewal Options: Month -to -Month, Annually Total # of Leases: N/A Total Sq. Ft: 2,576 The lease shall automatically renew for an additional period of one year per renewal term, unless either party gives written notice of termination. Provisions for Rent Change: In accordance with the laws of the State of Florida Common Area Maintenance: Owner Rent Concessions: None known Comments on the Subject Lease Terms: For the analysis of this appraisal I am going to use a vacancy of 2% due to the fact that the subject is complete renovated. The market condition has improve specially for Multi -Family residencies. A growth of market rent of 8.7% is expected for the near future. Reconciliation of Subject Lease Terms with the Market: In City of Miami , it is typical to have a short period of Lease Term, usually month -to -month. Long term (annually) lease is more common for units with a room count of three bedroom and two bath or larger. SUBJECT HISTORICAL EXPENSE ANALYSIS Comments/Analysis of the Subject Historical Expenses. This is a multi -family building, where typically utilities (water,sewer, electricity, and phone services) are direct responsibility of the tenants. There is only minimal owner's expenses, like trash removal, pest control and the electricity, water and sewer used by the common areas cleaning and lawn irrigation. Maintenance includes such items as painting and structural parts of the building maintenance and repair, utilities maintenance, electrical, HVAC systems, parking lot area, landscaping, flooring, roof repairs and other general maintenance expenses. Operating Expenses are costs associated with the operation and maintenance of an income producing property. Attachment: 15954 Appraisals (15954 : Purchase of Real Property located at 1851 NW 1st Ct., Miami, FL 33136) GP COMMERCIAL Copyright,,,, 2008 by a la mode ino. This farm may be reproduced unmodified without writlen permission, however, a la mode, inc. must be acknou Form GPSMCOM - "TOTAL' appraisal software by a la mode, inc. - 1-800-ALAMODE Packet Pg. 394 5/2008 COMMERCIAL PROPERTY SUMMARY APPRAISAL REPORT COM24-02 FileNo.: JV03245617 2.4.a INCOME & EXPENSE HISTORY & FORECAST INCOME: Item Annual Rent From: ACTUAL 03/01/2024 To: 02/28/2024 Comment 0 FORECASTED (non -stabilized) Comment $ 124,796 Due to the fact thal the subject was $ $ $ 0 completerenovated, rent should be at the top of the market. $ Potential Gross Income Vacancy & Collection Loss (%ofPG1) S( 3.6 % Florida average vacancy rate for Multi -Family dwellings is currently 2.3%. $ $( 124,796 3.6 % 4,493) OHER INCOME (LUANDRY) Effective Gross Income 0 Laundry facilty 0 120,303 Other income laundry facility EXPENSES: Item Properly Management Property Taxes Insurance Utilities Maintenance & Cleaning (%ofEGI) Legal and Professional Fee Repairs Supplies Auto and Travel Expenses Licenses ACTUAL Comment 5 % Management fee is typically 3% to 6% s of EGI. At Florida state level is 5%. 9,646 10,000 1,000 5,000 2,000 2,000 500 0 0 Includes hazard and flood insurance $ $ $ $ $ $ $ $ $ FORECASTED (non -stabilized) Comment 5 % Management fee is typically 3% to 6% 6,015 of EGI. At Florida state level is 5%. 10,610 11,500 1,090 5,000 2,000 2,000 500 0 0 We forecast an increae near to 10 % We expect an increase of 15% We expect a decrease of 9% No changes No change are expected. New building need less contanct care For common area Miscellaneous 0 $ 0 Trash Removal 0 0 Reserves Total Expenses 30,146 38,715 Net Operating Income 30,146 81,588 Expenses in $/SF GRA: s 11.70 /SFGRA 15.03 /SF GRA Expense Ratio: 32.18 % Comments/Analysis of the Subject Income & Expenses: In order to estimate the management expenses, we interview persons familiar with similar facilities. A range of rates from 3% to 6% is typical. During 2023 no exceptional repairs were necessary, which indicates that the 2023 expences are typical costs to the operating expenses for this year. INCOME CAPITALIZATION Comments on the Income Capitalization Methodologies Used: Direct Capitalization is a method used to convert a single year's income expectancy into value in one direct step, by dividing the income estimate by a rate. When a sufficient amount of relevant market data is available, the Direct Capitalization method is considered to be the best measure of the subject's value. Direct Capitalization is market oriented and stresses the analysis of market evidence by inferring the assumptions of investors. Capitalization Rate Extraction from Comparable Sales Comparable Property Name or Address 1745 NW 1st PL, Miami, FL 33136 1710 NW 1st Ct, Miami, FL 33136 151 NW 33rd St, Miami, FL 33127 1835 NW 2nd Ctt, Miami, FL 33136 Net Operating Date of Sale Sale Price Income 06/21/2023 $ 2,000,000 $ 178,500 07/15/2022 05/17/2022 10/26/2021 $ 3,500,000 1,800,000 1,450,000 178,500 126,000 72,500 Capitalization Rate Source and/or Comments 6.90 % Marcus & Millichap:GPI+vac.+Expe.+ NOI 5.01 % 7.00 % 5.00 % Marcus & Millichap:GPI+vac.+Expe.+ NOI RE/MAX:GPI+vac.+Expe.+ NOI Fausto Commercial:GPI+vac.+Expe.+ NOI Cap. Rate Range by Sales Extraction: From. 5.10% To: 7.00 % Indicat d Capitalization Rate by Sales Extraction. 6.50 % Comments/Reconciliation of Capitalization Rate Extraction: Net Operating Income or NOI is equal to a property's yearly gross income less vacancy and loss and operating expenses. Gross income includes both rental income and other income such as parking fees, laundry and vending receipts, etc. All income associated with a property. Operating expenses are costs incurred during the operation and maintenance of a property. They include repairs and maintenance, insurance, management fees, utilities, supplies, property taxes, etc. It is an essential ingredient in the Capitalization Rate (Cap Rate) calculation that is used to estimate the value of income producing properties. We find a Cap Rate of 5% most appropriate, eliminated the outsider and taking the Florida Market Watch report and the cap rate survey from Q2/20211 in consideration the selected capital rate of 5% is most adequate. Other Capitalization Rate Determination Methods and Indicators Used (only if valid and appropriate for this report) Methodology Band of Investment Addenda Indicated Attached Cap. Rate Yield Capitalization Published Study: NAR - Florida Commercial Market Watch February 2024 Comments/Reconciliation of Other Capitalization Rate Methods) Used: 5.90 % The direct capitalization method is considered to be the method most appropriate in this assignment. The subject value sought is the fee simple interest of an income producing property. As such, direct capitalization is considered to be most reliable. The Capitalization Rate utilized was based on published study and Rate Extraction from Comparable Sales, as described above. Sales recited are most similar to the subject and located within the subject market. More weigh is _given to the Rate Extraction from Comparable Sales, due to the reliability of the comparable sales utilized. Yield capitalization is not applicable. This method is not applicable when contract rents fluctuate in future. Due to the current economical crisis the projected rents are not reliable. Attachment: 15954 Appraisals (15954 : Purchase of Real Property located at 1851 NW 1st Ct., Miami, FL 33136) GP COMMERCIAL Cepyriphtm 2008 by a la mode inn. This farm may be reproduced unmodified without written permission, however, a la mode, inc. must be aoknov Form GPSMCOM - "TOTAL' appraisal software by a la mode, inc. - 1-800-ALAMODE Packet Pg. 395 5/2008 COMMERCIAL PROPERTY SUMMARY APPRAISAL REPORT COM24-02 File No.: JV03245617 2.4.a INCOME CAPITALIZATION (cont.) Comments/Reconciliation of the Capitalization Rate Conclusion: Capitalization is defined as the process of converting into present value and/or obtaining the present worth of a series of periodic installments of net income. The result of the capitalization process is the amount or capital sum that a prudent, typically informed purchaser -investor would pay as of the valuation date for the right to receive the forecasted net income over the period specified. The anticipated net income stream is converted into a value estimate by a rate that attracts purchase capital to investments with similar characteristics such as risk, terms, and liquidity. The capitalization process takes into consideration the quantity; quality and durability of the income stream in determining which rates are appropriate for valuing the subject property. More weigh is given to the Rate Extraction from Comparable Sales, due to the reliability of the comparable sales utilized. Subject Capitalization Rate Range: From. 5.00 % To: 7.00% Indicated Capitalization Rate for the Subject Property: 6.00 % SUMMARY OF INCOME APPROACH Comments/Analysis of the Income Approach: The direct capitalization method is considered to be the method most appropriate in this assignment. The subject value sought is the fee simple interest of an income producing property. As such, direct capitalization is considered to be most reliable. The Capitalization Rate utilized was based on published study and Rate Extraction from Comparable Sales, as described above. Sales recited are most similar to the subject and located within the subject market. The capitalization process takes into consideration the quantity; quality and durability of the income stream in determining which rates are appropriate for valuing the subject property. A rental market study was conducted to correlate the subject property to other similarly used properties in order to extract from the market the possible market rent that the subject property could command if available for rent in the open market, based upon reliable rental data available for this kind of property. Net Operating Income. $ 81,588 / Ind. Cap. Rate: 6.00 % = INDICATED VALUE BY INCOME CAPITALIZATION = $ 1,359,800 OPINION OF VALUE OF EXCESS LAND = $ 0 OPINION OF VALUE OF PERSONAL PROPERTY and/or OTHER NON -REALTY INTERESTS INCLUDED 0 Attachment: 15954 Appraisals (15954 : Purchase of Real Property located at 1851 NW 1st Ct., Miami, FL 33136) OTHER ITEM(S) AFFECTING THE INCOME APPROACH VALUE (if applicable) = $ 0 INDICATED VALUE BY INCOME APPROACH = $ 1 359.800 FINAL INDICATION OF VALUE BY INCOME APPROACH (ROUNDED) = $ 1 GP COMMERCIAL Capynght© 2008 by a la mode, inc. This form may be reproduced unmodified withoutwnflen permission, however, a la mode. inc. must be acknov Form GPSMCOM - "TOTAL' appraisal software by a la mode, inc. - 1-800-ALAMODE Packet Pg. 396 5/2008 COMMERCIAL PROPERTY SUMMARY APPRAISAL REPORT COM24-02 File No.: JV03245617 Value Indication - Total Site Value, $ 575,000 Value Indication - Cost Approach: $ N/A 2.4.a FINAL RECONCILIATION Value Indication - Sales Comparison Approach: Value Indication - Income Approach: $ 1,200,000 $ 1,360,000 Opinion of Value of any Personal Property and/or Other Nan -Realty Interests Included: $ N/A Final Reconciliation: Cost Approach As mentioned before, the Cost Approach was not developed. The subject's age makes it difficult to accurately evaluate the accrued physical depreciation and consequence obsolescence. Furthermore, in the present market conditions, the properties are being sold below the cost to build it. This fact tends to make the Cost Approach unreliable. Investors do not typically rely on the Cost Approach when purchasing a property similar to the subject of this report. Therefore, we have not utilized the Cost Approach to develop an opinion of the market value seek in this assignment. Sales Comparison Approach This approach is a reliable indicator of value when sufficient comparable sales are available to arrive at a reasonable value conclusion. The subject property was submitted to a comparison process with a group of similar properties, to obtain an estimate of value for the property as a whole. In this appraisal, comparable apartment buildings were found which were considered to be reasonable substitutes for the subject. None of the comparable sales were exact matches for the subject. Adjusting the comparables for differences in physical characteristics and location did yield indices that were well supported. The Sales Comparison Approach is often a primary valuation method used for the purchase of smaller commercial and multi -family properties such as the subject, particularly by owner -users. Income Capitalization Approach The Income Capitalization Approach is considered to be a reliable indicator of value when sufficient information is available to establish market rents, vacancy levels, expenses and capitalization rates. This approach is often most relied upon by investors given its concentration on the net income potential of the property. In the case of the subject, a rental market study was conducted to correlate the subject property to other similarly used properties in order to extract from the market the possible market rent that the subject property could command if available for rent in the open market, based upon reliable rental data available for this kind of property. Expense information were obtained from the local MLS and in some cases using industry norms and typical leasing provisions. Capitalization rates were extracted from sales of similar buildings and other sources of information. FINAL VALUE OPINION The property being appraised is an income producing property. When more than one approach is used, each approach is judged based on its applicability, reliability and the quantity and quality of its data. Based on the assumptions, limiting conditions and analyses set out in this appraisal report, and giving equal weight to the Market and Income Approaches to value, it is our opinion that the Market Value of the subject's fee simple interest, as of September 05, 2022, the effective date of value, is: $1,280,000 ONE MILLION TWO HUNDRED EIGHTY THOUSAND DOLLARS DATE OF REPORT: 03/15/2024 DATE OF INSPECTION: 03/08/2024 Based on the degree of inspection of the Subject Property, as indicated below, the defined Scope of Work, Statement of Assumptions and Limiting Conditions, and Appraiser's Certifications, my (our) Opinion of the Market Value (or other specified value type), as defined herein, of the Subject Property is: OPINION OF VALUE (as defined): $ EFFECTIVE DATE(S) OF VALUE: 1,280,000 03/08/2024 (as is) and/or$ 496.89/SF (other, describe) (as is) and/or (other, describe) and/or $213,000/ Unit ATTACHMENTS A true and complete copy of this report contains 56 pages, including exhibits which are considered an integral part of the report. This appraisal report may not be properly understood without reference Attached Exhibits: X Sketch Addendum X Additional Sales to the information contained in the complete report. X Scope of Work X Map Addenda X Additional Rentals X Limiting Cond./Certification X Narrative Addendum X Photograph Addenda ❑ Cost Addendum X Flood Addendum ❑ Additional Sites ❑ Income/Expense Addenda ❑ Hypothetical Conditions X Extraordinary Assumptions If required for this assignment, further attachments may be indicated elsewhere in this report. SIGNATURES Client Contact: Isiaa Jones Client Name: Omni Community Redevelopment Agency E-mail: isjones@miamigov.com APPRAISER Address: 1401 N Miami Ave, Miami, FL 33136 Appraiser ofre Valencia, MAI, SRA, Cert Gen RZ3562 Company: Deutsche Valuations Phone: (786) 285-1205 Fax: (305) 359-3280 E-mail: jofre27@yahoo.com Date of Report (Signature): 03/15/2024 License or Certification # Cert Gen RZ3562 State: FL Designation: State -certified general real estate Appraiser RZ3562 Expiration Date of License or Certification: 11 /30/2024 Inspection of Subject: ® Interior & Exterior ❑ Exterior Only ❑ None Date of Inspection 03/08/2024 SUPERVISORY APPRAISER (if required) or CO -APPRAISER (if applicable) Supervisory or Ca -Appraiser Name: Company: Phone: E-mail: Fax: Date of Report (Signature): License or Certification #: Designation: State: Expiration Date of License or Certification: Inspection of Subject: ❑ Interior & Exterior ❑ Exterior Only ❑ None Attachment: 15954 Appraisals (15954 : Purchase of Real Property located at 1851 NW 1st Ct., Miami, FL 33136) Date of Inspection. Packet Pg. 397 Copyriphtm 2008 bf a la mode inn. This farm may be reproduced unmodified witout written permission, however, a la mode, Inc. must be acknov GP COMMERCIAL Form GPSMCOM - "TOTAL' appraisal software by a la mode, inc. - 1-800-ALAMODE e/zoos ADDITIONAL COMPARABLE SALES COM24-02 FileNo.: JV03245617 FEATURE SUBJECT PROPERTY COMPARABLE SALE N0. 4 COMPARABLE SALE NO. 5 COMPARABLE SALE NO. 6 2.4.a COMPARABLE SALES ANALYSIS Address 1851 NW 1st Ct Miami, FL 33136 Proximity to Subject 1864 NW 28th St Miami, FL 33142 1.92 miles W 225 NW 16th St Miami, FL 33136 0.25 miles SW 220 NW 16th St Miami, FL 33136 0.29 miles SW Building Usage/Name Sale/Deed Reference Data Source(s) Apartment Building N/A MLS/Real i st/P u b. Rec. Apartment Building Bk 33933/Pg 512 Realist/MLS# A11420872 DOM:45 Apartment Building Active Listing Real ist/MLS# A11469018 DOM: 197 Apartment Building Active Listing Realist/MLS# A11540197 DOM: 1 Verification Source(s) Sale Price Inspection s N/A Rodrigo Fortuna: 786-310-4006 $ 1 295,000 Humberto Rego:305-331-0664 s 1 575,000 Ayesha Malik:305-764-5286 s 2,000,000 C.E. ADJUSTMENTS DESCRIPTION DESCRIPTION +(-) $ Adjust DESCRIPTION +(-) $ Adjust DESCRIPTION +(-) $ Adjust Rights Appraised Dale of Sale/Time Conditions of Sale Sale Concessions Fee Simple N/A N/A N/A Fee Simple 10/06/2023 Cash/arm-length None known Fee Simple Active Listing Cash/arm-length None known Fee Simple Pending Sale Cash/arm-length None known Market Condition Cash Equivalent Price C.E.Price/GBA Increasing s N/A Increasing 404.69 1,295,000 Increasing 397.83 1,575,000 Increasing 298.33 2,000,000 VALUE ADJUSTMENTS Net Building Area Gross Building Area Net Site Area (in Sq.Ft.) Location DESCRIPTION 2,576.12 sq.% 2,576.12 sq.% 7,500 Urban/interior DESCRIPTION 3,120 sq.lt. 3,200 sq.lt. 9,975 Urban/interior +(-) % Adjust 0 DESCRIPTION 3,300 sq.lt 3,959 sq.lt 6,360 Urban/interior +(-) %Adjust 0 DESCRIPTION 5,424 sq.% 6,704 sq.% 10,500 Urban/interior +(-) %Adjust 0 0 Type of Construction CBS CBS CBS CBS Construction Duality Age Good 70 Year Average 48 Years +5 0 Average 73 Years +5 Average 60 Years +5 Condition Parking Good/Renovated OSP/6 Good/Renovated OSP/5 Average -to -Good OSP/8 +5 Average -to -Good OSP/8 +5 Units 6 5 8 10 Bedroom/Bathroom 6/6 7/5 8/8 10/10 Annual Rent Cool &Heating Design DOM N/A CAC/FWA 2-story/multi-family N/A $125,400 Wall/windows units 1-story/multi-family 84 +2 $102, 000 Wall/windows units 2-story/multi-family 197 +2 $99,000 Wall/windows units 2-story/multi-family +2 Zoning T3-O T4-R -3 T3-O T5-L -5 Net Adjustment (Total, in $) Net Adjustment (Total, in / of $ / SF GBA) Adjusted Sale Price (in $ / SF GBA) X+ ❑- Net 4.0% Gross 10.0 % 51,800 (4.00 % of 5/SF GBA $ 420.88 ®+ ❑- Net 12.0 Gross 12.0 % 189,001 (12.00 % of $/SF GBA 445.57 ®+ ❑- Net 7.0 % Gross 17.0 s 140,000 (7.00 % ol $/SF GBA 319.21 Comments/Analysis of Comparable Sales: Sales recited are from subject neighborhood and are in acceptable proximity to the subject. They are the most recent and most comparable found. All value affecting dissimilarities were adjusted according to market reaction. Secondary market standards for net and gross adjustment percentages were not met. However, this fact does not affect the marketability of the subject property. The sales comparison approach brackets a SF value range from $420.88/SF to 535.49/SF, with an average of $463.50 and a median value of $448.81. The indicated range of unit values brackets the value of the subject. After close evaluation of the comparable sales utilized, more weight is given to the most similar comparables to arrive a market value estimate. The subject market value fell in the upper part of this range thanks to its better location, new condition, only few blocks faraway from Biscayne Bay. Estimated market value is 2,576 Sf X $465/SF = 1,197,840 rounded to $1,200,000 The adjusted price per unit are: Comp#1= sale price/ unit =$150,000 per unit Comp#2= sale price/ unit =$194,000 per unit Comp#3= sale price/ unit =$200,000 per unit Comp#4= sale price/ unit =$259,000 per unit Comp#5= sale price/ unit =$197,000 per unit Comp#6= sale price/ unit =$200,000 per unit The price per unit ranges from $150,000 /unit to $259,000/unit with an average of $200,000 and a median of $197,000. Base on this data, equal weight is placed to all selected comparable sales. A rounded estimate of $200,000 per unit is adequate to be used to calculate the market value of the subject property due to its complete renovation. Therefore, the subject market value is equal to 6* $200,000 = $1,200,000 The average of the indicated values is $1,200,000. Attachment: 15954 Appraisals (15954 : Purchase of Real Property located at 1851 NW 1st Ct., Miami, FL 33136) GP COMMERCIAL Copyright© 2008 by a la mode, ire. This form may be reproduced unmodified without w15en permission, however, a la mode. Inc. must be acknowl Form GPSMCOM.(AC) -"TOTAL' appraisal software by a la mode, inc. - 1-800-ALAMODE Packet Pg. 398 5/2008 Supplemental Addendum File No. JV03245617 2.4.a Borrower OMNI Property Address 1851 NW 1st Ct City Miami County Miami -Dade state FL Zip code 33136 Lender/Client Omni Community Redevelopment Agency SCOPE OF THE APPRAISAL The appraisal is based on the information gathered by the appraiser from public records, other identified sources, inspection of the subject property and neighborhood, and selection of comparable sales within the market area. The original source of the comparable sales is shown in the Data Source section of the market grid along with the source of confirmation, if available. The original source is presented first. The sources and data are considered reliable. When conflicting information was provided, the source deemed most reliable has been used. Data believed to be unreliable was not included in this report nor was used as a basis for the value conclusion. The Reproduction Cost is based on published cost indexes, such as Marshall Valuation Service, and supplemented by the appraiser's knowledge of the local market. Physical depreciation is based on the estimated effective age of the subject property, and consideration of deferred maintenance. Functional and/or external depreciation if present, is specifically addressed in the appraisal report or addenda. in estimating thc site value, the appraiser has relied on personal knowledge of the local market. This knowledge is based on prior and/or current analysis of site sales and/or abstraction of site values from sales of improved properties. CENSUS A census tract is a distinctive geographical and statistical area as defined by the census bureau. The census bureau usually begins by defining an (MSA) or Metropolitan Statistical Area, consisting of 50,000 people or more. The geographic area of a census tract can contain from 2,000 to 8,000 people. The economic conditions that exist in a census tract are on average homogenous. These tracts of land are given a number, much like a plat map with folio numbers. The census tract is demographical in nature and includes such information as: Housing Cost, Education Levels, Household Income, Professions, and Housing Profiles. The SMSA numbers for the tri-county area are as follows: Miami -Dade county 5000, Broward county 2680, Palm Beach county 8960. MARKET CONDITIONS IN NEIGHBORHOOD Financing is available from local banks, savings and loans associations, credit unions and mortgage brokers. Typical transactions in the market area are conventional, FHA and VA financing. HIGHEST AND BEST USE The Highest and Best Use of a site is that reasonable and probable use that supports the highest present value, as defined, as of the effective date of the appraisal. For improvements to represents the highest and best use of a site, they must be legally permitted, be financially feasible, be physically possible and provided more profit than any other use of the site would generate. SITE The improvements on the property are legal and conform to current zoning regulations. In the event of a loss by fire of all improvements could be rebuilt without obtaining a zoning variance. The opinion of zoning compliance requirements expressed in this appraisal is based on the appraiser's inspection of the subject property and comparison to thc appropriate zoning ordinance. This opinion dots not represent a certification which can only be obtained from the proper jurisdictional authority. FLOOD INSURANCE The option of the flood insurance requirement in this appraisal is based on the enclosed flood insurance rate map published by the Federal Emergency Management Agency. The approximate location of the appraised property on this map indicates the flood zone. At times the subject falls near a border between two zones, in this case, the worst of the two zones is taken. This opinion does not represent a certification which can only be obtained from a qualified professional, such as a surveyor. ROOM LISTS The number of rooms, bedrooms, baths and lavatories is typical of houses in this neighborhood. Foyers, laundry rooms and all rooms below grade are excluded from the total room count. RADON GAS Radon is a naturally occurring radioactive gas that when it has accumulated in a building in sufficient quantities, may present health risks to persons who are exposed to it over time. Levels of radon that exceed federal and state guidelines have been found in buildings in Florida. Additional information regarding radon and radon testing may be obtained from your county public health unit. CONDITION OF COMPONENTS The appraisal is not a home inspection report and should not be relied upon to report the condition of the property being appraised. Any opinion expressed in this appraisal pertaining to the condition of the appraised property's, or comparable properties' components, is based on observation made at the time of inspection. They rely on visual indicators as well as reasonable expectations as to adequacy and dictated by neighborhood standards relative to marketability. These observations do not constitute certification of condition, including but not limited to mold and roof or termite problems, which may exist. 1f certification of the condition of the property being appraised, or comparable sales is required, a properly licensed or qualified individual should be consulted. Attachment: 15954 Appraisals (15954 : Purchase of Real Property located at 1851 NW 1st Ct., Miami, FL 33136) Form TADD-'TOTAL' appraisal software by a la mode, inc. - 1-800-ALAMODE Packet Pg. 399 Supplemental Addendum File No. JV03245617 2.4.a Borrower OMNI Property Address 1851 NW 1st Ct city Miami County Miami -Dade state FL Zip code 33136 Lender/Client Omni Community Redevelopment Agency COST APPROACH The Cost Approach includes a land value analysis and the estimated replacement cost to construct, at current prices, abuilding with utility equivalent to the building being appraised, using modern materials, design, layout and current construction standards. Rates for the Cost Approach were calculated using Marshall & Swift Residential Cost Handbook. Physical, functional and external inadequacies, as measured in the market, are deducted accordingly. The "as is" value of site improvements (driveway, Landscaping, etc.) represents their market contributory value as measured by a paired sales analysis. The Cost Approach is considered a supportive indicator of value. The subject's site value has been derived from market abstractions techniques applied to improved land sales from the subject market area, land sales as well as analysis of assessed value. subject's land to total value ratio is common for properties in the subject's market area and does not adversely affect marketability and/or value. DIRECT SALES COMPARISON APPROACH Direct Sales Comparison Approach is based on the comparison of the subject with sales of similar type properties. Adjustments are made to these sales for differences with the subject. this is generally considered the best indicator of value. INCOME APPROACH The income approach is premised on capitalizing a net income from a property to arrive at an indicated value. The subject is a small income residential property, typically purchased for the purpose of generating income. If the Indicated Value by Income Approach on the appraisal form was appropriate for this assignment. PERSONAL PROPERTY/INTANG1BLE ITEMS/NON-REALTY ITEMS: Items of personal property and other non -realty items have not been included in the appraisal or the subject property. The indicated Market Value for the subject property does not include items or personal property or other non -realty property. ADDITIONAL COMMENTS LIVING AREA: The appraisal uses actual living area in the market analysis for both the subject and comparable sales properties. The living area utilized for the sales data has been abstracted from the Public Records/Tax Rolls listed square foot area data and may have been further modified by the field appraiser's observation of the actual improvements. DIGITAL PHOTOGRAPHS Digital photographs taken of the subject property and sales comparables were not enhanced or altered in any way, shape or form DIGITAL SIGNATURES If the appraisal report is digitally signed, the digital signatures in the report are to be considered as the appraiser original signature. A personalized identification number (password) controls the appraiser's digital signature and the appraiser has sole personalized control of affixing the signature. Electronically affixing a signature to a certification in a report carries the same level of authenticity and responsibility as an ink signature on paper. FINANCING In accordance with the definition of Market Value, as attached herein, the Subject Property is appraised on the basis of conventional financial arrangements, unaffected by special or creative financing or sales concessions granted by any one associated with the sale. ITEMS LEFT BLANK For the purpose of this appraisal report, an item left blank indicates this item does not apply to the subject property, indicates a (No, or None) response, or indicates that the appraiser is not able to ascertain and/or is not qualified to furnish this information USE OF APPRAISAL The appraisal report is prepared for the sole purpose of aiding in the decision making process regarding the subject property and is for the sole use of the client as identified in the report as this report has met the scope (defined elsewhere in this report) of this particular client. PROPERTY RIGHTS APPRAISED The property rights being appraised here are "Fee Simple" . Fee Simple means: An absolute fee, 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. An inheritable estate. DATE OF APPRAISAL The date of the appraisal is the date of the last site inspection of the subject property. SUBJECT'S SKETCH All measurements of the subject's improvements have been rounded and the appraiser has tried to determine actual measurements as accurately as possible. This is not a survey and is not to be interpreted as a survey of the subject property. PREDOMINANT PRICE RANGE The predominant sales price is that price which is (most often found) after disregarding isolated extremes at either end of the price spectrum. The estimated market value for the subject is not predominant value of the neighborhood. This does not have an adverse affect on the subject's market value. In the subject's case the market value falls well within the high low price parameters of the neighborhood. This indicates the subject is characteristic and representative of similar properties in the neighborhood. Attachment: 15954 Appraisals (15954 : Purchase of Real Property located at 1851 NW 1st Ct., Miami, FL 33136) Form TADD-'TOTAL' appraisal software by a la mode, inc. - 1-800-ALAMODE Packet Pg. 400 Supplemental Addendum File No. JV03245617 2.4.a Borrower OMNI Property Address 1851 NW 1st Ct city Miami County Miami -Dade state FL zip code 33136 Lender/Client Omni Community Redevelopment Agency Cap Rates (Multihousing only) Cap rate ranges are based on an estimated NOI derived by annualizing the last 90-days of revenue and subtracting what buyers would estimate as stabilized, year one expenses after adjustments for real estate taxes and reserves. Actual cap rates within each asset class will vary, occasionally outside of the stated ranges, based on asset/location quality and property -specific opportunities for NOI enhancement. SUBJECT SALE HISTORY SALES INFORMATION Deed Type; QUIT CLAIM DEED Price; 515,000 Qualifier Sale Date: fl9/BI/2CB3 Regarded Date: DO/14/21E5 Dowment # B 23470PB 4244 Grantor: Grantee: ,eo)/e •03's*1- c 771/1Iran _1.14 _- i': _:m6n = e8a3_ = FftrlLlsxesl Lone-. Deed Type:/a= ... Sale Date: 1t8/0I/10 O Recorded Date: Grantor: Nee.a,vaa0)2 Qualifier Flags; U=U:q,ialiAed. D='2)70: !.__ na:_: = i.--= gLiAAIFIQ Price Document # Grantee: 9zant I=Ir^erax so Pea ?kit �A5ti1961e El QI Qualifiers-:: 0 COUribe Cterk Cif CCU F: We135tt E SUBJECT LISTING HISTORY None observed within the last 12 months prior to the effective date of the appraisal report. SUBJECT PROPERTY TAX HISTORY BILL AMOUNT DUE rang Arno3 1011Annual Rill ' 05,84.5 s6 unpaid p: Print(PDF) 2012 1022Annual Rill 511G. 1,1 Unpaid IP Print tPOn Certificate P1175 Issued 06101/2023 Face 59,4593a. Rate 0254 2011 • 1021Annual Rai :0.20 Paid 57,605.83 08115/2022 Receipt erPP60d a 00834R Q Print IPDF) Certifiate RIFTS Redeemed 08it5a912 Flee 57.41817. Ras 0251 Paid 97,805.83 201 1020 Annual Rill ,L_-' 08/15/3022 Receipt 0FPPu0412-008306 ly Print(P0,1 Certificate 01233 Redeemed 08/15(102/ Face 5723303.Ra1.0158, Paid 5T,600.93 2019 Annual Bill 50.00 Paid55,6915 11/I0,2920 Raaiptun10611-00076.1 b Prlm(PDF) Certificate 8,1425 Redamed wiw,o2o Faa 56365Sr. Rate 0-•'e Paid $6,69115 2018 Annual Bill 50.00 Paid S5,fi5L04 11/19(2019 Receipt 4UlEi_ll21.13-0101, fP Print IPDF) 1017Anma18111 ' 5000 Paid50547.ne 11/17/2017 Receipt 4FPPu0918-n01033 � print(PDF) 1015 Annual Rill ' SOOD Paid5J1139' 11/17I2916 Receipt aFPPU13,17-002022 Q Print(PDF) 1010 annual Bill 50,00 Paid53.399.55 11/25/2015 Receipt BFPPU0516-00:534 Q Print(PDF) 2014 annual sill '. 5000 Paid 12153f55 11/20/201a Reaipt0L8M1-15-0i5333 t Prinl(PDF) 1013 ' all Annual6111 50.00 Paid 532016e 06/17/2018 R0Ceipt aTAMSALE-14000544 'LW; Prin3 IPDF) Certificate e1916 Redeemed 06;171r2014 Face 51,04412. Rate 025, Paid 53.101.68 Attachment: 15954 Appraisals (15954 : Purchase of Real Property located at 1851 NW 1st Ct., Miami, FL 33136) Form TADD-'TOTAL' appraisal software by a la mode, inc. - 1-800-ALAMODE Packet Pg. 401 USPAP Compliance Addendum Loan # COM24-02 rue# JV03245617 2.4.a Borrower OMNI Property Address 1851 NW 1st Ct City Miami c""Y Miami -Dade State FL Zip Code 33136 Lender/Client Omni Community Redevelopment Agency APPRAISAL AND REPORT IDENTIFICATION This Appraisal Report is one of the following types: X Appraisal Report n Restricted Appraisal Report This report was prepared in accordance with the requirements of the Appraisal Report option of USPAP Standards Rule 2-2(a). This report was prepared in accordance with the requirements of the Restricted Appraisal Report option of USPAP Standards Rule 2-2(b). The Intended user of this report Is limited to the identified client. This Is a Restricted Appraisal Report and the rationale for how the appraiser arrived at the opinions and conclusions set forth in the report may not be understood properly without the additional information in the appraiser's workfile. ADDITIONAL CERTIFICATIONS I certify that, to the best of my knowledge and belief: • The statements of fact contained in this report are true and correct. • The report analyses, opinions, and conclusions are limited only by the reported assumptions and are my personal, impartial, and unbiased professional analyses, opinions, and conclusions. • I have no (or the specified) present or prospective interest in the property that is the subject of this report and no (or specified) personal interest with respect to the parties involved. • I have no bias with respect to the properly that is the subject of this report or the parties involved with this assignment. • My engagement In this assignment was not contingent upon developing or reporting predetermined results. • My compensation for completing this assignment is not contingent upon the development or reporting of a predetermined value or direction In value that favors the cause of the client, the amount of the value opinion, the attainment of a stipulated result, or the occurrence of a subsequent event directly related to the Intended use of this appraisal. • My analyses, opinions, and conclusions were developed and this report has been prepared, in conformity with the Uniform Standards of Professional Appraisal Practice. • This appraisal report was prepared in accordance with the requirements of Title XI of FIRREA and any implementing regulations. PRIOR SERVICES XI have NOT performed services, as an appraiser or in any other capacity regarding the property that is the subject of this report within the three-year period immediately preceding acceptance of this assignment. ❑ I HAVE performed services, as an appraiser or in another capacity regarding the property that Is the subject of this report within the three-year period immediately preceding acceptance of this assignment. Those services are described in the comments below. PROPERTY INSPECTION ❑ I have NOT made a personal inspection of the property that Is the subject of this report. XI HAVE made a personal inspection of the property that is the subject of this report. APPRAISAL ASSISTANCE Unless otherwise noted, no one provided significant real property appraisal assistance to the person signing this certification. If anyone did provide significant assistance, they are hereby identified along with a summary of the extent of the assistance provided in the report Periklis Synanidis, Registered Appraiser Trainee RI23631, was helping with the data input, verification of the comps, and market analysis. I Jofre Valencia, MAI, SRA, the supervisory appraiser of the above mentioned register appraiser trainee who contributed to the development or communication of this appraisal, hereby accepts full and complete responsibility for any work performed by the registered appraiser trainee named in this report as if it were my own work. ADDITIONAL COMMENTS Additional USPAP related Issues requiring disclosure and/or any state mandated requirements'. MARKETING TIME AND EXPOSURE TIME FOR THE SUBJECT PROPERTY XA reasonable marketing time for the subject property is XA reasonable exposure time for the subject property is APPRAISER Signature Name 90-180 90-180 day(s) utilizing market conditions pertinent to the appraisal assignment day(s). Jo a, Al, SRA, Cert Gen RZ3562 Date of Signature 03/15/2024 State Certification # Cert Gen RZ3562 or State License # State FL SUPERVISORY APPRAISER (ONLY IF REQUIRED) Signature Name Date of Signature State Certification # or State License # State Attachment: 15954 Appraisals (15954 : Purchase of Real Property located at 1851 NW 1st Ct., Miami, FL 33136) Expiration Date of Certification or License Effective Date of Appraisal 03/08/2024 11/30/2024 Expiration Date of Certification or License Supervisory Appraiser Inspection of Subject Property ❑ Did Not ❑ Exterior -only from Street ❑ Interior and Exterior USPAP Compliance Addendum 2014 Form ID14EC -'TOTAL' appraisal software by a la mode, inc. - 1-800-ALAMODE Packet Pg. 402 Southeast Florida Multifamily Market Report - Page 1 2.4.a INVESTMENT FORECAST Multifamily South cast Iporido pe3,1004TO3Jnt 2024 Homeownership Hurdles Stand Out Nationally, Driving Apartrnent Demand Normalising growth trends accompany record supply influx- Wt5t Palm Ikach, Miami and hart. Lauderdale ranked first etwond and fourth, respectively, among major L1.S marire[5 in home price appreciation between 20I9 and 2023. Combined with elevated mortgage rates, more new residents are funneling Into the regional renter pool, while potenrial first-time homebuyerscontinue to lease apartments. Corporate relocations„ tumid Floridas favorable tax climate, arc bcnefitiligdemand for Claw A unite,, given a local household income growth rate that ranks among the largear in the country in 2024. Asa results [these dynamics, net absorption in Southeast 'Florida is _set to nmre than double 2023's total this y nr. Tempered overall migration trends deem the region's elevated affordability hardy wi t, however, challenge this impno1d apartment demand in the near -term. Notihle supply pressure is also a headwind as the region welcomes 5,400 more units this year than the previous all-time high. Completions In Miami will a .00uar for nearly half of this new stock„ though Fort Lauderdale's inventory expands or a faster pate of3.2 portent. In turn. the reglon's kmeancy rate will remain above its 4.7 percent historical average. Insurance costs create opportunity For regional buyers. The percentage of iosti tutional-Ielel trades in Southeast Florida accounted for by a ut •o -stere huyels remained above pre.pandemic norms Last year, despite elevated lending rates. This trend, however, may adjust in 2024 as commercial insurance in the. region recently climbed at an unprecedented Foes afterthemnncou-s impacts ofnotable natural disasters became more pronounced. Should this deter non -Florida based firms from pursuing properties this year, it could lend to more apporronities for in -stare Lrettitutiannl int'eatora to acquire liatieya initiatedhy distress, due to the rising operating coats. The reglue'e substantial number of rlel Ivey cs this y+:armay also present opportunities fur buyers looking to avoid construction ruk. Developers opers oval uriugthoir near -mint holds given elevated insurance t1)ata may begin to form exit srsur'egies. In West Palm Beach, an ebbed coverage price per unit last year aided a more tame pullback in velocity among$16million-plug trades- This dynamic ratty emerge in the Miami and pert Lauderdale ucas moving forward. re-engaging more investors formerly on the sidelines. 18.5% 30.0% $1,214,500 2023 shirr of foram population between 20 and 3dyoera aid of Lornlpap ula 5Pn held bacheto'o aurae or Mt/berm 202; rrtrdletA tome price. 303 7_7 .1 Sit .ts Employment Trends xlrayrymrnr — r•=o.rrervent rAtnpr tY 1r 14 111 to 33 31 71. sr•.' Housing Affordability Gap — atr,nut4. P.pmrnt — Etrcri3 er firm µ 11i 1n 17 111 13 30- 31 _s 21. Supply and Demand 1..1 31.,,rdr9ia,1l — .%3 A10e9p12021 111 1R rr in 20, 71 a . 7.2tim31, "meant .T� �Vh 1Q '3aLa Pg. '4v.,,1J Arlen,. /PA Amens. Sr+wtraG•M,P` !+alai :stun Rdlirvrn! At..Ma e. rgrkex!Lun: 3raf hem Mr. Attachment: 15954 Appraisals (15954 : Purchase of Real Property located at 1851 NW 1st Ct., Miami, FL 33136) Form SCNLGL - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE Packet Pg. 403 Southeast Florida Multifamily Market Report - Page 2 2.4.a IPAIMA °` Investment Outlook Among the three major netrog that make up Southeast Florida, ivfiatni's oggt•eRte supply, demand and rent growth score di 3 ig the highest of the hunch_ Fort Lauderdale and Went Palm Beach, nuanwhilc. toyed II spanningthaseshme rariabkm. The framer has greater rent growth, and the latter has a stronger supply ranking. Southeast Florida remains a compelling metro for institutions, although recent insurance tzrst hikes in light cif natural disasters am imparting strategies_ Yields a411 relatively an€Form wrens the region, while Fart l.uuah,•adale lus ightlyscrumger liquld'ity thhs rat tiwer the- rkr ivrPermraw tnitesprwhtera ntrnv-drre! rrtaJrnear brim:An/ kralydjruen s1re fr ftw ke. nrcaria 2024 MARKET FORECAST Employment 56.000 Jabs Construction , of inventorya Class A Vacancy Up 60 bps Class A Rent 1,3,164 per month John Sabres Saw MrPr fdmt nt+aearLPA MMWt1J n>f8• (sue aua+oa 1aurefeauaaurn 2.0% 1.1% 2.5% 6.5% lisx 1.60 -1.1% A Key Performance index IICCAY rl• . mar.+ a' 4' ti art of Miami, FL 33136) U N Z co cc a1 t al a O L a �a a>' O a) to cc t L um to rn to N to lZ 11 SIX tt� Le 1 Cr)I.Iji a1 L. to I �I Vacancy By Class — er:44 a — crass s c ID to 17 111 11 :C 71 W ?+f• Rant Growth By Class eti A7.Yrvr.WcrDge ar 1l3f Fbi'ahrs: •sriuurte -'Fun-wa Amu IOW b amaan tad eanlwM rNh 1T_3 ,yuaarrr tTA ananrh Srrr7ret al tar attt 414:74411530 Ar.; RearCppref "dal Form SCNLGL - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE Packet Pg. 404 Miami -Dade Multifamily Market Report 2.4.a ill INVESTMENT FORECAST Marcus &Mtllichap MULTIFAMILY 2024 Miarrlf--Dade Metro Area LU4. 111 HLefile0W1iC iaiaijt bwuItilosAmong the Nation's Steeped, Helping Curb Increasing Apartment Vacanc Growth dynamics ere above historical norms, despite same tampering mumentem_Bnbust la -migration over the East three years has bnusted the average apartment rent roughly SD p er- cent since 2020. The lots of some affordability advantages may new partially hinder inflows as population gains are expected to moderate. Nevertheless, corporate re locations and expansions are helping drive a rate of growth that naiades above historic norms- Citadel$ move to Stickel! is a notable example, adding to the metro'Sbase 0fakil2ad labor. Though many elf therm new positive a are higher -wage lobs, hulneuwnership challenges are direrttng more residents to apartments_ to addition to elevated mortgage razes, Miami boasts the third -highest median home price in the Won try, iotinwing a 65 percent hike between 2019 and 2025. is dynamic helps tame the pace of canon cyexpansion in 202A,allowing the metro to retain the lowestmeasure among major Florida markers A record supply influx, however. is set to place particular pressure on the !wary segmen t, lncrunsing conue54i011 oferints in the near. terra. lnesaiottalInterest varies in accordance with capital deployment. Trading velocity sign ilk aptly declined last year, following a historic coon t of transactions in 2022 I nstil a Nona! grade activity, however, has started to return amid. the Federal Reserve easing up an rate hlkes,while some funds face capital deploymon t expirations. Western Miami -Weal and Male ah-Miami Lakes should non- tinue to 1W popular areas among these investor. Tighter Cla sA conditions here than the overall cmrket Es a driver tartan -doting deuis, wh lien subdued a.^tlrte pipeline locally may maintain this dynamic moving forward 'Private buyers Revelling assets err increasing their holdings in North Cao trill and Northeast Miami These units are attractive for renters, given theirproximity to o ear. by beaches, urban amenities and afordabIlity relative to Stickel and Downtown -South Benda_ 2024MARKET FORECAST EMPLOYMENT The addition of II 0DG po al clans ran net this year will elf ew Ira- Miami's overall etnpl[ryment growth rate to existed al other mgiur Florida metros[ in 2024. CONSTRUCTION: Deliveries thisyear will surpass Miami's previous a}1-time high by roughly 2,000 unit, increasing stud[ by S.l percent Downtown -South Beechaccounts for nearly ere -third of new supply. VACANCY; Rewhings.11percent byyear-en d,market yaneecy will betat! lowest among rnaf er Sun Belt metros_ aside from California markets like leas Angeles. San Jose and San Diego. RENT: Miami'aaverage effeetivereitreaeheg$2,a7Bper month in2024.This will he romany S2 pereentnhead ofiig 2015 mean, the second-iirgeEtgain among major US. markets over that span. INVESTMENT: Leap! affordnbflizychallenges wflfronrinuetosupport realm- demrrndfar Gyps C mks. preserving rro fiona1ly-tight segment inaar7I and eonwarenr rent growth. This may dilute Inventor hntdresr maviigjlrwore. Employment Trends Ancaraylart — rai.ermarrrtersar L• u :uu1h11 - Supply and Demand Camlrtefioni ,4'.., 1',rr,no, Lrr,msc1.Rrte 2 2 FA rs ail rl n I! Ie a an a ?.T ne tl% Rent Trends — .awry pear — 1'u. r soca,: charge tr000 y BA +ao rarl 1 yle0o aaoa sale e 4 m / • En r at. IS, N" •r6Wmerk •' fW-ud 5idaaxuthru.dnLp. lneaRedrapirit11.0 wrarniNage.!roc Wising Mike 'Harrison E.Rein aeccbtreiampayr'r #Pld NuMhAiMMirlve.Ftlltt iaa Alilrm7• FA..+.VIV r142(7 )L ,P VJ1I Aave.oKemfe, frvi .famaknl^Pf'a^w4 MALT, PAI, 00.1.41. nrarrfrpmr,JMvnaewJam k.. rota.-ntM.°'.'kl..aAremrenirrrererLr..yr..,,ry-eau xor Aw.rr k,rota..rots.,I,w..,.r.,.:sm A..,.wrri-nrhoomise..•A.re:. ,rt C.ns.rArm,P.,.,arrr errvy9,. prarrinhNegwrs/ rr.rrrar• mg, tae_en-nl.nwgFNnw.mrrt..rWok Y..41.isE tflr,0eartmAMx rrryxrryponlp,.twIrrrrr.dkr.nr,..rt riv.•.d„rregSgry.rr d!Afmr,l ...err male dawns M.Jkma pan...Wrepremat.rernmeAllurenr,/m.w...vo rmrr idualisen xrrnmocegoarsaeenk rxrwmff:w,ne,y/r,w,ren.l.As warm. or,rhhrky Wear 16 J..s,.,0.,tnk. Miimiunanttaw. Anastrit unrmn raetfhanm,wpr.nwy np.dioprArmr..r—I. 7AfrhaW irirra610. 11s111461? i'wYk In..rmmrn J4nr...44 Al.W ir,w.iFrvJwe maM.,..rndarr w awredet& /,r1ol.AiaCd! r•n.unnnu.rvf'lrim....r Attachment: 15954 Appraisals (15954 : Purchase of Real Property located at 1851 NW 1st Ct., Miami, FL 33136) Form SCNLGL - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE Packet Pg. 405 Building Sketch (Page - 1) 2.4.a Borrower OMNI Property Address 1851 NW 1st Ct City Miami County Miami -Dade State FL zip Code 33136 Lender/Client Omni Community Redevelopment Agency 26.33' Unit #3 Unit #2 First Floor [1288.33 Sq ft] Unit #1 26.33' TOTAL Sketch by a la mode oo oo w a) 06 26.33' Unit #6 Unit #5 Second Floor [1288.33 Sq ft] Unit #4 26.33' All measurement are approximate and not guaranteed. The sketch is include to assist to visualize the property Area Calculations Summary Living Area First Floor 1288.33 Sq ft Second Floor 1288.33 Sq ft Total Living Area (Rounded): 2577 Sq ft Calculation Details 26.33 x 48.93 = 12138.3.'. 26.33 x 48.93 = 1288.33 Attachment: 15954 Appraisals (15954 : Purchase of Real Property located at 1851 NW 1st Ct., Miami, FL 33136) Form SKT.BIdSkI - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE Packet Pg. 406 Building Sketch (Page - 2) 2.4.a Borrower OMNI Property Address 1851 NW 1st Ct City Miami County Miami -Dade State FL zip Code 33136 Lender/Client Omni Community Redevelopment Agency 16.31' FLOOR LAYOUT 10.85' 5.46' 16.31' rn Bedroom Bath Bedroom o w 5.29' Unit #1 [567.99 Sq ft] a) Living/Dining c 16.31' Bath Unit #2 5.56' 291.15 Sq ft] Living/Dining Bedroom - 16.31' a, __ u 42 Y TOTAL Sketch by a la mode Bath Bedroom Unit #3 [429.44 Sq ft] c a) Living/Dining 16.31' All measurement are approximate and not guaranteed. The sketch is include to assist to visualize the property Area Calculations Summary Non -living Area Uni[ #2 291.15 Sq k Unit #3 429.44 Sq ft Unit #1 567.99 Sq ft 11.84 x 5.56 15.4 x 5.29 0.5 x 10.96 x 0 0.5 x 5.46 x 0.03 26.33 x 5.46 = 65.83 = 81.47 = 0.01 = 0.08 = 143.76 26.33 x 16.31 = 429.44 26.33 x 16.31 = 429.44 5.56 x 3.56 = 19.79 10.85 x 10.93 = 118.59 0.5 x 10.85 x 0.03 = 0.16 Attachment: 15954 Appraisals (15954 : Purchase of Real Property located at 1851 NW 1st Ct., Miami, FL 33136) Form SKT.BLDSKI -'TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE Packet Pg. 407 Floor Plan 1 2.4.a Borrower OMNI Property Address 1851 NW 1st Ct City Miami County Miami -Dade State FL zip Code 33136 Lender/Client Omni Community Redevelopment Agency NEW 3 WIPE METAL CATE rmmICTRICAL NOV I' NETAL FENCE - IATER EXIST ELECT MEYERS AT EMS*. CONCEL,E SIDEIVAUS NEW X 2.1" TRANSFER DOORS ALL MOM TYPHO�NG_ LIVING I DINING 4 DAT NANO. 411.11. NEVI 1 I. CROPPED REPAIR S FINE REMIND] AB PER DETALONSA �LNINGI DINING BEDROOM ,y 1.NTNAva CEILING YdG CFAPS. V9®Wll]YAY • • (E4GO9®CONCRETE FLOOR). C11,60 LIVING) DINING stEr NAVL KEEP AIL LINTS Ir MIN FROM - - MST. STEEL GRASS FBI GROUND FLOOR PLAN SCALE. I14,1'-D °m CONCRETE G,n, mew CONCRETE SLMI EXISTING CONCRETE STNRS SLAB REPAIR MISTING CONCRETE STEP Attachment: 15954 Appraisals (15954 : Purchase of Real Property located at 1851 NW 1st Ct., Miami, FL 33136) Form MAP.Suruey- "TOTAL" appraisal software by a la mode, inc.- 1-800-ALAMODE Packet Pg. 408 Floor Plan 2 2.4.a NEW ALUM ATTACHED TOHANDRAIL WALL NEW AS• AG -ALLAY RAILING IN, IV STAIR ONLY AVIV CArn GARB GLASS BLASS CAT II qTB 4454 EGRESS WINDOW BEDROOM NEW 6I24'T11ANSFETI GRI 0O ( ABOVE BECROOM RAJ + EGRESS ODW RIRIOVE TUB MS, PROVIDE NEW SNORER DI COM EDR ..-,.. '.L'I VI 14N--F /w1 B ��R1,ON ttf - iMV, Imo@ N CL BEDROOM RAMON OF PARMICR TO 1 { SERER. +4. /'� ¶ em- a.....:::: :::: ties ,ralapp® / OTPI®. CEOMIG - T4 ARE —__ TdAF,. — LIVING / DINING EICSIING GO. C IF.—EXISTNG t-NDLII FIRE RATED DENISHG WALL REPAIR AS REGUNED AS PER DETAIL ON SHEET AY -q WING/ DINING 1 = BEDROOM DOSTNGSB. CUING: S YAFF. EGRESS WINOOIS. NEW n-oN0PPE0 GAPED. FCEILNG'. LIVING / DINING FASTING GS CEILING IV, AFF. SN : .•. FAsr. COVEAEOBAL6ONY (EXPOSED CONCRETE FLORA DUSTING STEEL NEW Ar NTNM. PABMIG SECOND FLOOR PLAN SCALE (iN•=I'-J• FAIL -STING STING CONCRETE TT/,A,F NEN ALUM. ALIANDRAIL ATTACHED iD WALL NEW AT NT ALUM RAYING WITH SF HA NDRAIL AT STN Attachment: 15954 Appraisals (15954 : Purchase of Real Property located at 1851 NW 1st Ct., Miami, FL 33136) Form SCNLGL - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE Packet Pg. 409 Subject Photo Page 2.4.a Borrower OMNI Property Address 1851 NW 1st Ct city Miami County Miami -Dade State FL zip Code 33136 Lender/Client Omni Community Redevelopment Agency Subject Front 1851 NW 1st Ct Sales Price N/A Gross Building Area 2,576.12 Age 70 Year Subject Rear Subject Street Attachment: 15954 Appraisals (15954 : Purchase of Real Property located at 1851 NW 1st Ct., Miami, FL 33136) Form PICPIX.SC - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE Packet Pg. 410 Photograph Addendum 2.4.a Borrower OMNI Property Address 1851 NW 1st Ct city Miami County Miami -Dade State FL zip Code 33136 Lender/Client Omni Community Redevelopment Agency East & South Elevation View North Elevation View West & South Elevation View West Elevation Attachment: 15954 Appraisals (15954 : Purchase of Real Property located at 1851 NW 1st Ct., Miami, FL 33136) Staircase Form PICSIX2 - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE Rear Packet Pg. 411 Photograph Addendum 2.4.a Borrower OMNI Property Address 1851 NW 1st Ct City Miami County Miami -Dade State FL zip Code 33136 Lender/Client Omni Community Redevelopment Agency Interior View Digital Thermostat Interior View Water Heater Attachment: 15954 Appraisals (15954 : Purchase of Real Property located at 1851 NW 1st Ct., Miami, FL 33136) AC Handler Interior View Form PICSIX2 - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE Packet Pg. 412 Subiect's Interior Photos 2.4.a Borrower OMNI Property Address 1851 NW 1st Ct City Miami County Miami -Dade State FL zip Code 33136 Lender/Client Omni Community Redevelopment Agency Interior View Interior View Interior View Interior View Interior View Interior View Interior View Interior View Interior View Interior View Interior View Corridor View Attachment: 15954 Appraisals (15954 : Purchase of Real Property located at 1851 NW 1st Ct., Miami, FL 33136) Interior View Interior View Form PIC15 -'TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE Interior View Packet Pg. 413 Comparable Photo Page 2.4.a Borrower OMNI Property Address 1851 NW 1st Ct city Miami County Miami -Dade State FL zip Code 33136 Lender/Client Omni Community Redevelopment Agency 1011111111111111111111111 � �w .:,�II������Vth en �� MI1I111 Comparable 1 1720 NW 1st PI Sales Price 1,500,000 Gross Building Area 3,908 Age 72 Years Comparable 2 172 NW 12th St Sales Price 1,075,000 Gross Building Area 2,618 AQe 64 Years Comparable 3 1745 NW 1st PI Sales Price 2,000,000 Gross Building Area 3,959 Age 73 Years Attachment: 15954 Appraisals (15954 : Purchase of Real Property located at 1851 NW 1st Ct., Miami, FL 33136) Form PICPIX.CC - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE Packet Pg. 414 Comparable Photo Page 2.4.a Borrower OMNI Property Address 1851 NW 1st Ct City Miami County Miami -Dade State FL zip Code 33136 Lender/Client Omni Community Redevelopment Agency 1111111 Mill I- mica ' 'y llllf����fh^1I Comparable 4 1864 NW 28th St Sales Price 1,295,000 G.B.A. 3,200 Age/Yr. Blt. 48 Years Comparable 5 225 NW 16th St Sales Price 1,575,000 G.B.A. 3,959 Age/Yr. Blt. 73 Years Comparable 6 220 NW 16th St Sales Price 2,000,000 G.B.A. 6,704 Age/Yr. Blt. 60 Years Attachment: 15954 Appraisals (15954 : Purchase of Real Property located at 1851 NW 1st Ct., Miami, FL 33136) Form PICPIX.CC - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE Packet Pg. 415 Rental Photo Page 2.4.a Borrower OMNI Property Address 1851 NW 1st Ct City Miami County Miami -Dade State FL zip Code 33136 Lender/Client Omni Community Redevelopment Agency Rental 1 1948 NW 2nd Ct Proximity to Subjo.17 miles NW Gross Building A14,120 Aqe 65 Years Rental 2 1745 NW 1st PI Proximity to Subject 0.10 miles SW Gross Building Area 3,959 Aqe 73 Years Rental 3 1710 NW 1st Ct Proximity to Subject 0.12 miles S Gross Building Area 6,499 Age 73 Years Attachment: 15954 Appraisals (15954 : Purchase of Real Property located at 1851 NW 1st Ct., Miami, FL 33136) Form DLSTRNT.DS$C -'TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE Packet Pg. 416 Regional Map 2.4.a Borrower OMNI Property Address 1851 NW 1st Ct City Miami County Miami -Dade State FL zip Code 33136 Lender/Client Omni Community Redevelopment Agency a la mode, inc: rn.,•.. .hxnnn Ph L'aRedIe.__ Lq - inAcme nd Felda Imrno14a!ee Ave Maria ak;ha? _hie r.-anti 5[i,Ce Pr�aerrc Evengra des_. Clty gig Pine i<ey epon Moore Haven !stCn Montura /fJ tt$ cress NateonoJ:' Preserve' Everg laidras N tili:alai Park Layle ei Duck Key Marathon �IYlG RW JVEF C Lief Jupiter Curial Point Maraagr mont palm Bea h Pahokee Ar.?a Gardens Belle Glade SIorrnwarer +' Trealimertt Area 1 Weal and Trarrr_'tsr• s Wrf,-Jf West Palm Beach iu�7ti BOyntc•n Beach Delray Beact• Boca Raton " ruin Pompano Beach Fort Lauderdale Hollywoo I'fialeah - Miami LSIS_': +iu2 Homestead Naiic•nal PeIrk rvarth Ki.y Largo Key Largo Key Largo Tavernier IsBamerada SUBJECT 1851 NW 1st Ct yA=p da_a.=S.52_w-cog!F taEG 1trni� Attachment: 15954 Appraisals (15954 : Purchase of Real Property located at 1851 NW 1st Ct., Miami, FL 33136) Form MAP.LOC - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE Packet Pg. 417 Borrower OMNI Property Address 1851 NW 1stCt Neighborhood Map 2.4.a City Miami Lender/Client Omni Community Redevelopment Agency County Miami -Dade State FL Zip Code 33136 a 4a mode, Inc. NWiiithSt '. �' e li IVargu Ies,IP%15r11 the 1 oNg "OUSE '' NW27th1St I immmiffisiaNNEritti u ■ "5th =•1 eels nt 3`. yw irrer SUBJECT 1851 kW ist Ct Walls NV; K,nri HW°31St 5t!it + 3 NW' 30thrSt #1# b 1 ta_sR,.IS ulseum NW 24th J ,�,, �rll 5 WWI ey "'• k E .rrtentary 171t"al I__ 1kia7 1r', � 1.1 I7nrse 14 ' :Nye Youth1Eef1er NEi'3h1. i a x_ a. Nt' r48 ?Fr [h St - 75..: NE 27th St 3dih St �ftt� NC.t 3rd St '111.1.!, brD RNE22nd st P Park NE,16h°St 14th'S1sn NEt15th St N h 1 t h _NEpt6th St' L?t� Miami Passport /_IITM""Mr= Vt-M! • • M`MtsaamaMr4WslOXII =Mg r•7 UMFMMII0U►EMOIR. u 111RNIiKi:j; Form MAP.LOC - 'TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE Packet Pg. 418 Location Map Borrower OMNI Property Address 1851 NW 1stCt 2.4.a City Miami Lender/Client Omni Community Redevelopment Agency County Miami -Dade State FL zip Code 33136 a la mode, Inc: rn, Jeckson, ,Hiyt"S;pp vl• 'T ,"� ice;. ,a `i•-:TMz r :.117r 'ti kte COMPARABLE No. 4 1864 NW 28th St 1.92 miles W n *Ls.1..Al1k i1 x f4 I Ttj1' Superbu Miami ;� rt e*ts:41 rFu"4",' 411+011 Santrt Glar:0 9ae1 san�Ivl T��l i, H �f Jh,v afjgl3LT 1, H raltlirSysten 11+ . COMPARABLE No. 3 1745 NW 1st Pi 0.10 miles SW COMPARABLE No. 1 1170 teSV lot PI 4.14 miles SW COMPARABLE No. 5 225 NW 16th St 0.25 miles SW COMPARABLE No. 5 220 NW 16th St 0,29 miles SW COMPARABLE No. 2 172 NW 12th St 0.55 tulles 5 t iY'BI y� r~9 4+ 1 P1VLER IUC a r �+ Le i c ; ■ • ,. yr, t f�r W S? a= 1iir i f�,r dl _'sI III PP, Mae r'r SUBJECT 1B51 NW 1st Ct p data 47_0 .Zou WWI Imagery =24. irtuz, CN6 = Parer Tee{rrreica ea, S.n cm, U h Crenlen cat,5dryef 1{1[hq fS' I -edinc /_IITM""Mr= Vt-M! • • M`MtsaamaMr4WslOXII =Mg r•7 UMFMMII0U►EMOIR. u 111RNIiKi:j; Form MAP.LOC - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE Packet Pg. 419 Borrower OMNI Property Address 1851 NW 1st Ct Rentals Map 2.4.a City Miami Lender/Client Omni Community Redevelopment Agency County Miami -Dade State FL Zip Code 33136 l• a la mode, inc. NW-276'i S. :$6lta $t API Ka8 etente it a LJ 'bi; 7T `.Wynwoorl Walls,` Ir ►r;NV 25th Sr. ai 'i 3: NW 24tts 51.4 *; ti, Vlp w. ` " 1a. NW�23rd S _ NW;22nnd ,11 RENTAL No. 1 NW:;22r1d'St... � a RENTAL No. 2 1745 NW 1st lsl 0.1D mutts SW RENTAL No. 3 1710 NW 1st Ct 0.12 miles 5 OpLE fs Eicb� atadorc�. Hlsttirrc 8l0k Police PrecihTIl Courthouse... NW 'th.St W24tt1 St SUBJECT 1851 NV., 1st Ct I ( k L. ipriAiiiit--'"1 Ss.-,taain•IJS Geaaam"�e�:un I.X6111 .Ire-'" • rj INE-2ath'*Ter ece aottt' st NEy191.11Terra #7 g 10,9th.5tt, NEk)Othlst Rhein Museurn. iIr ;I =.• 7 reedom /_IITM""Mr= Vt-M! • • M`MtsaamaMr4WslOXII =Mg r•7 UMFMMII0U►EMOIR. u 111RNIiKi:j; Form MAP.LOC - 'TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE Packet Pg. 420 Neighborhood Map 2.4.a th St • i1h St - Henry' Reeyes Park Go ale Borrower OMNI Property Address 1851 NW 1st Ct City Miami County Miami -Dade State FL zip Code 33136 Lender/Client Omni Community Redevelopment Agency Aft. Oil a la mode, inc. a NW29thSt NW 2F.th 5t 9 The Margulies Collection at the WAREhOUSE Nut 27th 5t NW 2iath St Crala Plant hSt NW 22 5t 2 cr4 Wynwood Walls NW 29t11 st 2 NW 2Sth Si c NW 27th St NE 2Bth St NE 27th St Loch & Load Miami: Machine Gun... o Original SelliE 11r Museum Pvliarni N W 25th St 2 NW 2+tih St N ti NW 24t1-1 St e. m NW 23rd 5t NW 22n{1 La Z Z 7 Z w h G» 5Y 15- Z T1 r7 < 3 m r1 NW 22nst St. ,... rz P c m Paul Laurence Dunbar Elementary School NW loth SSt 2 ' 2 z { ui NW 191h Lli u 3 s i1 u r 0 `m 2 n NW:+,1s1St 9 NE 29th SS 9 z I•. ts' NE 28t11 St hrf. NE NE 2sth st r.r, NE nth St 2 m Ni Z NE 24t1i Si a rr' rp Y to in R r7 ra NE 23ed SI CI c` NE 22.nd St E tat h st n N NW 2t1th St z NE 20itt 51 rrr z WYNWOO❑ A["'r:,cefrf YellowLg Falcon 1VTiarniNf. 19ttt St 1 Flints Wheatley NW 1911t St Elerilentary School SUBJECT NW IAtt S 1651 NW 1st Ct NW 1ti111S1. *Maros Park NE 2nth menace Biscayne Park Dorsey Park rr --ieodore 1 . and ThOma9 3 Gibson Charter School NW 17th t z Elevation Fitness 9 v z a NE 1 tith St c i pUr116 iaol lr NW 16th Sl 'u 3 ss tuW 1 Fth St nvertown Youth Center NW 1athSt 9 Gibsarr Park a NW 11-th S1 Tie Green 1-lavtan Project, Historic Black Pollee Precinct Courthouse. - 9 NW 9th 51 Nw I1th Terrace NW4IhSt uw Rih 5t z NW 11 th St 'r9 - re 0 2 rri n NE 1 Sth St pAfa auMras a NE 171h 51 NE 15th S! Miami Passport 1+1E t4th St z 2 iii MT rn aa. is.n n w z NE lath St 2 +ti NE lath St NW9thSt NE9thSt fr f�l Phillip , Patricia F Museum of Scii 0 0 Attachment: 15954 Appraisals (15954 : Purchase of Real Property located at 1851 NW 1st Ct., Miami, FL 33136) Form MAP.LOC - 'TOTAL' appraisal software by a la mode, inc. - 1-800-ALAMODE Packet Pg. 421 Bird's Eye Map 2.4.a Borrower OMNI Property Address 1851 NW 1st Ct city Miami County Miami -Dade State FL zip Code 33136 Lender/Client Omni Community Redevelopment Agency Attachment: 15954 Appraisals (15954 : Purchase of Real Property located at 1851 NW 1st Ct., Miami, FL 33136) Form MAP.LOC - 'TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE Packet Pg. 422 Site Map 2.4.a Borrower OMNI Property Address 1851 NW 1st Ct city Miami County Miami -Dade State FL zip Code 33136 Lender/Client Omni Community Redevelopment Agency Attachment: 15954 Appraisals (15954 : Purchase of Real Property located at 1851 NW 1st Ct., Miami, FL 33136) Form MAP.Site - "TOTAL" appraisal software by a la mode, inc.- 1-800-ALAMODE Packet Pg. 423 FEMA Flood Map 2.4.a Borrower OMNI Property Address 1851 NW 1st Ct city Miami County Miami -Dade State FL zip Code 33136 Lender/Client Omni Community Redevelopment Agency itasmai ljabtiMiNErMLATIer 11*-- L'o AN t.-sriil! Plrl MAP PM ElS 41111F.F AREAS AsAmpram. hcew.pu, agvl de- efigmanc noemrlair.s IR9dU&'34134re pglxraas Y,wm iw 9u4.l p.li ArArA. ales cr Hn'rrlJYben niGr'd-.+., GlIetiggs113g4.3 woolugArte—_-'.l.m9➢2 V gt I.. .:1=raa. 4ivccoup! n tyawm uu Subject 1851 NW 1st Ct SP l At HOOD HUMID MESA dilIER AREAS Oi R600 Ht1ARP WId,a l Sib!! 613god ta..dlumigie y .nw O.F,ainudi?ancell i aPara Ales. t 1a erldildMM:' nrww l.nn d a oep.h Ira Ulan an* P.o! n 'and drawp aka al LLS clan ant .quS4 mla :> • ;tram Condemn fl Aron IJliiin 14 O4 n'fi.n Ars. Wit Palmed t'em6Hni Oln ho Lew_. See %Cie.:_:, Free wllhr loud Ash rld.e CO tax .rn:• Mk" 6oudsww,da rYh $x, Mama, Mo. -...fle Yhpan .ce pdiBen ..�F — — efi•IM i.tltl!, _ — ton Pica' baa.lan uw IEwta lent. n Stay ywaears CPaaal h.nuo I.axlnum {!1'F1E73 d.rlry. UMr.nr FUTLIREE_rtaantainkac Pertain GootaL r^—^• Omer.. Ugh.; oe dmn.Seat. 5irglenglES I I. l r u e l..we Win tinndsh Attachment: 15954 Appraisals (15954 : Purchase of Real Property located at 1851 NW 1st Ct., Miami, FL 33136) Form MAP.Flood - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE Packet Pg. 424 Zoning Map 2.4.a Borrower OMNI Property Address 1851 NW 1st Ct city Miami County Miami -Dade State FL Zip Code 33136 Lender/Client Omni Community Redevelopment Agency T4ppL R-3 T3 R r,w inT R-3 W 1CTi1 TER CS T4 L CS C- 2 MM CI G11 .■ ■ 11. 11 IV C- a C-2 C-2 • 1 DI C-2 1N C-2 MOM 11 1UI rM 1 �� w fi r ME_ dor Eli iMI •iu i MTM RU L Attachment: 15954 Appraisals (15954 : Purchase of Real Property located at 1851 NW 1st Ct., Miami, FL 33136) Form MAP.Zoning - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE Packet Pg. 425 Qualifications fo The Appraiser File Na. JV03245617 2.4.a Borrower OMNI Property Address 1851 NW 1st Ct city Miami County Miami -Dade state FL Zip code 33136 Lender/Client Omni Community Redevelopment Agency Qualifications of the Appraiser General Data Name: Jofre Valencia, MAI, SRA Cert. Gen. RZ3562 Office Address: Deutsche Valuations 4251 SW 159 Avenue Miami, FL 33185 Phone: 786-757-6686 Cell: 786- 285-1205 eFax: 1-305-359-3280 email:jofre27@yahoo.com www.deutschevaluations. Appraisal Experience: 05/2005-Current 11/2011-12/2012 04/2011- 11/2011 09/2010-03/2011 06/2002 — 04/2005 Deutsche Valuations 4251 SW 159 Avenue Miami, FL 33185 Ph: (786) 285-1205 Fax :(305) 359-3280 Hemingway & Associates 5901 SW 74th ST, Suite 306 South Miami, FL 33143 Adade Consulting 175 SW 7th St, Suite 1812 Miami, FL 33130 TINSA USA 175 SW 7th ST, Suite 1812 Miami, FL 33130 Trust Appraisals 11015SW56ST Miami, FL 33165 Ph: (305) 412-1950 Certified General Appraiser General Manager Residential & Commercial (4000+/- Residential Reports) (100 Commercial Narrative Report) Senior Valuation Analyst Valuation & Consulting Residential Valuation Officer Commercial& Residential Appraisals Residential Appraiser Director Senior Residential Appraiser Res. & Commercial appraisals Assistant to the Appraiser Residential & Commercial (5 Commercial Narrative Report) (770 +/- Residential Reports) Types of Appraisals Assignments performed: 1. Single Family Dwelling, Unique and Difficult Properties 2. Individual Condominium Units, PUD Units, Individual Cooperative Units 3. Vacant Lots, Sites and Parcels, & Residential Acreage & Lots, Highest & Best Use Studies 4. Small income one to four residential unit, 5+units, Apartment Buildings, 5 to 200+ units 5. Mobile Homes, Mobile Home Parks, Oddball or Non -Conforming Properties 6. Green Houses and Sustainable Green Building, Bay front Homes & Oceanfront Homes 7. Commercial Existing Property: Office Building, Warehouse, Retail Store, Hotel, Motel Attachment: 15954 Appraisals (15954 : Purchase of Real Property located at 1851 NW 1st Ct., Miami, FL 33136) Form TADD - 'TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE Packet Pg. 426 Qualifications fo The Appraiser File Na. JV03245617 2.4.a Borrower OMNI Property Address 1851 NW 1st Ct city Miami County Miami —Dade state FL Zip code 33136 Lender/Client Omni Community Redevelopment Agency Education: 1. Several Continuing Education Courses: Universidad Industrial de Santander, Bucaramanga, Colombia Justus Liebig University, Giessen, Germany Universidad Popular del Cesar, Valledupar, Colombia Miami -Dade Community College Florida International University Florida Atlantic University 2. Bachelor of Science in Biomedical Engineering Fachhochschule Giessen -Friedberg, Giessen, Germany Licenses and Memberships 2018 -MAI Designed Member of the Appraisal Institute 2013- Miami, Florida, State -Certified General Real Estate Appraiser 2012-Advanced MAI Candidate 2010 -SRA Designed Member of the Appraisal Institute 2008- FHA Appraiser Rooster 2005- Miami, Florida, State -Certified Residential Real Estate Appraiser 2003- Chicago, Illinois, Appraisal Institute Associate Member General Associate Member pursuing MAI & SRA Designation (MAI &SRA Candidate) 2002- Miami, Florida, State Registered Assistant Appraiser 1995- Valledupar, Colombia, Biomedical Engineer 1994- Giessen, Germany, Biomedical Engineer 1991- Dusseldorf, Germany, VD! Member (German Engineers Association) Real Estate Courses & Seminars: Appraisal Institute, South Florida Chapter November 6, 2020, Virtual Classroom, Florida Appraisal Institute, South Florida Chapter June 25, 2020, Virtual Classroom, Florida Appraisal Institute, South Florida Chapter June 16, 2020, Virtual Classroom, Florida Appraisal Institute, South Florida Chapter June 12, 2020, Virtual Classroom, Florida Appraisal Institute, South Florida Chapter June 11, 2020, Virtual Classroom, Florida Appraisal Institute, South Florida Chapter June 07, 2019, Fort Lauderdale, FL Appraisal Institute, South Florida Chapter September 21, 2018, Miami, Florida Appraisal Institute, South Florida Chapter August 17, 2018, Miami, Florida Appraisal Institute, South Florida Chapter August 17, 2018, Miami, Florida A1453624 RZ3562 A1453624 A1453624 FLRD5097 RD 5097 Al 453624 RI 9430 6 Hour QE 2020 Course Business Practices and Ethics 8 Hour QE 2020 Course IRS - Valuation of Donated Real Estate Including Conservation Easements 7 Hour QE 2020 Course National USPAP Update 2 Hour QE Valuation Impacts of COVID-19: 1-4 Unit Residential 3 Hour QE 2018 Course Florida Law for Real Estate Appraiser 8 Hour QE 20195 Course The Evolution of Real Estate E-Commerce Impact. 4 Hour QE 2018 Course Technology Tips for Real Estate Appraisers 7 Hour QE 2018 Course National USPAP Update 3 Hour QE 2018 Course Florida Law for Real Estate Appraiser Attachment: 15954 Appraisals (15954 : Purchase of Real Property located at 1851 NW 1st Ct., Miami, FL 33136) Form TADD-'TOTAL' appraisal software by a la mode, inc. - 1-800-ALAMODE Packet Pg. 427 Qualifications fo The Appraiser e Na. JV03245617 2.4.a Borrower OMNI Property Address 1851 NW 1st Ct city Miami County Miami -Dade state FL Zip code 33136 Lender/Client Omni Community Redevelopment Agency Appraisal Institute, South Florida Chapter March 23, 2018, Fort Lauderdale, Florida Appraisal Institute, Central Florida Chapter February 19-25, 2018, Orlando, Florida Appraisal Institute, South Florida Chapter December 11, 2017, Fort Lauderdale, Florida Appraisal Institute, South Florida Chapter April 25, 2017, Miami, Florida Appraisal Institute, South Florida Chapter August 25, 2016, Miami, Florida Appraisal Institute, South Florida Chapter August 25, 2016, Miami, Florida Appraisal Institute, South Florida Chapter December 09, 2015, Fort Lauderdale, FL Appraisal Institute, South Florida Chapter December 03, 2015, Fort Lauderdale, FL Appraisal Institute, South Florida Chapter October 07, 2015, Fort Lauderdale, FL Appraisal Institute, South Florida Chapter September 11, 2015, Fort Lauderdale, FL Appraisal Institute, South Florida Chapter Miami, FL, July 16, 2015 Appraisal Institute, South Florida Chapter Webminars, June 01, 2015 Appraisal Institute, South Florida Chapter November 07, 2014, Fort Lauderdale, FL Pier 66 Marina April 9, 2014, Fort Lauderdale Appraisal Institute, South Florida Chapter Webminars February 05, 2014 Appraisal Institute, South Florida Chapter Boca Raton, FL January 24, 2014 Appraisal Institute, South Florida Chapter Fort Lauderdale November 15, 2013 Appraisal Institute, South Florida Chapter Fort Lauderdale August 21, 2013 Appraisal Institute, South Florida Chapter Fort Lauderdale May 17, 2013 Appraisal Institute, South Florida Chapter Florida International University June 9, 2012, Miami, Florida 7 Hour QE 2018 Course Advanced Land Valuation: Sound Solutions to Perplexing Problems General Demonstration Report Capstone Program 7 Hour QE 2018 Course Staying Out of Trouble 7 Hour QE 2017 Course Using Technology To Measure and Support Assignment Results 7 Hour QE 2016 Course National USPAP Update 3 Hour QE 2016 Course Florida Law for Real Estate Appraiser 8 Hour QE 2015 Course FHA Appraising for Valuation Professionals: FHA Single Family Housing Appraisal Requirement 8 Hour QE 2015 Course Introduction to Green Buildings: Principles & Concepts 7.5 Hour QE 2015 Course Evaluating Residential Construction 3 Hour QE 2015 Course Tightening the Appraisal 2 Hour QE 2015 Course Miami -Dade County Property Appraiser Presentation 7 Hour QE 2015 Course General Demonstration Report Writing 3 Hour QE 2014 Course Critical Thinking in Appraisals 7 Hour QE 2014 Course National USPAP Update 2 Hour QE 2014 Course Residential Solar Photovoltaic Leases: Market Value Dilemma 3 Hour QE 2014 Course Liability Issues for Appraisers Performing Litigation 3 Hour QE 2013 Course Developing a Supportable Workfile 7 Hour QE 2013 Course Appraising the Appraisal: Appraisal Review Residential 4 Hour QE 2013 Course Commercial Appraisal Productivity 7 Hour QE 2012 Course National USPAP Update Attachment: 15954 Appraisals (15954 : Purchase of Real Property located at 1851 NW 1st Ct., Miami, FL 33136) Appraisal Institute, South Florida Chapter 3 Hour QE 2012 Course Florida International University Florida Law for Real Estate Appraiser Form TADD-'TOTAL' appraisal software by a la mode, inc. - 1-800-ALAMODE Packet Pg. 428 Qualifications fo The Appraiser File Na. JV03245617 2.4.a Borrower OMNI Property Address 1851 NW 1st Ct city Miami County Miami -Dade state FL Zip code 33136 Lender/Client Omni Community Redevelopment Agency June 9, 20102 Miami, Florida Appraisal Institute, South Florida Chapter Fort Lauderdale, FL May 7-8, 2012 Appraisal Institute, South Florida Chapter Fort Lauderdale, FL February 15, 2012 Appraisal Institute, South Florida Chapter Fort Lauderdale, FL February 15, 2012 Appraisal Institute, South Florida Chapter Fort Lauderdale, FL December 2, 2011 Appraisal Institute, South Florida Chapter Fort Lauderdale, FL July 21, 2011 Appraisal Institute, South Florida Chapter April 11-15, 2011, Fort Lauderdale Appraisal Institute, South Florida Chapter Fort Lauderdale February 28 -March 03, 2011 Appraisal Institute, South Florida Chapter January 24-29, 2011, Fort Lauderdale Appraisal Institute, North Texas Chapter Dallas, Texas November 05-08, 2010 Appraisal Institute, North Texas Chapter Dallas, Texas November 01-04, 2010 Webinar, Appraisal Institute August 18, 2010 Appraisal Institute, South Florida Chapter Fort Lauderdale, July 22-27, 2010 Webinar, Appraisal Institute July 01, 2010 Appraisal Institute, South Florida Chapter Florida International University June 26, 2010, Miami, Florida Appraisal Institute, South Florida Chapter Florida International University June 12, 2010, Miami, Florida Appraisal Institute, South Florida Chapter Florida International University June 05, 2010, Miami, Florida Webinar, Appraisal Institute May 26, 2010 Department of Revenue of the State of Florida, May 25, 2010 Appraisal Institute, South Florida Chapter May 14, 2010, Westin, Fort Lauderdale 15 Hour QE 2012 Course Fundamentals of Separating Real Property, Personal Property 3 Hour QE 2012 Course An Appraiser's Intro/Overview of the US Hotel Industry (AM) 4 Hour QE 2012 Course Hotel Market Studies & Valuations/Using HV Software (PM) 7 Hour QE 2011 Course Business Practices and Ethics 7 Hour QE 2011 Course The Uniform Appraisal Dataset from from Fannie Mae and Freddie Mac 35 Hour QE 2011 Course Advance Income Capitalization 30 Hour QE 2011 Course General Appraiser Site Valuation & Cost Approach 40 Hour QE 2011 Course Advances Applications 30 Hour QE 2010 Course General Appraiser Report Writing & Case Study 30 Hour QE 2010 Course General Appraiser Market Analysis and Highest & Best Use 1 Hrs QE 2010 Webinar The Appraiser and the STDB: Location, time 40 Hour QE 2010 Course Advances Sales Comparison &Cost Approaches 1 Hrs QE 2010 Webinar Financial Reform Legislation: Real Estate Impact 3 Hour QE 2010 Course Supervisor Trainee Roles & Rules 7 Hour QE 2010 Course National USPAP Update 3 Hour QE 2010 Course Florida Law for Real Estate Appraiser 2 Hrs QE 2010 Webinar Residential Green Valuation Tools for Valuing High Performance Property Online Training 2009 Value Adjustment Board 4 Hour QE 2010 Seminar Property Tax Assessment Attachment: 15954 Appraisals (15954 : Purchase of Real Property located at 1851 NW 1st Ct., Miami, FL 33136) Appraisal Institute, South Florida Chapter 21 Hour QE 2010 Course Form TADD-'TOTAL' appraisal software by a la mode, inc. - 1-800-ALAMODE Packet Pg. 429 Qualifications fo The Appraiser e Na. JV03245617 2.4.a Borrower OMNI Property Address 1851 NW 1st Ct city Miami County Miami -Dade state FL Zip code 33136 Lender/Client Omni Community Redevelopment Agency Fort Lauderdale March 15-17, 2010 Appraisal Institute, South Florida Chapter Florida Atlantic University Center 10/07-08, 2009 Boca Raton, Florida Appraisal Institute, South Florida Chapter Florida Atlantic University Center 10/05-06, 2009 Boca Raton, Florida Appraisal Institute, South Florida Chapter Florida International University July 23, 2008, Miami, Florida Appraisal Institute, South Florida Chapter Florida International University July 23, 2008, Miami, Florida Appraisal Institute, South Florida Chapter Florida International University July 16, 2008, Miami, Florida Appraisal Institute, South Florida Chapter Florida International University July 16, 2008, Miami, Florida Appraisal Institute, South Florida Chapter Florida International University July 09, 2008, Miami, Florida Appraisal Institute, South Florida Chapter Florida International University July 09, 2008, Miami, Florida Appraisal Institute, South Florida Chapter Florida Atlantic University Center March 19-22, 2007 Boca Raton, Florida Appraisal Institute, South Florida Chapter Florida Atlantic University Center March 16-17, 2007 Boca Raton, Florida Gold Coast School of Real Estate October, 2006 Tamarack, Florida Appraisal Institute, National Program June 12-17, 2006, Little Rock, Arkansas Appraisal Institute, South Florida Chapter June, 2006, FIU, Miami, Florida Appraisal Institute, South Florida Chapter June, 2006, FIU, Miami, Florida Appraisal Institute, South Florida Chapter December 9, 2005 Boca Raton, Florida Landsafe, Appraisers Workshop November 10, 2005, Fort Lauderdale, FL A la mode, Technology Convection July 28-30, 2005, Orlando, Florida Appraisal Institute, South Florida Chapter FIU, Miami, Florida (2005) Appraisal Institute, South Florida Chapter Boca Raton, Florida (05/2005) Appraisal Institute, South Florida Chapter Pompano Beach, Florida (04/2005) Condemnation Appraising: Principles & Applications 15 Hour QE 2009 Course The Appraiser as an Expert Witness Preparation and Testimony 15 Hour QE 2009 Course Litigation Appraising: Specialized Topics and Applications 7 Hour QE 2008 Course Introduction to Income Capitalization 3 Hour QE 2008 Course Supervisor Trainee Roles & Rules 7 Hour QE 2008 Course National USPAP Update Course 3 Hour QE 2008 Course Spotlight on USPAP: Hypothetical Conditions & Extraordinary 7 Hour QE 2008 Course Litigation Skills for the Appraiser 3 Hour QE 2008 Course Florida Law for Real Estate Appraiser 30 Hour QE 2008 Course Advanced Residential Report Writing Part 2 15 Hour QE 2008 Course Advanced Residential Applications and Case Studies/Part 1 60 Hours FREAB Appraisal Course ABIII General Appraisal Course 30 Hour FREAB/#ACE0006902 Advanced Residential Form and Narrative Report Writing 3 Hour FREAB/#ACE0007293 Florida State Law for Real Estate Appraiser 7 Hour FREAB/#ACE0007184 National USPAP UPDATE 8 Hour FREAB/ACE0007219 Business Practices and Ethics 4 Hours OREA/ACE New Fannie Mae Forms 3 days seminars and courses about use of new technology in appraisal business 7 Hour FREAB/#ACE0007557 The Professional's Guide to the URAR 3 Hour Seminar FREAB ACE Single Family Fraud Awareness Associate Guidance Workshop Attachment: 15954 Appraisals (15954 : Purchase of Real Property located at 1851 NW 1st Ct., Miami, FL 33136) Form TADD - 'TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE Packet Pg. 430 Qualifications fo The Appraiser e Na. JV03245617 2.4.a Borrower OMNI Property Address 1851 NW 1st Ct city Miami County Miami -Dade state FL Zip code 33136 Lender/Client Omni Community Redevelopment Agency Appraisal Institute, South Florida Chapter FIU, Miami, Florida (2004) Appraisal Institute, South Florida Chapter Boca Raton, Florida (2004) Appraisal Institute, South Florida Chapter Boca Raton, Florida ( 2004) Miami -Dade Community College( 2003) Miami, Florida Miami -Dade Community College (2003) Miami, Florida Gold Coast School of Real Estate (2003) Miami, Florida Miami -Dade Community College (2003) Miami, Florida 20 Hour Florida FREAB ACE 3 Hour Florida Appraisal Law Update 15 Hour National USPAP FREAB Appraisal Course ABIIb FREAB Appraisal Course ABII Mortgage Broker License Course Real Estate Salesperson Licensing Course Miami -Dade Community College (2001) FREAB Appraisal Course ABI Miami, Florida Attachment: 15954 Appraisals (15954 : Purchase of Real Property located at 1851 NW 1st Ct., Miami, FL 33136) Form TADD-'TOTAL' appraisal software by a la mode, inc. - 1-800-ALAMODE Packet Pg. 431 Appraiser's License JV 2.4.a Borrower OMNI Property Address 1851 NW 1st Ct city Miami County Miami -Dade State FL zip Code 33136 Lender/Client Omni Community Redevelopment Agency Jofre Valencia, MAI, SRA Cert Gen RZ3562 Ron DeSantis. Governor STATE OF FLORIDA DEPARTMENT OF BUSINESS AND PROFESSIONAL REGULATION Halsey fteshers.5ecretary d Flr FLORIDA REAL ESTATE APPRAISAL BD THE CERTIFIED GENERAL APPRAISER HEREIN IS CERTIFIED UNDER THE PROVISIONS OF CHAPTER 475, FLORIDA STATUTES VALENCIA, JOFRE 4251 SW 159 AVE MIAMI FL 3318 EXPIRATION DATE: NOVEMBER 30, 2022 Always verify licenses online at MyFloridaLicense.corn Do not alter this document In any form. This is your license. It is unlawful for anyone other than the licensee to use this document. Attachment: 15954 Appraisals (15954 : Purchase of Real Property located at 1851 NW 1st Ct., Miami, FL 33136) Form MAP.Comp - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE Packet Pg. 432 2.4.b Omni C R A April 19, 2024 Property Owner ("Seller") C/O Sherman W Bullard 1851 NW 1st Court Miami, FL 33136-1746 RE: Property Address —1851 NW 1st Court, Miami, Florida 33136- (Folio No.:01-3125-048-0650) Dear Mr. Sherman Bullard: The Omni Community Redevelopment Agency (Omni CRA) is interested in purchasing your property located at the above -referenced address. Should you be willing to explore this potential transaction, we kindly request a written confirmation of your willingness to engage in discussions under the following conditions: 1. Omni CRA at the CRA's expense, has obtained three (3) written appraisal from a Florida State - Certified appraiser, stating that the average appraised value of the above referenced property is at least $1,075,000.00 2. A Phase I Environmental Site Assessment (and/or a Phase II Environmental Assessment if deemed necessary); 3. Seller shall clear all the title issues prior to closing; 4. Seller shall vacate any and all tenants at Seller's sole cost and expense prior to closing as applicable; 5. The transaction shall be a cash purchase with no financing conditions; 6. Purchase shall be subject to Omni CRA Board of Commissioners approval. If you are interested in moving forward and would like further details on the Omni CRA's property acquisition process, please contact Isiaa Jones, Interim Executive Director at the Omni Community Redevelopment Agency, at (305) 679-6869 or email IsJones@miamigov.com. We look forward to the possibility of working together. Sincerely, /s/ lsiaa Jones Interim Executive Director Accept: Sherman Bullard Omni Community Redevelopment Agency • Damian Pardo, Chairman • Isiaa Jones, Interim Executive Director 1401 N. Miami Ave. Miami, FL 33136 • www.onmicra.com • 305.679.6868. 305.679.6870 Attachment: 15954 Letter of Interest (15954 : Purchase of Real Property located at 1851 NW 1st Ct., Miami, FL 33136) Packet Pg. 433 OFFICE OF THE PROPERTY APPRAISER Detailed Report PROPERTY INFORMATION Folio Property Address Owner 01-3125-048-0650 1851 NW 1 CT MIAMI, FL 33136-1746 SHERMAN W BULLARD Mailing Address 1851 NW 1 CT #3 MIAMI, FL 33136-1746 Primary Zone 5700 DUPLEXES - GENERAL Primary Land 0803 MULTIFAMILY 2-9 UNITS : MULTIFAMILY 3 Use OR MORE UNITS Beds / Baths /Half Floors Living Units Actual Area Living Area Adjusted Area Lot Size Year Built 6/6/0 1 6 2,952 Sq.Ft 2,952 Sq.Ft 2,420 Sq.Ft 7,500 Sq.Ft 1954 SESSMENT INFORMATION Year Land Value Building Value Extra Feature Value Market Value Assessed Value 2023 2022 $487,800 $412,800 $319,066 $158,722 $0 $1,965 $806,866 $573,487 $306,059 $278,236 2021 $307,800 $139,675 $1,986 $449,461 $252,942 BENEFITS INFORMATIO Benefit Type Non -Homestead Assessment Cap Reduction 2023 2022 2021 $500,807 $295,251 $196,519 Note: Not all benefits are applicable to all Taxable Values (i.e. County, School Board, City, Regional). Generated On: 04/22/2024 TAXABLE VALUE INFORMATION Year COUNTY Exemption Value $0 $0 $0 Taxable Value $306,059 $278,236 $252,942 SCHOOL BOARD 2023 2022 2021 Exemption Value $0 $0 $0 Taxable Value $806,866 $573,487 $449,461 CITY Exemption Value Taxable Value REGIONAL Exemption Value Taxable Value $0 $0 $0 $306,059 $278,236 $252,942 $0 $0 $0 $306,059 $278,236 $252,942 The Office of the Property Appraiser is continually editing and updating the tax roll. This website may not reflect the most current information on record. The Property Appraiser and Miami -Dade County assumes no liability, see full disclaimer and User Agreement at http://www.miamidade.gov/info/disclaimer.asp Packet Pg. 434 2.4.c OFFICE OF THE PROPERTY APPRAISER Generated On: 04/22/2024 Property Information Folio: 01-3125-048-0650 Property Address: 1851 NW 1 CT Roll Year 2023 Land, Building and Extra -Feature Details LAND INFORNIATI The calculated values for this property have been overridden. Please refer to the Land, Building, and XF Values in the Assessment Section, in order to obtain the most accurate values. Land Use GENERAL Muni Zone T3 0 PA Zone 5700 Unit Type Front Ft. Units 60.00 Calc Value BUILDING INFORMATION The calculated values for this property have been overridden. Please refer to the Land, Building, and XF Values in the Assessment Section, in order to obtain the most accurate values. Building Number 1 Sub Area Year Built 1 1954 Actual Sq.Ft. 2,952 Living Sq.Ft. Adj Sq.Ft. 2,952 2,420 Calc Value EXTRA FEATU; The calculated values for this property have been overridden. Please refer to the Land, Building, and XF Values in the Assessment Section, in order to obtain the most accurate values. Description Chain -link Fence 4-5 ft high Year Built Units Calc Value 2013 209 The Office of the Property Appraiser is continually editing and updating the tax roll. This website may not reflect the most current information on record. The Property Appraiser and Miami -Dade County assumes no liability, see full disclaimer and User Agreement at http://www.miamidade.gov/info/disclaimer.asp Packet Pg. 435 2.4.c OFFICE OF THE PROPERTY APPRAISER Generated On: 04/22/2024 Property Information Folio: 01-3125-048-0650 Property Address: 1851 NW 1 CT Roll Year 2022 Land, Building and Extra -Feature Details LAND INFORMATI Land Use GENERAL Muni Zone PA Zone Unit Type Units Calc Value T3 0 5700 Front Ft. 60.00 $412,800 BUILDING INFORMATION Building Number 1 Sub Area Year Built Actual Sq.Ft. Living Sq.Ft. Adj Sq.Ft. Calc Value 1 1954 2,952 2,952 2,420 $158,722 EXTRA FEATURES Description Chain -link Fence 4-5 ft high Year Built Units Calc Value 2013 209 $1,965 The Office of the Property Appraiser is continually editing and updating the tax roll. This website may not reflect the most current information on record. The Property Appraiser and Miami -Dade County assumes no liability, see full disclaimer and User Agreement at http://www.miamidade.gov/info/disclaimer.asp Packet Pg. 436 2.4.c OFFICE OF THE PROPERTY APPRAISER Generated On: 04/22/2024 Property Information Folio: 01-3125-048-0650 Property Address: 1851 NW 1 CT Roll Year 2021 Land, Building and Extra -Feature Details LAND INFORMATI Land Use GENERAL Muni Zone PA Zone Unit Type Units Calc Value T3 0 5700 Front Ft. 60.00 $307,800 BUILDING INFORMATION Building Number 1 Sub Area Year Built Actual Sq.Ft. Living Sq.Ft. Adj Sq.Ft. Calc Value 1 1954 2,952 2,952 2,420 $139,675 EXTRA FEATURES Description Chain -link Fence 4-5 ft high Year Built Units Calc Value 2013 209 $1,986 The Office of the Property Appraiser is continually editing and updating the tax roll. This website may not reflect the most current information on record. The Property Appraiser and Miami -Dade County assumes no liability, see full disclaimer and User Agreement at http://www.miamidade.gov/info/disclaimer.asp Packet Pg. 437 2.4.c OFFICE OF THE PROPERTY APPRAISER Generated On: 04/22/2024 Property Information Folio: 01-3125-048-0650 Property Address: 1851 NW 1 CT FULL LEGAL DESCRIPTION WADDELLS ADD TO MIAMI PB B-53 S1/2 LOT 3 & N1/2 LOT 6 BLK 23 LOT SIZE 60.000 X 125 OR 14757-1483 0890 4 COC 23470-4349 09 2003 1 SALES INFORMATION Previous Sale 09/01/2003 08/01/1990 Price OR Book -Page $15,000 23470-4349 $0 00000-00000 Qualification Description Sales which are qualified Sales which are disqualified as a result of examination of the deed The Office of the Property Appraiser is continually editing and updating the tax roll. This website may not reflect the most current information on record. The Property Appraiser and Miami -Dade County assumes no liability, see full disclaimer and User Agreement at http://www.miamidade.gov/info/disclaimer.asp Packet Pg. 438 OMNI Board of Commissioners Meeting April 25, 2024 2.5 OMNI REDEVELOPMENT DISTRICT COMMUNITY REDEVELOPMENT AGENCY INTER -OFFICE MEMORANDUM Board Chair Damian Pardo Date: April 22, 2024 and Members of the CRA Board Isiaa Jones Interim Executive Director File: 15958 Subject: Relocation Plan Program Enclosures: 15958 Exhibit A BACKGROUND: The Omni Redevelopment District Community Redevelopment Agency ("CRA") is responsible for carrying out community redevelopment activities and projects within its Redevelopment Area in accordance with the 2009 Omni CRA Redevelopment Plan ("Plan") Section 4.4, C., D-1, at page 41 of the Plan; Section 4.4, D., A-2, at page 42 of the Plan; and Section 4.4, E., D-7, at page 42 of the Plan respectively list maximizing conditions for residents to live in the area, the elimination of conditions which contribute to blight, and minimizing condemnation and relocation as stated redevelopment objectives. The CRA is in the process of completing various projects and pursuant to the Plan, must offer temporary relocation assistance to residents that may be displaced as a result of any of the projects. Florida Statutes, specifically authorizes the CRA to allocate funds to help in the displacement of residents affected by a redevelopment project. The Board of Commissioners of the CRA wishes to allocate funds from budget reserve funds in an amount not to exceed $100,000.00 for the relocation assistance plan ("Program"). The Executive Director is requesting authority from the Board of Commissioners of the CRA to execute the relocation assistance plan, and to disburse funds directly to residents or to vendors who assist residents in relocating as a result of a redevelopment project. RECOMMENDATION: The Executive Director is further seeking authority to negotiate and execute any and all documents necessary to effectuate the Program, all in a form acceptable to the General Counsel. FUNDING: Funding will be allocated from Omni CRA Account Code 10040.920501.531000. Packet Pg. 439 2.5 `\s Omni CRA OMNI Community Redevelopment Agency Legislation OMNI CRA Resolution: OMNI CRA 1401 N. Miami Avenue Miami, FL 33136 www.miamicra.com File Number: 15958 Final Action Date: A RESOLUTION OF THE BOARD OF COMMISSIONERS OF THE OMNI REDEVELOPMENT DISTRICT COMMUNITY REDEVELOPMENT AGENCY ("CRA"), WITH ATTACHMENT(S), APPROVING THE RELOCATION PLAN PROGRAM, IN SUBSTANTIALLY THE ATTACHED FORM, FOR TEMPORARY RELOCATION ASSISTANCE TO RESIDENTS THAT ARE DISPLACED AS A RESULT OF A CRA PROJECT ("PROGRAM"); AUTHORIZING AN AMOUNT NOT TO EXCEED $100,000.00 FOR THE PROGRAM FROM RESERVE FUNDS FROM ACCOUNT CODE 10040.920501.531000; FURTHER AUTHORIZING THE EXECUTIVE DIRECTOR TO DISBURSE FUNDS, AT HER DISCRETION, DIRECTLY TO RESIDENTS OR TO VENDORS FOR ELIGIBLE COSTS; FURTHER AUTHORIZING THE EXECUTIVE DIRECTOR TO NEGOTIATE AND EXECUTE ANY AND ALL DOCUMENTS NECESSARY TO EFFECTUATE THE PROGRAM, ALL IN A FORM ACCEPTABLE TO THE GENERAL COUNSEL. WHEREAS, the Omni Redevelopment District Community Redevelopment Agency ("CRA") is responsible for carrying out community redevelopment activities and projects within its Redevelopment Area in accordance with the 2009 Omni CRA Redevelopment Plan ("Plan"); and WHEREAS, Section 4.4, C., D-1, at page 41 of the Plan; Section 4.4, D., A-2, at page 42 of the Plan; and Section 4.4, E., D-7, at page 42 of the Plan respectively list maximizing conditions for residents to live in the area, the elimination of conditions which contribute to blight, and minimizing condemnation and relocation as stated redevelopment objectives; and WHEREAS, the CRA is in the process of completing various projects and pursuant to the Plan, must offer temporary relocation assistance to residents that may be displaced as a result of any of the projects; and WHEREAS, Section 163.370, Florida Statutes, specifically authorizes the CRA to allocate funds to help in the displacement of residents affected by a redevelopment project; and WHEREAS, the Board of Commissioners of the CRA wishes to allocate funds from budget reserve funds in an amount not to exceed $100,000.00 for the relocation assistance plan ("Program"); and WHEREAS, the Executive Director is requesting authority from the Board of Commissioners of the CRA to execute the relocation assistance plan, attached and incorporated as Exhibit "A," and to disburse funds directly to residents or to vendors who assist residents in relocating as a result of a redevelopment project; and WHEREAS, the Executive Director is further seeking authority to negotiate and execute any and all documents necessary to effectuate the Program, all in a form acceptable to the General Counsel; City of Miami Page 2 of 3 File ID: 15958 (Revision:) Printed On: 4/22/2024 Packet Pg. 440 2.5 File ID: 15958 Enactment Number: NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF COMMISSIONERS OF THE OMNI REDEVELOPMENT DISTRICT COMMUNITY REDEVELOPMENT AGENCY: Section 1. The recitals and findings contained in the Preamble of this Resolution are adopted by reference thereto and incorporated herein as if fully set forth in this Section. Section 2. The relocation assistance plan, attached and incorporated as Exhibit "A," is approved. Section 3. The Executive Director is authorized to allocate funds from the budget reserve account code 10040.920501.531000 in an amount not to exceed $100,000.00 for the Program. Section 4. The Executive Director is further authorized to negotiate and execute any and all documents necessary to effectuate the Program, all in a form acceptable to the General Counsel. Section 5. The Executive Director is authorized to disburse funds, at her discretion, directly to residents or vendors for eligible costs. Section 6. This Resolution shall become effective immediately upon its adoption. APPROVED AS TO FORM AND CORRECTNESS: John G', Interim City orney 4/22/2024 City of Miami Page 3 of 3 File ID: 15958 (Revision:) Printed on: 4/22/2024 Packet Pg. 441 2.5.a Omni CRA 2024 Relocation Plan In accordance with Florida Statute Chapter 163„ and the 2010 Omni CRA Amended Redevelopment Plan P. 160, the Omni CRA should prepare plans for and assist in the relocation of persons (including individuals, families, business concerns, nonprofit organizations, and others) displaced from a community redevelopment area and to make relocation payments to or with respect to such persons for moving expenses and losses of property for which reimbursement or compensation is not otherwise made. This will ensure that displaced residents will have access to safe, sanitary and decent replacement housing. This is a brief outline of this relocation plan. Who may be eligible for CRA relocation assistance? A family or resident of the Omni CRA in a building that will be uninhabitable due to a CRA affordable housing program may be eligible for Relocation Assistance. • Displaced Persons may be eligible for: 1. Advisory services (including offer of a comparable unit, if available) 2. Re-establishment Services. 3. Reasonable Moving expenses • Temporarily Relocated Persons: 1. Offer of a suitable, affordable unit in the property upon project completion. 2. Advisory services in finding new unit 3. Reasonable Moving expenses (based on the availability of funds). Summary of Relocation Assistance: • Advisory Services o CRA will assist tenant to find reasonable accommodation in the neighborhood, City of Miami, or MiamiDade County. • Reestablishment Services o Payment for Your Actual Reasonable Moving and Related Expenses, or o Dislocation Allowance Covered Expenses: • Reasonable Moving Costs up to maximum (see Maximum Moving Payments table) • Dislocation Allowance o First and Last Month Rent per HUD Fair Market Rent (see Fair Market Rents table) or o First and Last Month Rent per current lease in CRA-affected project. o Security deposit at same accommodation (1 month rent per FMR table) Moving Cost Payment is limited to $100.00 if either of the following conditions apply: a. A person has minimal possessions and occupies a dormitory style room, or b. A person's residential move is performed by the CRA at no cost to the person. Attachment: 15958 Exhibit A (15958 : Relocation Plan Program) For Discussion Purposes -Final Numbers and Data to be Reviewed Packet Pg. 442 OMNI Board of Commissioners Meeting April 25, 2024 2.6 OMNI REDEVELOPMENT DISTRICT COMMUNITY REDEVELOPMENT AGENCY INTER -OFFICE MEMORANDUM Board Chair Damian Pardo and Members of the CRA Board Isiaa Jones Interim Executive Director Date: April 22, 2024 File: 15955 Subject: Appointment of OMNI CRA Executive Director Enclosures: 15955 Exhibit A A resolution of the Board of Commissioners of the OMNI Redevelopment District Community Redevelopment Agency ("CRA"), with attachment(s), appointing Isiaa Jones as Executive Director. Packet Pg. 443 2.6 Trak Omni_ C R A City of Miami Legislation OMNI CRA Resolution OMNI CRA 1401 N. Miami Avenue Miami, FL 33136 www.miamicra.com File Number: 15955 Final Action Date: A RESOLUTION OF THE BOARD OF COMMISSIONERS OF THE OMNI REDEVELOPMENT DISTRICT COMMUNITY REDEVELOPMENT AGENCY ("CRA"), WITH ATTACHMENT(S), APPOINTING ISIAA JONES ("MS. JONES") AS EXECUTIVE DIRECTOR. WHEREAS, Ms. Isiaa Jones ("Ms. Jones") has been serving as Interim Executive Director of the Omni Redevelopment District Community Redevelopment Agency ("CRA") since October 13. 2023; and WHEREAS, the CRA desires to appoint a permanent Executive Director; and WHEREAS, Ms. Isiaa Jones ("Ms. Jones") has previously served as the Chief Legal Officer for the CRA from 2017 until 2022; and WHEREAS, as the previous Chief Legal Officer for the CRA, Ms. Jones has been involved with numerous CRA redevelopment projects and activities and, consequently, is more than qualified to serve as the Executive Director of the CRA; and WHEREAS, Ms. Jones shall be appointed with all pay and benefits as outlined in Exhibit NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF COMMISSIONERS OF THE OMNI REDEVELOPMENT DISTRICT COMMUNITY REDEVELOPMENT AGENCY: Section 1. The recitals and findings contained in the Preamble of this Resolution are adopted by reference thereto and incorporated herein as if fully set forth in this Section. Section 2. Ms. Isiaa Jones ("Ms. Jones") is appointed as Executive Director of the CRA with compensation and benefits as outlined in Exhibit "A." Section 3. This Resolution shall become effective immediately upon its adoption. APPROVED AS TO FORM AND CORRECTNESS: City of Miami Page 2 of 2 File ID: 15955 (Revision:) Printed On: 4/22/2024 Packet Pg. 444 2.6.a EXHIBIT "A" BENEFITS PACKAGE- ISIAAJONES TO BE DISTRIBUTED Attachment: 15955 Exhibit A (15955 : Appointment of OMNI CRA Executive Director) Packet Pg. 445