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OMNI CRA 2024-06-18 Agenda Packet
City of Miami 3500 Pan American Drive Miami, FL 33133 www.miamigov.com tit Omni CRA Meeting Agenda Tuesday, June 18, 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 Carollo, Vice Chair, District Three Miguel Angel Gabela, Board Member, District One Manolo Reyes, Board Member, District Four Christine King, Board Member, District Five OMNI and MIDTOWN CRA OFFICE ADDRESS: 1401 N. Miami Avenue, 2"d Floor, Miami, FL 33136 Phone: (305) 679-6868 www.miamicra.com OMNI Community Redevelopment Agency Meeting Agenda June 18, 2024 CALL TO ORDER APPROVING THE MINUTES OF THE FOLLOWING MEETING(S): OMNI CRA RESOLUTION(S) 1. OMNI CRA RESOLUTION 16182 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 BIG BIG CANASTA LLC, AND 17 EAST MR. P, LLC ("SELLER") FOR THE ACQUISITION OF REAL PROPERTY LOCATED AT 41 NW 20TH ST., MIAMI, FLORIDA 33127, CONTAINING AN APPROXIMATE TOTAL LOT AREA OF 15,600 SQUARE FEET ("PROPERTY") FOR A TOTAL PURCHASE PRICE NOT TO EXCEED FIVE MILLION SEVEN HUNDRED AND NINETY FIVE THOUSAND DOLLARS ($5,795,000.00); 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 SIX MILLION THREE HUNDRED SEVENTY-FOUR THOUSAND FIVE HUNDRED DOLLARS ($6,374,500.00) INCLUSIVE OF SAID ACQUISITION COST, 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; FURTHER AUTHORIZING GENERAL COUNSEL TO ENGAGE OUTSIDE COUNSEL FOR THE PURPOSES OF THE CLOSING AND PROVIDING FOR AN EFFECTIVE DATE. 2. OMNI CRA RESOLUTION 16204 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 FIVE HUNDRED THOUSAND DOLLARS ($500,000.00) FOR AN AFFORDABLE HOUSING DEVELOPMENT PROJECT CONSISTING OF ONE (1) UNIT AT FIFTY PERCENT (50%) AREA MEDIAN INCOME ("AMI"), TWO (2) UNITS AT EIGHTY PERCENT (80%) AMI, AND ONE (1) UNIT AT CURRENT MARKET RATE AT THE PROPERTIES LOCATED AT 1437 NORTH WEST 1ST PLACE, MIAMI, FLORIDA 33136, WITHIN THE CRA OMNI Community Redevelopment Agency Page 2 Printed on 6/13/2024 OMNI Community Redevelopment Agency Meeting Agenda June 18, 2024 REDEVELOPMENT AREA, TO THE OVERTOWN FAMILY LAND TRUST ("GRANTEE"); AUTHORIZING THE EXECUTIVE DIRECTOR TO DISBURSE FUNDS IN HER DISCRETION; AUTHORIZING THE EXECUTIVE DIRECTOR TO NEGOTIATE AND EXECUTE ANY AND ALL AGREEMENTS NECESSARY AND AMENDMENTS, ALL IN FORMS ACCEPTABLE TO THE GENERAL COUNSEL, FOR THE PURPOSES STATED HEREIN; ALL BEING SUBJECT TO THE AVAILABILITY OF FUNDING AND THE RENTS BEING RESTRICTED FOR TWENTY-FIVE (25) YEARS AS MORE PARTICULARLY DETAILED IN A RESTRICTIVE COVENANT TO BE RECORDED IN THE PUBLIC RECORDS OF MIAMI-DADE COUNTY, FLORIDA, AND PROVIDING FOR AN EFFECTIVE DATE. 3. OMNI CRA RESOLUTION 16184 A RESOLUTION OF THE BOARD OF COMMISSIONERS OF THE OMNI REDEVELOPMENT DISTRICT COMMUNITY REDEVELOPMENT AGENCY ("OMNI CRA"), AUTHORIZING THE ACCESSING OF THE CITY OF MIAMI ("CITY") CONTRACT NO. RFP 352306(29) ("CONTRACT") WITH ATTACHMENT(S), FOR THE PROVISION OF DESIGN-BUI LD-OPERATE- MAINTAIN ("DBOM") STREET LIGHTING DESIGN, INSTALLATION, REPAIRS, AND MAINTENANCE SERVICES, FOR THE OMNI CRA, PURSUANT TO SECTION 18-111 OF THE CODE OF THE CITY OF MIAMI, FLORIDA AS AMENDED ("CITY CODE"), WITH HORSEPOWER ELECTRIC INC., A FLORIDA FOR PROFIT CORPORATION, ("HORSEPOWER") BETWEEN THE CITY AND HORSEPOWER WHICH WAS COMPETITIVELY SOLICITED ON AN AS -NEEDED CONTRACTUAL BASIS, RATIFYING EXPENDITURES AND UTILIZING THE SERVICES, AND IN AN AMOUNT NOT TO EXCEED ONE HUNDRED THOUSAND DOLLARS ($100,000.00), ALLOCATING FUNDS FROM ACCOUNT NO. 10040.920501.534000.0000.00000, TITLED "OTHER CONTRACTUAL SERVICES"; SUBJECT TO THE AVAILABILITY OF FUNDS AND BUDGETARY APPROVAL, AUTHORIZING THE EXECUTIVE DIRECTOR TO EXECUTE A SUPPLEMENTAL AGREEMENT, IN A FORM ACCEPTABLE TO THE GENERAL COUNSEL, FOR SAID PURPOSE; FURTHER AUTHORIZING THE EXECUTIVE DIRECTOR TO NEGOTIATE AND EXECUTE ALL OTHER DOCUMENTS, INCLUDING ANY AMENDMENTS, RENEWALS, AND EXTENSIONS, SUBJECT TO ALLOCATIONS, APPROPRIATIONS AND BUDGETARY APPROVAL HAVING BEEN PREVIOUSLY MADE, AND IN COMPLIANCE WITH APPLICABLE PROVISIONS OF THE CITY CODE, INCLUDING, THE CITY'S PROCUREMENT ORDINANCE, ANTI -DEFICIENCY ACT, AND FINANCIAL INTEGRITY PRINCIPLES, ALL AS SET FORTH IN CHAPTER 18 OF THE CITY CODE, ALL IN FORMS ACCEPTABLE TO THE GENERAL COUNSEL, AND IN COMPLIANCE WITH APPLICABLE REGULATIONS, AS MAY BE NECESSARY FOR SAID PURPOSE. ADJOURNMENT OMNI Community Redevelopment Agency Page 3 Printed on 6/13/2024 OMNI Board of Commissioners Meeting June 18, 2024 1.1 OMNI REDEVELOPMENT DISTRICT COMMUNITY REDEVELOPMENT AGENCY INTER -OFFICE MEMORANDUM Board Chair Damian Pardo and Members of the CRA Board Isiaa Jones Executive Director Date: June 13, 2024 File: 16182 Subject: Purchase of Property located at 41 NW 20th Street Enclosures: 16182 Property Search 16182 Property Appraisals 16182 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 2019 CRA Redevelopment Plan ("Plan"). Big Big Canasta LLC and 17 East Mr. P LLC ("Seller") owns the property located at 41 NW 20th St., Miami, Florida 33127, which falls within the Omni CRA's jurisdiction. The property has a total area of 15,600 square feet. The Omni CRA is interested in purchasing this property from Seller to develop it for a mixed -use affordable housing project, in line with the goals of the 2019 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 acquire the property for development in accordance with the Redevelopment Plan. FUNDING: $6,374,500.00 has been allocated from the Omni Tax Increment Fund, Account No. 10040.920501.662000.0000.00000 — OMNI Land. Packet Pg. 4 1.1 Tak 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: 16182 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 BIG BIG CANASTA LLC, AND 17 EAST MR. P, LLC ("SELLER") FOR THE ACQUISITION OF REAL PROPERTY LOCATED AT 41 NW 20TH ST., MIAMI, FLORIDA 33127, CONTAINING AN APPROXIMATE TOTAL LOT AREA OF 15,600 SQUARE FEET ("PROPERTY") FOR A TOTAL PURCHASE PRICE NOT TO EXCEED FIVE MILLION SEVEN HUNDRED AND NINETY FIVE THOUSAND DOLLARS ($5,795,000.00); 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 SIX MILLION THREE HUNDRED SEVENTY-FOUR THOUSAND FIVE HUNDRED DOLLARS ($6,374,500.00) INCLUSIVE OF SAID ACQUISITION COST, 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; FURTHER AUTHORIZING GENERAL COUNSEL TO ENGAGE OUTSIDE COUNSEL FOR THE PURPOSES OF THE CLOSING AND PROVIDING FOR AN EFFECTIVE DATE. WHEREAS, the Omni Redevelopment District Community Redevelopment Agency ("CRA") wishes to acquire the real property located at 41 NW 20 St., Miami, Florida 33127 containing an approximate total lot area of 15,600 square feet ("Property") from Big Big Canasta LLC and 17 East Mr. P LLC ("Seller"); 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 in accordance with the CRA's Redevelopment Plan; and WHEREAS, the CRA's estimated total cost for the acquisition of the Property will not exceed Six Million Three Hundred Seventy -Four Thousand Five Hundred Dollars ($6,374,500.00) 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; NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF DIRECTORS OF THE OMNI REDEVELOPMENT DISTRICT COMMUNITY REDEVELOPMENT AGENCY: City of Miami Page 2 of 3 File ID: 16182 (Revision:) Printed On: 6/13/2024 Packet Pg. 5 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. 1.1 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 Five Million Seven Hundred Ninety -Five Thousand Dollars ($5,795,000.00) 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 Six Million Three Hundred Seventy -Four Thousand Five Hundred Dollars ($6,374,500.00), 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 for the purpose of the closing of said transaction. Section 5. This Resolution shall become effective immediately upon its adoption. APPROVED AS TO FORM AND CORRECTNESS: k. ORGEL . WYSON ENERAL COUNSEL City of Miami Page 3 of 3 File ID: 16182 (Revision:) Printed On: 6/13/2024 Packet Pg. 6 1.1.b OFFICE OF THE PROPERTY APPRAISER Summary Report PROPERTY INFORMATION Folio Property Address Owner Mailing Address Primary Zone Primary Land Use Beds / Baths /Half Floors Living Units Actual Area Living Area Adjusted Area Lot Size Year Built 01-3125-054-0430 41 NW 20 ST MIAMI, FL 33127-4929 A-1 SHEPPARD ROOFING INC 1840 SW 142 AVE MIAMI, FL 33175 6100 COMMERCIAL - NEIGHBORHOOD 2719 AUTOMOTIVE OR MARINE : AUTOMOTIVE OR MARINE 0/0/0 1 0 5,597 Sq.Ft 5,597 Sq.Ft 4,947 Sq.Ft 15,600 Sq.Ft Multiple (See Building Info.) SESSMENTINFORMATION Year Land Value Building Value Extra Feature Value Market Value Assessed Value 2023 2022 2021 $4,305,600 $3,510,000 $3,120,000 $77,516 $77,516 $68,606 $14,144 $14,294 $14,444 $4,397,260 $3,601,810 $3,203,050 $3,875,690 $3,523,355 $3,203,050 Benefit Non -Homestead Cap Type Assessment Reduction 2023 2022 2021 $521,570 $78,455 Note: Not all benefits are applicable to all Taxable Values (i.e. County, School Board, City, Regional). R/S JOHNSON & WADDELLS ADD PB 6-68 LOTS 7 & 8 BLK 12 & E 1 /2 OF ALLEY LYG & ADJ CLOSED PER ORD 13492 Generated On: 06/04/2024 2023 Aerial Photography 200 ft TAXABLE VALUE INFORMATION Year COUNTY Exemption Value $0 $0 $0 Taxable Value $3,875,690 $3,523,355 $3,203,050 SCHOOL BOARD Exemption Value $0 $0 $0 Taxable Value $4,397,260 $3,601,810 $3,203,050 CITY Exemption Value $0 $0 $0 Taxable Value $3,875,690 $3,523,355 $3,203,050 REGIONAL Exemption Value Taxable Value 2023 2022 2021 $0 $0 $0 $3,875,690 $3,523,355 $3,203,050 INFORMATION Previous Sale Price OR Book - Qualification Description 12/04/2020 $2,800,000 32246-4693 Unable to process sale due to deed errors 11/01/1979 $47,500 10682-0894 Sales which are qualified 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.miannidade.gov/info/disclaimerasp Attachment: 16182 Property Search (16182 : Purchase of Property located at 41 NW 20th Street) Packet Pg. 7 APPRAISAL REPORT #1 BLAKE AND ASSOCIATES, INC. Attachment: 16182 Property Appraisals (16182 : Purchase of Property located at 41 NW 20th Street) Packet Pg. 8 1.1.c APPRAISAL REPORT 41 NW 20th Street Miami, Miami -Dade County, FL 33127 PREPARED FOR Ms. Isiaa Jones Executive Director, ❑MNI CRA City of Miami 1401 N. Miami Avenue, 2nd Floor Miami, FL 33136 PREPARE❑ BY Joseph J. Blake and Associates, Inc. 5201 Blue Lagoon Drive Suite 270 Miami, FL 33126 Attachment: 16182 Property Appraisals (16182 : Purchase of Property located at 41 NW 20th Street) Packet Pg. 9 1.1.c JOSEPH J. BLAKE AND ASSOCIATES, INC,. REAL ESTATE VALUATION AND CONSULTING 5201 Blue Lagoon Drive, Suite 270 J Miami, FL 33126 I Phone: (305) 448-1663 J Fax: (305) 448-7077 I www.josephiblake.cornn June 11, 2024 Ms. Isiaa Jones Executive Director, OMNI CRA City of Miami 1401 N. Miami Avenue, 2nd Floor Miami, FL 33136 Re: 41 NW 20th Street Miami, FL 33127 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: Value Date of Value "As Is" 5{17/24 Interest Appraised Fee Si mpl a Estate Value Type Market Value Briefly describe, the subject is improved with two, one-story industrial buildings that are in poor condition and contain a total of 5,597± SF. The buildings were built in 1938 and 1953 and have a weighted average year built of 1945. The subject is currently on the market for sale as a redevelopment property. The site consists of approximately 15,600 SF or approximately 0.36 acres of land that is zoned T6-8-0, Urban Core, under the jurisdiction of the City of Miami. The site is rectangular and is level and at street grade. 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. 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. Attachment: 16182 Property Appraisals (16182 : Purchase of Property located at 41 NW 20th Street) Regional Offices: Atlanta I Boston I Chicago 1 Dallas I Los Angeles I Miami I Orlando I Phoenix 1 New San Francisco I Washington D.C. Blake & Sanyu Alliance: Tokyo I Osaka I Nagoya I Tohoku Packet Pg. 10 1.1.c June 11, 2024 Ms. Isiaa Jones Page 2 of 2 Based on the analysis of pertinent physical and economic factors, we have arrived at the following value opinions: Value "'As I s" Date of Value 5/17/24 Interest Appraised Fee Si mpl e Estate Value Opinion $5,350,000 EXTRAORDINARY ASSUMPTIONS According to the subject's broker, the owner has indicated that there is a lease in -place. Our appraisal is based on any extraordinary assumption that this lease is short terms and will not affect the marketability or redevelopment of the subject. The use of the aforementioned Extraordinary Assumptions might have affected the assignment results. HYPOTHETICAL CONDITIONS This appraisal is not based on any hypothetical conditions. The opinion(s) of value are based on exposure times of 4 to 8 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, JOSEPH J. BLAKE AND ASSOCIATES, INC. Ted Allen, MAI, MRICS Joel Pakula, MAI Managing Partner Partner Florida -State -Certified General Real Estate Appraiser Florida -State -Certified General Real Estate Appraiser RZ426 RZ 2255 Expires: November 30, 2024 Expires: November 30, 2024 tallen@josephjblake.com Attachment: 16182 Property Appraisals (16182 : Purchase of Property located at 41 NW 20th Street) JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTING Packet Pg. 11 1.1.c TITLE PAGE TRANSMITTAL LETTER EXECUTIVE SUMMARY 1 CERTIFICATION 3 GENERAL ASSUMPTIONS & LIMITING CONDITIONS 5 INTENDED USER AND USE ❑F THE APPRAISAL 7 PERTINENT DATES OF INSPECTION, APPRAISAL VALUE AND REPORT 7 PURPOSE OF THE APPRAISAL AND PROPERTY RIGHTS APPRAISED 7 DEFINITION OF VALUE 7 EXPOSURE TIME 7 SCOPE OF THE APPRAISAL 8 IDENTIFICATION OF THE PROPERTY 9 CURRENT USE OF THE SUBJECT 9 HISTORY OF THE SUBJECT 9 AREA ANALYSIS 10 NEIGHBORHOOD ANALYSIS 19 NATIONAL MARKET ANALYSIS 24 ❑ESCRIPTION OF THE SITE 42 DESCRIPTION OF THE IMPROVEMENTS 45 ZONING 46 TAXES 49 HIGHEST AND BEST USE 50 ANALYSIS OF DATA AND CONCLUSIONS ,,.,.i 52 LAND VALUE 53 RECONCILIATION AND FINAL VALUE 65 ADDENDA Most Recent ❑eed Legal Description Flood Map Appraisal Engagement Contract Glossary of Terms Qualifications of the Appraisers Attachment: 16182 Property Appraisals (16182 : Purchase of Property located at 41 NW 20th Street) JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTING Packet Pg. 12 1.1.c 41 NW 20th Street 24-050-14 EXECUTIVE SUMMARY PROPERTY SUMMARY PROPERTY APPRAISED 41 NW 20th Street PROPERTY ADDRESS 41 NW 20th Street Miami, FL 33127 PARCEL/TAX ID 01-3125-054-0430 PROPERTY LOCATION The subject is located on the northwest corner of NW 20th Street and NW Miami Court, in the Wynwood neighborhood of the City of Miami. PURPOSE OF THE APPRAISAL Value "As I s" Date of Value Interest Appraised Value Type 5/17/24 Fee Si mpi e Estate Market Value PERTINENT DATES DATE OF INSPECTION May 17, 2024 DATE OF REPORT June 11, 2024 DATE OF "AS I5" VALUE May 17, 2024 HIGHEST AND BEST USE AS IMPROVED The redevelopment of the existing improvements with a more intensive use AS IF VACANT Mixed -Use Development PROPERTY DATA IMPROVEMENT DATA Briefly describe, the subject is improved with two, one-story industrial buildings that are in poor condition and contain a total of 5,597± SF. The buildings were built in 1938 and 1953 and have a weighted average year built of 1945. The subject is currently on the market for sale as a redevelopment property. The site consists of approximately 15,600 SF or approximately 0.36 acres of land that is zoned T6-8-O, Urban Core, under the jurisdiction of the City of Miami. The site is rectangular and is level and at street grade. SITE DESCRIPTION The subject's site contains 15,600 SF or 0.36 acres of land. CURRENT USE As of the date of the value opinion(s), the subject was being used as 1 story industrial. For the purposes of this report, the subject is valued as vacant land. ZONING "T6-8-O," Urban Core Zone under the jurisdiction of the City of Miami. CENSUS TRACT 12-086-0028.00 VALUE SUMMARY "As Is" Value (5/17/2024) Land Value Final Value Opinion $5,350,000 _ $5,350,000 Attachment: 16182 Property Appraisals (16182 : Purchase of Property located at 41 NW 20th Street) JOSEPH J. BLAKE AND ASSOCIATES. INC. REAL ESTATE VALUATION AND CONSULTING Packet Pg. 13 1.1.c 41 NW 20th Street 24-050-14 PHOTOGRAPHS OF THE SUBJECT r Subject Subject Subject Subject Subject Attachment: 16182 Property Appraisals (16182 : Purchase of Property located at 41 NW 20th Street) JOSEPH J. BLAKE AND ASSOCIATES. INC. REAL ESTATE VALUATION AND CONSULTPN6 Packet Pg. 14 1.1.c 41 NW 20th Street 24-050-14 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. Joel Pakula, MAI, has not 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. As of the date of this report, Joel Pakula, MAI 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: 16182 Property Appraisals (16182 : Purchase of Property located at 41 NW 20th Street) JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTING Packet Pg. 15 1.1.c 41 NW 20th Street 24-050-14 CERTIFICATION JOSEPH J. BLAKE AND ASSOCIATES, INC. Ted Allen, MAI, MRICS Joel Pakula, MAI Managing Partner Partner Florida -State -Certified General Real Estate Appraiser Florida -State -Certified General Real Estate Appraiser RZ426 RZ 2255 Expires: November 30, 2024 Expires: November 30, 2024 tallen@josephjblake.com Attachment: 16182 Property Appraisals (16182 : Purchase of Property located at 41 NW 20th Street) JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTING Packet Pg. 16 1.1.c 41 NW 20th Street 24-050-14 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 date(s) of value. We are not engineers and any references to physical property characteristics in terms of quality, condition, cost, suitability, soil conditions, flood risk, obsolescence, etc., are strictly related to their economic impact on the property. No liability is assumed for any engineering -related issues. Unless otherwise stated in this report, we did not observe the existence of hazardous materials, which may or may not be present an 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: 16182 Property Appraisals (16182 : Purchase of Property located at 41 NW 20th Street) JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTING Packet Pg. 17 1.1.c 41 NW 20th Street 24-050-14 GENERAL ASSUMPTIONS & LIMITING CONDITIONS Toxic and hazardous substances, if present within a facility, can introduce an actual or potential liability that may adversely affect marketability and value. Such effects may be in the form of immediate clean-up expense or future liability of clean-up costs (stigma). In the development of our opinion(s) of value, no consideration was given to such liabilities or their impact on value. The client and all intended users release Joseph J. Blake and Associates, Inc., from any and all liability related in any way to environmental matters. Possession of this report or a copy thereof does not imply right of publication, nor use for any purpose by any other than the client to whom it is addressed, without our written consent. Cash flow projections are forecasts of estimated future operating characteristics and are based on the information and assumptions contained within the Appraisal Report. 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 According to the subject's broker, the owner has indicated that there is a lease in -place. Our appraisal is based on any extraordinary assumption that this lease is short terms and will not affect the marketability or redevelopment of the subject. The use of the aforementioned Extraordinary Assumptions might have affected the assignment results. HYPOTHETICAL CONDITIONS This appraisal is not based on any hypothetical conditions, Attachment: 16182 Property Appraisals (16182 : Purchase of Property located at 41 NW 20th Street) JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTING Packet Pg. 18 1.1.c 41 NW 2ath Street 24-050-14 INTRODUCTION INTENDED USER AND USE OF THE APPRAISAL The intended user of this appraisal is the client, City of Miami. 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 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 June 11, 2024. The date of the inspection was May 17, 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 Date of Value "As Is" 5/17/24 PURPOSE OF THE APPRAISAL AND PROPERTY RIGHTS APPRAISED Value '� s Is" Date of Value 5/17/24 Interest Appraised Fee 5i mpl a Estate DEFINITION OF VALUE Value Type Market Value Value Value Definition Value Source Market Value Market va l ue means the most probable price which a property should bring in a 12 C.F.R. § 34.42, competitive and open market under all conditions requisite to a fair sale, the 225.62, 323.2, buyer and seller each acting prudently and knowledgeably, and assuming the 564.2, 722.2 price is not affected by undue stimulus. Impl icit 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 reasona ble time is allowed for exposure in the apen 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.' EXPOSURE TIME To arrive at an estimate of exposure time, we interviewed market participants. We are of the opinion that 4 to 8 months is a reasonable exposure time, assuming the property was reasonably priced and actively marketed. Attachment: 16182 Property Appraisals (16182 : Purchase of Property located at 41 NW 20th Street) JOSEPH J. BLAKE AND ASSOCIATES. INC. REAL ESTATE VALUATION AND CONSULTING, Packet Pg. 19 1.1.c 41 NW 20th Street 24-050-14 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. Joel Pakula, MAI, has not made a personal inspection of the property that is the subject of this report. This inspection included the exterior only. 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 Received? Source Total Gross Building Area Yes Broker Package Most Recent Deed Yes County Legal Description Yes County Zoning Information Yes City Envi ronmental Report No Property Condition Report No Flood Map Yes FEMA Tax Information Yes County Site Plan No Demographic Data Yes Site to do Business Appraisal Engagement Contract Yes Client Type of Analysis Applied The Sales Comparison Approach was applied in this valuation analysis. Extent of Data Research General economic data and market data were reviewed. Comparable sales were compiled from published sources including various reliable publications. Market data compiled for this report include a variety of land 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. 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 land value reflect our judgment based on interpretation of the market data. The reasoning behind this estimate is illustrated throughout Sales Comparison Approach. Attachment: 16182 Property Appraisals (16182 : Purchase of Property located at 41 NW 20th Street) JOSEPH J. BLAKE ANO ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTING Packet Pg. 20 1.1.c 41 NW 20th Street 24-050-14 INTRODUCTION IDENTIFICATION OF THE PROPERTY The property is commonly known as: 41 NW 20th Street. 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 ID/Tax ID 41 NW 20th Street Miami Miami -Dade FL 33127 01-3125-054-0430 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 1 story industrial Appraised Use Vacant Land HISTORY OF THE SUBJECT According to public records, the subject was purchased by its current owner, A-1 Sheppard Roofing, Inc. on December 4, 2020 from CL Sheppard Inc. for $2,800,000 (OR Book 32246, Page 4693). The subject is currently listed for sale as a redevelopment opportunity for $6,250,000. 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. Attachment: 16182 Property Appraisals (16182 : Purchase of Property located at 41 NW 20th Street) JOSEPH J. BLAKE ANO ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTING Packet Pg. 21 1.1.c 41 NW 20th Street 24-050-14 AREA ANALYSIS AREA MAP lBiscayne Attachment: 16182 Property Appraisals (16182 : Purchase of Property located at 41 NW 20th Street) JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTING Packet Pg. 22 1.1.c 41 NW 20th Street 24-050-14 AREA ANALYSIS 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 -Dade County, 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. POPULATION Population within Miami -Dade County, FL is currently indicated at 2,733,765 and is expecting an increase to 2,772,490 within five years, an increase of approximately 1.42% over the five-year period, or 0.28% 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 2,701,767. Population at the previous census in 2010 was 2,496,435, indicating a long-term growth rate from 2010 to 2023 of 0.73% per year. 2,850,000 2,800,000 2,750,000 2,700,000 2,650,000 2,600,000 2,550,000 2,500,000 2,450,000 2,400,000 2,350,000 2,300,000 POPULATION 2,496,435 2,701,767 2010 2020 2,733,765 , 2,Z2,490 2023 2028 (Est.) Households are expected to follow a similar trend, with total households within Miami -Dade County, FL increasing from 989,193 in 2023 to 1,019,262 in 2028, with a current 2.73 persons per household. The national average household size in 2023 is 2.53. There were 867,352 households in 2010 and 967,414 households in 2020, indicating a long-term growth rate of 1.08% from 2010 to 2023. Attachment: 16182 Property Appraisals (16182 : Purchase of Property located at 41 NW 20th Street) JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTING Packet Pg. 23 1.1.c 41 NW 20th Street 24-050-14 AREA ANALYSIS 1,050,000 1,000,000 950,000 900,000 850,000 800,000 750,000 HOUSEHOLDS 967,414 857;352 989,193 , 1,019,262 1 2010 2020 2023 2028 (Est.) The median age in Miami -Dade County, FL is currently indicated at 39.6 years, up from 2010, when the median age was 38.1 years. The population is expected to increase in 2028, with the median age projected as 40.2 years. The median age nationally in 2023 is 39.1. 41.5 41.0 40.5 40.0 39.5 39.0 38.5 38.0 37.5 37.0 36.5 MEDIAN AGE 41.0 38.1 2010 2020 2023 40.2 2028 (Est,) Attachment: 16182 Property Appraisals (16182 : Purchase of Property located at 41 NW 20th Street) JOSEPH J. BLAKE ANO ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTING Packet Pg. 24 1.1.c 41 NW 20th Street 24-050-14 AREA ANALYSIS 14.40% 13A0% 13.60°% 12.30% 5 80% to 2020 POPULATION BY AGE 1Z:30% 12.90% 13.60% 14.90% 11.80% 5 90% r ' `.:I 2023 12.00% 12.40% 11.60% ..o 2028 (Est.) ■ 85+ ■ 75 - 84 65 -74 ■ 55 -64 ■ 45 - 54 ■ 35-44 ■ 25 - 34 ■ 15-24 ■ 10-14 st5-9 ■ 0-4 POPULATION (25+) BY EDUCATION ■ Less than 9th Grade: 7.4% ■ 9th - 12th Grade, No Diploma: 7.3% ■ High School Graduate: 24.0% ■ GED/Alternative Credential: 2.8% ■ Some College, No Degree: 13.1% Associate Degree: 10.6% Bachelor's Degree: 21.9% Graduate/Professional Degree: 13.0% INCOME Site To Do Business/ESRI reports current median household income at $60,992, which is forecasted to increase to $72,938 by 2028, an increase of 19.59%. Similarly, per capita income is expected to increase from its current level of $34,693 to $41,147 by 2028, an increase of 18.60%. In 2023, the national median household income is $72,603 and the national per capita income is $41,310. According to ESRI, Miami -Dade County, FL has a wealth index of 79, indicating less wealth when compared to the national average of 100. Attachment: 16182 Property Appraisals (16182 : Purchase of Property located at 41 NW 20th Street) JOSEPH J. BLADE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTING Packet Pg. 25 1.1.c 41 NW 2(1th Street 24-050-14 AREA ANALYSIS $120,000 $100,000 $80,000 $60,000 $40,000 $20,000 $0 HOUSEHOLD INCOME $95, 752 $60,992 2023 $111,802 $72,938 2028 (Est.) • Median 1 Average $42,000 $40,000 $38,000 $36,000 $34,000 $32,000 $30,000 PER CAPITA INCOME $41,14 7 $34,69,3'. 2023 2028 (Est.) Attachment: 16182 Property Appraisals (16182 : Purchase of Property located at 41 NW 20th Street) JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTING Packet Pg. 26 1.1.c 41 NW 20th Street 24-050-14 AREA ANALYSIS 1,200,000 1,000,000 800,000 600,000 400,000 200,000 HOUSEHOLDS BY INCOME 8,90% 14.00% 12.50% 17.00°% 11.80"% 8.30% 12.10% 2023 10.70% 9.m 16.20% 13.00 % 16.60% 10.20% 7.00% 10.40% 2028 (Est.) a $200,000+ a 5150,000 - $199,999 • $100,000 - $149,999 • $75,000 - $99,999 ■ $50,000 - $74,999 • $35,000 - $49,999 ■ $25,000 - $34,999 • $15,000 - $24,999 ! <$15,000 HOUSING According to Site To Do Business/ESRI, there were approximately 989,435 housing units in Miami -Dade County, FL as of the 2010 census. That figure increased to 1,074,685 housing units as of the 2020 census. Current estimates indicate 1,102,152 housing units, an increase of 2.56%from the 2020 census. Housing units are forecasted to grow to 1,138,745 units in 2028, indicating a growth rate of 3.32% over the five-year period. Owner -occupied units comprise the majority of the housing stock in the area. Current estimates indicate that approximately 45.4% of total housing units are owner -occupied, with 44.4% of units occupied by renters. The balance of the units, 10.2%, are vacant. In 2028, the mix is expected to shift to 44.9% owner -occupied units and 44.6% renter -occupied units. Nationally in 2023, 58.50% are owner -occupied, 31.70% are occupied by renters, and 9.80% are vacant. The ESRI 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 -Dade County, FL has a Housing Affordability Index of 61, 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 -Dade County, 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 -Dade County, FL spends 39.9% of their household income on mortgage payments. Nationally, the percent of income used for a mortgage is 25.60%. Attachment: 16182 Property Appraisals (16182 : Purchase of Property located at 41 NW 20th Street) JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTING Packet Pg. 27 1.1.c 41 NW 20th Street 24-050-14 AREA ANALYSIS 600,000 500,000 400,000 300,000 200,000 100,000 OWNER OCCUPIED HOUSING UNITS BY VALUE 27.00% 6.70% 5.70% 4.00% 2023 3.80% 6.60% 19.50% 25.10% 5.70% 5.10% 3.60 /0. 2028 (Est.) ▪ $2,000,000+ ■ $1,500,000- 51,999,999 • $1,000,000- $1,499,999 • $750,000 - $999,999 s $500,000 - $749,999 t $400,000 - $499,999 ■ $300,000 - $399,999 • $250,000 - $299,999 • $200,000 - $249, 999 ■ $150,000 - $199,999 • 5100,000 - 5149, 999 In 2023, the median home value is $405,073. It is expected to increase to $427,015 by 2028, indicating an annual home appreciation rate of 1.08%. The median home value nationally in 2023 is $308,943. $600,000 $500,000 $400,000 $300,000 $200,000 $100,000 $0 HOME VALUE $505,812 $405,073 2023 $427,015 $536,748 2028 (Est.) • Median • Average EMPLOYMENT Miami -Dade County, FL currently employs 1,430,093 workers according to Site To Do Business/ESRI. The U.S. Bureau of Labor Statistics currently reports unemployment at 1.6%, as of February 2024, which is lower than the long-term average of 4.8% since January 2014. Unemployment peaked in May 2020 at 12.0%. Year to date, unemployment has averaged 1.5%, down from Last year's 1.8% average. Attachment: 16182 Property Appraisals (16182 : Purchase of Property located at 41 NW 20th Street) JOSEPH J. BLAKE ANO ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTING Packet Pg. 28 1.1.c 41 NW 20th Street 24-050-14 AREA ANALYSIS 9.0% 8.0% 7.0% 6.0% 5.0% 4.0% 3.0% 2.0% 1.0% 0.0% 6.8°% 1 UNEMPLOYMENT 4.8% 1 8.3% 5.6% i� 1.8% 1 1..5°% 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 YTC EMPLOYED POPULATION (16+) BY INDUSTRY 3.6% y .6% 4.6% 2.6% 1.7% • Agriculture/Mining:0.6°% a Construction: 8.5% • Manufacturing: 4.6% III Wholesale Trade: 2.6% III Retail Trade:10.4% • Transportation/Utilities: 9.6% • Information: 1.7% tl Finance/Insurance/Real Estate: 8.3% • Services: 50.1% • Public Administration: 3.6% Attachment: 16182 Property Appraisals (16182 : Purchase of Property located at 41 NW 20th Street) JOSEPH J. BLAKE ANO ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTING Packet Pg. 29 1.1.c 41 NW 20th Street 24-050-14 AREA ANALYSIS EMPLOYED POPULATION (16+) BY OCCUPATION • White Collar: 59.8% • Management/Business/Financial: 18.if% w Professional: 19.7% • Sales: 10.6% ■ Administrative Support: 11.3% • Services: 18,7% ■ Blue Collar: 21.5% ti Farming/Forestry/Fishing: 0.3% is Construction/Extraction: 5,9% • Installation/Maintenance/Repair: 3.1% • Production: 3.2% 80.0% 70.0% 60,0% 50.0% 40.0% 30.0% 20.0% 10.0% 0.0% EMPLOYMENT/UNEMPLOYMENT BY AGE 10.0% ■ 2.4% 16-24 67.0% 1.4% 25 - 54 16.4% I 1.3% 55-64 • 2023 Employed • 2023 Unemployed 6.6% in 1.3% 65+ CONCLUSION Miami -Dade County has seen sustained population expansion and growth over the last few decades. The local population is projected to continue to grow over the foreseeable future. The expanding population and the limited amount of land available for development in the region suggest that properties such as the subject will maintain and potentially increase in value over the next few years. Attachment: 16182 Property Appraisals (16182 : Purchase of Property located at 41 NW 20th Street) JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTING Packet Pg. 30 1.1.c 41 NW 20th Street 24-050-14 NEIGHBORHOOD ANALYSIS Moore Park kson Memorial ;Mal NEIGHBORHOOD MAP NW 39th St NE 34th St NW 31st St NE 3Gh St NW nth SS WYNWOOD Grails Miami- NE24111St NW 29th St 1 w„1 Restaurant & Sports Bar . � Wynwooda r1 Rated Bar N Wynwood Walls 9,.. EDGE W ER NW 25th St NE24thSt The Salvation Army NW NW 23rd rd St .. Thrift Store and Donati... NE:3r'. Curbstide pickup unDimension Game Center loll ti E .- - NE 22nd S: 9 I FunDimension Miami ___ ri Mouthgasm Swe t Shop WM Delivery vertown -• timist Club Theodore e son Park Hilton Miami Downt wn NE16th5t —ll Ceviches by Divino - 5an Restaurant & G... iveFt sic every �► u +a" Night Ciub Space • Phiih & Patricia -Frost Attachment: 16182 Property Appraisals (16182 : Purchase of Property located at 41 NW 20th Street) JOSEPH J. BLAKE AND ASSOCIATES. INC. REAL ESTATE VALUATION AND CONSULTING Packet Pg. 31 1.1.c 41 NW 20th Street 24-050-14 NEIGHBORHOOD ANALYSIS 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 northwest corner of NW 20th Street and NW Miami Court, in the Wynwood neighborhood of the City of Miami. Wynwood is located in the eastern portion of Miami -Dade County, north of the CBD area. Wynwood sits west of Biscayne Boulevard, also known as US-1. The boundaries of the neighborhood are considered to be 1-195 to the north, 1-395 to the south, Biscayne Boulevard to the east and I-95 to the west. Miami's Midtown development is a 36-square acre development northeast of Wynwood and south of the Design District. Midtown has a special zoning overlay to allow for big box retailers and high-rise residential buildings. Based on the subject's location, north of NE 29`" Street and east of N. Miami Avenue, there is a possibility that the property owner could apply to be included in the Midtown development district and qualify for a higher density zoning designation. ACCESSIBILITY Currently, the subject only has access from the north side of NW 20th Street. DEVELOPMENT What was once a gritty collection of warehouses for industries such as garment manufacturing and shoe sales, Wynwood has been reinvented into a trendy tourist attraction with captivating street murals, popular restaurants and a number of local and international retailers. Warehouses are steadily being demolished for new development or remodeled and repurposed into office and retail space. Proposed projects are either ground -up developments or major adaptive reuses under the new Neighborhood Revitalization District, which allows for buildings of up to 12 stories tall and 150 residential units per acre. The vacant site directly east of the subject is being developed with Wynwood Crossing, which will be 150- foot-tall structure with 380,806/SF of space. This includes 310 residential units, 9,479 SF of ground -floor retail space, 308 parking spaces, and 141 bike racks for residents and visitors. Attachment: 16182 Property Appraisals (16182 : Purchase of Property located at 41 NW 20th Street) JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTING Packet Pg. 32 41 NW 20th Street 24-050-14 NEIGHBORHOOD ANALYSIS 1.1.c 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 2 mile 3 mile 1 mile 2 mile 3 mile Population 48,757 148,924 293,109 64,186 176,619 324,514 Households 24,396 69,433 131,262 33,007 84,756 149,715 Families 9,704 30,767 64,455 13,626 37,626 72,833 Average Household Size 1.94 2.08 2.19 1.90 2.03 2.13 Owner Occupied Housing Units 5,688 16,189 31,267 6,308 17,517 33,178 Renter Occupied Housing Units 18,708 53,244 99,995 26,699 67,240 116,537 Median Age 34.2 36.8 38.0 34.2 37.0 38.5 Population by Age 1 mile 2 mile 3 mile 1 mile 2 mile 3 mile 0 - 4 5.8% 5.3% 5.4% 6.1% 5.5% 5.5% 5 - 9 5.2% 5.0% 5.4% 5.1% 4.7% 5.0% 10 - 14 4.6% 4.7% 5.1% 4.7% 4.5% 4.9% 15 - 19 4.6% 4.5% 4.7% 4.8% 4.6% 4.9% 20 - 24 8.2% 6.9% 6.2% 8.9% 7.9% 7.0% 25 - 34 23.4% 20.2% 18.2% 22.1% 19.2% 17.0% 35-44 17.4% 16.5% 15.9% 16.7% 16.0% 15.7% 45 - 54 11,1% 11.6% 12.1% 11.6% 11.9% 12.4% 55 - 64 9.1% 10.1% 11.0% 8,6% 9.5% 10.5% 65 - 74 6.5% 8.5% 9.1% 6.7% 8.7% 9.4% 75 - 84 3.0% 4.8% 5.2% 3.5% 5.4% 5.8% 85+ 1.1% 1.7% 1.8% 1.2% 1.9% 2.1% Households by Income 1 mile 2 mile 3 mile 1 mile 2 mile 3 mile <$15,000 12.00% 16.90% 17.70% 9.70% 14.00% 15.10% $15,000 - $24,999 6.10% 8.10% 10.30% 4.60% 6.30% 8.00% $25,000 - $34,999 7.10% 7.20% 8.50% 5.60% 6.30% 7.40% $35,000 - $49,999 10.70% 11.10% 10.80% 9.10% 9.50% 9.40% $50,000 - $74,999 17.00% 15.80% 15.20% 16.90% 15.40% 15.20% $75,000 - $99,999 12.00% 11.30% 9.90% 12.90% 12.70% 11.30% $100,000 - $149,999 17.20% 13.60% 12.00% 19.60% 16.10% 14.30% $150,000 - $199,999 7.30% 6.20% 6.50% 9.70% 8.40% 8.40% $200,000+ 10.70% 9.90% 9.20% 11.80% 11.40% 10.90% Median Household Income $69,366 $58,626 $53,334 $81,310 $71,798 $64,511 Average Household Income $104,446 $96,251 $91,600 $119,042 $111,924 $107,560 Per Capita Income $52,442 $44,847 $41,050 $61,374 $53,658 $49,646 Source: Site To Do Business Attachment: 16182 Property Appraisals (16182 : Purchase of Property located at 41 NW 20th Street) JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTING Packet Pg. 33 1.1.c 41 NW 20th Street 24-050-14 NEIGHBORHOOD ANALYSIS Trends: 2023 - 2028 Annual Rate 1 mile Radius Area State National Population 5.65% 0.63% 0.30% Households 6.23% 0.77% 0.49% Families 7.02% 0.74% 0.44% Owner HI -Is 2.09% 0.93% 0.66% Median Household Income 3.23% 3.34% 2.57% 2 mile Radius Area State National Population 3.47% 0.63% 0.30% Households 4.07% 0,77% 0.49% Families 4.11% 0.74% 0.44% Owner HHs 1.59% 0.93% 0.66% Median Household Income 4,14% 3.34% 2.57% 3 mile Radius Area State National Population 2.06% 0.63% 0.30% Households 2,67% 0.77% 0.49% Families 2.47% 0.74% 0.44% Owner HI -Is 1.19% 0.93% 0.66% Median Household Income 3.88% 3.34% 2.57% Source: Site To Do 8uslness NEIGHBORHOOD/AREA COMPARISON Category 1 mile 2 mile 3 mile Area Median Household Income $69,366 $58,626 $53,334 $60,992 Average Household Income $104,446 $96,251 $91,600 $95,752 Per Capita Income $52,442 $44,847 $41,050 $34,693 Average Household Sire 1.94 2.08 2.19 2.73 Median Age 34.2 36.8 38.0 39.6 Attachment: 16182 Property Appraisals (16182 : Purchase of Property located at 41 NW 20th Street) JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTING Packet Pg. 34 1.1.c 41 NW 20th Street 24-050-14 NEIGHBORHOOD ANALYSIS LIFE CYCLE A neighborhood's life cycle usually consists of four stages: • Growth - a period during which the neighborhood gains public favor and acceptance • Stability - a period of equilibrium without marked gains or losses • Decline - a period of diminishing demand • Revitalization - a period of renewal, redevelopment, modernization, and increasing demand Source: TheApproisof of Real Estate, 15th Edition From 2023 to 2028, the population is projected to increase approximately 5.65% per year within a 1-mile radius around the subject, 3.47% per year within a 2-mile radius and 2.06% per year within a 3-mile radius. Due to this projected growth, the subject's neighborhood appears to be in a redevelopment and growth stage of its life cycle. NEIGHBORHOOD ANALYSIS CONCLUSION We researched germane influences that could possibly affect the value of the property in the area. This research did not produce any factors that could be negative or undesirable. In fact, just the opposite was found. The subject and the surrounding neighborhood appear to be operating in a growing environment with continued growth planned in the future. Several factors have combined for the success of the district, of which accessibility and location have had the most positive influence. Finally, we are of the opinion that the neighborhood should experience continued stability building upon the solid foundation it has established as a mixed -use commercial, industrial and residential district. Attachment: 16182 Property Appraisals (16182 : Purchase of Property located at 41 NW 20th Street) JOSEPH J. BLAKE AND ASSOCIATES. INC. REAL ESTATE VALUATION AND CONSULTING Packet Pg. 35 1.1.c 41 NW 20th Street 24-050-14 MARKET ANALYSIS NATIONAL DEVELOPMENT LAND MARKET According to the PwC Real Estate investor Survey, 4th Quarter 2023 (based on data collected through 3rd Quarter 2023): When looking at macro development prospects for the five major commercial real estate (CRE) sectors included in Emerging Trends, only the retail sector shows an improvement in its rating from last year — moving from 2.51 [on a scale of 1 abysmal to 5 excellent] to 2.75. The current rating for office is its lowest in the past five years. With a score of 1.88, the office sector's rating drops 46 points. The industrial/ distribution and multifamily sectors boast the highest ratings for 2024. From a micro standpoint, the top five property types for development prospects in 2024 are data centers, single-family rental housing, lower -income apartments, manufacturing, and moderate - income/ workforce apartments. On the other hand, the property types at the bottom of the 27- category list are power centers, outlet centers, regional malls, suburban office, and central -city office. Preferred Metros: Of the 80 U.S. metros included in Emerging Trends, the top -ten individual markets regarding overall real estate prospects for 2024 are Nashville, Phoenix, Dallas/ Fort Worth, Atlanta, Austin, San Diego, Boston, San Antonio, Raleigh/ Durham, and Seattle. At the bottom of the Emerging Trends ranking list are Hartford, Madison, Gainesville, Spokane (WA), Tucson, Albuquerque, Portland (ME), Buffalo, Deltona/Daytona, and Honolulu. For homebuilding prospects for 2024, the top cities according to Emerging Trends respondents are Austin, San Antonio, Washington DC -Northern VA, Atlanta, Dallas/Fort Worth, Charlotte, Houston, Raleigh/Durham, Tampa/St. Petersburg, and Denver. At the bottom of this list sit New Orleans, Gainesville, Cleveland, Hartford, Long island, Detroit, Portland (ME), Milwaukee, Pittsburgh, and St. Louis. Development Issues: among Emerging Trends respondents are shown below, ranked on a scale of 1 [no importance] to 5 [great importance]. Score Issue 4.46 construction labor costs 4.31 construction material costs 4.30 construction labor availability 3.96 land costs 3.86 operating costs 3.65 state & local regulations 3.61 leasing & retention costs 3.61 property taxes 3.42 NIMBYism 3.34 infrastructure/transportation Discount Rates: On an unleveraged basis, discount rates (including developers' profit) for the national development land market range from 12.00% to 30.00% and average 19.20% this quarter. Attachment: 16182 Property Appraisals (16182 : Purchase of Property located at 41 NW 20th Street) JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTING Packet Pg. 36 1.1.c 41 NW 20th Street 24-050-14 MARKET ANALYSIS MIAMI ECONOMY— COSTAR MAY 2024 Population growth has returned to Miami -Dade County after two years of losses from 2020 through 2021. That said, the county has 24,000 fewer residents than in 2019. A closure in international travel during the pandemic resulted in a drag on population growth in the area, which has historically been driven by international net migration. Additionally, a rise in the cost of living, with inflation in South Florida doubling the national average, has driven net domestic out -migration as residents leave in search of a lower cost of living in central and northern Florida as well as in Georgia and Texas. While lower -income residents have been exiting the county, Miami -Dade has enjoyed an inflow of high -net - worth individuals, who brought $6.4 billion in new wealth to the metro in 2021. Former residents of New York, New Jersey, Massachusetts, and California now make up 50% of adjusted gross income flowing into Miami -Dade, with recent license exchange data pointing to a continued inflow of new residents from these states. The influx of high -income households has also driven significant appreciation in home prices. The Federal Housing Finance Agency's purchase -only index shows that Miami home values have increased by 78% since 2019, well above the U.S. average growth of 51% and outpacing the average Florida home price growth of 72%. This rapid home value appreciation has driven a widening gap in home affordability, making homeownership increasingly difficult for the average worker. On the flip side, a rise in new wealth in the area has resulted in strong income growth, which has driven real household buying power higher, rising 47% for Miami versus 29% for the U.S. from 2010 through 2022. These gains have resulted in gross real retail sales gains in Miami -Dade County, growing by 12% in the rolling 12- month period through February 2024 versus December 2019. Despite elevated sales, real retail sales growth has slowed in recent months from peak annual growth of 16% in the first quarter of 2022, growing 1.1% in February 2024, as inflation and higher interest rates weigh on consumer demand. With a recovery in in -migration and a healthy tourism sector benefiting from the shift in consumer spending towards travel and dining out, Miami has continued to have slower yet robust growth since 2023. Its annual seasonally adjusted job growth of 3.1% exceeded the U.S. growth of 1.9% through March 2024. Recent gains have been driven by education and health services, leisure and hospitality, and the construction sector. The net job change from pre -pandemic peak through March 2024 was 7.4%, above the U.S. net growth of 3.8%. Oxford Economics forecasts that Miami will see an average job growth rate of 1.4% in 2024 and grow by 0.6% per year from 2025 through 2028, above U.S. average job growth. Office -using sectors have been a bright spot in Miami's economic recovery, with employment remaining well above pre -pandemic levels in the professional and business services and financial activities sectors. Miami attracted a number of banks and securities firms during the pandemic, including Citadel, GMC Capital, Melvin Capital, and tech venture capital firm Andreessen Horowitz, to name a few. Since 2021, office -using employment gains have blown past their pre -pandemic trend growth expectations based on historical data from 2015 through 2019. If we pull forward the path office -using job gains were following from 2015 through 2019, South Florida would have over 770,000 office -using jobs. Instead, the latest figure as of March is over one percentage point higher, totaling over 14,000 more jobs and standing at over 786,000. This starkly contrasts with national office -using job figures, which remain 1.5 percentage points below their pre - pandemic trend, with over 563,000 "missing" office jobs. Attachment: 16182 Property Appraisals (16182 : Purchase of Property located at 41 NW 20th Street) JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTING Packet Pg. 37 1.1.c 41 NW 20th Street 24-050-14 MARKET ANALYSIS SUBJECT SUBMARKET — DOWNTOWN MIAMI MULTI -FAMILY SUBMARKET O r;,, ::: ,,,, Liberty Square - - ER su side Brownsville MODEL CITY x ALLAPATTAH a LoanDepot Park LITTLE HAVANA WE 'sT FLAGLER Little Gables :oral Gables W Flagle St CORAL WAY David T. Kannerly Park lr trtute ofillit Contem rary Art gli 0 UP EAST Mornin Par WYNWo00 EDGEWAT Philli$ Patricia Frost Mug Burn of Science z 4a 7 00WNTow Calte Ocho V o ime ardens R ran useu DOWNTOWN MIAMI MULTI -FAMILY MARKET ANALYSIS — COSTAR MAY 2024 Downtown Miami continues to be the target of investor and developer interest, making up over 25% of Miami's transaction volume in the last two years and over 40% of under -construction units. 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 make it an attractive location for renters, tourists, and employers alike. Over the past five years over 30% 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 7.1% as of the second quarter of 2024, still these remain below the five-year historical average rate of 8,7%. Attachment: 16182 Property Appraisals (16182 : Purchase of Property located at 41 NW 20th Street) JOSEPH J. BLAKE AND ASSOCIATES. INC. REAL ESTATE VALUATION AND CONSULTING Packet Pg. 38 1.1.c 41 NW 2Oth Street 24-050-14 MARKET ANALYSIS 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 subrnarket's fundamentals are beginning to soften. Rent has grown by only 2.1% annually, below the five year average of 4.6%. Still, submarket rents stand at a more than 25% premium over average market rents, some of the highest rents in the Miami market, competing with 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 Di 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 over $1.4 billion in 2022, sales activity has slowed, with annual volume totaling just over $225 million. Still, activity remains strong relative to pre -pandemic levels, although virtually all activity since 2023 has been driven by two major deals of over $90 million. The largest sale involved the over 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. Pantzer Properties bought the 4-star property, built in 2013, for over $97 million or over $411,000,1unit from Wafra Inc, in May. The property sold at a 20%© discount relative to the average annual transaction price of over $500,000/unit for 4 & 5 Star properties as of the second quarter of 2024. Overview 12 Mo Delivered Units 12 Pilo Absorption Units 1,575 1, 538 Source: Costar Downtown Miami Multi -Family Vacancy Rate 7.1% 12 Mo Asking Rent Growth 2.0% VACANCY 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, annual absorption has remained positive, totaling 1,500 units. Still, vacancies are expected to remain elevated as new supply delivers and economic headwinds weigh on household formation. Vacancies have so far increased around three percentage points, from historic lows of 4.2% in the first quarter of 2021 to 7.1% as of the second 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 4,000 units through 2025, unstabilized vacancies are expected to rise to around 8% through the end of 2025. 4 & 5 star product is expected to drive most of the expansion with vacancies rising to over 10% for this segment by the end of 2025. 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 Metromover 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: 16182 Property Appraisals (16182 : Purchase of Property located at 41 NW 20th Street) JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTING Packet Pg. 39 1.1.c 41 NW 20th Street 24-050-14 MARKET ANALYSIS RENT After a year of unsustainable double digit rent hikes, rent growth has slowed to 2.1% as of the second quarter of 2024, 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 since the second half of 2023 3 Star and 1 and 2 Star rent gains are outperforming once again, now growing at 3.5% for 3 Star and 2.0% for 1 & 2 Star, versus 1.9% growth for 4 & 5 Star properties. 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 3,000 units delivering 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. DAILY ASKING RENT PER SF $3.40 $3.30 $3.20 $3,10 $300 $2.90 $2.80 $2.70 $2.60 $250 I,I—iJI„ 1,,1, ,P1 2018 2019 2020 2021 Dowflto+wn Kamp 2022 2023 Attachment: 16182 Property Appraisals (16182 : Purchase of Property located at 41 NW 20th Street) JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTING Packet Pg. 40 1.1.c 41 NW 20th Street 24-050-14 MARKET ANALYSIS CONSTRUCTION Construction starts so far in 2024 total over 1,500 units, after over 2,600 units broke ground in 2023. Starts have slowed, falling below 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 2,500 units well above the historical annual average of around 1,500 units since 2010. 2022 starts rose even further, reaching a record of over 6,400 units. The vast majority of starts remain underway, with under construction units totaling 10,520, representing the largest supply pipeline across all Florida submarkets. Supply underway represents over 34.8% of existing inventory with over 90% set to deliver as 4 & 5 Star luxury units. Around 50% of units underway are concentrated in the Midtown, Wynwood and Brickell neighborhoods which have attracted outsized renter demand over the last few years. Stabilized vacancies for 4 & 5 star assets in these neighborhoods remain tight at around 5%, while properties which delivered since 2020 hold an over 20% vacancy rate largely driven by four recent deliveries which remain in lease -up, 15 Wymnwood Coliving, AMLI Wynwood, Society Wynwood and 29 WYN. The largest projects underway in these neighborhoods include The River District Apartments with over 1,600 units and 3000-3050 Biscayne Blvd with over 840 units. Above average employment gains are set to drive household formation and income growth over the coming 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. SALES After record deal volume of over $1.4 billion in 2022, sales activity has slowed, with annual volume totaling just over $225 million. 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. Virtually all activity since 2023 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. A joint 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. Attachment: 16182 Property Appraisals (16182 : Purchase of Property located at 41 NW 20th Street) JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTING Packet Pg. 41 1.1.c 41 NW 20th Street Z4-050-14 MARKET ANALYSIS Downtown Miami has been the central target of investor demand, making up over 25% 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. Sales Past 12 Months Sale Cornparables Avg. Price/Unit (thous.) Downtown Miami Multi -Family Average Price (mil.) Average Vacancy at Sale 26 $405 $8.6 32.5% Source: Costar Attachment: 16182 Property Appraisals (16182 : Purchase of Property located at 41 NW 20th Street) JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTING Packet Pg. 42 1.1.c 41 NW 20th Street 24-050-14 MARKET ANALYSIS DOWNTOWN MIAMI SUBMARKETTRENDS 4 & 5 STAR SUPPLY & DEMAND Year 2028 2027 2026 2025 2'024 YTD 2023 2022 2021 2020 2019 2018 2017 unite 32.702 32.539 28,594 26.396 24.253 22.065 21,102 19,982 18,161 15,729 12,957 10,320 inventory Growl. % Growl. Leib 183 0.5% ' 1.117 3.945 2.198 2.143 13.8% 8.3% 8.8% 3.151 14.9% 4. 1.120 1,821 2.432 2.772 1 1 7.1 2.037 3.186 703 2016 2015 2014 2013 13,431 4.397 3,569 2,034 828 252 3.317 510 2012 4 & 5 STAR VACANCY & RENT 2.807 0 5.0% 10.0% 15.5% 21-4% 25-6% 44.7% 10-9% 48.3% 232% 7.6% 2.585 2.017 2.190 18.2% 0% Absorption 94 of my cunetruellon Hotta 3.4% 0_1 7.9% 7.1% 8.3% 1.966 8.1% 1.5 1.1 1.0 1.6 508 2.3% 1,274 6.0% 1,333 6.7% 4.017 22.1% 1,63$ !C-4% 2,915 22-5% 2,139 20.7 % 1,104 15-5% 1,356 21.1% 492 11.2% 412 278 48 11.5% 1.9 0_9 14 0_8 1.7 0_9 1_5 0_6 1_55 8.4% 1.7% 1.7 0_8 1_8 0 Year 2028 2027 2026 2025 2024 YTD 1' Vacancy unim Pomen t 3.141 9.6% 4.096 12_8* Ppfia ern Per Unit (3.0) 3.0 2.736 9.6% (0.1) 2.550 9.7% 2.612 10.8% 4.0 .881 2023 1.427 2022 1.578 2021 t 1.0410 2020 2.674 2019 1.536 2018 2017 2016 2015 Yettka AN1t Rent® Per IF %Growth Ppt. CND Niels Per SF 53.530 $3.87 2.1% (0.1) $3.489 S 3 3.2 $3,458 I $3.79 2.2% (0.0) $3,417 53.7E $3.385 53.71 2.7% (1.0) $3.345 53.67 53,295 $3.01 3.8% 0.0 532250 $3.57 $3.175 $3.48 3.2% 2.5 $3.138 53.44 1.9% 1.3 $3,092 $3.39 0-6% (4.7) S3.045 $3.34 5.4% (10.3) $3.042 $3.33 $31.18 15.7% 16.0 $2,890 $3.17 $2-75 -0-3% (1.5) $2,418 5205 1.8 $3,124 $3.42 1- -j s8.$% (1.1' S3.078 I _$3-37 7.9% 1.9 . $3.050 $3.35 1.815 767 1.168 490 0-0% 17.0% 11.9% (11.0) $2.902 5-1 52.508 (5.7) 17_0% 10.8% 182% 11.1% 0.8 (7.4) 7.0 6.8 $2.515 $2,486 52.429 $2.398 $2,350 $2.75 1.2% (1.2) $2.72 2.4% 1.1 $2.476 $2-71 $2.424 $2-65 52.66 1.3% (0.8) $2,388 2014 154 4-3% 5.1) $2.301 52.62 32.57 $252 2.1% (0.1) 2.1% (0.3) 2.5% (1.3) $2.350 52.330 $2.288 2013 2012 Source: Costar 313 81 9.4% 6_55 .245 52.48 3.8% 1 1.0 2_0% (1.7) .163 12.37 2.e% $2.225 $2.147 $2.35 Attachment: 16182 Property Appraisals (16182 : Purchase of Property located at 41 NW 20th Street) 10SEPH J. BLADE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTING Packet Pg. 43 1.1.c 41 NW 2Dth Street Z4-050-14 MARKET ANALYSIS WYNWOOD DESIGN RETAIL DISTRICT SUBMARKET ANALYSIS — COSTAR MAY 2024 z Cla NW 42nd St Moore Park .a ar 7 <c R Z Nw 30th St NW 291h Terrace it 9! 9t 29th St NW28thSt 9 z}<rD x RC Cola NW 23rd St :1 iami Dade ;ollege - Medical Campus 9 I i4 ilr n N9th Si . i .17!Y+.}� z a ro a NW 45th st NW 44th St NL 4?'I NE. 45Th St NE Institute of Contemporary Art MIAMI DESIGN DISTRICT NW 4t3th St NW 39th St N z p r, eli NW' 3sre1 St - NW '32n4 St NIA, 3115t NW 3+1th Si WYNWOOD Wynwood Walls , 94, NW 20th Sc NW Z4th St NW 22nd Ln �- 5t z zzFQ se R NW' 2Sth Si NW 24th St Nw 73rd St NW 22 St NW 21stSt {t3 i4F 32nd St . NE2.', Lock & Loa Machine G 9 St r.r NE 39th 5t NE 36th St NE 35th St VERLY RRACE Mia 3: n... NE 23rd St NE 22nd St E 20th St NC 19th St I I NE 30th St NE 29th EWATER { z II, 5 NE23rdS. D 0 9 The subject is located in the Wynwood-Design Retail District Submarket. Wynwood is one of Miami's youngest and fastest -growing neighborhoods. The area, part of Greater Downtown Miami, is a vibrant art and restaurant district with a significant increase in multifamily and office space over the past few years. In addition to the arts, Wynwood is home to several restaurants, bars, and clubs. Art -related businesses are the largest original tenants in Wynwood, though a larger diversity of tenants have been locating here recently. Altogether, there are over 10,000 apartment units within one mile of central Wynwood, and the area's local population continues to expand, with residents attracted to its live/work/play experience. More than 2,000 apartment units have been built in Wynwood since 2020, and another 2,000 are underway, which will help to draw in more young professionals and high -earners going forward. Attachment: 16182 Property Appraisals (16182 : Purchase of Property located at 41 NW 20th Street) JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTING Packet Pg. 44 1.1.c 41 NW 20th Street 24-050-14 MARKET ANALYSIS Submarket retail leasing activity has slowed aver the past 12 months, with over 140,000 SF leased, down from peak levels of over 350,000 SF leased through the first quarter of 2022. A lack of available space mainly drives this slowdown in leasing activity, as available SF totals 422,000 SF, down from over 600,000 SF in 2020. Still, a slowdown in leasing activity has resulted in annual net absorption of -9,100 SF, driving the availability rate from lows of 7% in 2022 to 10.2% as of the second quarter of 2024, in line with the five-year average availability rate of 10.6%. Over the past few years, an influx of high -net -worth individuals and the recent recovery in international in - migration and travel continue to bolster Miami resident and tourism spending further. Elevated retail sales have helped drive strong rent gains for retail space in the area, with annual growth at 6.2%, though this has slowed from peak levels of 10.1% in 2022. With tenant move -outs remaining below the five-year historical average and limited supply additions, space availability is expected to remain tight. Despite a contraction in net absorption in 2023, retail vacancies remain tight at 7.2%, below the 10-year historical average of 8.5%. However, these remain above the Miami market average vacancy 2.8%. Going forward, supply additions over the next year, which are expected to add over 55,000 SF to the submarket's inventory, will keep vacancies elevated relative to the market average. Annual transaction volume has moderated after two years of above -average activity, totaling $164 million in trades over the past 12 months. This is down from levels seen in 2022 and 2021 of $373 million and $129 million, respectively, and remains below the five-year annual average of $120 million. Despite strong fundamentals of tight vacancies and healthy rent gains, higher interest rates, which are driving cap rates higher, are resulting in a drop in pricing. Overview 12 Mo Deliveries in SF 12 Mo Net Absorption in SF Wynwood-Design District Retail Vacancy Rate 40.9K (9.1 K) 7.2% Source: Costar Market Asking Rent Growth 6.2% Leasing Annual net absorption totals -9,100 5F as of the first quarter of 2024, below the five-year average annual absorption figure of 39,000 SF. Move -outs in the second half of 2023 have contributed to this softer reading, well below recent highs of 190,000 SF reached in 2021. The submarket typically has a higher availability when compared to the broader Miami market which currently stands at 10.2% relative to Miami's 3.6% availability. Elevated construction activity since 2014 has contributed to this rise in available space, which currently stands at 430,000 SF in line with the average of 440,000 SF over the past five years. The bulk of submarket inventory is concentrated in general retail and mall properties, making up over 90% of existing inventory. Due to this inventory concentration, virtually all lease activity occurs in general retail centers. Over 90% of space availability in Wynwood is concentrated in the general retail property segment, with less than 25,000 SF available across all other subtypes. All space under construction is concentrated in two small properties each totaling less than 20,000 SF. Almost all leasing activity over the last few years has been concentrated in spaces of less than 5,000 SF. Experiential, retail goods and restaurant tenants, including Drive Shack, Ananda Market, Eichholtz, and Salvaje, have recently signed some of the largest leases of over 10,000 SF. Attachment: 16182 Property Appraisals (16182 : Purchase of Property located at 41 NW 20th Street) JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTING Packet Pg. 45 1.1.c 41 NW 20th Street 24-050-14 MARKET ANALYSIS Going forward, a slowdown in consumer spending, with real retail sales contracting slightly over the last few months, presents a drag to activity. That said, a healthy employment market continues to drive consumer spending which remains elevated relative to pre -pandemic trends. These dynamics will result in slower, yet healthy absorption levels relative to the amount of space that is available in the market. Vacancies are forecast to remain elevated relative to the Miami market average as new construction continues to lease up. Still, the limited availability of space, coupled with the attractiveness of the submarket's location, will keep vacancies tight at around 7%. Rent At $70/SF as of the second quarter of 2024, Wynwood has the third highest retail rents across all Miami submarkets. After over a year of above -average rent hikes, rent growth has slowed to 6.2% in the second quarter of 2024, still this remains above the five-year historical average growth of 6.3%, outpacing broader Miami market rent gains. Neighborhood, strip centers, and general retail subtypes have driven this rent growth outperformance, though gains are slowing across all subtypes. Asking rents for spaces smaller than 5,000 SF average around $70/SF and can range from lows of $50/SF to well over $100/SF, with locations to the South of NW 29th St and around the Maim Design District seeing the highest rents. Larger space availabilities have asking rents that range from $45/SF to $100/SF. Tenants looking for large swathes of space face more limited options and asking rents of over $75/5F for spaces greater than 20,000 SF. The recent expansion into the market from many restaurants and retailers from markets in the Midwest and New York has driven higher asking rents in select submarkets. For example, New York -based Major Food Group opened at least five restaurants in Miami during the pandemic as part of its global expansion. These restaurants are concentrated in the Miami Beach, Coconut Grove, Brickell, and Wynwood-Design District submarkets. While rent growth is moderating, a recovering consumer outlook through the second half of 2024 and a return of international tourists should bode well for Wynwood going forward. MARKET ASKING RENT PER SQUARE FEET $100 $90 $80 $ 70 $60 $50 $40 Forecast $30 , I , 'I ' I ' - 4 "IL- I • —iI , , L 1 ' 1 E 1 ' l- 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 • Mail • Neighborhood Center Stnp Center General Retail • Wynwood•Oesign District 111 Miami Source: Costar Attachment: 16182 Property Appraisals (16182 : Purchase of Property located at 41 NW 20th Street) JOSEPH J. BLAKE AND ASSOCIATES. INC. REAL ESTATE VALUATION AND CONSULTING Packet Pg. 46 1.1.c 41 NW 20th Street 24-050-14 MARKET ANALYSIS Construction The Wynwood retail construction pipeline has seen some activity, although there has been a notable drop in construction starts since 2017. That said, there is currently around 32,000 SF of new retail space underway. 2024 is expected to see the delivery of most of the under -construction SF. Healthy demand and limited deliveries through 2024 will help keep the vacancy rate tight at 7%. The eventual delivery of two small properties will impact vacancy slightly as the project leases up, but it should revert back down to longer -term trends of less than 5% by 2026. There are two properties underway spread out between the northern and southern ends of the submarket. These include 17,000 SF at a mixed -use building located at 70 NW 28th St and 15,000 SF at 285 NW 36th St. While Wynwood construction activity has remained concentrated in multifamily and office properties, retail development has pushed northward and southward towards Northeast Dade and South Dade, respectively, where combined retail inventory has grown by more than 1.7 million SF in the past five years. The Coral Gables and Miami submarkets have also see a significant amount of development, with combined inventory growth of over 1.1 million SF over the same time period. The bulk of new construction is concentrated in the Downtown Miami, Miami Beach, Northeast Dade, and South Dade submarkets, representing over 80% of supply underway. Construction All -lime Annual Avg_ Square Feet Delivered Square Feet Past 8 Qtrs Wynwood-Design District Retail livered Square Feet Nest 8 Qtrs Proposed Square Feet Next 8 Qirs 85,204 53,181 32,415 223,386 SALES Annual transaction volume has moderated after two years of above -average activity, totaling $164 million in trades over the past 12 months. This is down from levels seen in 2022 and 2021 of $273 million and $129 million, respectively, and remains below the five-year annual average of $120 million. Despite this slowdown, annual sales volume has remained consistent with levels seen from 2017 through 2020. Over the past few years, an influx of high -net -worth capital has improved demographics in Miami, with consumer buying power increasing at an above -average pace relative to the rest of the nation. This new wealth has translated into continued retail demand from investors with users and institutional players making up over 30%© of Wynwood transactions in the last 12 months. The largest trade in the last year involved a user, Alo, which purchased a lifestyle center at 101 NE 40th St. The property, built in 1954 and renovated in 2015, was sold by an equity fund, ASG Equities, for $22 million or over $4,400/SF in November of last year. The new owner is now the tenant in the property, a fitness clothing retailer. Another large sale involved a tripe net investment from a private buyer in March of 2024. The 5,600 SF retail property at 80 NE 40th St. in the Miami Design District area sold for $18 million or over $3,100/SF at a 3.8% cap rate. The 1955-built property, renovated in 2018, currently houses Boffi Furniture. The property sold at an 18% discount from its original asking price of $22 million. Large transactions for over $20 million have slowed since early 2023. The majority of deals now consist of properties that are smaller than 10,000 SF and are trading for less than $10 million. Attachment: 16182 Property Appraisals (16182 : Purchase of Property located at 41 NW 20th Street) JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTING Packet Pg. 47 1.1.c 41 NW 20th Street Z4-050-14 MARKET ANALYSIS While economic headwinds and higher cap rates should result in slower transaction activity and pricing gains in the broader market, Wynwood has seen recent cap rates trend lower, below 5%. This higher pricing indicates the continued attractiveness of retail in this growing submarket. However, the general Miami market trend indicates an average cap rate expansion of over 100 basis points from the low-5% range to the mid-6% range over the past year. That said, Miami retail continues to see healthy demand in the face of limited supply, and an eventual loosening of financial conditions should help attract investment in the future. Sales Past 12 Months Sale Comparables Avg. Cap Rate Wynwoad-Design District Retail Avg.. PriceISF 26 3.9% $1,120 Source: Costar Avg. Vacancy At Sale 3.7% CONCLUSION The subject is located in a growing market. The subject sits close to the center of the submarket, and competes with properties in the immediate area as well as areas to the north and south. As of the date of value, there were numerous examples of newly constructed apartments and condominiums receiving strong market demand. These factors have been considered in the subject's valuation. Attachment: 16182 Property Appraisals (16182 : Purchase of Property located at 41 NW 20th Street) JOSEPH J. BLADE AND ASSOCIATES. INC. REAL ESTATE VALUATION AND CONSULTING Packet Pg. 48 1.1.c 41 NW 20th Street 24-050-14 MARKET ANALYSIS 2024 SOUTHEAST FLORIDA HOUSING OUTLOOK RISING SALES AND SUSTAINED HOME PRICE APPRECIATION IN 2024 By Gay Cororaton, MIAMI REALTORS Chief Economist 1. Mortgage rates will continue to trend downwards in 2024 and could hit 5.25% by year-end. With inflation slowing, mortgage rates are li kely to keep trending down as inflation slows and with the Federal Open Market Committee's latest assessment of a 0.75% cumulate rate cut in 2024. The 30-year fixed mortgage rate could hit 5.25% by 2024 04, with a full year average of 6%, from 6.8% in 2023. At its December 12-13 meeting, the median federal funds rate target deemed appropriate by the Federal Open Market Committee participants to achieve the 2% inflation target decreased to 4.6%, indicating three rate cuts in 2024 or a cumulative 0.75% rate reduction from the current federal funds rate range of 5.25% to 5.5%. As of November 2023, inflation was down to 3.1% from a peak of 9.1% in June 2022. As of December 14 , the 10-year Treasury Note rate, a benchmark for the 30-year rate, fell to 3.9% from 4.2% the day prior, indicating that the bond market priced in at least one rate reduction. With the additional two rate reductions of 0.5%, the 10-year Treasury Note could further fall to 3.4%. Given the historical spread of 1.7% between the 30-year fixed mortgage rate and the 10-year Note from 2018-2019, the 30-year fixed mortgage rate could fall to 5.25% by the end of 2024, fora full -year average of 6%. 30-Year Mortgage Rate Forecast* for 2024 7.3% 7.0% FANNIE MAE NAli6 REALTOR.COM 6.3% NAR 6.0% 6,0% FREDDIE MAC MIAMI Source; Miami Association Realtors Attachment: 16182 Property Appraisals (16182 : Purchase of Property located at 41 NW 20th Street) JOSEPH J. BLADE AND ASSOCIATES. INC. REAL ESTATE VALUATION AND CONSULTING Packet Pg. 49 1.1.c 41 NW 20th Street Z4-050-14 MARKET ANALYSIS 2. Existing home sales will rebound, with projected growth of 7%. The decline in mortgage rates will lead to a turnaround in the housing market, with Southeast Florida's existing home sales projected to expand by 6.7%. Over the period 2012-2023, a one percentage point decrease in the 30-year fixed mortgage rate has been associated with a 9% increase in existing home sales. Based on this relationship, the 0.8 percentage point reduction in mortgage rates (from average of 6.81% in 2023 to 6.0% average in 2024) could increase home sales by 7%. Single-family sales were more resilient to rising mortgage rates than condominium sales. As of October 2023, single-family home sales were down 13% year -over -year while condominium sales fell 23%. As of October 2023, single-family home sales were down in Miami -Dade (-15.8%), Broward (-16.2%), Palm Beach (-9.2%), Martin (-1.3%) and St. Lucie (-14.7%). Sales of condominiumsjtownhomes fell more sharply than single-family sales in Miami -Dade (-32.3%), Broward (-22.4%), Palm Beach (-14.8%), and Martin (-7.9%), but less sharply than in St. Lucie (-8.8%). The stronger growth in the single-family homes market in 2023 is likely to persist in 2024, with single-family home sales projected to expand 8% and condominium sales to increase 5%. The rising preference for single- family homes could be associated with the rise of a hybrid work that has increased the attractiveness of living in the suburbs due to less commuting time during the week. 95,760 Rebound in Home Sales in Southeast Florida in 2024 100,897 130,336 103,814 85,197 90,890 2019 2020 21021 2022 2023F 2024F Source: Miami Association Realtors 3. Existing home sales prices will continue to increase at a single -digit pace, with projected price growth of 5%. With higher demand from lower mortgage rates, the median existing home sales price in Southeast Florida is projected to rise at a modest pace of 5%. Home sales prices are expected to increase at a modest single - digit pace following the robust price gains since 2019 of over 50%. Attachment: 16182 Property Appraisals (16182 : Purchase of Property located at 41 NW 20th Street) JOSEPH J. BLADE AND ASSOCIATES. INC. REAL ESTATE VALUATION AND CONSULTING Packet Pg. 50 1.1.c 41 NW 20th Street 24-050-14 MARKET ANALYSIS Tighter supply conditions in the single-family home market will support a stronger price growth of 6% while the buildup in the inventory of condominiums for sale will moderate the price growth to 4%. As of October 2023, the inventory of single-family homes on the market was at 3 to 4 months of sales, and in the condominium market, the inventory was at 4 to 6 months' supply. Home prices are expected to broadly increase at a modest single -digit pace in 2024 in line with the modest appreciation in 2023 after a torrid pace in 2020-2022. As of October 2023, the median existing home sales price in Southeast Florida was up 7% year -over -year while the median existing condominium/townhome sales price rose at a slower pace of 3%. From October 2019 through October 2023, the median single-family home sales prices increased by over 50% across the five counties: Miami -Dade (69%), Broward (59%), Palm Beach (73%), Martin (51%), and St. Lucie (68%). In the condominium/townhome market, the median home sales prices rose by over 60%:Miami-Dade (64%), Broward (62%), Palm Beach (83%), Martin (84%), and 5t. Lucie (106%). Over this same period, the average weekly wage increased 21% in the Miami -Fort Lauderdale - West Palm Beach Metro area ($25/hour to $30/hour) and 17% in the Port 5t. Lucie Metro area ($23/hour to $27/hour). Modest Home Price Appreciation in Southeast Florida in 2024 21% 22% 3%4%4% 18% 17% 16% 17% ■ ■ 6% 6% 6%,5% 2019 2020 2021 2022 2023F 2024F Single-family Homes • Condominiums/Townhomes Total Source: Miami Association Realtors 4. Supply will remain tight at below 6 months', with tighter market conditions for single-family homes than condominiums. As of the end of October 2023, active listings of single-family homes were down 8% year -over -year overall: Miami -Dade (-14%), Broward (-9%), Palm Beach (-1%), Martin (+3%), and St. Lucie (-11%). Months' supply was at 4 months or lower: Miami -Dade (4.0), Broward (3.4), Palm Beach (3.6), Martin (3.31, and St. Lucie (3.3). The single-family homes market will remain a seller's market in 2024 with 3 to 4 months' supply as lower mortgage rates bolster demand while supply does not adjust as fast. Inventory is likely to tighten in 2024 through mid-2025 with fewer new single -homes in the pipeline. Based on single-family home units authorized during January -October 2023, there will likely be an overall decrease of 959 single-family home permits in 2023 compared to the units authorized in 2022: Miami -Dade (-942), Broward (-247), Palm Beach (-317), Martin (+132) and St. Lucie (+417). Attachment: 16182 Property Appraisals (16182 : Purchase of Property located at 41 NW 20th Street) JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTING Packet Pg. 51 1.1.c 41 NW 20th Street 24-050-14 MARKET ANALYSIS In the condominium/townhome market, active listings were up 23% overall: Miami -Dade (+9%), Broward (+45%), Palm Beach (+57%), Martin (+53%), and St. Lucie (+79%). Active listings hovered near 5 to 6 months: Miami -Dade (6.3), Broward (4.2), Palm Beach (4.2), Martin (4.4), and St. Lucie (5.4). The condominium/townhome market will likely remain as a seller's market with 5 to 6 month's supply. Supply will continue to build up in 2024 through mid-2025 with a projected 3,609 more units authorized in 5-unit or more buildings in 2023 than in 2022: Miami -Dade (+4,324), Broward (+1,198), Palm Beach (-84), Martin (-379), and St. Lucie (-1,449). Rising Inventory of Condominiums/Townhomes for Sale 28.952 •Single-family homes _Condominitins/townhumes 25,798 19,816 11,431 2019 11,474 2020 6,926 2021 14,938 13,858 2022 Source: Miami Association Realtors 5. Competition will further intensify for homes below $400,000, an affordable price for households earning $100,000. Demand will remain robust for $1M + market with sustained demand from high -income and high net worth buyers. Competition will further intensify at the lower end of the market, especially for homes priced at below $400,000 , an affordable price for households earning $100,000 or below. For homes priced at $1 million or more, supply has built up, with months' supply at 18 to 24 months, at par with the pre -pandemic levels. Demand is likely to remain robust, with sustained demand from high income and high net worth buyers. Attachment: 16182 Property Appraisals (16182 : Purchase of Property located at 41 NW 20th Street) JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTING Packet Pg. 52 1.1.c 41 NW 20th Street 24-050-14 MARKET ANALYSIS 6. Out-of-state and international migration will likely remain elevated above pre -pandemic levels due to the area's strong economy, low business taxes and no state income tax, and the continuing recovery of domestic and international tourism and travel. Southeast Florida's housing market is underpinned by a resilient and dynamic economy. In 2022, all Southeast Florida counties posted higher GDP growth than nationally (1.9%): Miami -Dade (5.8%), Broward (4.6%), Palm Beach (3.4%), Martin (6.2%), and St. Lucie (3.4%). The Miami Metro area's job growth, at 2.7% as of October 2023, is outpacing the national rate, at 1.9%. Florida's low tax environment is a major factor drawing businesses to the area, including relocations and expansions by tech, finance, and law firms like Citadel, Goldman Sachs, Microsoft, Indxx, FundKite, Thoma Bravo, Kirkland & Ellis, LeverX, and Kaseya. The Miami -Dade Beacon Council reported that the expansion or relocation of 51 business in Miami -Dade directly created about 5,700 jobs in 2022-2023, with an average salary of $98,000. The reduction of the sales tax rate levied on Florida businesses renting or leasing commercial property, also known as the business rent tax (BRT), from 5.5% to 4.5% on December 1, 2023, further improves the climate for doing business in Florida. Amid challenging economic conditions, $4.7 billion commercial sales transactions closed in Miami -Dade County in the first quarter of 2023, according to MIAMI's analysis of county deed records. In 2022, Florida saw the largest level of net and gross migration since 2005, with gross movement of 738,969 people. Migration from other states remains elevated compared to pre -pandemic levels, based on driver license exchanges. In 2023 Q1-Q3, there were roughly 55,200 driver license exchanges from out-of-state movers in the counties of Miami -Dade, Broward, Palm Beach, and Martin, nearly 4,000 more than in 2019 Q1-Q3. The top feeder states are New York, California, and New Jersey. The announced moves of tech icons and superstars like Ken Griffin, Jeff Bezos, Eric Schmidt, and Lionel Messi are expected to bring more business expansions or relocations in the area. MIAMI's analysis of IRS tax data shows that households who move into the area tend to have higher net household income (adjusted gross income) than households who move out of the area. Based on 2021 tax returns data, the average adjusted gross income of households who moved into the area was over $100,000 in Miami -Dade ($229,300), Broward ($102,600), Palm Beach ($242,200), and Martin ($167,800). Florida remains as the top destination of foreign buyers across the United States, accounting for 23% of foreign buyer transactions. Within Florida, the Miami -Ft. Lauderdale -West Palm Beach metro area is the largest foreign buyer market, attracting 47% of Florida's foreign buyers during August 2022— July 2023. Foreign buyers accounted for 18% of MIAMI member's dollar sales, compared to 6% in the state of Florida and 2% nationally. Attachment: 16182 Property Appraisals (16182 : Purchase of Property located at 41 NW 20th Street) JOSEPH J. BLAKE ANO ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTING Packet Pg. 53 41 NW loth Street Z4-050-14 DESCRIPTION OF THE SITE 1.1.c Parcel ID/Tax ID 01-3125-054-0430 Gross Land Area (Acres) 0.36 ADDRESS PARCEL NUMBER LEGAL DESCRIPTION LOCATION LOCATION TYPE MAP LATITUDE/LONGITUDE CENSUS TRACT SIZE USABLE LAND ZONING BUILDABLE SF PRIMARY FRONTAGE STREET SECONDARY FRONTAGE STREET ADJACENT PROPERTIES - NORTH ADJACENT PROPERTIES - SOUTH ADJACENT PROPERTIES - WEST ADJACENT PROPERTIES - EAST TRAFFIC COUNT TRAFFIC COUNT YEAR ACCESS STREET CONDITION LANDSCAPING TOPOGRAPHY SHAPE REQUIRED SITE WORK SOIL CONDITIONS AND DRAINAGE FLOOD ZONE FLOOD ZONE DEFINITION ENVIRONMENTAL HAZARDS ADEQUACY OF UTILITIES Site Summary Gross Land Area (SF) Topography Type 15,600 Level and at street grade Shape Type Rectangular SITE DETAILS 41 NW 20th Street, Miami, Miami -Dade County, FL 33127 01-3125-054-0430 See Addenda The subject is located on the northwest corner of NW 20th Street and NW Miami Court, in the Wynwood neighborhood of the City of Miami. Urban 25.795 7928/-80.195919 12-086-0028.00 15,600 SF or 0.36 acres 15,600 SF or 0.36 acres The parcel is zoned "T6-8-O," under the jurisdiction of the City of Miami. 97,283 SF NW 20th Street NW Miami Court Industrial Industrial Industrial Wynwood Crossing Apartments (Under Construction) 18,100 2023 Currently, the subject only has access from the north side of NW 20th Street. Paved The subject's landscaping is none. The subject's topography is level and at street grade. The subject site is rectangular. Demolition The soil conditions observed at the subject appear to be typical of the region and adequate to support development. 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 environmental conditions on the subject's site. Please reference Limiting Conditions and Assumptions. Public utilities are available to the site. Attachment: 16182 Property Appraisals (16182 : Purchase of Property located at 41 NW 20th Street) JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTING Packet Pg. 54 1.1.c 41 NW 20th Street 24-050-14 DESCRIPTION OF THE SITE PUBLIC ELECTRICITY WATER SUPPLY TYPE SEWER TYPE UNDERGROUN❑ UTILITIES POLICE AND FIRE PROTECTION CONCLUSION Florida Power & Light Miami ❑ade County Miami Dade County No City of Miami Based on the current zoning allowances, the subject's site is currently under developed. AERIAL PHOTOGRAPH Attachment: 16182 Property Appraisals (16182 : Purchase of Property located at 41 NW 20th Street) JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTING Packet Pg. 55 1.1.c 41 NW 20th Street 24-050-14 DESCRIPTION OF THE SITE COUNTY SITE MAP Attachment: 16182 Property Appraisals (16182 : Purchase of Property located at 41 NW 20th Street) JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTING Packet Pg. 56 1.1.c 41 NW 20th Street 24-050-14 DESCRIPTION OF THE IMPROVEMENTS Building Summary Number of Gross Building Net Rentable Building Name/1D Year Built Condition Floors/Stories Area Area 41 NW 20th Street 1945 Poor 1 5,597 5,597 GENERAL DETAILS DESCRIPTION Briefly describe, the subject is improved with two, one-story industrial buildings that are in poor condition and contain a total of 5,597± SF. The buildings were built in 1938 and 1953 and have a weighted average year built of 1945. The subject is currently on the market for sale as a redevelopment property. The site consists of approximately 15,600 SF or approximately 0.36 acres of land that is zoned T6-8-O, Urban Core, under the jurisdiction of the City of Miami. The site is rectangular and is level and at street grade. BUILDING DETAILS BUILDING NAME 41 NW 20th Street BUILDING DESCRIPTION Industrial/Retail BUILDING CLASS C CONDITION Poor YEAR BUILT 1945 EFFECTIVE AGE 70 Years TOTAL ECONOMIC LIFE 75 Years REMAINING ECONOMIC LIFE 5 Years GROSS BUILDING AREA 5,597 SE NET RENTABLE AREA 5,597 SF LAND TO BUILDING RATIO 2.79 FLOOR AREA RATIO (FAR) 0.36 BUILDING EFFICIENCY RATIO 100.0%© CURRENT OCCUPANCY 100% APPEAL AND APPEARANCE Poor DESIGN AND FUNCTIONAL UTILITY The overall layout of the improvements on the parcel is considered to be poor. CONSTRUCTION DETAILS MARSHALL VALUATION SERVICE C CLASS MARSHALL VALUATION SERVICE Good QUALITY CONSTRUCTION TYPE Clay Block NUMBER OF STORIES 1 FOUNDATION Poured concrete slab FRAME Concrete Block Attachment: 16182 Property Appraisals (16182 : Purchase of Property located at 41 NW 20th Street) JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTING Packet Pg. 57 1.1.c 41 NW 20th Street 24-050-14 ZONING The subject is zoned "T6-8-O," Urban Core Zone, under the jurisdiction of the City of Miami. City of Miami Zoning Details are Displayed Below NW 20th St 41 NW 20 ST, Miami, FL 33127 Zoning Property Details Uses) Layers BASIC ZONING Zone: Existing Building Use: Existing Land Use: Municipal Future Land Use: All Applicable Typologies: Allowed Use(s): OVERLAYS Ti Automotive Or Ma Automotive Or M Comm+ General Commerc Urban • Building Wfa View Detailed • Affordable & Attainable Mixed -income • NRD-1 Wynwood ADDITIONAL REGULATIONS • County Future Land Use Industrial and Office • FAA 500' Height Limitation • LEED Certified • Off-street bicycle parking • Requires WDRC Approval WAIVERS • Disable Active Frontage z o, 3. BUILDING INTENSITY Maximum Lot Coverage: Residential Density: Maximum Building Height: Maximum Height - Stories: Minimum Height - Stories: Floor Lot Ratio: Maximum Built Area Allowed: Maximum Budding Footprint: Minimum Open Space: Maximum Residential Area Allowed: Maximum Residential Units Allowed: Maximum Lodging Area Allowed: Maximum Lodging Rooms Allowed: Maximum Commercial Area Allowed: Maximum Office Area Allowed: 150.00Du/ SETBACKS AT GROUND LEVEL Minimum Primary Frontage Setback: Minimum Secondary Frontage Setback: Minimum Side Setback: Minimum Rear Setback: Minimum Water Setback: 97,2E 12,4: 10 97,2E 97,2E 97,2E 97,2E 5. 5. Attachment: 16182 Property Appraisals (16182 : Purchase of Property located at 41 NW 20th Street) JOSEPH J. BLAKE AND ASSOCIATES. INC. REAL ESTATE VALUATION AND CONSULTING Packet Pg. 58 1.1.c 41 NW nth Street 24-050-14 ZONING ALLOWABLE USES PRIMARY Residential (6) n by Right 0 • Community Residence • Dormitory • Live- Work • Multi Fatuity Housing • Single Family Residence • Two Family Residence Lodging (3) by Right 0 • Bed & Breakfast • Hotel • Inn rA by Right 0 • Office Commercial (9) by Right 0 • Entertainment Estabishment • Food Service Establishment • General Commercial • Place of Assembly • Recreation Establishment by Warrant 0 • Auto - Related Commercial Establishment • Marine Related Commercial Establishment • Open Air Retail by Exception 0 • Alcohol Beverage Service Establishment by Right 0 • Recreational Facility • Religious Facility by Warrant 0 • Community Facility by Exception 0 • Regional Activity Complex Civic Support (5) by Warrant 0 • Community Support Facility • Infrastructure and Utilities • Marina • Public Parking • Transit Facilities Educational (8) by Right 0 • Learning Center • Pre -School • Research Facility OVERALL DISTRICTS 3.15 AFFORDABLE AND ATTAINABLE MIXED -INCOME HOUSING SPECIAL BENEFIT PROGRAM SUPPLEMENTAL REGULATIONS The intent of the Affordable Housing special benefit program established in this section is to facilitate the development of high quality Affordable Housing in the City by providing development incentives, including, but not limited to, modifications of architectural/design standards and parking reductions. Attachment: 16182 Property Appraisals (16182 : Purchase of Property located at 41 NW 20th Street) JOSEPH J. BLAKE AND ASSOCIATES. INC. REAL ESTATE VALUATION AND CONSULTING Packet Pg. 59 1.1.c 41 NW 20th Street 24-050-14 ZONING Wynwood NRD-1 The NRD-1 shall permit the following Uses as identified within Section 4, Table 1: COMMERCIAL Manufacturing -Enabled Retail: A facility primarily engaged in the manufacturing, processing, or assembly of goods and shall include on -premises retail sales. Art Gallery: A place of business primarily engaged in the display and sale of art work created on or off site, with works available for immediate purchase and removal from the premises. CIVIC Privately -owned Public Open Space: A publicly accessible area on a private Lot that exceeds minimum Open Space requirements and shall be provided as a Civic Space Types standard within Article 4, Table 7 of this Code. This area shall be in connection with a ground floor Commercial Use. INTENT The intent of the Neighborhood Revitalization District (NRD-1) is to establish a protective series of land development regulations to transition the existing Wynwood Industrial District into an active, diverse, mixed - use Neighborhood. The NRD-1 will also preserve the unique street art and Industrial characteristics of the current Wynwood District while promoting a 24-hour environment where people work, live, and play. The Wynwood Neighborhood, originally operated as a manufacturing and logistic hub for the City of Miami, is in transition and is transforming into a globally recognized destination for art, fashion, innovation, and creative enterprise. It is vital that the Wynwood Neighborhood accommodate new Uses and Densities while creating new Public and private Open Space opportunities for its existing and future residents. Attachment: 16182 Property Appraisals (16182 : Purchase of Property located at 41 NW 20th Street) JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTING Packet Pg. 60 41 NW 20th Street 24-050-14 TAXES 1.1.c The subject is assessed by the Miami -Dade County property appraiser/tax collector's office, and is taxed by the Miami -Dade County. According to public records, it appears there are no unpaid taxes as of the date of this report. The following table summarizes the subject's assessment and taxes: Parcel ID Assessment Yea r Tax Authority Land Value Tax Authority Improvements Value Tax Authority Other Value 41 NW 20th Street 01-3125-054-0430 2023 $4,305,600 $77,516 $14,144 Tax Authority Total Value Total Market Value Total Assessed Value School Boa rd Mil lage Rate Miami -Dade County Non -School Millage Rate City of Miami Mil lage Rate School Board Mill age Rate Taxes Miami -Dade County Non -School Mil I age Rate Taxes City of Miami Mil lage Rate Taxes Total Tax Rate Tax. Rate Per Taxes Special Assessments Taxes with Special Assessments Early Payment Discount Percentage Total Taxes $4,397,260 $4,397,260 $3,875,690 6.699000 6.049600 7.807800 $29,457 $2 3,44 6 $30,261 20.556400 $1,000.00 $83,164 $o $83,164 4% $79,838 Attachment: 16182 Property Appraisals (16182 : Purchase of Property located at 41 NW 20th Street) JOSEPH i. BLAKE AND ASSOCIATES. INC. REAL ESTATE VALUATION AND CONSULTING Packet Pg. 61 1.1.c 41 NW 20th Street 24-050-14 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 subject is located on the northwest corner of NW 20th Street and NW Miami Court, in the Wynwood neighborhood of the City of Miami. The underlying site consists of 15,600 SF or 0.36 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 mixed -use development. LEGALLY PERMISSIBLE The subject's site is zoned "T6-8-0," Urban Core Zone, under the jurisdiction of the City of Miami, FL. Reference is made to the Zoning section of this report. Permitted uses include Mixed -Use Development. 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 mixed -use 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 mixed -use development. Attachment: 16182 Property Appraisals (16182 : Purchase of Property located at 41 NW 20th Street) JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTING Packet Pg. 62 1.1.c 41 NW 20th Street 24-050-14 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 mixed -use development. 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 mixed -use development. HIGHEST AND BEST USE, AS IMPROVED We must also determine the highest and best use of the subject, as improved, by analyzing occupancy levels of various surrounding improvements, as well as the general needs within the area. The subject is improved with two, one-story industrial buildings that are in poor condition and contain a total of 5,597± SF. The buildings were built in 1938 and 1953 and have a weighted average year built of 1945. According to the City of Miami zoning, the subject can be developed with 97,283/SF or 1,638% more than the current improvements. Therefore, the subject appears to be under developed. The subject is currently on the market for sale as a redevelopment property. Based on the current conditions of the subject's market, the highest and best use of the subject, as improved, is the redevelopment of the existing improvements with a more intensive use. Attachment: 16182 Property Appraisals (16182 : Purchase of Property located at 41 NW 20th Street) JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTING Packet Pg. 63 1.1.c 41 NW 20th Street Z4-050-14 ANALYSIS OF DATA AND CONCLUSIONS IDENTIFICATION OF A LIKELY BUYER Due to the subject's size and price point, the most likely buyer is a large local or regional developer. 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 and the site is under developed. The Income Capitalization Approach was not utilized because while the subject could generate an income stream, the highest and best use of the property is for redevelopment. 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: 16182 Property Appraisals (16182 : Purchase of Property located at 41 NW 20th Street) JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTING Packet Pg. 64 41 NW 20th Street 24-050-14 THE INCOME CAPITALIZATION APPROACH 1.1.c LAND VALUATION The land, as if vacant, is valued by direct sales comparison, in which sales of comparable sites within the subject's area are analyzed in context with the subject's site. Adjustments are made to compensate for differences between the submitted sales data and the subject for such factors as location, size, shape, topography, utility, and marketability, etc. Land sales are presented to arrive at a $/Buildable SF for the subject. In an effort to locate comparable land sales, a search throughout the subject's area was conducted. The presented sales are valid indicators of land values in the subject's area. Information pertaining to these sales has been verified by the buyer, seller, broker or other sources considered reliable and having knowledge of the particular transaction when available. Attachment: 16182 Property Appraisals (16182 : Purchase of Property located at 41 NW 20th Street) JOSEPH J. BLAKE ANO ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTING Packet Pg. 65 1.1.c 41 NW 20th Street 24-050-14 THE INCOME CAPITALIZATION APPROACH Name 105 NW 11th Ter City Miami State FL Price $16,500,000 Grantor RNG OVERTOWN LLC Recordation 34086-4018 Property Rights Fee Simple Estate ConditionsofSale Assemblage Price Per Land SF $275.00 Price Per FAR $55.15 Land Comparable 1 Transaction Address 105 NW 11th Ter County Miami -Dade County Zip 33136 Date 2/2/24 Grantee BLOCK 19 OWNER LLC Tax Parcel ID 01-3136-009-1830 Financing Cash to Seller Verification Public Records Price Per Acre $11,956,522 Price Per Proposed Unit $39,474.00 Site Land SF 60,000 Land Acres 1.38 Topography Level and at street grade Shape Rectangular Required Site Work Typical Clear and Grade Utilities All Available Zoning T6-8-O Proposed Use Mixed use multifamily and retail Zoning Type Commercial Zoned Density 300 du/acre Buildable SF 299,171 Allowable FAR 4.99 No. of Proposed Units 418 Proposed Unit Type Apartments Comments This was an assemblage of 9-parcels with a total square footage of 60,000 SF or 1.38 acres. This sale comprises the entire block between NW llth Ter and NW 12 5t and NW 1st Ave and NW 1st Ct. According to the City of Miami zoning, this site can be developed with 418 residential units and 299,171/SF of maximum built area.. The density is 300/DU/Acre. This site is located in the Affordable & Attainable Mixed -Income, Residential Density Increase - SE Overtown and Transit Oriented Development (T❑Dj- Parking Reduction overlay districts. Attachment: 16182 Property Appraisals (16182 : Purchase of Property located at 41 NW 20th Street) JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTING Packet Pg. 66 1.1.c 41 NW 20th Street 24-050-14 THE INCOME CAPITALIZATION APPROACH Name 124-145 NE 20th St City Miami State FI Price $6,134,400 Grantor Ileana Maria Jaime Recordation 33675-3420 Property Rights Fee Simple Estate ConditionsofSale Arm's length Price Per Land SF $325.00 Price Per FAR $53.65 Land Comparable 2 Transaction Address 124-145 NE 20th St County Miami -Dade Zip 33137 Date 4/17/23 Grantee Edgewater 20, LLC Tax Parcel ID 01-3125-018-0040; -0050; -0070; - Financing Cash to Seller Verification TheRealDeal Price Per Acre $14,157,058 Price Per Proposed Unit $28,011.00 Site Land SF 18,875 Land Acres 0.43 Topography Level and at street grade Shape Rectangular Required Site Work Demolition Utilities All Available Zoning T6-12-0(OMNI Overlay) Proposed Use Apartments Zoning Type Commercial Zoned Density 500 du/acre Buildable SF 114,350 Allowable FAR 6.06 No. of Proposed Units 219 Proposed Unit Type Apartments Comments Owners of Centner Academy paid $6.1 million for the nearly half -acre contiguous properties at 125 to 145 Northeast 20th Street in Miami, according to a RealDeal article. The Centners could develop 219 apartments on the site for their teachers and staff. The assemblage is about a block and a half north of the middle school campus of the buyers.The parcels include vacant land, a single- family home and a small commercial building. Accordingto the Miami Dade County zoning map, these parcels can be developed with a maximum built area of 114,350/SF. This iste is located in the Affordable & Attainable Mixed -Income and Residential Density Increase -Omni overlay districts. Attachment: 16182 Property Appraisals (16182 : Purchase of Property located at 41 NW 20th Street) JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTING Packet Pg. 67 1.1.c 41 NW 20th Street 24-050-14 THE INCOME CAPITALIZATION APPROACH Name City State Price Grantor Recordation Property Rights Conditions of Sale Price Per Land SF Price Per FAR 2825 Wynwood Site Miami FL $26,000,000 Gamma FL Wynwood, LLC 33660-1400 Fee Simple Estate Arm's length $625.75 $73.98 Land Comparable 3 Transaction Address 2825 NW 2nd Avenue County Miami -Dade County Zip 33127 Date 4/12/23 Grantee 2825 Wynwood Holding, LLC Tax Parcel ID 01-3125-028-1180, -1190, -1200, - Financing Cash to Seller Verification Seller Price Per Acre $27,257,762 Price Per Proposed Unit $181,818.18 Site Land SF 41,550 Land Acres 0.95 Topography Level and at street grade Shape Irregular Required Site Work Demol ition Utilities All Ava ilable Zoning T6-8-O Proposed Use Mixed -Use Development Zoning Type Mixed -Use Zoned Density 150 units per acre Buildable SF 351,443 Allowable FAR 8.46 No. of Proposed Units 143 Proposed Unit Type Apartments Comments This parcel is located at the southeast corner of NW 2nd Avenue and NW 29th Street. The site had approvals in place to build a 12- story mixed -use project containing 180 co -living residential units, 70 hotel rooms, 9,508 SF of ground Floor retail, 82,000 SF of shared amenities and 163 underground parking spaces. At the time of sale, the site was improved with approximately 12,500 SF of building area that is expected to be demolished. This site is located in the Affordable & Attainable Mixed -Income and NRD-1 Wynwood overlay districts. Attachment: 16182 Property Appraisals (16182 : Purchase of Property located at 41 NW 20th Street) JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTING Packet Pg. 68 1.1.c 41 NW 20th Street 24-050-14 THE INCOME CAPITALIZATION APPROACH Land Comparable 4 Transaction Name Wynwood One Development Site City Miami State FL Price $4,500,000 Grantor Wynwood Stars LLC Recordation 33639-2911; 33639-2909 Property Rights Fee Simple Estate Conditions of Sale Arm's length Price Per Land SF $240.64 Price Per FAR $60.68 Address 145 NW 30 Street County Miami -Dade County Zip 33127 Date 3/28/23 Grantee Wynwood One BL LLC Tax Parcel ID 01-3125-028-0310, -0030 Financing Cash to Seller Verification Mitash Kripalani; Colliers byJoe Price Per Acre $10,482,353 Price Per Proposed Unit $70,312,50 Site Land SF 18,700 Land Acres 0.43 Topography Level and at street grade Shape Generally rectangular Required Site Work Demolition Utilities All Available Zoning T5-L/NRD-2 Proposed Use Multifamily Zoning Type Multifamily Zoned Density 150.00 Buildable SF 74,162 Allowable FAR 3.97 No. of Proposed Units 64 Proposed Unit Type Apartments Comments This sale includes two parcels: 161 NW 30th Street and 145 NW 30 Street. The parcel located at 161 NW 30th Street has an easement for ingress and egress over the west 4 feet granted to the owners of01-3125.028-0301, which sits immediately north of 161 NW 30th Street. The site is zoned high -density Wynwood NRD2 zoning, which allows for 150 units per acre {64 buildable units) and five stories by right with an additional story available via bonus. The sellers had prepared an architectural design for a 60-unit condo building. The buyer was able to assume the design or create their own. The original asking price was $5,700,000. Accordingto the city of Miami zoning, this sale can can be developed with 74,162/SF of maximum built area. This sale is also located in the Affordable &Attainable Mixed -Income and NRD-2 Wvnwood Norte overlay districts. Attachment: 16182 Property Appraisals (16182 : Purchase of Property located at 41 NW 20th Street) JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTING Packet Pg. 69 1.1.c 41 NW 20th Street 24-050-14 THE INCOME CAPITALIZATION APPROACH Name 2110 N Miami Ave Address 2110 N Miami Ave City Miami County Miami -Dade County State FL Zip 33127 Price $12,000,000 Date 11/16/22 Grantor MIAMI TOWN CENTER HOLDINGS LLCM Grantee WYNWOOD INTEREST LLC Recordation 33479-1252 Tax Parcel ID 01-3125-048-0320 Property Rights Fee Simple Estate Financing Cash to Seller Conditions ofSale Assemblage Verification Broker and Public Records Price Per Land SF $182.25 Price Per Acre $7,947,020 Price Per FAR $27.59 Price Per Proposed Unit $49,383.00 Site Land SF 65,842 Land Acres 1.51 Topography Level and at street grade Shape Rectangular Required Site Work Demolition Utilities NA Zoning T6-8-0 Proposed Use NA Zoning Type Commercial Zoned Density 150 du/acre Buildable SF 434,912 Allowable FAR 6.61 No. of Proposed Units 243 Proposed Unit Type NA Comments This was an assemblage of parcels, which sold on 11/16/2022 for $12,000,000.This site is being developed with a mixed -use complex will consist of 12 floors for housing 339 residential units, 25,653 SF of retail, 18,713/5F ofamenities.and about407 on -site parking spaces and five on -street parking spaces. The developer is requesting zoning code wavers to allow for a larger development. Accordingto the City of Miami zoning, this site is allowed 8 stories, with 243 residential units and 434,912/Sf of maximum built area. This site is located in the Affordable & Attainable Mixed -Income and NRD-1 Wynwaod overlay districts. Attachment: 16182 Property Appraisals (16182 : Purchase of Property located at 41 NW 20th Street) JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTING Packet Pg. 70 1.1.c 41 NW 2Oth Street 24-050-14 THE INCOME CAPITALIZATION APPROACH Name 2000 N Miami Ave City Miami State FL Price $19,100,000 Grantor CL RE 2K MIA LLC Recordation 33118-4648, -4654, -4643 Property Rights Fee Simple Estate ConditionsofSale Arm's length Price Per Land SF $317.61 Price Per FAR $52.21 Land Comparable 6 Transaction Address 2000 N Miami Ave County Miami -Dade County Zip 33127 Date 3/31/22 Grantee Variuos (See Comments) Tax Parcel ID 01-3125-048-0350,01-3125-048- Financing Cash to Seller Verification Public Records Price Per Acre $13,840,580 Price Per Proposed Unit $95,980.00 Site Land SF 60,137 Land Acres 1.38 Topography Level and at street grade Shape Square Required Site Work Typical Clear and Grade Utilities All Available Zoning T6-8-O Proposed Use Mixed Use Zoning Type Commercial Zoned Density 150 du/acre max Buildable SF 365,849 Allowable FAR 6.08 No. of Proposed Units 199 Proposed Unit Type Apartments Comments This transaction involved fourfolios located on the north side of NW 20th Street, between N Miami Avenue and NW Miami Court. This site is being developed with Wynwood Crossing, which will be 150-foot-tall building with 380,806/5F of space. This includes 310 residential units, 9,479 SF of ground -floor retail space, 308 parking spaces, and 141 bike racks. According to City of Miami Zoning, prior to density bonuses, the site was allowed 365,849/SF maximum built area, 8 stories and 199 units. This site is located in the Affordable & Attainable Mixed -Income, NRD-1 Wynwood and the Transit Oriented Development (TOD) - Parking Reduction overlay districts. Attachment: 16182 Property Appraisals (16182 : Purchase of Property located at 41 NW 20th Street) JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTING Packet Pg. 71 1.1.c 41 NW 20th Street 24-050-14 THE INCOME CAPITALIZATION APPROACH LAND SALES SUMMARY Comp Address Price Zoning Allowable FAR Land SF Price per Land SF City Date Zoning 'type Price per FAR Land Acres Price per Acre 1 105 NW llth Ter $16,500,000 T6-8-0 4.99 60,000 $275.00 Miami 02/02/2024 Commercial $55.15 1.38 $11,956,522 2 124-145 NE 20th St $6,134,400 T6-12-0 (OMNI 6.06 18,875 $325.00 Miami 04/17/2023 Commercial $53.65 0.43 $14,157,058 3 2825 NW 2nd Avenue $26,000,000 T6-8-0 8.46 41,550 $625.75 Miami 04/12/2023 Mixed -Use $73.98 0.95 $27,257,762 4 145 NW 30 Street $4,500,000 T5-LJNRD-2 3.97 18,700 $240.64 Miami 03/28/2023 Multifamily $60.68 0.43 $10,482,353 5 2110 N Miami Ave $12,000,000 T6-8-0 6.61 65,842 $182.25 Miami 11/16/2022 Commercial $27.59 1.51 $7,947,020 6 2000 N Miami Ave $19,100,000 T6-8-0 6.08 60,137 $317.61 Miami 03/31/2022 Commercial $52.21 1.38 $13,840,580 LAND SALES COMPARISON MAP z p m NVO 78th St &oogle OVERTOWN NW Salt Si OD I NW 20th St EDGEWATER 4i if NE 20 St m N 14 J a II s ,i TOWN SQUARE 1L rt rn l e.a1 E sthSt -- _ -- Cam. laclArthurwy WATSON ISLAND Map data iD2024 opg LAND SALES ANALYSIS To derive an estimated value of the site, as if vacant, we analyzed the land 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 fee simple estate. Attachment: 16182 Property Appraisals (16182 : Purchase of Property located at 41 NW 20th Street) JOSEPH J. BLAME AND ASSOCIATES. INC. REAL ESTATE VALUATION AND CONSULTING Packet Pg. 72 1.1.c 41 NW 20th Street 24-050-14 THE INCOME CAPITALIZATION 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. 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. FRED — 3Q1sear FUN, Rete IMApgn Swig* M the UnitniSlbFo+ 202Z 54 2922 2V22 '.A Market Condition 2923 0, 5 203 0 202401 _ Sources Freud. Mar. frsu.srlwufed.,.@ As can be seen in the chart above, interest rates have seen a significant increase over the past year, which has slowed down the overall real estate market as well as new developments. However, as interest rates have slowed down the market, condominium prices have continued to increase, as can be seen below: S430,U❑tl.00 S4tO,(100. W $390,oW. W S370,000.013 5350,030.00 5330,000..00 City of Miami - Condo/Co-op N N N a N 0 r.T ra Nef, ema M M N 9 9 0 0 0 0 0 = 0 0 0 0 9 0 0 0 4 0 D 0 O 0 N N N N N N N N N N N NN N .ti n m 7 .n v� n m en .. ry rn C , An N tc of a N.d N rr. Source: Zillow Home Value Index Attachment: 16182 Property Appraisals (16182 : Purchase of Property located at 41 NW 20th Street) JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTING Packet Pg. 73 1.1.c 41 NW 20th Street Z4-050-14 THE INCOME CAPITALIZATION APPROACH !Appendix 4 & 5 STAR VACANCY & RENT Downtown Miami Multi -Family Year 2028 2027 2025 2025 2024 YTI] 2023 2022 Vacancy Units Percent Ppte Cng Per Una Per SF % Growth Pella CUy Unite Per SF 3.141 (3.0) 53.530 53.87 2.1 % (0.1) 4,096 3.0 53,468 53.79 2.2% 2,738 9.6% (D.1 j 13.385 53.71 2.7% 2,558 53,2135 53_61 3.8% 2,t112 4A 53.175 13.48 3.2% 1,881 18 53,124 53.42 1.9% 1,427 (1.1) 53.078 53.37 D.13% 1.578 53.058 33.35 5.4% 9.6% 9.7% 10.8% 8.5% 0_8% 7.9% 1.9 Yarkal Rant E!ricUre Rants (1.0) 0.6 25 1.3 (4.7) 10.3` 53.489 53.83 53,417 53.75 53.345 53.67 53.258 $3_57 53.138 $3.44 53,092 $3.39 $3,046 53.34 53.042 53.33 As can be seen in the above chart, market rent has continued to increase for high -end apartments in the subject's market. Based on a combination of higher interest rates but still increasing condominium prices and increasing market rent, we have not made a market condition adjustment. 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, should sell for a higher price per SF than properties which do not offer these attributes, with all other factors held constant. Land Sale 1 is located south of the subject, outside of the Wynwood District and is considered inferior to the subject in terms of market appeal of the area and adjusted upward. Land Sales 2, 5 and 6 are located within clocks of the subject are considered similar in terms of location and not adjusted. Land Sales 3 and 4 are located north of the subject in the heart of the Wynwood District. The subject is located at the southern edge of the Wynwood District. In terms of market appeal of the area, sales 3 and 4 are considered superior to the subject and adjusted downward. Size In terms of size, it is noted that smaller parcels typically sell for a higher price per SF than larger parcels, with all other factors held constant. The subject consists of 0.36 acres or 15,600 SF. Land sale 1, 5 and 6 are large enough to require an upward adjustment. The remaining land sales are not adjusted. Allowable FAR The subject has a allowable FAR of 6.24. When valuing a property on a per FAR basis, due to the economies of scale, a smaller density site typically sells for a high price per unit in comparison to a higher density site, with all other things being equal. Land Sale 1 and 4 are lower and require a downward adjustment. Land Sale 3 is higher and requires an upward adjustment. The remaining land sales are similar to the subject and not adjusted. Attachment: 16182 Property Appraisals (16182 : Purchase of Property located at 41 NW 20th Street) JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTING Packet Pg. 74 41 NW 2Uth Street 24-050-14 THE INCOME CAPITALIZATION APPROACH 1.1.c Overlay 'Districts Some overlay district allow for a higher density bonus, which allows for the development of more units and/or more square footage and building height. The overlay districts of the land sales in comparison to the subject are displayed in the chart below: Comparison Sales Zoning Overlay Districts To Subject Adjustment Subject T6-8-O Affordable & Attainable Mixed -Income & NRD-1 Wynwood 1 T6_g-O Affordable & Attainable Mixed -Income & Residential Superior Downward Density Increase SE Overtown & TOD Parking Reduction Affordable & Attainable Mixed -Income & Residential T 12-0 Similar None Density Increase - Omni T6-8-O Affordable & Attainable Mixed -Income & NRD-1 Wynwood Similar None 15-L Affordable & Attainable Mixed -Income & NRD-2 Wynwood Similar None 5 T6-8-0 Affordable & Attainable Mixed -Income & NRD-1 Wynwood Similar None Affordable & Attainable Mixed -Income, NRD-1 Wynwood & 6 T6-8-0 Similar None TOD Parking Reduction Topography The subject's site is level and at street grade and considered similar to all the land sales presented. Required Site Work The subject would need the demolition of a small building. This cost is considered minimal would not affect the vacant land purchase price. Land Sales 1 through 6 did not have enough site work cost to affect sale price and are therefore not adjusted. LAND 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. Attachment: 16182 Property Appraisals (16182 : Purchase of Property located at 41 NW 20th Street) JOSEPH J. BLAKE AND ASSOCIATES. INC. REAL (STATE VALUATION AND CONSULTING Packet Pg. 75 41 NW 20th Street 24-050-14 THE INCOME CAPITALIZATION APPROACH 1.1.c LAND SALES ADJUSTMENT GRID Land Analysts Grid Comp 1 Comp 2 Comp 3 Comp 4 Comp 5 Comp 6 Name 41 NW 20th Street Address 41 NW 20th Street City Miami State FL Date Price Buildable SF 97,283 105 NW llth Ter 105 NW 11th Ter Miami FL 2/2/2024 516,500,000 299,171 124-145 NE 20th St 124-145 NE 20th St Miami FI 4/17/2023 56,134,400 114,350 2825 Wynwood Site 2825 NW 2nd Avenue Miami FL 4/12/2023 $26,000,000 351,443 Wynwood lane 145 NW 30 Street Miami FL 3/28/2023 54,500,000 74,162 2110 N Miami AVe 2110 N Miami Ave Miami FL 11/16/2022 $12,000,000 434,912 2000 N Miami Ave 2000 N Mia mi Ave Miami FL 3/31/2022 $19,100.,000 365,849 Price per SF 555.15 553.65 573.98 560.68 52759 $52.21 Transactional Adjustments Property Pipets Fee Simple Estate Financing Cash to Se leer Conditions of Sale Arms Length Fee Simple Estate 0% Cash roSeller 0% Assemblage 0% Fcc Simple Estate 0% Cashta Seller ow, Arm's lcn$th 0% Fee Simple (state 0% Cash ta Seller 0% Arm's length 0% Fee Simple Estate 0% Cash teSEller 0% Arms length 0% Fee Simple Estate 0% Cash ta Seller 0% Assemblage 0'% Fee Simple Estate 0% Cash to Seller 0% Arm's length 0% Market Tre nd s 711 rn�gh 5/17/202,1 0% 0.00% 0.00%. 0.00% 4.40% 0.00% 0.00% Adjusted Price per SF _ $55.15 553.65 573.98 560.68 52759 $5221 Prl perty.Adjustimenils. Location Interior Similar Superior Superior Similar Similar %Adjustment $ Adjustment 10% $5.52 0% 50.00 -10% (57.40) -10% ($6.07) 0% 50.00 0% 50.00 Land Acres 0.36 1.38 0.43 _ 0.95 0.43 1.51 _ 1.38 %Adjustment $ Adjustment 5e/ $2,76 0% 50,40 0% $0,00 0% $0,00 5% 51,38 5% 52.61 AlIowa bleFAR 6.24 4.99 6-06 8.46 3.97 6,61 6.08 %Adjustment $ Adjustment -10% ($5.52) 0% 5000 5% 53,70 -5% (53,03) 0% $4,40 0% 50.04 Overlay District Superior Similar Similar Similar Similar Similar %Adjustment $ Adjustment -5% (52,76) 0% 50.00 0% $0,00 0% $4,00 0% 50,00 0% 50.00 _ Topography Level and at street Level and at street Level and at street Level and atstreet Level and at street Level and at street Level and at street %Adjustment S Adjustment 0% 50,00 4% 50.00 0% 50.00 0% 50.00 0% 50.00 0% 50.00 Required Site Work Demolition Typical Clearand Demolition Demolition Demolition Demolition Typical Clear and %Adjustment 5 Adjustment 0% 50.00 0% 50.00 0% 50.00 0% $0,00 0% 50.00 0% 50.00 Adjusted Price per SF $55,15 $53.65 $70,28 $51.58 $28.97 $54.82. Property Adjustreents INet) Property Adjustments {Grass) 0% 30 0 0% 4% -5% 15% -15% 15% 5% 5% 5'% 5% LAND VALUE CONCLUSION The comparables show a price/Buildable SF range of $28.97 /Buildable SF to $70.28 /Buildable SF on an adjusted basis, with an average of $52.41 /Buildable SF. The subject is currently listed for sale as a redevelopment opportunity for $6,250,000 or $64.25/Buildable SF, which appears high based on the comparables presented. Land Sales 2 and 6 are considered the most comparable to the subject in terms of locations. With primary emphasis of these sales, we have concluded to a value for the subject of $55.00/Buildable SF. Land Value Conclusion $55.00 /SF Multiplied by Subject's Buildable SF 97,283 SF Indicated Land Value $5,350,565 Date of Indicated Land Rounded Final Value Value Value Land Value "As Is" 5/17/24 $5,350,565 $5,350,000 The above value opinion amounts to a price per SF of land of $342.95/5F. The land sales range from $182.25/Sf to $625.75/SF unadjusted. Land Sales 2 and 6, which are considered the most comparable to the subject, range from $317.61/SF to $325.00/SF unadjusted. Attachment: 16182 Property Appraisals (16182 : Purchase of Property located at 41 NW 20th Street) JOSEPH J. BLAKE AND ASSOCIATES. INC. REAL ESTATE VALUATION AND CONSULTING Packet Pg. 76 1.1.c 41 NW 20th Street 24-050-14 RECONCILIATION AND FINAL VALUE The Sales Comparison Approach was employed in the valuation of the subject. The values derived via these methods are shown below: Value Date of Value Land Value "As Is" 5/17/24 $5,350,000 Based on the analysis of pertinent physical and economic factors, we have arrived at the following value Opinions: Value Date of Value Interest Appraised Value Opinion "As I s" 5/17/24 Fee Simple Estate $5,350,000 According to the subject's broker, the owner has indicated that there is a lease in -place. Our appraisal is based on any extraordinary assumption that this lease is short terms and will not affect the marketability or redevelopment of the subject. The use of the aforementioned Extraordinary Assumptions might have affected the assignment results. This appraisal is not based on any hypothetical conditions. Attachment: 16182 Property Appraisals (16182 : Purchase of Property located at 41 NW 20th Street) JOSEPH J. BLAKE ANO ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTING Packet Pg. 77 1.1.c 41 NW 20th Street 24-050-14 ADDENDA Attachment: 16182 Property Appraisals (16182 : Purchase of Property located at 41 NW 20th Street) JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALIDATION AND CONSULTING Packet Pg. 78 CFN: 20200731156 BOOK 32246 PAG DATE:12/17/2020 02:23:03 PM DEED DOC 16,800.00 SURTAX 12,600.00 HARVEY RUVIN, CLERK OF COURT, MIA-DADE CTY This Instrument was prepared by: Aaron Resnick, Esq. Aaron Resnick, P.A. 100 N. Biscayne Boulevard, Suite 1607 Miami, Florida 33132 After Recording, return to: Thomas G Lee. Esq Burton & Lee 12555 Orange Drive 4025 Davie, Florida 33330 Property Folio Number 01-3125-054-0430 Property Address' 41 NW 20u Street, Miami, Florida 33127 [Space Above This Line For Recording Data] WARRANTY DEED This Indenture is made this 4day of December, 2020 between: C L Sheppard Inc., a Florida corporation, whose post office address is 1840 SW 142nd Avenue, Miami, Florida 33175 ("Grantor"), and Big Big Canasta LLC, a Florida limited liability company, whose post office address is 2760 North Bay Road, Miami Beach, Florida 33140, as to a seventy-five percent (75%) tenant -in -common interest, and 17 East Mr. P LLC, a New York limited liability company authorized to transact business in Florida, whose post office address is 2760 North Bay Road, Miami Beach, Florida 33140, as to a twenty-five percent (25%) tenant -in -common interest, as tenants in common (collectively, the "Grantee"). WITNESSETH, that said Grantor, for and in consideration of the sum of TEN AND NO/100 DOLLARS ($10.00) and other good and valuable considerations to said Grantor in hand paid by said Grantee, the receipt whereof is hereby acknowledged, has granted, bargained, and sold to the said Grantee, and Grantee's heirs and assigns forever, the following described land, situate, lying and being in Miami -Dade County, Florida, to - wit: "Lots 7 and 8, Block 12, JOHNSON & WADDELL'S ADDITION, according to the Plat thereof as recorded in Plat Book 6, Page 68, of the Public Records of Miami - Dade County, Florida." Subject to: taxes and assessments for 2021 and subsequent years; any and all conditions, restrictions, easements and limitations of record; and subject to zoning and other governmental regulations; provided, this provision shall not be deemed to reimpose same. Said Grantor does hereby fully warrant the title to said land, and will defend the same against lawful claims of all persons whomsoever. To Have and to Hold, the same unto the Grantee in fee simple forever. "Grantor' and "Grantee" shall be used for singular or plural, natural or artificial, which terms shall include the heirs, legal representatives, successors and assigns of Grantor and Grantee whenever the context so requires or admits Page t of 2 Attachment: 16182 Property Appraisals (16182 : Purchase of Property located at 41 NW 20th Street) Packet Pg. 79 CFN: 20200731156 BOOK 32246 PAGI 1.1.c IN WITNESS WHEREOF, Grantor has caused these presents to be signed in his/her/its name the day and year first above written. Signed, sealed and delivered in the presence of us: Witness No_ 1 P t Name of Witness- �f-t Witn Prin s No. ame of Wit essV ae,, V0Q44 GRANTOR: C L Sheppard Inc., a Florida corporation &1`tei., ?f: By: Cira ' . Prato Its: President Address. 1840 SW 142nd Avenue, Miami, Florida 33175 STATE OF FLORIDA COUNTY OF MIAMI-DADE The foregoing instrument was acknowledged before me by means of n physical presence or online notarization on this Afth_day of December, 2020 by Cira E. Prato, as President of C L Sheppard Inc,, a Florida corporation n behalf of said comp y, who is/are [ 1 personally known to me or who has/have produced t b ` t Q,c- ba -1 01 I _ C as identification. [SEAL or STAMP] �„}. �� • ., NAZARENA MAy 1111 Si N Notary Public - State o' `.or.+a R Commns'an GG ?ht. 1 `'? My Comm. Expires act - . 2022 1 Bonded through National Nour..ssr, Notary ' + blic, tate of Florid Print Name: Noacaena roc sr3 My Commission Expires. 10104 j zo72 Serial/Commission No.: C�2 S 2�P1 Page 2 of 2 Attachment: 16182 Property Appraisals (16182 : Purchase of Property located at 41 NW 20th Street) Packet Pg. 80 1.1.c National Flood Hazard Layer FIRMette BO:12'SYG 25'48'111 0 250 500 1,000 1,500 Feet 2,000 1:6, 000 8asemap imagery Source: USES National Map 2023 FFMA 80,1127'w 25' 47"29'N Legend SEE FIS REPORT FOR DETAILED LEGEND AHD N DEL MAP FOR FIRM PANE SPECIAL FLOOD HAZARD AREAS Without Base Hood Elevation Ant A. Y. A 99 Willi BEE Or Depth zwra RE. Ao, r Regulatory F Medway OTHER AREAS OF FLOOD HAZARD OTHER AREAS GENERAL STRUCTURES OTHER FEATURES MAP PANELS 9 0.2%Annual Chance Flood Fla of 1%annual chance flood wit depth lass than One toot or Will areas or lass than one square Future Conditions 1%Annual Chance Road Hazard z:. c:: Area with Reduced Heed Risk Levee. See Notes. zo..= Area Will Heed Hlsk duo ro Le HOscp eI Area of Minimal Flood Hazard 1—II Effective LOMRs Area of U4ldetennined Flood H - — - - Channel, Culert,ar Storm Sew 1111111 Levee, Dike, er Fleedwall 20.2 Cress Sections with 1% Annua 1I.6 Water Surlace Elevation a - - - Coastal Transed Base Flood Elevation Line (BEE - Lemt at Study - Jurisdiction Boundary --- --- Coastal Trained Baseline - — Profile Baseline Hydrograp hic Feature Digtal Data Available No Digital Data Ava Hale - Unmapped The pin displayed on the map is an at paint selattod Try the user and d oAs an authoritative property location. This map complies with FE MA's standards for the use o1 digital flood maps if E1 is not raid as described below. The basemap shown complies with FEMA's basemap accuracy standards The flood hazard mtormalwn ie derived directly horn the authoritative NFI-L web services provided by FEMA. This was exported on b/9/2024 al 9:21 AM and does not reflect changes or amendments subsequent to this dale time. The NFHL and effective information may change a became superseded by new data over time. This map image is void it the one or mare of the tnllawir elements do not appear: basemap imagery, flood zone I legend, scale bar, map creation date, community identil HHM panel number, and FIRM AC1eCIlre dale. Map rmag unmapped and unmedemized areas cannot be used far regulelory purposes. ar a) L 4- t O Z eas ;e 4-r WA . a) o 4- L at Q 0 .ec L •, 0 wt- 0 a1 to e co s L z a N 00 to r fn N C0 L Q- ite Q, sent y-r a7 0. 0 L 0 N CO r f0 wr a-i C d E s c0 Packet Pg. 81 1.1.c JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND COHSULTINO 5201 Blue Lagoon Drive, Suite 270 11N[ami, FL 33126 I Phone: (305) 448-1663 I Fax: (305) 448-7077 I www.josephjblake-corn May 9, 2024 City of Miami Ms. lsiaa Jones Executive Director, OMNI CRA 1401 N. Miami Avenue, 2"d Floor Miami, Florida 33135 IsJones,'LL :;iiarrlioov.coi Office: (305) 679-6868 Re: Appraisal Report of Property Located 41 NW 20' Street Miami, Florida 33127 Dear Ms. Jones: In accordance with your request, we wish to submit to you herewith our proposal to perform an appraisal of the above -referenced property. The scope of the work to be performed is to provide our opinion of the market value of the Fee Simple Estate of the subject property "as is". The intended user of this appraisal is our client, City of Miami. The valuation methods considered will include Cost Approach, the Income Capitalization Approach, and the Sales Comparison Approach. The intended use of the appraisal is to present a market value opinion of the of the subject as of the effective date of value for management decisions. Our appraisal report will be prepared as follows: 1) in conformity with, and subject to, the Code of Professional Ethics and Standards as set forth by the Appraisal institute; 2) subject to the enclosed Assumptions and Limiting Conditions; 3) in conformity with, and subject to, the Uniform Standards of Professional Appraisal Practice (USPAP); and 4) as per the requirements of the State of Florida for State Certified Real Estate Appraisers, for the above referenced property. The report may also be subject to special assumptions and limiting conditions, which become apparent during the course of the assignment. The all-inclusive fee (including out of pocket expenses related to the assignment) for the preparation of the appraisal report will be $4,750. The fee will due upon delivery of the completed report. We will commence the assignment upon acceptance and return of this proposal. An appraisal report, in PDF format, will be electronically delivered approximately by May 17, 2024. Consultations, depositions, or court testimonies will be provided at a charge of $300/hour, inclusive of travel and wait time, out of pocket expenses, and preparation time associated with any legal procedures. Corporate rie;adquarters: - ow h.:.:._:. , iL 129 I '47cly 1 e, Nct. 1747 e.='7-U77: Regional Offices: Fla ile C i cag< . as .os Angeles Mia-n' Sew Yorl. C _} 1 San rra Crisco Wasi i g:o i O.C. Blake & Sanyo Alliance: —okya I Osats 1 Noy I Se 'la' Attachment: 16182 Property Appraisals (16182 : Purchase of Property located at 41 NW 20th Street) Packet Pg. 82 1.1.c May 9, 2024 Ms. Isiaa Junes Page 2 of 2 An electronic (PDF format) will be delivered to Ms. lsiaa Jones, unless otherwise specified. The contact for access and information about the subject property is assumed to be Ms, Isiaa Jones, unless otherwise advised. Under the terms of this agreement, we would appreciate your cooperation in supplying us with all the necessary subject property data to complete the assignment. It is understood that as a result of the execution of this assignment, the appraisers' fee and payment thereof are not contingent upon the appraised value, a loan closing, or any other prearranged condition. Paper copies of the report will be available upon request at S100 per copy. In the event we are asked to terminate the assignment prior to the completion of the appraisal report, our fee for actual work completed and out of pocket expenses will be based on a per diem rate of $1,5O0 per appraiser, but not to exceed the total fee, If the appraisal report is "put on hold" for longer than 15 working days, it will be assumed that the assignment has been canceled and all fees and expenses incurred to that point will be due and payable by City of Miami. If within a 60-day period authorization is given to proceed with the assignment, the fee structure will remain the same and all fees and expenses incurred to that point will be credited against the original fee. If the terms and conditions of this proposal are acceptable to you, please sign and return to this office. We wish to thank you for utilizing the services of Joseph J. Blake and Associates, Inc. and for the confidence you have demonstrated in our ability to perform this assignment. Respectfully submitted, JOSEPH J. BLAKE AND ASSOCIATES, INC. Ted Allen, MAI, Managing Partner State -Certified General Real Estate Appraiser NO. RZ426 Agreed to and ac4:epted this el By: Ms. Isiaa Jones City of Miami day of Enclosure: Assumptions and Limiting Conditions Definition of Market Value Wiring Instructions Privacy Notice 2024 Attachment: 16182 Property Appraisals (16182 : Purchase of Property located at 41 NW 20th Street) Packet Pg. 83 1.1.c GENERAL ASSUMPTIONS & LIMITING CONDITION'S This Appraisal Report is subject to underlying assumptions and limiting conditions qualifying the information contained in the Report as follows: The valuation opinions(s) apply only to the property specifically identified and described in the ensuing Report. Information and data contained in the report, although obtained from public record and other reliable sources and, where possible, carefully checked by us, is accepted as satisfactory evidence upon which rests the final opinion(s) of property value. We have made no legal survey, nor have we commissioned one to be prepared, and therefore, reference to a sketch, plat, diagram or previous survey appearing in the report is only for the purpose of assisting the reader to visualize the property_ It is assumed that all information known to the client and/or the property contact and relative to the valuation has been accurately furnished and that there are no undisclosed leases, agreements, liens or other encumbrances affecting the use of the property, unless otherwise noted in this report. Ownership and management are assumed to be competent and in responsible hands. No responsibility beyond reasonableness is assumed for matters of a legal nature, whether existing or pending. We, by reason of this appraisal, shall not be required to give testimony as expert witness in any legal hearing or before any Court of Law unless justly and fairly compensated for such services. By reason of the Purpose of the Appraisal and the intended User and Use of the Report herein set forth, the value opinion(s) reported are only applicable to the Property Rights Appraised, and the Appraisal Report 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. JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND COKSRLTi?a Attachment: 16182 Property Appraisals (16182 : Purchase of Property located at 41 NW 20th Street) Packet Pg. 84 1.1.c GENERAL ASSUMPTIONS & LIMITING CONDITIONS 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. 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 irnply 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. JDSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATtOH AND CONSULTING Attachment: 16182 Property Appraisals (16182 : Purchase of Property located at 41 NW 20th Street) Packet Pg. 85 1.1.c DEFINITION OF MARKET VAI UL "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," Source: Federal Reserve System, 12 CFR Parts 208 and 225, Appraisal Standards far Federally Related Transactions, Section 225.62 JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSV[TINO Attachment: 16182 Property Appraisals (16182 : Purchase of Property located at 41 NW 20th Street) Packet Pg. 86 1.1.c WIRING INSTRUCTIONS Bank Information: Bank of America, N.A. 600 Broad Hollow Road Melville, NY 11747 Telephone: (631) 756-5775 Incoming Electronic Funds Instructions: • Account Name: Joseph J. Blake and Associates, Inc. • Account Number: 483073319785 • For domestic incoming wires only: ABA No. 026009593 • For all other domestic incoming funds (i.e. ACH Credit): ABA No. 021000322 • For all international incoming funds, please use the Bank of America Swift Code: BOFAUS3N • Please e-mail credit advice to: paymentnotflications@josephjblake.com JOSEPH J, BLADE AND ASSOCIATES, INC. HEAL ESTATE VALUATION AND CONSULTING Attachment: 16182 Property Appraisals (16182 : Purchase of Property located at 41 NW 20th Street) Packet Pg. 87 1.1.c PRIVACY NOTICE Pursuant to the Gramm -Leach -Bliley Act of 1999, effective July 1, 2001, Appraisers, along with all providers of personal financial services are now required by federal law to inform their clients of the policies of the firm with regard to the privacy of client non public personal information. As professionals, we understand that your privacy is very important to you and are pleased to provide you with this information. TYPES OF NONPUBLIC PERSONAL INFORMATION WE COLLECT In the course of performing appraisals, we may collect what is known as "nonpublic personal information" about you. This information is used to facilitate the services that we provide to you and may include the information provided to us by you directly or received by us from others with your authorization. PARTIES TO WHOM WE DISCLOSE INFORMATION We do not disclose any nonpublic personal information obtained in course of our engagement with our clients to nonaffiliated third parties, except as necessary or as required by law or as required by state regulatory agencies or as required by a duly authorized peer review or investigative committee of the Appraisal Institute. By way of example, a necessary disclosure would be to our employees, and in certain situations, to unrelated third party consultants who need to know that information to assist us in providing appraisal services to you. All of our employees and any third party consultants we employ are informed that any information they see as part of an appraisal assignment is to be maintained in strict confidence within the firm. A disclosure required by law would be a disclosure by us that is ordered by a court of competent jurisdiction with regard to a legal action to which you are a party or a state regulatory agency who may request a file as part of an investigative or peer review matter. CONFIDENTIALITY AND SECURITY We will retain records relating to professional services that we have provided to you for a reasonable time so that we are better able to assist you with your needs. 4n order to protect your nonpublic personal information from unauthorized access by third parties, we maintain physical, electronic and procedural safeguards that comply with our professional standards to insure the security and integrity of your information. Please feel free to call us at any tirne at 305-448-1663 if you have any questions about the confidentiality of the information that you provide to us. JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTING Attachment: 16182 Property Appraisals (16182 : Purchase of Property located at 41 NW 20th Street) Packet Pg. 88 1.1.c 41 NW 20th Street Z4-050-14 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 do 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: 16182 Property Appraisals (16182 : Purchase of Property located at 41 NW 20th Street) JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTING Packet Pg. 89 1.1.c 41 NW 20th Street 24-050-14 GLOSSARY OF VALUATION TERMS Term Definition Source Depreciation 1. In appraisal, a loss in the value of improvements Appraisal Institute, The from any cause; the difference between the cost Dictionary of Real of an improvement on the effective date of the Estate Appraisal, 7th appraisal and the value of the improvement on Ed. (Chicago: Appraisal the same date. Institute, 2022) 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. Discount Rate (Y) A rate of return on capital used to convert future Appraisal Institute, The payments or receipts into present value. Dictionary of Real Estate Appraisal, 7th Ed. (Chicago: Appraisal Institute, 2022) Effective Gross Income (EGI) The anticipated income from all operations of the real Appraisal Institute, The estate after an allowance is made for vacancy and Dictionary of Real collection losses and an addition is made for any other Estate Appraisal, 7th income. Ed. (Chicago: Appraisal Institute, 2022) Effective Gross Income Multiplier (EGIM) The ratio between the sale price (or value) of a property Appraisal Institute, The and its effective gross income. Dictionary of Real Estate Appraisal, 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: 16182 Property Appraisals (16182 : Purchase of Property located at 41 NW 20th Street) JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTING. Packet Pg. 90 1.1.c 41 NW 20th Street 24-050-14 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: 16182 Property Appraisals (16182 : Purchase of Property located at 41 NW 20th Street) JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTING. Packet Pg. 91 41 NW 20th Street Z4-050-14 GLOSSARY OF VALUATION TERMS 1.1.c 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: 16182 Property Appraisals (16182 : Purchase of Property located at 41 NW 20th Street) JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTING Packet Pg. 92 41 NW 20th Street 24-050-14 GLOSSARY OF VALUATION TERMS 1.1.c 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: 16182 Property Appraisals (16182 : Purchase of Property located at 41 NW 20th Street) JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND GONSULTINO Packet Pg. 93 1.1.c 41 NW 20th Street Z4-050-14 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: 16182 Property Appraisals (16182 : Purchase of Property located at 41 NW 20th Street) JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTING Packet Pg. 94 1.1.c 41 NW 20th Street 24-050-14 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 IM 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: 16182 Property Appraisals (16182 : Purchase of Property located at 41 NW 20th Street) JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND GONSULTINO Packet Pg. 95 1.1.c 41 NW 20th Street Z4-050-14 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 = to 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: 16182 Property Appraisals (16182 : Purchase of Property located at 41 NW 20th Street) JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTING. Packet Pg. 96 41 NW 20th Street 24-050-14 GLOSSARY OF VALUATION TERMS 1.1.c 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 (Le., 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: 16182 Property Appraisals (16182 : Purchase of Property located at 41 NW 20th Street) JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTING Packet Pg. 97 41 NW 20th Street Z4-050-14 GLOSSARY OF VALUATION TERMS 1.1.c Term Definition Source 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. 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: 16182 Property Appraisals (16182 : Purchase of Property located at 41 NW 20th Street) JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTING Packet Pg. 98 1.1.c QUALIFICATIONS OF THE APPRAISER TED ALLEN, MAI Mr. Allen currently holds the position of Managing Partner with the Miami office of Joseph J. Blake and Associates, Inc., at 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). FORMAL EDUCATION University of Texas - Austin, Texas Bachelor of Business Administration 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: 16182 Property Appraisals (16182 : Purchase of Property located at 41 NW 20th Street) Packet Pg. 99 1.1.c QUALIFICATIONS OF THE APPRAISER CERTIFICATION Ron DeSantis, Governor STATE OF FLORIDA DEPARTMENT OF BUSINESS AND PROFESSIONAL REGULATION Melanie S. Griffin. Secretary FLORIDA REAL ESTATE APPRAISAL BD THE CERTIFIED GENERAL APPRAISER I IEREIN fS CERTIFIED] UNDER TI IC PROVISIONS OF CHAPTER 475, FLORiDA STATUTES ALLEN, TED EUGENE 5201 BLUE LAGOON DRIVE SUITE 270 MIAMI FL 33126 I • S r rya,. LICENSE NUMBER: R7426 EXPIRATION DATE: NOVEMBER 30, 2024 Always verify licenses online at MyFloridaLicense.com Do not alter this document in airy fonn. I his is your License, It is unlawful for anyone other than the licensee to use this document. FlrrrBiia ,zor Attachment: 16182 Property Appraisals (16182 : Purchase of Property located at 41 NW 20th Street) Packet Pg. 100 QUALIFICATIONS OF THE APPRAISER 1.1.c JOEL I. PAKULA, MAI, MRICS Mr. Pakula currently holds the position of Partner with the Atlanta office of Joseph J. Blake and Associates, Inc., at 2862 Johnson Ferry Road, Suite 200, Marietta, GA 30062. FORMAL EDUCATION Eastern Michigan University —Ypsilanti, MI Bachelor of Business Administration REAL ESTATE AND APPRAISAL EDUCATION Course Name Provider Real Estate Principles and Practices Real Estate Finance Real Estate Appraisal Real Estate Brokerage Real Estate Investment Analysis Property Development and Management Appraisal Techniques & Core Law Advanced Applications III Advanced Income Capitalization Report Writing and Valuation Analysis Advanced Sales Comparison & Cost Approaches Highest and Best Use & Market Analysis Eastern Michigan University Eastern Michigan University Eastern Michigan University Eastern Michigan University Eastern Michigan University Eastern Michigan University State of Florida Appraisal Institute Appraisal Institute Appraisal Institute Appraisal Institute Appraisal Institute PROFESSIONAL AFFILIATIONS Affiliation Number Florida State -Certified General Real Estate Appraiser Georgia State -Certified General Real Property Appraiser South Carolina State -Certified General Real Estate Appraiser Mississippi State -Certified General Real Estate Appraiser Alabama State -Certified General Real Estate Appraiser Tennessee State - Certified General Real Estate Appraiser Appraisal Institute, Designated Member No. RZ 2255 No. CG 6933 No. CG 4947 No. GA-749 No. G 737 No. CG 5141 No. 115889 APPRAISAL EXPERIENCE Mr. Pakula has prepared and or directed a variety of appraisal and consulting assignments for individuals, corporations, financial institutions, pension funds, and syndicates, including: mixed -use properties, condominium complexes (existing and proposed), condominium conversions, residential subdivisions (existing and proposed), vacant land, apartment complexes (market rent, subsidized rent), assisted living facilities, office buildings, motels, hotels, industrial properties, regional malls, shopping centers, power centers, mobile home parks, market studies, feasibility studies, and investment analyses. Attachment: 16182 Property Appraisals (16182 : Purchase of Property located at 41 NW 20th Street) Packet Pg. 101 1.1.c QUALIFICATIONS OF THE APPRAISER CERTIFICATION {EJ Ron DcSantis. 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 PAKULA, JOEL L 3350 RIVERWOOD PARKWAY, SUITE 1900 ATLANTA - GA 30339 I— LICENSE NUMBER: RZ2255 EXPIRATION DATE: NOVEMBER 30, 2024 Always verity 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: 16182 Property Appraisals (16182 : Purchase of Property located at 41 NW 20th Street) Packet Pg. 102 1.1.c APPRAISAL REPORT #2 DEUTSCHE VALUATIONS Attachment: 16182 Property Appraisals (16182 : Purchase of Property located at 41 NW 20th Street) Packet Pg. 103 1.1.c APPRAISAL OF REAL PROPERTY Internal File#JV05245639 LOCATED AT 41 NW 20th St Miami, FL 33127 R/s Johnson & Waddells Add Pb 6-68 Lots 7 & 8 Blk 12 & E1/2 Of Alley Lyg & Adj Closed Per Ord 13492 Lot Size 15600 Sq Ft M/I Or 16173-1832 1293 5 FOR Omni Community Redevelopment Agency 1401 N Miami Ave Miami, FL 33136 OPINION OF VALUE $6,240,000 AS OF 05/10/2024 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: 16182 Property Appraisals (16182 : Purchase of Property located at 41 NW 20th Street) Form GA1V -'TOTAL" appraisal software by a la mode, inc.- 1-800-ALAMODE Packet Pg. 104 1.1.c Borrower TBD File No. JV10225277 Property Address 41 NW 20th St City Miami County Miami -Dade State FL Zip Code 33127 Lender/Client Omni Community Redevelopment Agency TABLE OF CONTENTS Cover Page 1 Land Appraisal Report 2 Additional Comparables 4-6 6 USPAP Identification 7 MLS and sale History 8 Supplemental Addendum w/sig block 9 County Building 1 Sketch 20 County Building 2 Sketch 21 Subject Photos 22 Vacant Land Sales Photograph Addendum 23 Comparable Photos 1-3 24 Comparable Photos 4-6 25 Neighborhood Map 26 Neighborhood Aerail Map 27 Wynwood Map 28 Wynwood Trolley Map 29 Location Map 30 Site Map 31 Aerial Map 32 Aerial Map 33 Flood Map 34 Qualifications of the Appraiser 35 Appaiser's License 42 Wynwood Zoning NRD-1 - Page 1 43 Wynwood Zoning NRD-1 - Page 2 44 Wynwood Zoning NRD-1 - Page 3 45 Wynwood Zoning NRD-1 - Page 4 46 Wynwood Zoning NRD-1 - Page 5 47 Wynwood Zoning NRD-1 - Page 6 48 Wynwood Zoning NRD-1 - Page 7 49 Wynwood Zoning NRD-1 - Page 8 50 Wynwood Zoning NRD-1 - Page 9 51 Wynwood Zoning NRD-1 - Page 10 52 Wynwood Zoning NRD-1 - Page 11 53 Wynwood Zoning NRD-1 - Page 12 54 Wynwood Zoning NRD-1 - Page 13 55 Wynwood Zoning NRD-1 - Page 14 56 Wynwood Zoning NRD-1 - Page 15 57 Wynwood Zoning NRD-1 - Page 16 58 Wynwood Zoning NRD-1 - Page 17 59 Wynwood Zoning NRD-1 - Page 18 60 Wynwood Zoning NRD-1 - Page 19 61 Wynwood Zoning NRD-1 - Page 20 62 Wynwood Zoning NRD-1 - Page 21 63 Wynwood Zoning NRD-1 - Page 22 64 Wynwood Zoning NRD-1 - Page 23 65 Wynwood Zoning NRD-1 - Page 24 66 Wynwood Zoning NRD-1 - Page 25 67 Wynwood Zoning NRD-1 - Page 26 68 Wynwood Zoning NRD-1 - Page 27 69 Wynwood Zoning NRD-1 - Page 28 70 Wynwood Zoning NRD-1 - Page 29 71 Wynwood Zoning NRD-1 - Page 30 72 Attachment: 16182 Property Appraisals (16182 : Purchase of Property located at 41 NW 20th Street) Form TOCNP LT - "TOTAL" appraisal software by a la mode, inc.- 1-800-ALAMODE Packet Pg. 105 Deutsche Valuation (786)285-1205 LAND APPRAISAL REPORT File No.. JV10225277 Loan No.: 2201484747 The purpose of this summary appraisal report is o provide he lender/client with an accurate and adequately supported opinion of the market value of the subjec property CLIENT AND PROPERTY IDENTIFICATION 1.1.c Property Address: 41 NW 20th St Borrower: TBD Legal Description: Assessor's Parcel #: Neighborhood Name: Special Assessments: City: Miami Owner of Public Record: State: FL ZIP A-1 Sheppard Roofing, Inc. County Miami -Dade R/s Johnson & Waddells Add Pb 6-68 Lots 7 & 8 Blk 12 & E1/2 Of Alley Lyg & Adj Closed Per Ord 13492 Lot Slze 15600 Sq Ft M/I Or 16173-1832 1293 5 01-3125-054-0430 Wynwood 0 Property Rights Appraised: ® Fee Simple Assignment Type: Purchase Transaction 33127 Tax Year: 2023 R.F. Taxes: $83,164.26 Map Reference: 33124 PUD ❑ Yes ® No HOA: $ ▪ Leasehold ❑ Other (describe) Census Tract: 0028.00 ❑ Per Year Per Month ▪ Refinance Transaction ® Other (describe) Market Value Lender/Client: Omni Communit Redevelo.ment A.enc Address: 1401 N Miami Ave, Miami, FL 33136 CONTRACT ANALYSIS 1 ❑ did ® did not analyze the contract for sale for the subject purchase transaction. Explain the results of the analysis of the contract for sale or why the analysis' was not performed. As far as we know, the subject is not under any purchase contract. According to MLS#A11492631, the subject was offered for sale for $6,500,000 on 11/1/23. This listing was reduced to $6,250,000 on 11/1/2023. None other listing was noted within last 12 months. Contract Price $: N/A Date of Contract: N/A Is the property seller the owner of public record? ❑ Yes ❑ No Data Sources Is there any financial assistance (loan charges, sale concessions, gift or down payment assistance, etc.) to be paid by any party on behalf of the borrower? If Yes, report the total dollar amount and describe the items to be paid. S N/A ❑ Yes ❑ No NEIGHBORHOOD DESCRIPTION Nate: Race and the racial composition of the neighborhood are of appraisal factors Neighborhood Characteristics One -Unit Housing Trends One -Unit Housing Present Land Use % Location ® Urban ❑ Suburban ❑ Rural Property Values Increasing ❑ Stable ❑ Declining PRICE AGE One -Unit 30 % Built -Up ® Over 75% ❑ 25-75% ❑ Under 25% Demand/Supply ® Shortage ❑ In Balance ❑ Over Supply $ (000) (yrs) 2-4 unit 5% Groth ❑ Rapid ® Stable ❑ Slow Marketing Time ® Under 3 mths ❑ 3-6 mths ❑ Over 6 mths 170 Low 1 Multi -Family 15% Neighborhood Boundaries: The subject is bound to the North by NW 36h Street, to the South by NW 20th Street, to the East by the railroad track and to the West by 1-95. Good Average Fair Poor 2,441 370 High Pred. 102 83 Commercial 35 % Vacant 15 % Good Average Fair Poor Convenience to Employmen XEEE Property Compatibility DOXE Convenience to Shopping XEEE General Appearance of Properties O XOE Convenience to Primary Education EXEE Adequacy of Police/Fire Protection O XOE Convenience to Recreational Facilities EXEE Protection from Detrimental Conditions O XEE Employment Stability EXEE Overall Appeal to Marke O XEE Neighborhood Description: The subject neighborhood consists mostly of multi -family, singly -family units, few vacant lands and commercial properties similar to the subject in size and appeal. The subject's neighborhood, provides a good environment for the land being appraised. Employment stability and convenience are reasonable. The public transportation, school, parks, view and noise level are typical for the neighborhood. Market Conditions (including support for the above conclusions): The market has shown an increasing trend over the last 12 months with most of those gains taking place in the first 6 months of that 12 month period. Overall prices have increased by an annual rate of 6%. Demand has been strong overall while the supply has slowly increase not keeping with current demand and is likely the cause for the increase in the price levels. Typical marketing time remains around 3 months for residential dwellings. Distress sales are 0% of the market and are not a factor in the current market. SITE DESCRIPTION Dimensions: 130' X 120' Area: 15,600 sf ❑ Acres ® Sq.Ft. Shape: Rectangular (corner) View: Commercial&Residential Zoning Classification: T6-8-O Zoning Description'. Urban Core Zone Zoning Compliance: ® Legal ❑ Legal Nonconforming (Graodfathered Use) ❑ No Zoning ❑ Illegal (describe) Uses permitted undercurrent zoning regulations: It allows for a Manufacturing -Enable Retail, an Art Gallery, and/or Privately -owned Public Open Space Highest & Best Use: The subject's highest and best use would be a future property for income with the permitted uses. Describe any improvements: The subject Is improved with a 4,947 sf buildings used original as a warehouse. One building has 2,325 sf and the other has 2.622 sf of GBA. However, they do not represen Do present improvements conform to zoning? ® Yes ❑ No ❑ No improvements If No, explain: The subject is improved with a 4,947 sf buildings used original as a warehouse. One building has 2 325 sf and the other has 2.622 sf of GBA. However, they do not represent the Highest and Best Use of the Land Present use of subject site: Development Commercial Site Current or proposed ground rent? ❑ Yes ® No If Yes, $ Topography: Typical Size: Typical Drainage: Appears adequate Corner Lot: ® Yes ❑ No Underground Utilities: ❑ Yes ® No Fenced: ® Yes ❑ No If Yes, type: wood& chain link fence Special Flood Hazard Area ❑ Yes ® No FEMA Flood Zone: X FEMA Map #: 12086C0312L FEMA Map Date: 9/11/2009 Utilities Public Other Provider or Description Off -site Improvements Type/Description Public Other Electricity Gas Water FPL N/A M-DWASD Street Surface Street Type/Influence Curb/Gutter Asphalt Major Arterial Linking West and East Yes Sanitary Sewer M-DWASD Sidewalk Yes Concrete Other Street Lights (type) Yes Pole Other Alley None Are the utilities and off-si e improvemen s typical for the market? ® Yes No If No, describe: Are there any adverse site conditions or external factors (easements, encroachments, environmental conditions, land us s, etc.)? Yes ® No If Yes, describe: Site Comments: The subject is within a developed commercial area consisting of lots used mostly for commercial dwellings, and several for residetial activities. The size, shape and vegetation of this site is typical of commercial sites in this neighborhood. No factors that will negatively affect the marketability of the subject property are evident. Subject is typical in size, shape, and utilities to surrounding lots. According to public records, the subject's water &sewer is already hooked to city water supply and the Electricity id hook-up to the FPL power supply system. The Attachment: 16182 Property Appraisals (16182 : Purchase of Property located at 41 NW 20th Street) subject is located within a Flood Zone designated "X". See attached Flood Map. Form WFLND - "TOTAL" appraisal software by a la mode, inc.-1-800-ALAMODE Packet Pg. 106 01/2010 LAND APPRAISAL REPORT File No. JV10225277 Loan No.: 2201484747 There are There were 17 comparable sites currently offered for sale in the subject neighborhood ranging in price from $ 160,000 21 comparable sites sold in the past 12 months in the subject neighborhood ranging in sale price from $ 41 000 to$ 1,800,000 to$ 1,100,000 COMPARABLE SALES FEATURE SUBJECT COMPARABLE # 1 COMPARABLE # 2 COMPARABLE # 3 Address 41 NW 20th St City/SUzip Miami, FL 33127 Proximity to Subject 125-145 NE 20th St Miami, FL 33137 0.24 miles E 2601 NW 6th Ave Miami, FL 33127 0.66 miles NW Miami, FL 33127 0.60 miles N Data Sources Verification Sources Sale Price Price/ Sq.Ft. Date of Sale (MO/DA/YR) Realist/MLS/PubR Inspection/Plat Ma N/A N/A LoopNet Listing ID: 18412538 Doc # Bk 33675/Pg 3420 325.00 04/18/2023 6,134,400 iMapp/LoopNet/Crexi Doc # Bk34045/Pg 0999 458.33 01/04/2024 7,700,000 iMapp/MLS#A11122379 Doc # Bk 34096/Pg 4351 $ 373.19 02/15/2024 5,150, 000 Days on Market 124 Unknown 35 Unknown Financing Type Concessions N/A N/A Cash/arm-length None known Cash/arm-length None known Cash/arm-length None known Location Property Rights Appraised Site Size (in Sq.Ft.) View Topography Available Utilities B;BsyRd;Corner Fee Simple 15,600 Com merci a I&Residentia I Typical All B;BsyRd;Interior Fee Simple 18,875 Resid/Comm/Avg. Typical All +16 B;BsyRd;Corner/Exp. Fee Simple 16,800 Resid/Comm/Avg. Typical All -45 B;BsyRd;Interior Fee Simple 13,800 Resid/Comm/Avg. Typical All +7.4 Street Frontage NW 20 ST: +/130 Ft NE 20 ST: +/200 Ft -6.5 NW 6th Ave: +/-96 Ft 0 NW 29 ST: +/51 Ft +18.5 Street Type Major Arterial, Linking West and Ea Mayor Adana! Steong toast and east 0 Minor Linkage- Noah and South Mayor Ade., Ladang west and east 0 Water Influence None None None None Fencing Chain Link Chain Link Chain Link Chain Link Improvements Zoning Acres 4,947 sf WHSE T6-8-0 0.35817 960 sf SFH T6-12-0 0.316804 -2.5 -16 11,434 WHSE D-1 0.38567 +4 0 4,067 sf WHSE T6-8-0 0.316804 Net Adjustment (Total, in $) Adjusted sales price of the Comparable Sales (in $ / Sq.Ft.) ❑+ X- Net Adj. Gross Adj. 2.8% 12.6% -169,875 ($ -9 /Sq. Ft.) 316 ❑+ ® - Net Adj. Gross Adj. 80 10.7 $-688,800 ($ -41 /Sq.Ft.) $ 417.33 The Appraiser has researched the transfer history of the subject properly for the past 3 years and the listing history of the subje t for the past 12 months prior to the effective date of this appraisal. The appraiser has also researched the transfer and listing history of the comparable sales for the past 12 months. The appraises research ❑ did ® did not reveal any prior sales or transfers of the subject property forth three years prior to the effective dale of the appraisal. Data Sources: Realistic/MLS/Tax Roll/Public Records/iMapp X+ ❑ - Net Adj. Gross Adj. The appraises research ❑ did ® did not reveal any prior sales or transfers of the comparable sales far the year prior to the date of sale at the comparable sale. Data Sources: Realistic/MLS/Tax Roll/Public Records/iMapp The appraises research ❑ did ® did not reveal any priar listings of the subject property or comparable sales for the year prior to the effective date of the appraisal. Data Sources: Realistic/MLS/Tax Roll/Public Records/iMapp Listing/Transfer History (it more than two, use comments section or an addendum.) Transfer/Sale (ONLY) of the Subject in past 36 months: Listing and Transfer history of Comp 1 in past 12 months: Listing and Transfer history al Comp 2 in past 12 months: 6.9% 6.9% $ 357,420 ($ 25.9 /Sq.F1.) $ 399.09 Listing and Transfer history of Comp 3 in past 12 months: Subject property is currently listed for sale? ❑ Yes ® No Data Source: Current Listing History List Date Realistic/MLS/Tax Roll/Public Records/iMapp List Price Days an Market Data Source Subject property has been listed within the last 12 months? 12 Month Listing History List Date ❑ Yes ® No Data Source: Realistic/MLS/Tax Roll/Public Records iMapp List Price Days on Market Data Source Comments on Prior Sales/Transfers and Current and Prior Listings: To the best of the appraiser's knowledge, and other than as indicated above, no other sales/transaction of the subjec property has been reported on the subject within the past 3 years; Or within a year prior to their last transaction for the comparable sales. Summary of the Sales Comparison Approach: All comparables chosen are similar to the subject in terms of general size land use and view. Comparable 1 has a slightly larger lot size, and is an assemblase of 4 continous lots. One of them is improved with a 960 sf home. It has a superior zoning. An downward adjustment was warranted. They are similar in all other aspects. Comp #2 has a similar lot size and it has a 11 434 sf waehouse that needs to be cleared and leveled. It has a similar zoning and an inferior frontage. An adjustment was applied .. Comparable 3 has a slightly smaller lot size and has a similar zoning. It has an inferior frontage and and inferior interior location. Some downward adjustments were warranted. They are similar in all other aspects. Comparable listings #4 #5 and #6 were include to show current market trend of vacant land in this market area. Before adjustment the sales indicated a value range of $325 to $458.33 per square foot and a median value of $373.19 and averaged 385.51 per square foot. After the adjustment the sales indicated a value range of $316 to $417.33 per square foot and a median value of $399.09 and averaged 377.47 per square foot. All of the sales were considered to be worthy of emphasis. Therefore all of the sales were considered. On that basis it was our opinion that a price per square foot toward the middle portion of the adjusted range exhibited by comparable sales was most appropriate for the subject. My opinion of the subject market value is around $400 per SqFt and is within the comparable range. More weight is given to comparables 2 and 3 as it is the most recent sale and requires one of the least adjustments .The subject has a lot size of 15,600 SqFt @ 400, then the indicated value is $6,240,000. Therefore, my opinion of value is given as $6,240,000. rounded. My opinion of the subject market value is around the middle of the range, thanks to its corner location, larger lot size, location on a moderate busy street and improving market. Listing #4 is on the same street as the subject and is listed for 13.0 Million and has a slightly larger lot size. However, it seems to be overprice, because it was listed almost a year ago and is still active. Reconciliation Comments: Only the sales comparison approach has been utilized to arrive at the subject's final opinion of market value. This appraisal is made ® "as is", or subject to the following conditions or inspections: certification Attached. Subject to Statement of Limiting Conditions and Appraiser's Attachment: 16182 Property Appraisals (16182 : Purchase of Property located at 41 NW 20th Street) Based on a complete visual inspection of the subject site and those improvements upon said site, defined scope of work, statement of assumptions and limiting conditions, and appraiser's certification, my (our) opinion of market value, as defined, of the real property that is the subject of this report Opinion of Market Value: $ $6,240,000 ,asot: 05/10/2024 , which is the date of inspection and the effective date of this Packet Pg. 107 Form WFLND - "TOTAL" appraisal software by a la mode, inc.- 1-800-ALAMODE 01/2010 LAND APPRAISAL REPORT File No., JV10225277 Loan No.: 2201484747 PROJECT INFORMATION FOR PUDs (if applicable) 1.1c Is the developer/builder in control of the Homeowners' Association (HOA)? ❑ Yes ❑ No Unit type(s): ❑ Detached: Provide the following information for PUDs ONLY if the developer/builder is in control of the HOA and the subject property is an attached dwelling unit. Legal Name of Project: Total number of phases: ❑ Attached: Total number of units: Total number of units rented: Total number of units for sale. Total number of units sold. Data sources. Was the project created by the conversion of existing building(s) into a PUT? ❑ Yes ❑ No If Yes, date of conversion. Does the project contain any multi -dwelling units? ❑ Yes ❑ No Data Source: Are the un'Is, common elements, and recreation facilities complete? ❑ Yes ❑ No If No, describe the status of completion: Describe common elements and recreational facilities: CERTIFICATIONS AND LIMITING CONDITIONS This report form is designed to report an appraisal of a parcel of land which may have some minor improvements but is not considered to be an "improved site". All improvements are considered to be of relatively minor value Impact on the overall value of the site. This repel form Is not designed to report on an "Improved site" where significant value is derived from the improvements. This appraisal report form may be used for single family. multi -family sites and may be included within a PUD development. This appraisal report is subject to the following scope of work, intended use, intended user, definition of market value, statement of assumptions and limiting conditions and certifications. Modifications, additions, or deletions to the intended use, intended user, definition of market value, or assumptions and limiting conditions are not permitted. The appraiser may expand the scope of work to include any additional research or analysis necessary based on the complexity of this appraisal assignment. Modifications or deletions to the certifications are also not permitted. However, additional certifications that do not constitute material alterations to this appraisal report, such as those required by law ar those related to the appraiser's continuing education or membership in an appraisal organization, are permitted. SCOPE OF WORK: The scope of work for this appraisal is defined by the complexity of this appraisal assignment and the reporting requirements of this appraisal report form, Including the following definition of market value. statement of assumptions and limiting conditions and certifications. The appraiser must, at a minimum: (1) perform a complete visual inspection of the subject site and any limited improvements, (2) Inspect the neighborhood, (3) inspect each of the comparable sales from at least the street, (4) research, verify and analyze data from reliable public and/or private sources, and (5) report his or her analysis. opinions and conclusions In this appraisal report. INTENDED USE: The intended use of this appraisal report is for the lender/client to evaluate the property that is the subject of this appraisal for a mortgage finance transaction. INTENDED USER: The intended user of this report I5 the lender/client Identified within the appraisal report DEFINITION OF MARKET VALUE: 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 act'mg 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 tale from seller to buyer under conditions whereby: (1) buyer and seller are typically motivated; (2) both parties are well Informed or well advised, and each acting In what they consider their own best interest, (3) a reasonable time is allowed for exposure in the open market: (4) payment is made in terms at cash in United States 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. (Source: DCC, OTS, FRS, & FDIC joint regulations published June 7, 1994) *Adjustments to the comparables must be made for special or creative concessions. No adjustments are necessary for those costs which are normally paid by sellers as a result of tradition or law in a market area, these costs are readily identifiable since the seller pays these costs in virtually all sales transactions. Special or creative financing adjustments can be made to the comparable property by comparisons to financing terms offered by a third party institutional lender that is not already involved in the properly or transaction. Any adjustment should not be calculated on a mechanical dollar for dollar cost of the financing or concession but the dollar amount of any adjustment should approximate the market's reaction to the financing or concessions based on the appraiser's judgment. STATEMENT OF ASSUMPTIONS AND LIMITING CONDITIONS: The appraiser's certification in this report is subject to the following assumptions and limiting conditions: 1. The appraiser will not be responsible for matters of a legal nature that affect the subject property being appraised or the title to it, except for information that he ar she became aware of during the research involved in performing this appraisal. The appraiser assumes that the title is good and marketable and will not render any opinions about the title. 2. 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 this appraisal report whether any portion of the subject site is located in an identified Special Rood Hazard Area. Because the appraiser is not a surveyor, he or she makes no guarantees, express or implied, regarding this determination. 3. 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, or as otherwise required by law. 4. The appraiser has noted in this appraisal report any adverse conditions (such as 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 research involved in performing this appraisal. Unless otherwise stated in this appraisal report, the appraiser has no knowledge of any hidden or unapparent physical deficiencies or adverse conditions of the subject property (such as, but not limited to, needed repairs, deterioration, the presence of hazardous wastes, toxic substances, adverse environmental conditions, etc.) that would make the property less valuable, and has assumed that there are no such conditions and makes no guarantees or warranties express or implied. The appraiser will not be responsible for any such conditions that do exist or for the 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, this appraisal must not be considered as an environmental assessment of the property. APPRAISERS CERTIFICATION: The Appraiser certifies and agrees that: 1. I have, at a minimum, developed and reported this appraisal in accordance with the scope of work requirements stated In this appraisal report. 2. I performed a complete visual inspection of the subject site and any limited improvements. I have reported the information in factual and specific terms. I identified and reported the deficiencies of the subject site that could affect the utility of the site and its usefulness as a building lot(s). 3. I performed this appraisal in accordance with the requirements of the Uniform Standards of Professional Appraisal Practice that were adopted and promulgated by the Appraisal Standards Board of the Appraisal Foundation and that were in place at the time this appraisal report was prepared. 4. I developed my opinion of the market value of the real property that is the subject of this report based on the sales comparison approach to value. I have adequate comparable market data to develop a reliable sales comparison approach for this appraisal assignment. I further certify that I considered the cast and Income approaches to value but did not develop them unless indicated elsewhere within this report as there are no or very limited improvements and these approaches to value are not deemed necessary for credible results and/or reliable indicators of value for this appraisal assignment 5. I researched, verified, analyzed, and reported on any current agreement for sale for the subject properly, any offering for sale of the subject property in the twelve months prior to the effective date of this appraisal, and the prior sales of the subject property fora minimum of three years prior to the effective date of this appraisal, unless otherwise indicated in this report. 6. I researched, verified, analyzed, and reported an the prior sales of the comparable sales fora minimum of one year prior to the date of the sale of the comparable sale, unless otherwise indicated in this report. 7. I selected and used comparable sales that are locationally. physically, and functionally the most similar to the subject properly. 8. I have not used comparable sales that were the result of combining multiple transactions into one reported sale. 9. I have reported adjustments to the comparable sales that reflect the markets reaction to the differences between the subject property and the comparable sales. 10. I have verified, from a disinterested source, all information in this report that was provided by parties who have a financial interest in the sale or financing of the subject property. 11. I have knowledge and experience in appraising this type of property In this market area. 12. I am aware of, and have access to, the necessary and appropriate public and private data sources, such as multiple listing services, tax assessment records, public land records and other such data sources for the area In which the property is located. Attachment: 16182 Property Appraisals (16182 : Purchase of Property located at 41 NW 20th Street) Packet Pg. 108 Form WFLND - "TOTAL" appraisal software by a la mode, inc.-1-800-ALAMODE 01/2010 LAND APPRAISAL REPORT File No., JV10225277 Loan No.: 2201484747 CERTIFICATIONS AND LIMITING CONDITIONS (continued) 13. I obtained the information, estimates, and opinions furnished by other parries and expressed in this appraisal report from reliable sources that I believe 10 be true and correct 14. I have taken into consideration the factors that have an impact on value with respect to the subject neighborhood, subject property, and the proximity of the subject property to adverse influences in the development of my opinion of market value. I have noted in this appraisal report any adverse conditions (such as, but not limited to, needed repairs, deterioration, the presence at hazardous wastes, toxic substances, adverse environmental conditions, etc.) observed during the inspection of the subject property or that I became aware of during the research involved in performing this appraisal. I have considered these adverse conditions in my analysis of the property value, and have reported on the effect of the conditions on the value and marketability of the subject property. 15. I have not knowingly withheld any significant information from this appraisal report and, to the best of my knowledge, all statements and information in this appraisal report are true and correct. 16. I stated in this appraisal report my own personal, unbiased, and professional analysis, opinions. and conclusions, which are subject only to the assumptions and limiting conditions in this appraisal report. 17. I have no present or prospective Interest In the property that is the subject of this report, and I have no present or prospective personal interest or bias with respect to the participants in the transaction. I did not base, either partially or completely, my analysis and/or opinion of market value in this appraisal report on the race. color, religion, sex, age, marital status, handicap, familial status, or national origin of either the prospective owners or occupants of the subject property or at the present owners or occupants of the properties in the vicinity of the subject property or an any other basis prohibited by law. 18. My employment and/or compensation for performing this appraisal or any future or anticipated appraisals was not conditioned on any agreement or understanding, written or otherwise, that I would report (or present analysis supporting) a predetermined specific value, a predetermined minimum value, a range or direction in value, a value that favors the cause of any party, or the attainment of a specific result or occurrence of a specific subsequent event (such as approval of a pending mortgage loan application). 19. I personally prepared all conclusions and opinions about the real estate that were set forth in this appraisal report. If I relied on significant real property appraisal assistance from any individual or Individuals In the performance of this appraisal or the preparation of this appraisal report, I have named such individual(s) and disclosed the specific tasks performed In this appraisal report. I certify that any individual so named Is qualified to perform the tasks. I have not authorized anyone to make a change to any item in this appraisal report; therefore, any change made to this appraisal is unauthorized and I will take no responsibility far it. 20. I identified the lender/client in this appraisal report who is the individual, organization, or agent for the organization that ordered and will receive this appraisal report. 21. The lender/client may disclose or distribute this appraisal reportto: the borrower, another lender at the request of the borrower; the mortgagee or its successors and assigns: mortgage insurers: government sponsored enterprises; other secondary market participants, data collection or reporting services: professional appraisal organizations, any department, agency, or instrumentality of the United States, and any state, the District of Columbia, or other jurisdictions; without having to obtain the appraiser's or supervisory appraiser's (if applicable) consent. Such consent must be obtained before this appraisal report may be disclosed or distributed to any other party (Including. but not limited to, the public through advertising, public relations, nevus, sales, or other media). 22. I am aware that any disclosure or distribution of this appraisal report by me or the lender/client may be subject to certain laws and regulations. Further, I am also subject to the provisions of the Uniform Standards of Professional Appraisal Practice that pertain to disclosure or distribution by me. 23. The borrower. another lender at the request of the borrower, the mortgagee or its successors and assigns, mortgage insurers, government sponsored enterprises, and other secondary market participants may rely on this appraisal report as part of any mortgage finance transaction that involves any one or more of these parties. 24. If this appraisal report was transmitted as an "electronic record" containing my "electronic signature", as those terms are defined in applicable federal and/or state laws (excluding audio and video recordings), or a facsimile transmission of this appraisal report containing a copy or representation at my signature, the appraisal report shall be as effective, enforceable and valid as if a paper version of this appraisal report were delivered containing my original hand written signature. 25. Any intentional or negligent misrepresentation(s) contained In this appraisal report may result in civil liability and/or criminal penalties including, but not limited to, fine or imprisonment or bath under the provisions of Title 18, United States Code. Section 1001, et seq., or similar state laws. SUPERVISORY APPRAISER'S CERTIFICATION: The Supervisory Appraiser certifies and agrees that: 1. I directly supervised the appraiser for this appraisal assignment, have read the appraisal report, and agree with the appraiser's analysis, opinions, statements, conclusions, and the appraiser's certification. 2. I accept full responsibility for the contents of this appraisal report including, but not limited to, the appraiser's analysis, opinions, statements, conclusions, and the appraiser's certification. 3. The appraiser identified in this appraisal report is either a sub -contractor or an employee of the supervisory appraiser (or the appraisal firm), Is qualified to perform this appraisal, and is acceptable to perform this appraisal under the applicable state law. 4. This appraisal report complies with the Uniform Standards of Professional Appraisal Practice that were adopted and promulgated by the Appraisal Standards Board at The Appraisal Foundation and that were In place at the time this appraisal report was prepared. 5. If this appraisal report was transmitted as an "electronic record" containing my "electronic signature", as those terms are defined in applicable federal and/or state laws (excluding audio and video recordings), or a facsimile transmission of this appraisal report containing a copy or representation of my signature, the appraisal report shall be as effective, enforceable and valid as If a paper version of this appraisal report were delivered containing my original hand written signature. SIGNATURES APPRAISER Signature. Name: Jofrw Vale rl a'a MAI SRA Cert Gen RZ3562 0 Company Name. Company Address: Deutsche Valuations 4251 SW 159th AVE Miami FL 33185 Telephone Number: (786) 285-1205 Email Address: jofre27(C�yahoo.com Date of Signature and Report: 05/17/2024 Effective Date of Appraisal: 05/10/2024 State Certification #: Cert Gen RZ3562 or State License #. or Other (describe): State: FL State 4: Expiration Date at Certification or License: ADDRESS OF PROPERTY APPRAISED 41 NW 20th St 11/30/2024 Miami, FL 33127 APPRAISED VALUE OF SUBJECT PROPERTY S LENDER/CLIENT Name: Frances Llop-Noy Company Name. Company Address: $6,240,000 Omni Community Redevelopment Agency 1401 N Miami Ave SUPERVISORY APPRAISER (ONLY IF REQUIRED) Signature: Name: Company Name: Company Address: Telephone Number: Email Address: Date of Signatures. State Certification #. or State License #: State: Expiration Date of Certification or License: SUBJECT PROPERTY ❑ Did not inspect subject property ❑ Did inspect exterior at subject property tram at least the street Date of Inspection: COMPARABLE SALES ❑ Did not inspect exterior of comparable sales from street ❑ Did inspect exterior of comparable sales from street Date of Inspection: Attachment: 16182 Property Appraisals (16182 : Purchase of Property located at 41 NW 20th Street) Email Address: Miami, FL 33136 fllop-noynmiamigov.com Form WFLND - "TOTAL" appraisal software by a la mode, inc.- 1-800-ALAMODE Packet Pg. 109 01/2010 FEATURE SUBJECT LAND APPRAISAL REPORT ADDITIONAL COMPARABLE SALES COMPARABLE # COMPARABLE File No. JV10225277 Loan No.: 2201484747 COMPARABLE # 1.1.c Address 41 NW 20th St City/SUzip Miami, FL 33127 Proximity to Subject 60 NW 20th St Miami, FL 33127 0.04 miles S 2150 NW Miami Ct Miami, FL 33127 0.15 miles N 82 NW 27th St Miami, FL 33127 0.43 miles N Data Sources Verification Sources Sale Price Price/ Sq.Ft. Date of Sale (MO/DA/YR) Days on Market Realist/MLS/PubR Inspection/Plat Ma N/A 124 N/A iMapp/MLS/PubR MLS#A11389636 Listing 364 630.30 13,000,000 -63 iMapp/MLS/PubR MLS#A11389636 Listing 1231 709.92 16,740,000 -71 iMapp/MLS/PubR MLS# A11283404 $ Listing 769 761.04 4,000,000 -76 Financing Type Concessions N/A N/A Cash/arm-length None known Cash/arm-length None known Conv/Cash None known Location Property Rights Appraised Site Size (inSq.Ft.) View Topography Available Utilities B;BsyRd;Corner Fee Simple 15,600 Com merci a I&Residential Typical All B;BsyRd;Corner Fee Simple 20,625 Commercial &Residential Typical All B;BsyRd;Corner Fee Simple 23,580 Commercial&Residential Typical All B;BsyRd;Interior Fee Simple 5,256 Resid/Comm/Avg. Typical All +15 -76 Street Frontage NW 20 ST: +/130 Ft NW 20 ST: +/130 Ft NW 22 ST: +/130 Ft NW 27 St: +/-51 Ft +38 Street Type Water Influence Malor Arterial , Linking West and Ea None Major Arterial , Linking West ere None Minor Artenai Linking West and East None -35 Secondary, Linking Nest and east None +15 Fencing Chain Link Chain Link Chain Link Chain Link Improvements Zoning Acres 4,947 sf WHSE T6-8-O 0.35817 5,278 sf WHSE T6-8-O 0.47348 0 14,162 sf WHSE T5-O 0.5413 +4 +71 2,565 sf MF T5-L 0.0771 -5 +76 Net Adjustment (Total, in $) Adjusted sales price of the Comparable Sales (in $ / Sq.Ft.) Listing/Transfer History (if more than two, use comments section or an addendum.) ❑+ X- Net Adj. Gross Adj. Transfer/Sale ONLY) of the Subject in past 36 months: io.o% io.o% -1,299,375 ($ -63 /Sq. Ft.) 567.3 ❑+ X- Net Adj. Gross Adj. Listing and Transfer hi tory of Comp 4 in past 12 m nths: 4.4 25.5 $-730,980 ($ -31 /Sq.Ft.) $ 678.92 Listing and Transfer history of Comp 5 in past 12 months: ❑+ X- Net Adj. Gross Adj. 1.711 39.6% $-68,328 ($ -13 /Sq.Ft) $ 748.04 Listing and Transfer history of Comp 6 in past 12 months: Comments on Prior Sales/Transfers and Current and Prior Listings: To the best of the appraiser's knowledge, and other than as indicated above, no other sales/transaction of the subjec property has been reported on the subject within the past 3 years; Or within a year prior to their last transaction for the comparable sales. Summary of the Sales Comparison Approach: All comparables chosen are similar to the subject in terms of general size, land use and view. Comparable 1 has a slightly larger lot size, and is an assemblase of 4 continous lots. One of them is improved with a 960 sf home. It has a superior zoning. An downward adjustment was warranted. They are similar in all other aspects. Comp #2 has a similar lot size and it has a 11,434 sf waehouse that needs to be cleared and leveled. It has a similar zoning and an inferior frontage. An adjustment was applied .. Comparable 3 has a slightly smaller lot size, and has a similar zoning. It has an inferior frontage and and inferior interior location. Some downward adjustments were warranted. They are similar in all other aspects. Comparable listings #4, #5 and #6 were include to show current market trend of vacant land in this market area. Before adjustment, the sales indicated a value range of $325 to $458.33 per square foot, and a median value of $373.19, and averaged 385.51 per square foot. After the adjustment, the sales indicated a value range of $316 to $417.33 per square foot, and a median value of $399.09, and averaged 377.47 per square foot. All of the sales were considered to be worthy of emphasis. Therefore, all of the sales were considered. On that basis, it was our opinion that a price per square foot toward the middle portion of the adjusted range exhibited by comparable sales was most appropriate for the subject. My opinion of the subject market value is around $400 per SqFt and is within the comparable range. More weight is given to comparables 2 and 3 as it is the most recent sale and requires one of the least adjustments .The subject has a lot size of 15,600 SqFt C 400, then the indicated value is $6,240,000. Therefore, my opinion of value is given as $6,240,000. rounded. My opinion of the subject market value is around the middle of the range, thanks to its corner location, larger lot size, location on a moderate busy street and improving market. Listing #4 is on the same street as the subject and is listed for 13.0 Million and has a slightly larger lot size. However, it seems to be overprice, because it was listed almost a year ago and is still active. Attachment: 16182 Property Appraisals (16182 : Purchase of Property located at 41 NW 20th Street) Form WFLND.(AC) -'TOTAL" appraisal software by a la mode, inc.-1-800-ALAMODE Packet Pg. 110 Borrower TBD File No. JV10225277 Property Address 41 NW 20th St City Miami County Miami -Dade Stale FL Zip Code 33127 Lender/Client Omni Community Redevelopment Agency APPRAISAL AND REPORT IDENTIFICATION This Report is one of the following types: X Appraisal Report (A written report prepared under Standards Rule P-2(a) , pursuant to the Scope of Work, as disclosed elsewhere in this report.) Restricted (A written report prepared under Standards Rule 2-2(b) , pursuant to the Scope of Work, as disclosed elsewhere in this report, Appraisal Report restricted to the stated intended use only by the specified client and any other named intended user(s).) Comments on Standards Rule 2-3 I certify that, to the best of my 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 my personal, impartial, and unbiased professional analyses, opinions, and conclusions. - Unless otherwise indicated, 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. - Unless otherwise indicated, I have performed no services, as an appraiser or in any other capacity, regarding the property that is the subject of this report within the three-year period immediately preceding acceptance of this assignment. - I have no bias with respect to the property 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 that were in effect at the time this report was prepared. - 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 (if there are exceptions, the name of each individual providing significant real property appraisal assistance is stated elsewhere in this report). Reasonable Exposure Time (USPAP defines Exposure Time as the estimated 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.) My Opinion of Reasonable Exposure Time for the subject properly at the market value stated in this report is: The Exposure Time for the subject property is estimated at 90 days 90 days. Comments on Appraisal and Report Identification Note any USPAP-related issues requiring disclosure and any state mandated requirements: This appraisal report has been prepared for the exclusive benefit of the client disclosed in this report and it may not be used for any purpose by any other person to whom it is addressed without the written consent of the appraiser and in any event only with the proper written qualifications and only in its entirety. Any third party, who uses or relies upon any information in this report, does so at the sole risk of the third party. The undersigned field appraiser accepts no responsibility for damages suffered by any third party as a result of reliance on or decisions made or actions taken based on this report The appraisal should not be relied upon to disclose the condition of the property or the presence of any environment or soil defects. I gather information on relevant characteristics from the Local MLS and office records. Any diverge from this assumption could influenced the market value opinion of the subject property. The intended use is to be used for an internal decision only. APPRAISER: Signature: Name: Jofre ncia, al, SRA, Cert Gen RZ3562 Cert Gen RZ3562, MAI, SRA State Certification # Cert Gen RZ3562 or State License #: State: FL Expiration Date of Certification or License: 11/30/2024 SUPERVISORY or CO -APPRAISER (if applicable): Signature: Name: State Certification # or State License #: State: Expiration Date of Certification or License: Attachment: 16182 Property Appraisals (16182 : Purchase of Property located at 41 NW 20th Street) Date of Signature and Report: Effective Date of Appraisal: 05/17/2024 05/10/2024 Inspection of Subject: ❑ None ® Interior and Exterior Date of Inspection (if applicable): 05/10/2024 Exterior -Only Date of Signature. Inspection of Subject: U None a Interior and Exterior a Exteriorl'-`i Date of Inspection (if applicable): Packet Pg. 111 Form ID20E - 'TOTAL" appraisal software by a la mode, inc.- 1-800-ALAMODE MLS and sale History 1.1.c Deed Type: Sale Date: Grantor: Mortgage Amount: Te ME' Lender: Deed Type: Sale Date: Grantor_ Deed Type: Sale Date: Grantor: SALES INFORMATION WARRANTY DEED 12/041202D Recorded Date: 12/17f2O2lJ Nat Avai'aids SdG,Rat Instrument Dater trrr*•!2p2e - ee s5St h9 Attributes: c L SHEPPARD TNC DEED 12/15 199' Recorded Date: 12,16/1943 SHEPPhRD C?POLO -n1a- um1'1V74 Noe :3 laJ. Qualifier Flags: C=Quall624, J_ 1 Jrro1:ALIFIED QUALIFIED Recorded Date: Price: Document # Grantee: Document. Traait.,=n Wa Tarty noBd Borrower: Price: Document Grantee: :=Other (sea ne.a I.1= -0 1- AUTOMOTIVE OR MARINE : AUTOMOTIVE OR MARINE Building Subareas: Additional Features: Description PAVING ASPHALT PLUMBING FIXTURES WAREHOUSE PUMP HOUSE METAL 2, AUT0N'1OTIVE OR MARINE : AUTOMOTIVE OR MARINE Building Subareas: CaVered Parking: ND Listing HisL iuy from MLS r-4LSr: Al L•14Z2GDF Prl $n 0LU _irtae Price: Document # Grantee: =V czT1t, i=vanFrwe[ 52;$00,060 Qudlifiers: 8k 32245/Pg 4643 [f Net Ara;labke 21/2c4Z0_1100I BIG BIG CANA5rA LLC 520,000 qualifiers: Bk 16173/Pg 1832 1A Available 347,509 Qualifiers: Elk 10662/Pg 394 [ " rod Available u1 BUILDING INFORMATION Beds: n Bldg Area: 2,975 sf Year Built: Baths: Living Area: 2,975 sf Adjusted Area: 5TO - STORAGE. IiTLL (1,30 5f) Beds: 0 Baths: c: Eu iy'i1- oECa NEW Built Units 1930 8,242 1953 5 1980 306 Bldg Area: Living Area: 2,622 sf Adjusted Area: WHS - WAREHOUSE (2,522 sl) 11 NW 20t11 S1 M1a1111 73J77 Pool: ND 3:i 41 to fro Ft, CI*. 5G.5I10r04.11.1 -- sw. ,ij,0i111 LI 3/ 1112024 616.500.O+l1 11/90r202A 41 NIIM J41I11 tit M1,1ib1 7.1132 aim ar- CI..:1 Trir,. rli i?atF ❑f£Fi SA�is,500_CFO 0 Sey 250,043003.:0 13/22-9 NEW Act,v - 13,1011,2023 C9titrty Cierit cf Court2 41 143E act / 1958 eff Units: B 2,325 sf Stories; 1_0 OFF-O HtE Description CENTRAL A/C COMM WALL CBS UNREINFORCED Built Units 1980 5 1980 502 2,622 sf Year Built: 1953 ad 1968 eff Units: n sf Stories: PrapType: Q,ra J196s1 01) P-,it4'U i4 :S-EF-2-4-11 f t Tr1111! kb F`/41t1T 1?F Fs- 1,3.1-tr PtepTTtiiP1 c-raM he&Pt TT.T Llr53 2- Tf] '+sFi r:T'i.1 FANill «:s-s--.i •P4S 1/S S i.r Fs>'LuL 0 . 10114 124 DORM 133 Attachment: 16182 Property Appraisals (16182 : Purchase of Property located at 41 NW 20th Street) Form SCNLGL - "TOTAL" appraisal software by a la mode, inc.- 1-800-ALAMODE Packet Pg. 112 Supplemental Addendum RI' No. JV10225277 1.1.c Borrower TBD Property Address 41 NW 20th St City Miami County Miami —Dade State EL Zip Code 33127 Lender/Client Omni Community Redevelopment Agency SITE DESCRIPTION The subject site is a corner, rectangular shaped parcel located on the northwest corner of NW Miami Court, and NW 20th Street in Miami. The subject property is located in Wynwood and is a corner site that is ideal for residential, commercial, or mixed -use projects. Situated along Wynwood's T6-8-O corridor and having access on three sides, the property could be developed to a vertical capacity of 8-12 stories. The property offers a good location, in near proximity to Downtown Miami, Edgewater, Midtown, and the Design Distric and and immediate access to major transportation arteries and public transportation. The site has about f 130 feet of frontage on NW 20th Street and f 120 feet of frontage on NW Miami Court. NW 20th Street is a main West -East thoroughfare and that provides access, after passing through several Wynwood secondary streets to Edgewater. NW Miami Court is a secondary South -North thoroughfare and that provides access, after passing through few secondary streets to OMNI . The site contains approximately f 15,560 square feet. It appears to be generally level and on -grade with the surrounding streets. The subject is improved with a 4,947 sf buildings used original as a warehouse. One building has 2,325 sf and the other has 2.622 sf of GBA. However, they do not represent the Highest and Best Use of the Land. Accordiong to its zoning T6-8-O and NRD-1, a new building representing its HBU, could have the following charateristics; Maximum Built Area: 89,130 SF o Building Coverage: 80% o Maximum Building Footprint: 11,141 SF o Dwelling Units per Acre: 150 du/acre o Dwelling Units Allowed: 48 units o Maximum Commercial Area: 89,130SF o Maximum Office Area: 89,130 SF o Maximum Commercial Establishment: 55,000 SF o Area Minimum Open Space: 10% o Total Building Height: 8 Levels o Principal Building Max. Level (Podium): 8 Levels Therefore, its HBU is to demolish the current buildings and built a new one with the above explained charateristics. As -Is the HBU is the land value minus the demolition costs fo the exiting improvements. SUBJECT'S LEGAL DESCRIPTION Lots 8 and 9, Less the South 32 feet of Lot 9, in Block 37, of WADDELLS ADDITION, PB D-53 SECTION 25 36 TOWNSHIP 53 SOUTH RANGE 41 EAST According to the Plat thereof, as recorded in Plat Book D, Page 53, of the Public Records of Dade County, Florida. NEIGHBORHOOD BOUNDARIES Generally described as bounded by I-95 on the west, NW 29th Street on the north including parcels fronting NW 29th Street on the north between I-95 and NW 5th Avenue and between NW 2nd Avenue and N Miami Avenue, and the FEC Corridor on the east. The southern boundary is comprised of NW 20th Street between N Miami Avenue and NW 1st Place, and NW 22nd Street between NW 1st Place and I-95. COMPARABLE COMMENTS SALE 1:125-145 NE 20th Street, Miami, FL 33137 This assembale vacant land has a total of 4 lots and 18,824 sf . Zoned T6-8-24 which allows for a multitude of business use cases. The lots seat on Omni Line, this is one of the LAST parcel available at NE nex vn. Mixed Use -High Density site. Zoning MIX USE/C( it Height, prime retail, any combination of Apts/C< ocation, next to MULTI -BILLION dollar projects. 0 Signature �~ Signature Name Jofre VEia, MA1, SRA, Cert Gen RZ3562 game Date Signed 05/17/2024 Date Signed State Certification # Cert Gen RZ3562 state FL State Certification # State Or State License # State Or State License # State Attachment: 16182 Property Appraisals (16182 : Purchase of Property located at 41 NW 20th Street) Form TADD2 -'TOTAL' appraisal software by a la mode, inc. - 1-800-ALAMODE Packet Pg. 113 Supplemental Addendum RI' No. JV10225277 1.1.c Borrower TBD Property Address 41 NW 20th St City Miami County Miami —Dade State EL Zip code 33127 Lender/Client Omni Community Redevelopment Agency Zoning T6-12 -O Commercial. Just blocks to Expressways and major access via. SALE 2: 2601 NW 6th Ave, Miami, FL 33127 Miami -based real estate development finn Clara Homes, founded by James Cumin, has announced the closure of a $7.7 million deal for a residential development site in Miami's Wynwood neighborhood. The site at 2601 Northwest 6th Avenue spans 16,800 square feet and is planned for a 154-residence luxury rental building dubbed Clara Wynwood. The building, designed by architect Kobi Karp, is set to include at least 40% affordable workforce housing, aligning with the Live Local Act. Jordan Karp, an independent broker, represented Clara Homes in this transaction, while the seller, men's clothing wholesaler Austin Burke, was represented by Jeremy S. Larkin and Joseph R. Gallaher. The acquisition's closing price was approximately $450 per square foot, significantly below the average Wynwood land sales, which typically range from $750 to $1,000 per square foot. The site was marketed as a cap rate play rather than a redevelopment opportunity, offering attractive below -market seller financing at 5% and a sale -leaseback for one to one and a half years. It is zone D-1, District Zone Work Place, which is a commercial zoning similar to the subject, which intends to accommodate Uses which because of their specialized performance, Scale or impact should not be incorporated into the Neighborhood structure. Zoning information believed to be accurate but not warranted. SALE 3: 161 NW 29th St, Miami, FL 33127 This property with the rear vacant land has a total lot size of 13,800 SF and offer a development opportunity to build several MF units + retail and/or other commercial uses allowed under T6-8-O Zoning in the City of Miami.of Wynwood. Wynwood's dynamic atmosphere is renowned for its vibrant street art, cultural richness, and a burgeoning community of creative professionals. It has become a sought-after destination for locals and tourists alike, creating a constant stream of foot traffic. This property's location places it right in the epicenter of this cultural renaissance, ensuring unparalleled visibility and access. One of the property's standout features is its zoning flexibility which is located both within the NRD-1 and the NRD-2, allowing for a wide range of investment strategies. For business owners, this presents an opportunity to establish a headquarters or flagship store in one of Miami's trendiest neighborhoods. Investors can take advantage of the covered land play potential. Acquiring this property now and leasing it out to businesses positions you to benefit from the increasing demand driven by the imminent delivery of over 1,500 residential units on NW 29th St. With the flexible zoning, you can explore options like developing a mixed -use building or boutique hotel that would cater to influx of tourist visiting daily. In summary, this Wynwood commercial real estate opportunity is characterized by a motivated seller, an irreplaceable location, and incredible potential. It allows you to be part of the thriving Wynwood community, catering to the vibrant local scene and benefiting from the upcoming residential developments in the vicinity. This property is a promising investment in one of Miami's most dynamic and culturally rich neighborhoods. LISTING 4:60 NW 20th St Miami, FL 33127 This vacant corner land has 20,625 sf . Zoned T6-8-O similar to the subject. Conveniently located within minutes of the Downtown, Wynwood, the Design District & Edgewater. Development opportunity Close to Wynwood area and Omni Area. 2 assembled lot on 20St total 20625 Sq. With Crown Castle as a tenant on the back lot with a new payment of $ 2869 per month plus 80 % property taxes payments and a month -to -month $ 3000 mechanic shop, you can receive income while planning the development. The 1-story stand alone mixed use building needs to be demolished . The site still needs to be level and cleared. Site allows for future development of approx 16 units. LISTING 5:2150 NW Miami Ct, Miami, FL This property is currently zoned T5-O and has Downtc Develol projects Signature O �IAYiC _ Y . ��~ Name Jofre V ia, MA , SRA, Cert Gen RZ3562 Date Signed 05/17/2024 State Certification # Cert Gen RZ3562 Or State License # state FL State 33127 a size of 23,580 SqFt.. This land is in Wynwood, near Mecca Wynwood. It offers 23,580 land SF the same area as many planned mixed use development Zesidential, Hotel, Warehouse and many other options, Signature Name Date Signed State Certification # Or State License # State State Attachment: 16182 Property Appraisals (16182 : Purchase of Property located at 41 NW 20th Street) Form TADD2 -'TOTAL' appraisal software by a la mode, inc. - 1-800-ALAMODE Packet Pg. 114 Supplemental Addendum RI' No. JV10225277 1.1.c Borrower TBD Property Address 41 NW 20th St City Miami County Miami —Dade State EL Zip Code 33127 Lender/Client Omni Community Redevelopment Agency or Mixed use. Near Miami DesignCenter, Museum Park, Arscht Center, Port of Miami, Intel Tech start ups, providing lucrative growth potential. ZONED T5-O Urban Center Zone. This property is completely within the X Zone. LISTING 6: 82 NW 27th St Miami, FL 33127 Great Development Opportunity. It is an interior Lot zoned T5-L. It is in the heart of wynwood with zoning T5-L- for commercial mix used. Up to 5 stories, (16 units allowed). An investors/developers will benefit from wynwood's NRD-1. This building has 4 apartments,( 2/1 each), all remodeled and rented. 4 assigned parking space inside the building (1 per apt), new owner would receive income while development plans for a new project. Current income $7,000 monthly. Gated. Great location close to most important highways, 15 minutes drive to the beach, walking distance to disign district, boutiques, restaurants, bars, minutes to downtown, brickell and miami airport. NEIGHBORHOOD DESCRIPTION: WYNDWOOD Overtown is a neighborhood of Miami, Florida located just northwest of Downtown Miami. Originally called Colored Town during the Jim Crow era of the late 19th through the mid-20th century, the area was once the preeminent and is the historic center for commerce in the black community in Miami and South Florida.Overtown is a historically African -American neighborhood located just north of downtown Miami and is considered part of Miami's Central District. It is also Miami's poorest neighborhood. The majority of its residents (75%) are African -Americans, though the White and Hispanic population has been increasing. The town was formed because of Jim Crow laws restricting where African -Americans could live. It is currently bound by NW 20th Street to the north, NW 5th Street to the south, the Miami River, Dolphin Expressway (SR 836), and I-95 (north of the Midtown Interchange) to the west, and the Florida East Coast Railway (FEC) and NW 1st Avenue to the east. Local residents often go by the demonym "Towners." The area experienced serious economic decline from the late 1950s. Issues ranging from urban renewal to the construction of interstate highways like I-95 (then, the North -South Expressway), the Dolphin Expressway and the Midtown Interchange in the 1960s, fragmented the -once thriving center with the resident population decimated by nearly 80 percent from roughly 50,000 to just over 10,000. The area became economically destitute and considered a "ghetto" as businesses closed and productivity stagnated in the neighborhood. Demolished buildings in the 1970s and incidents that disturbed the neighborhood in the 1980s made Overtown fall further into disrepair. Development was spurred in the area again in the late 1980s with the construction and completion of the Miami Arena and transit -oriented development surrounding the newly opened Overtown station. Since the 1990s and 2000s, community gardens have been created, in addition to renovations to the historic Lyric Theatre and revitalization and gentrification efforts spurred both by the city of Miami and Miami -Dade County. Dr. Marvin Dunn founded the original Roots in the City Overtown Community Garden, turning an "overgrown, littered lot into a flourishing garden" maintained by Overtown residents and volunteers. Roots in the City, a non-profit "dedicated to community development, jobs training, inner-city beautification, healthy eating initiatives, and community research" used the Community Gardens to provide affordable fresh produce to low-income families, public school students, community agencies and homeless shelters and is also organizes an urban farmer's market. These projects and other aspects of Overtown were featured in a short documentary The Ground under Overtown centered on multi -issue multi -racial community organizing created around Florida protests against the FTAA with a focus on environmental racism, critiques of so-called "free trade" agreements like the FTAA, and positive community solutions such as permaculture. Anti-FTAA protesters at Dr. Dunn's invitation held a workshop on permaculture at the Overtown Community Garden and donated over 100 cherry trees to the Overtov :mpt to revive the community, there are still murders and sex ny other place, but drug activity is common all day & g O night, a_ here'sTdrugs, there's violence." Signature ,C-,fek. Signature Name Oofre VEia, MA1, SRA, Cert Gen RZ3562 Name Date Signed 05/17/2024 Date Signed State Certification # Cert Gen RZ3562 state FL State Certification # State Or State License # State Or State License # State Attachment: 16182 Property Appraisals (16182 : Purchase of Property located at 41 NW 20th Street) Form TADD2 -'TOTAL' appraisal software by a la mode, inc. - 1-800-ALAMODE Packet Pg. 115 Supplemental Addendum RI' No. JV10225277 1.1.c Borrower TBD Property Address 41 NW 20th St City Miami County Miami —Dade State EL Zip Code 33127 Lender/Client Omni Community Redevelopment Agency Overtown is accessible by Metrorail at the Overtown station from Downtown Miami, as well as the School Board station on the Metrornover. Today developers are trying to create new housing and businesses in the area to get middle-class residents to come to the area; this is called the Overtown Renaissance. SCOPE OF WORK SCOPE OF THE APPRAISAL The appraiser searched the following data bases: sef.mls.com, Realist, iMapp and County Property Appraiser webpage to obtain the comparable vacant land sales in the subject market area and to observe the market trends according the listings and pending sales in the subject neighborhood. The appraiser used comps from similar vacant lands in the subject neighborhood with similar characteristic and appeal. The appraiser drove around the subject's neighborhood to observe the characteristic of the market area. There are around 30 % single family houses and 5 % multi -family units in the Land use. There is also 35 % of land use for commercial activities. The appraiser drove around the subject's complex to see and take visual impression of: parks, schools, shopping center, etc. Appraiser used the aerial map from Miami -Dade -County appraiser WebPages to see the location and relationship of the subject and the surrounding properties in the area. The appraisal is based on the information gathered by the appraiser from public records, private data sources, and other identified sources, inspection of the subject property and neighborhood, and selection of comparable sales within the market area. The appraiser's inspection 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 before mentioned data sources. As per Fannie Mae and USPAP, I have driven by all comparable land sales. The photographs of comparables sales may have been taken at this time or may be copies of photographs from the local Multi -List Service or the appraiser files. We used aerial photograph of the vacant land sales, because they give a better overview of the location, shape and street frontage of the selected land sales than a typical land photograph. These procedures conform to USPAP compliance. Sometimes information is obtained through discussion with the owner or occupant, in a manner as general question regarding the condition and transaction concessions regarding the used comparable sale. The traditional approaches to value consist of the cost, income capitalization and sales comparison approaches. To develop our opinion of value for this assignment, we used the Sales Comparison Approaches to Value. As a vacant parcel it was the only applicable approach to value. With no improvements the Cost and Income Capitalization Approaches were not applicable. Therefore, I employed the Direct Sales Comparison Approach to estimate the market value of the subject property, because it is generally considered the best indicator of value. The Direct Sale Comparison Approach is based on the comparison of the subject with sales of similar type vacant lands. Adjustments are made to these sales for differences with the subject. MIAMI-DADE RETAIL MARKET 1Q-2024 In the f ity retail market experienced robust growth driven by persiste rg tenants. The vacancy rate declined by 30-basis points g O quarter- J J ercent-the lowest point in the last decade. Despite the Signature �~ Signature Name Jofre VEia, MA1, SRA, Cert Gen RZ3562 game Date Signed 05/17/2024 Date Signed State Certification # Cert Gen RZ3562 state FL State Certification # State Or State License # State Or State License # State Attachment: 16182 Property Appraisals (16182 : Purchase of Property located at 41 NW 20th Street) Form TADD2 -'TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE Packet Pg. 116 Supplemental Addendum RI' No. JV10225277 1.1.c Borrower TBD Property Address 41 NW 20th St City Miami County Miami —Dade State EL Zip code 33127 Lender/Client Omni Community Redevelopment Agency addition of 396,345 square feet of new retail space, the market absorbed more than it received. Net absorption outpaced new supply, with 662,891 square feet taken off the market by the end of the quarter. As we move into the second quarter, the retail market is expected to remain strong due to favorable fundamentals and continued tenant interest. The Miami -Dade County retail market kicked off 2024 on a strong note, with favorable key metrics pointing towards growth. Robust leasing activity resulted in 350,805 square feet being leased by the end of the quarter. While transaction volumes were substantial, deals closed at a slower pace compared to previous quarters. During the first quarter of 2024, rental rates stabilized, dropping 1.6 percent quarter-overquarter, down to $42.79 per square foot triple net. The delivery of 396,345 square feet has left 936,101 square feet under construction, which is expected to help alleviate the tightening market, providing more high -quality space options. During the first quarter of 2024, leasing activity in the MiamiDade County retail market remained strong, driven by increased demand. However, the market presented challenges for large retailers seeking space. The two largest leases of the quarter were new deals secured by Presidente Supermarket, the first for 28,000 square feet at the Westland Promenade in Hialeah and the second for 25,000 square feet at Southplace City Center in the South Dade submarket. Lastly, marking the third largest lease was H&M signing a new lease for 25,000 square feet at Brickell City Centre. In Miami -Dade County's retail sector, sales activity reflected the broader regional trend, encompassing a mix of both highvalue and low -value transactions. Notable sale transactions during the first quarter of 2024 included the Elysee Investment Company purchase of Aventura Plaza for a substantial $48 million, or $423 per square foot. The second largest sale occurred in the Northeast Dade submarket, in a multi -buyer joint venture purchase of the Mall at 163rd Street for $46 million, or $123 per square foot. The third largest sale was for the Time Century Jewelry Center, purchased by a joint venture between Elysee Investments and Pan Am Equities, Inc. $27 million, or $122 per square foot. REPORT IDENTIFICATION This appraisal report is a Summary Report prepared under Standards Rule 2-2(a) of the Uniform Standards of Professional Appraisal Practice of the Appraisal Foundation 2020-2021. As such, it might not include a full discussion of the data, reasoning and analyses used in the appraisal process to develop the appraiser's opinions of value. Supporting documentation concerning the data, reasoning and analyses is retained in the appraiser's file. INTENDED USER AND USE Intended Use: Exclusive use of Omni Community Redevelopment Agency to underwrite its risk and credit decisions . Intended User: The intended users of this report are Omni Community Redevelopment Agency ; No additional Intended Users are identified by the appraiser." 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. It is an inheritable estate. EXTR. Extraoi Signature / 0� • `� (___-) ~- Name Oofre V ia, MA , SRA, Cert Gen RZ3562 POTHETICAL CONDITIONS Dictionary of Real Estate Appraisal, Fourth Edition, Signature Name Date Signed 05/17/2024 Date Signed state certncation # Cert Gen RZ3562 state FL Or State License # State State Certification # State Or State License # State Attachment: 16182 Property Appraisals (16182 : Purchase of Property located at 41 NW 20th Street) Form TADD2 -'TOTAL' appraisal software by a la mode, inc. - 1-800-ALAMODE Packet Pg. 117 Supplemental Addendum RI' No. JV10225277 1.1.c Borrower TBD Property Address 41 NW 20th St City Miami County Miami —Dade State EL Zip code 33127 Lender/Client Omni Community Redevelopment Agency published by the Appraisal Institute, an Extraordinary Assumption is defined as: An assumption, directly related to a specific assignment, which, if found to be false, could alter the appraiser's opinions or conclusions. Extraordinary assumptions presume as fact otherwise uncertain information about physical, legal, or economic characteristics of the subject property; or about conditions external to the property such as market conditions or trends; or about the integrity of data used in an analysis. An extraordinary assumption may be used in an assignment only if: • It is required to properly develop credible opinions and conclusions; • The appraiser has a reasonable basis for the extraordinary assumption; • Use of the extraordinary assumption results in a credible analysis, and; • The appraiser complies with the disclosure requirements set forth in USPAP for extraordinary assumptions. Hypothetical Conditions — According to The Dictionary of Real Estate Appraisal, Fourth Edition, published by the Appraisal Institute, an Hypothetical Condition is defined as: That which is contrary to what exists but is supposed for the purpose of the analysis. Hypothetical conditions assume conditions contrary to known facts about physical, legal, or economic characteristics of the subject property; or about conditions external to the property, such as market conditions or trends; or about the integrity of data used in an analysis. A hypothetical condition may be used in an assignment only if: •Use of the hypothetical condition is clearly required for legal purposes, for purposes of reasonable analysis, or for purposes of comparison; •Use of the hypothetical condition results in a credible analysis, and; •The appraiser complies with the disclosure requirements set forth in USPAP for hypothetical conditions. Acceptance and/or use of this report constitutes full acceptance of the General Assumptions and Limiting Conditions along with any Extraordinary Assumptions and Hypothetical Conditions set forth in this report. It is the responsibility of the Client, or Client's assignee to read in full, comprehend and thus become aware of and accept all aforementioned assumptions and conditions in their entirety. Neither Deutsche Valuations, LLC nor its professionals, assumes responsibility for any situation arising out of the Client's failure to become familiar with and understand the same. The Client is advised to retain experts in areas that fall outside the scope of the real estate appraisal/consulting profession if so wan -anted and desired. There are no extraordinary assumptions or hypothetical conditions in this appraisal report. ADDITIONAL COMMENTS TO THE SCOPE OF WORK DATE OF APPRAISAL The date of the appraisal is the date of the last site inspection of the subject property. 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 li' informa Signature 0 Name Oofre V ia, MA1, SRA, Cert Gen RZ3562 Date Signed 05/17/2024 state certncation # Cert Gen RZ3562 state FL Or State License # State sus tract is demographical in nature and includes such ousehold Income, Professions, and Housing Profiles. Signature Name Date Signed State Certification # State Or State License # State Attachment: 16182 Property Appraisals (16182 : Purchase of Property located at 41 NW 20th Street) Form TADD2 -'TOTAL' appraisal software by a la mode, inc. - 1-800-ALAMODE Packet Pg. 118 Supplemental Addendum File Na. JV10225277 1.1.c Borrower TBD Property Address 41 NW 20th St City Miami County Miami —Dade State EL Zip Code 33127 Lender/Client Omni Community Redevelopment Agency 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, As Vacant The subject is zoned T6-8-O, District which is intended to provide a variety of low -to -medium intensity residential and multi -family uses. Based on the legally permissible uses, a residential use appears to be indicated for the subject site as vacant. The subject is vacant, has no building and no allocation of building square footage. Any proposed improvement will be subject to undergoing the new building permit process. Physical Possibility The subject site is conical and contains a net area of 15,600 sf square feet. The site is generally cleared and level, and has no apparent drainage problems. The load bearing capacity of the soil and subsoil is assumed to be adequate. The site measuring +/-88 feet along NW 1st Court and as such has several development potential. It appears that a future property for a residential or an income with the permitted uses could be accommodated on the site, assuming appropriate building permits can be obtained. Financially Feasible The uses which are physically possible and legally permissible are examined to determine if they are financially feasible. All residential uses which generate sufficient income to meet or exceed operating expenses and provide an adequate return on investment are considered financially feasible. Developable land is limited, but the market is stabilizing. Therefore we believe that the financially feasible use would be to hold it but until a residential or commercial use is economically feasible to develop. Maximally Productive Of the financially feasible uses, that use which will provide the greatest return on investment is considered the highest and best use. In the case of the subject as vacant, the analysis has indicated that holding the site for a future property for income with the permitted uses would be most appropriate. CONCLUSION: HIGHEST AND BEST USE AS VACANT Based on the information presented above, we conclude that the highest and best use of the subject as vacant, is to hold the site for a future property for income with the permitted uses would be most appropriate. 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 the appropriate zoning ordinance. This opinion does not represent a certification which can only be obtained from the proper jurisdictional authority. ENVIRONMENTAL HAZARDS The existence of any environmental hazards, such as the presence of hazardous wastes, mold, toxic substances, radon gas, lead base paint, asbestos containing materials, urea formaldehyde insulation, etc., which may or may not be present in or on the subject property, or any site within the vicinity of the property was not observed by the appraiser and the appraiser has no knowledge of any such environmental hazard. letect such substances. The pre Signature 10 Name Jofre VEia, MA1, SRA, Cert Gen RZ3562 Date Signed 05/17/2024 State Certification # Cert Gen RZ3562 state FL State Certification # State Or State License # State Or State License # State trial may affect the value of the property. The value Signature Name Date Signed Attachment: 16182 Property Appraisals (16182 : Purchase of Property located at 41 NW 20th Street) Form TADD2 -'TOTAL' appraisal software by a la mode, inc. - 1-800-ALAMODE Packet Pg. 119 Supplemental Addendum RI' No. JV10225277 1.1.c Borrower TBD Property Address 41 NW 20th St City Miami County Miami —Dade State EL Zip Code 33127 Lender/Client Omni Community Redevelopment Agency estimate is predicated on the assumption that there is no such material on or in the property that would cause a loss in value. No responsibility is assumed for any such conditions, or for any expertise or engineering knowledge required to discover them. During the field inspection for this assignment there did not appear to be any clearly observable industrial sites, wastewater treatment facilities or any other adverse environmental influences near or about the subject property. FLOOD INSURANCE The subject is located within a Flood Zone. See attached Flood Map. 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. T3-O ZONING & LAND USE The subject is zoned by Miami -Dade County as being in the , Transect Zone. This district consists of single family and two family residential units with relatively deep setbacks, streetscapes with a landscape verge, and usually includes sidewalks. Blocks may be large and irregular accommodating natural and / or historical conditions. Building Configuration describes how the building is modeled (its shape and form). Within building configuration, the following aspects are regulated: frontage, its facade, height and any elements that protrude such as porches and carports. There are no architectural design standards relating to style in the Miami 21 Zoning Code. ZONING REQUIREMENT LOT OCCUPATION a. Lot Area 5000 sq.ft min. b. Lot Width 50 ft. min. c. Lot Coverage: 30% max. second floor d. Floor Lot Ratio (FLR) n/a e. Frontage at front setback n/a f. Green space Requirements 25% lot area min. g. Density: 18 du/acre max. BUILDING SETBACK a. Principal Front 10 ft. min. b. Secondary Front 10 ft. min. c. Side 0 ft. or 5 ft.min. abutting a setback d. Rear 20 ft. min. OUTBUILDING SETBACK a. Principal Front 20 ft. min. b. Secondary Front 10 ft. min. c. Side d. Rear Signature .)O (...i "CAP"— Signature Name Date Signed 05/17/2024 Date Signed Name Jofre Va1ei ia, MA1, SRA, Cert Gen RZ3562 State Certification # Cert Gen RZ3562 state FL State Certification # State Or State License # State Or State License # State Attachment: 16182 Property Appraisals (16182 : Purchase of Property located at 41 NW 20th Street) Form TADD2 -'TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE Packet Pg. 120 Supplemental Addendum RI' No. JV10225277 1.1.c Borrower TBD Property Address 41 NW 20th St City Miami County Miami —Dade State EL Zip code 33127 Lender/Client Omni Community Redevelopment Agency Building Height Building height is also regulated within the building's configuration. Under the Miami 21 Zoning Code, height is regulated in stories. a. Principal Building 2 stories and 25 ft. to eave maximum. b: Outbuilding 2 stories and 25 ft. to eave maximum. PARKING REQUIREMENT Residential Uses are permissible as listed in Table 3, limited by compliance with: - Principal dwelling - minimum of two parking spaces per principal dwelling unit. - Adult Family -Care homes - minimum of one parking space per staff member and one space per four residents. - Community Residence - minimum of one parking space per staff member in addition to the parking required for the principal dwelling unit. CONDITION OF COMPONENTS Any opinion expressed in this appraisal pertaining to the condition of the subject vacant land, or comparable property's 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. An inspection conducted by an appraiser is usually not the equivalent of an inspection by an inspection professional (e.g., a soil engineer, general contractor, environmentalist, haz mat certified official, bio chemist, surveyor). An appraiser's observations must, at the minimum, be thorough enough to properly develop the appraisal and adequately report the relevant characteristics. Regardless of how the information is gathered, it must be sufficient for the development of relevant analyses, such as highest and best use, the application of the approaches, etc. The client, if concerned, is invited to employ the services of an expert in this area. DATA VERIFICATION A diligent effort has been made to verify information obtained from secondary data sources. However, in the time frame in which the client has requested the assignment to be prepared, principals are often not available or do not wish to discuss information with the appraiser that is not part of public records, possibly believing that some or all the information will be distributed to parties that the principals do not wish to share such knowledge. Therefore, the data utilized in the appraisal is believed to be true and accurate. Data obtained from professional associates and their sources, often relate to properties that they have inspected or have acknowledged of some aspects of the property. This information is often confidential in nature and may refer to in the analysis as a general source of data with the client's permission, but retained so that the confidentiality of the source is maintained and the specific data is not releases to the public in a manner not authorized by the client. 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 for vacant land. INCOME The inc Signature / O • `� J _ Y ..� � ~ Name Oofre V ia, MA , SRA, Cert Gen RZ3562 a net income from a property to arrive at an indicated Signature Name Date Signed 05/17/2024 Date Signed state certncation # Cert Gen RZ3562 state FL Or State License # State State Certification # State Or State License # State Attachment: 16182 Property Appraisals (16182 : Purchase of Property located at 41 NW 20th Street) Form TADD2 -'TOTAL' appraisal software by a la mode, inc. - 1-800-ALAMODE Packet Pg. 121 Supplemental Addendum RI' No. JV10225277 1.1.c Borrower TBD Property Address 41 NW 20th St City Miami County Miami —Dade State EL Zip Code 33127 Lender/Client Omni Community Redevelopment Agency value. The subject is an undeveloped vacant land, which could not be leases in its current condition; and therefore, man cannot use the income approach. If the Indicated Value by Income Approach on the appraisal form was completed with N/A, then it was the judgment of the appraiser, based on the above factors and our research, that the Income approach was inappropriate for this assignment. FINAL RECONCILIATION All the weight is placed on Sales Comparison Approach as it reflects the market conditions. The as -is market value (as defined) is determined by using the gross adjustment of sale price for each land comparable as a measure of the relative quality of the sale. A lower adjustment indicates a better sale, and vice versa. The ratio of gross dollar adjustment to sale price for each of the comparables is used to calculate the weight each sale should have in a weighted average calculation. This weighted average which has been rounded is used as the as -is market value (as defined) of the subject. As with any method, this technique is not perfect. However, it does do a very good job of giving more weight to the most similar comparables while at the same time minimizing values near the extremes of the indicated value range. 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. DIGITAL PHOTOGRAPHS Digital photographs taken of the subject property and sales comparables were not enhanced or altered in any way, shape or form. The use of MLS comparable photos is applied when it is the appraiser's opinion that the MLS photos represent the true comparable condition at the time of sale, or when the comparable property could not be clearly observable from the street. The appraiser personally visited or has visited in the past all of the selected comparable sales used in this assignment. During the visit the physical features were noted, at least in terms of what was observable from publicly accessible roadways. 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 PREDOMINANT PRICE RANGE The predominant sale price is the price which is most often found after disregarding isolated extremes at either end of the price spectrum. The estimated market value is not the predominant of the neighborhood. This does not have an adverse 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. EXPOSURE TIME AND MARKETING TIME Exposure time is the time a property remains on the market. The estimated length of time the property interest being appraised would have been offered on the market prior to the hypothetical consummation of a sale al >praisal; a retrospective estimate based on an analysis of past t rket. Exposure time is always presumed to occur prior g O to the e: �, ncept of reasonable exposure encompasses not only Signature ,C-A%""-- Signature Name Oofre VEia, MA1, SRA, Cert Gen RZ3562 Name Date Signed 05/17/2024 Date Signed State Certification # Cert Gen RZ3562 state FL State Certification # State Or State License # State Or State License # State Attachment: 16182 Property Appraisals (16182 : Purchase of Property located at 41 NW 20th Street) Form TADD2 -'TOTAL' appraisal software by a la mode, inc. - 1-800-ALAMODE Packet Pg. 122 Supplemental Addendum RI' No. JV10225277 1.1.c Borrower TBD Property Address 41 NW 20th St City Miami County Miami —Dade State EL Zip Code 33127 Lender/Client Omni Community Redevelopment Agency adequate, sufficient and reasonable time but also adequate, sufficient and reasonable effort. Exposure time is different for various types of real estate and value ranges and under various market conditions. Marketing time is the time it takes an interest in real property to sell on the market subsequent to the date of the appraisal. Reasonable marketing time is an estimate of the amount of time it might take to sell an interest in real property at its estimated market value during the period immediately after the effective date of the appraisal; the anticipated time required to expose the property to a pool of prospective purchasers and to allow appropriate time for negotiation, the exercise of due diligence, and the consummation of a sale at a price supportable by concurrent market conditions. *Marketing time differs from exposure time, which is always presumed to precede the effective date of the appraisal. The marketing time is estimated at between 0 and 3 months. According to MLS and current Real Estate Market in the area, a similar property needs around 3 months to sell. We are the opinion that a reasonable exposure time of 3 months is linked to the value opinion. APPRAISAL INSTITUTE CERTIFICATIONS The appraiser certifies and agrees that: 1. The use of this report is subject to the requirements of the Appraisal Institute relating to review by its duly authorized representatives. 2. The reported analyses, opinions, and conclusions were developed, and this report has been prepared, in conformity with the requirements of Code of Professional Ethics & Standards of Professional Appraisal Practice of the Appraisal Institute, which include the Uniform Standards of Professional Appraisal Practice. 3. A true and complete copy of this report contains 36 pages including exhibits which are considered and integral part of the assignment. The appraisal report may not be properly understood without access to entire report. 4. As of the date of this report, I have completed the continuing education program of the Appraisal Institute. Signature /07 (...J "CAP" —Signature Name Date Signed 05/17/2024 Date Signed Name Jofre Va1ei ia, MA1, SRA, Cert Gen RZ3562 State Certification # Cert Gen RZ3562 state FL State Certification # State Or State License # State Or State License # State Attachment: 16182 Property Appraisals (16182 : Purchase of Property located at 41 NW 20th Street) Form TADD2 -'TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE Packet Pg. 123 County Building 1 Sketch 1.1.c Building Sketch Viewer Folio: 01-3125-054-0430 Actual Area: 5,597 Sq. Ft. Address: 41 NW 20 ST Loring Area: 5,597 Sq. Ft. Owner: A-1 SHEPPARD ROOFING INC Adjusted Area: 4,947 Sq. Ft. Building Number: I1 v I of 2 Roll Year 2023 STO ill Attachment: 16182 Property Appraisals (16182 : Purchase of Property located at 41 NW 20th Street) Form SCNLGL - "TOTAL" appraisal software by a la mode, inc.- 1-800-ALAMODE Packet Pg. 124 County Building 2 Sketch 1.1.c Building Sketch Viewer Folio: 01-3125-054-0430 Actual Area: 5,597 Sq. Ft. Address: 41 NW 20 ST Living Area: 5,597 Sq. Ft. Owner, A-1 SHEPPARD ROOFING INC Adjusted Area: 4,947 Sq. Ft - Building Number: I2 v I of 2 Roll VEct 2023 Previous I WHS • WHS : Warehouse Attachment: 16182 Property Appraisals (16182 : Purchase of Property located at 41 NW 20th Street) Form SCNLGL - "TOTAL" appraisal software by a la mode, inc.- 1-800-ALAMODE Packet Pg. 125 Subject Photo Page 1.1.c Borrower TBD Property Address 41 NW 20th St City Miami County Miami -Dade State FL zip Code 33127 Lender/Client Omni Community Redevelopment Agency Subject Front 41 NW 20th St Sales Price N/A Gross Living Area Total Rooms Total Bedrooms Total Bathrooms Location B;BsyRd;Corner View Commercial&Residential Site 15,600 Quality Age Subject Street View Subject View Attachment: 16182 Property Appraisals (16182 : Purchase of Property located at 41 NW 20th Street) Form PIC3x5.SR - "TOTAL" appraisal software by a la mode, inc.- 1-800-ALAMODE Packet Pg. 126 Vacant Land Sales - Site Map Addendum 1.1.c Borrower TBD Property Address 41 NW 20th St City Miami County Miami -Dade State FL zip Code 33127 Lender/Client Omni Community Redevelopment Agency Comparable 1 Site Map Aerial View Comparable 3 Site Map Aerial View Comparable 2 Site Map Aerial View Comparable 4 Site Map Aerial View Attachment: 16182 Property Appraisals (16182 : Purchase of Property located at 41 NW 20th Street) Comparable 5 Site Map Aerial View Comparable 6 Site Map Aerial View Form PICSIX2 - "TOTAL" appraisal software by a la mode, inc.- 1-800-ALAMODE Packet Pg. 127 Comparable Aerial Photos Page 1.1.c Borrower TBD Property Address 41 NW 20th St City Miami County Miami -Dade State FL Zip Code 33127 Lender/Client Omni Community Redevelopment Agency Comparable 1 125-145 NE 20th St Prox. to Subject 0.24 miles E Sale Price 6,134,400 Gross Living Area Total Rooms Total Bedrooms Total Bathrooms Location B;BsyRd;Interior View Resid/Comm/Avg. Site 18,875 Quality Age Comparable 2 2601 NW 6th Ave Prox. to Subject 0.66 miles NW Sale Price 7,700,000 Gross Living Area Total Rooms Total Bedrooms Total Bathrooms Location B;BsyRd;Corner/Exp. View Resid/Comm/Avg. Site 16,800 Quality Age Comparable 3 Prox. to Subject 0.60 miles N Sale Price 5,150,000 Gross Living Area Total Rooms Total Bedrooms Total Bathrooms Location B;BsyRd;Interior View Resid/Comm/Avg. Site 13,800 Quality Age Attachment: 16182 Property Appraisals (16182 : Purchase of Property located at 41 NW 20th Street) Form PICPIX.CR - "TOTAL" appraisal software by a la mode, inc.- 1-800-ALAMODE Packet Pg. 128 Comparable Photo Page 1.1.c Borrower TBD Property Address 41 NW 20th St City Miami County Miami -Dade State FL Zip Code 33127 Lender/Client Omni Community Redevelopment Agency -w 11111111111.1.1.1 IIlllI$ I Illlllilur-- Comparable 4 60 NW 20th St Prox. to Subject 0.04 miles S Sale Price 13,000,000 Gross Living Area Total Rooms Total Bedrooms Total Bathrooms Location View Site Quality Age B;BsyRd;Corner c om merciai a Resrdenuai 20,625 Comparable 5 2150 NW Miami Ct Prox. to Subject 0.15 miles N Sale Price 16,740,000 Gross Living Area Total Rooms Total Bedrooms Total Bathrooms Location View Site Quality Age B;BsyRd;Corner c om merciai a Resrdenaai 23,580 Comparable 6 82 NW 27th St Prox. to Subject 0.43 miles N Sale Price 4,000,000 Gross Living Area Total Rooms Total Bedrooms Total Bathrooms Location View Site Quality Age B;BsyRd;Interior Resid/Comm/Avq. 5,256 Attachment: 16182 Property Appraisals (16182 : Purchase of Property located at 41 NW 20th Street) Form PICPIX.CR - "TOTAL" appraisal software by a la mode, inc.- 1-800-ALAMODE Packet Pg. 129 Neighborhood Map 1.1.c (OFFICIAL] WYNWOOD STREET GUIDE 1 2 4 5 6 7 D A FON�„m 41 tV ri B C oEslon EDI STRICT' E Attachment: 16182 Property Appraisals (16182 : Purchase of Property located at 41 NW 20th Street) Form SCNLGL - "TOTAL" appraisal software by a la mode, inc.- 1-800-ALAMODE Packet Pg. 130 Neighborhood Aerial Map 1.1.c Neighborhood Map - Wynwood NRD The Cube - rr :may --- Northeast9 Unlva. _- Cot�w" Miami x ..._. -..z . ,nir I-�Marketplace, to a'r� y hf .fir P:Fup� vrw�a dry VE Nations Offices •��• esiAtrium Oi l!- - Residences ncece s Wynwood Paddle Club �- Wynhousa 'fir DevelopriiA�flC' Wyncatcher LUV WRK Wynwood Works . Attachment: 16182 Property Appraisals (16182 : Purchase of Property located at 41 NW 20th Street) Form SCNLGL - "TOTAL" appraisal software by a la mode, inc.- 1-800-ALAMODE Packet Pg. 131 Wynwood Map 1.1.c Art Galleries 8 Collecoans 1. H'NAMEll 2. Wynwood Shop 3. Ascaso Gallery 4, Gary Nader Hoe Art 5, Rubetl Family Collection 6.. Oliver Cola Gallery 7. University of Miami taallary B. Margulies Family Collection 9. Tres Art TO.. Artlurn Galtary The Art Experience information stands + Free walking tours from Dam to ipm at these locations Aip k 1 rowed Ilan & Br rweritn 1. Cancret. Beach Brewery 2. Vasa Sur Brevring Ccmpony 3. J. Wakefield Brewing a- Wrnwosd Brewery Company S, Bork House 6. The Electric pickle 7. The wynwood Yard {+ fond) e. Wood Tavern 5. Cramps t6. Wynwood Sih Ave {+ food) Ciotti & Laurtjei 1 Shots 2 Ckreina 3, Rica & Beans e- Astra Lounge S- El Pasta Wynwood 6. Wynwo ad Smoio Shop 7. Wynwoo 1 Cede Lounge Entertainment 1. Lock 3 Load Shooting Range 2 Q Cinema 3. Penl4 Room 2 t iltaat rClemente Port I"1 JOi71810 �65r -1_490, 2651 Subject Restaurants 6 Cafes 1. Wynwood XFtchen 6 Bar 2. Joey's Italian Cafe 3. GK &Extra 4. Panther Coffee 5 Coyo 6.Or Smood 7. Setts OsI+ria 6. Wynwood oven 9. The Butcher Shop Beer Garden 6 19. Baccano �■� Second Satarday Art Walk Food Trucks workspaces. Studios 8 Event Spacer 1. MAPS Backiot 2 MAHA Wynwood 3. The Lab Miami 4. The Wynwood Lab 5. Wynwood Smoke Shop 6. Wynwand Cafe Lounge 0 5hotwin S. Wynwood Shop 2. MVM Miami 7.. Comets Bungalow 4. The Superior Bike Shop 5. D-ltancops 6. Golden Bar 7. XC Do -sign Jo.trrly 8, Werby Parker Sunglasses Grill 9. Ilhne Sunglasses B Eyawaar Non -Profit 6 Education t metropolitan International Elementary Schaaf 2. Metropolitan international Middle School 3. Miami Ad School 4. Jose dr Olsrgo Middle Shod (fOU5 Church) 5. iced. M. Partner Elementary 6. Ynungg Hoes Prepatory Academy 7- Arts far Learning 8. Wyncode Academy 9. Paul Laurence Dunbar 6-5 COMM. SO. Miami Art Charter School SpartS, Ilea*. $ Recreatlan I. Play(# Children's Center 2. Our rattily Assisted Lhring 3. Omani. Wynwood 4, Matt Baiamonce's 6014 Cfub 5. Bodytek Fitness 6 Lean Life Wellness Centex + COI 7. Jet5ot Miami B. Midtown Stadium Indoor SOCCER 9 W}mwDod Indoor Soccer 10, Fight Club Attachment: 16182 Property Appraisals (16182 : Purchase of Property located at 41 NW 20th Street) Form SCNLGL - "TOTAL" appraisal software by a la mode, inc.- 1-800-ALAMODE Packet Pg. 132 Wynwood Trolley Map 1.1.c YN OO D z NW 36 S NW 26 St Jrt NW 21 St NW 20 St z 3 CD NE 36 St For more information: www,miamitrollev.com For comments and questions: Please dial 311 NE 26 St NE 21 St NE 20 St m J A C co __ 1D NW 17 St Map Not to Scale Effective 09/24/2017 N\N 15 S 2AV !Wei, V1 N pA[9 BUI12aS!2 cc m 0 a NE17Ter f Adrienne Arsht Metromover Station kithl Attachment: 16182 Property Appraisals (16182 : Purchase of Property located at 41 NW 20th Street) Form SCNLGL - "TOTAL" appraisal software by a la mode, inc.- 1-800-ALAMODE Packet Pg. 133 Borrower TBD Property Address 41 NW 20th St Location Map 1.1.c City Miami Lender/Client Omni Community Redevelopment Agency County Miami -Dade State FL Zip Code 33127 a la mode, inc: COMPARABLE No. 2 2601 NW kith Ave 0.66 miles NW nnbafi enter +„ i r i Ana _ ,11411411111 Elementary Schb-ol L R T^^. z rv+ ,a n,. r W.'h7th S [Er dtu `- rdUd35h3Y_— COMPARABLE No. 3 161 NW 29th St Q. Mlles N sit t l NV 3081,51' 1. NW'29t °St NE,a1 sF St COMPARABLE No. 6 82 NW 27th St L 0.43 miles N .atiN•2$th r• tna � i � e i° int N WW+27th St: r � Lrctck&LOa 3i5i tL . NW 25t $1 rr �M7 CCINPARAF3LE No. 5 2150 NW Miami Ct 0,15 mllus N COMPARABLE No, 4 50 NW 20th St 17,04 miles S e WTh 5th'Ss FRiles s �'Wrt 15711 COMPARABLE No. 1 125 NE 20th St a 145 0.24 miles E NE 200 7eiia4e Nvzottost !,NEs2O.., �afy. St NE ^9thvertace rn; NEL19th St m tyn 6e Park' # iy Bis r LIMA "7 - 71:5 ' . • • • MI EdE11:iVITT4iF�i I• . • r•T• MFTCIVIYAWill'16.11 ,, Form MAP.LOC -'TOTAL" appraisal software by a la mode, inc.- 1-800-ALAMODE Packet Pg. 134 1.1.c Site Map Borrower TBD Property Address 41 NW 20th St City Miami County Miami -Dade State FL Zip Code 33127 Lender/Client Omni Community Redevelopment Agency Attachment: 16182 Property Appraisals (16182 : Purchase of Property located at 41 NW 20th Street) Form MAP LT.SITE - "TOTAL" appraisal software by a la mode, inc.- 1-800-ALAMODE Packet Pg. 135 1.1.c Aerial Map Borrower TBD Property Address 41 NW 20th St City Miami County Miami -Dade State FL Zip Code 33127 Lender/Client Omni Community Redevelopment Agency Attachment: 16182 Property Appraisals (16182 : Purchase of Property located at 41 NW 20th Street) Form MAP LT.SURVEY- "TOTAL" appraisal software by a la mode, inc.- 1-800-ALAMODE Packet Pg. 136 1.1.c Bird's Eye Map Borrower TBD Property Address 41 NW 20th St City Miami County Miami -Dade State FL Zip Code 33127 Lender/Client Omni Community Redevelopment Agency Attachment: 16182 Property Appraisals (16182 : Purchase of Property located at 41 NW 20th Street) Form MAP LT.NHOOD - "TOTAL" appraisal software by a la mode, inc.- 1-800-ALAMODE Packet Pg. 137 1.1.c Flood Map Borrower TBD Property Address 41 NW 20th St City Miami County Miami -Dade State FL Zip Code 33127 Lender/Client Omni Community Redevelopment Agency Attachment: 16182 Property Appraisals (16182 : Purchase of Property located at 41 NW 20th Street) Form MAP LT.FLOOD - "TOTAL" appraisal software by a la mode, inc.- 1-800-ALAMODE Packet Pg. 138 Qualifications of the Appraiser RI' No. JV10225277 1.1.c Borrower TBD Property Address 41 NW 20th St City Miami County Miami —Dade State EL Zip code 33127 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 11015 SW 56 ST 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. Bay front Homes & Oceanfront Homes 7. ( Warehouse, Retail Store, Hotel, Motel Signature 10 Name Jofre V 1en ia, MA1, SRA, Cert Gen RZ3562 Date Signed 05/17/2024 State Certification # Cert Gen RZ3562 State FL Or State License # State Signature Name Date Signed State Certification # Or State License # State State Attachment: 16182 Property Appraisals (16182 : Purchase of Property located at 41 NW 20th Street) Form TADD2 -'TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE Packet Pg. 139 Qualifications of the Appraiser RI' No. JV10225277 1.1.c Borrower TBD Property Address 41 NW 20th St City Miami County Miami —Dade State EL Zip code 33127 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 October 13, 2022, Virtual Classroom, Florida Appraisal Institute, South Florida Chapter October 06, 2022, Virtual Classroom, Florida Appraisal Institute, South Florida Chapter September 8, 2022, Virtual Classroom, Florida Appraisal Institute, South Florida Chapter August 16, 2022, Virtual Classroom, Florida Appraisal Institute, South Florida Chapter August 16, 2022, Virtual Classroom, Florida Appraisal Institute, South Florida Chapter July 28, 2022, Virtual Classroom, Florida Signature Name Jofre V a, MA1, SRA, Cert Gen RZ3562 Date Signed 05/17/2024 State Certification # Cert Gen RZ3562 State FL Or State License # State Signature Name A1453624 RZ3562 A1453624 A1453624 FLRD5097 RD 5097 Al 453624 RI 9430 6 Hour QE 2022 Course Business Practices and Ethics 3 Hour QE 2022 Course The 50% FEMA Rule Appraisal 4 Hour QE 2022 Course Capital Reserve Studies 7 Hour QE 2022 Course 2022-2023 National USPAP Update 3 Hour QE 2022 Course Florida Law for Real Estate Appraiser 6 Hour QE 2022 Course 2022 South Florida Real Estate Forum Markets in Motion -Economic Indicators Date Signed State Certification # Or State License # State State Attachment: 16182 Property Appraisals (16182 : Purchase of Property located at 41 NW 20th Street) Form TADD2 -'TOTAL' appraisal software by a la mode, inc. - 1-800-ALAMODE Packet Pg. 140 Qualifications of the Appraiser RI' No. JV10225277 1.1.c Borrower TBD Property Address 41 NW 20th St City Miami County Miami -Dade State EL Zip code 33127 Lender/Client Omni Community Redevelopment Agency Appraisal Institute, South Florida Chapter November 20, 2022, Virtual Classroom, Florida Appraisal Institute, South Florida Chapter October 1, 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 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 Appraise! err October Appraise Signature Name Jofre Jofre VEia, MA1, SRA, Cert Gen RZ3562 Date Signed 05/17/2024 State Certification # Cert Gen RZ3562 State FL Or State License # State Signature Name 2 Hour QE 2020 Course South Florida RE Market through the Eyes of the County Property Appraiser's Offices 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 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 Date Signed State Certification # Or State License # State State Attachment: 16182 Property Appraisals (16182 : Purchase of Property located at 41 NW 20th Street) Form TADD2 - 'TOTAL' appraisal software by a la mode, inc. - 1-800-ALAMODE Packet Pg. 141 Qualifications of the Appraiser RI' No. JV10225277 1.1.c Borrower TBD Property Address 41 NW 20th St City Miami County Miami —Dade State EL Zip code 33127 Lender/Client Omni Community Redevelopment Agency 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 Appraisal Institute, South Florida Chapter Florida International University 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 Appraise April 11- Signature 10 ,c. Al'e- Name Jofre VEia, MA1, SRA, Cert Gen RZ3562 Date Signed 05/17/2024 State Certification # Cert Gen RZ3562 State FL Or State License # State Signature Name 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 3 Hour QE 2012 Course Florida Law for Real Estate Appraiser 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 Date Signed State Certification # Or State License # State State Attachment: 16182 Property Appraisals (16182 : Purchase of Property located at 41 NW 20th Street) Form TADD2 -'TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE Packet Pg. 142 Qualifications of the Appraiser RI' No. JV10225277 1.1.c Borrower TBD Property Address 41 NW 20th St City Miami County Miami —Dade State EL Zip code 33127 Lender/Client Omni Community Redevelopment Agency 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 Appraisal Institute, South Florida Chapter 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 Appraise Florida li July 23, Signature 10 Name Jofre V Eia, MA1, SRA, Cert Gen RZ3562 Date Signed 05/17/2024 State Certification # Cert Gen RZ3562 State FL Or State License # State Signature Name 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 21 Hour QE 2010 Course 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 Date Signed State Certification # Or State License # State State Attachment: 16182 Property Appraisals (16182 : Purchase of Property located at 41 NW 20th Street) Form TADD2 -'TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE Packet Pg. 143 Qualifications of the Appraiser RI' No. JV10225277 1.1.c Borrower TBD Property Address 41 NW 20th St City Miami County Miami —Dade State EL Zip code 33127 Lender/Client Omni Community Redevelopment Agency 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) 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-D Miami, F Signature 10 Name Jofre VEia, MA1, SRA, Cert Gen RZ3562 Date Signed 05/17/2024 State Certification # Cert Gen RZ3562 State FL Or State License # State Signature Name 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 20 Hour Florida FREAB ACE 3 Hour Florida Appraisal Law Update 15 Hour National USPAP FREAB Appraisal Course ABIIb Date Signed State Certification # Or State License # State State Attachment: 16182 Property Appraisals (16182 : Purchase of Property located at 41 NW 20th Street) Form TADD2 -'TOTAL' appraisal software by a la mode, inc. - 1-800-ALAMODE Packet Pg. 144 Qualifications of the Appraiser RI' No. JV10225277 1.1.c Borrower TBD Property Address 41 NW 20th St City Miami County Miami —Dade State EL Zip Code 33127 Lender/Client Omni Community Redevelopment Agency Miami -Dade Community College (2003) FREAB Appraisal Course ABII Miami, Florida Gold Coast School of Real Estate (2003) Mortgage Broker License Course Miami, Florida Miami -Dade Community College (2003) Real Estate Salesperson Licensing Course Miami, Florida Miami -Dade Community College (2001) FREAB Appraisal Course ABI Miami, Florida Signature 10 ,c. Ai'e- Name Jofre VEia, MA1, SRA, Cert Gen RZ3562 Signature Name Date Signed 05/17/2024 Date Signed State Certification # Cert Gen RZ3562 State FL State Certification # State Or State License # State Or State License # State Attachment: 16182 Property Appraisals (16182 : Purchase of Property located at 41 NW 20th Street) Form TADD2 -'TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE Packet Pg. 145 Appraiser's License 1.1.c Ron DeSantis, Governor STATE OF FLORIDA DEPARTMENT OF BUSINESS AND PROFESSIONAL REGULATION Halsey Beshears, Secretary FLORIDA REAL ESTATE APPRAISAL BD THE CERTIFIED GENERAL APPRAISER HEREIN IS CERTIFIED UNDER THE PROVISIONS OF CHAPTER 475. FLORIDA STATUTES tak • : VALENCIA, JOFRE 4251 SW 159 AVE :our .* MIAMI FL 33185 i I -LICENSE NUMBER: RZ3562 EXPIRATION DATE: NOVEMBER 30, 2022 Always verify licenses online at MyFloridaLicense.com Do not alter this document In any form. dbpr This is your license. It is unlawful for anyone other than the licensee to use this document. Attachment: 16182 Property Appraisals (16182 : Purchase of Property located at 41 NW 20th Street) Form SCNLGL -'TOTAL" appraisal software by a la mode, inc.- 1-800-ALAMODE Packet Pg. 146 Wynwood Zoning NRD-1 - Page 1 1.1.c Appendix J - Wynwood NRD-1 AMENDMENTS TO MIAMI21 ORDINANCE OATS APPROVED DESCRIPTION i3 U5 01 24 2019 Modifies the standards for small-scale commercial' buildings and applicable parking relaxations 13960 12.10.2020 Establishes a program to allow unused density to be transferred For the benefit of affordable/workforce housing 14105 09-13-2023 Establishes a program for micro dwelling units 14243 1106-2023 Amends Sec3.2.2, 3.5.2, 4, 5.1{0, 5.214 14242 11-27-2023 Clarify configuration standards for rooftop elements - sec. 5.1.(b)(3). SECTION 1 - DEFINITIONS 5.2(b) 1.1 DEFINITIONS OF BUILDING FUNCTIONS: USE Wynwood Uses The NR D-1 shall permit the following Uses as identifed within Section 4. Table 1.: FILE NUMBER -4204 8032 11616 14890 1.488? a. COMMERCIAL Manufacturing -Enabled Retail: A facility primarily engaged in the manufacturing, processing. or assembly of goods and shall include on -premises retail sales. Art Gallery; A place of business primarily engaged in the display and sale of art work created on or off site, with works available for immediate purchase and removal from the premises. b. CIVIC Privately -owned Public Open Space; A publicly accessible area on a private Lot that exceeds minimum Open Space requirements and shall be provided as a Civic Space Types standard within Article 4, Table 7 of this Code. This area shall be in connection with a ground Floor Commercial Use_ SECTION 2 - PURPOSE AN D INTENT 2,1 BOUNDARIES Attachment: 16182 Property Appraisals (16182 : Purchase of Property located at 41 NW 20th Street) Form SCNLGL - "TOTAL" appraisal software by a la mode, inc.- 1-800-ALAMODE Packet Pg. 147 Wynwood Zoning NRD-1 - Page 2 1.1.c Generally described as bounded by 1-95 on the west, NW 29th Street on the north including parcels fronting NW 29th Street an the north between 1-95 and NW 5th Avenue and between NW 2nd Avenue and N Miami Avenue, and the FEC Corridor on the east. The southern boundary is comprised of NW 20th Street between N Miami Avenue and NW 1st Place, and NW 22nd Street between NW 1st Place and 1-95. Boundaries more specifically depicted on the Miami 21 Atlas. 2.2 INTENT The intent of the Neighborhood Revitalization District (NRD-1) is to establish a protective series of land development regulations to transition the existing Wynwood Industrial District into an active, diverse, mixed -use Neighborhood. The NRD-1 will also preserve the unique street art and Industrial characteristics of the current Wynwood District while promoting a 24-hour environment where people work, live. and play. The Wynwood Neighborhood, originally operated as a manufacturing and logistic hub for the City of Miami, is in transition and is transforming into a globally recognized destination for art, fashion, innovation„ and creative enterprise. It is vital that the Wynwood Neighborhood accommodate new Uses and Densities while creating new Public and private Open Space opportunities for its existing and future residents. 2.3 EFFECTS OF DISTRICT DESIGNATION The effect of these NRD-1 regulations shall be to modify to the extent indicated herein: a. Transect regulations included within the NRD-1 boundaries. b. Definitions under Section 1.1 of the NRD-1, which are applicable only within the NRD-1. c. Other standards and regulations otherwise generally applicable under this Code to those properties included within the NRD-1 boundaries. d. Where standards set forth in a SAP conflict with standards set forth in the NRD-1, the standards in the SAP shall govern. e. Where standards in the NRD-1 are silent, the underlying Miami 21 standards and requirements shall govern. At the timefsxed rail transit services become available within the NRD-1 Boundaries, TOD benefits and regulations generally available in this Code and the City Code shall be made available except to the extent explicitly modified herein. 2AADDITIONAL NOTICE AND REVIEW a. All new Buildings within the NRD-1 boundaries shall be referred to the Wynwood Design Review Committee (WORC), which shall review the application on its design merits and compatibility with the neighborhood and Attachment: 16182 Property Appraisals (16182 : Purchase of Property located at 41 NW 20th Street) Form SCNLGL - "TOTAL" appraisal software by a la mode, inc.- 1-800-ALAMODE Packet Pg. 148 Wynwood Zoning NRD-1 - Page 3 1.1.c provide its comments and recommendations to the Director, per Chapter 2 of the City Code. SECTION 3 - GEN ERAL TO ZONES 3-1 LOTS AND FRONTAGES 3.1.1 Lot assembly shall require a Unity of Title ar covenant in lieu of Unity of Title in a form acceptable to the City Attorney. Contiguous Lots in one (1) ownership, as of the effective date of this Code, may be developed as one (1) Lot in excess of the maximum Lot size. Development of contiguous lots under common ownership or assembled via a covenant in lieu of Unity of Title for one (1) or more Principal Buildings may exceed maximum lot area by Warrant for Uses that serve the neighborhood and upon determination of compliance with neighborhood compatibility performance criteria set forth below: 1 Building Facades on Primary and Secondary Frontages shall emphasize activated ground floor Habitable Space and incorporate facade treatments that are compatible with the neighborhood character and implement variations in facades through art, glass, or architectural treatments and materials of a design approved by the Planning Director with the recommendation of the WDRC. 2. Provides for native specimen street trees within the verge with a DBH of 25% above the typical standards required by the WSMP and Chapter 17 of the City Code; and 3. Incorporates one of the following public benefits for the community within the NRD-1 boundary: a. A Cross -Block Pedestrian Passage, at least fifty percent (50%) open to the sky, which connects at least two (2) Thoroughfares or which is aligned so as to connect with another Paseo or Cross -Block Pedestrian Passage across a Thoroughfare to the subject property and is publicly accessible 24-hours a day or reduced hours by process of Waiver; b. !n addition to required Open Space, a minimum of 10% or 5,000 square feet of gross lot area, whichever is greater, as Civic Space Type donated as a plaza or courtyard and publicly accessible seven (7) days per week; c. A transit transfer station with direct pedestrian access from a primary ar secondary frontage and no less than 5,000 square feet of enclosed space on ground Floor for micro -mobility and paratransit with direct service to a transit station, including publicly accessible sanitary facilities and lockers available to the general public; or d. Contribution to the Nf;D-1 Wynwood Public Benefits Trust Fund may be utilized for up to 20% at an amount equivalent to the balance of the square feet otherwise required for compliance with Section 3.1.1,3.a - c. above, Attachment: 16182 Property Appraisals (16182 : Purchase of Property located at 41 NW 20th Street) Form SCNLGL - "TOTAL" appraisal software by a la mode, inc.- 1-800-ALAMODE Packet Pg. 149 Wynwood Zoning NRD-1 - Page 4 1.1.c 3.2 OFF-STREET PARKING AND LOADING STANDARDS Parking requirements met within the NRD-1 boundaries forT5, T6 and D1 Transect Zones may be provided on -site or off -site through a centralized Parking system or provided as payment -in -lieu into the Wynwood Parking Trust Fund in order to consolidate Parking. encourage walking, and reduce the burden on property owners of mandated Parking requirements an -site. Parking requirements for the NRD.1 identified within Section 4, Table 2 shall apply. 3.2.1 Parking Program a. Applicability of Parking Relaxations. 1. Off -site parking Parking requirements may be satisfied off -site within a Parking Structure that shall be withint,COO feet of the nearest paint on the parcel of land of the proposed Development site. On -street parking available along the Frontage Lines that correspond to each Lot shall not be counted toward the parking requirement of any new Development on the Lot. An applicant requesting Parking off -site within a Parking Structure shall provide a Parking covenant, in a form acceptable to the City Attorney, to be recorded against the proposed Parking Structure site prior to issuance of a Certificate of Occupancy or Temporary Certificate of Occupancy for the Development site. as applicable. The covenant shall, at a minimum, memorialize the Property location and number of spaces of the proposed Development site for which the Parking Structure provides such parking availability. The appiicant may request the removal or modification of a Parking covenant upon such time that the City Parking requirements are reduced or mass transit conditions are modified in a way that may facilitate additional Parking space reductions, or the required parking being provided off -site is otherwise satisfied on -site, off -site or through payment of fees in lieu. if applicable. 2. Nonconforming Off-street Parking; Adaptive Use Changes to site improvements shall be subject to regulations set forth in Section 7.2.8.a of this Code, Notwithstanding the establishment of the Wynwood Parking Trust Fund, the Use or Adaptive Use of any Building shall not require the provision of additional Parking, loading, or on -site stormwater detention or retention. Where existing Off-street Parking or loading is nonconforming to the requirements of this Code, as modified by Section 4, Table 2 herein, no modifications shall be permitted which increase the degree of the existing nonconformity. Modifications to the facilities may be approved by Waiver, and the Waiver may be conditioned on safeguards that reduce the degree of the nonconformity to the extent reasonably feasible. 3. Parking relaxations Parking relaxations generally available in this Code and the City Code shall be available within the NRD-1 boundaries, except to the extent explicitly modified herein. 4. Payment -in -lieu of providing Parking: Parking may be satisfied through payment -in -lieu process into the Wynwood Parking Trust Fund permissible for each Use as provided in Section 4, Table 2, and may be supplemented as provided below: For Adaptive Use structures incorporating new Building Capacity less than fifty percent (50%) of the total square footage of the existing Structure and not to exceed 20.000 square feet of new Floor Area, Parking requirements for any permitted Use may be fully satisfied through payment -in -lieu of parking on -site as Attachment: 16182 Property Appraisals (16182 : Purchase of Property located at 41 NW 20th Street) Form SCNLGL -'TOTAL" appraisal software by a la mode, inc.- 1-800-ALAMODE Packet Pg. 150 Wynwood Zoning NRD-1 - Page 5 1.1.c provided within Section 4, Table 2; and For new Development which does not require a loading berth. the first sixty (60) spaces of required Parking may be fully satisfied through payment -in -lieu of parking on -site as provided within Section 4, Table 2. b. Mechanical parking facilities within Parking Structures shall be allowed by Right within the NRD- 1 boundaries. Parking spaces within these facilities shall be calculated based on the number of vehicles accommodated by said Pa rki n g Structure. c. Parking covenants as described in this Code and payment -in -lieu shall be processed as described within Chapter 35 of the City Code. d. Prior to the end of the three (3) years from the effective date of these NRD-1 Regulations, the Director and Zoning Administrator shall review the parking standard for Dwelling Units 650 square feet or Less, based on a district -wide parking and transportation study and may make a recommendation to modify the parking standard if such a study demonstrates a different demand. 3.2.2 Loading Standards Loading standards are set forth in Section 4, Tables 2 and 3. except as modified below: a, On -street loading for all Transect Zones within NRD-1 may be allowed in areas designated by signage and for limited intervals during specified hours. Office, Commercial, Lodging, and Residential Loading. On -street loading areas intended to service Office, Commercial, Lodging and Residential loading berth requirements described within Article 4, Table 3 maybe permitted within specifically designated zones along Wynwood Thoroughfares within 500 feet of the Development site. On -street loading within such designated zones shall not exceed 20 minutes. Such loading activity shall occur only between times posted. b. For the purpose of loading maneuverability for future Development within the NRD-1, the follow- ing criteria shall apply to on -site loading berths: 1. Turning movements associated with one (1) on -site loading berth per Development may be made on -street, except along Wynwood Corridors. 2. Turning movements associated with more than one (1) on -site loading berth per Development may be permitted on -street by Warrant. except along Wynwood Corridors. 3.3 THOROUGHFARES 3.3.1 NRD-1 Thoroughfares and Corridors The District is demarcated. traversed, or connected by important Thoroughfares and Corridors that provide opportunities for future Development. Wynwood Thoroughfares and Corridors have potential to increase Attachment: 16182 Property Appraisals (16182 : Purchase of Property located at 41 NW 20th Street) Form SCNLGL - "TOTAL" appraisal software by a la mode, inc.- 1-800-ALAMODE Packet Pg. 151 Wynwood Zoning NRD-1 - Page 6 1.1.c Development Capacity, provide ideal locations for increased Building Height, and promote higher Commercial Use activities. a. Improvements and new Development along Wynwood Thoroughfares and Corridors within the NRD-1 boundaries shall conform to the following pedestrian safety and comfort standards unless otherwise specified herein' 1. A Dominant Setback Waiver shall not be permitted in order for new Developments to establish a uniform streetscape with sidewalk conditions that promote pedestrian activity. 2. Uses to be developed on these Thoroughfares and Corridors shall promote pedestrian activity, such as General Commercial, Open Air Retail, and other ground floor retail Uses. 3. The number and dimensions of curb cuts and Driveways shall be minimized to reduce pedestrian/vehicular conflicts up to the minimum permissible by the controlling jurisdiction. 4. Right-of-way sections for distinct categories of Thoroughfares and Corridors have been identified within the NR0.1 Streetscape Master Plan to establish ideal sidewalk conditions, achieving an enhanced pedestrian experience within the NRD-1. b, NRD-1 Setbacks: Refer to the NRD-1 Streetscape Master Plan described within Section 8 for specific setback conditions along Thoroughfares and Corridors within the NRD-1 boundary. 3.4 WYNWOOD PUBLIC BENEFITS PROGRAM The intent of the Wynwood Public Benefits Program established in NRD-1 is to allow bonus Building Height in the T5-O. T6. and D1 Transect Zones in exchange for the developer's contribution to specified programs that provide benefits to the Public within the NRD-1 boundaries, The Wynwood Public Benefits Program shall supersede the Public Benefits Program generally applicable in the City under Section 3.14 of this Code. No Building permit shall be issued for bonus Height and FLR until the Zoning Administrator has certified compliance with the provisions of this Section upon referral and assurance of compliance from all applicable departments. Certification shall be made only after a certified check has been deposited and cleared to the Wynwood Public Benefits Trust Fund or, for non cash contributions. a binding commitment has been approved by the City Manager. The cash contribution shalt be nonrefundable. a. The proposed bonus Height shall be permitted in exchange for contributions to the NRt -1 for the following public benefits: Affordable! Workforce Housing, Public Parks and Open Space, Civic Space or Civil Support space. Cross -Block Connectivity and Civic Street Type Right -of -Way Enhancements, The City shall establish a Wynwood Public Benefits Trust Fund for the collection of cash contributions for Affordable/Workforce Housing and Public Parks and Open Space. The Wynwood BID shall annually decide the allocation of funds from the funds collected under this section. Expenditures of these funds shall be in accordance with the Wynwoocl Public Benefits Trust Fund as defined in Chapter 62 of the City Code. Definitions Attachment: 16182 Property Appraisals (16182 : Purchase of Property located at 41 NW 20th Street) Form SCNLGL - "TOTAL" appraisal software by a la mode, inc.- 1-800-ALAMODE Packet Pg. 152 Wynwood Zoning NRD-1 - Page 7 1.1.c 1. Affordable/Workforce Housing shall mean: housing available to families which meet the qualifications as established by Section 13-5 of the City Code. 2. Public Parks and Open Space shall mean: Open Space meeting the standards of Article 4. Table 7 of this Code. 3. Civic Space or Civic Support Use shall mean: a Building Function defined within Article 1,Section 1.1 f. of this Code. 4. Cross -Block Connectivity shall mean: a Paseo, cross -Block Pedestrian Passage, or vehicular cross -Block passage that connects two (2) Tho•roughfares. Corridors, or combination thereof; and is publicly accessible 24- hours a day and enforced covenant, in a form acceptable to the City Attorney. 5. Civic Street Type Right -of -Way Enhancements shall mean: rights -of -way specifically identified within the Wynwood Streetscape Master Plan as streets differentiated by prioritizing open pedestrian space, mobility improvements (particularly cycling infrastructure). and the selection of iconic tree species. The woonerf designs will be iconic and emblematic of Wynwood by way of landscape, art. and resilience and provide new opportunities for Civic Space. b, For the purposes of the Wynwood Public Benefits Program. the following criteria shall apply: 1. Affordable/Workforce Housing, A Development project within the NRD-1 boundaries, may provide any of the fallowing or combination thereof: AffordablefWarkforce Housing On -site: For each square foot of Affordable/Workforce Housing priced at or below eighty percent (80%) Area Median Income (including appurtenant shared space such as Parking and circulation) provided on site, the Development shall be allowed three (3) square feet of additional area up to the bonus Height as described in Section 3.4 (c). For each square foot of Affordable/Workforce housing priced above eighty percent (RO%) Area Median Income (including appurtenant shared space such as parking and circulation) provided on -site, the development shall be allowed an equivalent amount of development Floor Area up to the bonus Height and FLR as described in Section 3.4(c). ii. Affordable/Workforce Housing Off -site: For each square foot of AffordablelWorkforce Housing (including appurtenant shared space such as Parking and circulation) provided off site, in a location within the City approved by the City Manager, the Development shall be allowed an equivalent square footage of additional area up to the bonus Height as described in Section 3.4 (c). No additional allowance or credit is given for the purchase of the site- 2. Public Parks and Open Space. A Development project within the NRD-1 boundaries may provide any of the following or combination thereof: 1. Dedication On -site: Public Open Space, in addition to required Open Space, may be provided on -site in a location and of a design to be approved by the Planning Director. For each square foot of dedicated Public Park or Open Space provided, the Development shall be allowed an equivalent amount of Development Floor Area up to the bonus Height described in Section 3.4 (c). The project shall maintain the Frontage requirements of the Transect Zone set forth within Section 3.3.1 (b). The Open Space may be a Civic Space Type. See Article 4, Table 7 of this Code. ii. Dedication Off -site: For dedication of Public Park or Open Space provided off -site within the NRD-1 boundary, the Development shall be allowed two (2) times the Development Floor Area of provided land up to the bonus Height described in Section 3.3 (c)_TheOpen Space may be a Civic Space Type as more fully described in Article 4, Table 7 of this Code. 3. Civic Space and Civil Support Uses. Fora Development project within the NRD-1 boundaries that donates a Civic Space or Civil Support Use on site to the City, an additional two (2) square feet of area for each square Attachment: 16182 Property Appraisals (16182 : Purchase of Property located at 41 NW 20th Street) Form SCNLGL - "TOTAL" appraisal software by a la mode, inc.- 1-800-ALAMODE Packet Pg. 153 Wynwood Zoning NRD-1 - Page 8 1.1.c foot of donated Building Floor Area for use, up to the bonus Height described in Section 3.4(c), shall be allowed, 4. Cross -Block Connectivity, in efforts to further improve neighborhood connectivity and connections through the District, a Development project within the NRD-1 boundaries that provides a Paseo, cross -Block Pedestrian Passage, or vehicular crass -Block passage, which is at any point more than two -hundred fifty (250) feet from the nearest Thoroughfare intersection. further than five -hundred (500) feet from any other Paseo or cross -Block Pedestrian Passage. or aligned with another cross -block Pedestrian Passage or Paseo across a Thoroughfare to an adjacent property. connects two (2) Thoroughfares, and is publicly accessible 24-hours a day or reduced hours by process of Waiver, additional floor area shall be allowed as follows: For portions of provided Cross -Block Connectivity that are roofed, the Development shall be allowed an equivalent amount of Development Floor Area up to the bonus Height described in Section 3.4 (c), if. For portions of provided Cross -Block Connectivity that are open to the sky, the Development shall be aliowed five (5) times the Development Floor Area up to the bonus Height described in Section 3.4 (c), 5. Civic Street Type Right -of -Way Enhancements. The Wynwood Streetscape Master Plan designation of Civic Street Types including NW 3 Avenue, 4W 1 Avenue, a nd NW 1 Place Woonerfs and NW 29 Street, NW 5 Avenue, NW 27 Terrace. and NW 28 Street has positioned these roads as landmarks within the District. The Woonerf designs will be iconic and emblematic of Wynwood by way of landscape, art, and resilience and provide new opportunities for Civic Space. In efforts to construct Woonerfs and other specialized Civic Street Types throughout the District as identified within the Wynwood Streetscape Master Plan. a Development project within the NRD-1 boundaries may provide any of the following or combination thereof: E. For each square foot of constructed Civic Street Type Right -of -Way Improvements beyond standard Department of Resilience and Public Works right-of-way improvements required by Section 54-56 of the City Code. the Development shall be allowed two (2) times the Development Floor Area up to the bonus Height described in Section 3.4(c). if. Far a cash contribution to the Right -of -Way Improvement Trust Fund, the Development project shall be aliowed additional Floor Area up to the bonus Height described in Section 3.4(c).The cash contribution shall be determined by criteria set forth within Section 8.1.d. 6. Trust Fund contribution. For a cash contribution to the Wynwood Public Benefits Trust Fund, the Development project shall be allowed additional Floor Area up to the bonus Height described in Section 3.4 (c). The cash contribution shall be determined based on a percentage of the market value of the per square foot price being charged for units at projects within the market area where the proposed project seeking the bonus is located. The calculation assumes a land value per saleable or rentable square foot within market area to equate to between ten percent (10%) to fifteen percent (15%) of the market area's weighted average sales price per square foot. The cash contributions shall be adjusted on an annual basis to reflect market conditions effective October 1 of every year. c. Bonus Building Height shall be permitted if the proposed Development contributes toward the specified public benefits, above that which is otherwise required by the NRD-1, in the amount and in the manner set forth herein, 1. T5-O: five (5) Story maximum. bonus to eight (8) Stories: the first additional floor of Development Height shall only be permitted through Public Benefits for Affordable/Workforce Housing. Public Parks and Open Space. Civic Space Type, Civil Support Use, Cross -Block Connectivity, and/or cash contributions to the Wynwood Public Benefits Trust Fund. Additional bonus Height may be achieved through Public Benefits or through the Wynwood TDR Program. Attachment: 16182 Property Appraisals (16182 : Purchase of Property located at 41 NW 20th Street) Form SCNLGL - "TOTAL" appraisal software by a la mode, inc.- 1-800-ALAMODE Packet Pg. 154 Wynwood Zoning NRD-1 - Page 9 1.1.c 2. T6-8: eight (8) Story maximum, bonus to twelve (12) Stories; the first half (rounded up) of additional floors of Development Height shall only be permitted through Public Benefits for Affordable/Workforce Housing, Public Parks and Open Space, Civic Space Type, Civil Support Use, and/or cash contributions to the Wynwood Public Benefits Trust Fund. Additional bonus Height may be achieved through public benefits or through the Wynwood TDR Program, 3_ D1: eight (8) Story maximum. bonus to ten (10) Stories; the additional floors of Development Height shall only be permitted through public benefits for Affordable/Workforce Housing, Public Parks and Open Space, Civic Space Type, Civil Support Use, and/or cash contributions to the Wynwood Public Benefit Trust Fund. 3.5 WYNWOOD TRANSFER OF DEVELOPMENT RIGHTS PROGRAM 3.5.1 Wynwood Transfer of Development Rights Program a, It is the intent of the Wynwood Transfer of Development Rights (TDR) Program to encourage the preservation of Legacy Structures and the establishment of Privately -Owned Public Open Space by creating a process whereby the otherwise unusable Development rights of Legacy Structure sites and Privately -Owned Public Open Space may be converted into an asset that may be sold to an eligible receiving sites located within the NRD-1 boundaries. The Wynwood TDR Program. permitted only within the NRD-1, will facilitate the transfer of Floor Area from Legacy Structure sites and Privately -Owned Public Open Space sites to encourage new Development that supports the character of Wynwood. Notwithstanding Chapter 23 of the City Code, no property rnay utilize any other TDR program that may be applicable under this Code or the City Code, shall be eligible within the NRD- 1 boundaries, eitherasa sending property or receiving site except as allowed herein, b. Owners of eligible properties may be issued a "certificate of eligibility" by the Director with the recommendation of the WDRC, that the property meets the criteria established by the Wynwood BID and defined below. 1. Legacy Structure shall mean: An existing Building which is maintained and re -purposed by the property owner that contributes to the character of Wynwood. The Building must maintain its physical integrity to that it sufficiently conveys its original character: possesses integrity of design, setting, material, workmanship, feeling and association and meet at least one (1) of the following criteria: 1. Is associated within a significant industry important to the City's history; ii. Exemplifies the Industrial past of the community: and, iii. Provides public art that supports the character of Wynwood and is maintained in perpetuity. 2. TOR exchange system: i. The owner of property improved with a Legacy Structure or Privately -Owned Public Open Space may sell or receive TDRs at any time. ii. Developments within T5-0 and T6 Transect Zones may receive TDRs to obtain additional bonus Building Height. In the TS-O Transect Zone, TDRs may only be acquired for a Building Height above the first floor of bonus Development Building Height. Ina T6 Transect Zone, TDRs may only be acqui red for half (rounded down) of a Development's bonus Building Height. 3. Legacy Structure sites selling TDRs must operate a Use permissible within the NRD-1. Legacy Structure sites and Privately -Owned Public Open Space sites shall not be preserved in perpetuity and may reacquire Development capacity from another Legacy Structure site or Privately -Owned Public Open Space site if available within the NRD-1 boundaries. Attachment: 16182 Property Appraisals (16182 : Purchase of Property located at 41 NW 20th Street) Form SCNLGL - "TOTAL" appraisal software by a la mode, inc.- 1-800-ALAMODE Packet Pg. 155 Wynwood Zoning NRD-1 - Page 10 1.1.c 3.5.2 VVynwood Transfer of Development Density Program a It is the intent of the Wynwood 'Transfer of Development Density (TDD) Program to encourage the development of Affordable/Workforce Housing, Civic Open Space, and Legacy Use Floor Area within a Legacy Structure by creating a process whereby the otherwise unusable Development Density of a New NRD-1 development site, Legacy Structure, or improved open space area may be converted into an asset that may be sold to eligible receiving sites located within the N RD-1 boundaries. The Wynwood TDD Program, permitted only within the NRD-1. will facilitate the transfer of Density from Existing or New NRD-1 Development Sites. Legacy Structures, and improved Open Space sites to encourage new residential development that supports the charatter of Wynwood. Notwithstanding Chapter 23 of the City Code, no property within the NRD-1 boundaries may utilize any ()tiler TDD program that may be applicable under this Code or the City Code, either as a sending property ur receiving site except as allowed herein. b. Owners of eligible properties as sending sites may be issued a "terti ficate of eligibility" by the Zoning Administrator if the property meets the criteria established by the Wynwood BID as defined below'. 1. Legacy Structure shall mean See Section 3.5.1 criteria. 2. New NRD-1 Development Site shall mean: Any primarily non -Residential development completed after September 2015 within the NRO-1 boundary. 3. TOD exchange system: The owner of property improved with a New NRD-1 Development Site, legacy Structure, or Privately Owned Public Open Space may sell TDDs at any time to new Development with Residential or Lodging uses within the NRD- 1 Boundary up to fifty percent (50%) increase above allowable Density within TS-O, TS-L, and T6-8-O. !i. New Developments with Residential or Lodging uses may receive up to fifty percent (50%) increase above allowable Density within T5-O, T5-L, and T6-8-O permitted through the participation in one of the Following TDD Benefit Programs! a. Affordable Housing Payout Bonus Density shall be permitted for a Dwelling Unit less than 650 square feet or efficiency units and only if the Development contributes cash to the Wynwood Public Benefits Trust Fund in the amount of $20,000.00 per Dwelling Unit up to fifty percent (50%) increase beyond otherwise allowable maximum Density. b. Public. Parks and Open Space Dedication Off -site: For dedication of Public Park or Open Space provided off -site within the NRD-1 boundary, the Development shall be allowed an equivalent amount of the Development Density up to the amount described in Section 3.5.2.b.3.ii. The Open Space may be a Civic Space Type as more fully described in Article 4, Table 7 of this Code. NRD•1 Legacy Structure and NRD-1 New Development Site. Both a Legacy Structure site and a New NRD-1 Development Site selling TDDs shall be allowed an Attachment: 16182 Property Appraisals (16182 : Purchase of Property located at 41 NW 20th Street) Form SCNLGL - "TOTAL" appraisal software by a la mode, inc.- 1-800-ALAMODE Packet Pg. 156 Wynwood Zoning NRD-1 - Page 11 1.1.c equivalent amount of the site Development Density based on its Lot Area multiplied by the maximum Density permitted in the transect zone. 3.5.3 Wynwood Attainable Mixed Income Program a. Asa pre -requisite to qualify as a Wynwood Attainable Mixed -Income Development eligible for any of the special benefits described in Article 3, Section 3.15 of this Code, an applicant shall submit to the Office of Zoning: 1. Certification by the City's Housing and Community Development Department that the proposed Development will provide a minimum of forty percent (40%) of the Dwelling Units as Affordable Housing serving residents at or below sixty percent (60%) of AMI and the remainder of the Dwelling Units up to Market Rate Housing„ or certification by the City's Housing and Community Development Department that the proposed Development will provide a minimum of twenty percent (20%) of the Dwelling Units as Affordable Housing serving residents at or below fifty percent (50%) of AMP and the remainder of the Dwelling Units up to Market Rate Housing. 2. A recorded covenant running with the land acceptable to the City and in a form acceptable to the City Attorney confirming the property will meet the criteria in subsection (1) above fora period of no less than thirty (30) years from the date of the issuance of a final Certificate of Occupancy. The covenant shall be automatically extended for periods of ten (10) years if any funds from the NRD-1 Wynwood Public Benefit Trust Fund are utilized and may be released only by a vote of the City Commission at a publicly noticed hearing. b. Wynwood Attainable Mixed Income Development shall be provided all the flexibifities described in Article 3, Section 3.15 of this Code except as modified below. 1. Any Development that meets the criteria in Section 3.55.3.a and provides a minimum of ten percent (10%) of the Dwelling Units as Extremely Low Income as defined herein shall be provided a one hundred percent (100%) Density bonus. The Development after the Density bonus shall maintain the Affordable and Market Rate Housing mix described in Section 3.5.3.a(1) and shall provide ten percent (10%) of the Dwelling Units as Extremely Low Income Housing for the entire Development. 2. Any Development that meets the criteria in Section 3.5.3.a and provi des a minimum of five percent (5%) of the Dwelling Units as Extremely Low Income as defined herein shall be provided a fifty percent (50%) Density bonus. The Development after the Density bonus shall maintain the Affordable and Market Rate Housing mix described in Section 3.5.3.a(1) and shall provide five percent (5%) of the Dwelling Units as Extremely Low Income Housing for the entire Development. 3. The income restricted housing required under Section 3.5.3 can be fully or partially paid out into the Affordable Housing Trust Fund at the rate of $35,000.00 per required unit at sixty percent (60%) AMI, $55,000.00 per required unit at fifty percent (50%) AMI, and $75,000.00 per required unit at thirty percent (30%) AM!. Attachment: 16182 Property Appraisals (16182 : Purchase of Property located at 41 NW 20th Street) Form SCNLGL - "TOTAL" appraisal software by a la mode, inc.- 1-800-ALAMODE Packet Pg. 157 Wynwood Zoning NRD-1 - Page 12 1.1.c F. A Wynwood Attainable Mixed income Development that Fully or partially pays out any income restricted housing required under this Section shall not be permitted to utilize Article 3. Section 3.15.4 or 3.15.5 of this Code. A Wynwood Attainable Mixed Income Development that fully pays out all its required income restricted housing shall not require the recorded covenant described in 3.5-3.a.2. SECTION 4 - STANDARDS AND TABLES TABLE 1. BUILDING FUNCTION: USES T5 URBAN CENTER T6 D URBAN CORE DISTRICTS G 01 DENSITY (UNITS PER ACRE) 150 150 150 36 RESIDENTIAL SINGLE FAMILY RESIDENCE R R R COM mu nirrr RESIDENCE R R R ANCILLARY UNIT TWO FAMILY RESIDENCE R R R MULTI FAMILY HOUSING R R R DORMITORY R R HOME OFFICE R R R LIVE - WORK R R R WORK - LIVE R R R LODGI NG R BED & BREAKFAST R R R R INN R R R R HOTEL R R R R Attachment: 16182 Property Appraisals (16182 : Purchase of Property located at 41 NW 20th Street) Form SCNLGL - "TOTAL" appraisal software by a la mode, inc.- 1-800-ALAMODE Packet Pg. 158 Wynwood Zoning NRD-1 - Page 13 1.1.c 75 T6 I] URBAN CENTER URBAN CORE DISTRICTS OFFICE OFFICE R R R R COMMERCIAL ART GALLERY R R R R AUTO -RELATED COMM ERCIAL ESTAB. W W R ENTERTAINMENT ESTABLISHMENT W R R R ENTERTAINMENT ESTAB. - ADULT FOOD SERVICE ESTABLISHMENT R R R R ALCOHOL BEVERAGE SERVICE ESTAB. F E E E GENERAL COMMERCIAL R R R R MANUFACTURING -ENABLED RETAIL W R MARINE RELATED COMMERCIAL ESTAB, W W W R OPEN AIR RETAIL W W w R PLACE OF ASSEMBLY R R R R RECREATIONALESTABUSHMENT R R R R CIVIC COMMUNITY FACI LITY W W W R PRIVATELY -OWNED PUBLIC OPEN SPACE R R R R RECREATIONAL FACILITY R R R R RELIGIOUS FACILITY R R R R REGIONAL ACTIVITY COMPLEX E CIVIL SUPPORT Attachment: 16182 Property Appraisals (16182 : Purchase of Property located at 41 NW 20th Street) Form SCNLGL - "TOTAL" appraisal software by a la mode, inc.- 1-800-ALAMODE Packet Pg. 159 Wynwood Zoning NRD-1 - Page 14 1.1.c 75 T6 D URBAN CENTER URBAN CORE DISTRICTS COMMUNITY SUPPORT FACILITY W w W R INFRASTRUCTURE AND UTILITIES W W W W MAJOR FACILITY E MARINA w w w R PUBLIC PARKING W W W R RESCUE MISSION E TRANSIT FACILITIES W W W R EDUCATIONAL CHILDCARE W W w COLLEGE / UNIVERSITY w w w E ELEMENTARY SCHOOL W W W E LEARNING CENTER R R R E MIDDLE 1 HIGH SCHOOL W W w E PRE-SCHOOL R R R E RESEARCH FACILITY R R R R SPECIAL TRAINING / VOCATIONAL w w w R INDUSTRIAL AUTO -RELATED INDUSTRIAL ESTBL. R MANUFACTURING AND PROCESSING R MARINE RELATED INDUSTRIAL ESTBL. R PRODUCTS AND SERVICES R STORAGE/ ❑ISTRIBUTION FACILITY R Attachment: 16182 Property Appraisals (16182 : Purchase of Property located at 41 NW 20th Street) Form SCNLGL - "TOTAL" appraisal software by a la mode, inc.- 1-800-ALAMODE Packet Pg. 160 Wynwood Zoning NRD-1 - Page 15 1.1.c TABLE 2. T5 - URBAN CENTER ZONE DENSITY(UPA) RESIDENTIAL See Article 4, Table 4 LIMITED 150 UNITS PER ACRE Residential Uses are permissible as listed in Table 1, limited by compliance with: • Dwelling Unit • Minimum of one and erne -half (1.5) parking spaces per Dwelling Unit shall be provided on -site or off -site within a Parking Structure*: or • Provide one (1) space per Dwelling Unit on -site or off -site within a Parking Structure". and provide payment -in -lieu of remaining half (%) space per Dwelling Unit of required off- street parking into the Wynwood Parking Trust Fund. • Minimum of 1 additional visitor parking space for every 10 Dwelling Units shall be provided on -site or off -site within a Parking Structure'. • Dwelling Unit 650 square feet or less • Minimum of one (1) parking space per Dwelling Unit shall be provided on -site or off -site within a Parking Structure, or • Payment -in -lieu of one (1) space per Dwelling Unit may be provided for off-street Parking into the Wynwood Parking Fund, for up to the first forty (40) spaces per development project. For any required spaces after the first forty (40), payment -in -lieu of remaining half (0.5) space per OPEN 150 UNITS PER ACRE Residential Uses are permissible as listed in Table 1, limited by compliance with: • Dwelling Unit • Minimum of one and one-half (1.5) parking spaces per Dwelling Unit shall be provided on -site or off -site within a Parking Structure; or • Provide one (1) space per Dwelling Unit on -site or off -site within a Parking Structure', and provide payment -in -lieu of remaining half (%) space per Dwelling Unit of required off- street parking into the Wynwood Parking Trust Fund. • Minimum of one (1) additional visitor parking space for every ten (10) Dwelling Units shall be provided on -site or off -site within A Parking Structure:.'. • Dwelling Unit 650 square feet or less • Minimum of one (1) parking spaces per Dwelling Unit shall be provided on -site or off -site within a Parking Structure', or • Payment -in -lieu of one (1) space per Dwelling Unit may be provided for off-street Parking into the Wynwood Parking Fund, for up to the first forty (40) spaces per development project. For any required spaces after the first forty (40), payment -in -lieu of remaining half (0.5) space per Attachment: 16182 Property Appraisals (16182 : Purchase of Property located at 41 NW 20th Street) Form SCNLGL - "TOTAL" appraisal software by a la mode, inc.- 1-800-ALAMODE Packet Pg. 161 Wynwood Zoning NRD-1 - Page 16 1.1.c Dwelling Unit of required offstreet parking may be provided into the Wynwood Parking Trust Fiend. • Minimum of 1 additional visitor parking space for every ten (10) Dwelling Units shall be provided on -site or off -site within a Parking Structure'. • Live -work - Work component shall provide parking as required by the non-residential use in addition to parking required for the Dwelling Unit. • Adult Family -Care Homes - Minimum one (1) space per staff member and one (1) space per four (4) residents. • Community Residence - Minimum of one (1) parking space per staff member in addition to the parking required for the principal Dwelling Unit(s). • Parking requirement may be reduced according to the Shared parking standard, Section 4, Table 3. • Minimum of one (1) Bicycle Rack Space for every twenty (20) vehicular spaces required or within a 70D area. one (1) Bicycle Rack Space required per Dwelling Unit. • Except for sites within 500 feet of an ungated 73 Transact Zone, the parking ratio may be reduced within a TOD area or within a Transit Corridor area by up to thirty percent ( 30%) by process of Waiver, by up to fifty percent (50%) by process of Waiver and payment into a transit enhancement Trust Fund, as established by Chapter 35 of the Dwelling Unit of required offstreet parking may be provided into the Wynwood Parking Trust Fund. • Minimum of one (1) additional visitor parking space for every ten (10) Dwelling Units shad be provided on -site or off -site within a Parking Structure'. • Live -work - Work component shall provide parking as required by the non-residential use in addition to parking required for the Dwelling Unit. • Work -live - Minimum of one (1) parking spaces per Dwelling Unit shall be provided on -site or off - site within a Parking Structure'. • Minimum of one (1) additional visitor parking space for every ten (10) Work -live Units shall be provided on -site or off -site within a Parking Structure'. • Work -live Unit in excess of 2,000 square feet shall be required to provide additional parking equivalent to the Office requirement for the area above 2.000 square feet. • Adult Family -Care Homes - Minimum one (1) space per staff member and one (1) space per four (4) residents. • Community Residence - Minimurn of one (1) parking space per staff member in addition to the parking required for the principal Dwelling Unit(s). • Parking requirement may be reduced according to the Shared parking standard. Section 4, Table 3. Attachment: 16182 Property Appraisals (16182 : Purchase of Property located at 41 NW 20th Street) Form SCNLGL - "TOTAL" appraisal software by a la mode, inc.- 1-800-ALAMODE Packet Pg. 162 Wynwood Zoning NRD-1 - Page 17 1.1.c LODGING See Article 4, Table 4 City Code, or by one hundred percent (100%) for any Structure with a Floor Area of twenty thousand (20.000) square feet or less. • Within a TOE) area. Transit Corridor, or for Developments along bike line network identified in the WSMP Illustration 8. 4, twenty percent (20%) of required parking spaces may be exchanged for bicycle parking at a ratio of six (6) Bicycle Rack Spaces for each required parking space. Loading - See Section 4, Table 3 Lodging Uses are permissible as listed in Table 1, • Minimum of one (1) parking spaces per two (2) lodging units shall be provided on -site or off - site within a Parking Structure'; or • Provide half (f) space per two (2) lodging units on -site or off -site within a Parking Structure', and • Minimum of one (1) Bicycle Rack Space for every twenty (20) vehicular spaces required or within a TOD area, one (1) Bicycle Rack Space required per Dwelling Unit. • Except for sites wi thin 500 feet of an ungated T3 Transact Zone, the parking ratio may be reduced within a TOD area or within a Transit Corridor area by up to thirty percent (30%) by process of Waiver. by up to fifty percent (50%) by process of Waiver and payment into a transit enhancement Trust Fund, as established by Chapter 35 of the City Code, or by one hundred percent (100%) For any Structure with a Floor Area of twenty thousand (20.000) square feet or less. • Within a TOD area, Transit Corridor, or for Developments along bike line network identified in the WSMP Illustration 8. 4. twenty percent (20%) of required parking spaces may be exchanged for bicycle parking at a ratio of six (6) Bicycle Rack Spaces for each required parking space. Loading - See Section 4, Table 3 Lodging Uses are permissible as listed in Table 1. • Minimum of one (1) parking spaces per two (2) lodging units shall be provided on -site or off - site within a Parking Structure'; or • Provide half (5) space per two (2) lodging units on -site or off -site within a Parking Structure', and Attachment: 16182 Property Appraisals (16182 : Purchase of Property located at 41 NW 20th Street) Form SCNLGL -'TOTAL" appraisal software by a la mode, inc.- 1-800-ALAMODE Packet Pg. 163 Wynwood Zoning NRD-1 - Page 18 1.1.c provide payment -in -lieu of remaining half ('') space per two (2) lodging units of required off- street parking into the Wynwood Parking Trust Fund. • Minimum of one (1) additional visitor parking space for every ten (10) lodging units shall be provided on -site or off -site within a Parking Structure'. • Parking requirement may be reduced according to the Shared parking standards. Section 4. Table 3. • Minimum of one (1) Bicycle Rack Space for every twenty (20) vehicular spaces required or within a TOD area, one (1) bicycle rack space for every five (5) lodging units. • Except for sites within 500 feet of an ungated T3 Transect Zone, the parking ratio may be reduced within a TOD area or within a Transit Corridor area by up to thirty percent ( 30%) by process of Waiver, by up to fifty percent (50%) by process of Waiver and payment into a transit enhancement Trust Fund, as established by Chapter 35 of the City Code. or by one hundred percent (100%) for any Structure with a Floor Area of twenty thousand (20,000) square feet or less. • Within a TOD area, Transit Corridor, or for Developments along bike line network identified in the WSMP illustration 8. 4, twenty percent (20%) of required parking spaces may be exchanged provide payment -in -lieu cif remaining half (y,) space per two (2) lodging units of required off- street parking into the Wynwood Parking Trust Fund. • Minimum of one (1) additional visitor parking space far every ten (10) lodging units shall be provided on -site or off -site within a Parking Structure'. • Parking requirement may be reduced according to the Shared parking standards, Article 4, Table 3. • Minimum of one (1) Bicycle Rack Space for every twenty (20) vehicular spaces required or within a TOD area, one (1) bicycle rack space for every five (5) lodging units. • Except for sites within 500 feet of an ungated T3 Transect Zone, the parking ratio may be reduced within a TOD area or within a Transit Corridor area by up to thirty percent ( 30%) by process of Waiver, by up to fifty percent (50%) by process of Waiver and payment into a transit enhancement Trust Fund, as established by Chapter 35 of the City Cade, or by one hundred percent (100%) for any Structure with a Floor Area of twenty thousand (20,000) square feet or less. • Within a TOD area, Transit Corridor, or for Developments along bike line network identified in the WSMP Illustration 8. 4, twenty percent (20%) of required parking spaces may be exchanged Attachment: 16182 Property Appraisals (16182 : Purchase of Property located at 41 NW 20th Street) Form SCNLGL - "TOTAL" appraisal software by a la mode, inc.- 1-800-ALAMODE Packet Pg. 164 Wynwood Zoning NRD-1 - Page 19 1.1.c OFFICE See Article 4, Table 4 For bicycle parking at a ratio of six (6) Bicycle Rack Spaces for each required parking space. Loading - See Section 4, Table 3 Office Uses are permissible as listed in Table 1, limited by compliance with: • Office Uses are limited to the first and second Story of the Principal Building. Office and Commercial Uses shall be less than 2596 Building floor area total. • Minimum of three (3) parking spaces for every 1,000 square feet of Office Use provided on -site or oft -site within a Parking Structure', or • Provide two (2) spaces per 1,000 square feet of Office Use on -site or off -site within a Parking Structure', and provide payment - in -lieu of remaining one (1) space per 1,000 square feet of required off-street parking into the Wynwood Parking Trust Fund. . Parking requirement may be reduced according to the Shared parking standard, Section 4, Table 3. • Minimum of one (1) Bicycle Rack Space for every twenty (20) vehicular spaces required or within a TOD area, one (1) Bicycle Rack Space required per 3,000 square feet of Office area. • Except for sites within 500 feet of an ungated T3 Transect Zone, the parking ratio may be reduced within a TOD area or within a Transit Corridor area by up to thirty percent (30%) by process of for bicycle parking at a ratio of six (6) Bicycle Rack Spaces for each required parking space. Loading - See Section 4, Table 3 Office Uses are permissible as listed in Table 1. limited by compliance with: • Minimum of three (3) parking spaces for every 1,000 square feet of Office Use provided on -site or off -site within a Parking Structure', or • Provide two (2) spaces per 1,000 square feet of Office Use on -site or off -site within a Parking Structure`, and provide payment - in -lieu of remaining one (1) space per 1,000 square feet of required off-street parking into the Wynwood Parking Trust Fund. • Parking requirement may be reduced according to the Shared parking standard, Section 4, Table 3, • Minimum of one (1) Bicycle Rack Space for every twenty (20) vehicular spaces required or within a TOD area, one (1) Bicycle Rack Space required per 3,000 square feet of Office area. • Except for sites within 500 feet of an ungated T3 Transect Zone, the parking ratio may be reduced within a TOD area or within a Transit Corridor area by up to thirty percent (30%) by process of Waiver, by up to fifty percent (50%) by process of Waiver and payment into a transit enhancement Trust Fund, as established by Chapter 35 of the Attachment: 16182 Property Appraisals (16182 : Purchase of Property located at 41 NW 20th Street) Form SCNLGL - "TOTAL" appraisal software by a la mode, inc.- 1-800-ALAMODE Packet Pg. 165 Wynwood Zoning NRD-1 - Page 20 1.1.c COMMERCIAL See Article 4, Table 4 Waiver, by up to fifty percent (50%) by process of Waiver and payment into a transit enhancement Trust Fund. as established by Chapter 35 of the City Code, or by ane hundred percent (100%) tor any Structure with a Floor Area of twenty thousand (20,000) square feet or less. * Within a TOD area, Transit Corridor, or for Developments along bike line network identified in the WSMP Illustration 8.4, twenty percent (20%) of required parking spaces may be exchanged for bicycle parking at a ratio of six (6) Bicycle Rack Spaces for each required parking space. Leading - See Section 4, Table 3 Commercial Uses are permissible as listed in Table 1, limited by compliance with: • Commercial Uses are limited to the first and second Story of the Principal Building, Office and Commercial Uses shall be less than 25% Building floor area total. • A maximum Floor Area of 55,000 square feet per establishment. ■ Minimum of three (3) parking spaces for every 1,000 square feet of Commercial Use provided on - site or off -site within a Parking. Structure*: or • Provide two (2) spaces per 1,000 square feet of Commercial Use on -site or off -site within a Parking Structure', and provide payment - in -lieu of remaining ane (1) space City Code, or by one hundred percent (100%) for any Structure with a Floor Area of twenty thousand (20,000) square feet or less. • Within a TOD area, Transit Corridor, or for Developments along bike line network identified in the WSMP Illustration 8.4, twenty percent (20%) of required parking spaces may be exchanged for bicycle parking at a ratio of six (6) Bicycle Rack Spaces for each required parking space. Loading - See Section 4, Table 3 Commercial Uses are permissible as listed in Table 1, limited by compliance with: • A maximum Floor Area of 55,000 square feet per establishment, except for Public Storage Facilities. • A Principal Building with 100 feet of Principal Frontage length or more shall require Commercial Uses along a minimum of twenty five (25%) of the ground floor facade. • Manufacturing -Enabled Retail - Limited to first Story of Principal Building and a maximum Floor Area of 20,000 square feet per establishment. • Minimum of three (3) parking spaces for every 1,000 square feet of Commercial Use provided on - Attachment: 16182 Property Appraisals (16182 : Purchase of Property located at 41 NW 20th Street) Form SCNLGL - "TOTAL" appraisal software by a la mode, inc.- 1-800-ALAMODE Packet Pg. 166 Wynwood Zoning NRD-1 - Page 21 1.1.c per 1,000 square feet of required off-street parking into the Wynwood Parking Trust Fund. • Art Gallery - Minimum of (1) parking space for every 1,000 square feet of Art Gallery Use shall be provided on -site or off -site within a Parking Structure, or provide payment -in -lieu of one (1) space per 1.000 square feet of required off-street parking into the Wynwood Parking Trust Fund. • Parking requirement may be reduced according to the Shared parking standard, Section 4, Table 3. • Minimum of one (1) Bicycle Rack Space for every 20 vehicular spaces required or within a TOD area one (1) Bicycle Rack Space required per 3,000 square feet of Commercial area. • Except for sites within 500 feet of an ungated T3 Transect Zone, the parking ratio may be reduced within a TOD area or within a Transit Corridor area by up to thirty percent (30%) by process of Waiver, by up to fifty percent (50%) by process of Waiver and payment into a transit enhancement Trust Fund, as established by Chapter 35 of the City Code, or by one hundred percent (100%) for any Structure with a Floor Area of twenty thousand (20.000) square feet or less. * Within a TOD area. Transit Corridor, or for Developments along bike line network identified in the WSMP illustration 8.4, site or off -site within a Parking Structure, except for Public Storage Facilities, minimum one (1) parking space for every 10,000 square feet with a minimum of eight (8) parking spaces: or • Provide two (2) spaces per 1,000 square feet of Commercial Use on - site or off -site within a Parking Structure, and provide payment - in -lieu of remaining one (1) space per 1,000 square feet of required off-street parking into the Wynwood Parking Trust Fund. • Art Gallery - Minimum of (1) parking space for every 1,000 square feet of Art Gallery Use shall be provided on -site or off -site within a Parking Structure, or provide payment -in -lieu of one (1) space per 1,000 square feet of required off-street parking into the Wynwood Parking Trust Fund. • Parking requirement may be reduced according to the Shared parking standard. Section 4, Table 3, except for Public Storage Facilities. • Minimum of one (1) Bicycle Rack Space for every twenty (20) vehicular spaces required or within a TOD area one (1) Bicycle Rack Space required per 3,000 square feet of Commercial area. • Except for sites within 500 feet of an ungated T3 Transect Zone,. the parking ratio may be reduced within a TOD area or within a Transit Corridor area by up to thirty percent (30%) by process of Waiver, by up to fifty percent (50%) by process of Waiver and Attachment: 16182 Property Appraisals (16182 : Purchase of Property located at 41 NW 20th Street) Form SCNLGL - "TOTAL" appraisal software by a la mode, inc.- 1-800-ALAMODE Packet Pg. 167 Wynwood Zoning NRD-1 - Page 22 1.1.c CIVIC See Article 4, Table 4 twenty percent (20%) of required parking spaces may be exchanged for bicycle parking at a ratio of six {6) Bicycle Rack Spaces for each required parking space. Loading - See Section 4, Table 3 Civic Uses are permissible as listed in Tablet limited by compliance with: • Minimum of one (1) parking space for every five (5) seats of assembly use shall be provided on -site or off -site within a Parking Structure. • Minimum of one (1) parking space for every 1,000 square feet of exhibition or recreation area, and parking spaces for other Uses as required shall be provided on - site or off -site within a Parking Structure', or provide payment -in - lieu of one (1) space per 1,000 square feet of required off-street parking into the Wynwood Parking Trust Fund. payment into a transit enhancement Trust Fund, as established by Chapter 35 of the City Code, or by one hundred percent (100%) for any Structure with a Floor Area of twenty thousand (20,000) square feet or Tess. • Within a TOD area, Transit Corridor, or for Developments along bike Tine network identified in the WSMP Illustration 8.4, twenty percent (20%) of required parking spaces may be exchanged for bicycle parking at a ratio of six (6) Bicycle Rack Spaces for each required parking space. Loading - See Section 4, Table 3 Commercial Auto -related, Drive- Thru or Drive -In Facilities - See Article 6. Civic Uses are permissible as listed in Table 1, limited by compliance with: • Minimum of one (1) parking space for every five (5) seats of assembly use shall be provided on -site or off -site within a Parking Structure`. • Minimum of one (1.) parking space for every 1,000 square feet of exhibition or recreation area, and parking spaces for other Uses as required shall be provided on - site or off -site within a Parking Structure', or provide payment -in - lieu of one (1) space per 1,000 square feet of required off-street parking into the Wynwood Parking Trust Fund. Attachment: 16182 Property Appraisals (16182 : Purchase of Property located at 41 NW 20th Street) Form SCNLGL - "TOTAL" appraisal software by a la mode, inc.- 1-800-ALAMODE Packet Pg. 168 Wynwood Zoning NRD-1 - Page 23 1.1.c • Privately -owned Public Open Space - No parking shall be required for Privately -owned Public Open Space that is in connection with a ground floor Commercial Use and provided as a Civic Space Type standard within Article 4, Table 7 of this Code. • Parking requirement may be reduced according to the Shared parking standard, Article 4, Table 5. • Minimum of one (1) Bicycle Rack Space for every twenty (20) vehicular Spaces required or within a TOD area one (1) Bicycte Rack Space required per 3,000 square feet of Civic area. • Except for sites within 500 feet of an ungated T3 Transect Zone. the parking ratio may be reduced within a TOD area or within a Transit Corridor area by up to thirty percent (30%) by process of Waiver, by up to fifty percent (50%) by process of Waiver and payment into a transit enhancement Trust Fund, as established by Chapter 35 of the City Code, or by one hundred percent (100%) for any Structure with a Floor Area of twenty thousand (20.000) square feet or less. • Within a TOD area, Transit Corridor, or for Developments along bike line network identified in the WSMP Illustration 8.4. twenty percent (20%) of required parking spaces may be exchanged for bicycle parking at a ratio of six • Privately -owned Public Open Space - No parking shall be required for Privately -owned Public Open Space that is in connection with a ground floor Commercial Use and provided as a Civic Space Type standard within Article 4, Table 7 of this Code. • Minimum of one (1) Bicycle Rack Space for every twenty (20) vehicular spaces required or within a TOD area one (1) Bicycle Rack Space required per 3,000 square feet of Civic area. • Except for sites within 500 feet of an ungated T3 Transect Zone, the parking ratio may be reduced • ithin a TOD area or within a Transit Corridor area by up to thirty percent (30%) by process of Waiver, by up to fifty percent (50%) by process of Waiver and payment into a transit enhancement Trust Fund, as established by Chapter 35 of the City Code, or by one hundred percent (100%) for any Structure with a Floor Area of twenty thousand (20.0O0) square feet or less, • Within a TOD area, Transit Corridor, or for Developments along bike Tine network identified in the WSMP Illustration 8.4, twenty percent (20%) of required parking spaces may be exchanged for bicycle parking at a ratio of six (6) Bicycle Rack Spaces for each required parking space. Loading - See Section 4, Table 3 Attachment: 16182 Property Appraisals (16182 : Purchase of Property located at 41 NW 20th Street) Form SCNLGL - "TOTAL" appraisal software by a la mode, inc.- 1-800-ALAMODE Packet Pg. 169 Wynwood Zoning NRD-1 - Page 24 1.1.c CIVIL SUPPORT See Article 4, Table 4 (6) Bicycle Rack Spaces for each required parking space. Loading - See Section 4, Table 3 Civil Support Uses are permissible as listed in Table 1, limited by compliance with: • Minimum of one (1) parking space for every 1,000 square feet of Civil Support Use shall be provided on -site or off -site within a Parking Structure', or provide payment -in -lieu of one (1) space per 1,000 square feet of required off-street parking into the Wynwood Parking Trust Fund. • Minimum of one (1) parking space for every five (5) seats of assembly use shall be provided on -site or off -site within a Parking Structure'. • Adult Daycare- Minimum of one (1) space per staff member, • Parking requirement may be reduced according to the Shared parking standard, Article 4, Table 5. • Minimum of one (1) Bicycle Rack Space for every twenty (20) vehicular spaces required or within a TOD area one (1) Bicycle Rack Space required per 3,000 square feet of Civic Support area. • Except for sites within 500 feet of an ungated T3 Transect Zone, the parking ratio may be reduced within a TOD area or within a Transit Corridor area by up to thirty percent (30%) by process of Waiver, by up to fifty percent (50%) by process of Waiver and payment into a transit Civil Support Uses are permissible as listed in Table 1, limited by compliance with: • Minimum of one (1) parking space for every 1,000 square feet of Civil Support Use shall be provided on -site or off -site within a Parking Structure', or provide payment -in -lieu of one (1) space per 1.000 square feet of required off-street parking into the Wynwood Parking Trust Fund. • Minimum of one (1) parking space for every five (5) seats of assembly use shall be provided on -site or off -site within a Parking Structure`. • Adult Daycare -Minimum of one (1) space per staff member. • Minimum of one (1) Bicycle Rack Space for every twenty (20) vehicular spaces required or within a TOD area one (1) Bicycle Rack Space required per 3,000 square feet of Civic Support area. • Except for sites within 500 feet of an ungated T3 Transect Zone, the parking ratio may be reduced within a TOD area or within a Transit Corridor area by up to thirty percent (30%) by process of Waiver. by up to fifty percent (50%) by process of Waiver and payment into a transit enhancement Trust Fund. as established by Chapter 35 of the City Code, or by one hundred percent (100%) for any Structure Attachment: 16182 Property Appraisals (16182 : Purchase of Property located at 41 NW 20th Street) Form SCNLGL - "TOTAL" appraisal software by a la mode, inc.- 1-800-ALAMODE Packet Pg. 170 Wynwood Zoning NRD-1 - Page 25 1.1.c EDUCATIONAL See Article 4, Table 4 enhancement Trust Fund, as established by Chapter 35 of the City Code. or by one hundred percent (100%) for any Structure with a Floor Area of twenty thousand (20.000) square feet or Less. • Within a TOD area, Transit Corridor, or for Developments along bike fine network identified in the WSMP Illustration 8.4, twenty percent (20%) of required parking spaces may be exchanged for bicycle parking at a ratio of six (6) Bicycle Rack Spaces for each required parking spate. Lauding - See Article 4, Table 3 Educational Uses are permissible as listed in Table 1, limited by compliance with: • Minimum of two (2) parking spaces for every 1,000 square feet of Educational Use provided on - site or off -site within a Parking Structure', or • Provide one and one-half (1.5) spaces per 1,000 square feet of Educational Use on -site or off -site within a Parking Structure', and provide payment -in -lieu of remaining half (.5) space per 1,000 square feet of required off-street parking into the Wynwood Parking Trust Fund. • Schools - Minimum of one (1) parking space for each faculty or staff member, one (1) visitor parking space per 100 students, one (1) parking space per five (5) students in grades 11 and 12 or College/University. with a Floor Area of twenty thousand (20,000) square feet or less. • Within a TOD area, Transit Corridor, or for Developments along bike Tine network identified in the WSMP Illustration 8.4, twenty percent (20%) of required parking spaces may be exchanged for bicycle parking at a ratio of six (6) Bicycle Rack Spaces for each required parking space. Loading - 5ee Article 4, Table 3 Educational Uses are permissible as listed in Table 1, limited by compliance with: • Minimum of two (2) parking spaces for every 1,000 square feet of Educational Use provided on - site or off -site within a Parking Structure', or • Provide one and one-half (1.5) spaces per 1,000 square feet of Educational Use on -site or off -site within a Parking Structure', and provide payment -in -lieu of remaining half (.5) space per 1.000 square feet of required off-street parking into the Wynwood Parking Trust Fund. • Schools - Minimum of one (1) parking space for each faculty or staff member, one (1) visitor parking space per 100 students, one (1) parking space per five (5) students in grades 11 and 12 or College/University. Attachment: 16182 Property Appraisals (16182 : Purchase of Property located at 41 NW 20th Street) Form SCNLGL -'TOTAL" appraisal software by a la mode, inc.- 1-800-ALAMODE Packet Pg. 171 Wynwood Zoning NRD-1 - Page 26 1.1.c • Childcare Facilities -Minimum of one (1) space for the owner/operator and one (1) space for each employee, and one (1) drop-off space for every ten (10) clients cared for. • Parking requirement may be reduced according to the shared parking standard. Article 4, Table 5. • Minimum of one (1) Bicycle Rack Space for every (20) vehicular spaces required or within a TOD area one (1) Bicycle Rack Space required per 3,000 square feet of Educational area. • Except for sites within 500 feet of an ungated T3 Transect Zone, the parlcing ratio may be reduced within a TOD area or within a Transit Corridor area by up to thirty percent (30%) by process of Waiver, by up to fifty percent (50%) by process of Waiver and payment into a transit enhancement Trust Fund, as established by Chapter 35 of the City Code. or by one hundred percent (100%) for any Structure with a Floor Area of twenty thousand (20,000) square feet or less. • Within a TOD area, Transit Corridor. or for Developments along bike line network identified in the WSMP Illustration 8.4, twenty percent (20%) of required parking spaces may be exchanged far bicycle parking at a ratio of six (6) Bicycle Rack Spaces for each required parking space, • Childcare Facilities -Minimum of one (1) space for the owner/operator and one (1) space for each employee, and one (1) drop-off space for every ten (10) clients cared for. • Minimum of one (1) Bicycle Rack Space for every (20) vehicular spaces required or within a TOD area one (1) Bicycle Rack Space required per 3,000 square feet of Educational area. • Except for sites within 500 feet of an ungated T3 Transect Zone, the parking ratio may be reduced within a TOD area or within a Transit Corridor area by up to thirty percent (30%) by process of Waiver. by up to fifty percent (50%) by process of Waiver and payment into a transit enhancement Trust Fund, as established by Chapter 35 of the City Code, or by one hundred percent (100%) for any Structure with a Floor Area of twenty thousand (20,000) square feet or less. • Within a TOD area, Transit Corridor, or for Developments along bike line network identified in the WSMP Illustration 8.4, twenty percent (20%) of required parking spaces may be exchanged for bicycle parking at a ratio of six (6) Bicycle Rack Spaces for each required parking space. Loading- Refer to Article 4. Table 3 Attachment: 16182 Property Appraisals (16182 : Purchase of Property located at 41 NW 20th Street) Form SCNLGL - "TOTAL" appraisal software by a la mode, inc.- 1-800-ALAMODE Packet Pg. 172 Wynwood Zoning NRD-1 - Page 27 1.1.c Loading - See Article 4. Table 3 'Pursuant to Section 3.1.1 Parking Program TABLE 2. T6 - URBAN CORE ZONE RESTRICTED LIMITED OPEN 150 150 UNITS UNITS DENSITY (UPA) PER ACRE PER ACRE RESIDENTIAL See Article 4, Table 4 150 UNITS PER ACRE See Article Residential Uses are permissible as listed in Table 1, 4, Table 4 limited by compliance wIth: • Dwelling Unit • Minimum of one and one-half (1,5) parking spaces per Dwelling Unit shall be provided on -site or off -site within a Parking Structure`; or • Provide one (1) space per Dwelling Unit on -site or off - site within a Parking Structure. and provide payment -in - lieu of remaining half (%) space per Dwelling Unit of required off-street parking into the Wynwood Parking Trust Fund. • Minimum of one (1) additional visitor parking space for every ten (10) Dwelling Units shall be provided on -site or off -site within a Parking Structure'. • Dwelling Unit 650 square feet or less • Minimum of one (1) parking spaces per Dwelling Unit shall be provided on -site or off -site within a Parking Structure, or • Payment -in -lieu of one (1) space per Dwelling Unit may be provided for off-street Parking into the Wynwood Parking Trust Fund, for the first forty (40) spaces per development project. For any required spaces after the first forty (40). payment -in -lieu of remaining half (0.5) space per Dwelling Unit of required off-street parking may be provided into the Wynwood Parking Trust Fund. • Minimum of one (1) additional visitor parking space For every ten (10) Dwelling Units shall be provided on -site or off -site within a Parking Structure'. • Live -work - Work component shall provide parking as required by the non-residential use in addition to parking Attachment: 16182 Property Appraisals (16182 : Purchase of Property located at 41 NW 20th Street) Form SCNLGL - "TOTAL" appraisal software by a la mode, inc.- 1-800-ALAMODE Packet Pg. 173 Wynwood Zoning NRD-1 - Page 28 1.1.c required for the Dwelling Unit. • Work -live - Minimum of one (1) parking spaces per Dwelling Unit shall be provided on -site or off -site within a Parking Structure'. • Minimum of one (1) additional visitor parking space for every ten (10) Work -live Units shall be provided on -site or off -site within a Parking Stn.rcture'. • Work -live Unit in excess of 2,000 square feet shall be required to provide additional parking egivalent to the Office requirement for the area above 2,000 square feet. • Adult Family -Care Homes - Minimum one (1) space per staff member and one (1) space per four (4) residents. • Community Residence - Minimum of one (1) parking space per staff member in addition to the parking required for the principal Dwelling'Unit(s). • Parking requirement may be reduced according to the shared parking standard, Section 4, Table 3. • Minimum of 1 Bicycle Rack Space for every 20 vehicular spaces required or within a TOD area, one (1) Bicycle Rack Space required per Dwelling Unit. • Except for sites within 500 feet of an ungated T3 Transect Zone, the parking ratio may be reduced within a TOD area or within a Transit Corridor area by up to thirty percent (30%) by process of Waiver. by up to fifty percent (50%) by process of Waiver and payment into a transit enhancement Trust Fund. as established by Chapter 35 of the City Code. or by one hundred percent (100%) for any Structure with a Floor Area of twenty thousand (20,000) square feet or Tess. • Within a TOD area. Transit Corridor, or for Developments along bike line network identified in the WSMP illustration 8.4, twenty percent (20%) of required parking spaces may be exchanged for bicycle parking at a ratio of six (6) Bicycle Rack Spaces for each required parking space. Loading - See Section 4. Table 3 LODGING See Article 4. See Article Lodging Uses are permissible as listed in Table 1. Table 4 4, Table 4 • Minimum of one (1) parking spaces per two (2) lodging units shall be provided on -site or off -site within a Parking Structure': or Attachment: 16182 Property Appraisals (16182 : Purchase of Property located at 41 NW 20th Street) Form SCNLGL - "TOTAL" appraisal software by a la mode, inc.- 1-800-ALAMODE Packet Pg. 174 Wynwood Zoning NRD-1 - Page 29 1.1.c OFFICE See Article 4, Table 4 See Article 4, Table 4 • Provide half (%s) space per two (2) lodging units on -site or off -site within a Parking Structure', and provide payment -in -lieu of remaining half (V2) space per two (2) lodging units of required off-street parking into the Wynwood Parking Trust Fund. • Minimum of one (1) additional visitor parking space far every ten (10) lodging unit shall be provided on -site or off -site within a Parking Structure'. • Parking requirement may be reduced according to the shared parking standard, Section 4, Table 3. • Minimum of one (1) Bicycle Rack Space for every twenty (20) vehicular spaces required or within a TOD area, one (1) Bicycle Rack Space for every five (5) lodging units. • Except for sites within 500 feet of an ungated T3 Transect Zone, the parking ratio may be reduced within a TOD area or within a Transit Corridor area by up to thirty percent (30%) by process of Waiver, by up to fifty percent (50%) by process of Waiver and payment into a transit enhancement Trust Fund, as established by Chapter 35 of the City Code, or by one hundred percent (100%) for any Structure with a Floor Area of twenty thousand (20,000) square feet or less. • Within a TOD area, Transit Corridor. or for Developments along bike line network identified in the WSMP illustration 8.4, twenty percent (20%) of required parking spaces may be exchanged for bicycle parking at a ratio of six (6) Bicycle Rack Spaces far each required parking space. Loading - See Section 4, Table 3 Office Uses are permissible as listed in Table 1. • Minimum of three (3) parking spaces for every 1,000 square feet of Office Use provided an -site or off -site within a Parking Structure. or • Provide two (2) spaces per 1,000 square feet of Office Use on -site or off -site within a Parking Structure", and provide payment -in -lieu of remaining one (1) space per 1,000 square feet of required off-street parking into the Wynwood Parking Trust Fund. • Parking requirement may be reduced according to the Shared parking standard, Section 4. Table 3, Attachment: 16182 Property Appraisals (16182 : Purchase of Property located at 41 NW 20th Street) Form SCNLGL -'TOTAL" appraisal software by a la mode, inc.- 1-800-ALAMODE Packet Pg. 175 Wynwood Zoning NRD-1 - Page 30 1.1.c COMMERCIAL See Article 4, Table 4 • Minimum of one (1) Bicycle Rack Space for every twenty (20) vehicular spaces required, or within a TOD area, one (1) Bicycle Rack Space required per3,000 square feet of Office area. • Except for sites within 500 feet of an ungated T3 Transect Zane, the parking ratio may be reduced within a TOD area or within a Transit Corridor area by up to thirty percent (30%) by process of Waiver, by up to fifty percent (50%) by process of Waiver and payment into a transit enhancement Trust Fund, as established by Chapter 35 of the City Code, or by one hundred percent (100%) for any Structure with a Floor Area of twenty thousand (20,000) square Peet or less. • Within a TOD area. Transit Corridor. or for Developments along bike line network identified in the WSMP Illustration 8.4, twenty percent (20%) of required parking spaces may be exchanged for bicycle parking at a ratio of six (6) Bicycle Rack Spaces for each required parking space. Loading - See Section 4, Table 3 See Article Commercial Uses are permissible as listed in Table 1, 4, Table 4 limited by compliance with: • A maximum Floor Area of 55,000 square feet per establishment, except for Public Storage Facilities, ▪ A Principal Building with 100 feet of Principal Frontage length or more shall require Commercial Uses along a minimum of twenty five (25%) of the ground floor facade. ▪ Minimum of three (3) parking spaces for every 1,000 square feet of Commercial Use provided on -site or off - site within a Parking Structure", except for Public Storage Facilities, minimum one (1) parking space for every 10,000 square feet with a minimum of eight (8) parking spaces; or ▪ Provide two (2) spaces per 1,000 square feet of Commercial Use on -site or off -site within a Parking Structure, and provide payment -in -lieu of remaining one (1) space per 1000 square feet of required off-street parking into the Wynwood Parking Trust Fund. • Parking requirement may be reduced according to the Shared parking standard, Section 4. Table 3, except for Attachment: 16182 Property Appraisals (16182 : Purchase of Property located at 41 NW 20th Street) Form SCNLGL -'TOTAL" appraisal software by a la mode, inc.- 1-800-ALAMODE Packet Pg. 176 Wynwood Zoning NRD-1 - Page 31 1.1.c CIVIC Public Storage Facilities. • Minimum of one (1) Bicycle Rack Space For every twenty (20) vehicular spaces required, or within a TOD area, one (1) Bicycle Rack Space required per 3,000 square feet of Commercial area. • Except far sites within 500 feet of an ungated T3 Transect Zone. the parking ratio may be reduced within a TOD area or within a Transit Corridor area by up to thirty percent (30%) by process of Waiver. by up to fifty percent (50°.) by process of Waiver and payment into a transit enhancement Trust Fund, as established by Chapter 35 of the City Code, or by one hundred percent (100%) for any Structure with a Floor Area of twenty thousand (20,000) square feet or Tess. • Within a TOD area, Transit Corridor, or for Developments along bike line network identified in the WSMP Illustration 8.4, twenty percent (20%) of required parking spaces may be exchanged for bicycle parking at a ratio of six (6) Bicycle Rack Spaces for each required parking space. Loading - See Section 4, Table 3 Commercial Auto -related - Drive-Thru or Drive -In Facilities - See Article 6. See Article 4, See Article Civic Uses are permissible as listed in Table 1, limited by Table 4 4, Table 4 compliance with; • Minimum of one (1) parking space for every five (5) Seats of assembly use shall be provided on -site or off -site within a Parking Structure`. • Minimum of one (1) parking space for every 1,000 square feet of exhibition or recreation area, and parking spaces for other Uses as required shall be provided on - site or off -site within a Parking Structure`, or provide payment -in -lieu of one (1) space per 1,000 square feet of required off-street parking into the Wynwood Parking Trust Fund. • Privately -owned Public Open Space - No parking shall be required for Privately -owned Public Open Space that is in connection with a ground floor Commercial Use and provided as a Civic Space Type standard within Article 4. Table 7 of this Cade. Attachment: 16182 Property Appraisals (16182 : Purchase of Property located at 41 NW 20th Street) Form SCNLGL - "TOTAL" appraisal software by a la mode, inc.- 1-800-ALAMODE Packet Pg. 177 Wynwood Zoning NRD-1 - Page 32 1.1.c CIVIL See Article 4, SUPPORT Table 4 • Minimum of one (1) Bicycle Rack Space for every twenty (20) vehicular spaces required, or within a TOD area, one (1) Bicycle Rack Space required per3,000 square feet of Civic area. • Except for sites within 500 feet of an ungated T3 Transect Zane, the parking ratio may he reduced within a TOD area or within a Transit Corridor area by up to thirty percent (30%) by process of Waiver, by up to fifty percent (50%) by process of Waiver and payment into a transit enhancement Trust Fund, as established by Chapter 35 of the City Code, or by one hundred percent (100%) for any Structure with a Floor Area of twenty thousand (20,000) square Peet or less. • Within a TOD area. Transit Corridor. or for Developments along bike line network identified in the WSMP Illustration 8.4, twenty percent (20%) of required parking spaces may be exchanged for bicycle parking at a ratio of six (6) Bicycle Rack Spaces for each required parking space. Loading - See Section 4, Table 3 See Article Civil Support Uses are permissible as listed in Table 1, 4, Table 4 limited by compliance with:. • Minimum of one (1) parking space for every 1,000 square feet of Civil Support Use shall be provided on -site or off -site within a Parking Structure', or provide payment -in -lieu of one (1) space per 1,000 square feet of required off-street parking into the Wynwood Parking Trust Fund. • Minimum of one (1) parking space for every five (5) seats of assembly use shall be provided on -site or off -site within a Parking Structure". • Adult Daycare- Minimum of one (1) space per staff member. • Minimum of one (1) Bicycle Rack Space for every twenty (20) vehicular spaces required, or within a TOD area, one (1) Bicycle Rack Space required per 3,000 square feet of Civic Support area. • Except for sites within 500 feet of an ungated T3 Transect Zone, the parking ratio may be reduced within a TOD area or within a Transit Corridor area by up to thirty percent (30%) by process of Waiver, by up to fifty Attachment: 16182 Property Appraisals (16182 : Purchase of Property located at 41 NW 20th Street) Form SCNLGL - "TOTAL" appraisal software by a la mode, inc.- 1-800-ALAMODE Packet Pg. 178 Wynwood Zoning NRD-1 - Page 33 1.1.c EDUCATIONAL See Article 4, Table 4 percent (50%) by process of Waiver and payment into a transit enhancement Trust Fund, as established by Chapter 35 of the City Code, or by one hundred percent (100%) for any Structure with a Floor Area of twenty thousand (20,000) square feet or less. • Within a TOD area, Transit Corridor, or for Developments along bike line network identified in the WSMP Illustration 8.4, twenty percent (20%) of required parking spaces may be exchanged for bicycle parking at a ratio of six (6) Bicycle Rack Spaces for each required parking space. Loading - See Section 4, Table 3 See Article Educational Uses are permissible as listed in Table 1, 4, Table 4 limited by compliance with: • Minimum of two (2) parking spaces for every 1,000 square feet of Educational Use provided on -site or off - site within a Parking Structure, or • Provide one and one-half (1.5) spaces per 1,000 square feet of Educational Use on -site or off -site within a Parking Structure. and provide payment -in -lieu of remaining half (.S) space per 1,000 square feet of required off-street parking into the Wynwood Parking Trust Fund. • Schools - Minimum of one (1) parking space for each faculty or staff member, one (1) visitor parking space per 100 students, one (1) parking space per five (5) students in grades 11 and 12 or College/University. • Childcare Facilities- Minimum of one (1) space for the owner/operator and one (1) space for each employee, and one (1) drop-off space for every ten (10) clients cared for. . Minimum of one (1) Bicycle Rack Space for every (20) vehicular spaces required, or within a TOD area, one (1) Bicycle Rack Space required per 3.000 square feet of Educational area. • Except for sites within 500 feet of an ungated 73 Transect Zone, the parking ratio may be reduced within a TOD area or within a Transit Corridor area by up to thirty percent (30%) by process of Waiver, by up to fifty percent (50%) by process of Waiver and payment into a transit enhancement Trust Fund. as established by Attachment: 16182 Property Appraisals (16182 : Purchase of Property located at 41 NW 20th Street) Form SCNLGL -'TOTAL" appraisal software by a la mode, inc.- 1-800-ALAMODE Packet Pg. 179 Wynwood Zoning NRD-1 - Page 34 1.1.c Chapter 35 of the City Code, or by one hundred percent (100%) for any Structure with a Floor Area of twenty thousand (20,000) square feet or less. • Within a TOD area, Transit Corridor, or for Developments along bike line network identified in the WSMP Illustration 8.4, twenty percent (20%) of required parking spaces may be exchanged for bicycle parking at a ratio of six (6) Bicycle Rack Spaces for each required parking space. Loading - See Section 4, Table 3 'Pursuant to Section 3.L1 Parking Program TABLE 2. D - DISTRICT D3 - D1 WORTS PLACE INDUSTRIAL WATERFRONT INDUSTRIAL DENSITY(UPA) 36 UNITS PER ACRE NIA N/A RESIDENTIAL Residential Uses are permissible as listed in Table 1, limited by compliance with: • Minimum of one (1) parking spaces per Unit shall be provided on -site or oft -site within a Parking Structure'. • Minimum of one (1) additional visitor parking space for every 10 Work -live Units shall be provided on -site or off -site within a Parking Structure', • Work -live Unit in excess of 2,000 square feet shall be required to provide additional parking equivalent to the Office requirement for the area above 2,000 square feet. Minimum of one (1) Bicycle Rack Space for every 20 vehicular spaces required. • Except for sites within 500 feet of an ungated T3 Transect Zone, the parking ratio may be reduced within a TOD area or within a Transit Corridor area by up to thirty percent (30%) by process of Waiver, by up to fifty percent (50%) by process of Waiver and payment into a transit enhancement Trust Fund, as established by Chapter 35 of the City Code, or by one hundred percent (100%) for any Structure with a Floor Area of twenty thousand (20,000) square feet or less. Attachment: 16182 Property Appraisals (16182 : Purchase of Property located at 41 NW 20th Street) Form SCNLGL - "TOTAL" appraisal software by a la mode, inc.- 1-800-ALAMODE Packet Pg. 180 Wynwood Zoning NRD-1 - Page 35 1.1.c LODGJ NG • Within a TOD area, Transit Corridor, or for Developments along bike line network identified in the WSMP Illustration 8.4, twenty percent (20%) of required parking spaces may be exchanged for bicycle parking at a ratio of six (6) Bicycle Rack Spaces for each required parking space. Loading - See Section 4, Table 3 Lodging Uses are permissible as listed in Tablet limited by compliance with: • Minimum of one (1) parking spaces per two (2) lodging units shall be provided on -site or off -site within a Parking Structure', or • Provide half ('A) space per two (2) lodging units an - site or off -site within a Parking Structure'. and provide payment -in -lieu of remaining half (Y) space per two (2) lodging units of required off-street parking into the Wynwood Parking Trust Fund. • Minimum aF one (1) additional visitor parking space for every ten (10) lodging unit shall be provided an -site or off -site within a Parking Structure. Parking requirement may be reduced according to the Shared Parking Standard, Section 4, Table 3. Minimum of one (1) Bicycle Rack Space for every twenty (20) vehicular spaces required. • Except for sites within 500 feet of an ungated T3 Transect Zone, the parking ratio may be reduced within a TOD area or within a Transit Corridor area by up to thirty percent (30%) by process of Waiver, by up to fifty percent (50%) by process of Waiver and payment into a transit enhancement Trust Fund, as established by Chapter 35 of the City Code; or by one hundred percent (100 G) for any Structure with a Floor Area of twenty thousand (20,000) square feet or less. • Within a TOD area. Transit Corridor, or for Developments along bike line network identified in the WSNIP Illustration 8.4, twenty percent (20%) of required parking spaces may be exchanged for bicycle parking at a ratio of six (6) Bicycle Rack Spaces for each required parking space. Loading - See Section 4, Table 3 Attachment: 16182 Property Appraisals (16182 : Purchase of Property located at 41 NW 20th Street) Form SCNLGL - "TOTAL" appraisal software by a la mode, inc.- 1-800-ALAMODE Packet Pg. 181 Wynwood Zoning NRD-1 - Page 36 1.1.c OFFICE Office Uses are permissible as listed in Table 1, limited by compliance with: • Minimum of three (3) parking spaces for every 1,000 sf of office space provided on -site or off -site within a Parking Structure', or • Provide two (2) spaces per 1,000 square feet of Office Use on -site or off -site within a Parking Structure", and provide payment -in -lieu of remaining one (1) space per 1,000 square feet of required off- street parking into the Wynwood Parking Trust Fund. Parking requirement may be reduced according to the Shared Parking Standard, Section 4, Table 3. Minimum of one (1) Bicycle Rack Space For every twenty (20) vehicular spaces required. • Except for sites within 500 feet of an ungated T3 Transect Zone. the parking ratio may be reduced within a TOD area or within a Transit Corridor area by up to thirty percent (30%) by process of Waiver, by up to fifty percent (50%) by process of Waiver and payment into a transit enhancement Trust Fund, as established by Chapter 35 of the City Code, or by one hundred percent (100%) For any Structure with a Floor Area of twenty thousand (20,000) square feet or less. • Within a TOD area. Transit Corridor, or for Developments along bike line network identified in the WSM P Illustration 8.4, twenty percent (20%) of required parking spaces may be exchanged for bicycle parking at a ratio of six (6) Bicycle Rack Spaces for each required parking space. Loading - See Section 4, Table 3 COMMERCIAL Commercial Uses are permissible as listed in Table 1, limited by compliance with: • Minimum of three (3) parking spaces for every 1,000 square Feet of Commercial Use provided on -site or off - site within a Parking Structure', except for Public Storage Facilities, minimum one (1) parking space for every 10,000 square feet with a minimum of eight (8) parking spaces; or • Provide two (2) spaces per 1,000 square feet of Commercial Use on -site or off -site within a Parking Attachment: 16182 Property Appraisals (16182 : Purchase of Property located at 41 NW 20th Street) Form SCNLGL - "TOTAL" appraisal software by a la mode, inc.- 1-800-ALAMODE Packet Pg. 182 Wynwood Zoning NRD-1 - Page 37 1.1.c CIVIC Structure', and provide payment -in -lieu of remaining one (1) space per 1,000 square feet of required off- street parking into the Wynwood Parking Trust Fund. Art Gallery - Minimum of one (1) parking space for every 1,000 square feet of Art Gallery Use shall be provided on -site or off -site within a Parking Structure`, or provide payment -in -lieu of one (1) space per 1,000 square feet of required off-street parking into the Wynwood Parking Trust Fund, Parking requirement may be reduced according to the Shared parking standard, Section 4, Table 3, except for Public Storage Facilities. Minimum of one (1) Bicycle Rack Space for every twenty (20) vehicular spaces required. • Except for sites within 500 feet of an ungated T3 Transect Zone. the parking ratio may be reduced within a TOD area or within a Transit Corridor area by up to thirty percent (30%) by process of Waiver, by up to fifty percent (50%) by process of Waiver and payment into a transft enhancement Trust Fund, as established by Chapter 35 of the City Code, or by one hundred percent (100%) for any Structure with a Floor Area of twenty thousand (20,000) square feet or less. • Within a TOD area, Transit Corridor, or for Developments along bike line network identified in the WSMP Illustration 8.4, twenty percent (20%) of required parking spaces may be exchanged for bicycle parking at a ratio of six (6) Bicycle Rack Spaces far each required parking space. Drive-Thru or Drive -In Facitities - Refer to Article 6. Loading - See Section 4, Table 3 Civic Uses are permissible as listed in Table 1, limited by compliance with: • Minimum of one (1) parking space for every five (5) seats of assembly use shall be provided on -site or off - site within a Parking Structure. • Minimum of one (1) parking space for every 1,000 square feet of exhibition or recreation area, and parking spaces for other Uses as required shall be provided on -site or off -site within a Parking Structure". or provide payment -in -lieu of one (1) space per 1,000 Attachment: 16182 Property Appraisals (16182 : Purchase of Property located at 41 NW 20th Street) Form SCNLGL - "TOTAL" appraisal software by a la mode, inc.- 1-800-ALAMODE Packet Pg. 183 Wynwood Zoning NRD-1 - Page 38 1.1.c CIVIL SUPPORT square feet of required off-street parking into the Wynwoad Parking Trust Fund. • Privately -owned Public Open Space - No parking shall be required for Privately -owned Public Open Space that is in connection with a ground floor Commercial Use and provided as a Civic Space Type standard within Article 4, Table 7 of this Code. Minimum of one (1) Bicycle Rack Space for every twenty (20) vehicular spaces required, ▪ Except for sites within 500 feet of an ungated 73 Transect Zone. the parking ratio may be reduced within a TOD area or within a Transit Corridor area by up to thirty percent (30%) by process of Waiver, by up to fifty percent (50%) by process of Waiver and payment into a transit enhancement Trust Fund. as established by Chapter 35 of the City Code, or by ane hundred percent (100%) for any Structure with a Floor Area of twenty thousand (20,000) square feet or Tess. • Within a TOD area, Transit Corridor, or for Developments along bike line network identified in the WSMP Illustration 8.4, twenty percent (20%) of required parking spaces may be exchanged for bicycle parking at a ratio of six (6) Bicycle Rack Spaces for each required parking space. Loading - See Section 4, Table 3. Civil Support Uses are permissible as listed in Table 1, limited by compliance with: • Minimum of one (1) parking space for every 1,000 square feet of Civil Support Use shall be provided on - site or off -site within a Parking Structure'. or provide payment -in -lieu of one (1) space per 1,000 square feet of required off-street parking into the Wynwood Parking. Trust Fund. • Minimum of one (1) parking space for every five (5) seats of assembly use shall be provided en -site or off - site within a Parking Structure". Adult Daycare -Minimum of one (1) space per staff member. • Minimum of one (1) Bicycle Rack Space for every twenty (20) vehicular spaces required. • Except for sites within 500 feet of an ungated T3 Transect Zone. the parking ratio may be reduced within Attachment: 16182 Property Appraisals (16182 : Purchase of Property located at 41 NW 20th Street) Form SCNLGL - "TOTAL" appraisal software by a la mode, inc.- 1-800-ALAMODE Packet Pg. 184 Wynwood Zoning NRD-1 - Page 39 1.1.c EDUCATIONAL a TOD area or within a Transit Corridor area by up to thirty percent (30%) by process of Waiver. by up to fifty percent (50%) by process of Waiver and payment into a transit enhancement Trust Fund, as established by Chapter 35 of the City Code, or by one hundred percent (100%) for any Structure with a Floor Area of twenty thousand (20,000) square feet or less. • Within a TOD area, Transit Corridor, or for Developments along bike line network identified in the WSMP Illustration 8.4, twenty percent (20%) of required parking spaces may be exchanged for bicycle parking at a ratio of six (6) Bicycle Rack Spaces for each required parking space. Loading - See Section 4, Table 3. Educational Uses are permissible as listed in Table 1, limited by compliance with: • Minimum of two (2) parking spaces for every 1,000 square feet of Educational Use provided on -site or off - site within a Parking Structure`, or • Provide one and one-half (1.5) spaces per 1,000 square feet of Educational Use on -site or off -site within a Parking Structure', and provide payment -in - lieu of remaining half (.5) space per 1,000 square feet of required off-street parking into the Wynwood Parking Trust Fund. Schools - Minimum of one (1) parking space for each faculty or staff member, one (1) visitor parking space per 100 students, one (1) parking space per five (5) students in grades 11 and 12 or College/University. Childcare Facilities - Minimum of one (1) space for the owner/ operator and one (1) space for each employee, and one (1) drop-off space for every ten (10) clients cared for. Minimum of one (1) Bicycle Rack Space for every (20) vehicular spaces required. • Except for sites within 500 feet of an ungated T3 Transect Zone, the parking ratio may be reduced within a TOD area or within a Transit Corridor area by up to thirty percent (30%) by process of Waiver. by up to fifty percent (50%) by process of Waiver and payment into a Attachment: 16182 Property Appraisals (16182 : Purchase of Property located at 41 NW 20th Street) Form SCNLGL - "TOTAL" appraisal software by a la mode, inc.- 1-800-ALAMODE Packet Pg. 185 Wynwood Zoning NRD-1 - Page 40 1.1.c transit enhancement Trust -Fund, as established by Chapter 35 of the City Code, or by one hundred percent (100%) For any Structure with a Floor Area of twenty thousand (20,000) square Feet or less. • Within a TOD area. Transit Corridor, or for Developments along bike line network identified in the WSMP Illustration 8.4, twenty percent (20%) of required parking spaces may be exchanged for bicycle parking at a ratio of six (6) Bicycle Rack Spaces for each required parking space. Loading - See Section 4. Table 3. tl4DUSTRIAL industrial Uses are permissible as listed in Table 1, limited by compliance with: • Please refer to Article 6 for additional specific requirements, • Minimum of one (1) parking spaces for every 1,000 square feet of industrial Use, except for Commercial Storage Facilities, rninimum one (1) parking space for every 10,000 square feet with a minimum of eight (8) parking spaces. Parking requirement may be reduced according to the Shared Parking Standard, Section 4, Table 3. except for Public Storage Facilities. Minimum of one (1) Bicycle Rack Space for every twenty (20) vehicular spaces required. • Except for sites within 500 feet of an ungated T3 Transect Zone, the parking ratio may be reduced within a TOD area or within a Transit Corridor area by up to thirty percent (30%) by process of Waiver, by up to fifty percent (50%) by process of Waiver and payment into a transit enhancement Trust Fund, as established by Chapter 35 of the City Code, or by one hundred percent (100%) for any Structure with a Roar Area of twenty thousand (20,000) square feet or less. • Within a TOD area, Transit Corridor, or for Developments along bike line network identified in the WSMP Illustration 8.4, twenty percent (20%) of required parking spaces may be exchanged for bicycle parking at a ratio of six (6) Bicycle Rack Spaces for each Attachment: 16182 Property Appraisals (16182 : Purchase of Property located at 41 NW 20th Street) Form SCNLGL -'TOTAL" appraisal software by a la mode, inc.- 1-800-ALAMODE Packet Pg. 186 Wynwood Zoning NRD-1 - Page 41 1.1.c required parking space. Leading - See Section 4, Tabte 3. TABLE 3 PARKING AND LOADING SHARED PARKING STANDARDS SHARED PARKING STANDARDS The shared Parking Standards Table provides the method for calculating shared Parking. for Buildings with more than one Use type. It refers to the parking requirements that appear in Table 4, Function RESIDENTIAL LODGING OFFICE COMMERCIAL ANGLE OF PARKING Function RESIDENTIAL LODGING OFFICE COMMERCIAL ACCESS AISLE WIDTH ONE WAY TRAFFIC SINGLE LOADED The parking required For arty two Functions on a Lot is calculated by dividing the number of spaces required by the lesser of the two uses by the appropriate Factor from this Table and adding the result to the greater use parking requirement For instance a Building with a Residential Use requiring 100 spaces and a Commercial Use requiring 20 spaces, the 20spar -s divided by the sharing factor of 1.2 would reduce the total requirement to 100 plus 17 spaces. For Uses not indicated in this chart on a mixed use lot a sharing factor of 1.1 shall' be allowed_ Additional sharing is allowed by VWarrant. ONE WAY TWVO WAY TRAFFIC TRAFFIC DOUBLE DOUBLE LOADED LOADED .70 23 tt 23 ft 23 ft 60 12.8ft 11.8Ft 19.3 ft 45 10.8 ft 9.5 ft 1.8.5 ft • Driveways shall have minimum of 10 feet of paved width of a one-way drive and 20 feet for a two-way drive for parking area providing 10 or more stalls. • Pedestrian entrances shall be at least 3 feet from stall, driveway or access aisle. • Allowable slopes, paving. and drainage per Florida Building Code. • off-street Parking facilities shall have a minimum vertical clearance of 7 feet. Where such a facility is to be used by trucks or loading Uses, the minimum clearance shall be 12 feet Residential and 15 feet Commercial and Industrial. • Ingress vehicular control devices shall be located so as to provide a minimum driveway of 20 feet in Attachment: 16182 Property Appraisals (16182 : Purchase of Property located at 41 NW 20th Street) Form SCNLGL - "TOTAL" appraisal software by a la mode, inc.- 1-800-ALAMODE Packet Pg. 187 Wynwood Zoning NRD-1 - Page 42 1.1.c length between the Base Building Parallel 10 ft 10 ft 20 ft Line and dispenser. For requirements of parking lots, refer to Article 9 and the City of Standard stall: 8.5 ft x 18 ft minimum Miami Off-street Parking Guides and Standards. LOADING BERTH STANDARDS RESIDENTIAL' LODGING TS, T6 From 50,000 sf fa 500,000 sf Bert Slxe 420 sf 200 sf Loading Berths 1 per first 100 units 1 per each additional 100 units orfractfon of 100. DISTRICT Greater than 500,000 sf BertSire 660 sf 200 sf Loading Berths 1 per first 1C0 units 1 per each additional 100 units or fraction of 100. From S0,000 sf to 500.000 sf From 50,000 sf to 500,000 sf Berth Size Loading Berths Berth Size L`46ng ohs NOTES Berth Types Residential': 2000=10ftii 20 ft x 12 ft Commercial": 420 sf = 12 It r 35ttx15ft Industrial': 660sf=12fta 55 ft 15 ft • Residential loading berths shall be set back a distance equal to their length. " 1 Commercial berth may be substituted by 2 Residential berths 1 Industrial berth may be substituted by 2 Commercial berths. A required Industrial or Commercial loading berth may be substituted by Attachment: 16182 Property Appraisals (16182 : Purchase of Property located at 41 NW 20th Street) Form SCNLGL - 'TOTAL" appraisal software by a la mode, inc.- 1-800-ALAMODE Packet Pg. 188 Wynwood Zoning NRD-1 - Page 43 1.1.c OFFICE COMMERCIAL.. INDUSTRIAL (Total combined Floor Area) 420 $f 200 st 1 per 300 rooms 1 per 100 rooms Greater than 500,000 sf Berth Size 660 sf 200 sf Loading Berths 1 per 300 rooms 1 per 100 rooms From 50,000 sf to 500,000 sf Berth 5le 420 sf 420 sf 420 sf Loading Berths 1st 2nd 3rd Area 50KsF- 100Ksf 100Ksf-2SOKst 250K sf - SOOK sf 420 sf 1 per 300 roams 200 sf 1 per 100 rooms Greater than 500,000 sf Berth Size Loading Berths 660 sf 1 per 300 rooms 200 sf 1 per 100 rooms From 50,000 sf to 500,000 sf Berth Size 420 sf 420 sf 420sf Loading Berths 1st 2nd 3rd Greater than 500.000 st Greater than 500,000 sf Area 50K sf 10C11C sf 100K sf - 250K sf 250K sf - SOOK sf a Commercial or Residential loading berth. by Waiver, if the size. character. and operation of the Use is found to not require the dim enslans specified and the required loading berth dimension could not otherwise be provided according to the regulations of this Code. For Developments requiring one (1) loading berth, the loading berth shall be provided on - site. Developments requiring more than one (1) loading berth.; maximum of one (1) loading berth required may be provided onstreet Ail other required loading berths For, development shall be Attachment: 16182 Property Appraisals (16182 : Purchase of Property located at 41 NW 20th Street) Form SCNLGL - "TOTAL" appraisal software by a la mode, inc.- 1-800-ALAMODE Packet Pg. 189 Wynwood Zoning NRD-1 - Page 44 1.1.c Berth Size 660 sf Loading Berths 1st SECTION 5 SPECIFIC TO ZONES 5.2 URBAN CENTERTRAN$ECTZONE (T5) Area 500K sf Berth Size 660 sf Leading Berths ist provided on - site. Area Projects not required to provide Of -street loading stall operate loading as set Forth In Sect -or, SOOK sf a. Building Disposition 1. Lot Coverage by any Building shall not exceed eighty percent (80%) of Lot Area. Additional Lot Coverage may be approved up to ninety percent (40%) by Waiver if the applicant satisfies at least one (1) of the following conditions. Flexible Lot Coverage Program a. Provision of a Roof Terrace in an amount of square footage equivalent to four (4) times the gross Lot Area obtained frorn increased Lot Coverage or twenty percent (20%) of the Building roof surface area, whichever amount is greater. b. Open Space provided off -site, within the NRD-1 boundaries, at an amount equal to the square footage obtained frorn increased Lot Coverage. The Open Space shall be provided as a Civic Space Type standard within Article 4, Table 7 of this Code. c. A cash contribution to the Wynwood Public Benefits Trust Fund equivalent to the Development's Floor Area obtained by increased Lot Coverage on a square foot basis. The value of this cash contribution will follow the provisions described in Section 3.3 (b)(5). 2. Development Waiver associated with ten percent (10%) of any particular standard pursuant to Article 7, Section 7,1.2.5 shall not be permitted for Lot Coverage within NRD-1. 3. For sites with 250 feet Frontage length or more on a single Frontage, a cross -Block pedestrian Paseo shall be provided as follows: If the Frontage Line of a site is at any point more than 250 feet from a Thoroughfare intersection or existing cross -Block pedestrian Paseo, the Building shall provide a cross -Block pedestrian Paseo. A cross -Block Pedestrian Passage is permitted by Waiver. in lieu ofa required cross -Block pedestrian Paseo, with limited vehicular access for ingress/egress to a Parking Garage or passenger drop-off area, provided the distance separation from any Thoroughfare or existing Driveway is at least sixty (60) feet and appropriate pedestrian safety features are incorporated. A cross -Block Pedestrian Passage may be roofed for 100% of its length within the NRD-1, but roofed portions shall not be counted toward Open Space requirements. If the Frontage Line of a site is at any point 550 feet from a Thoroughfare intersection or another vehicular cross -Block passage. a vehicular cross -Block passage shall be provided. b, Building Configuration Attachment: 16182 Property Appraisals (16182 : Purchase of Property located at 41 NW 20th Street) Form SCNLGL - "TOTAL" appraisal software by a la mode, inc.- 1-800-ALAMODE Packet Pg. 190 Wynwood Zoning NRD-1 - Page 45 1.1.c 1. Building Heights shall be measured in Stories and shall comply with Article 4, Table 2 and be as shown in Illustration 5.1, except as to bonus Height where applicable according to Sections 3.4 and 3,5 contained herein. Fora ground floor retail Story with a total Heigfit of twenty-five (25) feet, a parking level may be contained within the mezzanine space by Waiver if masked from the Frontage by a Liner Building or an art treatment of a design approved by the Director with the recommendation of the W D R, is provided for one hundred (100%) percent of that portion of the Facade. Louvers and other parking garage ventilation openings are not permitted along street Frontages within mezzanine space. 2. A one (1) Story Building may be allowed through the Warrant process provided that the ground level Story is no Tess than fourteen (14) feet in Height and one of the following is provided or a combination thereof: i. Green Roof treatment no less than fifty percent (50%) of the ground Development Floor Area; ii, On -site Civic Space Type including landscaping consisting of pavement, lawn, and trees as provided within Article 4, Table 7 of this Code of an area no less than forty percent (40%) of the Development Floor Area; or iii. A cash contribution to the Wynwood Public Benefits Trust Fund equivalent to the Development Lot Area on which the one (1) Story Building is placed. The value of this cash contribution will follow the provisions described in Section 3.3(b)(5). Drive-through/Drive-in Facility Uses shall not be allowed in one (1) Story Buildings. 3. Roof elements shall be permitted as follows: a. Mechanical equipment on a roof shall be visually concealed from ground -level and lateral views by parapets or screens of the minimum height necessary , but said parapets and screens shall not exceed ten (10 feet). b. Ornamental Building features, decorative elements, or similar Structures on a roof may extend up to twelve (12) feet in height. c. Trellises and fabric shade structures on a roof may extend up to twelve (12) feet in height. d. Stair and elevator,enclosures may extend up to eighteen (18) feet in height. e. Cooling towers and other non -Habitable Rooms on a roof may extend up to eighteen (18) feet in height and shall have a minimum setback of ten (10) feet from the Building Facades. f. Non -Habitable void space on a roof accommodating the depth of swimming pools; landscaping; decks; Extensive, Semi -Intensive, a nd Intensive Green Roof systems; transfer beams and other structural elements; and/or mechanical systems may extend up to six (6) feet in height. For the purposes of this subsection only, other permitted roof elements may extend above the vertical extent of the void space for the additional height specified. Non- Habitable void space may cover one hundred percent (100%) of the roof and shall not be counted as Public Benefit Floor Area. g. Habitable Spaces on the roof shall comply with the following requirements: 1. may extend up to fourteen (14) feet in height and shall have a minimum setback of ten (10) feet from Building Facades: Attachment: 16182 Property Appraisals (16182 : Purchase of Property located at 41 NW 20th Street) Form SCNLGL - "TOTAL" appraisal software by a la mode, inc.- 1-800-ALAMODE Packet Pg. 191 Wynwood Zoning NRD-1 - Page 46 1.1.c 2. may be used as amenity or Commercial Uses identified within Section 4, Table 1 Building Function: Uses and shall provide associated outdoor roof programming: 3. shall not be used as Residential Units, Lodging Units. or Office space; and 4. shall be treated as Public Benefit Floor Area for the first twenty percent (20%) and 1.5 times Public Benefit Floor Area for the additional twenty percent (20%), h. Habitable Spaces, cooling towers and other non -Habitable Rooms, mechanical equipment, and stair and elevator enclosures on a roof may; 1. cover up to twenty percent (20%) of the roof area; and 2. cover an additional 20% of the roof area, not to exceed a total of forty percent (40%), subject to providing and maintaining at least one (1) of the following: a. An Intensive Green Roof of an equivalent size of the additional area is provided and maintained; and/or b. Art treatment exceeding the minimum standards in Section 5.1.e is provided and maintained, subject to compliance with the following requirements: i. a tangible creation of an Artist; and ii. compatible with Wynwood's neighborhood character; and iii. located above the ground floor and visible from public thoroughfares; and iv. approved by the Planning Director with the recommendation of the Wynwood Design Review Committee (WDRC). i. All roof elements shall be designed to: 1. harmonize with the overall architectural intent of the building: 2. mitigate any negative visual impacts of the additional height and massing on the roof, and 3. comply with Article 4, Table 12 Design Review Criteria. j. All roof elements shall be designed and maintained to comply with Florida Building Code including, where possible, the use of Notice of Acceptance (NOA) products and any vegetated roof system shall be independent of the roof structure, to be verified by the Building Department. c. Building Function & Density Lots in T5 Transect Zones shall be permitted the maximum Density of 150 Dwelling Units per acre. d. Parking Standards Attachment: 16182 Property Appraisals (16182 : Purchase of Property located at 41 NW 20th Street) Form SCNLGL - "TOTAL" appraisal software by a la mode, inc.- 1-800-ALAMODE Packet Pg. 192 Wynwood Zoning NRD-1 - Page 47 1.1.c 1. Primary Frontage. All Parking, including drop-off drives and Porte-cocheres, open Parking areas, covered Parking, garages. Loading Spaces and service areas shall be located within the Third Layer and shall be masked from the Frontage by a Liner Building or 5treetscreen as illustrated in Article 4, Table 8. Parking may extend. into the Second Layer above the first Story. or parking level contained within a mezzanine space, by Waiver, if an art. glass, or architectural treatment, of a design to he approved by the Director. with the recommendation of the WDRC, is provided far one hundred (100%) percent of that portion of the Facade. Surface Parking may extend into the Second Layer a maximum of twenty-five percent (25%) of the length of the Primary Frontage up to a maximum of fifty (S0) feet. 2. Secondary Frontage. All Parking, open Parking areas, covered Parking, garages, Loading Spaces and service areas shall be located in the Third Layer and shall be masked from the Frontage by a Liner Building or Streetscreen for a minimum of fifty percent (50%) of the length of the Frontage. Above ground Parking may extend into the Second Layer beyond fifty percent (50%) of the length of the Frontage. by Waiver, if an art,. g#ass, or architectural treatment of a design to be approved by the director is provided for that portion of the Facade. e. Architectural Standards 1. All newly constructed Principal Building Facades along Primary and Secondary Frontages shalt: a. include and maintain art treatment along a minimum of twenty-five percent (25%) of the ground floor Facade or twenty-five percent (25%) of the Facade above the ground floor: and b. include a minimum of 70- percent (70%) art or glass treatment at the sidewalk level. 2. Art or glass treatment shall be of a design to be approved by the Planning Director with the recommendation of the Wynwood Design Review Committee (WDRC). f. Landscape Standards 1. Open Space shall be a minimum of ten percent (10%) of the Lot Area. 2. A Privately -owned Public Open Space area in connection with a ground floor Commercial Use that exceeds minimum Open Space requirements, shall be provided as a Civic Space Type standard within Article 4, Table 7 of this Code. 3. The First Layer shall be hardscaped to match the Public Frontage as described within the adopted Wynwood Streetscape Master Plan. All improvements within the Public Right -of -Way shall comply with Section 8 — Wynwood Streetscape Master Plan. BUILDING DISPOSITION BUILDING PLACEMENT Attachment: 16182 Property Appraisals (16182 : Purchase of Property located at 41 NW 20th Street) Form SCNLGL -'TOTAL" appraisal software by a la mode, inc.- 1-800-ALAMODE Packet Pg. 193 Wynwood Zoning NRD-1 - Page 48 1.1.c LOT OCCUPATION a. Lot 5,000s.f. Area min., 40.000 - With rear s,f. max, ].200 s.f. vehicular min.; 4O.0O0 acesS 5•f• max. h. Lot Width - With rear 50ft min. 16 ft. min. vehicular access G Lot 80 - 9O% Coverage r"M d. Floor Lot Ratio N/A (FLR) e. Frontage at front 70% min. Setback f. Open 1O% Lot Area Space min. g. Density YSOdulat max, CamarLat Intik. Lot BUIWINGSETBACK PARKING PLACEMENT isl IRAN 21x1Ugor & c Attachment: 16182 Property Appraisals (16182 : Purchase of Property located at 41 NW 20th Street) Form SCNLGL - "TOTAL" appraisal software by a la mode, inc.- 1-800-ALAMODE Packet Pg. 194 Wynwood Zoning NRD-1 - Page 49 1.1.c a. Principal 10 ft. Front b. 10 ft. Secondary min."" Front c Side 0 ft. min. ComerLar d.Rear 0ftmin, e. Abutting Side yr Rear T4 6ftmin 10% of Lot depth —min. Abutting 1st through Side or 2nd Rear Ta Story 26 ft rain. above 2nd Story BUILDING CONFIGURATION FRONTAGE Inlariar La. BUILDING HEIGHT Mat Bawd a. tf Common prohibited Lawn b.Porch& H Fence prohibited c. Terrace or L.C. d. Forecourt prohibited p emitted e. Stoop permitted f. Shopfrant permitted (T5 L and T5 O only) 18t 2rd Layer Layer grt L 1Ze;- 1 ■ F—I t 8 1I r j4 3t 2 1 I 1 I i 7rnn 04 AI3l f UNG SIDE & ran ALINES E EM741413 Attachment: 16182 Property Appraisals (16182 : Purchase of Property located at 41 NW 20th Street) Form SCNLGL - "TOTAL" appraisal software by a la mode, inc.- 1-800-ALAMODE Packet Pg. 195 Wynwood Zoning NRD-1 - Page 50 1.1.c g. Gallery Fr. Arcade permitted by Special Area Pisan permitted by Special Area PIarn BUILDING HEIGHT a. Miri. Heigh t b. Max. Height c. Max. Benefit Height 2 Stories 5 Stories 3 Stories (T5 0 only) Abutting all Transect Zones exceptT3 Or as modified through Flexible Lot Coverage Program 10% of Lot depth for Lots more than 120' deep 6' min for Lots less than 120' deep "' Or as modified within NRD-1 Street Master Plan "" Or as modified within Section 5.1(b)(2) ABOTl1 NG SI E & ITEM l4 1\51- LiN., SIX & R ll.? 13 '14% of Lot depth for Lots mom Than 120' ceep 6' min fof Luis less than i 2D' deep 5.2 URBAN CORE TRAN$ECTZONES (T6) a. Building Disposition 1. Setbacks for Buildings shall be as shown in Illustration 1-7.2_ Frontage Setbacks above the eighth floor for Lots having Depth measuring one hundred (100) feet or less may be a minimum of Zero (0) feet by Waiver, At Property Lines Abutting a IowerTransect Zone, the Setbacks shall reflect the transition as shown in illustration 1.7.2. 2. The Frontage Setbacks above the eighth floor shall not be required for a Frontage facing a Right -of -Way seventy (70) feet or greater in width, as described within Section 1.13 NRD-1 Street Master Plan. 3. Above the eighth floor, minimum Building spacing is twenty (20J feet. Attachment: 16182 Property Appraisals (16182 : Purchase of Property located at 41 NW 20th Street) Form SCNLGL - "TOTAL" appraisal software by a la mode, inc.- 1-800-ALAMODE Packet Pg. 196 Wynwood Zoning NRD-1 - Page 51 1.1.c 4. For sites with 250 feet Frontage length or more on a single Frontage, a cross -Block pedestrian Paseo shall be provided as follows: If the Frontage Line of site is at any point more than 250 feet from a Thoroughfare intersection or existing cross -Block pedestrian Paseo, the Building shall provide a cross -Block pedestrian Paseo, A cross -Block Pedestrian Passage is permitted by Waiver, in lieu of required cross -Block pedestrian Paseo, with limited vehicular access for ingress/egress to a Parking Garage or passenger drop-off area, provided the distance separation from any Thoroughfare or existing Driveway is at least sixty (60) feet and appropriate pedestrian safety features are incorporated. A cross -Block Pedestrian Passage may be roofed for 100% of its length within the NRD-1, but roofed portions shall not be counted toward Open Space requirements. If the Frontage Line of a site is at any point 550 feet from a Thoroughfare intersection or another vehicular cross -Block passage. a vehicular cross -Block passage shall be provided. b. Building Configuration 1. Above the eighth floor, the Building Floorplate dimensions shall be limited as follows: a. 18,000 square feet maximum for Residential Uses. b. Additional Residential Floorplate dimensions not to exceed 30,000 square feet maximum may be obtained by Waiver from transferring an equivalent amount of Floorplate area located between the third and eighth Story along a Building Principal Frontage. c. 30,000 square feet maximum for Commercial Uses and for parking d, 180 feet maximum length for Residential Uses e. 215 feet maximum length for Commercial Uses f. Balconies or any other exterior projections shall not project by a distance greater than seven (7) feet beyond the Building Floorplate maximum length in any direction g. Balconies shall not encroach more than five (5) feet into the minimum required Building spacing dimensions as required by Section 5.6.1.h: no Waivers shall be applied to this provision 2. Building Heights shall be measured in Stories and shall comply with Article 4, Table 2 of this Code and be as shown in illustration 5.2, except as to bonus Height where applicable according to Sections 3.4 and 3.5 contained herein. For a ground floor retail Story with a total height of twenty-five (25) feet, a parking level may be contained within the mezzanine space by Waiver if masked from the Frontage by a Liner Building or an art treatment of a design approved by the Director with the recommendation of the WDRC is provided for one hundred (100%) percent of that portion of the Facade. Louvers and other parking garage ventilation openings are not permitted along street Frontages within rezzanine space. 3. Roof elements shall be permitted as follows: a. Mechanical equipment on a roof shall be visually concealed from ground -level and lateral views by parapets or screens of the minimum height necessary , but said parapets and screens shall not exceed ten (10 feet) in height forT6-8. b. Ornamental Building features, decorative elements. or similar Structures on a roof may extend up to twelve (12) feet In height for T6-8. c. Trellises and fabric shade structures on a roof may extend up to fourteen (14) feet in height. d. Stairand elevator enclosures, on a roof for T6-8 may extend up to eighteen (18) feet in height. Attachment: 16182 Property Appraisals (16182 : Purchase of Property located at 41 NW 20th Street) Form SCNLGL - "TOTAL" appraisal software by a la mode, inc.- 1-800-ALAMODE Packet Pg. 197 Wynwood Zoning NRD-1 - Page 52 1.1.c e. Cooling towers and other non -Habitable Rooms on a roof may extend up to eighteen (18) feet and shall have a minimum setback of ten (10) feet from the Building Facades. f. There shall be no height limitation for ornamental elements, stair and elevator enclosures, mechanical equipment. or cooling towers on a roof fora T6-12 Transect Zone or above. g. Non -Habitable void space on a roof accommodating the depth of swimming pools; landscaping; decks: Extensive, Semi -Intensive. and Intensive Green Roof systems; transfer beams and other structural elements; and/or mechanical systems may extend up to six (6) feet in height. For the purposes of this subsection only, other permitted roof elements may extend above the vertical extent of the void space for the additional height specified. Non -Habitable void space may cover one hundred percent (100%) of the roof and shall not be counted as Public Benefit Floor Area. h, Habitable Spaces above the top Story shall comply with the following requirements- 1, may extend up to fourteen (14) feet in height and shall have a minimum setback of ten (10) feet from Building Facades: 2. may be used as amenity or Commercial Uses identified within Section 4, Table 1 Building Function: Uses and shall provide associated outdoor roof programming; 3. shall not be used as Residential Units, Lodging Units, or Office space; and 4. shall be treated as Public Benefit Floor Area for the first twenty percent (20%) and 1,5 times Public Benefit Floor Area for the additional twenty percent (20%), i. Habitable Spaces, cooling towers and other non -Habitable Rooms, mechanical equipment, and stair and elevator enclosures on a roof may: 1. cover up to twenty percent (20%) of the roof area; and 2. cover an additional 20% of the roof area, not to exceed a total of forty percent (40%), subject to providing and maintaining at beast one (1) of the following: a. An Intensive Green Roof of an equivalent size of the additional area is provided and maintained; and/or b. Art treatment exceeding the minimum standards in Section 5.1.e is provided and maintained. subject to compliance with the following requirements: i. a tangible creation of an Artist: ii. compatible with Wynwood's neighborhood character: located above the ground floor and visible from public thoroughfares; and Attachment: 16182 Property Appraisals (16182 : Purchase of Property located at 41 NW 20th Street) Form SCNLGL - "TOTAL" appraisal software by a la mode, inc.- 1-800-ALAMODE Packet Pg. 198 Wynwood Zoning NRD-1 - Page 53 1.1.c iv. approved by the Planning Director with the recommendation of the Wynwood Design Review Committee (WDRC). j. All roof elements shall be designed to: 1. harmonize with the overall architectural intent of the building: 2. mitigate any negative visual impacts of the additional height and massing on the roof; and 3. comply with Article 4, Table 12 Design Review Criteria. k. All roof elements shall be designed and maintained to comply with Florida Building Code including, where possible, the use of Notice of Acceptance (NOA) products and any vegetated roof system shall be independent of the roof structure, to be verified by the Building Department. 4. Walkway connections for circulation between Towers shall be non -Habitable Spaces. Walkway connections shall be excluded from. and not be considered as combining Building Floorplate dimensions required by this Section. so long as the walkway connection is located within the Third Layer. no greater than fifteen (15) feet in width, set back from the Facade a minimum of twenty (20) feet, walkway connections shall not be enclosed on the sides or, if enclosed, shall be one hundred percent (100%) glazed with clear glass, except for necessary structural elements. Projects providing walkway connections shall be required to comply with the minimum Building spacing requirements between towers as set forth in Appendix J, Section 5.2.a.3. c. Building Function & Density FLR limitations shall not apply to T6-8-0 properties within the NRD-1J.28 d. Architectural Standards 1. All newly constructed Principal Building Facades along Primary and Secondary Frontages shall: a. include and maintain art treatment along a minimum of twenty-five percent (25%) of the ground floor Facade or twenty-five percent (25%) of the Facade above the ground floor: and b. include a minimum of 70- percent (70%) art or glass treatment at the sidewalk level. 2. Art or glass treatment shall be of a design to be approved by the Planning Director with the recommendation of the Wynwood Design Review Committee (WDRC). e. Landscape Standards The First Layer shall be hardscaped to match the Public Frontage as described within the adopted Wynwood Streetscape Master Plan. All improvements within the Public Right -of -Way shall comply with Section 8 — Wynwootl Streetscape Master Plan. BUILDING DISPOSITION BUILDING PLACEMENT PARKING PLACEMENT Attachment: 16182 Property Appraisals (16182 : Purchase of Property located at 41 NW 20th Street) Form SCNLGL - "TOTAL" appraisal software by a la mode, inc.- 1-800-ALAMODE Packet Pg. 199 Wynwood Zoning NRD-1 - Page 54 1.1.c LOT OCCUPATION a. Lot Area h. Lat Width f. tot Coverage - 1.8 Stories - Above 8th Story 5.000 s.f. ruin.: 40,000 s.f. max. 50 ft min. 80% max. 18,000 sq. f#. max. Floorplate for Residential & Lodging"— 30.000 sq. ft max. Flaarplate for Office & Commercial d. Floor Lot Ratio NIA (FLR) e. Frontage at front Setback 70% min_ 1. ()pen 10% Lot Space Area min. 150 du/ac g. Density max.' BUILDING SETBACK BUILDING I-IEIGI-tT 9M Lam Ip 2nd M Attachment: 16182 Property Appraisals (16182 : Purchase of Property located at 41 NW 20th Street) Form SCNLGL - "TOTAL" appraisal software by a la mode, inc.- 1-800-ALAMODE Packet Pg. 200 Wynwood Zoning NRD-1 - Page 55 1.1.c 10 ft. min.''.: 15 a, Principal ft. min. Front above Oth Story 10 ft b. min.--; 15 Secondary ft, ruin. Front above Bth Story 0 ft. min,: 10 ft. min, c. Side above Bh Story o ft. min.: 10 ft. min. d. Rear above Sth Story 6 ft. min. 1st e. through 5th Abutting Story Side or 26 ft min. Rear T4 above 5th Story 10% of Lot depth" min, 1st through 2nd Story Abutting 26 ft rain. Side or 3rd through Rear T3 5th Story 46 ft. min. above 5th Story h8u11. %Orli 12 Ili meR Hg¢hli !�h Hecht 11 triann 1 it 10 a WPM 3DE6REAR ALL ZLI S IDTEPT 14813 Attachment: 16182 Property Appraisals (16182 : Purchase of Property located at 41 NW 20th Street) Form SCNLGL - "TOTAL" appraisal software by a la mode, inc.- 1-800-ALAMODE Packet Pg. 201 Wynwood Zoning NRD-1 - Page 56 1.1.c BUILDING CONFIGURATION FRONTAGE a, Common prohibited Lawn b. Porh & prohibited Fence c Terrace or L.C. d. Forecourt prohibited permitted e. Stoop permitted Shoptront g. Gallery h. Arcade permitted (T6-8 L and T6-8 0 only) permitted by Special Area Plan permitted by Special Area Flan BUILDING HEIGHT a, Min. Height b, Max, Height 2 Stories B Stories 4 Stories c, Max. Abutting all Benefit Transacts Height lanes except T3 "` Cr as rnodihed in Diagram 9" "" 10% of Lot depth for Lots more than 120' deep 6' min for Lots less than 120' deep" 8 7 6 26 inn 5 4 3 2 61 nil. 0.-14 1 ABLATING SIDE & REAR T4 8 7 lip anti. 6 5 i 2'rrit M e 3 2 V%ofLddepllt" r i i ABUii1N9S1DE&REM 13 "10% of Lot depth for Lets more than 120' deep 6' min for Lots Tess than 120' deep Attachment: 16182 Property Appraisals (16182 : Purchase of Property located at 41 NW 20th Street) Form SCNLGL - "TOTAL" appraisal software by a la mode, inc.- 1-800-ALAMODE Packet Pg. 202 Wynwood Zoning NRD-1 - Page 57 1.1.c "'' Or as modified within NRD-I Street Master Pia" Or as modified within Section 1.7.2 (WHO" SECTION 6 - LAN DSCAPE REQUIREMENTS Within the NR0-1, Article 9 of this Code shall apply, except as modified below, If such requirements conflict, NRD-1 requirements shall apply, 6.1 1NTENTAND PURPOSE Within the NRD-1, Article 9 of this Code shall apply, except as modified below or within the Wynwood Streetscape Master Plan. If such requirements conflict, NRD- 1 requirements shall apply. 6.2 LANDSCAPE AREAS IN PARKING LOTS All required or provided surface off-street Parking facilities and Parking lots shall be landscaped in accordance with the following standards, which supersede Section 9.8 of this Code: a. In order to maximize the distribution of shade, trees shall be planted throughout the interior of the Parking Lot at a minimum density of one (1) tree per eighty (80) square feet of landscaped area, exclusive of Parking lot buffers. b. For each row of parking there shall be landscaped areas with trees within the first ninety (90) linear feet, and one (1) landscaped area provided with a tree for each additional ninety (90) linear feet. When a minimum six (6) foot clear landscape area is pmvided between two (2) rows of parking, the landscape areas with trees every ninety (90) linear feet is not required. This six (6) foot wide landscape area shall be planted with trees no greater than thirty (30) feet on -center. c. For each row of parallel parking there shall be a minimum of two (2) landscape areas with trees within the first seventy-five (75) linear feet, and one (1) landscape area with a tree for each additional seventy-five (75) linear feet. The landscape areas shall be equally spaced wherever possible. d. Ail required trees shall be of an approved shade tree variety which shall attain a minimum mature crown spread greater than fifteen (15) feet. e. All parking lots adjacent to a Right -of -Way or private street shalt be screened by a continuous planting or three (3) foot high wall with a five (5) foot landscaped strip incorporating said planting or wall on private property. f. Screening shall be provided when parking stalls, access aisles. or driveways are located along any side or rear lot line. The screen shall be landscaped with a continuous hedge. and with trees no greater than thirty (30) feet on center, when the landscaped area does not abut a parking row. In certain instances, a solid and continuous wall or fence, a minimum of five (5) feet in height. may be used in lieu of the landscape area. and shall be designed and approved by the Director with the recommendation of the WDRC, in such a way as to provide a decorative effect. SECTION 7 - SIGN REGULATPONS 7.1 NRD-1 SIGN STANDARDS Attachment: 16182 Property Appraisals (16182 : Purchase of Property located at 41 NW 20th Street) Form SCNLGL - "TOTAL" appraisal software by a la mode, inc.- 1-800-ALAMODE Packet Pg. 203 Wynwood Zoning NRD-1 - Page 58 1.1.c The following Sign standards shall apply within NRD-1 for T5, TG, and D1 Transect Zones. a. Painted Wall Signs as defined within Article 1, Section 1.3 and Article 10. Table 15 shall be allowed by Right. b. All other Building Identification and Business Identification Signs shall be subject to Article 10, Table 15 Sign Design Standards and approved by the Director with the recommendation of the WDRC. c, Any Signs. including digital kiosks, located within the Public Right -of -Way shall be approved by the Department of Resilience and Public Works with the recommendation from the Wynwood BID. SECTION 8 - STREETSCAPE MASTER PLAN 8.1 NRD-1 STREETSCAPE MASTER PLAN Wynwood is transitioning from an industrial district into an active, diverse, mixed -use neighborhood. The current character of the neighborhood is demarcated. traversed, and connected by atypical block compositions and narrow rights -of -way attributed to the industrial past. The neighborhood' s predominately zoned fifty -foot ( 50') rights -of - way combined with a high percentage of nonconforming parcels makes it a challenge to balance feasible development and an adequate pedestrian environment. The NRD-1 Streetscape Master Plan creates a series of rights -of -way. establishes appropriate Setback areas and ideal sidewalk conditions to promote pedestrian activity for the future of Wynwood. Right -of -Way Street Types have been established by the City's Planning Department and Resilience and Public Works Department and applied to Wynwood's Thoroughfare network based on right-of-way width and conditions as identified in Illustration 8.3: Guidelines to specific street types. The NRD-1 'Streetscape Master Plan also serves as a set of Design Guidelines establishing a blueprint for a " living street" consisting of street trees and other streetsc.ape enhancements. a. NRD-1 Street Hierarchy The NRD-1 Street Master Plan acknowledges the relative importance of several significant Corridors known as Wynwood Corridors and NRD-1 Corridors. Due to their importance, these Corridors are given established setback provisions that are different from that of the underlying Transect Zone. h. NRD-1 Setbacks NRD-1 STREETS SETBACKS Wynwood Corridors NW 29th Street NW 20th Street NRD-1 Corridors Wynwood Thoroughfares NW 2nd Avenue NW 5th Avenue Principal and Secondary Frontage Setback is ten 0.0) feet Principal Frontage Setback is zero (0) feet All the other street right-of-way within NeD-1 that Principal and Secondary Frontage are not specified as Corridors above Setback is five (5) feet c. Alternative Rights -of -Way Alternative right-of-way sections have been created for thoroughfares between fifty (50) and one hundred (100) feet in width. A Woonerf has also been provided as an alternative right-of-way type and applied to several Attachment: 16182 Property Appraisals (16182 : Purchase of Property located at 41 NW 20th Street) Form SCNLGL - "TOTAL" appraisal software by a la mode, inc.- 1-800-ALAMODE Packet Pg. 204 Wynwood Zoning NRD-1 - Page 59 1.1.c locations throughout the NRD-1. The application of these Alternative right-of-way conditions can be seen within the Streetscape Master Plan Volume t: Design Guidelines. d. NRD-1 Streetscape Master Plan Contribution L. Street Tree Contribution: For street tree placement along Wvnwood Thoroughfares and Wvnwood/NRD Corridor, the applicant shad provide street trees pursuant to Streetscape Master Plan Volume 1: Design Guidelines, For adaptive reuse projects that have limited verge space less than four (4) feet in width, projects shall provide a cash contribution into the Wynwood Public Benefit Trust Fund for the sum of three thousand dollars ($ 3.00000/ for each street tree required along a corridor Frontage. 2. Right -of -Way Improvement Contribution: For a development project exceeding $ T, 000, 000. 00 in total value along a Wynwood Thoroughfare or Wynwoadt NRD Corridor, the applicant shall provide enhanced Right -of -Way improvements pursuant to Streetscape Master Plan Volume 1: Design Guidelines. If improvements cannot be achieved by a development, projects may provide a cash contribution Into the Enhanced Right -of -Way Improvement Trust Fund in the total amount anticipated for the Right -of -Way improvements identified within Volume 2: Data, Analysis, and illustrations. 8,2 STREETSCAPE DESIGN GUIDELINES The NRD- 1 Streetscape Guidelines shall serve as a set of requirements to improve and enhance Right -of -Way conditions. These enhancements are in conjunction with the overall intent established in the NRD-1 and will provide provisions for street trees and landscape, paving materials and hardscape, and furnishing and fighting elements, The NRD- 1 Streetscape Guidelines consist of the fallowing volumes and shall be maintained by the Planning Depar tmenl: Volume 1: Guidelines Master Plan Volume 2: Data. Analysis and Illustrations Volume 3: Design Resources Volume4: Schematic Design Sets Attachment: 16182 Property Appraisals (16182 : Purchase of Property located at 41 NW 20th Street) Form SCNLGL - "TOTAL" appraisal software by a la mode, inc.- 1-800-ALAMODE Packet Pg. 205 ZONING FEASIBILITY REPORT - Page 1 1.1.c ZONING FEASIBILITY REPORT Address{esj 41 NW 20ST, Kiwi, FL, 33127 E:Gridics s ownfor 4LL 44 nM:a w+..p ERA roll! Report Oate: 110/2023 •mow YY✓`7÷ MJ eNte w� I Yal•a.Yw�Yn Y}i. �� 'P+� �F� �aY+IMY��llNY�Ii�N1,IpIX�YYY1��1 MYbe�d� Folio Number(o) 131250590430 beee+YY,�:w n.+.i 7N.ora Y Jr4YFn AF+uY � '41 Attachment: 16182 Property Appraisals (16182 : Purchase of Property located at 41 NW 20th Street) Form SCNLGL - "TOTAL" appraisal software by a la mode, inc.- 1-800-ALAMODE Packet Pg. 206 ZONING FEASIBILITY REPORT - Page 2 1.1.c Sigh Min MEM Folgo N umber 131250510430 A sidiess 4 I MY 70ST IT4 Miami 1.01 Area I 5.550 loft Itinikg Code Cityot Miami Parcel Ianino 76-60 TABLE DE CONTMS Gridics LtL 1152f- Hagler St ZONING ALLOWANCES Property Location Allowed Uses _ 4 Maximum Lot capadly _ 5 Illustrations Statistics 7 CAPACITY ANALYSIS Maximum Capacity 8 Illustrations 9 Statistics 1 0 DETAILED INFORMATION Property Information 12 Site Plan 13 Grid ics ava ott ,"" .ogan: ke.1 140 4-4 2 Attachment: 16182 Property Appraisals (16182 : Purchase of Property located at 41 NW 20th Street) Form SCNLGL - 'TOTAL appraisal software by a la mode, inc. - 1-800-ALAMODE Packet Pg. 207 ZONING FEASIBILITY REPORT - Page 3 1.1.c MOM ■EA ZEE Folio Number 131250540430 Address 41 NW7CIST City 14brr r AERIAL 24th SI J 5t LI St OLh St I St n R Concrete Beech Brow -cry NW 20th Si NW 19tt, St Lot Area 15,500 sgft ZonlrgCade CityofMiami Parcel Toning T& 6-O ZONING ALLOWANCES Property Location Gridkcs LLC 169E FleglerSt Miami, FL IF NW 20th St 0 Z41diNG NE 25tht NE 24th St Dotebtiree by fircrvi Mabel ■114ir ler u- fi■ ePd'4Y1romAm11k N E T wo R rtp it h aa.1Ak Is# .M M1 R 'fi bR1M11 ML G ri ics �_ r YYnnpp �� �ppn� I Al ��� riM1WV�M1YJ� 4M'fMMlYM1pIpYV rRe�d�yT�rM�YM�LTYarrtT6N14�iVi�k�4d �7NIW1A a�l'MmSa FlFwl ��unrir . rta.:-�ir�'wo9M-1a'pPPbBMIppaWYOLL4'+YWYKY� °lK'P"'VW„fY �e4 gfR.�+WeS.IPPhf'Mrun, suree....,,aldvik.Sestrier 1 Attachment: 16182 Property Appraisals (16182 : Purchase of Property located at 41 NW 20th Street) Form SCNLGL - "TOTAL" appraisal software by a la mode, inc.- 1-800-ALAMODE Packet Pg. 208 ZONING FEASIBILITY REPORT - Page 4 1.1.c M▪ ON ZON 1146 A LIMA NCES e on Allowed Uses Nam Number 1312505404:10 Ailiires.s 4$ NMOST City Miami Lai Area 1 5,6(xi sAfi !Irina Code Gityot Miami Feraeeninr &Bo RESIDBEELAL COMMERCIAL pg.) Single Family Residotoe R FiVreatIATIBtablisbrrol R Community Residence R Tsuo Family %SAME* R CMP ..... Multi Family Housing R Community Facility W A Recreational Facility 1)07TitIfY. R Religious Facility Live- 4Vorli R R Regional Activity Complex E LODGING Red& Breakfast Inn Hotel CFRCE Home Office Office CIVIC SUPPORT Community Support Facility _ . I nfrasit icture and Utilities Public ParkingW R 'anti Facilities EOUCA110164L COIIIMIERDAL (1416care Auto- Related Commercial W College / University Establishment Elementary School Entertainment Eetabishment R Learning center Food Serdee EstabliShntent R SchoolW Alaol Beverage Service E - School Establishment Pester& Faaility Fl General Commercial R ci Training VocationalW Marine Related Commercial Establishment Open Air Retail Raoe of Armin* A bji IWWwrani LwEgrgillen NulAltmwd rid i cs fq.99 .10.i Gridir.s LLC Hagler Mia on, FL itt5F,=1- -747,77. • 1 Attachment: 16182 Property Appraisals (16182 : Purchase of Property located at 41 NW 20th Street) Form SCNLGL - 'TOTAL appraisal software by a la mode, inc. - 1-800-ALAMODE Packet Pg. 209 ZONING FEASIBILITY REPORT - Page 5 1.1.c ewe ZONINGALLOWANCES BEM BEE Maxim mLot Capacity Folio Numbel 131250549430 Address 41 t111r7DST I°tty Miami BUILDl eiraiS1TY Maximum Built Area 89,130fte Building Coverage 80 % Maximum Building Poorlvint 11,141 ft> t}ve(Urxj Units per Acre 150 du/acre D eilirig Unws Allowed 48 units Maximum Commercial Area 89.130 ftr Maximum Office Area 84,130ftx Maximum Commercial EstettliShment Area 55.000 ft' Minimum Open Space 111% FIBGHT LIMITATIONS (LEVELS) Total Building Heigh( 8 Le+rels Principal BurldingMae. Level (Podium) BLevels Principal BsnldingMin. Level (Podium) 1 Levels trot Area I 6.630 apfl Zoning Code CityotMiami T rnel tuning T6-6-0 sr rtk tMfl?15n.e.ee. ra,. .s. r.r...rMwvw rc..w..�e urr :. Gri ICS 4�. Y tiMW GWrM ■4 AM�ifi l�j� . ••iiJ ,I IC N,S�r 4+i w, ne�e�a� �r'�+r�+wdwas ri 5.44 'h 1l41ManW,p Gridics LLC 7e9E Hagler St Miami, FL ■ Masair 1iY rYSedE bM 'x HCri.hN �1MiV (m Mirk•`' Attachment: 16182 Property Appraisals (16182 : Purchase of Property located at 41 NW 20th Street) Form SCNLGL - "TOTAL" appraisal software by a la mode, inc.- 1-800-ALAMODE Packet Pg. 210 ZONING FEASIBILITY REPORT - Page 6 1.1.c ilia ZONING ALLOWANCES moo Illustrations FnlroNumber 131?50540430 Addiess i11 NW7©ST I:iiy Miami 5 slrn {n] Lot Area 15,5(.10 sQfl onirra Cade CityotMiami Parcel ?emu rb-1143 ELEVATION EAST ELEVATION ridics LIIC FisglerSt Miaml, FL ■� �[' ,�yr1 MI ��:rw-.t�n4 WAul.�r 1 _ row,Mrrn urf �aanY�wl�. V �� M I �� �mTi eta t, b i uHtbml /.1�M tN Psl. �ibF n� uey ey r," ,:t �.., Ir.,. ...,.�..'c"ri•"„ MIMw 4v. ca urrula wY�9r+'r F'u a+�rry R'7+t uati NrlYtmlYrnavi4. •Nr1v�.=rtvm+tn.�rM w!'q. rruwa-i.LE:r r7r4 +[ AW..r. �•ii^�I!'•�''ii�h ��p�m�yr}a(rYv rr 9e«r d uw mleranr.�rr d,+n �Y1Ncryya 1M.igm Wriw.. rp�.r) - w1,G.i �rmnee.artr M.rrne. IrR"a.�IrvY(spsi�^ YOg..1•1•^�MI"`Y�N�fWi Y4Yk1lWMe++,.SM �IYMeYf�Y.'n sy�yM a.�ryaW.F-++i $h4r .vnnl�d1+Yl -°i{ Y Attachment: 16182 Property Appraisals (16182 : Purchase of Property located at 41 NW 20th Street) Form SCNLGL - "TOTAL" appraisal software by a la mode, inc.- 1-800-ALAMODE Packet Pg. 211 ZONING FEASIBILITY REPORT - Page 7 1.1.c MEE BEE BEE Folio Number 1212505404.10 Address 41 MW73ST city Miami EGridics i hvYf dem.IIC IFararerved Aaawed Building Levels l..ot Area 15.bQO agil IonlraL:ade Cityof Miami Parcel Zoning 11-3.0 tat ae.upmticm mt ZONING ALLOWANCES Statistics Aeowsd Building Aura wry Gddics ILC 164 [ Elagler 5t Miami, FL .algal. S27.�.. "r� mfre m. Z. tiKval'+r.+�m?•cr1 IY Ww �WFNWWI�I.W4 .'+�'+AW MYs+Y�4�rw4°4K�WT'.0 iMfIR �r1re.vN 1 Attachment: 16182 Property Appraisals (16182 : Purchase of Property located at 41 NW 20th Street) Form SCNLGL - "TOTAL" appraisal software by a la mode, inc.- 1-800-ALAMODE Packet Pg. 212 ZONING FEASIBILITY REPORT - Page 8 1. 1 . c CAPACITY ANALYSIS MEM BEM Maximum Capacity Fob° Number 131250540430 Address 41 NW 71)ST ITity Miami ITITAL BUILDING AREA 75,255 ft' _ . Total Bulldog Height Staves Matilinure Buying Footprint. 11.1.41 ft, Maximum Liner Footprint 5.453 ft* Maximum %wet Fouiptint 9.947 ft' Common Space_Area 7.855 ft/ Builthnp CaNetage 80% RESIDENTIAL AREA NEF 34.860ft2 Residential Units 42 DU Residential Units Average Size 830 re Residential Height (Levels) 6 [Levels COMMERCIAL AREA NET 4,570 ft' Commercial Height (Levels) 1 levels PARKING AREA 27$39 42 Total Shared Parking Required 79 Spaces Parking Struutute Height Stew's Total Provided Parking Capacity 80 Spaces OniStreet Pa rking Capacity 10 $paces Parking Structure Capacity 70 Spaces 27.fr Parking Stru939 cture Area ot Area 15.590 soft Zoning Code Chyot Miami Parcel Immo 1140 LLC t1 Hagler St Miami, Ft •Park i ng •Commercul Resderrtal ; ; , Vrzr.-... ar Fr.a.•oarxzvzrrge=eiFzx:EaVZIrt ezp.ara U tapt",170.-,Www= tnimamasrt12;pr Vtlais471.- "rsTpx.s, ..1=-MNiTc..... wv,21 X:rarn..,Argetis .1.14-m.r. lee ^seo. 444 ==="apin 7="4"4=4."4-7.Zrar te.rrirt.as NE..511Ple,ML Attachment: 16182 Property Appraisals (16182 : Purchase of Property located at 41 NW 20th Street) Form SCNLGL - 'TOTAL appraisal software by a la mode, inc. - 1-800-ALAMODE Packet Pg. 213 ZONING FEASIBILITY REPORT - Page 9 1.1.c aab MEM ■ES Falta Number 13125054000 Address II NW ?DST I:ity Miami tra Pura I 5.650 sgil RIM rmCode City&Miami Iiarcel toning 76•8,0 r,�}f,l l�rrfti Li SITE PLAN (GROUND LEVEL). u 50 - 5 NORTH E _EVA1ION CAPACITY ANALYSIS Illustrations Gridise LLC 16g Flaglei St Miami, F1 NW 2 N Parkin) 1 Cruarnerewt • liesieetai ii .aemNurM m,M �. kln^..�a, �f a,r wrs.e+ibswn 4 Q +a` 4 /~-9.+a. a� Sfl, lal fir♦ tl 4 G ri i cs 'FIN., �w , ., .�.,. bvm}+xwwr1.1,4 4[11.r wr rrir.Z4v ns rr+r rcr4 rraaV r r a`-.crywb nK . „r��iiC iFnrx me.ed � ra+K. �w tl iw.y�ci `,iev. qa.r •.��we�ne.: IZE�'rvr no+ ^e..+w�w+in a� IYAww `�wnG mtsna.r rvv..Mwurr .vu W i� 4 9 Attachment: 16182 Property Appraisals (16182 : Purchase of Property located at 41 NW 20th Street) Form SCNLGL - "TOTAL" appraisal software by a la mode, inc.- 1-800-ALAMODE Packet Pg. 214 ZONING FEASIBILITY REPORT - Page 10 1.1.c MEM BEM Folio N umhe I 131250510430 Addres3 II NW 2Q si City M am rn Building Ef itieney IA w L.dre N„F Area •La'mmarn SF. fLnW GraVrill Y,H.nq an SiGridics •.0If1..uc untittl„er.d sus Lw tan t pt Area 1-5.5X0 agfl Zooln4 Code CilyofMiami Parcel Ianrno T -BQ sts Building Uses 01. CAPACITY ANALYSIS Statistics Gndics LLC 164 F Flagler St Miami, FL 444 IM,Whnigh wro i emlwla*,ial. Am Di R Comnnme arc t auw.nry area Building Con pvrnnn[s I7014 s... AswYww"..r+�- �rw�x MIT MI.. re e.KN rf,. rwrrw..,44A.s rC_mow. ow rwirr,ra.,;s1 7. 1wir h.d W`ri!![VI w'9wY Wr AI .R'!'�P FVMI 00V4. wiEm�rnn rR ry5NY1nN IpM r.1r717.1ty��, 1r, Attachment: 16182 Property Appraisals (16182 : Purchase of Property located at 41 NW 20th Street) Form SCNLGL - "TOTAL" appraisal software by a la mode, inc.- 1-800-ALAMODE Packet Pg. 215 ZONING FEASIBILITY REPORT - Page 11 1.1.c 'Se MEM BOO FolroNurnber 131250540430 Address 11 Liw70ST Inty YA ar rf Allowable us Resulting Freight .4. 14444..rt rww EGridics i htt oPidem C IFur arzrened i.ol Area 1 S,b00 agll 2onlwitCode GityofMiami farncllxung T680 WOn lette NW Ralking Rdgoll et per Use CAPACITY ANALYSIS Statistics Allowable vs Resulting Ai ea Ral74 SAM .a.a�r� Nw►... Gridics LI C 169 F Hagler St Miami, FL MIPS .1.n W ra.wiil Mrin .441.1114. Al m l'K 1Y.VaFor .4414 y.e a•rMr.a� aeon L h. .q' 4 .ey ry�M W,rtw.• 1', :Mul'!.L . aau•a 4 ml 4, 114,44 wtmW1k414 f1,14.44.41 nv4 h7. ��7M 1r 4.41 FVMi .. . I.,,, .Pfl,.. i� .1 I1r1r. ei '.. �.rN1" a<a� l a i...a..a �.:.Aane.....la.,� 41"'''' + w.".j. Ir .1 s�..M w • y:,,n xawl" :. , ' "y y ....Lihuiv 4.4 K �.I.4.4, aww•.,dt+. ln+w., 11 Attachment: 16182 Property Appraisals (16182 : Purchase of Property located at 41 NW 20th Street) Form SCNLGL - "TOTAL" appraisal software by a la mode, inc.- 1-800-ALAMODE Packet Pg. 216 ZONING FEASIBILITY REPORT - Page 12 1.1.c INN* MIN UNE DETAILED INFURMATION rolio Number 121750643430 101 Area 1 5,50d sqfl Gndms LtC Addis .11 HiN 20ST l'onlna Code CityoNliami iiig t, Flaglei St ity Miami runlet/wing rb-s4) Ihrtil, ft PROPERTY INFORMATION Lot Area (Property Records) 15,600 sqft (13,028 sgftGIS) Lotrea value derived from publicly available data To determine the accurate lot area a survey must be performed. . . . . . . . . Overfay NADI Wynwood -1Nynwood f*ighborhood Revitalization District Overlay Transit Or iented Deve1opment (TOD) Additional Information City Future Land Use General Commercial CountyFuture Land Use I ndustlial and OfFice-Mia mi Dade County Future land Use Master Plan 2020 - 2030 Industrial and Office Waiver Applied Available modifications FAA 500Height Limitatice -Arti cle 3, Section 31.4'. Provide a letter authorizing clearance from the Mni-Dade Aviation Department or the Federal Aviation Administration (FAA). LEliCI Certified -All new Buildings of more than 50,000 square feet of Habitable Rooms or Habitat* Space in ihe 15. T6, CI and CS zones shall be at a minimum certified as Silver by the United States Green Budding Council (USGBC) Leadership In Energy and Environmental Design (LEED) Mande rds or equivalent standards adopted or approved by the City. Off-street bicycleparking -Shall be provided for ail 74, T,Te, CS, Cl. CI -HD, and D zones, an shown in Article 4, Table 4, M'arni21. Requires VVDRC Approval . . . 'Disable Active Frontage •Extend parking above ground level on Primary, Secondary and Water Frontages (ground and second level) Bonus Height Increase- 12 stories 30% TOD parking reduction by waiver BUILDING PARAMETERS Liner BEI lding Depth 30 ft Maximum Tower Depth 70 ft Maximum Tower Length Re,sidential 180 fi Efficiency 20 I.s T44marr1ifflioilirFilrt1e`a/lmot_: Lss urpre wr.9Io=9n9cki. rriuzz.:nt,;.aZWm,l. "tcr=lyrogRIGridc-i...Ar:ihrr. 7E(719.19..t. .49[Irr......rA ;1=1.4r4M, 9 ,9,499 9 9949,991Frtlf 417 bo4 99.1 g”,Irt 47.41.7.747 f ,411 1191 at'ortittel U9s9C l'9,92 .9..9.999..90 .999.z .19w9i49.0` 9991.941.. 12 Attachment: 16182 Property Appraisals (16182 : Purchase of Property located at 41 NW 20th Street) Form SCNLGL - TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE Packet Pg. 217 ZONING FEASIBILITY REPORT - Page 13 1.1.c FolioNumbet 131250540430 Andress 41 NW70ST City Miami (.at Area I S.6,50 asift 7orri mg Code GityofMianri Parser Iximg Tb&p 324.48 C-rgrr a ft NW 20th St FrvnlageR Frontage Type Primary Type Podium Heigh( 1-8 Levels Setback 5 ft Min Frontage 8 Type Height Setback 111Mrs or.q.aee nrew.� MEM Gri ics 1r, NI LLtridajtztri Frontage Type Side Podium 1-8 Levels Of1Min ic=d ai eliW-af�oApClel Bitl re (Nola d'+nA.4Ys vn a[4�4,r¢ aerIeWlTiPd re1ic+- Yii�a�0,.6 6.0tLrPxrgn.uwWCnm SITE PLAN Gridics LtC 164 F Hagler St Miami, FL z 3 (-1 Length;12411 ft Lei-1 h:112-21 ft mmqtq� qm�� n w� d Or 1b o ._:ICFldtr na�r�wMk and �w 4�.Y ,O�i dic.«m1c u�:wc 1k r!v6 oC11 01.619 IIL Nv 1.661 qq� Luppnrrn inJgo6 +9Kw'b� rya ran rafgra: xr0rt W M fa Attachment: 16182 Property Appraisals (16182 : Purchase of Property located at 41 NW 20th Street) Form SCNLGL - "TOTAL" appraisal software by a la mode, inc.- 1-800-ALAMODE Packet Pg. 218 ZONING FEASIBILITY REPORT - Page 14 1.1.c aab l.l.a NEU Ed* Number 1217E1164o43o Address 11 NW26ST flay Miami r.ol Area I S,a10 soft 2onires Cade GityofMiami Parcel Immo T&40 SITE PLAN Gridir;s RC lri4f Flegler St Miami, FL Runtime C Frontage Type- Rear Length: 124.65 ft Type podium Podium Podium Height. 1-8 Levels 1-5 Levels 6-8 Levels Setback 0 ft Min 0 ft Mira lQ ft Min Frontage Frontage Type Secondary Length:112,35 ft Type Podium Height 1-8 Levels Setback 5 fl Min Grid■�+ 1raanLwyltln.v PlrJu N Ip Isaerellfxl krWrYlim vM Me Mnetl flldn rane�Y Ir pgm,,.1nWw7lMMrrlifz VI wm lItfenhl+emn Any um rf • `My hM1'�t�s gr�'peeµsmnYtrvn] k +Ei of t'e Wsi'4 tnnA. �'- Mf rc�p Gml���en w[Ekra=n -M Knti'tky�e' rm �A IM eC�.��r1� Fad f u� a✓yW.. a yw��ielr e�l�t]i'�n`ee �f q,. f� Es{lC iw�f>r ICCw�rlr. Y ' p ¢+CIY4 pwp� 12Ri w4+F4 R11 !ga'7.5y, RlY .re�r�lgq', I''Fr 5L IRP� p�'rf:{ gt PAfY/AI FT IY I/ +S .1111 ,T g1w/M. ,Vi lfliid��fli Y�yM iew.S Iltry Lmem., iU ,1 m* Naps... Gs nnr ft ri* gut in Aram' M f1 yw/ III 16biniv BIL**r. fdW (*4elh'4 dWl '1b71111, M.Naps...,zlrtru }L u;i: III egItilp1aI. K� �ydi .�aH 11 OO rti v wa�fl si.YW ^�flc R12+seleDr. LLs,jmiV.N L'+y>f 1p�'ds�s5i of r f'�IIF+�nLdSWq - lrrv'aY M11.01, 14 Attachment: 16182 Property Appraisals (16182 : Purchase of Property located at 41 NW 20th Street) Form SCNLGL - "TOTAL" appraisal software by a la mode, inc.- 1-800-ALAMODE Packet Pg. 219 CFN: 20200731156 BOOK 32246 PAG DATE:12/17/2020 02:23:03 PM DEED DOC 16,800.00 SURTAX 12,600.00 HARVEY RUVIN, CLERK OF COURT, MIA-DADE CTY This Instrument was prepared by: Aaron Resnick, Esq. Aaron Resnick, P.A. 100 N. Biscayne Boulevard, Suite 1607 Miami, Florida 33132 After Recording, return to: Thomas G Lee, Esq. Burton & Lee 12555 Orange Drive. 4025 Davie, Florida 33330 Property Folio Number: 01-3125-054-0430 Property Address: 41 NW 20th Street, Miami, Florida 33127 [Space Above This Line For Recording Data] WARRANTY DEED This Indenture is made this `ice day of December, 2020 between: C L Sheppard Inc., a Florida corporation, whose post office address is 1840 SW 142nd Avenue, Miami, Florida 33175 ("Grantor"), and Big Big Canasta LLC, a Florida limited liability company, whose post office address is 2760 North Bay Road, Miami Beach, Florida 33140, as to a seventy-five percent (75%) tenant -in -common interest, and 17 East Mr. P LLC, a New York limited liability company authorized to transact business in Florida, whose post office address is 2760 North Bay Road, Miami Beach, Florida 33140, as to a twenty-five percent (25%) tenant -in -common interest, as tenants in common (collectively, the "Grantee"). WITNESSETH, that said Grantor, for and in consideration of the sum of TEN AND NO/100 DOLLARS ($10.00) and other good and valuable considerations to said Grantor in hand paid by said Grantee, the receipt whereof is hereby acknowledged, has granted, bargained, and sold to the said Grantee, and Grantee's heirs and assigns forever, the following described land, situate, lying and being in Miami -Dade County, Florida, to - wit: "Lots 7 and 8, Block 12, JOHNSON & WADDELL'S ADDITION, according to the Plat thereof as recorded in Plat Book 6, Page 68, of the Public Records of Miami - Dade County, Florida." Subject to: taxes and assessments for 2021 and subsequent years; any and all conditions, restrictions, easements and limitations of record; and subject to zoning and other governmental regulations; provided, this provision shall not be deemed to reimpose same. Said Grantor does hereby fully warrant the title to said land, and will defend the same against lawful claims of all persons whomsoever. To Have and to Hold, the same unto the Grantee in fee simple forever. ""Grantor" and "Grantee" shall be used for singular or plural, natural or artificial, which terms shall include the heirs, legal representatives, successors and assigns of Grantor and Grantee whenever the context so requires or admits Page 1 of 2 Attachment: 16182 Backup (16182 : Purchase of Property located at 41 NW 20th Street) Packet Pg. 220 CFN: 20200731156 BOOK 32246 PAGE 1.1.d IN WITNESS WHEREOF, Grantor has caused these presents to be signed in his/her/its name the day and year first above written. Signed, sealed and delivered in the presence of us: Witness No. 1 POtWitness: ( Witn Print s No. ame of Wit ess: Me1�a�ct V� Voercl. GRANTOR: C L Sheppard Inc., a Florida corporation By: Cira E: Prato Its: President Address: 1840 SW 142"a Avenue, Miami, Flonda 33175 STATE OF FLORIDA COUNTY OF MIAMI-DADE The foregoing instrument was acknowledged before me by means of ❑ physical presence or online notarization on this day of December, 2020 by Cira E. Prato, as President of C L Sheppard Inc., a Florida corporation, n behalf of said com known to me or who has/have produced as identification. [SEAL or STAMP] NAZARENA MASTS 1°4, f;'-•. Notary Public - State or ,.hr.il+ Commission ; GG 26`.258 ''fdf My Comm. Expires Oct 2022 Bonded through National Nolan, Assr Notary Pdblic`'State of Florid 11 Print Name: N4a7grertel Florid? ,;5 My Commission Expires: soloct)zo22 Serial/Commission No.: G S 2.c08 Page 2 of 2 Attachment: 16182 Backup (16182 : Purchase of Property located at 41 NW 20th Street) Packet Pg. 221 OMNI Board of Commissioners Meeting June 18, 2024 1.2 OMNI REDEVELOPMENT DISTRICT COMMUNITY REDEVELOPMENT AGENCY INTER -OFFICE MEMORANDUM Board Chair Damian Pardo and Members of the CRA Board Yuci5 Isiaa Jones Executive Director Date: June 13, 2024 File: 16204 Subject: 4/5ths Bid Waiver Grant Funding Request - 1437 NW 1st Place Project Enclosures: 16204 Exhibit 16204 Proposal 16204 Property Search 16204 Notice to the Public 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 2019 CRA Redevelopment Plan ("Plan"). 1437 NW 1st Place, a 4-unit 2-bedroom multi -family apartment building in Overtown, Miami, built in 1952, falls within the Omni CRA's area. 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. The 2019 Redevelopment Plan emphasizes the importance of affordable housing, the creation of affordable housing units and includes provisions for collaborating with private entities to revitalize blighted properties. Section 4-33 of the Plan outlines that the Omni CRA can "Grant funds to assist in rehabilitation of an existing housing project." This project aligns with the Plan, which focuses on the rehabilitation of the much needed housing affordability in the area. 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 Omni CRA to provide funding to Gwendolyn L. Johnson, as a Co - Trustee of the Overtown Family Land Trust for renovation and community enhancement. Packet Pg. 222 1.2 FUNDING: $500,000.00 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: 16204 (Revision:) Printed On: 6/13/2024 Packet Pg. 223 !` 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: 16204 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 FIVE HUNDRED THOUSAND DOLLARS ($500,000.00) FOR AN AFFORDABLE HOUSING DEVELOPMENT PROJECT CONSISTING OF ONE (1) UNIT AT FIFTY PERCENT (50%) AREA MEDIAN INCOME ("AMI"), TWO (2) UNITS AT EIGHTY PERCENT (80%) AMI, AND ONE (1) UNIT AT CURRENT MARKET RATE AT THE PROPERTIES LOCATED AT 1437 NORTH WEST 1ST PLACE, MIAMI, FLORIDA 33136, WITHIN THE CRA REDEVELOPMENT AREA, TO THE OVERTOWN FAMILY LAND TRUST ("GRANTEE"); AUTHORIZING THE EXECUTIVE DIRECTOR TO DISBURSE FUNDS IN HER DISCRETION; AUTHORIZING THE EXECUTIVE DIRECTOR TO NEGOTIATE AND EXECUTE ANY AND ALL AGREEMENTS NECESSARY AND AMENDMENTS, ALL IN FORMS ACCEPTABLE TO THE GENERAL COUNSEL, FOR THE PURPOSES STATED HEREIN; ALL BEING SUBJECT TO THE AVAILABILITY OF FUNDING AND THE RENTS BEING RESTRICTED FOR TWENTY-FIVE (25) YEARS AS MORE PARTICULARLY DETAILED IN A RESTRICTIVE COVENANT TO BE RECORDED IN THE PUBLIC RECORDS OF MIAMI-DADE COUNTY, FLORIDA, AND PROVIDING FOR AN EFFECTIVE DATE. WHEREAS, the Omni Redevelopment District Community Redevelopment Agency ("CRA") is tasked with reducing slum and blight within its boundaries; and WHEREAS, the Overtown Family Land Trust ("Grantee"), submitted a request for funding to rehabilitate the property located at 1437 North West 1st Place, Miami, Florida 33136 (the "Project") consisting of four (4) total units which after rehabilitation will be rented at one (1) unit at fifty percent (50%) of Area Median Income ("AMI"), two (2) units at eighty percent (80%) AMI, and one (1) unit at current market rate as one unit is owner -occupied; and WHEREAS, a portion of the grant shall also be used to assist with additional costs of the building during construction; and WHEREAS, the 2019 Redevelopment Plan ("Plan") on page 4-32, lists the objectives of the CRA "to find ways to ensure housing remains affordable for all income levels within the City of Miami Page 3 of 4 File ID: 16204 (Revision:) Printed On: 6/13/2024 1.2 Packet Pg. 224 district, but particularly for those households' meeting workforce or lower income guidelines"; and 1.2 WHEREAS, the Plan, also on page 4-34, states the CRA can "create and implement programs to assist target income households to rehabilitate, and/or maintain the unit they currently own" and "devise and implement programs to assist housing providers in creating affordable units for target households"; and WHEREAS, the Grantee requested grant funding for the Project in an amount not to exceed five hundred thousand dollars ($500,000.00); 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 five hundred thousand dollars ($500,000.00) to be disbursed subject to the Executive Director's discretion, subject to the availability of funding; 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.Grant Funds in an amount not to exceed five hundred thousand dollars ($500,000.00) for the Project are allocated, subject to the availability of funding, from CRA's Fiscal Year 2023-2024 budget, to fund the costs as requested by the Overtown Family Land Trust located at 1437 NW 1st Place Street, Miami, Florida 33136. Section 4. The Executive Director is authorized to negotiate and execute any and all necessary documents and amendments, all in forms acceptable to the General Counsel, for the purposes stated herein, including but not limited to a restrictive covenant detailing rent maximums per units for a period of 25 years 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: x • ORGE. WYSON . III, ENERAL COUNSEL City of Miami Page 4 of 4 File ID: 16204 (Revision:) Printed On: 6/13/2024 Packet Pg. 225 1.2.a Isiaa Jones Interim Executive Director Omni CRA INTER -OFFICE MEMORANDUM TO: Board Chair Damian Pardo and Members of the CRA Board FROM: Isiaa Jones Interim Executive Director DATE: June 13, 2024 SUBJECT: 4/5ths Bid Waiver authorizing the allocation of grant funds for an affordable housing project located at 1437 NW 1st Place, located within the Omni CRA 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 2019 CRA Redevelopment Plan ("Plan"). 1437 NW 1" Place, a 4-unit 2-bedroom multi -family apartment building in Overtown, Miami, built in 1952, falls within the Omni CRA's jurisdiction. 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 much needed affordable housing at a rate affordable to residents in the area. The 2019 Redevelopment Plan emphasizes the importance of the creation of affordable housing units and includes provisions for collaborating with private entities to revitalize blighted properties. This project aligns with the Plan, which focuses on much needed affordable housing rehabilitation in the area. This proposal anticipates that the project will consist of 4 units of which, one (1) unit will be rented at 50% of Area Median Income ("AMI"), two (2) units at 80%AMI, and one (1) unit at current rate. This project also presents a unique approach and opportunity for a local government entity to collaborate on a small below -market housing project. This is a way in which local government entities can leverage CRA dollars and add equity to fill the gap in financing to achieve housing affordability in the area. RECOMMENDATION In light of the above -mentioned background information, the need for housing affordability in the area and the CRA's identified objectives in the CRA's plan to reduce slum and blight, and in consideration of the Executive Director's pledge to allocate grant funding to further affordable housing as mentioned in the Plan and, the approval of a bid waiver is recommended. Attachment: 16204 Exhibit (16204 : 4/5ths Bid Waiver Grant Funding Request -1437 NW 1st Place Project) Packet Pg. 226 1.2.b Proposal Omni CRA Rehabilitation Funding for 1437 NW 1st Place, Miami, FL 33136 Attachment: 16204 Proposal (16204 : 4/5ths Bid Waiver Grant Funding Request -1437 NW 1st Place Project) Packet Pg. 227 1.2.b Project Introduction 1437 NW 1st Place, a multifamily residential building located in Miami, FL, stands as a testament to the city's post-war development, having been erected in 1952 before the construction of 1-95. For decades, this property has been an integral part of the vibrant community of Overtown, providing a home to many residents. However, the passage of time has taken its toll, and the building now requires significant repairs and renovations. Deferred maintenance has led to issues such as mold and termite infestation, outdated plumbing and electrical systems, and general wear and tear. These challenges have resulted in decreased occupancy rates, putting the building at risk of further deterioration. To address these issues and restore the property to its full potential, a comprehensive renovation plan has is proposed here. This plan includes installing impact windows and doors, fixing the old electrical wiring, conducting roof repairs, performing stucco and painting work, and improving landscaping. These enhancements are not only aimed at revitalizing the building's appearance but also at enhancing its energy efficiency and overall durability. To ensure that the units remain accessible to low-income and workforce households, proposed rent caps have been established. This initiative seeks to provide stability for Overtown residents, safeguarding their ability to afford housing in the area. Upon completion of these renovations, 1437 NW 1st Place will once again be able to offer safe, affordable housing to the residents of Overtown. The improved energy efficiency of the building will also lead to lower utility costs for residents, and insurance costs for the owner, further enhancing affordability. Additionally, these renovations will help preserve the historic character of this pre -expressway, ensuring that it remains a valuable part of the community for years to come. Neighborhood Need The property at 1437 NW 1st Place, within the boundaries of the Omni CRA, is located in Overtown, a neighborhood with a rich cultural history and a deep-rooted sense of community. However, Overtown is facing significant challenges, including a severe shortage of affordable housing. Despite being in close proximity to downtown Miami, Overtown residents are experiencing the impacts of gentrification and rising housing costs. Many long-term residents, including low-income families and the workforce population, are struggling to afford housing in the area. The lack of affordable housing options has led to displacement and the erosion of the neighborhood's cultural fabric. The preservation of existing affordable housing, such as the Attachment: 16204 Proposal (16204 : 4/5ths Bid Waiver Grant Funding Request -1437 NW 1st Place Project) Packet Pg. 228 1.2.b property at 1437 NW 1st Place, is important to maintaining Overtown's character and ensuring that current residents can continue to call this neighborhood home. By investing in the renovation and maintenance of properties like 1437 NW 1st Place, the CRA can support the preservation of affordable housing in Overtown. This not only addresses the immediate housing needs of the community but also contributes to the long- term economic stability and cultural vitality of the neighborhood. Existing Conditions Molfunctioning HVAC System; Deteriorating exterior conditions; Damaged flooring and non-impoct windows. Outdated kitchen; Wear and tear damage to non -impact door; Energy inefficient jalousie windows. Attachment: 16204 Proposal (16204 : 4/5ths Bid Waiver Grant Funding Request -1437 NW 1st Place Project) Packet Pg. 229 1.2.b Proposed Renovations Exterior: • Installation of impact windows & doors • Roof repairs • Stucco & painting • 40-year requirements Site Improvements: • Fire alarm system installation • Parking lot repaving and striping • Exterior lighting installation • Landscaping Interior. • Mold testing and mitigation • Termite mitigation • Flooring upgrades • Plumbing upgrades • Electrical upgrades • HVAC system upgrades • Insulation & drywall • Interior painting Additional bcope of Work • General Requirements: Scope of Work, Inspections, Architectural/Engineering Plans and Specifications, Permits (Building, Mechanical, Electrical, Plumbing) • Existing Conditions: Demolition (Remove all damaged and/or deteriorated materials throughout) Haul away from property. Existing parking lot install new asphalt overlay, provide required landscaping • Concrete: Remove and replace all damaged concrete due to spalling or cracking. Provide proper reinforcement throughout • Masonry: Patch and repair all masonry unit and stuccoed plaster. Add stucco band around windows and doors for beautification • Metals: Remove and replace metal railings • Wood Plastics and Composites: Carpentry work to include new framing at walls, ceilings and floors as necessary completely redeck all floor, Provide new kitchen cabinets and bathroom vanities. Paint Exterior and Interior • Thermal and Moisture: Provide insulation and soundproofing throughout smoke detectors to be hardwired • Openings: Windows and Doors to Hurricane Impact Attachment: 16204 Proposal (16204 : 4/5ths Bid Waiver Grant Funding Request -1437 NW 1st Place Project) Packet Pg. 230 1.2.b • Install Fire Rated Gypsum Board and Ceramic Tile Flooring • Specialties: Install New Postal Boxes • Mechanical: Install New HVAC Systems at Each Unit • Electrical: Upgrade electrical service to include addition house meter rewire throughout breakers, outlets and lighting to be in compliance with new codes • Plumbing: All water piping, drainage lines, fixtures, and accessories to be changed out Financing Plan & Request The project is seeking funding for construction and financing. We are requesting $470,800 from the Omni Community Redevelopment Agency (CRA) to support the renovation and maintenance of affordable housing at 1437 NW 1st Place (folio #: 01-3136-0510), granted to Gwendolyn Johnson TRS Overtown Family Landtrust. Affordability Plan 1437 NW 1st Place currently has 4 total units. One unit is the residence of property owner Gwendolyn Johnson, one unit is rented, and two units are vacant. We propose to cap rents on all units for a period of 25 years from the substantial completion of Project. Two units will be capped at rents affordable to residents at 50% of Area Median Income (AMI), and two will be capped at 80% of AMI. The current occupant of one unit is the building owner, Ms. Gwendolyn Johnson, who may stay for as long as she desires without income or rent limit. This will ensure that the property remains affordable for low-income and workforce households without displacing Ms. Johnson from her home. When she vacates the unit, it will need to be rented at rents affordable to resident at 50% of AMI. Attachment: 16204 Proposal (16204 : 4/5ths Bid Waiver Grant Funding Request -1437 NW 1st Place Project) Packet Pg. 231 1.2.b EXHIBIT A - LEGAL DESCRIPTION WADDELLS RE -SUB OF BLK 44 PB 1-169 LOT 6 LESS WSFT ST & W1/2 OF ALLEY LYG E & ADJ CLOSED PER ORD 13492 LOT SIZE 5050 SQ FT M/L Attachment: 16204 Proposal (16204 : 4/5ths Bid Waiver Grant Funding Request -1437 NW 1st Place Project) Packet Pg. 232 EXHIBIT B - Unit Breakdown UNITS (430load aaeld;s . MN L£ti6 -;senbej 6u!pund;uea9 Jen!eM P!8 stll5/17 : P0Z9I) Iesodoad POZ91• :;uauatgaefly 4 Unit Type Unit 1 Unit 2 Unit 3 Unit 4 Set -aside: Unit Size (SF) Under A/C Unit Type Rent RENT LIMITS 50% 60% 80% 100% 120% 140% 2024 Market - Overtown 50% AM 750 2/1 1,276 2-Bedroom Rent 1,276 50%AMI 750 2/1 1,276 Gross / Year / Unit $15,312.00 1,531 $18,372.00 2,042 $24,504.00 2,553 $30,636.00 3,063 $36,756.00 3,573 $42,876.00 2,000 $24,000.00 80% AMI 750 2/1 2,000 2024 Income Limit 1 person 39,750 $ 47,700 $ 63,600 $ 79,500 95,400 111,300 80% AMI 750 2/1 2,000 2024 Income Limit 2 people 45,400 54,480 72,640 90,800 $ 108,960 $ 127,120 6,552 78,624 Packet Pg. 233 EXHIBIT C - 10-year Projection (430load aaeld;s . MN L£ti6 -;senbej 6u!pund;uea9 Jen!eM P!8 stll5/17 : P0Z9I) Iesodoad POZ91• :;uauayaefly 1437 NW 1st Place 30 YEAR CASH FLOW ANALYSIS INCOME INFLATOR EXPENSE INFLATOR INSURANCE INFLATOR NUMBER OF UNITS 3.00% 5.00% 10.00% 4 Gross Rental Income Potential Gross Income Vacancy Assumptions Year1 $ 78,624 $ 78,624 $ (19,656) 2 $ 80,983 $ 80,983 $ (20,246) 3 $ 83,412 $ 83,412 $ (20,853) 4 $ 85,915 $ 85,915 $ (21,479) 5 $ 88,492 $ 88,492 $ (22,123) 6 $ 91,147 $ 91,147 $ (22,787) 7 $ 93,881 $ 93,881 $ (23,470) 8 $ 96,698 $ 96,698 $ (24,174) 9 $ 99,599 $ 99,599 $ (24,900) 10 $ 102,586 $ 102,586 $ (25,647) 25.00% Effective Gross Income $ 58,968 $ 60,737 $ 62,559 $ 64,436 $ 66,369 $ 68,360 $ 70,411 $ 72,523 $ 74,699 $ 76,940 Less: Operating Costs $ I Month $ 19,584 $ 21,542 $ 22,620 $ 23,750 $ 24,938 $ 26,185 $ 27,494 $ 28,869 $ 30,312 $ 31,828 Mortgage & Insurance $108,849 Principal $600/unit1year $ 1,632 Landscaping $100/month $ 100 $ 1,200 $ 1,260 $ 1,323 $ 1,389 $ 1,459 $ 1,532 $ 1,608 $ 1,689 $ 1,773 $ 1,862 Maintenance $ 100 $ 4,800 $ 5,040 $ 5,292 $ 5,557 $ 5,834 $ 6,126 $ 6,432 $ 6,754 $ 7,092 $ 7,446 Management Fee 4.00% $ 197 F$ 2,359 F$ 2,429 F$ 2,502 F$ 2,577 V$ 2,655 F$ 2,734 F$ 2,816 F$ 2,901 '$ 2,988 F$ 3,078 Utilities $70/unit/Month $ 70 $ 3,360 $ 3,528 $ 3,704 $ 3,890 $ 4,084 $ 4,288 $ 4,503 $ 4,728 $ 4,964 $ 5,212 Real Estate Taxes est $ 758 $ 9,094.20 $ 9,549 $ 10,026 $ 10,528 $ 11,054 $ 11,607 $ 12,187 $ 12,796 $ 13,436 $ 14,108 Total Operating Expenses 68.51% $ 2,856 $ 40,397 $ 43,349 $ 45,468 $ 47,691 $ 50,024 $ 52,472 $ 55,041 $ 57,737 $ 60,566 $ 63,534 Net Operating Income $ 18,571 $ 17,388 $ 17,092 $ 16,745 $ 16,345 $ 15,888 $ 15,370 $ 14,786 $ 14,133 $ 13,406 Packet Pg. 234 1.2.c OFFICE OF THE PROPERTY APPRAISER Summary Report PROPERTY INFORMATION Folio Property Address Owner Mailing Address Primary Zone Primary Land Use Beds / Baths /Half Floors Living Units Actual Area Living Area Adjusted Area Lot Size Year Built 01-3136-051-0510 1437 NW 1 PL MIAMI, FL 33136-1977 GWENDOLYN L JOHNSON TRS , OVERTOWN FAMILY LAND TRUST 1347 NW 1 AVE MIAMI, FL 33136 3900 MULTI -FAMILY - 38-62 U/A 0803 MULTIFAMILY 2-9 UNITS : MULTIFAMILY 3 OR MORE UNITS 8/4/0 2 4 2,474 Sq.Ft 2,474 Sq.Ft 2,217 Sq.Ft 5,050 Sq.Ft 1952 Year Land Value Building Value Extra Feature Value Market Value Assessed Value 2023 $227,250 $308,158 2022 $75,750 $399,604 $0 $0 $535,408 $475,354 $210,441 $196,552 2021 $75,750 $131,881 $0 $207,631 $183, 773 BENEFITS INFORMATIO Benefit Save Our Homes Cap Non -Homestead Cap Homestead Second Homestead Type Assessment Reduction Assessment Reduction Exemption Exemption 2023 2022 2021 $182,878 $155,321 $23,85E $142,089 $123,481 $25,000 $25,000 $25,000 $25,000 $25,000 $25,000 Note: Not all benefits are applicable to all Taxable Values (i.e. County, School Board, City, Regional). RT LEGAL DESCH WADDELLS RE -SUB OF BLK 44 PB 1-169 LOT 6 LESS W5FT ST & W1/2 OF ALLEY LYG E & ADJ CLOSED PER ORD 13492 Generated On: 06/06/2024 2023 Aerial Photography 200 ft TAXABLE VALUE INFORMATION Year COUNTY Exemption Value Taxable Value SCHOOL BOARD Exemption Value Taxable Value CITY Exemption Value Taxable Value REGIONAL Exemption Value Taxable Value 2023 2022 2021 $50,000 $50,000 $50,000 $160,441 $146,552 $133,773 $25,000 $25,000 $25,000 $327,530 $295,033 $158,773 $50,000 $50,000 $50,000 $160,441 $146,552 $133,773 $50,000 $50,000 $50,000 $160,441 $146,552 $133,773 SALES INFORMATION Previous Sale Price 04/08/2024 $100 03/09/2017 $0 11/23/2011 $210,000 01/01/2003 $0 OR Book- Qualification Description Page 34178- Corrective, tax or QCD; min 1471 consideration 30452- Corrective, tax or QCD; min 4796 consideration 27953- 3186 20939- 2288 Qual by exam of 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: 16204 Property Search (16204 : 4/5ths Bid Waiver Grant Funding Request - 1437 NW 1st Place Project) Packet Pg. 235 1.2.d ILA* Omni CRA 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 Tuesday, June 18th, 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 property located at 1437 NW 1ST PL, MIAMI, FLORIDA TO GWENDOLYN L. JOHNSON, as a Co -Trustee of the OVERTOWN FAMILY LAND TRUST, 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 2019 Redevelopment Plan ("Plan") and Florida Statutes 163, the Board will consider funding an amount of $500,000.00 to underwrite the expenditures and costs associated with the rehabilitation of a 4-unit multifamily housing property located within the Redevelopment Area of the Omni CRA at 1437 NW 1st PL, 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, 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. 43525 Todd B. Hannon Clerk of the Board Attachment: 16204 Notice to the Public (16204 : 4/5ths Bid Waiver Grant Funding Request - 1437 NW 1st Place Project) Packet Pg. 236 OMNI Board of Commissioners Meeting June 18, 2024 1.3 OMNI REDEVELOPMENT DISTRICT COMMUNITY REDEVELOPMENT AGENCY INTER -OFFICE MEMORANDUM Board Chair Damian Pardo and Members of the CRA Board Isiaa Jones Executive Director Date: June 13, 2024 File: 16184 Subject: Horsepower Electric, Inc.- Street Lighting Enclosures: 16184 PSA-Horsepower Electric 16184 Signed Amendment No. 1 16184 Signed Amendment No. 2 16184 Signed Amendment No. 3 16184 Signed Amendment No. 4 16184 Signed Amendment No. 5 BACKGROUND: On December 12, 2013, pursuant to R-13-0497, the City Commission, approved Contract No. 352306, between the City and Horsepower for DBOM Street Lighting Design, Installation, Repairs and Maintenance. JUSTIFICATION: The Executive Director is seeking authority to negotiate and execute any and all documents necessary to access the City of Miami Contract No. RFP 352306(29) for the provision of Design -Build -Operate -Maintain ("DBOM") Street Lighting Design, Installation, Repairs, and Maintenance Services, all in a form acceptable to the General Counsel. FUNDING: Funding in an amount not to exceed $100,000.00 will be allocated from Omni CRA Account Code 10040.920501.534000.0000.00000 Packet Pg. 237 !` 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: 16184 Final Action Date: A RESOLUTION OF THE BOARD OF COMMISSIONERS OF THE OMNI REDEVELOPMENT DISTRICT COMMUNITY REDEVELOPMENT AGENCY ("OMNI CRA"), AUTHORIZING THE ACCESSING OF THE CITY OF MIAMI ("CITY") CONTRACT NO. RFP 352306(29) ("CONTRACT") WITH ATTACHMENT(S), FOR THE PROVISION OF DESIGN -BUILD -OPERATE -MAINTAIN ("DBOM") STREET LIGHTING DESIGN, INSTALLATION, REPAIRS, AND MAINTENANCE SERVICES, FOR THE OMNI CRA, PURSUANT TO SECTION 18-111 OF THE CODE OF THE CITY OF MIAMI, FLORIDA AS AMENDED ("CITY CODE"), WITH HORSEPOWER ELECTRIC INC., A FLORIDA FOR PROFIT CORPORATION, ("HORSEPOWER") BETWEEN THE CITY AND HORSEPOWER WHICH WAS COMPETITIVELY SOLICITED ON AN AS - NEEDED CONTRACTUAL BASIS, RATIFYING EXPENDITURES AND UTILIZING THE SERVICES, AND IN AN AMOUNT NOT TO EXCEED ONE HUNDRED THOUSAND DOLLARS ($100,000.00), ALLOCATING FUNDS FROM ACCOUNT NO. 10040.920501.534000.0000.00000, TITLED "OTHER CONTRACTUAL SERVICES"; SUBJECT TO THE AVAILABILITY OF FUNDS AND BUDGETARY APPROVAL, AUTHORIZING THE EXECUTIVE DIRECTOR TO EXECUTE A SUPPLEMENTAL AGREEMENT, IN A FORM ACCEPTABLE TO THE GENERAL COUNSEL, FOR SAID PURPOSE; FURTHER AUTHORIZING THE EXECUTIVE DIRECTOR TO NEGOTIATE AND EXECUTE ALL OTHER DOCUMENTS, INCLUDING ANY AMENDMENTS, RENEWALS, AND EXTENSIONS, SUBJECT TO ALLOCATIONS, APPROPRIATIONS AND BUDGETARY APPROVAL HAVING BEEN PREVIOUSLY MADE, AND IN COMPLIANCE WITH APPLICABLE PROVISIONS OF THE CITY CODE, INCLUDING, THE CITY'S PROCUREMENT ORDINANCE, ANTI -DEFICIENCY ACT, AND FINANCIAL INTEGRITY PRINCIPLES, ALL AS SET FORTH IN CHAPTER 18 OF THE CITY CODE, ALL IN FORMS ACCEPTABLE TO THE GENERAL COUNSEL, AND IN COMPLIANCE WITH APPLICABLE REGULATIONS, AS MAY BE NECESSARY FOR SAID PURPOSE. WHEREAS, the Omni Redevelopment District Community Redevelopment Agency (Omni CRA") is in need of a design -build -operate -maintain ("DBOM") street lighting design, installation, repairs, and maintenance services; and WHEREAS, the City of Miami ("City") Procurement Department ("Procurement") issued Request for Proposals No. 352306 ("RFP") for Street Lighting Services Citywide under full and open competition to obtain proposals from experienced and qualified firms for the provision of said services; and WHEREAS, the City entered into a Professional Services Agreement ("PSA") with Horsepower Electric, Inc., for the provision of lighting services; and WHEREAS, pursuant to Section 18-111 of the Code of the City of Miami, Florida, as amended ("City Code"), the Chief Procurement Officer has also determined that the City of Miami Page 2 of 3 File ID: 16184 (Revision:) Printed On: 6/13/2024 1.3 Packet Pg. 238 1.3 awarded contract between Horsepower Electric, Inc., and the City, was entered into pursuant to a competitive process in compliance with the City's laws, policies, and procedures; and WHEREAS, it is in the best interest of the Omni CRA to access the RFP, pursuant to Section 18-111 of the City Code for the DBOM services needed within in the Omni CRA area; 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 to this Resolution are adopted by reference and incorporated as if fully set forth in this Section. Section 2. The accessing of the City's RFP for the provision of Street Lighting Design, Installation, Repairs, and Maintenance services for the Omni CRA, pursuant to Section 18-111 of the City Code with Horsepower Electric, Inc., which was competitively solicited, ratifying expenditures and utilizing the services, on an as needed contractual basis is hereby authorized. Section 3. Funds in an amount not to exceed One Hundred Thousand Dollars ($100,000.00) shall be allocated from Account Code 10040.920501.534000.0000.00000, titled "Other Contractual Services", on an as -needed contractual basis, subject to the availability of funds and budgetary approval at the time of need. Section 4. The Executive Director is authorized to negotiate and execute the supplemental agreement in a form acceptable to the General Counsel for the purposes stated herein. Section 5. The Executive Director is further authorized to negotiate and execute all other documents, including any amendments, renewals, and extensions, subject to allocations, appropriations, and budgetary approval having been previously made, and in compliance with applicable provisions pursuant to Chapter 18 of the City Code, including the City's Procurement Ordinance, Anti -Deficiency Act, and Financial Integrity Principles, all as set forth in the City Code, in a form acceptable to the General Counsel, and in compliance with applicable regulations, as may be necessary for said purpose. Section 6. This Resolution shall become effective immediately upon its adoption. APPROVED AS TO FORM AND CORRECTNESS: /�. ORGE4'C. WYSON', III, ENERAL COUNSEL City of Miami Page 3 of 3 File ID: 16184 (Revision:) Printed On: 6/13/2024 Packet Pg. 239 1.3.a DESIGN -BUILD -OPERATE -MAINTAIN ("DBOM") CONTRACT FOR STREET LIGHTING DESIGN, INSTALLATION, REPAIRS AND MAINTENANCE CITYWIDE; RFP NO.: 352306, I This Contract is entered into this- day of 1+ —'" 2014 ("Contract") by and between the City of Miami, a municipal corporation of the State of Florida ("City") and Horsepower Electric, Inc., a Florida corporation ("Contractor"). Please note: the terms Bidder, Proposer, Bidder/Proposer, Successful Bidder/Proposer and Contractor are used interchangeably throughout this Contract and the Attachments hereto to refer to Horsepower Electric, Inc. RECITALS A. The City issued Request for Proposals No. 352306, 1 ("RFP") for the provision of Street Lighting Design, Installation, Repairs and Maintenance services citywide, as specified therein, from a source of supply that will give prompt and efficient service fully compliant with the terms, conditions and stipulations of the solicitation ("Services") and Contractor's proposal ("Proposal"), in response thereto, has been selected as the most qualified proposal for the provision of the Services. The RFP, as amended, and the Proposal, as supplemented, are sometimes referred to herein, collectively, as the Solicitation Documents, and are, by this reference, incorporated herein and made a part of this Contract. B. The City of Miami Commission ("Commission"), by Resolution No. R-13-0497, adopted on December 12, 2013, approved the selection of the Contractor and authorized the City Manager to execute a Contract under the terms and conditions set forth herein. NOW, THEREFORE, in consideration of the mutual covenants and promises herein contained, the Contractor and the City hereby agree as follows: Attachment: 16184 PSA-Horsepower Electric (16184 : Horsepower Electric, Inc.- Street Lighting) Packet Pg. 240 1.3.a TERMS 1. RECITALS: The recitals are true and correct and are hereby incorporated into and made a part of this Contract. 2. PRIMARY CLIENT (FIRST PRIORITY): Contractor hereby agrees that the City shall be its primary client and, as such, shall be serviced first during any and all scheduling conflicts that may arise between Contractor's obligations, duties and responsibilities under this Contract and its obligations, duties and responsibilities under any Contract that Contractor may have with any other city, county or entity to perform similar services as a result of any catastrophic events such as tornadoes, hurricanes, severe storms or any other public emergency impacting various areas at or around the same approximate time. 3. TERM: The term of this Contract shall be for five (5) years with an option to renew for two (2) additional five (5) year periods commencing on the "Effective Date" which shall be when this Contract is fully executed. The City and Contractor, upon mutual agreement, shall have the option to extend or terminate this Contract, with or without cause. Continuation of this Contract beyond the initial period shall be a City prerogative and not a right of the Contractor. This prerogative will be exercised only when such continuation is clearly in the best interest of the City. 4. OPTIONS TO EXTEND: The City Commission, based on a recommendation by the City Manager, shall have two (2) options to extend the term of this Contract for a period of five (5) years each, subject to (1) continued satisfactory perfoiinance and compliance with the specifications, terms and conditions established herein; and (ii) the availability and appropriation of funds. City Commission approval shall not be required as long as the total extended term does not exceed fifteen (15) years. 2 Attachment: 16184 PSA-Horsepower Electric (16184 : Horsepower Electric, Inc.- Street Lighting) Packet Pg. 241 1.3.a 5. SCOPE OF SERVICES: A. Contractor agrees to provide the Services as specifically described, and under the special terms and conditions set forth in Attachment "A" hereto, which, by this reference, is incorporated herein and made a part of this Contract. B. Contractor represents and warrants to the City that: (i) it possesses all qualifications, licenses and expertise required under the Solicitation Documents for the performance of the Services; (ii) it is not delinquent in the payment of any sums due the City, including payment of permit fees, occupational licenses, etc., nor in the performance of any obligations to the City; (iii) all personnel assigned to perform the Services are and shall be, at all times during the term hereof, fully qualified and trained to perform the tasks assigned to each; and (iv) the Services will be performed in the manner described in Attachment "A". 6. COMPENSATION: A. The amount of compensation payable by the City to the Contractor shall be based on the rates and schedules described in Attachment `B" hereto, which, by this reference, is incorporated herein and made a part of this Contract, provided, however, that in no event shall cumulative compensation throughout the five-year contract term exceed Seven Million Five Hundred Thousand Dollars ($7,500,000.00). The compensation limit of Seven Million Five Hundred Thousand Dollars ($7,500,000.00) shall apply separately to each of the two, future five- year renewal options, if authorized, such that the total cumulative Contract compensation shall not exceed Twenty -Two Million Five Hundred Thousand Dollars ($22,500,000.00) in the aggregate. B. Unless otherwise specifically provided in Attachment "B", payment shall be made within thirty (30) days after receipt of Contractor's proper invoice, as that term is defined by the 3 Attachment: 16184 PSA-Horsepower Electric (16184 : Horsepower Electric, Inc.- Street Lighting) Packet Pg. 242 1.3.a Local Government Prompt Payment Act, Section 218.70, et. seq., Florida Statutes, which shall include sufficient supporting documentation and contain sufficient detail to allow a proper audit of expenditures, should the City require one to be performed. Contractor shall invoice the City on a monthly basis. The hourly rates prescribed by this Contract shall remain fixed and may not be increased without a formal Amendment to this contract employing the same formalities as were used in its execution. No advance payments shall be made at any time. The City will not be liable for payment of any unauthorized or extra charge, cost, fee or reimbursable expenses not incurred in compliance with the terms of this Section. The City will never be liable to pay any charge, cost, fee or reimbursable expenses that exceed the prescribed lump sum fee or the guaranteed maximum price. 7. CONTRACT ADMINISTRATORS Contractor shall report to and work directly with both Mr. Mark Spanioli, P.E., Director, Department of Capital Improvements and Transportation Program, and Dr. Nzeribe Ihekwaba, PhD, P.E., Director, Department of Public Works, or their designees, who are hereby designated as the Contract Administrators. S. OWNERSHIP OF DOCUMENTS: Contractor understands and hereby agrees that any information, document, report or any other material whatsoever which is given by the City to Contractor or which is otherwise obtained or prepared by Contractor pursuant to or under the terms of this Contract is and shall at all times remain the property of the City. Contractor agrees not to use any such information, document, report or material for any other purpose whatsoever without the written consent of the City, which may be withheld or conditioned by the City in its sole and absolute discretion. 9. AUDIT AND INSPECTION RIGHTS: 4 Attachment: 16184 PSA-Horsepower Electric (16184 : Horsepower Electric, Inc.- Street Lighting) Packet Pg. 243 1.3.a A. The City may, at reasonable times and for a period of at least five (5) years following the date of final payment by the City to the Contractor under this Contract, audit or cause to be audited those books and records of Contractor which are related to Contractor's performance under this Contract. Contractor agrees to maintain all such books and records at its principal place of business for a period of at least five (5) years after final payment is made under this Contract. All audits shall be subject to and made in accordance with the provisions of Section 18-102 of the Code of the City of Miami, Florida ("City Code"), as amended or supplemented, from time to time. B. The City may, at reasonable times during the term hereof, inspect Contractor's facilities and perform such tests as the City deems reasonably necessary to determine whether the goods or services required to be provided by the Contractor under this Contract conform to the terms hereof Contractor shall make available to the City all reasonable facilities and assistance to facilitate the performance of tests and/or inspections by City representatives. All tests and inspections shall be subject to and made in accordance with the provisions of Section 18-100 and 18-101 of the City Code, as amended or supplemented from time to time. 10. AWARD OF CONTRACT: Contractor represents and warrants to the City that it has not employed or retained any person or company employed by the City to solicit or secure this Contract and that it has not offered to pay, paid, or agreed to pay any person any fee, commission, percentage, brokerage fee or gift of any kind contingent upon or in connection with the award of this Contract. 11. PUBLIC RECORDS: Contractor understands that, subject to the provisions of Chapter 119 of the Florida Statutes, the public shall have access, at all reasonable times, to all documents and information pertaining to City contracts. Contractor hereby agrees to allow 5 Attachment: 16184 PSA-Horsepower Electric (16184 : Horsepower Electric, Inc.- Street Lighting) Packet Pg. 244 1.3.a access by the City and the public to all documents subject to disclosure under applicable law. Contractor shall additionally comply with Section 119.0701, Florida Statutes, including without limitation : (1) keep and maintain public records that ordinarily and necessarily would be required by the City to perform this service ; (2) provide the public with access to public records on the same terms and conditions as the City would at the cost provided by Chapter 119, Florida Statutes, or as otherwise provided by law ; (3) ensure that public records that are exempt or confidential and exempt from disclosure are not disclosed except as authorized by law; (4) meet all requirements for retaining public records and transfer , at no cost, to the City all public records in its possession upon termination of this Agreement and destroy any duplicate public records that are exempt or confidential and exempt from disclosure requirements ; (5) All electronically stored public records must be provided to the City in a format compatible with the City's information technology systems. 119.0701 Contracts; public records.— (1) For purposes of this section, the term: (a) "Contractor" means an individual, partnership, corporation, or business entity that enters into a contract for services with a public agency and is acting on behalf of the public agency as provided under s. 119.011(2). (b) "Public agency" means a state, county, district, authority, or municipal officer, or department, division, board, bureau, commission, or other separate unit of government created or established by law. 6 Attachment: 16184 PSA-Horsepower Electric (16184 : Horsepower Electric, Inc.- Street Lighting) Packet Pg. 245 1.3.a (2) In addition to other contract requirements provided by law, each public agency contract for services must include a provision that requires the contractor to comply with public records laws, specifically to: (a) Keep and maintain public records that ordinarily and necessarily would be required by the public agency in order to perform the service. (b) Provide the public with access to public records on the same terms and conditions that the public agency would provide the records and at a cost that does not exceed the cost provided in this chapter or as otherwise provided by law. (c) Ensure that public records that are exempt or confidential and exempt from public records disclosure requirements are not disclosed except as authorized by law. (d) Meet all requirements for retaining public records and transfer, at no cost, to the public agency all public records in possession of the contractor upon termination of the contract and destroy any duplicate public records that are exempt or confidential and exempt from public records disclosure requirements. All records stored electronically must be provided to the public agency in a format that is compatible with the information technology systems of the public agency. (3) If a contractor does not comply with a public records request, the public agency shall enforce the contract provisions in accordance with the contract. Contractor's failure or refusal to comply with the provisions of this section shall result in the City's immediate cancellation of this Contract. 12. COMPLIANCE WITH FEDERAL, STATE AND LOCAL LAWS: Contractor understands that Contracts between private entities and local governments are subject to certain 7 Attachment: 16184 PSA-Horsepower Electric (16184 : Horsepower Electric, Inc.- Street Lighting) Packet Pg. 246 1.3.a laws, codes, rules and regulations, including, without limitation, laws pertaining to public records, conflict of interest, record keeping, etc. The City and the Contractor hereby agree to comply with and observe all applicable laws, codes and ordinances as they may be amended from time to time. 13. COMMUNITY SMALL BUSINESS ENTERPRISE ("CSBE") PARTICIPATION: In accordance with the requirements of Section 18-89(e), City Code, the Contractor must comply with the following CSBE participation requirements. All instructions, required forms and other information necessary for complying with the CSBE participation requirements are available on the CIP webpage. a) The Contractor must assign a minimum of fifteen percent (15%) of the Contract value to a respondent or to a construction related enterprise currently certified by Miami -Dade County as a Community Small Business Enterprise (CSBE) as set forth in Sec. 10-33.01 and Sec. 10-33.02 of the Miami -Dade County Code; b) Five percent (5%) of the bid amount shall be retained by the City for the CSBE requirements until said requirements are fulfilled and verified within six (6) months of Contract completion pursuant to Section 18-89 of the City Code. Failure to comply with the CSBE requirements within six (6) months of Contract completion shall result in the forfeiture of the retained amount to the City. This five percent (5%) retainage is included within the ten percent (10%) retainage normally withheld by the City; c) The Contractor shall retain the services of an independent third party to verify and certify compliance with these Community Small Business Enterprise ("CSBE") 8 Attachment: 16184 PSA-Horsepower Electric (16184 : Horsepower Electric, Inc.- Street Lighting) Packet Pg. 247 1.3.a requirements on a quarterly basis in accordance with City Code Section 18-89. Said third party shall be unaffiliated with the respondent and be properly licensed under the provisions of Section 454, 471, 473, or 481 of the Florida Statutes. The person performing the verification shall have a minimum of two (2) years of prior professional experience in contracts compliance, auditing, personnel administration, or field experience in payroll, enforcement, or investigative environment. The cost for this verification shall be included in the related contract costs. The following link is to the Miami -Dade County website where Bidders can view the current listing of certified CSBE contractors by trade. http ://www.miarnidade.gov/business/reports-certification-lists.as 14. LOCAL WORKFORCE PARTICIPATION: In accordance with the requirements of Section 18-89(f), City Code, and, unless disallowed by Florida Statutes, the Contractor must comply with the following Local Workforce Participation requirements. All instructions, required forms and other information necessary for complying with the Local Workforce Participation requirements are available on the CIP webpage. a) The Contractor must employ a minimum of fifteen percent (15%) of on -site labor from persons residing within the municipal boundaries (e.g. city limits of the City of Miami) of the City. The City residency of the onsite labor component will be subject to verification by the issuing department; b) Five percent (5%) of the bid amount shall be retained by the City as security for the verification of compliance with such requirements until said requirements are fulfilled and verified within six (6) months of Contract completion 9 Attachment: 16184 PSA-Horsepower Electric (16184 : Horsepower Electric, Inc.- Street Lighting) Packet Pg. 248 1.3.a pursuant to Section 18-89 of the City Code. Failure to comply with the Local Workforce Participation requirements within six (6) months of Contract completion shall result in the forfeiture of the retained amount to the City; c) The Contractor will be required to hold one (1) job fair within the local community for projects with a bid amount between $1,000,000 and $2,000,000; d) The Contractor will be required to hold two (2) job fairs within the local community for projects with a bid amount greater than $2,000,000; e) The Contractor shall coordinate job fairs and hiring initiatives with South Florida Workforce; f) The Contractor shall retain the services of an independent third party to verify and certify compliance with these Local Workforce Participation requirements on a quarterly basis in accordance with City Code Section 18-89. Said third party shall be unaffiliated with the Respondent and be properly licensed under the provisions of Section 454, 471, 473, or 481 of the Florida Statutes. The person performing the verification shall have a minimum of two (2) years of prior professional experience in contracts compliance, auditing, personnel administration, or field experience in payroll, enforcement, or investigative environment. The cost for this verification shall be included in the related Contract costs. 15. INDEMNIFICATION: Contractor shall indemnify, hold harmless and defend the City, its officials, officers, agents, directors, and employees, from liabilities, damages, losses, and costs, including, but not limited to reasonable attorney's fees, to the extent caused by the negligence, recklessness or intentional wrongful misconduct of Contractor and persons 10 Attachment: 16184 PSA-Horsepower Electric (16184 : Horsepower Electric, Inc.- Street Lighting) Packet Pg. 249 1.3.a employed or utilized by Contractor in the performance of this Contract and will indemnify, hold harmless and defend the City, its officials, officers, agents, directors and employees against, any civil actions, statutory or similar claims, injuries or damages arising or resulting from the permitted work, even if it is alleged that the City, its officials and/or employees were negligent. These indemnifications shall survive the term of this Contract. In the event that any action or proceeding is brought against City by reason of any such claim or demand, Contractor shall, upon written notice from City, resist and defend such action or proceeding by counsel satisfactory to City. The Contractor expressly understands and agrees that any insurance protection required by this Contract or otherwise provided by Contractor shall in no way limit the responsibility to indemnify, keep and save harmless and defend the City or its officers, employees, agents and instrumentalities as herein provided. The indemnifications provided above shall obligate Contractor to defend at its own expense to and through appellate, supplemental or bankruptcy proceeding, or to provide for such defense, at City's option, any and all claims of liability and all suits and actions of every name and description which may be brought against City whether performed by Contractor, or persons employed or utilized by Contractor. This indemnity will survive the cancellation or expiration of the Contract. This indemnity will be interpreted under the laws of the State of Florida, including without limitation and which conforms to the limitations of §725.06 and/or §725.08, Fla. Statues, as amended from time to time as applicable. Contractor shall require all Sub -Contractor Contracts to include a provision that the Sub -Contractor will indemnify the City. The Contractor hereby agrees and recognizes that the City shall not be held liable or responsible for any claims which may result from any actions or omissions of the Contractor in which the City participated either through review or concurrence of the Contractor's actions. In reviewing, approving or rejecting any 11 Attachment: 16184 PSA-Horsepower Electric (16184 : Horsepower Electric, Inc.- Street Lighting) Packet Pg. 250 1.3.a submissions by the Contractor or other acts of the Contractor, the City in no way assumes or shares any responsibility or liability of the Contractor or Sub -Contractor under this Contract. 16. FAILURE TO PERFORM / DEFAULT: The City shall be the sole judge of nonperformance under the terms of this Contract, which shall include any failure on the part of the Contractor to furnish required documents, and/or to fulfill any portion of this Contract within the time stipulated. If the City is unable to reach the Contractor or its supervisor for a period of 48 hours or if the Contractor fails to repair an outage within 48 hours of the discovery and/or notification thereof, the City reserves the right to declare the Contractor in default of this Contract or make appropriate reductions in payment to the Contractor. Upon default by the Contractor to meet any term(s) of this Contract, the City will notify the Contractor of said default(s) and the Contractor shall have three business (3) days (weekends and holidays excluded) to remedy said default(s). Contractor's failure to correct noticed defaults within the required three business (3) days shall result in this Contract being terminated upon the City's written notification to the Contractor of its decision to terminate this Contract and the effective date of the termination. The following shall constitute default: A. Failure to perform the work or deliver the goods/services required under this Contract and/or within the time required or failing to use the subcontractors, entities and personnel as identified and set forth, and to the degree specified in the Contract; B. Failure to begin the work under this Contract within the time specified. C. Failure to perform the work with sufficient workers and equipment or with sufficient materials to ensure timely completion. 12 Attachment: 16184 PSA-Horsepower Electric (16184 : Horsepower Electric, Inc.- Street Lighting) Packet Pg. 251 1.3.a D. Neglecting or refusing to remove materials or perform new work where prior work has been rejected as nonconforming with the terms of this Contract. E. Becoming insolvent, being declared bankrupt, or committing any act of bankruptcy or insolvency, or making an assignment for the benefit of creditors, if the insolvency, bankruptcy, or assignment renders the Contractor incapable of performing the work in accordance with and as required by this Contract. F. Failure to comply with any of the terms of this Contract in any material respect. All costs and charges incurred by the City as a result of a default or a default incurred beyond the time limits stated, together with the cost of completing the work, shall be deducted from any monies due or which may become due under this Contract. 17. RESOLUTION OF CONTRACT DISPUTES (Sec. 18-105 of the City of Miami Code): Upon the approval of the City Attorney, the City Manager shall have the authority to resolve controversies between the Contractor and the City which arise in connection with performance under this Contract, provided, however, that, in cases involving an amount greater than $25,000, the City Commission must approve the City Manager's decision. Such authority extends, without limitation, to controversies based upon breach of Contract, mistake, misrepresentation or lack of complete performance, and shall be invoked by the City or the Contractor by submission of a protest to the City Manager. If a dispute is not resolved by mutual consent, the City Manager shall promptly render a written report stating the reasons for the action taken by the City Commission or the City Manager which shall be final and conclusive. A copy of the decision shall be immediately provided to the protesting party, along with a notice of such party's right to seek judicial relief, provided that the protesting party shall not be entitled to 13 Attachment: 16184 PSA-Horsepower Electric (16184 : Horsepower Electric, Inc.- Street Lighting) Packet Pg. 252 1.3.a such judicial relief without first having followed the procedure set forth in Section 18-105 of the City of Miami Code. 18. CITY'S TERMINATION RIGHTS: A. FOR DEFAULT: If Contractor defaults in its performance under this Contract and does not cure the default(s) within 3 business days after written notice of said default(s), the City Manager may terminate this Contract, in whole or in part, upon written Notice of Termination without penalty to the City. In such event, the Contractor shall be liable for damages including the excess cost of procuring similar supplies or services: provided that if, (1) it is determined for any reason that the Contractor was not in default or (2) the Contractor's failure to perform is without his or his subcontractor's control, fault or negligence, the termination will be deemed to be a termination for the convenience of the City of Miami. B. FOR CONVENIENCE: The City Manager may terminate this Contract, in whole or in part, upon 30 days prior written notice when it is in the best interests of the City. If this Contract is for supplies, products, equipment, or software, and so terminated for the convenience by the City, the Contractor will be compensated in accordance with an agreed upon adjustment of cost. To the extent that this Contract is for services and so terminated, the City of Miami shall be liable only for payment in accordance with the payment provisions of the Contract for those services rendered prior to termination. 19. INSURANCE: Contractor shall, at all times during the term hereof, maintain insurance coverage and limits of insurance in accordance with Attachment "C". All such insurance, including renewals, shall be subject to the approval of the City for adequacy of protection and evidence of such coverage shall be furnished to the City on Certificates of Insurance indicating such insurance to be in force and effect and providing that it will not be. 14 Attachment: 16184 PSA-Horsepower Electric (16184 : Horsepower Electric, Inc.- Street Lighting) Packet Pg. 253 1.3.a canceled during the performance of the services under this contract without thirty (30) calendar days prior written notice to the City. Completed Certificates of Insurance shall be filed with the City prior to the performance of services hereunder, provided, however, that Contractor shall at any time upon request file duplicate copies of the policies of such insurance with the City. If, in the judgment of the City, prevailing conditions warrant the provision by Contractor of additional liability insurance coverage or coverage which is different in kind, the City reserves the right to require the provision by Contractor of an amount of coverage different from the amounts or kind previously required and shall afford written notice of such change in requirements thirty (30) days prior to the date on which the requirements shall take effect. Should the Contractor fail or refuse to satisfy the requirement of changed coverage within thirty (30) days following the City's written notice, this Contract shall be considered terminated on the date that the required change in policy coverage would otherwise take effect. 20. NONDISCRIMINATION: Contractor represents and warrants to the City that Contractor does not and will not engage in discriminatory practices and that there shall be no discrimination in connection with Contractor's performance under this Contract on account of race, color, sex, religion, age, handicap, marital status or national origin. Contractor further covenants that no otherwise qualified individual shall, solely by reason of his/her race, color, sex, religion, age, handicap, marital status or national origin, be excluded from participation in, be denied services, or be subject to discrimination under any provision of this Contract. 21. ASSIGNMENT: This Contract shall not be assigned by Contractor, in whole or in part, without the prior written consent of the City's, which may be withheld or conditioned, in the City's sole discretion. 15 Attachment: 16184 PSA-Horsepower Electric (16184 : Horsepower Electric, Inc.- Street Lighting) Packet Pg. 254 1.3.a 22. NOTICES: All notices or other communications required under this Contract shall be in writing and shall be given by hand -delivery or by registered or certified U.S. Mail, return receipt requested, addressed to the other party at the address indicated herein or to such other address as a party may designate by notice given as herein provided. Notice shall be deemed given on the day on which personally delivered; or, if by mail, on the fifth day after being posted or the date of actual receipt, whichever is earlier. TO CONTRACTOR: TO THE CITY: Michael Martinez, Vice President Horsepower Electric, Inc. 8105 W. 20th Avenue Hialeah, FL 33014 23. MISCELLANEOUS PROVISIONS: A. Johnny Martinez, P.E. City Manager 3500 Pan American Drive Miami, Florida 33133 Mark Spanioli, P.E. Director Capital Improvements Program City of Miami 444 SW 2nd Avenue, 8th Floor Miami, Florida 33130 Nzeribe Ihekwaba, PhD, P.E. Director Public Works City of Miami 444 SW 2nd Avenue, 8th Floor Miami, Florida 33130 Victoria Mendez, Esquire City Attorney 444 SW 2nd Avenue, 9th Floor Miami, Florida 33130 This Contract shall be construed and enforced according to the laws of the State of Florida. Venue in all proceedings shall be in Miami -Dade County, Florida and the parties 16 Attachment: 16184 PSA-Horsepower Electric (16184 : Horsepower Electric, Inc.- Street Lighting) Packet Pg. 255 1.3.a agree to the use of this venue. In any civil action or other proceedings between the parties arising out of the Contract, each party shall bear its own attorney's fees. B. Title and paragraph headings are for convenient reference and are not a part of this Contract. C. No waiver or breach of any provision of this Contract shall constitute a waiver of any subsequent breach of the same or any other provision hereof, and no waiver shall be effective unless made in writing. D. Should any provision, paragraph, sentence, word or phrase contained in this Contract be determined by a court of competent jurisdiction to be invalid, illegal or otherwise unenforceable under the laws of the State of Florida or the City of Miami, such provision, paragraph, sentence, word or phrase shall be deemed modified to the extent necessary in order to conform with such laws, or if not modifiable, then same shall be deemed severable, and in either event, the remaining terms and provisions of this Contract shall remain unmodified and in full force and effect or limitation of its use. E. This Contract constitutes the sole and entire Contract between the parties hereto. No modification or amendment hereto shall be valid unless in writing and executed by properly authorized representatives of the parties hereto. 24. PRIORITY OF PROVISIONS: All work shall be constructed in accordance with the latest edition of the City of Miami's Contract Documents and Specifications. The City of Miami `s Standards for design and construction as well as the Miami Dade County's Standards Details, and the 2013 Edition of the Florida Department of Transportation Specifications Road and Bridge Construction. The aforementioned references may be amended in the future; all work 17 Attachment: 16184 PSA-Horsepower Electric (16184 : Horsepower Electric, Inc.- Street Lighting) Packet Pg. 256 1.3.a performed under this Contract shall be construed to require use of the most current published versions of said references. If there is a conflict or inconsistency between any term, statement requirement, or provision of any exhibit attached hereto, any document or events referred to herein, or any document incorporated into this Contract by reference and a term, statement, requirement, the specifications and plans prepared by the Contractor, or provision of this Contract, the following order of precedence shall apply: In the event of conflicts in the Solicitation Documents the priorities stated below shall govern; • Revisions to the Contract shall govern over the Contract • The Contract shall govern over Addenda to the RFP and to the RFP • Addenda to the RFP shall govern over the RFP • The RFP shall govern over the Contractor's Proposal Response In the event of conflicts within the Contract Documents, the priorities stated below shall govern: • Scope of Work and Specifications shall govern over plans and drawings • Schedules, when identified as such shall govern over all other portions of the plans • Specific notes shall govern over all other notes, and all other portions of the plans, unless specifically stated otherwise • Larger scale drawings shall govern over smaller scale drawings 18 Attachment: 16184 PSA-Horsepower Electric (16184 : Horsepower Electric, Inc.- Street Lighting) Packet Pg. 257 1.3.a • Figured or numerical dimensions shall govern over dimensions obtained by scaling • Where provisions of codes, manufacturer's specifications or industry standards are in conflict, the more restrictive or higher quality shall govern 25. SUCCESSORS AND ASSIGNS: This Contract shall be binding upon the parties hereto, their heirs, executors, legal representatives, successors, or assigns. 26. INDEPENDENT CONTRACTOR: Contractor has been procured and is being engaged to provide the Services to the City as an independent contractor on a non-exclusive basis, and not as an agent or employee of the City. Accordingly, Contractor shall not attain, nor be entitled to, any rights or benefits under the Civil Service or Pension Ordinances of the City, nor any rights generally afforded classified or unclassified employees. Contractor further understands that Florida Workers' Compensation benefits available to employees of the City are not available to Contractor, and agrees to provide workers' compensation insurance for any employee or agent of Contractor rendering services to the City under this Contract. 27. CONTINGENCY CLAUSE: Funding for this Contract is contingent on the availability of funds and continued authorization for program activities and the Contract is subject to amendment or termination due to lack of allocated and available funds, reduction or discontinuance of funds or change in laws, codes, rules, policies or regulations, upon thirty (30) days notice, 28. REAFFIRMATION OF REPRESENTATIONS: Contractor hereby reaffirms all of the representations contained in the Solicitation Documents. 29. PERFORMANCE BOND: Contractor shall be required to furnish to the City and maintain throughout the Contract term and renewal options a Performance Bond in the total 19 Attachment: 16184 PSA-Horsepower Electric (16184 : Horsepower Electric, Inc.- Street Lighting) Packet Pg. 258 1.3.a amount of One Million Dollars ($1,000,000.00). The Performance Bond can be in the form of a Cashier's Check, payable to the City of Miami; a bond written by a surety company authorized to do business in the State of Florida and shall comply with State Statute 287.0935; or an Irrevocable Letter of Credit. If the latter is chosen, it must be written on a bank located in Miami -Dade County, be in the amount of the contract and should clearly and expressly state that it cannot be revoked until express written approval has been given by the City of Miami. The City, to draw on same, would merely have to give written notice to the bank with a copy to the Contractor. Should the City engage the Contractor in active construction projects such that cumulative work authorizations, inclusive of Contract maintenance costs defined herein, exceed $1,000,000.00 at any one time, the City reserves the right to request an additional Performance Bond to cover the difference above and beyond $1,000,000.00. 30. ENTIRE CONTRACT: This instrument and its attachments constitute the sole and only Contract of the parties relating to the subject matter hereof and correctly set forth the rights, duties, and obligations of each to the other as of its date. Any prior Contracts, promises, negotiations, or representations not expressly set forth in this Contract are of no force or effect. 31. AMENDMENT: The City Manager shall have the authority to administratively amend the Contract as may be needed in the future. Revisions deemed to be substantive by the Office of the City Attorney shall require additional City Commission authorization. Amendments to increase the compensation limits defined in Paragraph 6 herein shall require additional City Commission authorization. 32. AVAILABILITY OF CONTRACT: Pursuant to RFP General Condition 1.9, Any governmental, not -for -profit or quasi -governmental entity in the State of Florida, may avail itself 20 Attachment: 16184 PSA-Horsepower Electric (16184 : Horsepower Electric, Inc.- Street Lighting) Packet Pg. 259 1.3.a of this contract and purchase any and all goods/services, specified herein from the Contractor at the contract price(s) established herein, when permissible by federal, state, and local laws, rules, and regulations. Each governmental, not -for -profit or quasi -governmental entity which uses this Contract will establish its own contract/agreement, place its own orders, issue its own purchase orders, be invoiced there from and make its own payments, determine shipping terms and issue its own exemption certificates as required by the Contractor. 32. COUNTERPARTS: This Contract may be executed in two or more counterparts, each of which shall constitute an original but all of which, when taken together, shall constitute one and the same Contract. --REMAINDER OF PAGE INTENTIONALLY LEFT BLANK- 21 Attachment: 16184 PSA-Horsepower Electric (16184 : Horsepower Electric, Inc.- Street Lighting) Packet Pg. 260 1.3.a IN WITNESS WHEREOF, the parties hereto have caused this instrument to be executed by their respective officials thereunto duly authorized, this the day and year above written. ATTEST: Todd H on, Cit ATTEST: "City" CITY OF MIAMI, a municipal corporation B Clerk Jo "1 y Martin P.E., City Manager "Contr tor" HORSEPOWER ELECTRIC, INC., a Florida corporation Linda Ortiz, Secretary A P LOVED'AS TO FORM AND /ORRECT1ESS:.... -=.a. toria Mendez; Esquire City Attorney r r P. Ortiz, President.. By: H et O APPROVED,. S TO IN6 fNCE„,,r- - QUtREMENTS; :Calvin Ellis, Risk Manag 22 Attachment: 16184 PSA-Horsepower Electric (16184 : Horsepower Electric, Inc.- Street Lighting) Packet Pg. 261 1.3.a ATTACHMENT "A" REP No. 352306,1 DBOM FOR STREET LIGHTING DESIGN, INSTALLATION, REPAIRS AND MAINTENANCE SCOPE OF WORK A. Background The City of Miami ("City") is issuing this Request for Proposals ("Proposal") in order to effectively implement a street lighting plan of the consistency and quality the City desires to provide. The City believes that having an open, competitive procurement process to select a provider for decorative and non -decorative street lights will streamline the design and installation of decorative and non -decorative street lights and provide for the effective repair and maintenance of the installed decorative and non -decorative street lights. This agreement is non- exclusive and the City reserves the right to seek alternative vendors and/or mechanisms for the design, construction, maintenance, review and inspections during the term of this contract. B. Scope of Services A design -build -operate -maintain ("DBOM") contract for the design, construction, and maintenance of decorative and non -decorative lighting improvements based on Illuminating Engineering Society ("IES") recommended 1.5 foot-candle average. The City wishes to obtain proposals from qualified electrical contractors for the design and installation of decorative and non -decorative street lighting within the City, and for ongoing repair and maintenance. This contract does not contain a guarantee of quantity or volume. The City reserves the right, at its sole discretion, to increase or decrease the quantity and locations of lights. The ownership of the decorative and non -decorative street lighting infrastructure shall become the property of the City upon final acceptance of the construction. The total proposed price shall include signed and sealed design documents by a duly licensed professional engineer, permitting, utility coordination, underground conduits, conductors, junction boxes, grounding, wiring, foundations, decorative and non -decorative street light poles and fixtures, metered service point, restoration, utility connection fees and all other items necessary for a complete, functional lighting system. If existing light poles need to be removed in order to install new ones within the same right-of-way project limits, the cost of removal and disposal of existing light poles is included in the lump sum rates defined herein Attachment "B". Upon completion of construction, the Contractor shall commence the maintenance of the installed system. The cost of electricity used in connection with the installed lights shall be paid directly by the City to the Utility Company. Contractor shall coordinate with the City in order to establish the required service account a minimum of 60 days prior to requiring energy service. 23 Attachment: 16184 PSA-Horsepower Electric (16184 : Horsepower Electric, Inc.- Street Lighting) Packet Pg. 262 1.3.a C. Designation of Street Lights and Types The City shall designate to the Contractor in writing the specific number and approximate mapped location of street lights covered under this Contract. Any changes to the original designated street light locations found in Exhibit 3 (revised) of the RFP shall be made to the Contractor in writing. D. Street Lighting Design and Installation The Price Proposal sheet includes several options for the pole and fixture types contemplated under this agreement. The City may choose to utilize additional alternatives in the future and would negotiate these additional options on a case by case basis with the Contractor. The installation of the proposed lighting systems will be in accord with applicable governing regulations and industry standards and in accordance with the Contractor's permitted plans as prepared by the Contractor's Professional Engineer and approved by the City. All installations shall be within the guidelines established under the applicable provisions of the National Electric Code (NEC) and the Florida Department of Transportation (FDOT) Standard Specifications for Road and Bridge Construction. The Contractor shall at all times follow the City's and FDOT's maintenance of traffic rules, regulations, and standards and minimize traffic interruptions. The use of off duty police officers shall be at the discretion of the City. Separate compensation will be provided by the City for off duty law enforcement when required. The RFP Price Proposal shall include the following design options found in Exhibit 1 of the RFP. The three (3) design options are as follows: Option A 1. Street Light Design A-1, or approved equal 2. Street Light Design A-2, or approved equal 3. Street Light Design A-3, or approved equal 4. Street Light Design A-4, or approved equal Option B 5. Street Light Design B-1, or approved equal 6. Street Light Design B-2, or approved equal 7. Street Light Design B-3, or approved equal S. Street Light Design B-4, or approved equal Option C 9. Street Light Design C-1, or approved equal 10. Street Light Design C-2, or approved equal The City may choose to utilize additional alternatives in the future and would negotiate these additional options on a case by case basis with the Contractor. The installation of the proposed lighting systems will be in accord with applicable governing 24 Attachment: 16184 PSA-Horsepower Electric (16184 : Horsepower Electric, Inc.- Street Lighting) Packet Pg. 263 1.3.a regulations and industry standards and in accordance with the awarded Contractor's permitted plans as prepared by the awarded Contractor's Professional Engineer and approved by the City. All installations shall be within the guidelines established under the applicable provisions of the National Electric Code (NEC) and the Florida Deparliiient of Transportation (FDOT) Standard Specifications for Road and Bridge Construction. The selected Contractor shall at all times follow the City's and FDOT's maintenance of traffic rules, regulations, and standards and minimize traffic interruptions. E. Street Lighting Repairs and Maintenance Contractor shall provide all labor, supervision, vehicles, equipment, materials, parts, shop availability, and tools necessary to accomplish the hereinafter described work. The maintenance portion of the proposal includes all operations and services necessary to keep streetlights operational consisting, at a minimum, of the call center, general overhead, all equipment and parts, and qualified personnel. The maintenance would commence immediately upon final acceptance of the construction improvements by the City. In the event the City desires to have any decorative and non -decorative street lights relocated during the term of the contract, such relocations will be at the City's expense and is not a part of the maintenance price outlined in this proposal. Damages by a third party will be the responsibility of the third party to pay for the cost of repairing and replacing the damaged equipment, The City authorizes the Contractor to be paid directly by the third party. In the event the third party is not identified, the Contractor and the City will be responsible for the cost of repairing and replacing any damaged equipment based on a 50/50 cost sharing basis. Damages caused by force majeure events such as windstorms that are not attributed to a third party shall be at the City's expense. Contractor shall be responsible for the preventative maintenance of the entire city -owned streetlight system. Refer to the attached, marked as Exhibit 3 for a complete list of existing City streetlights. Contractor shall provide scheduled preventative maintenance inspections, which include repairing faulty wiring, replacing entire fixtures, removing and replacing inoperative fuses, lamps, and ballasts. The Contractor shall provide regular patrolling of all city -owned streetlights every 15 days, and shall provide the City with a monthly log detailing all maintenance activities. All outages shall be repaired within 48 hours of discovery and/or notification by the City. Outages caused by force majeure events such as windstorms or failure of the utility company's infrastructure shall be exempt from the 48 hour requirement. All emergency calls from the City shall be responded to within two (2) hours. The Contractor shall have and maintain a 24-hour access line for emergency response available to the City 24 hours a day 365 days a year. Currently, this number is (305) 819-4060. The Contractor shall provide a 24 hour call center to receive complaints for light malfunctions or other streetlight issues. Upon completion of corrections to reported issues, the Contractor shall contact the City and inform the City, in writing, of the issue's resolution. The Contractor shall provide the City with a monthly log detailing all call center activity. Contractor shall provide maintenance costs inclusive of the call center on a monthly per pole basis as identified on the Price Proposal sheet. 25 Attachment: 16184 PSA-Horsepower Electric (16184 : Horsepower Electric, Inc.- Street Lighting) Packet Pg. 264 1.3.a R! P Nrr.2308 Exhibit 1 DETAIL A -"I DETAIL A-2 DETAIL A-5 DETAIL_ A- PETAIL5 A-1 AND A-2 L.UMiNAItea, ISO IN MN, I50 IN HPS OR LED DEGOIRATIVE POST TOP, HAI7GG, REFRACTIVE GLOBE, MODEL: 052 (OR 0L52) MHKA, WITH HOUSE -SIDE SHIELD, COLOR, SLACK POST, HT. I4'-al", SPUN -OAST PRESTRESSED GONGRETfw, AMEN INTERNATIONAL, MODEL: VICTORIAN IX, STANDARD MANUFACTURER COLOR WITH MERV-11E4D GOATINS i""OST MOUNTING1 DETAIL A-h DIRECT EMBEDMENT DETAIL A-2, CONCRETE ANCHOR SASE, PROVIDir AND INSTALL ANCHOR SASE pTAIL'S A-5 AND A-4 LUMINAIRES, I00 W MH, 100 W HPS OR LEP DECORATIVE POT TOP, HA33G0, REPRAGTIVE F3LOZi}~, MODEL, CE2 (OR CLI32) MHKA, WITH HOUSE -SIDE SHIELi7, COLOR, SLACK ARM, EXTRUDED ALUMINUM, HADGO, MODEL: PTH SILO WITH a" TENON, TWIN ARM (2 4 ISO°}. COLOR, ®LACK POST, HT. 2l'-b", SPUN -CAST PRESTRESSED CONCRETE, AMERON INTERNATIONAL, MODEL.: VICTORIAN IX, STANDARD MANUFACTURER COLOR WITH AMegvHItLD COATING. POST MOUNTING. NAIL A-S DIRECT EmaeomENT r)ETAIL A-4: CONCRETE ANCHOR EASE. PROVIDE AND INSTALL ANCHOR SAW CITY OF MIAMI OPTION A Capital Reciuest for Proposals for Street Lighting Improvement Design, Installation, Repairs and Maintenance nrograre OWG NO.I OF :5 SH£ETS 26 Attachment: 16184 PSA-Horsepower Electric (16184 : Horsepower Electric, Inc.- Street Lighting) Packet Pg. 265 1.3.a RFP N.. 362306 - i xhlbit 1 �l -JtF.__� kl E I LJ DETAIL B-I DETAIL_ B-2 DETAIL B-4 p1=TAI LS eat AND 8-2 LUMINAIRE, ISO W MH, 1E0 W HI°S OR LED DEc0RATIVe POST TOP, HADGO, REFRACTIVE SLOW, MODEL, R. 2 (OR RL 2) SAND 011T1-1 SMALL TOP REFLECTOR AND HC J -eioe SHIELD, COLORe BLACK Te HT. I4'-01", SPUN -CAST PRESTRESSED CONCRETE, AM t0N INTERNATIONAL, MODELi VICTORIAN IX, STANDARD MAM/PACTIPER COLOR WITH AMERSHIELD COATIN& POST MOUNTINEn PETAIL H-1, pIReCT Iwt6MENT DETAIL B-2, CONCRETE ANCHOR BASE. PROVIDE .AND INSTALL ANCHOR BASE DETAILS 5-5 ANL, .8-4 LUMINAIRES' 100 IN MR, 100 W HPS OR LED DECORATIVE POST TOP, HADCO, REFRACTIVE &LOBE, MODELI 1102 (OK RL52) SAND 141IT14 SMALL, TOP REFLECTOR AND HOUSe-91De SHIELD, COLOR, BLACK AlH.. EXTRUDED ALUMINUM, HADGo, MODEL: P?H 5120 WIVE S' TENON, TWIN ARM (2 0 I80 ), GCLQR. BLACK EIMIL HT. 2q'-6", SPUN -CAST PRESTRESSED GONGERETE, AMERON INTERNATIONAL, MOIL,: VIGTORIAN IX, STANDARD MANUFACTURER COLOR WITH AM RSHIELD CoATIN& ?2'06T MOIJNTIN61 DETAIL 15-5. DIRECT EMBEDMENT DETAIL 6-41 CONCRETE ANCHOR BASE. PROVIDE AND INSTALL ANCHOR BASE i CITY OF MIAMI Capitol. Imp it•elnem Lt Program OPTION €3 Request for Proposata For 5troot Ltghttng 2eatgn, Installation, Ropatre and Mcllntenaneo Attn. 4 27 2 or 5 SHEETS Attachment: 16184 PSA-Horsepower Electric (16184 : Horsepower Electric, Inc.- Street Lighting) Packet Pg. 266 RFP No. 352306 • Exhihil 1 1.3.a DETAIL DETAIL G-I G-2 CITY OF MIAM ICapita11 Improvement Program LI ifNAIR, 2.50 IN MH OR ISO W HIPS PENDANT, HADCO, TEARDROP, MODEL, TF9T, rereIII OI°TICS, WITH SHORT &LOSE, STANDARD FLAT BRIM COLOR! BLACK �GEC?C�IE� HORIZONTAL ARM I"IQUNTIN& ADAPTOR, x-B/S" an, HAIXO, MODEL: TFHAM4, COLOR+ BLACK STEEL CONSTRUCTION, LEMONT' 6'-O", AMERON INTERNATIONAL, MODEL' 2SE6, COLO& BLACK POST+ HT. 24'-6", SPUN -CAST PRESTRESSED CONCRETE, , AMERON INTERNATIONAL, MODEL; VICTORIAN IK, STANDARD MIAMJPACTURER COLOR WITH AMERSHIELD GOATINO POST MOUNTI ¢+ DETAIL C-I1 DIRECT EMBMENT DETAIL 6-2t CONCRETE ANCHOR SASE. PROVIDE AND INSTALL ANCklae, BASE OPTION G Request for Proposals for Street Lighting Design, Installation, Repairs and Malnte nonce OF S SHEETS 28 Attachment: 16184 PSA-Horsepower Electric (16184 : Horsepower Electric, Inc.- Street Lighting) Packet Pg. 267 1.3.a ATTACHMENT "B" CONTRACT RATES / ADJUSTMENTS Davis -Bacon Prevailing Wage Rates for this Contract are attached hereto and incorporated herein by reference: General Decision Number: FL130226 01/04/2013 FL226, as may be amended or superseded in the future. The unit price, per Street Light Design, or approved equal, shall be as per the attached and in accordance with the Exhibit A Scope of Services herein. Pricing shall remain fixed and firm during the initial five-year Contract term. Thereafter, CPI adjustments to the rates may be approved for subsequent renewal terms per the below Cost Adjustments Section. ITEM NO. DESCRIPTION UNIT PRICE TOTAL ESTIMATED QUANTITY EXTENDED AMOUNTS 1 Street Light Design A- 1 $13,103/ea 1 $13,103 2 Street Light Design A- $14,587/ea 1 $14,587 3 Street Light Design A- 3 $17,296/ea 1 $17,296 4 Street Light Design A- 4 $19,061/ea 1 $19,061 5 Street Light Design B- 1 $12,837/ea 1 $12,837 6 Street Light Design B- $14,320/ea 1 $14,320 7 Street Light Design B- $16,830/ea 1 $16,830 8 Street Light Design B- $18,595/ea 1 $18,595 9 Street Light Design C- $16,840/ea 1 $16,840 10 Street Light Design C- 2 $18,482/ea 1 $18,482 11 35 ft. Aluminum Poles $12,692/ea 1 $12 692 ' 29 Attachment: 16184 PSA-Horsepower Electric (16184 : Horsepower Electric, Inc.- Street Lighting) Packet Pg. 268 1.3.a 12 Monthly Maintenance Per Landscape Light, for new and existing $8.00/mo 566 X 12 $54,336 13 Monthly Maintenance Per Light Pole, for new and existing $12.00/mo 685 X 12 $98,640 TOTAL PRICE PROPOSAL $327,619 COST ADJUSTMENTS Prices quoted shall be firm for the initial contract term (five years). Thereafter, any extensions which may be approved by the City shall be subject to the following: Costs for any extension terms shall be subject to an adjustment only if increases or decreases occur in the industry. Such adjustment shall be based on the latest yearly percentage increase in the All Urban Consumers Price Index (CPI-U) as published by the Bureau of Labor Statistics, U.S. Dep't. of Labor, and shall not exceed five percent (5%). The increase or decrease in the CPI shall be that latest Index published and available for the calendar year ending 12/31, prior to the end of the contract year then in effect, as compared to the index for the comparable month five years prior. Any requested adjustment shall be fully documented and submitted to the City at least ninety (90) days prior to the contract renewal date. Any approved cost adjustments shall become effective on the beginning date of the approved contract extension. The City may, after examination, refuse to accept the adjusted costs if they are not properly documented, or considered to be excessive, or if decreases are considered to be insufficient. In the event the City does not wish to accept the adjusted costs and the matter cannot be resolved to the satisfaction of the City, the Contract will be considered cancelled on the scheduled expiration date. 30 Attachment: 16184 PSA-Horsepower Electric (16184 : Horsepower Electric, Inc.- Street Lighting) Packet Pg. 269 1.3. AMENDMENT No. 1 TO THE PROFESSIONAL SERVICES AGREEMENT BY AND BETWEEN THE CITY OF MIAMI AND HORSEPOWER ELECTRIC, INC. This Amendment No. 1 to the Professional Services Agreement ("Agreement") for Request for Proposals (RFP) No. 352306,1, dated February 13, 2014, by and between the City of Miami, a Municipal Corporation of the State of Florida (herein after referred to as the "City"), and Horsepower Electric, Inc., a Corporation, qualified to do business in the State of Florida (herein after referred to as "Horsepower"), is entered into this .1st' day of Jun. , 2018. The following changes, additions, clarifications, and deletions amend the Agreement documents, and shall become an integral part of the Contract Documents. The remaining provisions are now in effect and remain unchanged. The Agreement is hereby amended as follows: In accordance with Section 2.22, Additional Services, of the Solicitation, the City may add additional services to any resultant contract upon successful negotiations and mutual consent of the contracting parties. The City and Horsepower have successfully negotiated the addition of the following services: 1. Furnish and install Christmas lights on existing Banyan trees on Coral Way. Price includes adding an electrical receptacle at the base of each tree for the Christmas lights - $1,650.00 each; 2. Furnish and install Christmas lights on existing Royal Palm trees up to twenty feet (20') on Biscayne Boulevard. Price includes adding an electrical receptacle at the base of each tree for the Christmas lights - $1,200.00 each; 3. Furnish and install Christmas lights on existing Canary Palm trees up to twenty feet (20') on Biscayne Boulevard. Price includes adding an electrical receptacle at the base of each tree for the Christmas lights - $1,200.00 each; 4. Furnish and install Christmas lights on existing Oak trees on Biscayne Boulevard. Price includes adding an electrical receptacle at the base of each tree for the Christmas lights - $1,650.00 each; 5. Furnish and install Christmas lights on existing Sabal Palm trees up to twenty feet (20') - $450.00 each; 6. Furnish and install wall mounted light fixtures, transformers, and associated wires - $1,850.00 each; and 7. Furnish and install pendant tree mount light fixtures, transformers, and associated wires - $1,373.00 each. 1 Attachment: 16184 Signed Amendment No. 1 (16184 : Horsepower Electric, Inc.- Street Lighting) Packet Pg. 270 1.3.b Furnish and install the following items to existing street lights on NW 1st Street between NW 3rd Avenue and NW 1" Avenue: 1. 2" Conduit, Directional Bore - $25.00 each, estimated quantity: 525; 2. Lighting Conductors #6awg - $2.50 each, estimated quantity: 1,575; 3. Pull Boxes - $950.00 each, estimated quantity: 5; 4. Pole Cable Distribution System (FDOT Design Standard Index 17500) $750.00 each, estimated quantity: 5; 5. Ballast - $175.00 each, estimated quantity: 5; and 6. Lamp - $55.00 each, estimated quantity: 5. 2 Attachment: 16184 Signed Amendment No. 1 (16184 : Horsepower Electric, Inc.- Street Lighting) Packet Pg. 271 1.3.b IN WITNESS WHEREOF, the parties hereto have executed this Amendment as of the day and year first above written. THE CITY OF MIAMI, FLORIDA ATTEST: Todd Hannon City Clerk APPROV D AS TO LEGAL FORM AND COR _ ESS:. ► By: Victoriendez, C' y Attorney City of Miami, a municipal corporation of the State of Florida . Gonzalez, Ph, Cit Manager APPROVED AS REQUIREMEN By: Ann-M. ie Sh. pe, Director Risk anagei ent Department ATTEST: HorsepowerjElectric, I Si'griature: Signature: Print Name: I , i'-'t ©✓1 E. -O Print Name: r ' ' V(0 A cLa Co Title: Se/Z-q Title:1 CE 3 Attachment: 16184 Signed Amendment No. 1 (16184 : Horsepower Electric, Inc.- Street Lighting) Packet Pg. 272 1.3.b F ino�er�uem t It 0 Date: 03/23/2018 AGENDA ITEM SUMMARY FORM File ID: #3874 Commission Meeting Date: 04/26/2018 Requesting Department: Department of Resilience and Public Works Sponsored By: District Impacted: All Type: Resolution Subject: Approve Amendment No.1 - DBOM Street Lighting Design, Installation, Repairs and Maintenance Contract Purpose of Item: The nature of this item is to approve Amendment No. 1 to the Design -Build -Operate - Maintain ("DBOM") Street Lighting Design, Installation, Repairs and Maintenance Citywide Contract, No. 352306, between the City of Miami ("City") and Horsepower Electric, Inc. ("Horsepower), for the addition of Christmas lighting equipment for various types of trees, and the addition of lighting equipment to be furnished and installed on NW 1st Street between NW 3rd Avenue and NW 1st Avenue, subject to the availability of funds and budget approval at the time of need. Authorizing the City Manager to negotiate and execute all other documents, including any amendments, renewals, and extensions, including increases to the funding which may be administratively approved by the City Manager subject to allocations, appropriations and budgetary approval having been previously made, and in compliance with applicable provisions of the code of the City of Miami, Florida, as amended, ("City Code"), including, without limitation, the City of Miami's Procurement Ordinance, Anti -Deficiency Act, and financial integrity principles, all as set forth in Chapter 18 of the City Code, in a form acceptable to the City Attorney, and in compliance with applicable regulations, as may be necessary for said purpose. The current contract's initial term will end on December 11, 2018. There are two (2) five (5) year options to renew. Background of Item: On December 12, 2013, pursuant to R-13-0497, the City Commission, approved Contract No. 352306, between the City and Horsepower for DBOM Street Lighting Design, Installation, Repairs and Maintenance for a five (5) year term with an additional two (2) options to renew for five (5) years. On December 14, 2017, pursuant to R-17-0591, the City Commission, authorized the City Manager to establish a pilot program for holiday landscape lighting to enhance signature corridors during the holiday seasons. The lighting was placed on Coral Way (SW 22 ST). The installation was very well received by the general public and additional locations in the City are currently being evaluated for implementation in the upcoming Holiday Season. Attachment: 16184 Signed Amendment No. 1 (16184 : Horsepower Electric, Inc.- Street Lighting) Packet Pg. 273 1.3.b Amendment No. 1 is being brought before the City Commission to add holiday lighting equipment and installation of Holiday landscape lighting to the contract, to be furnished and installed citywide where applicable. Budget Impact Analysis Item is an Expenditure Item is NOT Related to Revenue Item is NOT funded by Bonds Total Fiscal Impact: $7,500,000.00 (in aggregate) General Account No: Special Revenue Lane Closure Funds or other available sources Reviewed By Department of Resilience and Public Works Review Completed 03/23/2018 1:37 PM Office of Management and Budget Donovan Dawson Office of Management and Budget Christopher M Rose Department of Procurement Annie Perez City Manager's Office Nzeribe Ihekwaba City Manager's Office Nzeribe Ihekwaba Legislative Division Valentin J Alvarez Office of the City Attorney Pablo Velez Office of the City Attorney Barnaby L. Min Office of the City Attorney Victoria Mendez City Commission Maricarmen Lopez Office of the Mayor Mayor's Office Office of the City Clerk City Clerk's Office Legislative Division Valentin J Alvarez Office of the City Attorney Victoria Mendez Office of the City Clerk City Clerk's Office Juvenal Santana Budget Analyst Review Budget Review Procurement Review Assistant City Manager Review City Manager Review Legislative Division Review ACA Review Deputy City Attorney Review Approved Form and Correctness Meeting Signed by the Mayor Department Head Completed Completed Completed Completed Completed Completed Completed Completed Completed Completed Completed Signed and Attested by the City Clerk Completed Legislative Division Review Completed Approved Form and Correctness with Modification(s) Rendered Completed 03/29/2018 8:46 03/29/2018 8:53 04/02/2018 2:54 04/12/2018 3:50 04/12/2018 3:55 04/12/2018 7:02 04/12/2018 7:04 04/16/2018 10:48 04/17/2018 11:54 04/26/2018 9:00 05/01/2018 5:01 05/01/2018 5:14 05/04/2018 4:17 Compli 05/07/2018 4:52 Attachment: 16184 Signed Amendment No. 1 (16184 : Horsepower Electric, Inc.- Street Lighting) Packet Pg. 274 1.3.b City of Miami Legislation Resolution Enactment Number: R-18-0167 City Hall 3500 Pan American Drive Miami, FL 33133 www.miamigov.com File Number: 3874 Final Action Date:4/26/2018 A RESOLUTION OF THE MIAMI CITY COMMISSION, WITH ATTACHMENT(S), AMENDING THE DESIGN -BUILD -OPERATE -MAINTAIN ("DBOM") STREET LIGHTING DESIGN, INSTALLATION, REPAIRS, AND MAINTENANCE CITYWIDE CONTRACT BETWEEN THE CITY OF MIAMI ("CITY") AND HORSEPOWER ELECTRIC INC., A FLORIDA FOR PROFIT CORPORATION ("HORSEPOWER"), AWARDED BY RESOLUTION NO. 13-0497 DATED DECEMBER 12, 2013; AUTHORIZING THE CITY MANAGER TO EXECUTE THE AMENDMENT WITH HORSEPOWER, IN A FORM ACCEPTABLE TO THE CITY ATTORNEY, TO PROVIDE ADDITIONAL SERVICES CONSISTING OF THE MUTUALLY AGREED ADDITION OF HOLIDAY LANDSCAPE LIGHTING ON VARIOUS TYPES OF TREES AND THE ADDITION OF LIGHTING EQUIPMENT TO BE FURNISHED AND INSTALLED ON SPECIFIED STREET CORRIDORS; ALLOCATING FUNDS FROM VARIOUS SOURCES OF FUNDS OF THE USER DEPARTMENTS, SUBJECT TO THE AVAILABILITY OF FUNDS AND BUDGETARY APPROVAL AT THE TIME OF NEED; FURTHER AUTHORIZING THE CITY MANAGER TO NEGOTIATE AND EXECUTE ALL OTHER DOCUMENTS, INCLUDING ANY AMENDMENTS, RENEWALS, AND EXTENSIONS, SUBJECT TO ALLOCATIONS, APPROPRIATIONS AND BUDGETARY APPROVAL HAVING BEEN PREVIOUSLY MADE, AND IN COMPLIANCE WITH APPLICABLE PROVISIONS OF THE CODE OF THE CITY OF MIAMI, FLORIDA, AS AMENDED, ("CITY CODE"), INCLUDING THE CITY OF MIAMI'S PROCUREMENT ORDINANCE, ANTI -DEFICIENCY ACT, AND FINANCIAL INTEGRITY PRINCIPLES, ALL AS SET FORTH IN CHAPTER 18 OF THE CITY CODE, IN A FORM ACCEPTABLE TO THE CITY ATTORNEY, AND IN COMPLIANCE WITH APPLICABLE REGULATIONS, AS MAY BE NECESSARY FOR SAID PURPOSE. WHEREAS, pursuant to Resolution No. 13-0497 adopted by the City Commission on December 12, 2013, the City of Miami ("City") issued Request for Proposals ("RFP") No. 352306 to establish a contract to design -build -operate -maintain ("DBOM") street lighting design, installation, repairs, and maintenance Citywide for an initial term of five (5) years with two (2) additional five (5) year options to renew; and WHEREAS, as a result of RFP No. 352306, the City executed a Professional Services Agreement ("PSA") with Horsepower Electric, Inc., a Florida for profit corporation ("Horsepower"); and WHEREAS the PSA's initial five (5) year term commenced on February 13, 2014 and ends on February 12, 2019; and WHEREAS, with the two (2) additional five (5) year options to renew, the PSA provides for a possible total term of fifteen (15) years; and WHEREAS, the City seeks to amend the PSA with Horsepower to provide additional services consisting of the mutually agreed addition of holiday landscape lighting on various Attachment: 16184 Signed Amendment No. 1 (16184 : Horsepower Electric, Inc.- Street Lighting) Packet Pg. 275 1.3.b types of trees and the addition of lighting equipment to be furnished and installed on specified street corridors ("Amendment"); NOW, THEREFORE, BE IT RESOLVED BY THE COMMISSION 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 as if fully set forth in this Section. Section 2. The City Manager is hereby authorized' to execute the Amendment to the PSA with Horsepower, in a form acceptable to the City Attorney, in order to provide additional services consisting of the mutually agreed addition of holiday landscape lighting on various types of trees and the addition of lighting equipment to be furnished and installed on specified street corridors. Section 3. The City Manager is further authorized' to negotiate and execute all other documents, including any amendments, renewals, and extensions, subject to allocations, appropriations and budgetary approval having been previously made, and in compliance with applicable provisions of the Code of the City of Miami, Florida, as amended, ("City Code"), including the City of Miami's Procurement Ordinance, Anti -Deficiency Act, and Financial Integrity Principles, all as set forth in Chapter 18 of the City Code, in a form acceptable to the City Attorney, and in compliance with applicable regulations, as may be necessary for said purpose. Section 4. This Resolution shall become effective immediately upon its adoption and signature of the Mayor.2 Attachment: 16184 Signed Amendment No. 1 (16184 : Horsepower Electric, Inc.- Street Lighting) Packet Pg. 276 1.3.b 1. The herein authorization is further subject to compliance with all requirements that may be imposed by the City Attorney, including but not limited, to those prescribed by applicable City Charter and City Code provisions. 2 If the Mayor does not sign this Resolution, it shall become effective at the end of ten (10) calendar days from the date it was passed and adopted. If the Mayor vetoes this Resolution, it shall become effective immediately upon override of the veto by the City Commission APPROVED AS TO FORM AND CORRECTNESS: ndez, ity ttor ey 4/17/2018 Attachment: 16184 Signed Amendment No. 1 (16184 : Horsepower Electric, Inc.- Street Lighting) Packet Pg. 277 1.3.c CITY OF MIAMI AMENDMENT NO. 2 TO PROFESSIONAL SERVICES AGREEMENT BETWEEN THE CITY OF MIAMI AND HORSEPOWER ELECTRIC, INC. This Amendment No. 2 ("Amendment No. 2") to the Professional Services Agreement ("Agreement") dated February 13, 2014, between the City of Miami ("City)"), a municipal corporation of the State of Florida, and Horsepower Electric, Inc., a Corporation qualified to do business in the State of Florida ("Horsepower"), is entered into this 9th day of January, 2019. RECITALS WHEREAS, pursuant to Resolution No. 13-0497, adopted by the City Commission on December 12, 2013, the City and Horsepower entered into a contract to provide street lighting design, installation, repair, and maintenance services, WHEREAS, the Public Works Department ("Public Works") has a need for holiday and special event lighting, electrical, and storage services, and WHEREAS, there is available and allocated funding for these additional services which shall be provided on an as needed basis, subject to the availability of funds at the time of need; and, WHEREAS, in accordance with Section 2.22, Additional Services, of Solicitation No. 352306, the City may add additional services to any resultant contract upon successful negotiations and mutual consent of the contracting parties. NOW THEREFORE, for the considerations hereinafter as set forth, the parties agree to as follows: 1. The recitals set forth above are incorporated by reference in full herein. 2. Horsepower shall provide additional services within City limits to include but not be limited to: a. Furnishing and/or installation of holiday and special occasion lights; b. Furnishing and/or installation of holiday and special occasion ornamentation/decoration; c. Furnishing and/or installation of electrical services where needed to support lighting projects; d. Providing electrical modifications to allow for the installation of holiday and/or special occasion lighting; e. Providing electrical repair services for all types of street lighting; Attachment: 16184 Signed Amendment No. 2 (16184 : Horsepower Electric, Inc.- Street Lighting) Packet Pg. 278 1.3.c f. Providing storage of holiday and special occasion lighting decorations, and ornamentation on an as needed basis; and g. Furnishing, installing, and/or repair/maintenance of outdoor lighting systems on City properties. h. All Additional Services set forth in this Amendment shall be approved as to general suitability, quality and location by the City Manager or the Director who will serve as his designee for such approvals under this Amendment No. 2. i. Time is of the essence in the performance of this Amendment No. 2. All other terms, covenants, and conditions of the original Agreement issued thereto shall remain in full force and effect. Attachment: 16184 Signed Amendment No. 2 (16184 : Horsepower Electric, Inc.- Street Lighting) Packet Pg. 279 1.3.c IN WITNESS WHEREOF, the parties hereto have executed this Amendment as of the day and year first above written. THE CITY OF MIAMI, FLORIDA ATTEST: APPROVED AS T • v GAL FORM AND CORRECTNES B Victoria Mendez, . "Attorney ATTEST: Signature: Print Name: Title: n Corporate Secretary t -31/ By: By: City of Miami, a municipal corporation e of Emi ''. T. Gonna ez, Ph, %ity Manager APPROV D AS 'O I URANCE REQUIJFME S �� Ann -Ma • e Sha • e, Director Risk M nageme t Department Horsepower Electric Signature: Print Name: I C-N II1 AT t U L Title: President or Vice -President Attachment: 16184 Signed Amendment No. 2 (16184 : Horsepower Electric, Inc.- Street Lighting) Packet Pg. 280 1.3.d CITY OF MIAMI AMENDMENT NO. 3 TO PROFESSIONAL SERVICES AGREEMENT BETWEEN THE CITY OF MIAMI AND HORSEPOWER ELECTRIC, INC. This Amendment No. 3 ("Amendment") to the Professional Services Agreement ("Agreement") dated February 13, 2014, between the City of Miami, a municipal corporation of the State of Florida ("City"), and Horsepower Electric, Inc., a foreign corporation qualified to do business in the State of Florida ("Horsepower"), is entered into this 23rd day of October, 2020. RECITALS WHEREAS, pursuant to Resolution No. 13-0497, adopted by the City Commission on December 12, 2013, and Request for Proposals ("RFP") No. 352306 the City and Horsepower entered into the Agreement to provide street lighting design, installation, repair, and maintenance services, WHEREAS, pursuant to Resolution No. 18-0167, adopted by the City Commission on April 26, 2018, Amendment No. 1 to the Agreement was approved for the addition of holiday landscape lighting and equipment; and WHEREAS, on January 9, 2019, Amendment No. 2 to the Agreement was executed for the addition of special event lighting, electrical and storage services; and WHEREAS, the City's Department of Resilience and Public Works ("RPW") has a need to provide higher awareness for drivers and security for pedestrians and has proposed crosswalks with enhanced safety for pedestrians in an effort to reduce crossings at unmarked locations due to the distance needed to travel to access an existing crosswalk,; and WHEREAS, there is available and allocated funding for these additional services which shall be provided on an as needed basis, subject to the availability of funds at the time of need; and WHEREAS, in accordance with Section 2.22 Additional Services of RFP No. 352306, the City may add additional services to any resultant contract upon successful negotiations and mutual consent of the contracting parties. NOW THEREFORE, for the considerations hereinafter as set forth, the parties agree as follows: 1. The recitals set forth above are incorporated by reference in full herein. Attachment: 16184 Signed Amendment No. 3 (16184 : Horsepower Electric, Inc.- Street Lighting) Packet Pg. 281 1.3d 2. Horsepower shall provide additional services within City limits including, but not be limited to: a. Furnishing and installing two rapid rectangular flashing beacons (RRFBs); b. Furnishing and installing service point pre -stressed concrete poles, conduits, pull boxes, electrical service meters, electrical wires and directional borings, inclusive of, but not limited to, all conduits, wiring, and pull boxes; c. Furnishing and installing landscaping luminaries at a mutually negotiated rate; d. Removal and disposal of existing street light poles; and Providing warranties for all luminaries, landscaping or otherwise. 3. Contract Section 32 titled, Counterparts is hereby deleted in its entirety and replaced with the following: This Agreement may be executed in counterparts, each of which shall be an original as against either Party whose signature appears thereon, but all of which taken together shall constitute but one and the same instrument. An executed facsimile or electronic scanned copy of this Agreement shall have the same force and effect as an original. The parties shall be entitled to sign and transmit an electronic signature on this Agreement (whether by facsimile, PDF or other email transmission), which signature shall be binding on the party whose name is contained therein. Any party providing an electronic signature agrees to promptly execute and deliver to the other parties an original signed Agreement upon request. 4. Contract Section 33, titled Force Majeure is has been added with the following language: A "Force Majeure Event" shall mean an act of God, act of governmental body or military authority, fire, explosion, power failure, flood, storm, hurricane, sink hole, other natural disasters, epidemic, riot or civil disturbance, war or terrorism, sabotage, insurrection, blockade, or embargo. In the event that either party is delayed in the performance of any act or obligation pursuant to or required by the Agreement by reason of a Force Majeure Event, the time for required completion of such act or obligation shall be extended by the number of days equal to the total number of days, if any, that such party is actually delayed by such Force Majeure Event. The party seeking delay in performance shall give notice to the other party specifying the anticipated duration of the delay, and if such delay shall extend beyond the duration specified in such notice, additional notice shall be repeated no less than monthly so long as such delay due to a Force Majeure Event continues. Any party seeking delay in performance due to a Force Majeure Event shall use its best efforts to rectify any condition causing such delay and shall cooperate with the other party to overcome any delay that has resulted. Notwithstanding the above stated, Contractor delays in the performance of any act or obligation pursuant to or required by the Agreement by reason of a Force Majeure Event shall remain at all times subject to City acceptance and approval of the same and subordinate to all other terms and conditions of this Agreement. 5. All Additional Services set forth in this Amendment shall be approved as to general suitability, quality and location by the City Manager, or the RPW Director who will serve as the designee for such approvals under this Amendment. 6. Time is of the essence in the performance of this Amendment. All other terms, covenants, and conditions of the original Agreement issued thereto shall remain in full force and effect. Attachment: 16184 Signed Amendment No. 3 (16184 : Horsepower Electric, Inc.- Street Lighting) Packet Pg. 282 IN WITNESS WHEREOF, the parties hereto have executed this Amendment as of the day and year first above written. ATTEST: Signature: Print Name: Title: c(Li, 1,0 or Notary Corporate Secretary Notary ATTEST: Todd Hannon, APPROVED AS TO LEGAL FORM AND CORRECTNESS: 4c-t. By: e .L,. 61/0' Victoria Me dez, City Attorney By: By: "Horsepower" HORSEPOWER ELECTRIC, INC. a Florida profit corporation qualified to do business in the State of Florida Signature: �( Print Name: M ` L NLN.(2-7 Title: I 2€ 5 tbe...4T President or Vice -President "City" CITY OF MIAMI, a municipal corporation of the State of Florida Arthur Vega Tty Manager APPROVED AS TO INSURANCE REQUIREMENTS: Ann -Marie Sharpe, Director Risk Management Department Attachment: 16184 Signed Amendment No. 3 (16184 : Horsepower Electric, Inc.- Street Lighting) Packet Pg. 283 1.3.e CITY OF MIAMI AMENDMENT NO. 4 TO PROFESSIONAL SERVICES AGREEMENT BETWEEN THE CITY OF MIAMI AND HORSEPOWER ELECTRIC, INC. This Amendment No. 4 ("Amendment") to the Professional Services Agreement ("Agreement") dated February 13, 2014, between the City of Miami, a municipal corporation of the State of Florida ("City"), and Horsepower Electric, Inc., a Florida profit corporation qualified to do business in the State of Florida ("Horsepower"), is entered into this 26y of October, 2023. RECITALS WHEREAS, pursuant to Resolution No. 13-0497, adopted by the City Commission on December 12, 2013, and Request for Proposals ("RFP") No. 352306 the City and Horsepower entered into the Agreement to provide street lighting design, installation, repair, and maintenance services; and WHEREAS, pursuant to Resolution No. 18-0167, adopted by the City Commission on April 26, 2018, Amendment No. 1 to the Agreement was approved for the addition of holiday landscape lighting and equipment; and WHEREAS, on January 9, 2019, Amendment No. 2 to the Agreement was executed under the delegated authority of the City Manager for the addition of special event lighting, electrical and storage services; and WHEREAS, on October 23, 2020, Amendment No. 3 to the Agreement was executed under the delegated authority of the City Manager for the addition of rapid rectangular flashing beacons and the conduits and additional equipment necessary for installation and operation; the addition of Force Majeure and to update Section 32. Counterparts language; and WHEREAS, the Agreement, which was executed by the City in 2014, included an agreed upon increase to contract pricing, upon the first contract renewal, in an amount not to exceed five percent (5%); and WHEREAS, the City's Department of Resilience and Public Works ("RPW") has approved the contract price increase and there is funding available and allocated for said increase for the different services provided on an as -needed basis, subject to the availability of funds at the time of need; Attachment: 16184 Signed Amendment No. 4 (16184 : Horsepower Electric, Inc.- Street Lighting) Packet Pg. 284 1.3.e NOW THEREFORE, for the considerations hereinafter as set forth, the parties agree as follows: 1. The recitals set forth above are incorporated by reference in full herein. 2. Contract pricing has been increased to reflect the below: ITEM NO. DESCRIPTION UNIT PRICE UOM 1 Street Light Design A-1 $13,758.15 Each 2 Street Light Design A-2 $15,316.35 Each 3 Street Light Design A- 3 $18,160.80 Each 4 Street Light Design A-4 $20,014.05 Each 5 Street Light Design B-1 $13,478.85 Each 6 Street Light Design B-2 $15,036.00 Each 7 Street Light Design B- 3 $17,671.50 Each 8 Street Light Design B-4 $19,524.75 Each 9 Street Light Design C-1 $17,682.00 Each 10 Street Light Design C-2 $19,406.10 Each 11 35 ft. Aluminum Poles $13,326.60 Each 12 Maintenance Per Landscape Light, new & existing $8.40 Month 13 Maintenance Per Light Pole, new & existing $12.60 Month Nondiscrimination. Horsepower represents and warrants to the City that Horsepower does not and will not engage in discriminatory practices and that there shall be no discrimination in connection with Horsepower's performance under this Agreement on account of race, age, religion, color, gender, gender identity, sexual orientation, national origin, marital status, physical or mental disability, political affiliation, or any other factor. Horsepower further covenants that no otherwise qualified individual shall, solely by reason of race, age, religion, color, gender, gender identity, sexual orientation, national origin, marital status, physical or mental disability, political affiliation, or any other factor, be excluded from participation in, be denied services, or be subject to discrimination under any provision of this Agreement. Verification of Employment Eligibility (E-Verify). By entering into this Agreement, Horsepower and its Subcontractors are jointly and severally obligated to comply with the provisions of Section 448.095, Florida Statutes, as amended, titled "Employment Eligibility." Horsepower affirms that (a) it has registered and uses the U.S. Department of Homeland Security's E-Verify system to verify the work authorization status of all new employees of Horsepower; (b) it has required all Subcontractors to this Agreement to register and use the E-Verify system to verify the work authorization status of all new employees of the Subcontractor; (c) it has an affidavit from all Subcontractors to this Agreement attesting that the Subcontractor does not employ, contract with, or subcontract with, unauthorized aliens; and, (d) it shall maintain copies of any such affidavits for the duration of the Agreement. Registration information is available at: http://www.uscis.gov/e-verify. If the City has a good faith belief that Horsepower has knowingly violated Section 448.09(1), Florida Statutes, Attachment: 16184 Signed Amendment No. 4 (16184 : Horsepower Electric, Inc.- Street Lighting) Packet Pg. 285 1.3.e then City shall terminate this Agreement in accordance with Section 448.095(5)(c), Florida Statutes. In the event of such termination, Horsepower agrees and acknowledges that it may not be awarded a public contract for at least one (1) year from the date of such termination and that Horsepower shall be liable for any additional costs incurred by the City because of such termination. In addition, if City has a good faith belief that a Subcontractor has knowingly violated any provisions of Sections 448.09(1) or 448.095, Florida Statutes, but Horsepower has otherwise complied with its requirements under those statutes, then Horsepower agrees that it shall terminate its contract with the Subcontractor upon receipt of notice from the City of such violation by Subcontractor in accordance with Section 448.095(5)(c), Florida Statutes. Any challenge to termination under this provision must be filed in the Circuit or County Court by the City, Horsepower, or Subcontractor no later than twenty (20) calendar days after the date of Agreement termination. ALL OTHER TERMS, COVENANTS, AND CONDITIONS OF THE ORIGINAL AGREEMENT ISSUED THERETO SHALL REMAIN IN FULL FORCE AND EFFECT. Counterparts; Electronic Signatures. This Amendment may be executed in counterparts, each of which shall be an original as against either party whose signature appears thereon, but all of which taken together shall constitute but one and the same instrument. An executed facsimile or electronic scanned copy of this Amendment shall have the same force and effect as an original. The parties shall be entitled to sign and transmit an electronic signature on this Amendment (whether by facsimile, PDF, or other email transmission), which signature shall be binding on the party whose name is contained therein. Any party providing an electronic signature agrees to promptly execute and deliver to the other parties an original signed Amendment upon request. Attachment: 16184 Signed Amendment No. 4 (16184 : Horsepower Electric, Inc.- Street Lighting) Packet Pg. 286 1.3.e IN WITNESS WHEREOF, the parties hereto have executed this Amendment as of the day and year first above written. ATTEST: Signature: Print Name: (e, ' `OV Title: ATTEST: By: E4IntlrbOUUt Todd Hannon, City Clerk` "Horsepower" HORSEPOWER ELECTRIC, INC. a Florida profit corporation qualified to do business in the State of Florida Signature: Print Name: f.. Title: Corporate Secretary or Notary President or Vice -President CDocuSignetl by: L DocuSigned by: APPROVED AS TO LEGAL FORM AND CORRECTNESS: REQUIREMENTS: By: "City" CITY OF MIAMI, a municipal corporation of the State of Florida DocuSignetl by: By: [vfluw Nori 6, 859CF6C3)2DD42A... Arthur Noriega V, City Manager APPROVED AS TO INSURANCE DS ...Sign. by: DocuSignetl by: By: 5309B495F254130 /4 Victoria Mendez, City Attorney (Matter 23-2502) Ann -Marie Sharpe, Director Risk Management Department Attachment: 16184 Signed Amendment No. 4 (16184 : Horsepower Electric, Inc.- Street Lighting) Packet Pg. 287 1.3.f CITY OF MIAMI AMENDMENT NO. 5 TO PROFESSIONAL SERVICES AGREEMENT BETWEEN THE CITY OF MIAMI AND HORSEPOWER ELECTRIC, INC. This Amendment No. 5 ("Amendment") to the Professional Services Agreement ("Agreement") dated February 13, 2014, between the City of Miami, a municipal corporation of the State of Florida ("City"), and Horsepower Electric, Inc., a Florida profit corporation qualified to conduct business in the State of Florida ("Horsepower"), is entered into this 14th day of May, 2024. RECITALS WHEREAS, pursuant to Resolution No. 13-0497, adopted by the City Commission on December 12, 2013, and Request for Proposals ("RFP") No. 352306 the City and Horsepower entered into the Agreement to provide street lighting design, installation, repair, and maintenance services; and WHEREAS, pursuant to Resolution No. 18-0167, adopted by the City Commission on April 26, 2018, Amendment No. 1 to the Agreement was approved for the addition of holiday landscape lighting and equipment; and WHEREAS, on January 9, 2019, Amendment No. 2 to the Agreement was executed under the delegated authority of the City Manager for the addition of special event lighting, electrical and storage services; and WHEREAS, on October 23, 2020, Amendment No. 3 to the Agreement was executed under the delegated authority of the City Manager for the addition of rapid rectangular flashing beacons and the conduits and additional equipment necessary for installation and operation, as well as the addition of Force Majeure language and updated Section 32. Counterparts; Electronic Signatures language; and WHEREAS, on October 26, 2023, Amendment No. 4 to the Agreement was executed under the delegated authority of the City Manager for the approval and implementation of the annual not to exceed five percent (5%) increase to contract pricing upon annual renewal, as well as the provision of an updated Nondiscrimination Clause and the addition of the E-Verify Employment Verification Clause; and WHEREAS, the City's Department of Resilience and Public Works ("RPW") has approved the contract price increase and there is funding available and allocated for said increase for the different services provided on an as -needed basis, subject to the availability of funds at the time of need; NOW THEREFORE, for the considerations hereinafter as set forth, the parties agree as follows: 1. The recitals set forth above are incorporated by reference in full herein. 2. Contract pricing has been increased to reflect the below: Attachment: 16184 Signed Amendment No. 5 (16184 : Horsepower Electric, Inc.- Street Lighting) Packet Pg. 288 1.3.f ITEM NO. DESCRIPTION UNIT PRICE UOM 1 Street Light Design A-1 $14,446.06 Each 2 Street Light Design A-2 $16,082.17 Each 3 Street Light Design A-3 $19,068.84 Each 4 Street Light Design A-4 $21,014.75 Each 5 Street Light Design B-1 $14,152.79 Each 6 Street Light Design B-2 $15,787.80 Each 7 Street Light Design B-3 $18,555.08 Each 8 Street Light Design B-4 $20,500.99 Each 9 Street Light Design C-1 $18,566.10 Each 10 Street Light Design C-2 $20,376.41 Each 11 35 ft. Aluminum Poles $13,992.93 Each 12 Maintenance per Landscape Light, new & existing $8.82 Month 13 Maintenance per Light Pole, new & existing $13.23 Month ALL OTHER TERMS, COVENANTS, AND CONDITIONS OF THE ORIGINAL AGREEMENT ISSUED THERETO SHALL REMAIN IN FULL FORCE AND EFFECT. Counterparts; Electronic Signatures. This Amendment may be executed in counterparts, each of which shall be an original as against either party whose signature appears thereon, but all of which taken together shall constitute but one and the same instrument. An executed facsimile or electronic scanned copy of this Amendment shall have the same force and effect as an original. The parties shall be entitled to sign and transmit an electronic signature on this Amendment (whether by facsimile, PDF, or other email transmission), which signature shall be binding on the party whose name is contained therein. Any party providing an electronic signature agrees to promptly execute and deliver to the other party an original signed Amendment upon request. Attachment: 16184 Signed Amendment No. 5 (16184 : Horsepower Electric, Inc.- Street Lighting) Packet Pg. 289 1.3.f IN WITNESS WHEREOF, the parties hereto have executed this Amendment as of the day and year first above written. ATTEST: Signature: Print Name: Title: ''"O0`At JeC.re Corpot'ate Secretary or Notary DocuSigned by: ATTEST: DocuSlgnetl by: D. F46D75600cF145a "Horsepower" HORSEPOWER ELECTRIC, INC. a Florida profit corporation qualified to conduct business in the State of Florida Signature: Print Name: Mtc_S4P'EL /uMt2-ri 2_ Title: 1 'Q ,DE",T President or Vice -President "City" CITY OF MIAMI, a municipal corporation of the State of Florida 51'6r DocuSign. by Noviuy By: ASO Ffi(t]JDDAJA Todd Hannon, City Clerk Arthur Noriega V, City Manager APPROVED AS TO LEGAL FORM AND APPROVED AS TO INSURANCE CORRECTNESS: DocuSignecl by: By: 156,9ve,c° By: George K. Wysong III, City Attorney (Matter 24-869) REQUIREMENTS: DS rPr ,—DocuSignetl by: Fr 1 roK,v,) '-1�zoJ,nz,ntf_ Ann -Marie Sharpe, Director Risk Management Department Attachment: 16184 Signed Amendment No. 5 (16184 : Horsepower Electric, Inc.- Street Lighting) Packet Pg. 290