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HomeMy Public PortalAbout85 W Enid Drive.tifSLACK JOHNSTON MAGENHEIMER REAL ESTATE APPRAISERS & CONSULTANTS 7300 NORTH KENDALL DRIVE, SUITE 520 MIAMI, FLORIDA 33156 APPRAISAL OF REAL PROPERTY 85 WEST ENID DRIVE VILLAGE OF KEY BISCAYNE, MIAMI-DADE COUNTY, FLORIDA SUMMARY REPORT APPRAISAL No. 07148 PREPARED FOR MR. JUD KURLANCHEEK, AICP, DIRECTOR VILLAGE OF KEY BISCAYNE BUILDING, ZONING AND PLANNING DEPARTMENT 88 WEST MCINTYRE STREET KEY BISCAYNE, FLORIDA 33149 SLACK JOHNSTON MAGENHEIMER REAL ESTATE APPRAISERS & CONSULTANTS L. GLENN JOHNSTON, MAI ST.CERT GEN.REA RZ443 ANDREW H. MAGENHEIMER, MAI ST CERT.GEN.REA RZ1073 May 28, 2007 Mr. Jud Kurlancheek, AICP, Director Building, Zoning and Planning Department Village of Key Biscayne 88 West McIntyre Street Key Biscayne, Florida 33149 RE: Appraisal of Real Property and Estimate of Annual Market Rent 85 West Enid Drive, Village of Key Biscayne, Miami -Dade County, Florida Appraisal Number: 07148 Dear Mr. Kurlancheek: THEODORE W. SLACK, MAI (1902- 1992) THEODORE C. SLACK, MAI (RETIRED) SUE BARRETT SLACK, MAI (RETIRED) At your request, we have prepared an appraisal, in a summary report format, of the market value of the fee simple interest in the above referenced property, as of February 17, 2007, the effective date of the appraisal and visit to the property. In addition, we have estimated the annual market rental value of the parcel. The subject property is comprised of a 21,200 square foot site. The site is located at 85 West Enid Drive. This location is within the Village of Key Biscayne, a municipality of Miami -Dade County, Florida. The property is owned by Miami -Dade County Water and Sewer and is used for parking by the Village of Key Biscayne for its adjacent municipal buildings. By virtue of its governmental ownership and usage, the site is zoned GU (Government Use). It is our understanding, if privately owned, the site would likely be zoned either C-1 (Low Intensity Commercial) or 0-1 (Low Intensity Office) in conjunction with its underlying commercial land use designation. The appraisal report states our opinion of market value, subject to various assumptions and limiting conditions contained in this summary report. The site visit and analyses forming the basis of our valuation have been performed by the undersigned. The appraisal has been prepared in accordance with the Uniform Standards of Professional Appraisal Practice (USPAP) as adopted by the Appraisal Standards Board of the Appraisal Foundation. SLACK, JOHNSTON & MAGENHEIMER, INC. 7300 NORTH KENDALL DRIVE, SUITE 520, MIAMI, FLORIDA 33156 Mr. Jud Kurlancheek, AICP May 28, 2007 Page Two Based on our investigation and analysis, we have formed the opinion that the market value of the subject property, as of May 9, 2007. was as follows: TWO MILLION EIGHT HUNDRED SEVENTY THOUSAND DOLLARS ($2,870,000). In addition, we have estimated the annual market rent for the subject property to be $11.70 per square foot. The following report contains the results of our investigations and the explanation of the approaches to value. Respectfully submitted, SLACK, JOHNSTON & MAGENHEIMER, INC. Andrew H. Magenheimer. MAI ST CERT GEN REA RZ1073 Kimberly Magenheimer ST CERT GEN REA RZ 1386 SLACK JOHNSTON MAGENHEIMER TABLE OF CONTENTS Page Summary of Salient Facts and Conclusions 1 Aerial Photograph of the Subject Property 2 Certification 3 Assumptions and Limiting Conditions 4 Identification of the Property 7 Legal Description 7 Ownership and History of the Property 7 Purpose, Intended Use and Date of the Appraisal 8 Scope of the Appraisal 8 Definition of Value and Interest Appraised 10 Regional Analysis 11 Neighborhood Analysis 11 Description of the Property 13 Real Estate Tax Analysis 15 Land Use and Zoning 15 Highest and Best Use 16 Valuation Process 19 Sales Comparison Approach 20 Annual Market Rent Analysis 27 Reconciliation and Final Value Estimate 29 ADDENDA A - Miami -Dade Regional Analysis B - Photographs of the Subject Property C - Zoning Information D - Qualifications of Appraiser SLACK JOHNSTON MAGENHEIMER SUMMARY OF SALIENT FACTS AND CONCLUSIONS Property Appraised: Property Type: 2006 Assessment Information: Folio Number: Total Assessment: Real Estate Taxes (2006): Census Tract: Flood Insurance: Ownership: Interest Appraised: Land Size: Zoning: Highest and Best Use: Date of Valuation: Date of Report: Type of Report: 85 West Enid, Village of Key Biscayne, Miami -Dade County, Florida Commercial land 24-5205-001-0020 $1,847,235 Exempt due to governmental ownership 46.02 (2000) Zone "AE"; Special flood hazard areas inundated by 100 -year flood; base flood elevations of 9 feet determined. National Flood Insurance Community Panel Number 120648 0281 J, dated March 2, 1994. Miami -Dade County Water & Sewer Department 3071 S.W. 38 Avenue Miami, Florida 33146 Fee Simple 22,100 square feet .51 acre By virtue of its governmental ownership and usage, the site is zoned GU (Government Use). It is our understanding, if privately owned, the site would likely be zoned either C-1 (Low Intensity Commercial) or 0- 1 (Low Intensity Office) in conjunction with its underlying commercial land use designation. Development with commercial uses May 9, 2007 May 28, 2007 Summary 1 SLACK JOHNSTON MAGENHEIMER Value Indications: Income Approach: Sales Comp. Approach: Cost Approach: Final Value Estimate: Annual Market Rent: Not Applicable $2,870,000 Not Applicable $2,870,000 $11.70 per square foot AERIAL PHOTOGRAPH OF THE SUBJECT PROPERTY Source: Miami -Dade County Property Appraiser's Office -2 SLACK JOHNSTON MAGENHEIMER 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, 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 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. 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. the 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, which include the Uniform Standards of Professional Appraisal Practice (USPAP). - we have made a recent visit to the property that is the subject of this report. no one provided significant real property appraisal assistance to the persons signing this report. - the use of this report is subject to the requirements of the Appraisal Institute relating to review by its duly authorized representatives. - as of the date of this report, Andrew H. Magenheimer, has completed the continuing education program of the Appraisal Institute. SLACK, JOHNSTON & MAGENHEIMER, INC. Andrew H. Magenheimer, MAI ST CERT GEN REA RZ107'i Kimberly Magenheimer ST CERT GEN REA RL1386 - 3 SLACK JOHNSTON MAGENHEIMER ASSUMPTIONS AND LIMITING CONDITIONS The appraisal is subject to the following assumptions and limiting conditions: 1. No responsibility is assumed for the legal description or for matters including legal or title considerations. Title to the property is assumed to be good and marketable unless otherwise stated. 2. No legal opinion related to a title search was provided and all existing liens and encumbrances, including deed restrictions and developers agreements, have not been investigated unless otherwise stated. The property is appraised as though free and clear. 3. Responsible ownership and competent property management are assumed. 4. The information furnished by others has been gathered from sources deemed to be reliable, however, no warranty is given for its accuracy. 5. All engineering and surveying is assumed to be correct. Any sketches, plats, or drawings included in this report are included to assist the reader in visualizing the property. We have made no survey of the property, and assume no responsibility in connection with such matters. 6. It is assumed that there are no hidden or unapparent conditions of the property, subsoil, or structures that render it more or less valuable. No responsibility is assumed for unusual soil conditions and no opinion as to these matters is to be inferred or construed from the attached report other than those specifically stated in the report. Unless stated otherwise, the soil conditions of the subject property are assumed to be adequate to support development utilizing conventional construction techniques. We recommend the client obtain an opinion from a competent engineering firm. 7. It is assumed that there is full compliance with all applicable federal, state, and local environmental regulations and laws unless noncompliance is stated, defined, and considered in the appraisal report. 8. It is assumed that all applicable zoning and use regulations and restrictions have been complied with, unless a nonconformity has been stated, defined, and considered in the appraisal report. 9. It is assumed that all required licenses, certificates of occupancy, consents, or other legislative or administrative authority from any local, state, or national government or private entity or organization have been or can be obtained or renewed for any use on which the value estimate contained in this report is based. 10. It is assumed that the utilization of the land and improvements is within the boundaries or property lines of the property described and that there is no encroachment or trespass unless noted in the report. 4 SLACK JOHNSTON MAGENHEIMER 11. Any proposed or partially completed improvements included in this report are assumed to be completed in accordance with approved plans and specifications and in a workmanlike manner. 12. Our estimates of future values were formulated based upon market conditions as of the date of appraisal, considerate of future projections concerning supply and demand. The appraiser has no responsibility for significant events that alter market conditions subsequent to the effective date or dates of appraisal. 13. This study is to be used in whole and not in part. No part of it shall be used in conjunction with any other appraisal. Publication of this report or any portion thereof without the written consent of the appraiser is not permitted. 14. The appraiser, by reason of this report, is not required to give further consultation, testimony, or be in attendance in court with reference to the property in question unless arrangements have been previously made. 15. Neither all, nor any part of the contents of this report (especially any conclusions as to value, the identity of the appraiser, or the firm with which the appraiser is connected), shall be disseminated to the public through advertising, public relations, news, sales, or other media without the written consent and approval of the appraiser. The use of this report in any public offering or syndication document is specifically prohibited. 16. Unless otherwise stated in this report, the existence of hazardous substances, including without limitation asbestos, polychlorinated biphenyls, petroleum leakage, or agricultural chemicals, which may or may not be present on the property, or other environmental conditions, were not called to the attention of, nor did the appraiser become aware of such during the appraiser's inspection. The appraiser has no knowledge of the existence of such materials on or in the property unless otherwise stated. The appraiser, however, is not qualified to test such substances or conditions. If the presence of such substances, such as asbestos, urea formaldehyde foam insulation, or other hazardous substances or environmental conditions, may affect the value of the property, the value estimated is predicated on the assumption that there is no such condition on or in the property or in such proximity thereto that it would cause a loss in value. No responsibility is assumed for any such conditions, nor for any expertise or engineering knowledge required to discover them. It is recommended that the client retain an expert in this field, if needed. 17. Disclosure of the contents of this report by the appraiser is controlled by the Appraisal Institute of which one or more signatures of this report is an MAI member and by the Florida Department of Professional Regulation, Division of Appraisal State Certification. The analysis and value conclusions, as well as non-public information about the subject property, are confidential matters and cannot be divulged to any persons other than the party for whom the report is prepared. 5 SLACK JOHNSTON MAGENHEIMER Exceptions to this confidentiality provision are requests by committees of the Appraisal Institute or the Florida Department of Professional Regulations for peer review, and subpoenas by any court having jurisdiction to request production of the report. 18. Section 404.056(8) of the Florida Statues requires that prior to or at the time a rental agreement or contract for any building is executed, the following disclosure statement must be issued: "RADON GAS: is a naturally occurring gas that, when it has accumulated in a building in sufficient quantities, may present risk to persons who are exposed to it over time. Levels of radon that exceed federal and state guidelines have been found in building in Florida. Additional information regarding radon and radon testing may be obtained from your public health unit." 19. No survey of the site was provided or reviewed. The site size was taken from the Miami - Dade County Property Appraiser's records. Any change in the site area could impact the value conclusions herein and require further analysis. This appraisal is subject to a survey and legal description of the subject property. Acceptance or use of this report constitutes acceptance of the preceding conditions. 6 SLACK JOHNSTON MAGENHEIMER IDENTIFICATION OF THE PROPERTY The subject property consists of 22,100 square feet of commercial land located at 85 West Enid Drive in the Village of Key Biscayne, a municipality of Miami -Dade County, Florida. The property is situated adjacent to the Village Hall and Police Station and serves as parking for the building. By virtue of its governmental ownership and usage, the site is zoned GU (Government Use). It is our understanding, if privately owned, the site would likely be zoned either C- 1 (Low Intensity Commercial) or 0-1 (Low Intensity Office) in conjunction with its underlying commercial land use designation. LEGAL DESCRIPTION The following legal description was taken from the Miami -Dade County Property Appraiser's records, as well as an existing lease for the subject property: Tract A, less the East 179 feet thereof, of BISCAYNE KEY ESTATES, according to the Plat thereof, as recorded in Plat Book 50, at Page 50, of the Public Records of Miami -Dade County, Florida. OWNERSHIP AND HISTORY OF THE PROPERTY The subject property is currently owned by Miami -Dade County Water and Sewer. Based on the information available, the property has not changed ownership in several years. The property is currently leased to the Village of Key Biscayne (Village) by Miami -Dade County. According to the "Amendment to Lease" provided, dated October 15, 2002, the original lease was for a term of 30 years and was reduced to a term of 14 years terminating June 14, 2007. The current rental rate for the property was not provided and was not deemed relevant since the lease is to expire in less than 45 days from the date of valuation. There are no known options to renew the existing lease. The lease provides for an option for the Village to purchase the property at any time prior to the expiration of the lease. The option price is to be the fair market value of the property as if vacant and unimproved, as stated in the "Amendment to Lease". 7 SLACK JOHNSTON MAGENHEIMER PURPOSE, INTENDED USE AND DATE OF THE APPRAISAL The purpose of this appraisal is to develop and report an opinion of the current market value of the fee simple interest of the subject property, as of May 9, 2007, the effective date of appraisal. In addition. we have estimated the annual market rental value of the parcel. The date of the report is May 28, 2007. The intended user of this report is the Village of Key Biscayne. The intended use of the appraisal is to assist the client in negotiating the potential purchase or lease of the property. There are no other intended users or intended uses of this appraisal. SCOPE OF THE APPRAISAL The scope of this appraisal is to develop and report an opinion of the current market value of the fee simple estate in the subject property, as well as to estimate the annual market rent. We have inspected the neighborhood and have made a recent visit to the property. Subsequent to our visit, an estimation of the highest and best use, as of the date of valuation, was made. The highest and best use analysis considers all physically possible. legally permissible and economically feasible uses to which the property can be put. The appraisal process includes three basic approaches to value. These are the income, sales comparison, and cost approaches. The application of these approaches is determined by the type of property being appraised, as well as the scope of the valuation assignment. Since the subject property consists of vacant land, only the sales comparison approach was deemed applicable in estimating the market value of the fee simple interest in the subject property. The subject property is located in the Village of Key Biscayne, a small island community connected to mainland Miami by a bridge. As will be discussed in the Highest and Best Use section of this report, if privately owned, the subject property's zoning would likely be C-1 or 0-1. According to the Village of Key Biscayne, Building, Planning and Zoning Director, the likely permitted use of the subject site would be for office uses since it is adjacent to residential uses and does not front Crandon Boulevard. The Village encompasses only 1.2 square miles and the number of commercial and office sites is limited, as such, recent sales of this type of property are also very limited. For this reason, research for land sales also extended to areas outside the subject's immediate market area, including much of southeastern Miami -Dade County. Sales research spanned from January, 2005 to the effective date of this appraisal. Due to significant changes in market conditions in the Miami -Dade County area, sales transpiring prior to January, 2005 warrant substantial upward adjustment and were not relied upon. -8- SLACK JOHNSTON MAGENHEIMER The sales and information included in this report is considered of good quality and representative of the best available market data. Analysis of the selected sales included a visual inspection, reviewing the deed and confirming sale details with one or more of the parties to the transaction. or their representatives. The annual market land rent for the subject parcel has been estimated through the capitalization process, by applying a market derived capitalization rate to the estimated land value of the subject parcel. 9 SLACK JOHNSTON MAGENHEIMER DEFINITION OF VALUE AND INTEREST APPRAISED The Uniform Standards of Professional Appraisal Practice (USPAP 2006) defines Market Value as "a type of value, stated as an opinion, that presumes the transfer of a property (i.e. a right of ownership or a bundle of rights), as of a certain date, under specific conditions set forth in the definition of the term identified by the appraiser as applicable in an appraisal." The Dictionary of Real Estate Appraisal, Fourth Edition, defines Market Value as "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 best interests; 3. a reasonable time is allowed for exposure in the open market; 4. payment is made in 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." For purposes of this analysis, the market value definition relative to the subject parcel relies on the definition taken from the Dictionary of Real Estate Appraisal. Other pertinent terms and definitions from the Dictionary of Real Estate Appraisal, Fourth Edition, are as follows: Fee Simple Estate is the "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." Market Rent is the "most probable rent a property should bring in a competitive and open market under all conditions and restrictions of the specified lease agreement including term, rental adjustment and revaluation, permitted uses, use restrictions and expense obligations." - 10 - SLACK JOHNSTON MAGENHEIMER REGIONAL ANALYSIS The subject property is located in the Village of Key Biscayne, a municipality located in the southeastern section of Miami -Dade County. A brief regional analysis of Miami - Dade County is included in the Addenda. NEIGHBORHOOD ANALYSIS As mentioned above, the subject is located within the Village of Key Biscayne. Key Biscayne is an island community located approximately five miles east of mainland Miami -Dade County and is connected to the mainland via the Rickenbacker Causeway. The Village of Key Biscayne incorporated in 1991 and is considered one of the more desirable and affluent residential communities in Miami -Dade County due to its proximity to the Miami Central Business District and local amenities. The Village of Key Biscayne consists of 1.2 square miles with a 2006 population of approximately 11,464. According to census information, the Community amenities include the Key Biscayne golf course, Lipton Tennis Center, as well as beaches and picnic areas at Crandon Park and Bill Baggs State Park (Cape Florida). As stated previously, access to Key Biscayne from mainland Miami -Dade is provided via a causeway, which turns into Crandon Boulevard at Virginia Key. There is a toll for use of the causeway. Crandon Boulevard is the primary commercial roadway bisecting Key Biscayne from north to south. Commercial development is located mostly along Crandon Boulevard and is comprised service -oriented uses, including shopping centers and restaurants. West of Crandon Boulevard land uses consist of mostly single family residences. Multifamily (condominiums) are mostly located east of Crandon Boulevard. The Village of Key Biscayne is primarily built-up with a limited supply sites for development. In most instances, new development is preceded by the demolition of older improvements. Overall, the area is considered stable and is one of the more affluent and desirable locations in Miami -Dade County. -11- SLACK JOHNSTON MAGENHEIMER Key Biscayne Virginia Key Beach.Park - 12 - SLACK JOHNSTON MAGENHEIMER DESCRIPTION OF THE PROPERTY Location: Shape: Land Area: Frontage: �rog� phis Sti +ming-I t I i00;Y 85 West Enid Drive, Village of Key Biscayne, Miami - Dade County, Florida. Rectangular (221 feet x 100 feet) 22,100 square feet or .51 acres The site has approximately 221 feet of frontage along West Enid Drive and 100 feet along Fernwood Road. Access: Access to the property is provided via both Enid Drive and Fernwood Road. Topography: Level and at street grade. Asphalt -paved. - 13 - SLACK JOHNSTON MAGENHEIMER Flood Insurance: Zone "AE"; Special flood hazard areas inundated by 100 -year flood; base flood elevations of 9 feet determined. National Flood Insurance Community Panel Number 120648 0281 J, dated March 2, 1994. Soil Conditions: No soil report of the property was provided. It is assumed the subsoil is of sufficient load bearing capacity to support the construction of permanent structures. No evidence of any adverse soil conditions at the site was observed upon our visit to the property. Utilities: Water and sewer is available from Miami -Dade Water and Sewer Authority. Electricity is provided by FPL and telephone service is provided by AT&T (BellSouth). Land Use Restrictions: No authoritative report of title has been provided or reviewed; there do not appear to be any easements, or encroachments that would adversely affect the utilization of the site. Environmental Study: This appraisal report is based on the assumption that no conditions exist that would adversely affect the utilization or marketability of the property. - 14 - SLACK JOHNSTON MAGENHEIMER REAL ESTATE TAX ANALYSIS The subject property is located within the Village of Key Biscayne and, if privately owned, would be subject to City and County ad valorem taxes on real property. The Florida Statutes provide for assessment and collection of ad valorem taxes on real property; however, the taxes are assessed, collected, and used on the local county level. The assessment for the property is established each year as of January 1st by the Miami - Dade County Property Appraiser's Office at 100% of "Just Value". The tax due is computed according to annual millage rates established by Miami -Dade County. Millage rates are the amount paid to each taxing body for every $1,000 of assessed value. Taxes are payable in November with a 4% discount and become delinquent on April 1 yt. Since the subject property is government owned, it is exempt from taxation. According to the Miami -Dade County tax rolls, the 2006 assessment for the subject parcel is as follows: Folio Number: Land Assessment: Improvement Value: Total Assessment: 24-5205-001-0020 $1,768,000 $ 79,235 $1,847,235 Real Estate Taxes (2006): Exempt due to governmental ownership LAND USE AND ZONING According to the Village of Key Biscayne Land Use Map, the subject property is located within an area designated as "Commercial". It is our understanding this category accommodates a wide range of commercial uses. By virtue of its governmental ownership and usage, the site is zoned GU (Government Use). Based on conversation with Village of Key Biscayne representatives, it is our understanding, if privately owned, the site would likely be zoned either C-1 (Low Intensity Commercial) or 0-1 (Low Intensity Office) in conjunction with its underlying commercial land use designation. Since the property is located adjacent to low density residential uses and does not front on Crandon Boulevard, Village representatives indicated office uses to be the most likely commercial usage to be approved for the subject site. Excerpts from the Village of Key Biscayne zoning code pertaining to GU, C-1 and 0-1 uses are provided in the Addenda. - 15 - SLACK JOHNSTON MAGENHEIMER HIGHEST AND BEST USE The following definitions are from The Dictionary of Real Estate Appraisal (Fourth Edition) published by the Appraisal Institute: Highest and Best Use The reasonably probable and legal use of vacant land or an improved property, which is physically possible, appropriately supported, financially feasible, and that results in the highest value. The four criteria that highest and best use must meet are legal permissibility, physical possibility, financially feasibility and maximum profitability. Highest and Best Use As Though Vacant Among all reasonable alternative uses, the use that yields the highest present land value, after payments are made for labor, capital, and coordination. The use of a property based on the assumption that the parcel of land is vacant or can be made vacant by demolishing any improvements. Physically Possible: The subject site contains 22,100 square feet with dimensions of 221 feet by 100 feet. Although no soil report for the subject site has been provided, a visit to the property, revealed no problems associated with the physical aspects of developing site. The area has good to average regional access and availability to public utilities. The physical characteristics of the site and surrounding area support a variety of uses based on its configuration and size. Legally Permissible: Permissible or legal uses are those permitted by zoning and land use regulations. No recent title search was provided to the appraisers. It is assumed that there are no covenants, restrictions or easements that would adversely affect the use of the site to such an extent that it would negatively impact its value. By virtue of its governmental ownership and usage, the site is zoned GU (Government Use). Based on conversation with Village of Key Biscayne representatives, it is our understanding, if privately owned, the site would likely be zoned either C-1 (Low Intensity Commercial) or 0-1 (Low Intensity Office) in conjunction with its underlying commercial land use designation. Since the property is located adjacent to low density residential uses and does not front on Crandon Boulevard, Village representatives indicated office uses to be the most likely commercial usage to be approved for the subject site. The maximum floor area ratio allowed would be approximately .50. Maximum allowable height is 35 feet (3 stories). Feasible or Maximally Productive Use: Based on the above, the most like use of the property would be for the construction of a small office building. According to statistics obtained from CoStar, Key Biscayne is included in the Coconut Grove submarket area. - 16 - SLACK JOHNSTON MAGENHEIMER As of the 1'` Quarter of 2007, of 71 buildings surveyed, the vacancy rate in the subject's submarket is 9.1% and the average quoted rental rate is $31.02 per square foot. There are no office buildings under construction according to CoStar. Based on our research, current market conditions for office in Miami -Dade County, as well as the subject's submarket, are stable and would likely support the construction of office on the site as a feasible use of the site. Conclusion: Considering the location, physical characteristics and permissible uses of the property, and based upon an analysis of the site, the surrounding neighborhood, land uses and the real estate market in general, it is our opinion that the highest and best use of the subject site would likely be for future development with office uses. - 17 - SLACK JOHNSTON MAGENHEIMER FIRST QUARTER 2007 - NYAMI-OADE COUNTY ! _1 ti t 1- i ).11 % 1 ( i `) OFFICE MARKET 'Al l 11., COCONUT GROVE MARKET DELIVERIES, ABSORPT ION & VACANCY Historical Analysis, All Classes I=Dedvered SF 6: 04 _61 ➢ _J d 1 1 11 'rk _1 777 VACANT SPACE Historical Analysis, All Classes ODrrec SF •SUblet SF �Or 1y}E _n 0, M,4., Y) 1 re ez '�pei9*D I111111111Absorption SF ' Vacancy W V3, lU+)ied QUOTED RENTAL RATES Historica Analysis, All Classes • 'Wa it 210- I Existing Inventory Vacancy Net Delivered Inventory UC Inventory Quoted Period k BIdAs Total RBA Vacant SF Vacancy 'r Absorption a BIdAs Total RBA N Bldgs Total RBA Rates 2007 1g 2006 4q 2006 3q 2005 2q 2006 1 q 2005 43 2005 3q 2005 2q 2(X)5 Iq 2004 4q 2004 3q 2004 2q 2004 1.1 21303 4q 2003 3q 2003 2q o er, ^ooarirD 71 71 71 71 71 71 70 70 69 69 69 59 99 59 69 '9 1,546 984 1,545 984 1,545984 1,545,984 1,5.45,984 1,545984 1 543 884 1 541,884 1,541,851 1,541,851 1,541,851 1,541.851 1,541,851 1 541,851 1,541,851 1,541,851 140,206 152 261 119 894 73 357 94 110 115 202 164 322 145 911 137 390 100 849 139 379 132 532 99 407 117 324 140 223 144 360 91% 9 8"%. 78°:, 4 7% 1'v 75 106 6% 9 5-(6 8 9% o 5% 90% 8 6% 6 4'1(. 7 91% 943, 12.055 0 12 1t,'1 0 0 20 743 0 22 (x32 0 50 220 N^'1 1�)1 1 0 38 530 0 64-, 231 0 1' 917 0 22 899 0 4 13' 0 i9". 0 0 O 0 531 02 O 0 431 (4 O 0 530 92 O 53024 O 5301' 2 100 0 0 531, 09 O 1 2 100 530 18 2,033 1 2 100 430 28 0 2 4133 53010 2 033 529 88 0 1 2 033 529 37 O 0 0 52897 O 0 0 527 45 0 0 0 526 18 O 0 0 525 19 0 0 0 525 47 u 92007 COSTAR GROUP INC. THE COSTAR OFFICE REPORT 25 - 18 - SLACK JOHNSTON MAGENHEIMER VALUATION PROCESS There are three generally recognized approaches considered in the valuation of real property. They include the income, sales comparison, and cost approaches. It should be noted that the appropriateness and reliability of each approach depends on the type of property being appraised, the age and condition of the improvements. if any, and the availability and quality of market data available for analysis. The income approach provides an indication of value of a property based on a conversion of anticipated benefits (net income). The method of conversion is called capitalization and is either based on a single year's income (direct capitalization), or several years' income (discounted cash flow). The sales comparison approach provides an indication of value based on sales of properties considered similar. The cost approach provides an indication of the value of a property represented by the reproduction cost of the existing improvements, less accrued depreciation, to which is added the land value. The appraisal process is concluded by a review and re-examination of each of the approaches to value employed. Consideration is given to the type and reliability of data used and the applicability of each approach. These factors are reconciled and a final value estimate is made. In this instance the property represents vacant land, therefore, only the sales comparison approach was applicable in the valuation of the subject property. - 19 - SLACK JOHNSTON MAGENHEIMER SALES COMPARISON APPROACH The sales comparison approach produces an estimate of value for real estate by comparing recent sales of similar properties in the subject's surrounding or competing area. Inherent in this approach is the principle of substitution, which states that when a property is replaceable in the market, its value tends to be set at the cost of acquiring an equally desirable substitute property, assuming that no costly delay is encountered in making the substitution. By analyzing sales which qualify as arm's -length transactions between willing, knowledgeable buyers and sellers, price trends can be identified from which value parameters may be extracted. Comparability as to physical, locational, and economic characteristics are important criteria in evaluating the sales in relation to the subject property. The basic steps involved in the application of this approach are as follows: 1. Researching recent relevant property sales and current offerings throughout the competitive area. 2. A selection process to focus on properties considered most similar to the subject, and then analyzing the selected comparable properties giving consideration to the time of sale and any change in economic conditions which may have occurred as of the date of valuation. Other relevant factors of a physical, functional, or locational nature are also considered. 3. Reducing the sales to a meaningful unit of comparison, i.e., price per unit or price per square foot. 4. Making appropriate adjustments to the comparable properties. 5. Interpreting the data analyzed to draw a meaningful conclusion of value. The validity of this approach is dependent upon the availability and relevancy of the data. The sales of properties having characteristics similar as the subject have been collected and analyzed. Typically, land sells based on units of comparison particular to the property type (e.g., price per square foot, price per acre, price per unit). In this analysis, the price per square foot of land area was analyzed. The subject property consists of vacant land located in the Village of Key Biscayne, an island community and municipality of Miami -Dade County. The Village encompasses only 1.2 square miles, is mostly built-up and the supply of commercial and office sites is limited, as such, recent sales of this type of property are also very limited. For this reason, research for land sales also extended to areas outside the subject's immediate market area, including much of southeastern Miami -Dade County. Due to significant changes in market conditions in the Miami -Dade County area, sales transpiring prior to January, 2006 warrant substantial upward adjustment and are irrelevant to this analysis. - 20 - SLACK JOHNSTON MAGENHEIMER The four sales under analysis occurred between February, 2006 and February, 2007. All of the sales included in our analysis are zoned for commercial uses. These sales are considered to represent the best available data as of the date of valuation. The sales reflected unadjusted per square foot prices from $154.52 to $192.41 for sites containing from 15,500 to 48,075 square feet. -21 - SLR JOHNSTON MAGENHEIMER SUMMARY OF LAND SALES NO. LOCATION LAND SALE SALES PRICE GRANTOR/ ZONING SQ. FT. ACRES DATE PRICE PER SQ. FT. GRANTEE 1 24 Crandon Boulevard Key Biscayne 2 6394 S. Dixie Hwy. South Miami 3 5966-70 S. Dixie Hwy. South Miami 4 9171 S. Dixie Hwy. Pinecrest SUBJECT 85 West Enid Drive Key Biscayne C-1 48,075 1.10 Feb -07 $9,250,000 GR 15,500 0.36 Feb -07 $2,395,000 $154.52 EJS Holdings, Inc. MCTC Holdings, LLC SR 31,975 0.73 Nov -06 $5,400,000 $168.88 JRD at S. Miami, LLC 64 Development Corp. BU -2 35,424 0.81 Feb -06 $6,250,000 $176.43 9191 S. Dixie, Ltd. GU 22,100 0.51 (C-1/0-1) $192.41 North King Corporation Samoro, LLC JRD at 9171, LLC Land Sales Map AY SW 7 nd'Si' 4 h Mfa' SW T2hd ,fit $ ,St ' "' SW 88th ' Sf S St , SW 9 nd'St SW O6th ��lh t SW 1,Q2nd 'SS, 0 mi 1 2 1 ,a3 21•`,1 M, ,n it ( ., p A >y s , , , . ,�e3s• �,� a .a�ii, ��t: !�_., v+at �3e n ��-i',�i�>_��u C_L)4 N4VlLi) �IIa.�A-,., �_..r.o� Ih, 0,,i . ..3,, iw ri.11 31 i^n,>rni, . Nr,r Ury r <<ttf jr• 3 Hama Coil Pa lit -Snapper Creek Par Yi}�inia Kt Discussion of the Land Sales Land Sale 1 is located at 24 Crandon Boulevard on Key Biscayne. The property is currently improved with a restaurant building (Stefano's) and parking lot. The building was originally constructed in 1950 and is in fair to average condition. The property contains approximately 48,075 square feet and is zoned C-1. It is our understanding the building contributed nominal value to the overall property and will likely be demolished or substantially renovated. The sales price in February, 2007 was $9,250,000 or $192.41 per square foot. Land Sale 2 is located within the City of South Miami at 6394 South Dixie Highway. The site is irregular in shape with only a small amount of street frontage. At the time of sale, the site was improved with a small building, which has been demolished. The sales price in February, 2007 was $2,395,000 or $154.52 per square foot. Land Sale 3 is also located in South Miami at 5966 South Dixie Highway. This site sold in November, 2006 for $5,400,000 or $168.88 per square foot. It previously sold in March, 2006 for $5,000,000 or $156.37 per square foot. The site has frontage on South Dixie Highway and S.W. 74th Street. The site contains 31,975 square feet. Land Sale 4 is located at 9171 South Dixie Highway in Pinecrest. The site is improved with an older, 2 -story building occupied by Ethan Allen. It is our understanding the site was purchased for future redevelopment. The site contains 35,424 square feet. The sales price in February, 2006 was $6,250,000 or $176.43 per square foot. Adjustment Factors Property characteristics and sale terms considered in our analysis are financing, changes in market conditions, conditions of sale, size, location, topography, zoning and size. Each of these items has been analyzed and compared to the subject properties and are discussed on the following paragraphs. Financing: All of the sales were cash to the seller transactions, with typical terms of purchase for the subject market warranting no adjustment for financing. Condition/Terms of Sale: All of the properties considered were sold as arm's length transactions; therefore, no adjustments are required. Time/Market Conditions: The four land sales transpired between February, 2006 and February, 2007. Research reflects the market for commercial sites in most areas of Miami -Dade County has experienced increases in land values over the past one to two years, due in most part, to the dwindling supply of available sites. Based on our research, all of the land sales warrant upward adjustments for change in market conditions/time. - 24 - SLACK JOHNSTON MAGENHEIMER Sale 3 was acquired by the seller in March, 2006 for $5,000,000. The more recent transaction at $5,400,000 represents an increase of over 8% in a year's time and supports our conclusion. Size: The subject property contains approximately 22,100 square feet. The land areas of the four land sales range from 15,500 to 48,075 square feet. An analysis of the four sales, however, tends to indicate that smaller sites have limited development potential based on their size unless assembled with adjacent properties. Sale 2, the smallest of the four sales. sold for the lowest price per square foot. A comparison of the four sales indicates there is some adjustment warranted for size with the larger parcels selling for slightly higher per square foot prices than the smaller sales due to development potential. Topography/Improvements: The topographies of these four land sales are considered similar to the subject's topography: therefore, no adjustments are warranted. Sales 1 and 4 are improved and the improvements are considered to contribute some value as an interim use or for renovation purposes. Downward adjustment for the contributory value of the improvements is warranted. Location: The subject property is located on Key Biscayne just west of Crandon Boulevard, the main thoroughfare on Key Biscayne. The sales are located in the southwestern section Miami -Dade County. Each of the sales has frontage on a major thoroughfare in their respective communities and warrant downward adjustment for superior frontage. Land Use/Zoning: By virtue of its governmental ownership and usage, the site is zoned GU (Government Use). It is our understanding, if privately owned, the site would likely be zoned either C-1 (Low Intensity Commercial) or 0-1 (Low Intensity Office) in conjunction with its underlying commercial land use designation. According to the Village of Key Biscayne, office uses would be the mostly likely usage of the subject site to be approved if privately -owned. The four sale properties have slightly more liberal zonings than that assumed for the subject property. For this reason, downward adjustment is warranted for zoning. Conclusion As mentioned previously, the subject property consists of vacant land located in the Village of Key Biscayne. The following adjustment grid is provided to illustrate the appraiser's thinking. - 25 - SLACK JOHNSTON MAGENHEIMER Sale 1 2 3 4 Price/Sq.Ft. $192.41 $154.52 $168.88 $176.43 Financing = _ = = Terms = Time + + + + Size - = - - Improvements - = = - Zoning - - - - Location/Frontage - - - - Overall - - - - Based on the above analysis and taking into account the lack of available land for development in the Village of Key Biscayne and the increases in land value over time, we have formed the opinion that, as of May 9, 2007, the market value of the subject property is approximately $130.00 per square foot, which is calculated as follows: 22,100 Square Feet x $130.00 Per Square Foot = $2,873,000, rounded to $2,870,000 - 26 - SLACK JOHNSTON MAGENHEIMER ANNUAL MARKET RENT ANALYSIS There are two generally accepted methods to estimate annual market rent for vacant land. One is by direct comparison, as was previously applied in valuing the land. This method compares rental rates being paid for like properties, if available. The second method is by direct capitalization, in which the annual market rental rate is estimated by first determining the underlying land value and then applying a market derived overall capitalization rate to arrive at annual market rent. The direct capitalization formula is: Annual Income / Capitalization Rate = Value and the application of the direct capitalization formula to estimate annual market rent is Land Value x Capitalization Rate = Annual Land Rent. Our research revealed no current information available regarding land leases for sites similar to the subject parcel. Since market derived capitalization rates for vacant land are more readily available, the direct capitalization approach has been used to estimate the annual market rent for the subject parcel as described above. There are several relevant factors to consider in analyzing land capitalization rates. These factors include the length of the lease term, whether or not renewal options are provided and whether the rent is flat or adjusted periodically, as well as the distribution of expenses over the lease term. Our analysis included research of capitalization rates from leased fee land sales, industry standard investor criteria for similar property. The leased fee land sales of parcels in south Florida, purchased as investments, provided a range of land capitalization rates from 8.26% to 10.00%. Our analysis also included a review of Realtyrates.com investor surveys. This survey indicated a range of capitalization rates from 4.90% to 11.40% for office properties with an average of 8.45%. This survey is national in orientation and the survey criteria covers a wide range of properties and is considered secondary. In estimating the annual market land rent for the subject property, we concluded a land capitalization rate of 9.00% is applied to the estimated market value of the site to arrive at annual market land rent per square foot, which is summarized as follows: Land Value $130.00/Sq.Ft. x Capitalization Rate Annual Land Rent 9.0% _ $11.70/Sq.Ft. - 27 - SLACK JOHNSTON MAGENHEIMER tit ♦111 kit\ OI 1 \NI) ( i1'1 I il,l/ i I ION It r 11 1It \(' i l lt1,, I -1 o, - - I \ 1), 91 I'11,1)el t\ utt,1 SIic' t ` LI 1 t ) /,)n111i \I ',.\I I S.A1,t 17,ttl \venue \1imn i I Id I ,tnc1 huuc',tth a i .ut,I beneath ,a t 1tr�4 r1`, Ite,tautant 1 I,c.•c.her, ltc,tottki tt I ,)u 'U l Lai, I, 1cm, 1,1,7 . `,' 17 Net '1 29", I i V�,I }1 1 1. 174)1) Leaae date 1 1 "1) 1 ';I _+1)(I tIf){I , ` } ;>t) (IUI)- ��) 090 1 ,tnnated 1 ,) t+, 1 1 71)7, >ill) \,.Ith 1 1 1c'IC vie ( '11 ( ,)1 H ,Cav!h Ilk 11 11,,1uc•,1rad, 1 '' 1 l_7 1,t ',fleet \it,un, 1)ade 1 .u1d be ne:111 .411 1, i11)\ 1 ue,,1a1. 1999 i :, 1rur, 14 1 ear, $ I tt5 ;t1U \2_ 1') Net $2-1 ') 11 :, 1,ai (l ,r)1,`4_ t t, he 4, 1 I1+111e 1)epot 157,810 lit '-2 I H 00-1 ,20 UU 1 ,tuuatr,l ttu"„ 10 UU"„f L- )9;Ui ,(1uc)-1 9It(, ;19 N \; '4th `,t !Odd \11,m11-I)ade ( uunty tnci K•neath .t 1ent,tl Ii l'c at lr;u, `b'` 1 770 I H) Net sic) i)r, RECONCILIATION AND FINAL VALUE ESTIMATE The process of reconciliation reviews and reexamines the approaches to value which were included in the appraisal. In the preceding sections of this report, indications of value for the property based on the applicable approaches to value as follows: Cost Approach: Not Applicable Income Approach: Not Applicable Sales Comparison Approach: $2,870,000 The sales comparison approach provides an indication of value of the land, as if vacant, and is considered a reliable indicator of value for the property. Based on our investigation and analysis, we have formed the opinion that the market value of the subject property, as of May 9, 2007 was as follows: TWO MILLION EIGHT HUNDRED SEVENTY THOUSAND DOLLARS ($2,870,000). In addition, we have estimated the annual market rent for the subject property to be $11.70 per square foot. - 29 - SLACK JOHNSTON MAGENHEIMER ADDENDUM A Miami -Dade Regional Analysis SLACK JOHNSTON MAGENHEIMER REGIONAL ANALYSIS Miami -Dade County is situated in the southeastern sector of the State of Florida. It lies between Broward County to the north, the Atlantic Ocean to the east, Collier County to the west, and Monroe County (the Florida Keys) to the south. Dade is the second largest county in the state. It comprises approximately 1,998 square miles; however, only 340 square miles supports urban development. The remainder is low-lying wetlands. The climate is humid and subtropical with an average annual temperature of 75.9 degrees. The normal annual rainfall is approximately 56 inches. Miami -Dade is the most populous county in Florida and ninth in the nation. Its estimated 1996 population of 2,043,316 represents 14% of the State's total. Over the last three decades, Miami-Dade's population more than doubled; however, since the early 1980's, the rate of growth slowed. The slowdown was attributed to the fact that the area had matured as a metropolitan center and began to face increased competition from Broward, Palm Beach and Collier Counties. The ethnic mix of Miami -Dade County's population, according to 1990 census figures, was approximately 23% white, 50% Hispanic, and 20% black. The Hispanic population increased nearly 14% from 1980 to 1990. As other areas of Florida proved to be more appealing to retirees, Miami -Dade County became less of a retirement Mecca and more of a working and family community. The 25 to 44 prime working age increased 38% between 1980 and 1990, while growth in the over 65 retiree population has remained the same. Miami -Dade County is comprised of 28 municipalities plus a large unincorporated area. It has a two-tier governmental system in which each municipality performs its own services, not requiring countywide coordination including building and zoning, police and others. During the 1980's, Miami-Dade's economy shifted from a primarily tourist/agriculture orientation to a more widely diversified economic base. Its geographical proximity as an international air and seaport created a strong trade with South and Central America and the Caribbean. SLACK JOHNSTON MAGENHEIMER At the end of 1995, Miami International Airport was ranked sixth in the nation and ninth in the world for passenger traffic with an estimated 33.2 million passengers embarking and deplaning. For international cargo, Miami International ranked first in the nation and fifth in the world with over 1.4 million tons of cargo passing through the airport in 1994 and increasing 9% for 1995. The Port of Miami is ranked as the number one cruise capital in the world with over 20 cruise lines and 12 passenger terminals at the port. It was estimated that 3.2 million passengers came through the port during 1995. The diversification of Miami -Dade County's economy and its growth as an international trade and commerce center reduced its dependence on tourism; however, tourism continues to be a major economic force in the local retail trade. In 1995 over 9.3 million visitors came to the area bringing an infusion of nearly $927 million into the economy. Approximately 54% of these tourists were international and domestic visitors. During the early 1990's Miami -Dade County experienced strong growth in the working age sector and had fewer retirees migrating to the area. Miami-Dade's economic base diversified away from tourism and agriculture and evolved into more of a metropolitan community. Since 1993, the area has become recognized as a leading area for the film and fashion industry. Given Miami -Dade County's strategic geographic location in relation to South America and the Caribbean, its desirable climate, and broadening economic base, it is well positioned to overcome obstacles and is less likely to be subject to dramatic fluctuations in its economy. SLACK JOHNSTON MAGENHEIMER Miami -Dade County Florida State ' Miccosukee Indian Reservation M I A M I DADE Ea-erptades tlatioaal Park Rtgad Pettn „ „ niter Cottrell BROWARD The E v e r g l a a e s eTaim tm Canal FLORIDA £Wee 'Nestw l € i4"errd KendUll-Tamwen Executive Awport+- 4 OaK Creek Park SW tMth - Cutler Rtdgt paran}a w Leisure Guy, (#,Dade C. mestead Fonda City Rtctgrg r Everglades Main Visitor %.®liter SLACK JOHNSTON MAGENHEIMER ADDENDUM B Photographs of the Subject Property SLACK JOHNSTON MAGENHEIMER Subject property. View of entrance to subject property. Photographs of the Subject Property SLACK JOHNSTON MAGENHEIMER View from Fernwood Road. Photographs of the Subject Property View looking towards Village Hall. Subject property on the right. SLACK JOHNSTON MAGENHEIMER ADDENDUM C Zoning Information SLACK JOHNSTON MAGENHEIMER AI I I( 1 1 ti St HCD1 1 1 t)I D1 1 RIt 1 I SI ANt) S1 -111-k( RC(it L_Al I(1\ti l91 tit -1X 11 , Front Building Walls VR and PS Districts Front Yard Setback of less than 25 ft which have a roof at least 3 ft lower than the roof of the main Building 03 12 Reduction in Building heights VE and IR Districts A portion of the Building having a length of at least 10 ft with a Front Yard Setback that exceed the required 25 ft ( 0002 per sq ft) 03 006 per ft below the maximum height permitted 03 This schedule summarizes the FAR Bonuses which are listed in section 30-100(bl ., Platted as of the effective date of this ordinance (October 24 2000) (Ord No 2000-13, § 4 10-24-00 Ord No 2002-6 § 1 6-11-02 Ord No 2006-11 § 2 11-14-06) Sec. 30-101, Commercial districts. C-1 I ow Intensity Commercial District (a Purpose and Uses TABLE INSET District Purpose This district permits the Development of land in a low intensity mariner and Uses that provide for the sale of goods and products that are needed throughout the entire Village The permitted uses provide goods and services that primarily serve the residents of the Village Main Permitted Uses* Bar Commercial Uses 1 Offices No individual or multiple business entity(ies) that are affiliated can occupy more than 10 000 sq ft Medical offices shall not exceed 10 000 sq ft 2 Retail uses No individual or multiple business entity(s) shall occupy more than 10000sq ft' except for stores whose principal product is food for consumption off the premises Antique furniture Conditional Uses Accessory Uses Prohibited Uses Any Use not listed as a Any Use that Main Service is customanly Permitted Station associated Use where the with the Main Conditional primary use Permitted Use or on the site Uses (See Accessory Sec 30-1111 Use 1See Sec 30- 113) hap llhr.try I municode Li)m f)ocA tevv 1 I X 1 S` ?l) ?4 2(107 SLACK JOHNSTON MAGENHEIMER \R [RA [ \ S( NF[)I 1 k ( )I I)I' I RI( I I SI A\1) 51 I BACK 1 1,01 ,1 ,A 11()\', 20 car 48 that is at least 50 years old and the resale of jewelry art and furs Personal Service Uses Restaurant (except on parcels that immediately abut a single Family drstnct) If a Use is located mmediately adjacent to a single Family distract then such Use shall be closed after 6 00 p m Monday through Saturday On Sunday the hours of business are limited to 9 00 a m through 1 00 p m These restrictions do not apply from Thanksgiving through December 31 where the hours of operation shall be the same as the majority of businesses in the Village (bl Development Regulations TABLE INSET Lots Area Maximum Number of Stories Floor Area Ratio (See FAR Design Bonus Schedule)** Less than or = to 3 stories not to 21 000 sq ft exceed 35 ft 20- 50 FAR may be increased to 55 by a 025 if subterranean parking garage receives the bonus and/or b 025 if a parking garage is sited at least 50 ft from a public street Lot Coverage 35% More than 21 000 less than or = to 60 000 sq ft 3 stones not to exceed 35 ft 20- 50 FAR may be increased to 55 by a 025 if subterranean parking garage receives the bonus and/or b 025 if a parkinggarage is sited at least 50 ft from a public street 35°%a More than 60 000 but less than 100 000 sq ft 3 stories not to exceed 35 ft 20- 50 FAR may be increased to 55 by a 025 if subterranean parking garage receives the bonus and/or h 025 if a parkinggarage is sited at least 50 ft from a public street 20- 50 35% hap lthrar muni ode com,rncL l)nLA le \A 12518 I i 0)) 24'ttr)7 SLACK JOHNSTON MAGENHEIMER \R 11( 1 I \ S('111.1)1 11 01 1)1S f RIC 1 t S1 . A\1) ti1.11.1.1.(.:1( Rf 61 1 ,A t t()\� 100 000 sq ft or more 3 stones not to exceed 35 ft FAR may be increased to 55 by a 025 if subterranean parking garage receives the bonus and/or b 025 if a parking garage is sited atleast 50 ft from a public street 35', P,itLe 21 of 48 'Lots must be adjacent to one another and have at least one lot line in common `The FAR Design Bonus Schedule is a range based on a minimum and a maximum (c) Setback Requirements TABLE INSET Street Frontage Side Interior Rear First and second floor shall be 10 ft Third floor shall be greater than 20 ft 0-5 ft based on Site Plan Review for sideyard facing a street, 0-30 ft based on Site Plan Review for interior sideyard If adjacent to land zoned Institutional or adjacent to a park the sideyard setback is 35 ft 25 ft facing Fernwood Rd , Village Green Way or adjacent to single- family district 35 ft if adjacent to land zoned institutional or adjacent to a park 0 ft in all other situations (d; Floor Area Raho Design Bonus Schedule -TABLE INSET Design Criteria How to Calculate Floor Area Ratio Bonus Maximum l FAR Bonus 1 Elevation facing a street a First floor zoning Code requires 50%of elevation to be in windows Bonus for additional windows b Steps in front of the storefront leading to the street c Variation in vertical roof lines d Variation in building wall plane e Mansard or pitched roof facing a street f Ornamental reveals designs or trellis g Open balconies with 75% of each side having railings h Porch or covered terrace (not a balcony) a 0 0005 per sq ft of window b 0 0005 per linear ft of stair width c 0 0003 per linear ft of roof line providing the length of the roof element is not less that 25% of the length for the largest roof d 0 0003 per linear ft of wall recess or projection measured from the corner ofthe wall joint to corner wall joint of each recess or projected element e 0 0003 per linear ft f 0 002 per sq ft of decorative element or trellis area g 0 0001 per sq ft of balcony floor area h 0 00003 per sq ft of porch or terrace floor area 2 Courtyards and passageways to interior public spaces a 0 05 b 0 05 c 0 08 d 0 08 e 0 08 f 0 02 g 0 02 h 008 hap 1ihi,il• 1 munttode coin Inc, DotA tev, 12 18 1,8 9ii 24 30117 SLACK JOHNSTON MAGENHEIMER AR -11(1 [ \ `('1lhl)1 11 OF I)1- I IZ1( 1 l 'I- \\I) ,F I a( K RF(,I 1 1IIr)\,, a Interior courtyards b Pedestrian Passageways to interior courtyards No pedestrian passageway can be an interior courtyard 3 Clustering of Building(s) this bonus is limited to projects that occur on 60,000 sq ft or more of land 4 Sites adjacent to a park that provide an alternate route to Crandon Boulevard 000007 per sq ft of courtyard floor area 00000, per sq ft of passageway floor area a 007 b 0 07 Page 22 i l 4) 05 per building provided no individual building floor area is less than 35% of the largest building floor area Buildings may be connected by roofed passageways 15 Route must provide two way traffic commercial uses fronting on >50% of frontage and if it connects to two streets then easement to the Village 5 Use a Automobile repair` 'All new auto repair uses shall agree to a recorded development restriction limiting the use of the property for auto repair for a minimum period of 10 years b Service Station 6 Parking Garages a finished floor located below grade in a garage that contains >50% of the required parking spaces a 03 per auto repair bay andror b 02 per gasoline dispenser 10 a 0 09 b 0 08 0 06 per foot or fraction thereof below Grade 7 At Grade Parking Lots 8 Landscaping Providing more landscaping than is required a Shade trees b Native shrub c Ground cover d Planter boxes 0 025 when access is provided to an adjacent parking lot F 0 20 0 025 a 0 005 per shade tree a 0 05 b 0 00005 per native shrub b 0 01 c 0 00005 per sq ft of ground cover c 0 01 d 000005 d 001 (e) Performance Standards (all items apply to uses in the C-1 District) ( 1 ) Service Stations automotive repair detailing and washing a All vehicle repair shall take place within a fully enclosed Building b No windows or garage doors snail be placed within 100 feet of residentially zoned property c The overnight outdoor storage of vehicles is prohibited d Detailing/car washing shall only be permitted in a Structure or under a permitted Canopy Canopies shall not be placed where they will interfere with on - site Parking or traffic circulation nor visible from a street e Air compressors shall be within a wholly enclosed building that prevents the transmission of noise (2) Burglar alarm The alarm bell or device shall not face residentially zoned property (3) Buffonng and Screening A decorative opaque six-foot CBS Wall shall be placed five feet from any property line adjacent to a street The area between the property line Imp lrhr,iiv 1 rntuucekle coin mcL DocA ic« 1 S1 S 1 s.:.‘ ')u ; 2 4 2o0 SLACK JOHNSTON MAGENHEIMER \Z 1 1( 1 1 \ S( 111 IN 1 1- 01- 1)I ;1 RI( l , 1 1,1 \\ I) til 1 1iA( h RI ( it 1 \ 110\s, P,),:c 23 or -18 and the Wall shall have dense landscaping The design of the Wall and the landscaping shall be approved by the Building Zoning and Planning Director The Director shall determine if the Wail and landscaping provide an adequate buffer and screen between the commercial uses and the adjacent properties The Director may require that additional trees be placed in the swale (4) Restaurants may offer alcoholic beverages for consumption on the premises if the primary Use of the property is for the sale of meals There shall be a printed menu and food shall be available for the entire time the restaurant is open Alcohol sales may occur as long as the restaurant is open and food is available for consumption on the premises (5) The wall which contains the main entrance into a business shall have a minimum of 50 percent of the surface in windows and doors (6) Perimeter walls or fences that face a street shall be set back two feet from the lot line (7) Commercial properties may provide two way access from Femwood Road for pedestrians bicycles and golf carts however, the access shall be sited in a manner which does not result in a direct route to Crandon Boulevard (8) If a roof deck contains parking spaces it shall include an opaque 42 -inch high parapet (9) Stores and offices shall provide a kneewall or bulkhead between 18 and 24 Inches in height r 101 Buildings which are on sites that include more than one lot shall provide a covered or uncovered passageway for every 200 linear feet of building facade (1 1) When stairs are provided from a building to a sidewalk then the width of the stairs shall not be less than ten feet (121 Parkrrrg Garages a The extenor elevations of accessory parking structures shall oe designed the architecturally integrated with the exterior elevation b Primary entrances to a parking structure shall not be located on the main facade of the pnncipal use which the parking structure serves c Openings in parking structures shall be screened so that no cars headlights or light fixtures are visible from surrounding uses The size and proportions of openings shall be compatible with neighboring buildings Glazing perforated metal panels applied surface elements landscaping or combinations of these that are compatible with other materials of the facade shall be used to screen openings d Driveway and pedestrian entries to parking structures shall be integrated with the ground level facade and shall include doors compatible with the design of the building 113) Buildings sited at the corner of two public streets shall provide a prominent corner entrance to street level shops or lobby space (14) Flat roofs shall not be visible from the street or from any floor that contains commercial or office uses Pitched or mansard roofs shall not use tar gravel or asphalt shingles or other similar products as determined by the Building Zoning and Planning Director Flat roofs of garages shall have a parapet or other opaque screening at least 36 inches high measured from the finished deck floor to shield automobiles from public view at the street level htth libi.ir 1 municodic ,.,)i>> rock, 1)o..A i,:~v 12518 1 i5 00 '1 _'007 SLACK JOHNSTON MAGENHEIMER \IZl I( LI- \ St'1I1 1)1 I 1 HI 1)1' II RI(' I t s;t- \\I) I ti Rl (rt 1 A (IO\ti Page '-1 of -ti 05) Asphalt or other similar products as determined by the Building Zoning, and Planning Director shall not be on the surface of any floor that is considered as common space which contains commercial or office uses (16) Common space such as but not limited to courtyards plazas and pedestrian spaces shall be landscaped in accordance with the landscape standards for vehicular use areas (See section 30-238) or hardscaped for use as plazas courtyards and pedestrian passages integrated into the overall site layout and pedestrian circulation system These spaces may include architectural trellis work over at least 30 percent of the top deck area or treated with a combination of architectural and landscape elements to achieve a screening effect (17) In Shopping Centers facades which front on a street shall contain storefronts that provide the main entrance into the place of business (18) All properties which have retail and/or office uses shall provide a bicycle rack or racks which contain one bicycle space per 5 retail and/or office spaces This shall apply to all shopping centers which currently do not have bicycle racks as well as all existing new shopping centers (Ord No 2000-5 § 2, 5-9-00 Ord No 2005-19 § 3 11-22-05) Sec. 30-102. GU Government Use District. (a) GU Description Upon the acquisition of ownership of or a long term lease (five years or longer) of land by the Village the Village Manager or designee shall indicate on the Official Zoning Map that the zoning district designation for the property is GU Government Use (b? Purpose and Uses TABLE INSET District Purpose Main Permitted Uses Conditional Accessory Uses Uses Prohibited Uses This district is designed to permit land owned by a governmental entity to be used for any public purpose and certain limited private activities Governmental Buildings and facilities such as but not limited to schools offices, post offices parks open space community centers recreational buildings, police and fire stations Recreational activities as described in subsection (e) None Any Use customarily associated with the Main Permitted Use (See section 30-111) Any Use not fisted as a Main Permitted Use Conditional Use or Accessory Use (See section 30-113) (c) Development Regulations Council shall use the following Development Regulations TABLE INSET Floor Area Ratio Maximum Height Lot Coverage Lot Area Setback hrtp 'Irhrar' 1 nuuu,u(IL cum Incc 1)o,A knA, 1_'518 1 `t5'`)U '4 2nn7 SLACK JOHNSTON MAGENHEIMER \RI ICI I \ tit'HF.I)t I t- tlI- I)1SIRI( I i `,t \\[) >I l l3 \(K RI-Gt t \1 " 75 No 35 ft 35% 1 minimum 5 ft except where prior zoning district has a more liberal setback standard which shall then apply l'.lts� of 48 (d) Approval Process Prior to establishing any new use of lands designated GU the Village shall conduct the following public heanngtsi (1 ) The Village Council shall conduct a public hearing to determine the Use(s) to which particular land purchased for Governmental Use may be put The public hearing before the Village Council shall be held upon at least 15 days' notice of the time and place of such hearing published in a newspaper of general circulation in the Village A courtesy notice containing general information as to the date, time, and place of the hearing the property location and general nature of the proposed Use may be mailed to the property owners of record within a radius of 300 feet of the property on which the facility will be located or such greater distance as the Village Manager may prescribe, provided however that failure to mail or receive such courtesy notice shall not affect any action or proceeding taken hereunder To provide additional notice to the public the property shall be posted by a Sign or Signs indicating the action desired and the time and place of the public hearing thereon (2) At the public hearing the Village Council shall consider the Use(si to which the land should be put from the list of Uses in paragraph (b) above considering among other factors a recommendation by the Village Manager (if any) the public need therefor and the existing land use pattern in the area After considering these factors and any public comment the Village Council shall adopt a resolution establishing the Use(s) for the property and take such action as is necessary to promote and protect the public health safety and welfare of the citizens and residents of the Village (3) If the Use(s) approved by the Village Council include the construction of any Buildings or Structures on the property the Village Council shall conduct another public hearing prior to the commencement of any construction activity That public hearing shall be noticed in the same manner as the initial hearing described in subsection (d)(1) above At the public hearing the Village Council shall review and evaluate a detailed Site Plan for the property including all Buildings and improvements At a minimum the Site Plan shall contain a schedule of development criteria as set forth in subsection (c) above In its review and approval the Village Council shall apply the development regulations in subsection (c) above except that the Village Council may waive the regulations or any part of the regulations in the interest of the public health safety and welfare to provide the facilities to serve the public After considering the Site Plan recommendations of the Village Manager (if any) and public comment theVillage Council may by resolution take such action as it deems necessary or appropriate to promote and protect the public health safety and welfare of the citizens and residents of the Village including the approval of the Site Plan with any modifications thereto (e) Permitted Recreational Activities Subject to the approval of a Beach Management Plan pursuant to subsection (f) and the supplementary regulations in subsection lg) the activities as described below shall be considered Main Permitted Uses on lands within the GU District which are seaward of the Erosion Control Line (as identified in Section 1 03 of the Village Charter) where such activities occur as ancillary and supportive of principal uses conducted on the upland contiguous privately owned property TABLE INSET Type of Recreational Activities Upland ( Upland Hotel Private Beach Club Upland Multi -Family Residential Use of lounges/chairsiumbreilas Yes Yes Yes 'Mr 11b1,11, 1 111llnit.OkiC u0111 111CL 1)OCA- ICV 1 )_ 1 8 1 i'' 0(1 SLACK JOHNSTON MAGENHEIMER \RI)( 11 \ Sc'Iim(f 1 Ol- i)IvI RR I I '1 \VC)SI FR \CKRI(rt-I \11i)v1 H e2ncat4:•• Food and Beverage Service Yes Special Events 1 Yes r Use of Non-Motonzed Vessels 2 I Yes Yes Yes Yes No Yes No 3 1 Special Events shall be limited to the following organized athletic events meetings, parties weddings fireworks displays, or professional film activities and shall be subject to obtaining a Special Event Permit pursuant to section 17-5 of the Village Code 2 Up to six non -motorized Vessels (as defined in Section 327 02(37) Florida Statutes) shall be permitted for use in conjunction with and as accessory to hotels of at least 250 rooms or private beach clubs They shall be operated only through an approved channel authorized under section 4-32 of the Village Code and shall be uniformly marked and painted in a uniquely identifiable manner associated only with the hotel property or private beach club Additionally except for an authorized rescue vessel approved under subsection (g)(9) below the use of motorized vessels is absolutely prohibited 3 Nothing in this section shall be construed or interpreted to preclude individual Village residents from the legal use and enjoyment of the public beach area or deny or impair the common law riparian rights of persons owning property which fronts the public beach area or to require that individual residents (including specifically residents within any multifamily apartment building) obtain an approved Beach Management Plan for such activities (f) Beach Management Plan Approval As a condition to the establishment use and operation of any of the uses listed in subsection (e) above (except for Special Events which require a Special Event Permit) a plan for the proposed use and operation (Beach Management Plan) shall be submitted and approved by the Village Except for the use of lounges chairs and umbrellas all Beach Management Plans shall require the approval of the Village Council after a public hearing noticed in accordance with section 30-68 of the Village Code Beach Management Plans for the use of lounges chairs and umbrellas shall be approved by the Village Manager In the approval the Village Manager or Village Council must find that the proposed activity(ies) comply with the requirements of this section and do not constitute a threat to public safety or welfare or constitute a danger or impediment to the public beach area The Village Council or the Village Manager shall impose reasonable restrictions and conditions on the approval of the Beach Management Plan in orderto preserve the health safety and welfare of the Village residents Violation of any provision of the approved Beach Management Plan automatically results in the revocation the Beach Management Plan approval Nothing in this section shall be construed or interpreted to preclude individual Village residents from the legal use and enjoyment of the public beach area or deny or impair the common law iparian rights of persons owning property which fronts the public beach area or to require that individual residents (including specifically residents within any multifamily apartment building) obtain an approved Beach Management Plan for such activities (1 ) Beach Management Plan Application and Procedures In a form provided by the Village all Beach Management Plans shall be submitted to the Village Manager and shall contain the following information a A detailed and dimensioned site plan depicting the type and location of all proposed activity(ies) structures garbage containers storage areas and where the use of Vessels is proposed the proposed location of a channel to be approved by Village Council pursuant to section 4-32 of the Village Code b If applicable the number of proposed Vessels Proposed hours of operation d Proposed safety and emergency plans e If applicable storage hours of use and method of fueling of an all terrain vehicle authorized under subsection (g)(10) below http Irhr iry 1 nu nic is L rn mcc t)ocA ion+, 12518 1 S; QOl =, ,4 20(i' SLACK JOHNSTON MAGENHEIMER \1 1 1(`[ F \ 5<'F[1 [)I [ 1 01 I)I'1RR 1 1 of \vI) FBA( K RI (rt [ \TIO\' P.t.0 ' (II 1g f Indemnity and Insurance (with Village as additional insured) in a form and amount approved by Village Attorney g Proof of ownership of adjacent upland property or written authorization from upland property owner h Application fee plus the annual inspection fee for the approved activity as established by resolution pursuant to section 30-4 of the Village Code 1 Any additional information as reasonably required by the Village Manager (g) Supplementary Regulations The recreational activities identified in subsection (e) shall be subject to the following restrictions (1 } All activities shall be conducted as accessory to the adjacent contiguous upland property (2) It is prohibited to conduct the sale or rental of any equipment or food and beverage item associated with any permitted activity upon the public beach The sale or rental shall only be conducted upon the associated upland private property (3) None of the permitted activities shall be conducted or maintained outside of the property area contained within the extension of the side lot lines of the upland property as they extend seaward toward the waterline (4) Activities adjacent to the upland hotel and private beach club properties shall be setback 20 feet from the adjacent property side lot lines as extended seaward toward the waterline (5) Activities adjacent to the upland multi -family residential properties shall be setback 100 feet from the adjacent property side lot lines as extended seaward toward the waterline (6) None of the permitted activities including the storage of any equipment shall be maintained or conducted within five feet of the dune as defined pursuant to Section 161 54, Florida Statutes or within 15 feet of the waterline unless overnight storage on the public beach is approved pursuant to a Beach Management Plan (7) Except for one corporate insignia no larger than 20 square inches identifying the applicant or the upland property owner, commercial advertising shall be prohibited on all equipment associated with any approved activity (8) Except as approved pursuant to a Special Event Permit hours of operation shall be limited to between sunup and sundown each day and all equipment furniture and temporary structures (if any) shall be removed from the public beach by sundown each day unless overnight storage on the public beach is approved pursuant to a Beach Management Plan This limitation shall not apply to the use of chairs and lounges for viewing fireworks displays on Independence Day or New Year's Eve (9) The use of non -motorized vessels shall be prohibited without the onsite provision of one personal watercraft as defined in Section 327 02 Florida Statutes maintained in good working condition and available at all times for emergency rescue purposes The personal watercraft shall have a four stroke engine or best available technology be equipped with an operational marine radio or wireless phone and shall satisfy all U S Coast Guard safety requirements ( 10) Except for an unenclosed motorized all terrain vehicle approved pursuant to a Beach Management Plan it is prohibited to use or operate or to allow another to use or operate upon or along the public beach or upon any beach or shoreline or waters adjacent thereto any motorized vehicle The private use of an all terrain vehicle must be limited in use to the loading and unloading of equipment permitted under an approved httj� `lihru: 1 muniLr,dc Lunt MCC -1)00,1,n, l.2518 I 859u ; 24 218)7 SLACK JOHNSTON MAGENHEIMER \R 11(1 1 \ ti( H[ -Dl I 1 Ot D1ti WI( 1 tiI - \\I) �I I iiA�K E L( I '1 \ 1 1( or -18 Beach Management Plan This prohibition shall not apply to any municipal county or state vehicle or to any vehicle or equipment authorized by the Village to be used or operated for a public purpose (11) Approval of a Beach Management Plan does not exempt user from adhering to all local state and federal statutes and regulations and requirements, including out not limited to Article II "Occupational License Tax" of Chapter 25 "Taxation" of the Village Code (h) Change Upon Sale or Lease Expiration Upon the sale (or expiration of a long term lease) of GU land that was owned (or leased) by the Village, the Village Council shall change the zoning district designation pursuant to the procedures established in this section 0) Conflict This section 30-102 shall be the exclusive regulation governing lands designated GU and to the extent that it conflicts with any other section of this chapter this section shall control (Ord No 2000-5 § 2, 5-9-00 Ord No 2003-1 § 2 2-11-03 Ord No 2005-5 § 2 5-24-05) Sec. 30-103. Hotel Resort District. (a) Purpose and Uses TABLE INSET District Purpose Main Permitted Uses Conditional Uses Accessory Uses Prohibited Uses This district is designed to promote the Development of ocean resort Hotels and multiple Family residences Hotel Apartment Building None (b) Development Regulations TABLE INSET Any Use that is customarily associated with the Main Permitted Uses (See sec 30-111) Any Use not listed as a Main Permitted Use Conditional Use or Accessory Use (See sec 30- 113) Density Maximum Height Lot Coverage Minimum Lot Area Hotel 30 Units per acre No Development shall exceed 350 Hotel Units Apartment Building 16 Units per acre If a Development contains Hotel and Apartment Units, then Lot area which is counted towards one Use cannot be counted towards another Use 150 ft 40 The site shall be subdivided as of the date of this ordinance TABLE INSET Setback Floor Area Ratio http lihr.tr.1 inuni_ode earn mcc U,,c 12;3)8 1,85 ,)() i 24^_0h17 SLACK JOHNSTON MAGENHEIMER \R1 I( 1,1 \ S( I )1 1)L[ 1 O1 1)[S IRI( I 1 s1 \v1) S1-1 li.\( 1ti R1.(,t I \ I I( )\ Sec. 30-106. Office District. 0-1 Low Intensity Office District (a) Purpose and Uses TABLE INSET District Purpose This district permits the Development of land in a low intensity manner and Buildings which are designed to be compatible with adjacent Residential Uses Main Permitted Uses Office it)) Development Regulations TABLE INSET Setbacks Front 20 ft Conditional Uses None I'dc� 31 448 Accessory Uses Prohibited Uses Any Use that is customarily associated with the Main Permitted Uses (See sec 30- 111) Any Use not listed as a Mai Permitted Use, Conditional Use or Accessory Use (See sec 30- 113) 1 Maximum Floor Height AreaRatio 1- 35 ft 0 50 Lot Coverage Minimum Lot Area 40% Side Interior 10 ft Side, Facing Street 10 ft Rear 20 ft 12,500 sq ft or as subdivided as of the date of the adoption of this ordinance (c) Performance standards (1) Walls facing a Street shall include a minimum of 50 percent of the surface in windows and doors (2) Walls facing residentially zoned property shall not have windows however the design of the Wall shall include architectural treatments that add visual interest such as scoring, caps, columns reveals, and similar architectural treatments The design shall be approved by the Building Zoning and Planning Director 3) For properties that front on Crandon Boulevard the performance standards of the C-1 Low Intensity Commercial District subsection 30-101(e) shall apply (di Burglar alarm Shall not face residentially zoned property (e) Buffering and screening A decorative opaque six-foot CBS Wall shall be placed on any property line that is adjacent to a residential district There shall be a five-foot Setback from the Wall This area shall be landscaped with dense materials The design of the Wall and the landscaping shall be approved by the Building Zoning, and Planning Directoi The Director shall determine if the Wall and landscaping provides an adequate buffer and screen between the office Uses and the Adjacent Properties Imp arj. 1 munk.ude corn mcc DocVlev, 12518 1 S5 'Hi ` 24 2uO SLACK JOHNSTON MAGENHEIMER -\RI ICI I \ S(21 11 -1)I [ 1 Of t)Ic, IRK I I ".I \\I) S1 1 [3-\( K Rp(r1 I \ l I( (\`, I'.r L :4 tit if) Perimeter Walls and fences that face a Street shall be set back two feet from the Lot line (Ord No 2000-5 § 2 5-9-00 Ord No 2005-19 § 4 11-22-05) Sec. 30-107. Private Club. (a) Purpose and Uses TABLE INSET District Purpose Main Permitted Uses Conditional Uses Accessory Uses Prohibited Uses This district is designed to permit non-commercial private facilities that provide recreational and social activities for their members and guests Main Permitted Uses Private Club None Any Use that is customarily associated with the Main Permitted Uses or Conditional Uses (See sec 30-111) Any Use not listed as a se ain Permitted Use Conditional Use or Accessory Use (See sec 30 113 ) (b) Development Regulations TABLE INSET Setbacks Floor Area Ratio Maximum Height Lot Coverage Lot Area Front 50 ft Side 25 ft Rear Bayfront 25 ft Oceanfront - No encroachment into the Coastal Construction Line area is permitted 15 35 ft 15 The site shall be subdivided as of the date of this ordinance See Lot Coverage definition in Article II Lot Coverage shall also include non -roofed areas enclosed by Walls (excluding Building Walls) which exceed six feet in height Lot Coverage shall also include any boat storage facility (rack) which exceeds ten feet in height when measured from the ground to the top of the uppermost boat Additionally, an increase of up to five percent of Lot Coverage is permitted for Gazebos Porches or similar Structures (c) If a Building is damaged by a natural disaster or other casualty the application of the above Development Regulations shall not preclude the repair or reconstruction of any Building or portion thereof however the repair and reconstruction work shall only occur within the original building envelope and with the same or fewer number of Units than existed poor to the natural disaster or other casualty (d) Site Plan review shall be required pursuant to section 30-80 The following criteria shall also be utilized for water and marina dependent Uses (1) Must have a minimum four -foot depth at mean low tide in the manna basin canal and Access channel and direct Access to the Intracoastal waterway (if applicable) or to another dredged channel or area with a minimum of six feet clearance at mean low tide http lihrar I muni. de corn, 13»,_ 1251 R 1 t; 90 2 i 21)1)7 SLACK JOHNSTON MAGENHEIMER \R I k 1 \ S( 111.1)1 I l Of DI' [ RI( 1 I tiT . A\D SF FFL\( 1 RE (;l 1 (2t Must be compatible with existing and surrounding land Uses and of sufficient size to accommodate the specific project and the required Parking (3) Oceanfront property should preserve or improve traditional public shoreline Uses and public Access to estuarine and coastal waters preserve or enhance the quality of the estuarine and coastal waters water circulation tidal flushing and light penetration and preserve archeological artifacts or zones and preserve or incorporate historic sites (4) Shall provide substantiation that the project is consistent with the purpose of the zoning district (5) Shall demonstrate that the Development is compatible in terms of scale and Uses with Adjacent Properties (6) Shall demonstrate that the impact on the infrastructure is consistent with the Level of Service established in the master plan (7) Shall list the benefits to the community in terms of urban economic and cultural impact (81 Construction or subsequent operation of any new or expanded marina shall not destroy or degrade hammocks pinelands salt marshes mangrove protection areas, seagrass hard bottom communities or habitats used by endangered or threatened species unless approved by the appropriate regulatory agencies In making the above determinations, the Building Zoning and Planning Director may require the applicant to provide documentation and studies supporting such findings An application for Site Plan review shall address each of the above criteria (Ord No 2000-5 § 2 5-9-00) Sec. 30-108. PROS Public Recreation and Open Space District. (a) Purpose and Uses The PROS Public Recreation and Open Space Use District is an alternative zoning district to the GU Government Use District, where the Village has ownership or a long term lease (five years or more) of land and desires to use the land for public recreation or open space purposes TABLE INSET District Purpose Main Conditional Permitted Uses Uses Accessory Uses This district is designed to permit public non- commercial recreational or open space Uses Parks swimming pools and decks Active and passive recreational Uses None Any Use that is customanly associated with a Main Permitted Use (See sec 30- 111; 1 Prohibited Uses Any Use not listed as a Main Permitted Use or Accessory Use (See sec 30- 113) (b) Development Regulations In approving development for lands designated PROS the Village Council shall use the following Development Regulations TABLE INSET http 1 municode Loin mcL,Doc\ie 1 518 1 8'S'Qi1 s '4 2007 SLACK JOHNSTON MAGENHEIMER ADDENDUM D Qualifications of the Appraiser SLACK JOHNSTON MAGENHEIMER ANDREW H. MAGENHEIMER, MAI EDUCATION: Bachelor's Degree, The University of the South, Sewanee, Tennessee, 1986 EXPERIENCE: Eighteen years in the field of real estate, involved in various forms of consultation, appraisal, economic research and market analysis. June, 1997 to Present, Principal, Slack, Johnston & Magenheimer, Inc. August, 1991 to May, 1997, Senior Appraiser, Slack & Johnston, Inc. February, 1987 to July. 1991, Staff Appraiser, Dixon & Friedman, Inc. GENERAL APPRAISAL EXPERIENCE: Appraisals - Vacant land, aviation facilities, industrial facilities, shopping centers, office buildings, apartment buildings. residential developments and single-family residences. Consulting - Economic research, market analysis, feasibility analysis and ad valorem real estate tax assessment appeals pertaining to industrial, commercial and residential properties. AFFILIATIONS: Licensed Florida Real Estate Broker Florida State -Certified General Real Estate Appraiser, Certification No. RZ1073 Appraisal Institute Member, MAI, Certificate Number 10133, Continuing Education Completed HUD MAP Training 2002 President of the South Florida Chapter of the Appraisal Institute SLACK JOHNSTON MAGENHEIMER KIMBERLY MAGENHEIMER EXPERIENCE: Slack, Johnston & Magenheimer, Inc. - Staff Appraiser - July, 1988/Present Blazejack & Company, Inc. - Staff Appraiser - 1987/1988 Slack, Slack, Roe & Blazejack, Inc. - Administrative/Research - 1986/1987 Cushman & Wakefield Appraisal Division - Administrative Assistant - 1984/1986 Ms. Magenheimer has been a Florida resident since 1964 and has over 18 years experience in the field of real estate involving various forms of consultation, appraisal, economic research and market analysis. Appraisal/consulting experience includes the following property types: Apartment Automobile Dealership Bank Church Environmentally Sensitive Lands Hotel Hospital Office Condominium Office Building Restaurant Shopping Center Single Family Residences Transportation Corridor Warehouse Warehouse Condominium Various Classifications of Vacant Land COURSES: Appraisal Institute Standards of Professional Practice Real Estate Appraisal Principles Real Estate Appraisal Procedures Capitalization Theory and Techniques - Parts A and B Marshall & Swift Valuation Service Basic Use and Understanding of the Calculator Method Real Property Analytics, Inc. Pro-Ject + Plus AFFILIATIONS: Licensed Florida Real Estate Salesman Florida State -Certified General Real Estate Appraiser, Certification No. RZ1386 Updated 04/03 SLACK JOHNSTON MAGENHEIMER