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HomeMy Public PortalAbout11-8187 Purchase of Vacant lot near Segal Park Sponsored by: City Manager RESOLUTION NO. 11-8187 A RESOLUTION OF THE CITY COMMISSION OF OPA- LOCKA, FLORIDA TO AUTHORIZE THE CITY MANAGER TO OFFER TO PURCHASE THE VACANT LOT NEAR SEGAL PARK, FOLIO NO. 08-2122-000-0021, 22 52 41 1.597 OF SE, 11/4 OF NW 1/ LYING SOUTH OF BLK 340, PB 50-5 LESS SOUTH 85 FEET AND LESS EAST 75 FEET, CONTAINING APPROXIMATELY 1.5 ACRES, FOR THE AMOUNT OF TWO HUNDRED TWENTY THOUSAND DOLLARS ($220,000.00), PAYABLE FROM ACCOUNT NUMBER 19-519610; PROVIDING FOR INCORPORATION OF RECITALS; PROVIDING FOR AN EFFECTIVE DATE WHEREAS, the City Commission of the City of Opa-locka desires to purchase the vacant lot, near Segal Park, Folio #08-2122-000-0021 for the purpose of expanding Segal Park; and WHEREAS, Resolution No. 10-8115 authorized the City Manager to negotiate with the owner to purchase the property; and WHEREAS, the 2010 Assessed Tax Value for Folio 08-2122-000-0021 is listed as $156,474.00; and WHEREAS, the City Commission of the City of Opa-locka desires to authorize the City Manager to make an offer in the amount of Two Hundred Twenty Thousand Dollars ($220,000), for Folio No. 08-2122-000-0021. NOW, THEREFORE, BE IT DULY RESOLVED BY THE CITY COMMISSION OF THE CITY OF OPA-LOCKA,FLORIDA: Section 1. The recitals to the preamble herein are incorporated by reference. Resolution No. 11-8187 Section 2. The City Commission of the City of Opa-locka hereby directs and authorizes the City Manager to offer to purchase the vacant lot near Segal Park, Folio No. 08- 2122-000-0021, 22 52 41 1.597 of SE, 1/4 of NW 1/4 lying South of Blk 340, PB 50-5 less South 85 feet and less East 75 feet, containing approximately 1.5 acres, for the amount of Two Hundred Twenty Thousand Dollars ($220,000), payable from Account Number 19-519610. Section 3. This resolution shall take effect immediately upon adoption. PASSED AND ADOPTED THIS 23`d DAY OF February,2011. (tt v M TAYLOR MAYOR �s_Atte5t tei Deborah S. Ir. City Clerk Approved as to orm and legal sufficiency: Vi Jose. '1:r G 11er City ttorn Moved by: VICE MAYOR JOHNSON Seconded by: COMMISSIONER TYDUS Commission Vote: 3-1 Commissioner Holmes: NO Commissioner Miller: NOT PRESENT Commissioner Tydus: YES Vice-Mayor Johnson: YES Mayor Taylor: YES ?- ---q O/ p, p1 J.jui DI MEMORANDUM TO: Mayor Myra L. Taylor Vice Mayor Dorothy Johnson Commissioner Timothy Holmes Commissioner R e Tydus Commissioner 1 Miller FROM: arance Pat erson� anager DATE: February 1, 2011 RE: Resolution Authorizing City Manager to Purchase Property near Segal Park Folio No. 08- 2122-000-0021 containing approximately 69,544 square feet located in the Magnolia Gardens Area REQUEST: A RESOLUTION OF THE CITY COMMISSION OF THE CITY OF OPA-LOCKA, FLORIDA, AUTHORIZING THE CITY MANAGER TO OFFER $220,000 TO PURCHASE THE SUBJECT PROPERTY PAYABLE FROM ACCOUNT 19-519610. DESCRIPTION On September 8, 2010, Resolution No. 10-8115 authorized the City Manager to negotiate with Kym Penn, LLC to purchase property located in close proximity to Segal Park. The subject property is a land-locked parcel near the intersections of NW 22"d Avenue and NW 143rd Street. The property is an irregular shaped lot zoned R-3 (multi-family) and consists of approximately 1.5 acres. Shortly after the September 8th City Commission meeting, the City Manager and Community Development Director met with the Real Estate Agent for the property owner. During this meeting, the Real Estate Agent stated their May 29, 2009 appraisal which was prepared on behalf of the property owner was appraised at $415,000 and that the Miami-Dade Property Appraiser's office 2008 assessed value was $417,264. After that meeting, the City Manager agreed that staff needed to obtain an updated appraisal. On November 5, 2010, the city received a form appraisal prepared by Mr. Francisco Camposano with C&C Appraisers, Inc. According to this appraisal, the subject property was valued at $348,000. On November 18, 2010, the City Manager and the Community Development Director met with representatives of Kym Penn, LLC. During the negotiation, the City began negotiations at $125,179.20 which represents 80% of the assessed amount as reported by the Miami-Dade County Property Appraiser's office 2010 Assessed Value. The real estate agent for the property owner offered $261,000 dollars which represents 75% of the fair market value of the property. FINANCIAL IMPACT Should the City decide to purchase this property, the funds will come from account number 19-519610. IMPLEMENTATION TIME LINE Immediately LEGISLATIVE HISTORY Resolution No. 10-8115 RECOMMENDATIONS Staff recommends that the City Manager be authorized to offer $220,000 to Kym Penn, LLC for real estate near Segal Park Folio No. 08-2122-000-0021 located in the Magnolia Gardens area. The seller agrees to be paid fifty percent ($110,000) at closing with the remaining fifty percent ($110,000) to be paid to the seller within six (6) months from effective date of this resolution. The seller further agrees to be responsible for all closing costs associated with this real estate transaction. ATTACHMENT(S) 1. Land Appraisal 2. Resolution No. 10-8115 3. Miami-Dade County Property Appraiser's Profile Sheet 4. Agreement PREPARED BY Howard W. Brown, Jr., Community Development Director Agreement for Sale and Purchase Project: Real Property Near Segal Park—Miami Gardens Area • Folio No: 08-2122-000-0021 This agreement is entered into as off day of 1011 by and between the City of Opa- locka, Florida,a political subdivision of the State of Florida, hereinafter referred to as`Buyer"and Kym Penn, LLC,a corporation,whose address is 19301 West Saint Andrews, Miami, FL 33015, hereinafter referred to as"Seller." WITNESSETH,for and in consideration of the mutual covenants contained herein,the Buyer and Seller agree as follows: 1. REALTY. Seller agrees to sell to Buyer and Buyer agrees to purchase from Seller that certain real property, located in Miami-Dade County, Florida, which real property is legally and more specifically described in Exhibit A, together with all tenements, hereditaments, privileges, servitudes, and other rights appurtenant to real property, if any (collectively, the "Real Property"),and all buildings,fixtures,and other improvements thereon, if any, all fill and top soil thereon, if any, all oil, gas and mineral rights possessed by Seller, if any, and all right, title and interest of Seller in and to any and all streets, roads, highways, casements, drainage rights, or rights-of-way,appurtenant to the Real Property, if any,and all right,title and interest of Seller in and to any and all covenants, restrictions, agreements and riparian rights as same may apply to and benefit the Real Property, if any. 2. PURCHASE PRICE. Buyer agrees to pay a purchase price for the real property of$220,000 two hundred twenty thousand dollars 00/00), by check or wire transfer of U.S.funds. The seller agrees to be paid fifty percent($110,000) at closing with the remaining fifty percent ($110,000) to be paid to the seller within six months from the effective date of the approval of the Mayor and City Commission to acquire said real property. The seller agrees to be responsible for all closing costs associated with this real estate transaction. 3. INTEREST CONVEYED. Seller is the record owner of the fee simple title to the subject Property and agrees to convey good, marketable and insurable title by Warranty Deed. 4. AD VALOREM TAXES. Buyer hereby covenants that it is a political subdivision of the State of Florida and is exempt from payment of ad valorem taxes. Therefore, it shall be Seller's responsibility to comply with Section 196.295. Florida Statutes by placing the appropriate amount of pro rata taxes to the day of closing and any delinquent taxes in escrow with the Miami-Dade County Tax Collector. '.Jan El EMI 5:38PM HP Lp"ERJET 1=19X 305953:i['NU p.2 Acceptance by Seller The foregoing offer to purchase real estate is hereby accepted in a ccordance with the above-stated conditions. The Undersigned hereby agrees to the above agreement. Dated this day o� 201t. SELLER S;'LLER EXHIBIT A 22 52 41 1.597 AC M/L W200FT OF E335FT OF SE1/4 OF SE 1/4 OF NW1/4 LYING S OF BLK 340 PB 50-5 LESS S85FT & LESS E75FT OF N163.204FT OF S198.204FT LOT SIZE 69544 SQ FT Sponsored by: Commissioner Tydus RESOLUTION NO. 10-8115 A RESOLUTION OF THE CITY COMMISSION OF OPA- LOCKA, FLORIDA TO AUTHORIZE THE CITY MANAGER TO NEGOTIATE THE PURCHASE OF VACANT LOT FOLIO #08-2122-000-0021, 22 52 41 1.597 AC M/L, WEST 200 FEET OF EAST 335 FEET OF SE 1/4 OF SE, 1/4 OF NW 1/4 LYING SOUTH OF BLK 340, PB 50-5 LESS SOUTH 85 FEET AND LESS EAST 75 FEET, OWNED BY KYM PENN LLC; PROVIDING FOR INCORPORATION OF RECITALS; PROVIDING FOR AN EFFECTIVE DATE WHEREAS, the City Commission of the City of Opa-locka desires to purchase Vacant Lot Folio#08-2122-000-0021 for the purpose of expanding Segal Park; and WHEREAS, the 2010 Assessed Tax Value for Folio #08-2122-000-0021 is listed as $156,474.00; and WHEREAS, the City Commission desires to authorize the City Manager to begin negotiation with Kym Penn, LLC, to purchase Folio#08-2122-000-0021: NOW, THEREFORE, BE IT DULY RESOLVED BY THE CITY COMMISSION OF THE CITY OF OPA-LOCKA,FLORIDA: Section 1. The recitals to the preamble herein are incorporated by reference. Section 2. The City Commission of the City of Opa-locka hereby directs and authorizes the City Manager to negotiate purchasing the vacant lot property at Plat Book 50-5, less South 85 feet, and less East 75 feet, from owner Kym Penn,LLC, at a price to be determined by the negotiation, subject to the final approval of the City Commission. Section 3. This resolution shall take effect immediately upon adoption. Resolution No. 10-8115 PASSED AND ADOPTED THIS 8th day of September,2010. JOS-j11.474. LLEY • t to: Deborah S. Irb City Clerk Approved as to form and legal sufficiency: n ji Jo eph S. feller City Att -ney Moved by: TYDUS J Seconded by: TAYLOR Commission Vote: 4-1 Commissioner Holmes: NO Commissioner Johnson:YES Commissioner Tydus: YES Vice-Mayor Taylor: YES Mayor Kelley: YES W Miami-Dade My Home Page 1 of 2 r My Home ,, - {, 4 .,t e' } q } } . - MIAMI•DADE • ffi7 )ii rzbi:„ta ACTIVE TOOL:SELECT * 4 4 i1 Q f A®E Milli Show Me: Property Information ' ¢,", , ..r.;,, Ai Legend Search By: + ; Property 4t ' ,qo , Boundary Select Item /° -.-- ,INC. ' t a. . Selected t a +� Property Li Text only ' F� 4,> ' ' * i lav' l f" G* 'i Street Properly Appraiser Tax Estimator ti ,. a ..r,,. li.V Itiv, ', '4_:' ,I Highway Property AraiserTax ; ' t •` Miami-Dade I. County Summary Details: '' ,, Water Folio No.: 08-2122-000-0021 s'`j- , * ��.o-e1n Vr: Property: t N Mailing KYM PENN LLC Address:(;', W E 19301 WEST SAINT •^ "' ANDREWS MIAMI FL y�q*43R 1 3T' .-+ ,* S 33015 __ Property Information: , i■ `° - $ ` 4 + Primary Zone: 4400 MULTI-FAMILY, $ x4. i THREE STORY 4 a CLUC: 0081 VACANT LAND 1 y` r Ik Beds/Baths: 0/0 _ y�� " ` 3 i!. Floors: 0 1 M' ^Ar 4, , , t ' Living Units: 0 j' P`Z• t` -i. .i Adj Sq Footage: 0 Lot Size: 69,544 SQ FT Year Built: 0 Aerial Photography-2009 0 •130 ft 22 52 41 1.597 AC M/L W200FT OF E335FT OF SE1/4 OF SE 1/4 OF Legal NW1/4 LYING S OF BLK 340 PB 50-5 LESS i Rome I pr_gpgrty,LMQrmatton Prove Taxes Description: p,S85FT&LESS E75FT I MY tVeighbortaosl I Prooertv Aoorad_SM OF N163.204FT OF S198.204FT LOT SIZE Home I Using Our Site I Phone Directory I Pri_v_acy I__isc amer 69544 SQ FT Assessment Information: R Year: 2010 2009 Land Value: 8156,474 8208,632 If you experience technical difficulties with the Property Information application, Building Value: $0 $0 or wish to send us your comments,questions or suggestions Market Value: $156,474 $208,632 please email us at Webmaster. Assessed Value: $156,474 $208,632 Taxable Value Information: Year: 2010 2009 Web Site ©2002 Miami-Dade County. Applied Applied All rights reserved. Taxing Authority: Exemption/ Exemption/ Taxable Taxable Value: Value: Regional: $0/$156,474$0/$208,632 County: $0/$156,474$0/$208,632 City: $0/$156,474$0/$208,632 School Board: $0/$156,474$0/$208,632 Sale Information: Sale Date: 4/2004 Sale Amount: $60,000 Sale O/R: 2224-:2.-, Sales Qualification Other disqualified Description: View Additional Sates Additional Information: uok hero to see more Intorolation for It1 S http://gisims2.miamidade.gov/myhome/propmap.asp 1/14/2011 r � 5 File No.01010037 '11€47 *********INVOICE********* File Number.01010037 11/05/2010 City of Opa Locke 780 Fisherman Street Opa Locke,FL 33054 Borrower: City of Opa Locke,Florida Invoice#: 01010037 Order Date: Reference/Case#: PO Number: Land Locked Land near intersection of NW 22nd Avenue 8 NW 143 Opa Locka,FL 33054 Land Appraisal $ 1,200.00 Invoice Total $ 1,200.00 State Sales Tax @ $ 0.00 Deposit ($ Deposit (5 Amount Due $ 1,200.00 Terms: Payable Upon Receipt Please Make Check Payable To: C&C Appraisers,Inc. 848 Brickell Avenue#840 Miami,FL 33131 Fed.I.D.#: THANK YOU FOR YOUR BUSINESSII 848 Brickell Avenue#840,Miami,FL 33131 305-476-3200/305.476-3151 File No.01010037 � r APPRAISAL OF LOCATED AT: Land Locked Land near intersection of NW 22nd Avenue&NW 143rd Street Opa Locka,FL 33054 FOR: Private N/A BORROWER: City of Opa Locka Florida AS OF: October20,2010 BY: Francisco Camposano Jr. 848 Brickell Avenue#840,Miami,FL 33131 305-476-3200/305-476-3151 LAND APPRAISAL REPORT File No.01010037 Borrower City of Opa Locka Florida Census Tract 4.03 Map Reference 51-42-22 Property Address Land Locked Land near intersection of NW 22nd Avenue&NW 143rd Street City Opa Locka County Miami-Dade State FL Zip Code 33054 - Legal Description W200 FT of E 335 FT of SE 1/4 of SE 1/4 of NW 1/4 Lying S of Blk 340 PB 50-5 Less S 85 FT&Less E 75 FT Sale Price N/A Date of Sale N/A Loan Tenn N/A yrs. Property Rights Appraised ©Fee U Leasehold ❑De Minimus PUD Actual Real Estate Taxes $5,266.54(yr.) Loan charges to be paid by seller N/A Other sale concessions N/A Lender/Client Private Address N/A Occupant Vacant Appraiser Francisco Camposano Jr. Instructions to Appraiser Determine Market Value Location U Urban U Suburban U Rural Good Avg Fair Poor Built Up ©Over 75% ❑25%to 75% ❑Under 25% Employment Stability ❑ © ❑ ❑ Growth Rate ❑Fully Dev. ❑Rapid ©Steady ❑Slow Convenience to Employment ❑ © ❑ ❑ Property Values ❑Increasing ❑Stable ©Declining Convenience to Shopping ❑ © ❑ ❑ Demand/Supply ❑Shortage ❑In Balance ©Over Supply Convenience to Schools ❑ © ❑ ❑ Marketing Time ❑Under 3 Mos.❑4-6 Mos. ©Over 6 Mos. Adequacy of Public Transportation ❑ © ❑ ❑ Preset 45 %1 Family 15 %2-4 Family 25 %Apts____%Condo 15 %Commercial Recreational Facilities ❑ © ❑ ❑ Land use Adequacy of Utilities ❑ © ❑ ❑ _%Industrial_%Vacant % !Change in Present Land Use ©Not Likely U Likely ❑Taking Place(*) Property Compatibility ❑ © ❑ ❑ (')From To Protection from Detrimental Conditions 0 la 0 CI - Predominant Occupancy ©Owner U Tenant %Vacant Police and Fire Protection ❑ ® ❑ ❑ Single Family Price Range 25000 to 150000 Predominant Value 70000 General Appearance of Properties ❑ © ❑ ❑ . Single Family Age 25 yrs.to yrs.80 Predominant Age 50 yrs. Appeal to Market Comments including those factors,favorable or unfavorable,affecting marketability(e.g.public parks,schools,view,noise)The subject is located in the city of Opa Locka. It is within reasonable distance to area amenities with adequate access to major arteries of transportation,places of worship,and places of employment. Dimensions Irregular =69,544 SF U Corner Lot Zoning Classification R-3,Multifamily Present Improvements ©Do U Do Not Conform to Zoning Regulations Highest and Best Use ❑x Present Use ❑Other(specify) Public Other(Describe) OFF-SITE IMPROVEMENTS Topo Level,Street Grade Elec. © Str.Address ©Public ❑Private Size Typical of the Area Gas ❑ Surface Paved Asphalt Shape Irregular Water © Maintenance ©Public ❑Private View Average San.Sewer © ©Storm Sewer ❑Curb/Gutter Drainage Appears Adequate ❑ Underground Elec&Tel ❑Sidewalk ©Street Lights Property located in a HUD identified Special Flood Hazard Area?❑Yes U No Comments(favorable or unfavorable including any apparent adverse easements,encroachments or other adverse conditions)After careful review of public records, - physical inspection,and verification with property appraiser's web page,the subject's site is land locked(no access to street).This is considered to be an adverse condition that does affect market value and marketability.The buyer of his site would need to purchase a strip of land to access the street from a neighboring property or lease out an access way.There Is limited information as to the effect in value. The undersigned has recited three recent sales of properties most similar and proximate to the subject and has to be considered these in the market analysis.The description Includes a dollar adjustment,reflecting market reaction to those items of significant variation between the subject and comparable properties.If a significant item in the comparable property Is superior to,or more favorable than subject property,a minus(-)adjustment is made,thus reducing the indicated value of the subject,if a significant item in the comparable Is inferior to or less favorable than the subject property,a plus(+)adjustment Is made,thus increasing the indicated value of the subject. ITEM I SUBJECT COMPARABLE NO.1 COMPARABLE NO.2 COMPARABLE NO.3 Address Land Locked Land near intersectit 160 NW 166 Street 3285 NW 183 Street 2400 NW 150 Street Opa Locka,FL 33054 Miami,FL 33169 Miami Gardens,FL Opa Locka,FL 33054 Proximity to subject 2.59 miles NE 2.75 miles NNW 0.51 miles NNW • Sales Price $ N/A $ 1,000,000 $ 380,000 $ 1,100,000 Price$/Sq.Ft 49.38 _ 16.03 _ _ 25.09 • Data Source Inspection/FA.R.E.S. F.A.R.E.SJRealquest.com/MLS F.A.R.E.S./Realquest.com/MLS F.A.R.E.S./Realquestcom/MLS .Date of Sale and DESCRIPTION DESCRIPTION +(-)Adjust. DESCRIPTION +(-)Adjust. DESCRIPTION +(-)Adjust. Time Adjustment N/A 08/2010 07/2010 08/2009 — Location Average Average Average Average SiteNiew 89,544 SF/Average 20,250 SF/Average 23,705 SF/Average 43,844 SF/Average - Street Access None/Land Locked Paved Asphalt -5 Paved Asphalt -5 Paved/Asphalt -5 - Zoning R-3 RU-3 BU-1A -5 1-2 -5 Improved Vacant Improved -40 Vacant Improved -10 Sales or Financing Concessions Net Adj.(Total) 1 1+ kJ- $ 45 j1+ U- $ 10 L 1+ Ix1- $ 20 Indicated Value Gross: 91.1 Gross: 62.4 Gross: 79.7 _ of Subject Net -91.1 $ 4.38 Net -62.4 $ 6.03 Net -79.7 $ 5.09 Comments on Market Data The sales included were considered to provide a reliable indication of market value.They reflect the most recent sales that were available in an effort to best reflect current market condition.The adjustments employed if any were market extracted and considered to replicate the thought process of a typical buyer of vacant land.The subject is land locked an the sales required an adjustment for superior street access. Comments and Conditions of Appraisal This summary appraisal report is Intended to help the client determine the subject's market value.See attached certification. - Final Reconciliation Weight has only been given to the Sales Approach to value due to reliable data.The Cost Approach is not applicable as there are no Improvements.The Income approach is not considered to be adequate for valuation and is disregarded.Equal weight has been placed to all 3 sales.The sales • presented required large adjustments to compensate for subject's inferior land locked location and lack of Improvements. • I ESTIMATE THE MARKET VALUE,•- j EFINED,OF THE SUBJECT PROPERTY AS OF 10/20/2010 to be 348000• Arir Appraiser Signature , Supervisor Signature(if applicable) Appraiser Name Franci -•Cam••sano Jr. Supervisor Name Did U Did Not Physically Inspect Property Date Report Signed 11/05/2010 Date Report Signed State Certification#St.Cert.Gen.REA#RZ2700 State FL State Certification# State State License# State State License# State Pmodued usingfCI mbwae.808.29lj121vmwatlnab.cwn L•a0209182m9 C&C APPRAISERS,INC. File No. 01010037 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 acting prudently,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 each acting in what he considers his own best interest;(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. 'Adjustments to the comparables must be made for special or creative financing or sales 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 property 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 LIMITING CONDITIONS AND APPRAISER'S CERTIFICATION CONTINGENT AND LIMITING CONDITIONS: The appraiser's certification that appears in the appraisal report is subject to the following conditions: 1. The appraiser will not be responsible for matters of a legal nature that affect either the property being appraised or the title to it. The appraiser assumes that the title is good and marketable and,therefore,will not render any opinions about the title. The property is appraised on the basis of it being under responsible ownership. 2. The appraiser has provided a sketch in the appraisal report to show approximate dimensions of the improvements and the sketch is included only to assist the reader of the report in visualizing the property and understanding the appraiser's determination of its size. 3. The appraiser has examined the available flood maps that are provided by the Federal Emergency Management Agency(or other data sources)and has noted in the appraisal report whether the subject site is located in an identified Special Flood Hazard Area. Because the appraiser is not a surveyor,he or she makes no guarantees,express or implied,regarding this determination. 4. 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. 5. The appraiser has estimated the value of the land in the cost approach at its highest and best use and the improvements at their contributory value. These separate valuations of the land and improvements must not be used in conjunction with any other appraisal and are invalid if they are so used. 6. The appraiser has noted in the appraisal report any adverse conditions(such as,needed repairs,depreciation,the presence of hazardous wastes,toxic substances,etc.)observed during the inspection of the subject property or that he or she became aware of during the normal research involved in performing the appraisal. Unless otherwise stated in the appraisal report,the appraiser has no knowledge of any hidden or unapparent conditions of the property or adverse environmental conditions(including the presence of hazardous wastes,toxic substances,etc.)that would make the property more or less valuable,and has assumed that there are no such conditions and makes no guarantees or warranties,express or implied,regarding the condition of the property. The appraiser will not be responsible for any such conditions that do exist or for any engineering or testing that might be required to discover whether such conditions exist. Because the appraiser is not an expert in the field of environmental hazards,the appraisal report must not be considered as an environmental assessment of the property. 7. The appraiser obtained the information,estimates,and opinions that were expressed in the appraisal report from sources that he or she considers to be reliable and believes them to be true and correct. The appraiser does not assume responsibility for the accuracy of such. items that were furnished by other parties. 8. The appraiser will not disclose the contents of the appraisal report except as provided for in the Uniform Standards of Professional Appraisal Practice. 9. The appraiser has based his or her appraisal report and valuation conclusion for an appraisal that is subject to satisfactory completion, repairs,or alterations on the assumption that completion of the improvements will be performed in a workmanlike manner. 10. The appraiser must provide his or her prior written consent before the lender/client specified in the appraisal report can distribute the appraisal report(including conclusions about the property value,the appraiser's identity and professional designations,and references to any professional appraisal organizations or the firm with which the appraiser is associated)to anyone other than the borrower;the mortgagee or its successors and assigns;the mortgage insurer;consultants;professional appraisal organizations;any state or federally approved financial institution;or any department,agency,or instrumentality of the United States or any state or the District of Columbia; except that the lender/client may distribute the property description section of the report only to data collection or reporting service(s) without having to obtain the appraiser's prior written consent. The appraiser's written consent and approval must also be obtained before the appraisal can be conveyed by anyone to the public through advertising,public relations,news,sales,or other media. Vacant Land Page 1 of 2 File No. 01010037 APPRAISERS CERTIFICATION: The Appraiser certifies and agrees that: 1. I have researched the subject market area and have selected a minimum of three recent sales of properties most similar and proximate to the subject property for consideration in the sales comparison analysis and have made a dollar adjustment when appropriate to reflect the market reaction to those items of significant variation. If a significant item in a comparable property is superior to,or more favorable than, the subject property,I have made a negative adjustment to reduce the adjusted sales price of the comparable and,if a significant item in a comparable property is inferior to,or less favorable than the subject property,I have made a positive adjustment to increase the adjusted sales price of the comparable. 2. I have taken into consideration the factors that have an impact on value in my development of the estimate of market value in the appraisal report. I have not knowingly withheld any significant information from the appraisal report and I believe,to the best of my knowledge,that all statements and information in the appraisal report are true and correct. 3. I stated in the appraisal report only my own personal,unbiased,and professional analysis,opinions,and conclusions,which are subject only to the contingent and Limiting Conditions specified in this form. 4. I have no present or prospective interest in the property that is the subject to 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 the estimate of market value in the appraisal report on the race,color,religion,sex,handicap,familial status,or national origin of either the prospective owners or occupants of the subject property or of the present owners or occupants of the properties in the vicinity of the subject property. 5. I have no present or contemplated future interest in the subject property,and neither my current or future employment nor my compensation for performing this appraisal is contingent on the appraised value of the property. 6. I was not required to report a predetermined value or direction in value that favors the cause of the client or any related party, the amount of the value estimate,the attainment of a specific result,or the occurrence of a subsequent event in order to receive my compensation and/or employment for performing the appraisal. I did not base the appraisal report on a requested minimum valuation,a specific valuation,or the need to approve a specific mortgage loan. 7. I performed this appraisal in conformity with 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 as of the effective date of this appraisal, with the exception of the departure provision of those Standards,which does not apply. I acknowledge that an estimate of a reasonable time for exposure in the open market is a condition in the definition of market value and the estimate I developed is consistent with the marketing time noted in the neighborhood section of this report,unless I have otherwise stated in the reconciliation section. 8. I have personally inspected the subject property and the exterior of all properties listed as comparables in the appraisal report. I further certify that I have noted any apparent or known adverse conditions in the subject improvements,on the subject site,or on any site within the immediate vicinity of the subject property of which I am aware and have made adjustments for these adverse conditions in my analysis of the property value to the extent that I had market evidence to support them. I have also commented about the effect of the adverse conditions on the marketability of the subject property. 9. I personally prepared all conclusions and opinions about the real estate that were set forth in the appraisal report. If I relied on significant professional assistance from any individual or individuals in the performance of the appraisal or the preparation of the appraisal report,I have named such individual(s)and disclosed the specific tasks performed by them in the reconciliation section of 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 the report;therefore,if an unauthorized change is made to the appraisal report,I will take no responsibility for it. SUPERVISORY APPRAISER'S CERTIFICATION.: If a supervisory appraiser signed the appraisal report,he or she certifies and agrees that:I directly supervise the appraiser who prepared the appraisal report,have reviewed the appraisal report,agree with the statements and conclusions of the appraiser,agree to be bound by the appraiser's certifications numbered 4 through 7 above,and am taking full responsibility for the appraisal and the appraisal report. • ADDRESS OF PROPERTY APPRAISED: Land Locked Land near intersection of NW 22nd Avenue&NW 143rd Street,Opa Locke,FL,E APPRAISER: SUPERVISORY APPRAISER(only if required) • Signature: Signature: Name: Francis amposano Jr. Name: Date Signed: 1/05/2010 Date Signed: State Certification ti: St.Cert.Gen.REA#RZ2700 State Certification#: or State License#: or State License#: State:FL State: Expiration Date of Certification or License: Expiration Date of Certification or License: ❑ Did ❑ Did Not Inspect Property Vacant Land Page 2 of 2 LOCATION MAP Borrower:City of Opa Locka Florida File No.: 01010037 - Property Address:Land Locked Land near intersection of NW 22nd Avenue&NW 143rd Street Case No.: City:Opa Locka State:FL Zip:33054 Lender:Private d ,.. I: .. • , ., ,. o . t, t f rSay r ° P ^ ^ f` . I 4 F 11—y t °«..m I xwm e .. .x S3 P.n...e n....m.r, wr.wM xn.aM ..r.�.,........a.a.--•- ,..... . ........... I. I Comparable Sale 2 °r^g" '" :j ii I 3285 NW 183rd St ' f/ 1 Miami Gardens,FL 33056-3447 _ (2.75 miles NNW) Comparable Sale 1 °w. .„„,_. 160 NW 166th St , ac•Y: ` - ' Miami,FL 33169-6043 t. °r "' ' , (2.59 miles NE) pqm YINi114eecIF" "°•" 'Comparable Sale 3 i-3.' r f '.. - • 1 2400 NW 150th St �M .. 'Opa Locka,FL 33054-2708 .°,,._ ., .1(0.51 miles NNW) v : .. lrl , a x f „ . w':..,'.." ;,.2,..,,..., '• 'Subject f i. ' _ • ,Opa Locka FL 33054 t " , B.,Aawes t , ....1.0 Pew , 1 - ' ;...:,,f-47:_ . I'HWaah f y , • .. ,w. i '" fret I 848 Brickell Avenue#840,Miami,FL 33131 305-476-3200/305-476-3151 JBJECT PROPERTY PHOTO ADDENDUM Borrower:City of Opa Locka Florida File No.: 01010037 Property Address:Land Locked Land near intersection of NW 22nd Avenue&NW 143rd Street Case No.: City:Opa Locka State:FL Zip:33054 Lender:Private FRONT VIEW OF SUBJECT PROPERTY Appraised Date:October 20,2010 Appraised Value:$348,000 -_ - .mil. • 11 .,r wll REAR VIEW OF SUBJECT PROPERTY R ' 'IC '4 STREET SCENE 9 - , eft s, o ~ 9 a gyr... ,..I.tl,._ "P ,a • -t ye. ' $x '� s 3 p C )ARABLE PROPERTY PHOTO ADDENDUM Borrower:City of Opa Locke Florida File No.: 01010037 Property Address:Land Locked Land near intersection of NW 22nd Avenue&NW 143rd Street Case No.: City:Opa Locke State:FL Zip:33054 Lender:Private � ' � I. ' ' t x E COMPARABLE SALE#1 Vd MI RA,yp - 0 w'it a '1'§i •� 160 NW 166 Street ,d' - '`--.1 n-_ Miami,FL 33169 Sale Date:08/2010 Sale Price:$1,000,000 ." if CNAMBEa -AD Zo '' 'rA 1w m ,„ i; ,. I , i s 'NW,33rH sr .. 1 COMPARABLE SALE#2 r ¢'�t `'i - �� 3285 NW 183 Street g` rT, ' • Miami Gardens,FL kr r € Sale Date:07/2010 k," _ , Sale Price:$380,000 z. • -+ '' 5 tr 'x t"' — �— -- NW�,3]so sr N Amok Da *" _ MIAMI DARotNs DAY. x - '.awl 3x510 5T, i, a_ a, Q .. .- —L . _ a'J V - 1 16 COMPARABLE SALE#3 =, ... -NA rAi ve �r.•. Nw 151ST'e] ---, 2400 NW 150 Street Opa Locke,FL 33054 " = 1■� Sale Date:08/2009 x ,r . „•� *-NW,WiNST •- Sale Price:$1,100,000 isj. ,, vQ-•, • ra N.yg ::.._ 1 ',,-..::+ .- , fo--:4-ii;,...-. ,, .4. - - . tit i u tt L \; . Borrower: City of Opa Locke Florida File No.: 01010037 Property Address:Land Locked Land near intersection of NW 22nd Avenue 8 NW 143rd Street Case No.: City:Opa Locka State:FL Zip:33054 Lender:Private QUALIFICATIONS OF FRANCISCO CAMPOSAN()JR. APPRAISAL EXPERIENCE: C F:l Apprtuxrs.till. Sutra)20114 a•I'rc.ctr r)gites- .Ka,rcicntcai \pltr„leers.l;x. �ocernOcr yes to)r'.\}C,l. •Aswcralc\pprti•ct- \t'rl R.rallt t d,ruat c 2011.to N.,:ember 200: -.\ss'ciate Appraiser.C;+1:>•ntreia;L'i•.islen- t. &C ■pprauc.'-.6:a I et,i uei'\ 144”:.e I kl„Iv 111'113 +I,lrat.el- I'+Irri;6; \pprusers.L14 mile Ivor,to lanuan 11447 EDI(:• TION: t '.rlda Inten'a:::+al l et,er„t..%Im.u!n.Ii,' !;r10 III Hu+lltt..:\dunlil.lc'h.i t.I:F:'sFs AND\rESIRERSIlIPS: tiirr:t o r tic.:O:AIM'.Rcz:. I!11:\pt'•--','.c:i L,,:v,.•;I\6,r .._.111.,::c•i■.hl\•unl:,;\ili 10.11;.; r)..mnatc. \!; 11 01'Re::nr \;;nctvinv of l.liam- In. S:.,.t of!I'.t'I •,11!d.it tlte:Re,1Lst:l., 1prr.t'.l"s(rr.r-,1 ., '.iate atam!xr ,!t(n::\n3 ll,,Il L1.epl:. �PPC'I�l I/.I•.I)F hl("\1((!\: S.. _:.I.`.r.'..L_,:n...: ,1pprn,,r S:.tnn1r 2tvti' 1.1.1'. 1!`riult' .c\. ..I k+n.\u.;!•.. 1 flour l lonru I.I ..,41 MI., 540 ,y„ ..II ir,r•.!ta 214," I), ,.u.um„n l•,1•.'! :.•.00,..'c\C Kull! .::I-11.tuc \pl,.-.:1 It: . - Se, ._�I I 'r ii., -'•/,” 11.v_Ir 1 ••1•.■ 'I I i' \,a. II in•dn 'n,n •t_!...::,':•.1 S'I....”ilLI,l. I.4.r: \t'i"' I. '.III .r.. .:I,'ltul:'':u. i i rh:.I A n.. I .. .• , '.1. 1:,r �.:,.I•..I•. Sliln:tl:_I l lIli _ ,.ill/,'.I I t-lI;.I..1':''1!V.tl• \1,51,11.,.lit li111, 'II,'• g'L;r 31 I SP\PI.:n., 1511.• Appr.■.:-!(,,,nlunm:I Il'l,.r.,..n•'Ir.I \ppr.0 •••:.-lnl:a■tu i-:LI::n I:n. '01' rp.ri lul um14 1,111,-,w:m 20•1'. \tettRvec'licker 1'1!51:,• 2111)11 I Rt.( I.Salcsr::IItt I lilt.r I 711!'1 rgrC Rcsacntlel Aanc,:,,d \R_ \It-'it I-.1,,:11.,4. lu,ur•-.1 h, 'i<•nalIIII In:ur111.",; .I... ,1 ti' ' PYSIIkII..u'Ht STATE OF FLORIDA DEPARTMENT OF BUSINESS AND PROFESSIONAL REGULATION FLORIDA EAL ESTATE APPRAISAL BD SEQ#onao9oaoaa97 LICENSE NBR 109/08/2006 088058474 0212700 ..T— .._�. The CERTIFIED GENERAL APPRAISER Named below IS CERTIFIED Under the provisions of Chapter 475 Fit. Expiration dater NOV 30, 2010 CAMPOGANO, FRANCISCO JR 848 BRICKELL AVENGE #840 MIAMI FL. 33131 CHARLIE CRIST CHARLES W. DRAGO rn,ronmeves W.-`R -,'A R V 848 Brickell Avenue#840,Miami,FL 33131 305-476-3200/305-476-3151