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HomeMy Public PortalAbout13-8705 Purchase Properties Located at 100, 103, and 111 Perviz Avenue Sponsored by: City Manager RESOLUTION NO. 13-8705 A RESOLUTION OF THE CITY COMMISSION OF OPA- LOCKA, FLORIDA AUTHORIZING THE CITY MANAGER TO PURCHASE PROPERTIES LOCATED AT 100 PERVIZ AVE (FOLIO 08-2121-004-1300), 103 PERVIZ AVENUE (FOLIO 08-2121-004-1290), AND 111 PERVIZ AVENUE (FOLIO 08-2121-005-0320), FOR THE DESIGN AND CONSTRUCTION OF A NEW CITY HALL,IN AN AMOUNT NOT TO EXCEED $325,000, AS A NON-BUDGETED ITEM, PAYABLE FROM ACCOUNT NUMBER 19-519440, SUBJECT TO AVAILABLE FUNDING; PROVIDING REVIEW OF PURCHASE AGREEMENT BY THE CITY ATTORNEY; 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 lots, located at 100, 103 and 111 Perviz Avenue, Opa-locka, Fl., for the intended purpose of the design and building of a New City Hall for the City of Opa-locka; and WHEREAS, there are three vacant Lots - Folio 08-2121-004-1300 contains approximately 11,761 sq. ft., Folio 08-2121-0041290 contains approximately 8, 998 sq ft; and Folio 08-2121-005-0320 contains approximately 5, 853 sq. ft.; and WHEREAS, the property owner,NGE Key West, LLC has agreed to sell the three (3) properties at a total price of$325, 000; and WHEREAS, the purchase of the properties located at 100, 103 and 111 Perviz Avenue is subject to the City obtaining available funds; and WHEREAS, due to the limited number of available properties suitable for development of a new City Hall, these properties present a unique opportunity for the City; and WHEREAS, the City Commission of the City of Opa-locka desires to authorize the City Manager to purchase the three (3) parcels in an amount not to exceed $325,000, subject to available funding. Resolution No. 13-8705 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 authorizes the City Manager to purchase the three (3) properties located at 100, 103 and 111 Perviz Avenue, in an amount not to exceed $325,000, as a non-budgeted item, payable from Account Number 19-519610, with the purchase being subject to available funding, and to review and approval of a Purchase Agreement by the City Attorney's office. Section 3. This Resolution shall take effect immediately upon adoption. PASSED AND ADOPTED this 28th day of October, 2013. ` TAYLOR MAYOR Attest to: 44, /-t)() Joa t Joa ft,a Flores Cit Jerk Approved as e form and legal suf is cy: i . I)iit'I/LA A _._- JO"177_ •lle el' EN 'OON MARDER PA ty Att. ey Moved by: COMMISSIONER HOLMES Seconded by: VICE MAYOR KELLEY Commission Vote: 3-2 Commissioner Holmes: YES Commissioner Johnson: NO Commissioner Santiago: NO Vice-Mayor Kelley: YES Mayor Taylor: YES (:;1T: RA City of Opa-locka Agenda Cover Memo Commission Meeting October 28, 2013 Item Type: _ Resolution Ordinance __ Other Date: (Enter X in box) X _ Yes No Ordinance Reading: _1st Reading 2nd Reading Fiscal Impact: (Enter X in box) _ Public Hearing: Yes No Yes No X (Enter X in box) X X Funding Source: (N/A) Advertising Requirement: Yes No N/A (Enter X in box) _ X _ Contract/P.O. Required: Yes No (Enter X in box) X RFP/RFQ/Bid#: N/A Yes No Strategic Plan Priority Area: Strategic Plan Obj./Strategy: Enhance Organizational 0 N/A Strategic Plan Related Bus. & Economic Dev NI (Enter X in box) X Public Safety El Quality of Education 0 Qual.of Life&City Image NI Communication 0 Sponsor Name City Manager Department: Community Development Short Title: A Resolution of the City Commission authorizing the City Manager to purchase properties located at 100 Perviz Ave (Folio no. 08-2121-004-1300), 103Perviz Ave (Folio no. 08-2121-004-1290) and 111 Perviz Ave (Folio no. 08-2121-005-0320) for the purpose to design and construct a new City Hall for the residents of the City of Opa-locka, subject to available financing, City Attorney review as to legal sufficiency and City Commission approval. Staff Summary Over the past several months, the City has made several attempts to purchase 780 Fisherman Street for the sole purpose of establishing a City Hall. Negotiations regarding the purchase did not materialize and, therefore, required the City to obtain temporary lease space at 3400 NW. 135th Street, Opa-locka, Florida.The City has identified three (3) parcels of land in the downtown Opa-locka area suitable for a new City Hall structure and began negotiations to purchase those parcels. The City Administration conducted its due diligence by obtaining two (2) appraisals from certified MAI Appraisers on August 30th and September 13th, 2013. The appraisals for the three (3) properties were Opa Hotel Real Estate Purchase 1 $260,000 and $145,000 respectively. The City Administration presented an offer to the owner, NGE Key, LLC for $260,000; the owner countered with a price of$325,000. The variance in price is due to the owner's assumption that the new Transit Oriented Development (TOD) district, adopted by the City Commission on March 28, 2012, has increased the subject properties' value. The City Manager has made several attempts to bring the sales price to $260,000, however, NGE Key West, LLC has given it's' firm price of $325,000. Due to the need to acquire and begin design and construction of a new City Hall, the City Administration is requesting authorization to purchase the three (3) parcels located at 100, 103 and 111 Perviz Avenue for the amount of $325,000. Side-By-Side Snaphot and Comparison of the Proposed Future City Hall -Opa Hotel Site Miami-Dade Property Appraisal Appraisal 2 Appraisal 3 Location Sq. footage Appraiser(2013) 1 (2013) (2013) pp 100 PervizAvenue 11,761 94,000 105,849 103 Perviz Avenue 8,998 71,984 89,980 111 Perviz Avenue 5,702 150,191 62,722 Total 26,461 (.61 $316,175 $260,000* $150,000** $350,000*** acres) Prepared By:Community Development Department Date: October 21, 2013 Source: Miami-Dade Property Appraiser's Office, KLARAS Realty Advisors, Anna Marie Chouviste, MAI, & Economic Appraisers *the total fair market value was rounded to the nearest 1000dth place **Sales Comparison approach was used by the appraiser at$5 per sq.ft and rounded to the nearest thousand ***this appraisal was provided to the City by the property owner and conducted by Economic Appraisers in 2012. It assumes building within the Transient Oriented Development(TOD) District. 2 Opa Hotel Real Estate Purchase Subsequently, on December 10, 2008, the Mayor and City Commission pursuant to Resolution No. 08-7397 directed then City Manager Janie Beverly to explore the feasibility of the city acquiring the Opa Hotel, located at 111 Perviz Avenue, as a possible site for a future City Hall (to include acquiring the property by eminent domain) and to take all necessary actions to effectuate the intent of that resolution. Since that time, then Finance Director, Dr. Ezekiel Orji, was primarily responsible for negotiations with the property owner. According to Dr. Orji, the subject properties were listed on the market for approximately $465,000 at that time. In 2008 - 2009, Dr. Orji and the property owner discussed several purchasing options ranging from $245,000 to $465,000. None of those negotiations resulted in the purchase of the property or an official filing of an eminent domain action. Proposed Action: Staff recommends the City Manager be authorized to purchase the subject three (3) parcels of land in downtown Opa- locka, located at 100, 103 and 111 Perviz Avenue in an amount not to exceed$325,000, subject to available financing and City Attorney review of the Purchase Agreement between the City of Opa-locka and NGE Key West, LLC. Attachments: Purchase and Sale Agreement Resolution No. 08-7397 Resolution No. 13-8652 Miami-Dade Property Search Summary Report Appraisals 3 Opa Hotel Real Estate Purchase Prepared By: Howard W. Brown, Jr., Community Development Director, Alf •\ Elbert L. Waters, M.C.P., J.D. 3 OPp�OOk0,A( t O 9 0 +pw♦<`� MEMORANDUM TO: Myra L. Taylor, Mayor Joseph L. Kelley, Vice May r /7 Timothy Holmes, Commissi ner Dorothy Johnson, Commiss oner Luis B. Santiago, Commissi er FROM: Kelvin L. Baker, Sr., City Man e - DATE: October 21, 2013 RE: Authorization to allow the City Manager to purchase properties located at 100, 103 and 111 Perviz Ave Request A Resolution of the City Commission authorizing the City Manager to purchase properties located at 100 Perviz Ave (Folio no. 08-2121-004-1300), 103 Perviz Ave (Folio no. 08-2121-004-1290) and 111 Perviz Ave (Folio no. 08- 2121-005-0320) for the purpose to design and construct a new City Hall for the residents of the City of Opa-locka, subject to available funding and City Attorney review of the Purchase Agreement between the City of Opa-locka and NGE Key West, LLC. Background Over the past several months, the City has made several attempts to purchase 780 Fisherman Street for the sole purpose of establishing a City Hall. Negotiations regarding the purchase did not materialize and, therefore, required the City to obtain temporary lease space at 3400 NW. 135th Street, Opa-locka, Florida. The City has identified three (3) parcels of land in the downtown Opa-locka area suitable for a new City Hall structure and began negotiations to purchase those parcels. The City Administration conducted its due diligence by obtaining two (2) appraisals from certified MAI Appraisers on August 30th and September 13th, 2013. The appraisals for the three (3) properties were $260,000 and $145,000 respectively. The City Administration presented an offer to the owner, NGE Key, LLC for$260,000; the owner countered with a price of$325,000. The variance in price is due to the owner's assumption that the new Transit Oriented Development (TOD) district, adopted by the City Commission on March 28, 2012, had increased the subject properties' value. The City Manager has made several attempts to bring the sales price to $260,000, however, NGE Key West, LLC has given it's' firm price of $325,000. Due to the need to acquire and begin design and construction of a new City Hall, the City Administration is requesting authorization to purchase the three (3) parcels located at 100, 103 and 111 Perviz Avenue for the amount of$325,000. Side-By-Side Snapshot and Comparison of the Proposed Future City Hall -Opa Hotel Site Location Sq. footage Miami-Dade Property Appraisal Appraisal 2 Appraisal 3 Appraiser (2013) 1 (2013) (2013) _ 100 Perviz Avenue 11,761 94,000 105,849 103 Perviz Avenue 8,998 71,984 89,980 111 Perviz Avenue 5,702 150,191 62,722 _ Total 26,461 (.61 acres) $316,175 $260,000* $150,000** $350,000*** Prepared By: Community Development Department Date: October 21, 2013 Source: Miami-Dade Property Appraiser's Office, KLARAS Realty Advisors, Anna Marie Chouviste, MAI, & Economic Appraisers *the total fair market value was rounded to the nearest 1000dth place **Sales Comparison approach was used by the appraiser at$5 per sq. ft and rounded to the nearest thousand ***this appraisal was provided to the City by the property owner and conducted by Economic Appraisers in 2012. It assumes building within the Transient Oriented Development (TOD) District. Subsequently, on December 10, 2008, the Mayor and City Commission pursuant to Resolution No. 08-7397 directed then City Manager Janie Beverly to explore the feasibility of the city acquiring the Opa Hotel, located at 111 Perviz Avenue, as a possible site for a future City Hall (to include acquiring the property by eminent domain) and to take all necessary actions to effectuate the intent of that resolution. Since that time, then Finance Director, Dr. Ezekiel Orji, was primarily responsible for negotiations with the property owner. According to Dr. Orji, the subject properties were listed on the market for approximately $465,000 at that time. In 2008 - 2009, Dr. Orji and the property owner discussed several purchasing options ranging from $245,000 to $465,000. None of those negotiations resulted in the purchase of the property or an official filing of an eminent domain action. Description There is a need for the City to design and construct a new City Hall, but there are a limited number of available properties in the City suitable for the development. Therefore, the availability of the three (3) parcels in downtown Opa-locka is a unique opportunity for the City to site a new state-of-the-art public facility in downtown Opa-locka. Financial Impact: The funding of this action would be paid from Account No. 19-519440 a non-budgeted item. Implementation Time Line: Immediately Legislative History: Resolution No. 08-7397, Resolution No. 13-8652 Staff Recommendation Staff recommends the City Manager be authorized to purchase the subject three (3) parcels of land in downtown Opa-locka, located at 100, 103 and 111 Perviz Avenue in an amount not to exceed $325,000, subject to available financing and City Attorney review. Attachment(s) Purchase and Sale Agreement Resolution No. 08-7397 Resolution No. 13-8652 Miami-Dade Property Search Summary Report Appraisals 2 Sponsored by: Vice-Mayor Kelley RESOLUTION NO. 13-8652 A RESOLUTION OF THE CITY COMMISSION OF THE CITY OF OPA-LOCKA, FLORIDA, TO AUTHORIZE THE CITY MANAGER TO INVESTIGATE THE CITY ACQUIRING THE OLD OPA HOTEL PROPERTY TO BE USED IN CONNECTION WITH THE CONSTRUCTION OF A CITY HALL COMPLEX; PROVIDING FOR INCORPORATION OF RECITALS; PROVIDING FOR AN EFFECTIVE DATE WHEREAS,the City Commission of the City of Opa-locka desires to consider building a City Hall Complex on City owned land, and to consider whether to acquire the old Opa Hotel property, to assist in that endeavor; and WHEREAS,the City Commission desires to authorize the City Manager to investigate the City acquisition of the old Opa Hotel property. 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, Florida, hereby directs and authorizes the City Manager to investigate acquiring the old Opa Hotel property. Section 3. This Resolution shall take effect immediately upon adoption. PASSED AND ADOPTED THIS 24`" day of July, 2013. 6(3"-C 1 MYRA AYLOR MAYOR Resolution No. 13-8652 Attest to: Approved as to form and legal sufficiency: r) , tFIJ Jo a Flores J e:h Geller Ci Clerk E SPOON MARDER, PA • ty Attorney Moved by: COMMISSIONER HOLMES Seconded by: COMMISSIONER JOHNSON Commission Vote: 5-0 Commissioner Holmes: YES Commissioner Johnson: YES Commissioner Santiago: YES Vice-Mayor Kelley: YES Mayor Taylor: YES Property Search - Report Page 1 of 1 MIAMI-DADS COUNTY P of OFFICE OF THE PROPERTY APPRAISER f; - MI PROPERTY SEARCH SUMMARY REPORT COUNTY ' t" - P1 Carlos L pez-Cunteru - _1, Property Appraiser Property Information: Folio 08-2121-004-1300 Property Address 100 PERVIZ AVE q ss 4100 .,Owner Name(s) NGE KEY WEST LLC Mailing Address 2891 SW 69TH CT MIAMI FL 33155 xs' ''' 1.:4;:',: :;:,!,''''44'''''''' Primary Zone 6600 COMMERCIAL-LIBERAL ,+ A rr ' ,, ', :, ' . ,,, i rilki:''' Use Code 1081 VACANT LAND-COMMERCIAL:VACANT � � � tx ' LAND a? " zr■ Beds/Baths/Half 0/0/0 " " Floors 0 � r Tr � . �5 a Living Units 0 Adj.Sq.Footage 0 `', 4 s Lot Size 11,761 SQFT Year Built 0 - . m Full Legal Description 21 52 41 .27 AC PB 34-76 OPA LOCKA 2ND REV PLAT NO 2 TR D Aerial Photography 2012 LESS BEG AT MOST NLY COR RUN SW P9 ALG NW BDRY LINE 102.32FT SE112FT TO SE BDRY LINE NE ALG SE BDRY Taxable Value Information: 58.37FT TO MOST ELY COR NW ALG NE BDRY 117.43FT TO POB BLK 86 Current Previous Previous 2 LOT SIZE 12512 SQUARE FEET Year 2013 2012 2011 CF 20531-4486 0602 1 COC 25820-4209 07 2007 2 Exemption/ Exemption/ Exemption/ - Taxable Taxable Taxable Assessment Information: . County $0/$94,088 $0/$94,088 $0/$94,088 Current Previous Previous 2 Year 2013 2012 2011 School Board $0/$94,088 $0/$94,088 $0/$94,088 Land Value $94,088 $94,088 $94,088 City $0/$94,088 $0/$94,088 $0/$94,088 Building Value $0 $0 $0 Regional $0/$94,088 $0/$94,088 $0/$94,088 Market Value $94,088 $94,088 $94,088 Sale Information: Assessed Value $94,088 $94,088 $94,088 Date Amount OR Book-Page Qualification Code Benefits Information: 06/25/2009 $100 26933-1564 Corrective,tax or QCD;min consideration Current Previous Previous 2 04/29/2009 $100 26872-0711 Financial inst or-In Lieu of Benefit Type 2013 2012 2011 Forclosure-stated 07/01/2007 $350,000 25820-4209 Qual by verifiable& documented evidence 06/01/2002 $29,500 20531-4486 2008 and prior year sales; Qual by exam of deed 10/01/1974 $12,000 00000-00000 2008 and prior year sales; Qual by exam of deed Disclaimer: The Office of the Property Appraiser and Miami-Dade County are continually editing and updating the tax roll and GIS data to reflect the latest property information and GIS positional accuracy.No warranties,expressed or implied,are provided for data and the positional or thematic accuracy of the data herein,its use,or its interpretation.Although this website is periodically updated,this information may not reflect the data currently on file at Miami-Dade County's systems of record.The Property Appraiser and Miami-Dade County assumes no liability either for any errors,omissions,or inaccuracies in the infonnation provided regardless of the cause of such or for any decision made,action taken,or action not taken by the user in reliance upon any information provided herein.See Miami-Dade County full disclaimer and User Agreement at http://www.miamidade.gov/info/disclaimerasp. Property information inquiries,comments,and suggestions email:pawebmail @miamidade.gov GIS inquiries,comments,and suggestions email:gis @miamidade.gov Generated on:Mon Oct 21 2013 http://gisweb.miamidade.gov/PropertySearchiprintMap.htm 10/21/2013 Property Search - Report Page 1 of 1 ,*__-. MIAMI-DADE COUNTY ' "- j, "c OFFICE OF THE PROPERTY APPRAISER l./4r, - - iml PROPERTY SEARCH SUMMARY REPORT ! COONTY t 1 Carlos Lopez-Canters �(0 R-- Property Appraiser Property Information: '� '0 1:'', ,X11; Folio 08-2121-004-1290 •Property Address 103 PERVIZ AVE �' *h Owner Name(s) NGE KEY WEST LLC Y • Mailing Address 2891 SW 69TH CT t !� " .' MIAMI FL 33155 Primary Zone 6600 COMMERCIAL-LIBERAL 1081 VACANT LAND-COMMERCIAL_VACANT "' + ;'ii Use Code LANDx , Beds/Baths/Half 0/0/0 < :0444 Floors 0 1, Living Units Units 0 Adj.Sq.Footage 0 ,,;, • �� 5 - . Lot Size 8,998 SQFT . ` ' n Year Built 0 Full Legal Description 21 52 41 .19 AC PB 34-76 Photography 2012 OPA LOCKA 2ND REV PLAT NO 2 P.' BEG AT MOST NLY COR TR D RUN SW ALG NW BDRY LINE 102.32FT SE112 FT TO SE BDRY LINE NE ALG SE BDRY Taxable Value Information: LINE 58.37FT TO MOST ELY COR NW ALG NE BDRY LINE 117.43FT TO POB Current Previous Previous 2 LOT SIZE 8998 SQUARE FEET Year 2013 2012 2011 OR 21907-1162 12 2003 4 COC 25820-4209 07 2007 2 Exemption/ Exemption/ Exemption/ Taxable Taxable Taxable Assessment Information: County $0/$71,984 $0/$71,984 $0/$71,984 Current Previous Previous 2 School Board $0/$71,984 $0/$71,984 $0/$71,984 Year 2013 2012 2011 Land Value $71,984 $71,984 $71,984 City $0/$71,984 $0/$71,984 $0/$71,984 Building Value $0 $0 $0 Regional $0/$71,984 $0/$71,984 $0/$71,984 Market Value $71,984 $71,984 $71,984 Sale Information: Assessed Value $71,984 $71,984 $71,984 Date Amount OR Book-Page Qualification Code Benefits Information: 06/25/2009 $100 26933-1564 Corrective,tax or QCD;min consideration Current Previous Previous 2 04/29/2009 $100 26872-0711 Financial inst or-In Lieu of Benefit Type 2013 2012 2011 Forclosure-stated 07/01/2007 $350,000 25820-4209 Qual by verifiable& documented evidence 12/01/2003 $0 21907-1162 Qual by exam of deed 05/01/1988 $0 00000-00000 Qual by exam of deed 05/01/1988 $18,500 13681-2662 2008 and prior year sales; Qual by exam of deed Disclaimer: The Office of the Property Appraiser and Miami-Dade County are continually editing and updating the tax roll and GIS data to reflect the latest property information and GIS positional accuracy.No warranties,expressed or implied,are provided for data and the positional or thematic accuracy of the data herein,its use,or its interpretation.Although this website is periodically updated,this information may not reflect the data currently on file at Miami-Dade County's systems of record.The Property Appraiser and Miami-Dade County assumes no liability either for any errors,omissions,or inaccuracies in the information provided regardless of the cause of such or for any decision made,action taken,or action not taken by the user in reliance upon any information provided herein.See Miami-Dade County full disclaimer and User Agreement at http://www.miamidade.gov/info/disclaimecasp. Property information inquiries,comments,and suggestions email:pawebmail @miamidade.gov GIS inquiries,comments,and suggestions email:gis @miamidade.gov Generated on:Mon Oct 21 2013 http://gisweb.miamidade.gov/PropertySearch/printMap.htm 10/21/2013 Property Search - Report Page 1 of 1 er' a., MIAMI-DADE COUNTY r �� '�c OFFICE OF THE PROPERTY APPRAISER 1E- ' ' PROPERTY SEARCH SUMMARY REPORT ! .COUNTY Carlos Lopez-Cantera 'fib �1 .w„,..,'m' Property Appraiser Property Information: `':. Folio 08-2121-005-03204 l.Ile Property Address 111 PERVIZ AVE ' i *"�o Owner Name(s) NGE KEY WEST LLC i , R Mailing Address 2891 SW 69TH CT ���; OpialilAgr ,r MIAMI FL 33155 "a �� ' Primary Zone 6600 COMMERCIAL-LIBERAL , ; F r. x Use Code 3921 HOTEL OR MOTEL:HOTEL ., Beds/Baths/Half 8/10/0 s r ' Floors 2 "^tr A x.„ , ; mr. 'y Living Units 0 T :,1':',414,-� " atu �' Adj.Sq.Footage 5,853 Lot Size 5,702 SQFT :, Year Built 1926 , _,,.. N` Full Legal Description 21 52 41 OPA LOCKA NO 2 PB 28-72 Aerial Photography 2012 LOT 13 BLK 86 N LOT SIZE 5702 SQUARE FEET OR 13796-3113 0788 1 COC 25820-4209 07 2007 2 Taxable Value Information: Assessment Information: Current Previous Previous 2 Current Previous Previous 2 Year 2013 2012 2011 Year 2013 2012 2011 Exemption/ Exemption/ Exemption/ Taxable Taxable Taxable Land Value $45,616 $45,616 $45,616 Building Value $183,213 $196,923 $78,510 County $0/$150,191 $0/$136,538 $0/$124,126 Market Value $228,829 $242,539 $124,126 School Board $0/$228,829 $0/$242,539 $0/$124,126 Assessed Value $150,191 $136,538 $124,126 City $0/$150,191 $0/$136,538 $0/$124,126 Benefits Information: Regional $0/$150,191 $0/$136,538 $0/$124,126 Current Previous Previous 2 Sale Information: Benefit Type 2013 2012 2011 Date Amount OR Book-Page Qualification Code Non-Homestead Assessment $78 638 $106,001 $0 06/25/2009 $100 26933-1564 Corrective,tax or QCD;min Caps Reduction consideration Note:not all benefits are applicable to all Taxable Values(ie County, 04/29/2009 $100 26872-0711 Financial inst or-In Lieu of Forclosure-stated School Board,City,Regional). 07/01/2007 $350,000 25820-4209 Qual by verifiable& documented evidence 07/01/1988 $75,000 13796-3113 2008 and prior year sales; Qual by exam of deed 06/01/1988 $0 13796-3111 Qual by exam of deed 10/01/1984 $75,000 12299-1773 2008 and prior year sales; Qual by exam of deed Disclaimer: The Office of the Property Appraiser and Miami-Dade County are continually editing and updating the tax roll and GIS data to reflect the latest property information and GIS positional accuracy.No warranties,expressed or implied,are provided for data and the positional or thematic accuracy of the data herein,its use,or its interpretation.Although this website is periodically updated,this information may not reflect the data currently on file at Miami-Dade County's systems of record.The Property Appraiser and Miami-Dade County assumes no liability either for any errors,omissions,or inaccuracies in the information provided regardless of the cause of such or for any decision made,action taken,or action not taken by the user in reliance upon any information provided herein.See Miami-Dade County full disclaimer and User Agreement at http://www.miamidade.gov/info/disclaimerasp. Property information inquiries,comments,and suggestions email.pawebmail @miamidade.gov GIS inquiries,comments,and suggestions email:gis@miamidade.gov Generated on:Mon Oct 21 2013 http://gisweb.miamidade.gov/PropertySearch/printMap.htm 10/21/2013 KRAG KLARAS Realty Advisors A COMMERCIAL REAL ESTATE APPRAISAL In Restricted Use Appraisal Report Format Of Three Parcels of Land-As Vacant(two parcels are vacant with no structures on them; the third parcel has a building on it, which will be demolished) .fix k w' {t Y:. 4 ° 100, 103 and 111 Perviz Avenue, Opa Locka, FL Miami-Dade County, FL Prepared By John H. Ackermann, CCIM State Certified General Real Estate Appraiser RZ2546 (FL) KLARAS Realty Advisors 990 Biscayne Blvd, Suite 502 Miami, FL 33132 280 Madison Avenue, Suite 912 New York, NY 10016 CCINI 1 K A<0> KLARAS Realty Advisors August 30, 2013 Ms. Rose McKay CITY OF OPA LOCKA- PURCHASING DIVISION 780 FISHERMAN STREET,4TH FLOOR OPA-LOCKA, FL 33054 Property Appraised- Three parcels of commercially zoned (B-2)vacant land containing a total of 26,461 SF. The subject land is listed "for sale" at$475,000 or$17.95 SF. Based on the appraised value herein,the subject is for sale at an above market offering/ask price. The subject has an assessed value of $211,688 or$8.00 SF. Dear Ms. McKay: As requested and in accordance with our agreement, I have completed an Appraisal in Restricted Use reporting format, of the property addressed and identified above. Reconciled Value Sales Comparison Value Conclusion: $265,000 As-Is (Combined Value) Individual Values Size $Value SF Value Address Rounded Subject Parcel 1 11,761 $9.00 $105,849 100 Perviz $105,000 Subject Parcel 2 8,998 $10.00 $89,980 103 Perviz $90,000 Subject Parcel 3 5,702 $11.00 $62,722 111 Perviz $65,000 $258,551 $260,000 Rounded $260,000 Income Approach Value Conclusion: N/A Cost Approach: N/A Final value reconciliation is within the range of indicators, emphasizing the Sales Comparison Approach for the "as-is"value as the Subject currently has one over market rental rate. Final Value: TWO HUNDRED SIXTY FIVE THOUSAND DOLLARS $265,000 It has been my pleasure to assist you with your commercial real estate needs. ff rF _ John H. Ackermann,CCIM /State Certified General Real Estate Appraiser/ State Cert#RZ2546 2 K A KLARAS Realty Advisors Certification Page I certify that,to the best of my knowledge and belief: - The statements of fact contained in this report are true and correct - The reported analyses, opinions and conclusions are limited only by the reported assumptions and limiting conditions and are my personal, impartial, and unbiased professional analyses, opinions and conclusions. - I have no (or specified) present or prospective interest in the property that is the subject of this report and no (or the specified) personal interest with respect to the parties involved - I have performed no (or the specified) services, as an appraiser or in any other capacity, regarding the property that is the subject within a 3 year period immediately preceding acceptance of this assignment - I have no bias with respect to the property that is the subject of this report or to the parties involved with this assignment. - My engagement in this assignment was not contingent upon developing or reporting predetermined results. - My compensation for completing this assignment is not contingent upon the development or reporting if a predetermined value or direction in value that favors the cause of the client, the amount of the value opinion,the attainment of a stipulated result,or the occurrence of a subsequent event directly related to the intended use of this appraisal. - My analyses,opinions, and conclusion were developed, and this report has been prepared in conformity with the Uniform Standards of Professional Appraisal Practice. - I have made a personal inspection of the property that the subject of this report. - No one provided significant real property appraisal assistance to the person signing this certification. John H. Ackermann, CCIM State Certified General Real Estate Appraiser/Cert#RZ2546 Competency Provision KLARAS Realty Advisors and the signatory above, has adequate experience in the valuation of multi family properties and commercial properties. Accordingly, the signatory to this report considers himself qualified by education, training and experience to prepare an appropriate appraisal report complying with the competency provision of the Uniform Standards of Professional Appraisal Practice (USPAP). The professional qualifications of the individual who prepared this report are included in the Addenda of this report. 3 KRA<> KLARAS Realty Advisors RESTRICTED USE APPRAISAL FORMAT The appraisal has been completed in compliance with USPAP Standard 2, Report Writing (Uniform Standards of Professional Appraisal Practice- USPAP 2012-2013 Edition ©The Appraisal Foundation) as follows. Standard 2—(C) Reporting Requirements of A Restricted Use Appraisal Report: (i)State the identity of the Client, by name or type;and state a prominent use restriction that limits use of the report to the client and warns that the appraiser's opinions and conclusions set forth in the report may not be understood properly without additional information in the appraiser's workfile. The appraisal has been made for the City of Opa Locka to assist in formulating a purchase offer on the subject property (the three parcels, as-if vacant). The prominent Use Restriction is that this report may not be understood properly without the client's specific knowledge of the Subject property (the client is familiar with the subject property, being only a few blocks from their office on Fisherman Street). The client is also well acquainted with the "location based" characteristics that may or may not affect the Subject property. The Restricted Use report format allows the appraiser to present his or her opinions and conclusions, in a manner that requires minimal explanation within the appraisal report itself, but does however require the appraiser to retain such information, data and research that lead to the value conclusion, in their workfile. (ii)State the Intended Use of the Appraisal/Intended User The intended use of the appraisal is to assist the Intended User(the client-the City of Opa Locka) in making a purchase offer on the subject parcels. 4 K R _A. O . KLARAS Realty Advisors (iii)State information sufficient to indentify the real estate involved in the appraisal. • [ [ • Summary Details: FOIM No.: Ea-2121-004-1300 ! ' N , Property: 100 PERVIZ AVE Mailing NGE KEN WEST LLC Address: I. , 28E1 SW 69TH CT MIAMI FL 3315E- . Property Information: - Y Primary Zone 6600 COMMERCIAL- LIBERAL CLUC: 0081 VACANT LAND 4, $ , . e4 . Floor D Livmg Li nc..s 0 ,1, Ado Size it SSqF7atege Lot : j,1.761 SO FT i Year Built 0 21 52 41 27 AC RE 2.4- 76 OPA LOCKA 2N-:'. REV PLAT NO 2 TR C LESS BEG AT MOST DIN sy. . , ' ,:, ,...,e,... . . L.g., NLY COR RUN SW ALG cp NW BDRY LINE ,.,. ,D2.32FT SE112FT TO 4..:004144-%It; SE BORY 58.37FT TO T MOST ELY COR NW ,ALG NE Community Development NONE Sale Information: District Sale Date: 512009 Community Sale Amount $100 Redc-velopment NONE m Area: Sale DR: "ltg2-3-15.:34 Empowerment Corrective deed,quit Zone. claim deed,or tax deed Enterprise Zone:CENTRAL Deed bearing Florida Documentary Stamp at Zoning Land VACANT the minimum rate Use. UNPROTECTED Sales orescribed under Chapter INSIDE URBAN Urban Oustificaton 201.F.S.:Transfer of Nye, r„: DEVELOPMENT Desoviption: ownership where no doc Assessment Information: BOUNDARY(UDBI. stamps were paid;0,. Year: 2013 2012 , 6-2 f LIBERAL Transfer of ownersnip by Land Vale $54 053 $84,338 BUSINESS) other than a deed such Budding Value: 50 50 Non-Ad Vakinerr 3,mo as a trial judgement or Market Value 5E4 as; $54,028 Assessments court order. Assessed VaLe 5E4 03S $94333 Environmental Considerations View Additional Sales 2012 annual bill View Legal description Ad valorem: $2,416.66 21 52 41 .27 AC PB 34-76 OPA LOCK& 2ND REV PLAT NO 2 TR D Non-ad valorem: $12.00 LESS BEG AT MOST NLY COR RUN SW Total tax: ALG NW BDRY LINE 102.32FT SE112FT TO SE BDRY LINE NE ALG 1 SE BDRY 58.37F1 TO MOST ELY COR Paid 2012-12-13$579.99 NW ALG NE BURY 117.43FT TO FOB Effective 2012-11-30 BLK 86 LOT SIZE 12512 SQUARE Receipt #20121213-6012-0000070 5 K R A46giiiK, KLARAS Realty Advisors (iii)State information sufficient to indentify the real estate involved in the appraisal. . . - . Summary Details: ..'a , Faro No.: 05-2121-004-1200 Property: 103 PERVIZ AVE Mailing NGE KEY WEST LLC Address 2801 SW egTH CT MAW FL 33155- ..">' io. lo, Property Information: ,,,,„to 5 • # ,•.,,, 8 Primary CLUC: 6131RACr c ERCIAL- rimary Zone: LIBERAL 0081 VACANT LAND a , Living Units' . 0 Add Sq Footage: 0 0.,,i. • se,„!ia, ', .,s.e. 8,008 SO FT . . BedYeas53:Buith: 00 A41.1g AC PB 34- :,,,,r 610, tr .. ...4. .*:. •' .„.„' I REV NO AT 0 Legal LINE S10.W2AL3 G NW RORY 2FT 5E112 Description: FT TO SE BDRY UNE NE ALG SE&DRY LINE , 5C8.13 NW 7FT TO MOST ELY 0 Assessment Information: Year 2013 2012 Land Value: $71.0.84 $71,984 Building Value: so 50 Market Value-. $71.684 $71,0841 Assessed Value- $71 084 $71,084 Community Sale Information: Development NONE District Sale Date: 50000 Co ATIMUnitY Sale Amount: $100 Redevelopment NONE Area: Sale OR 25933-1564 Corrective deed,dud Empowerment NONE claim deed.or tax deed Zane: Deed bearing Florida Enterprise CENTRAL NT Documentary Stamp at the minimum rate Zoning Land VACANT Sales prescribed under Chapter Us% Qualification 201,F S,Transfer of Urban IGE_NSVIDEEDGALIPRRi_tEANNuTael Owe ownership where no Om Development: BOUNDARY Description: mime stamps were paid:or. Transfer of ownership by B-2(LIBERAL Zoning other than a deed such BUSINESS1 as a final judgement or Non-Ad valorem Get court order. Assessments. Yew Additional Sales ,Envirorimentai Considerations 2012 annual to View Legal, (105g.riptiOn Ad valorem: 21 52 41 .19 ACPLAPTE N304 $1,848.91 ri. 2ND REV —276BE°GPA Loc AT Non-ad valorem: $12.00 MOST NLY COR TR 1) RUN SW ALG NW Total tax: BURY LINE 102.32FTGS; 12 FT TO SE BURY 13114 LINE Se. BURY Paid 2012-12-13$443.73 4 N4 2114Tr1.,E4.14 FTC1(l) NW ALG NE BURY LINE Effective 2012-11-30 FOB LOT SIZE 8998 SQUARE FEET Receipt #20121213-6012-0000072 6 ...... K R A - 444' -,* KLARAS Realty Advisors (iii)State information sufficient to indentify the real estate involved in the appraisal. ,. . . . ,.,. . . ,. - ,,,.. ,. . ...„ ' i',. -' Summary Details: Foho No.: 08-2121-005-0320 ,, •,,. Property: 111 PERVIZ AVE Mailing ROE KEY WEST LLC 4'., :'-, , ' Address, 2881 SW NTH CT MIAMI FL .t's Alf '1, . ' ',Art, 33155- 1...:*,,, eek''' ,t't,,,....7 .,t:ztAiikti'.. tytttt't„ Property Information: 4i. ' 4" 600 CO MMERCIAL- , r Primary Zone: LIBERAL . • 4 ',,-: ' ' ...-i3"/. ':0_' it --'' .',.b f„. CLUC: 0021 HOTEL Vitli Berlseaths: SAO 2 aa. ,,,,... -4' ...* Floors`,,,r-t,-, Living Units- 0 •IL if, .e. ..- Ilk ' ' k Adj Sg Footage: 5,853 fit.' *,t,..A11.V; -, ''' Lot Size: 5.702 SO FT i :' 4 :4* I ' '''''841"1.tt„'•!.,' is):* ,stookik. Year Built 1026 21 52 41 OPA LOCKA '1 ' . '4' ', ",. 1. t•t` '''' ,. -mori,,,..4'AtS ->' r ' .40000444;r44 Legal N1 037 2:831218-3 0788 0 T1 cl 0 c3 BLK 88 LOT SIZE 5702 ,i, - , ,, = ODIN ST '', , ' li' a DescriptOn: SQUARE FEET OR 25820-4208 07 2007 2 • Assessment Information: Year: 2013 2012 Land Value. 545,818 545.818 Building Value: $163213 5188,823 Market Value: $228.629 5242.538 Assessed Value. $150.181 4138.538 ....--.--. Community Development NONE Sale Information: District Community Sale Data: 6,2009 Redevelopment NONE Sale Amount: $100 Area: Sale OR: 26833-1584 Empowerment NONE Corrective deed.gun Zone: claim deed,or tax deed Enterprise zone:CENTRAL, Deed bearing Florida „...., TRANSIENT- Documentary Stamp at Zoning"""'” RESIDENTIAL the minimum rate Use: HOTELSIMOTELS) Sales prescribed under Chapter Ousaificahon 201,F.S:Transfer of Urban INSIDE URBAN DEVELOPMENT Description: ownership where.n°d°° Development BOUNDARY(U081 stamps were paid;or, Transfer of ownership PY Zoning 8-2(LIBERAL other other than a deer!such as a hasl judgement or Non-Ad Valorem Get unto court order. Assessments. View Additional Sales Environmental Considerations 2012 annual'bill .. 'View Le9ai description , . A „ ...... ,, ..:"A'. Ad valorem'. 54,354,79 : .,.... ''''- -• - '' -. 2E 5/02 Non-ad valorem S1200 51A' jE FEE.'7 'Al.:,..:,"" ',,,,-6-3113 0'788 1 Total tax: coo 25820-4209 07 2007 2 Paid 2012-12-13 51,161.69 Effective 2012-11-30 Receipt #20121213-6012.0000071 7 KRAG KLARAS Realty Advisors The Subject Property 4111'p 4 4+G rib 8 K AG KLARAS Realty Advisors Subject Property 9 KLARAS Realty Advisors Subject Property Search for Address: '100 Perviz Avenue Opa Locka FL Rvad Ae et bard`.�yY i t,N i,. t � ° i 1 q g y b < , 9a 10 K R _iLVO*. KLARAS Realty Advisors Subject Property "For Sale"Listing at$475,000 103-111 Perviz Avenue swic Opa Locka,FL 33054-Hialeah Gardens Submarket Property Type: Land For Sale Price: $475,000 Parcel Size: .61 Acres Price/Acre: $781,893 Zoning: Price!SF: $17 95 ._! 103-111 Perviz Avenue For Sale Miami/Dade County $475.000 -., ..- • . „ Opa Locka,FL 33054 - Land Market Trends Multifamily Property Asking Price Index - Sale Trends go Embed Asking Prices Multifamily for Sale Miami,FL(SWUM) vs.3 ma. Jul 13 prior Y-O-Y S160,000-, ..., State 566,105.58 +2.8% +7.0% S140,000-4111114 -- i .metro S98,963_90 +7 0%+13.3% 1 , ....Count16117,518.41 +10.2%+25.3% S120.000- N 1 , 1 +.Crty S95,342 $100.000- „.%....,...04„,,, Current Miami market trends data , liglifillia indicates an increase of.98%in the $60,000- , , -40•1114 ! median asking pace per unit for Multifamily properties compared to ' 1 000- the prior 3 months,with an increase S60, 1 , I 1 i i of.21 0%compared to last year's prices County-wide,asking prices for $40,000'. Multifamily properties are 10.2% 2006 2007 2000 2009 2010 2011 2012 2013 higher at$117,518 per unit compared to the current median price —State —Metro —County —City 416) of$95,343 per unit for Multifamily 1.00019C properties in Miami,FL 11 K R A. O . KLARAS Realty Advisors Market Trends Office Property Asking Price Index - Sale Trends ma Embed Asking Prices Office for Sale Miami.FL(5/SF) vs 3 mo Jul 13 prior Y-O-Y 5350- . State 5126.90 -1 0% -2.6% , . . . . , .Metro S183.79 -1 9% +1 4% $300-i „.....- . . , hillymehi ,‘% _ . -.County$232.67 -1 5%+128% . ' $250-! ' -City 5226.32 -4 3%+19.5% Current Miami market $200 trends data -Z indicates a de crease the hf.' median asking price per sq ft for • Office properties compared to the $150-: prior 3 months,with an increase of +19 5%compared to last years prices County-wide,asking prices for $100--, .-, , ' Office properties are-1.5%lower at 2006 2007 2000 2009 2010 2011 2012 2013 5233 per sq ft compared to the current median price of$226 per sq ft — State —Metro '--County --- City (IV for Office properties in Miami,FL LooPtiot Retail Property Asking Price Index - Sale Trends 02. Embed Asking Prices Retail for Sale Miami,FL(5/SF) 3 mo. Jul 13 prim Y-O-Y $350-, . ... State 5144.92 -0.4% -1.8% ! . r . • ■ 1 , ■ .Metro 5187 98 +0.1% +2.7% -County S294.49 -2.5% +1.9% , .city S234 62 +1.9%+12.6% . , Curt ent Miami market trends data $200- -41.11111111111111iiiii‘ ii‘ 1 indicates an increase of+1.9%in the median asking price per sq ft for 1 Retail Commercial properties $150-! compared to the prior 3 months,with an increase of 12.6%compared to , , last years prices County-wide, $100 -, , - asking prices for Retail Commercial 2006 2007 2006 2009 2010 2011 2012 2013 properties are-2 5%tower at$204 per sq fl compared to the current — State —Metro —County —City Cle0 median price of$23.5 per sq ft for 1.001glet Retail Commercial properties in Miami,FL 12 KRA<> KLARAS Realty Advisors (iv)State the Real Property Interest appraised with the respective definition. The Fee Simple interest/estate has been valued in this appraisal assignment. The subject is vacant land,which is not under the terms of a land lease. The Dictionary of Real Estate Appraisal (Fourth Edition 2002), by the Appraisal Institute, defined Fee Simple Estate on page 113 as follows: "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." Leased Fee Estate is defined in the publication above on page 161 as: An ownership interest held by a landlord with the rights of use and occupancy conveyed by lease to others. The rights of the lessor(the leased fee owner) and the lessee are specified by contract terms contained within the lease." (v)State the type of value and cite the source of its definition. The opinion of value formed herein is "Market Value" and is defined as follows:According to the Department of the Treasury, Office of the Comptroller of the Currency(OCC), Final Rule, published within the Federal Register, Volume 55, Number 1665, August 24, 1990, and as adopted by the Appraisal Foundation's Uniform Standards of Professional Appraisal Practice (USPAP) Market Value is defined as: "The most probably 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 knowledgeable, 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: a. buyer and seller are typically motivated; b. parties are well informed or well advised, and each acting in what they consider their own best interest; c. a reasonable time is allowed for exposure in the open market; d. payment is made in terms of cash in U.S. dollars or in terms of financial arrangements comparable thereto;and e. 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." 13 • K A KLARAS Realty Advisors (vi)State the Effective Date of the Appraisal and the date of the report. The effective date of the appraisal is August 26, 2013; the date of the report is August 30, 2013 (the date it was prepared). (vii)State the Scope of Work used to develop the appraisal. • John H. Ackermann, CCIM, State Certified General Appraiser, did not inspect the property. A review of the surrounding neighborhood was made to observe growth patterns, property compatibility, supply and demand indications, etc. County offices were contacted to confirm additional information such as zoning, land use plan, utilities, etc. • Information requested from the borrower included a current rent roll, historic income and expense statements, occupancy history, site survey and building plans. • Description of the improvements was based on my property inspection and review of the property appraiser records. • Market inquiries were conducted into the recent sales of similar properties. The scope of the search included date published by on-line computer data services, other appraisers, real estate brokers and other real estate professional in the local market. The data search was concentrated in the subject county and if necessary, was expanded to other nearby counties in South Florida. All of the relevant market data used in our analysis has been confirmed with buyers,sellers, or other real estate professionals involved with or having knowledge of the transaction information. • The appraised property's supporting neighborhood was studied regarding access, land uses and trends,demographics, and market demand factors for similar properties. This data assisted us in analyzing the appraised property's Highest and Best use as if the land were vacant and as currently improved with the existing structure (s). (viii) State the appraisal methods and techniques employed, state the value opinion(s) and conclusion(s) reached, and reference the workfile; exclusion of the Sales Comparison Approach, Cost Approach or Income Approach must be explained. The Sales Comparison Approach was applied (the only approach to valuing vacant land which is not under the terms of a land lease). 14 K ''� A KLARAS Realty Advisors (ix)State the use of use of the real estate existing as of the date of value and the use and the use of the real estate reflected in the appraisal;and when an opinion of Highest& Best Use was developed by the appraisal, state that opinion. The Highest& Best Use of the Subject property as vacant, is to hold for future development at a time when it is economically feasible based on demand and credit markets. The Highest & Best Use "As Improved" is the existing uses/existing improvement. (x)Clearly and conspicuously: • State all Extraordinary Assumptions and Hypothetical Conditions;and • State that their use might have affected the assignment results The Extraordinary Assumption is made that the Subject is not environmentally contaminated (which would have a negative impact on the value conclusion herein). The Hypothetical Condition is that the 3rd parcel at 111 Perviz Avenue, is vacant (as if the existing building was removed) (xi) Include a signed certification in accordance with Standards Rule 2-3(as included below). A signed Certification has been included on page 3 of this report. Valuation Procedures and Methodologies The appraisal process is basically an economic analysis. It consists of an orderly process by which the valuation problem is defined and data is acquired, classified, analyzed, interpreted, and reconciled into an estimate of value. There are three traditional paths, or approached, used to direct the appraiser toward his or her opinion of value. These approaches are the Cost Approach,The Income Capitalization Approach, and the Sales Comparison Approach. Each of the approaches utilized results in a separate value conclusion for the appraiser property. The appraiser then reconciles each approach to a final value estimate that is applicable and appropriate for the property being valued. The Sales Comparison Approach is based on comparison between the subject property and similar properties which sold within a reasonable period prior to the date of appraisal, and which are capable of providing insight into the valuation of the subject property. Units of comparison are examined and developed and after making the appropriate adjustment for differences such as Location and physical characteristics, are then applied to the subject to derive an indication of value. Critical in this valuation methodology, is the availability of sufficient market comparables with which to make valid comparisons. 15 KRA<> KLARAS Realty Advisors Valuation Procedures and Methodologies The Income Approach measures value by capitalization of the net income from the real estate. The potential gross income is first estimated based on data derived directly from the market. Deductions are then made for vacancy and collection loss, and normal operating expenses. The resulting net income figure is then converted to a value estimate by any one of several capitalization methods. Sales Comparison Approach to Value The Dictionary of Real estate Appraisal, by the American Institute of Real Estate Appraisers (Fourth Edition 2002), defines the Sales Comparison Approach on page 255 as: "A set of procedures in which a value indication is derived by comparing the property being appraised to similar properties that have been sold recently, then applying appropriate units of comparison, and making adjustments to the sale prices of the comparable based on the elements of comparison. The sales comparison approach may be used to value improved properties, vacant land, or land being considered as though vacant; it is the most common and preferred method of land valuation when an adequate supply of comparable sales are available." In completing this analysis, we have located several closed sales of similar properties from within the subject marketplace. In our opinion, the most rational method of analyzing the data is on a price per SF method. 16 K „, A,,o, KLARAS Realty Advisors Closed Sale 1 1 All Baba Ave&Nw 22nd Ave Opa Load FL 33054 ':':,11010111fri , ell;:e4) Sale Information IT- Sate Status Sold ;.! 11 F Sale Date 06/24/2013 ..),t. Sale Price 5175,000 (5179,234 04/Acre JR :, Listing Price Estimated days on L000 Net Marketplace' 5210.000 47R,,...si .I. Property Details Property Type Land Property Sub-type' CommerctaVOther (land) Lot Size. 42,531 SF Property Description HUGE 1 ACRE VACANT LAND NEAR THE CORNER OF NW 22140 AVE IN OPA- LOCKA,FL THIS IS AN COMMERCIAL LEERAL BUSR4ESS DISTRICT(ZONED B- , 2).PERFECT FOR PARKING LOTS OR GARAGES,GAS STATORS, RESTAURANTS-NCLUDING DRIVE IN, MED OR DENTAL CLINIC,LIQUOR STORE, NIGHTCLUBS.ECT.SURVEY IS ATTACHED F4 THE MLS ACCESS TO MAJOR HIGHWAY S' Parties to Transaction Broker J14 Padron CCU 2500 Weston Road Weston.FL 17 A : KLARAS Realty Advisors Closed Sale2 2 551 Fisherman, Miami Gardens,FL 33054 Sale information Sale Status: Sold Sale Date: 02111/2013 Sale Price: $225,000 ($555,234.481Acre) Property Details Property Type: Land Property Sub-type: CommerciaVOther (lam) Lot Size: 0.41 Acres APN/Parcel 0: 08-2121-004-1620 Parties to Transaction Seger: 89 LAND TRUST Buyer: RUDGTOWN CENTER LLC 315 S Biscayne Blvd Miami,FL Financing Comments Cash Sale. 18 L •i KRAi KLARAS Realty Advisors Closed Sale Summary Analysis ,,,,,,,,,,,,,,,,„„ie.f, N:,;-,,,, ..p,,,--,,:,:1 ,r,chnt 7,',,,,0,7,1 ' F _ _ l_—._______. —__ Address 175011w 153rd 12745 Cairo Lane 2330 Nw 162nd 551 Fisherman AI Baba Ave&Nw Street Opa Locka,FL33054 Terrace Miami 22nd Ave Opa Locka,FL33054 Miami Gardens,FL33054 Opa Locka,FL33054 Gardens,FL33054 Property Type Land Land Land Land Land Property Subtype Commercial/Other CommerciaVOther Commercial/Other CommerciaYOther Commercial/Other (land) (land) (land) (land) (land) Lot Size 0.12 Acres 1.09 Acres 0.22 Acres 0.41 Acres 42,531 SF APN!Parcel ID 34-2115-006-0550 08-2128-007-0330 34-2115-003-0790 08-2121-004-1620 Sale Date 03/28/2012 08/212012 12/04/2012 02/1112013 06242013 Sale Price 515,000 $650,000 $20,000 $225,000 5175,000 Sale Price Per $129,207.09/Acre $596,33520/Acre $90.130.36/Acre 5555,234.48/Acre 5179,234.04/Acre Subject Sale 1 Sale 2 Sale 3 Sale 4 Sale 5 0.61 0.12 1.09 0.22 0.41 1.05 26,462 5,227 47,480 9,583 17,860 45,531 Assd Value $211,688 $15,000 $650,000 $20,000 $225,000 $175,000 Assd$SF $8.00 $2.87 $13.69 $2.09 $12.60 $3.84 Subject List Price $475,000 Subject List$SF $17.95 Sales 4 and 5 above, have the most recent sale dates (15t half of 2013); Sale 4 is most similar in size as compared to the Subject (at $12.60 SF). Sale 6 below is somewhat dated, however its site size is similar to the subject(at$8.51 SF). 110. II II Address 16301 Nw 2 Ave 25 Nw 152nd Street 959 Nw 204th Street North Miami,FL33169 Miami,FL33169 Miani,FL33169 Property Type Land Land Land Property Subtype Office(land) Commercial/Other Commercial/Other (land) (land) Lot Size 32,300 SF 0.26 Acres 0.39 Acres API./Parcel ID 30-2113-002-1180 30-2113-028-0021 07-2112-009-0550 Sale Date 01/3112012 101092012 11/12/2012 Sale Price $275,000 $160,000 $305,000 Sale Price Per $370,866.871Acre 5613,521.16/Acre 5787,306.65/Acre 19 4 • KRAG KLARAS Realty Advisors Subject 0.61 Sale 6 Sale 7 Sale 8 26,462 Assd Value $211,688 0.74 0.26 0.39 Assd$SF $8.00 32,300 11,326 16,988 Subject List Price $475,000 $275,000 $160,000 $305,000 Subject List$SF $17.95 $8.51 $14.13 $17.95 "For Sale" Listing#1 Properties for Sala 15830 N\V 27TH AVL M ami(,at dens FL 1.054 CIO Property Details Price $225.000 J ' Lot Size 0.84 AC Price/AC $281,250 iAC ¢e� Property Type Land is 01.A , Property Sub-type Retai(land) ttf Features Electricity/Power Irrigation 41011i Water Telephonic Cable Gas/Propane Status Active Property Notes Lots # Price Size Price/Size Description 1 5225,080 0.80 AC 5281,250/AC Property Description Large Piece of Land!..Strategically located on a high traffic courier with a liberal commercial zoning priced to self-Excellent location for a national chain and/or fast feed franchise.This courier connect Dade and 8roward counties.This site is within miles from Dolphin stadium and Super Vdalmart This land is located right off the palmetto expressway and less than one mile from the turnpike.Lot is clear and ready to go Cash or conventional financing only Location Description Heavily transited area of NW 27 Ave.Zoned B-1 as per city of Miami Gardens,Any questions.Please call the city of Miami Gardens.Folio#is 34-21-16-013- 0060 Only 114 mile South of Parnetto. This property sale is listed at$225,000 or$6.46 SF (larger than the subject -low price per SF) 20 , K R A. O . KLARAS Realty Advisors "For Sale"Listing#2 2 Approx 147 Street&NW 27 Avenue Opa Locka FL 33054 MI Property Details Price 5389,000 Air ° Lot Size 0 47 AC ere i V Price/AC 5827,659 58/AC t"`x 44 ? r �` Property Type Land *t^ � e:-..' Property Sub-type Commercial/Other Other( land, ` Additional Su b-types Retail Hand} 'J ;t ..., d ` ,r : •„.�, 1r• t r - Zoning Description Commercial Liberal• 1� Status Property Notes Active o t .w h t .'s,.•,••4-. t to .. ` 1 TTT . • . Ai q, ,99r .. �µ ;.. ' Lots 8 Price Size Price/Size Description 1 5389,000 0.47 AC S827,659.58/AC Build To Suit Investor/Developer Available for National Franchise Tenant.Possible Terms 15 to 20 Year Lease for Credit Rated Tenant.Ideal Build to Suit Retail Lot.Possible Gas Station location wth exception due to lack of Fit Stations in area Property Description --v OWNER FINANCING Retail Pad Site located in the City Of Opa-Locka.The site is comprised of four folios with an estimated lot size of 20,658 sf i(.47 acres). Bordered by!ann.Sharer and NW 27 Avenue,this property fats into the Opa-Locka Neighborhood Revitalization Strategy boundaries an area targeted for assistance by the Miami-Dade County Office of Community and Economic Development under the U.S HUD Community Development Block Grant Program.Its Commercial Liberal Business District designation allows for possible uses such as Gas Stations(w/special exception),Medical&Dental Clinics.Restaurants. Drive-In Restaurants,Retail Stores,Liquor Stores,Hardware Stores.Drug Stores,Dollar Stores and other permitted uses.Neighboring business from the site north to pro-player stadium include such anchors as Waknart,Mc Donalds.Churches Chicken,Popeys,Dunkin Doughnuts,Wendy's,Checkers Drive-ln,Burger King.Dominos,KFC.Papa Johns and Little Ceasers to name a few.Ownership has expressed an interest in a variety of options to include:Land Leases.Sale. Joint Ventures and other structures that may be financially rewarding for all parties.Less FPL Easement 21 K A<=0'.' KLARAS Realty Advisors Photos g i� { i • ill F r .. This property is listed at$389,000 or$19.00 SF ell "For Sale"Listing 3 3 AU BABA&NW 22nd Ave,Opa Locka,FL 33054 Property Detaits 7lt Price 5210.600 " .a caM rvt Lot Size 0.98 AC r, i - " Price/AC 3215.080.76/AC as a ;ill ..' p. Property Type Land q ;;a eap Property Sub type CorrmrerciaVOther(bnd) ;" . . ' Status Acttve Ai "t fi R•� t ,fi Property Notes WIT fi a' a k. "k Mee Lots # Price Size Price/Size Description 1 5210.000 098AC 3215.086.76/AC 22 KRA* KLARAS Realty Advisors Property Description HUGE 1 ACRE VACANT LAND NEAR THE CORNER OF NW 22ND AVE IN OPA-LOCKA,FL. Location Description THIS IS AN COMMERCIAL LIBERAL BUSINESS DISTRICT(ZONED B-2).PERFECT FOR PARKING LOTS OR GARAGES,GAS STATIONS,RESTAURANTS- INCLUDING DRIVE IN,MED OR DENTAL CLINIC,LIQUOR STORE,NIGHTCLUBS,ECT.SURVEY IS ATTACHED IN THE MLS.ACCESS TO MAJOR HIGHWAY'S! The parcel above was purchased in June 2013 for $175,000 (closed Sale #5). It is now on the market as an attempted"flip investment". It is now listed at$210,000 or$4.61 SF. 23 KLARAS Realty Advisors Subject Value Conclusion Value reconciliation at$10.00 SF is within the range of closed Sales 6 and 4 ($8 SF -$12 SF). 26,461 SF x$10.00 SF =$264,610 rounded to $265,000 TWO HUNDRED SIXTY FIVE THOUSAND DOLLARS $265,000 Discussion of Improved Sales Comparison Points The sales presented in the above chart are considered the best indicators of value for this subject property based on their sale dates, locations, condition, age and appeal. Etc. Following is a brief discussion of the adjustments considered in our analysis. Property Rights - A transaction price is always predicated on the real property interest conveyed. May types of real estate, particularly income producing property, are sold subject to existing leases. The revenue-generating potential of a property is often fixed or limited by the terms of existing leases. In the valuation process, adjustments must be made to reflect the difference between properties leased at market rent and those leased either below or above market rent levels. Financing (Cash Equivalency) and Conditions of Sale -Cash equivalency analysis is a procedure in which the sale prices of comparable properties, which are sold with atypical financing terms, are adjusted to reflect typical market terms Time or Changes in Market Conditions -Changing market conditions can require adjustments. Location - Location is a primary consideration when estimating the Market Value of a property. Since real estate is immobile, location of individual tracts is unique and must be adjusted to the characteristics of the Subject Property. Neighborhood composition and exposure to major traffic corridors typically influence the price. Analysis of area sales strongly indicates that the primary consideration is location and commercial exposure. Retailers pay premiums to be located on prime commercial sites. Factors taken into consideration are access to major transportation links or ease of access, commercial exposure and proximity to neighborhood population and appeal. Size Factors - When all other factors are similar, larger size buildings typically sell for a lower price per SF than smaller buildings (theory of size factors). Age, Quality and Condition - The quality and condition of building components have a major influence on the ability of a property to produce rental income and the property's comparability with other properties. 24 K A KLARAS Realty Advisors Reconciled Value Sales Comparison Value Conclusion: $265,000 As-is Income Approach Value Conclusion: N/A N/A Cost Approach: N/A Final value reconciliation is within the range of indicators at the value above. Final Value: TWO HUNDRED SIXTY FIVE THOUSAND DOLLARS $265,000 25 r KRAG KLARAS Realty Advisors ADDENDUM 26 KRAG KLARAS Realty Advisors JOHN H. ACKERMA.NN, CCIM Commercial Real Estate and Finance Professional Appraiser/Broker/Finance Consultant/Paralegal 55 SE 2'Avenue.Suite 309-Boca Raton,FL 33487/280 Madison Avenue,Suite 912,New York,NY Tel 561-818-2954 Email jackermann @klarasrealtyadvisors corn PROFESSIONAL SUMMARY Seasoned,multi-licensed and credentialed Commercial Real Estate professional with 25 years of comprehensive experience in Asset Management/Appraisal& Valuation/Business Development/Due Diligence/Loan Workout/RED Disposition/ Mortgage Field Services/Property Management/Site and Property Acquisition. Past high level corporate positrons with firms such as OCWEN+Financial Corp./OCWEN Federal Bank, FSB and Asset Financial Services,Inc.Consulting assignments with LNR Property Corp.(Lennar),Marcus&Millichap,Terrabank, BPD Bank, 1a United Bank of Florida, Bank of America, Florida Capital Bank, Lehman Brothers and numerous other industry leaders. PROFESSIONAL EXPERIENCE/SUMMARY BIOGRAPHY KLARAS REALTY ADVISORS, LLC-Boca Raton, FL 2001-Present > Managing Member/Commercial Appraiser/Broker/Consultant- As a CCIM designated real estate broker and a State Certified General Real Estate Appraiser,Mr.Ackermann is a Managing Member at KLARAS Realty Advisors (formerly KLARAS Group),a diversified commercial real estate services firm.He is responsible for all operations of firm's Boca Raton, FL based Commercial Real Estate Division, which includes its Asset Management, Appraisal and REO Disposition departments.He is an active commercial real estate appraiser and real estate broker.Mr.Ackermann has also served as a consultant to LNR Property Corporation(Lennar) in a debt/valuation analyst capacity and to Marcus &Millichap where his work centered on the valuation and marketability analysis of office buildings throughout Palm Beach County OCWEN FEDERAL BANK IOCWEN FINANCIAL CORP.-W Palm Beach, FL 1995-2000 > Commercial Asset Manager/REO Lending Manager-Prior to joining KLARAS Realty Advisors, Mr. Ackermann held several key positions at OCWEN Federal Bank, FSB/OCWEN Financial Corporation. During his tenure, OCWEN was the nation's largest buyer of non-performing and sub-performing commeraal real estate loans.He last served as a Commercial Asset Manager in charge of a$75,000,000 dollar combined Commercial REO and Discount Loan Portfolio where he was responsible for the valuation and disposition of commercial REO properties nationwide, in addition to the profitable resolution of non-performing and subperforming commercial real estate loans. Immediately proceeding to the Asset Manager position at OCWEN,he served as OCWEN's Manager of REO Lending, where his primary responsibilities were to ensure the soundness of lending practices from an underwriting and appraisal/valuation perspective. I,SSET FINANCIAL,SERv(cE§, INS. - Roslyn Heights. NY 1990-1994 > Director - Mr. Ackermann was Director of Real Estate at Asset Financial Services, Inc. where he headed the firm's commercial real estate and mortgage financing departments overseeing loan originations, loan riQC 1/.1. dispositions and property management. CLEARY,STEEN,GOTTLIEB AND HAMILTON-New York City.NY 1988-1989 > Paralegal,Commercial Real Estate- After earning his Paralegal certificate,Mr.Ackermann was employed by the top-ten New York law firm Cleary, Gottlieb, Steen and Hamilton as a Commercial Real Estate Paralegal responsible for matters relating to loan-work, receivership, asset management and foreclosure proceedings. JEA PROPERTIES, INC. - Whitestone, NY 1985-1987 > Analyst-Mr. Ackermann was an analyst in the Real Estate Services and Investments division of)EA Properties, Inc. where he was responsible for due diligence and investment analysis for this real estate acquisition firm. PROFESSIONAL L ICENSES/DESIGNATIONS/CERTIFICATES/EDUCATION •State Certified General Real Estate Appraiser (FL-RZ2546)/ (NY -46000049810) • Licensed Real Estate Broker BK#3007254 (Florida)/Licensed Real Estate Broker #710973 (New York) • CCIM Designation- Certified Commercial Investment Member, CCIM Institute, Chicago, IL •Licensed Mortgage Broker#223483(Florida) •Paralegal Certificate-Adelphi University,Garden City,NY ii •Bachelor of Science Degree - Business Management, Adelphi University, Garden City, NY - - CCIM Institute,Chicago,IL .4 Certified Commercial investment Member(CUM),s a recognized expert in the discip5nes of commercial and investment real estate 27 KRAG KLARAS Realty Advisors LIMITING CONDITIONS AND ASSUMPTIONS 1. Any legal description or plats reported herein are assumed to be accurate. Any sketches, surveys, plats, photographs, drawings or other exhibits are included only to assist the intended user to better understand and visualize the subject property, the environs, and the competitive data. We have made no survey of the property and assume no responsibility in connection with such matters. 2. The appraiser has not conducted any engineering or architectural surveys in connection with this appraisal assignment. Information reported pertaining to dimensions,sizes, and areas is either based on measurements taken by the appraiser or the appraiser's staff or was obtained or taken from referenced sources and is considered reliable. No responsibility is assumed for the costs of preparation or for arranging geotechnical engineering, architectural, or other types of studies, surveys, or inspections that require the expertise of a qualified professional. 3. No responsibility is assumed for matters legal in nature. Title is assumed to be good and marketable and in fee simple unless discussed otherwise in the report. The property is considered to be free and clear of existing liens, easements, restrictions,and encumbrances,except as noted. 4. Unless otherwise noted herein, it is assumed there are no encroachments or violations of any zoning or other regulations affecting the subject property and the utilization of the land and improvements is within the boundaries or property lines of the property described. 5. KLARAS Realty Advisors assumes there are no private deed restrictions affecting the property which would limit the use of the subject property in any way. 6. It is assumed the subject property is not adversely affected by the potential of floods. 7. It is assumed all water and sewer facilities(existing and proposed)are or will be in good working order and are or will be of sufficient size to adequately serve any proposed buildings. 8. Unless otherwise noted within the report, the depiction of the physical condition of the improvements described herein is based on visual inspection. No liability is assumed for the soundness of structural members since no engineering tests were conducted. No liability is assumed for the condition of mechanical equipment, plumbing, or electrical components,as complete tests were not made. No responsibility is assumed for hidden, unapparent or masked property conditions or characteristics that were not clearly apparent during our inspection. 9. If building improvements are present on the site, no significant evidence of termite damage or infestation was observed during our physical inspection, unless so noted in the report. No termite inspection report was available, unless so noted in the report. No responsibility is assumed for hidden damages or infestation. 10. Any proposed or incomplete improvements included in this report are assumed to be satisfactorily completed in a workmanlike manner or will be thus completed within a reasonable length of time according to plans and specifications submitted. 11. No responsibility is assumed for hidden defects or for conformity to specific governmental requirements, such as fire, building, safety, earthquake, or occupancy codes, except where specific professional or governmental inspections have been completed and reported in the appraisal report. 12. The property is assumed to be under financially sound,competent and aggressive ownership. 13. The appraisers assume no responsibility for any changes in economic or physical conditions which occur following the effective date of this report that would influence or potentially affect the analyses, opinions, or conclusions in the report.Any subsequent changes are beyond the scope of the report. 14. The value estimates reported herein apply to the entire property. Any peroration or division of the total into fractional interests will invalidate the value estimates, unless such peroration or division of interests is set forth in the report. 15. Any division of the land and improvement values estimated herein is applicable only under the program of utilization shown.These separate valuations are invalidated by any other application. 16. Unless otherwise noted in the report, only the real property is considered, so no consideration is given to the value of personal property or equipment located on the premises or the costs of moving or relocating such personal property or equipment. 28 KRAG KLARAS Realty Advisors 17. Mark the appropriate box: Unless otherwise stated, it is assumed ownership includes subsurface oil,gas, and other mineral rights. No opinion is expressed as to whether the property is subject to surface entry for their exploration or removal. The contributing value,if any,of these rights has not been separately identified. Unless otherwise stated, it is assumed the rights of ownership exclude subsurface oil, gas, and/or mineral assets. For this reason, the contributing value, if any, of these rights or whether the property is available for subsurface entry to facilitate their exploration and/or extraction have not been considered. 18. Any projections of income and expenses, including the reversion at time of resale, are not predictions of the future. Rather,they are our best estimate of current market thinking of what future trends will be. No warranty or representation is made that these projections will materialize.The real estate market is constantly fluctuating and changing. It is not the task of an appraiser to estimate the conditions of a future real estate market, but rather to reflect what the investment community envisions for the future in terms of expectations of growth in rental rates, expenses,and supply and demand. 19. Unless subsoil opinions based upon engineering core borings were furnished, it is assumed there are no subsoil defects present, which would impair development of the land to its maximum permitted use or would render it more or less valuable. No responsibility is assumed for such conditions or for engineering which may be required to discover them. 20. KLARAS Realty Advisors representatives are not experts in determining the presence or absence of hazardous substances, defined as all hazardous or toxic materials, wastes, pollutants or contaminants (including, but not limited to, asbestos, PCB, UFFI, or other raw materials or chemicals) used in construction or otherwise present on the property.We assume no responsibility for the studies or analyses which would be required to determine the presence or absence of such substances or for loss as a result of the presence of such substances. Appraisers are not qualified to detect such substances.The client is urged to retain an expert in this field. 21. We are not experts in determining the habitat for protected or endangered species, including, but not limited to, animal or plant life(such as bald eagles,gophers,tortoises, etc.)that may be present on the property.We assume no responsibility for the studies or analyses which would be required to determine the presence or absence of such species or for loss as a result of the presence of such species. 22. No environmental impact studies were either requested or made in conjunction with this analysis. The appraiser hereby reserves the right to alter, amend, revise, or rescind any of the value opinions based upon any subsequent environmental impact studies, research,and investigation. 23. The appraisal is based on the premise that there is full compliance with all applicable federal, state, and local environmental regulations and laws unless otherwise stated in the report; further, that all applicable zoning, building,and use regulations and restrictions of all types have been complied with unless otherwise stated in the report; further, it is assumed that all required licenses, consents, permits, or other legislative or administrative authority, local, state, federal and/or private entity or organization have been or can be obtained or renewed for any use considered in the value estimate. 24. Neither all nor any part of the contents of this report or copy thereof, shall be conveyed to the public through advertising, public relations, news, sales, or any other media, without the prior written consent and approval of the appraisers. This limitation pertains to any valuation conclusions,the identity of the analyst or the firm and any reference to the professional organization of which the appraiser is affiliated or to the designations thereo°. 25. Although the appraiser has made, insofar as is practical, every effort to verify as factual and true all information and data set forth in this report, no responsibility is assumed for the accuracy of any information furnished the appraiser either by the client or others. If for any reason, future investigations should prove any data to be in substantial variance with that presented in this report, the appraiser reserves the right to alter or change any or all analyses,opinions,or conclusions and/or estimates of value. 26. If this report has been prepared in a so-called "public non-disclosure" state, real estate sales prices and other data, such as rents, prices, and financing, are not a matter of public record. If this is such a "non-disclosure" state, although extensive effort has been expended to verify pertinent data with buyers,sellers, brokers, lenders, lessors, lessees, and other sources considered reliable, it has not always been possible to independently verify all significant facts. In these instances, the appraiser may have relied on verification obtained and reported by appraisers outside of our office. Also, as necessary, assumptions and adjustments have been made based on comparisons and analyses using data in the report and on interviews with market participants. It is suggested the client consider independent verification as a prerequisite to any transaction involving sale, lease, or other significant commitment of funds to the subject property 29 K. R AO. KLARAS Realty Advisors 27. This report is null and void if used in any connection with a real estate syndicate or syndication, defined as a general or limited partnership,joint venture, unincorporated association, or similar organization formed for or engaged in investment or gain from an interest in real property, including but not limited to a sale, exchange, trade, development, or lease of property on behalf of others or which is required to be registered with the U.S. Securities and Exchange Commission or any Federal or State Agency which regulates investments made as a public offering. 28. The American Disabilities Act of 1990 (ADA) sets strict and specific standards for handicapped access to and within most commercial and industrial buildings. Determination of compliance with these standards is beyond appraisal expertise and,therefore, has not been attempted by the appraisers. For purposes of this appraisal,we are assuming the building is in compliance; however, we recommend an architectural inspection of the building to determine compliance or requirements for compliance. We assume no responsibility for the cost of such determination and our appraisal is subject to revision if the building is not in compliance. 29. This appraisal report has been prepared for the exclusive benefit of the client as address in thus report. It may not be used or relied upon by any other party.Any party who uses or relies upon any information in this report, without the preparer's written consent,does so at their own risk. 30. If KLARAS Realty Advisors has completed an inspection of the subject property which consisted of less than inspecting 100% of the interior and exterior of the improvements. Accordingly, KLARAS Realty Advisors reserves the right to amend the appraised value and appraisal conclusions if engineering reports or other evidence is found,which would materially impact the reported conclusions 31. The right is reserved by the appraiser to make adjustments to the analyses, opinions, and conclusions set forth in this report as may be required by consideration of additional or more reliable data that may become available. No change of this report shall be made by anyone other than the appraiser or appraisers. The appraiser(s)shall have no responsibility for any unauthorized change(s)to the report 32. If the client instructions to the appraiser were to inspect only the exterior of the improvements in the appraisal process, the physical attributes of the property were observed from the street(s) as of the inspection date of the appraisal. Physical characteristics of the property were obtained from tax assessment records, available plans, if any, descriptive information, and interviewing the client and other knowledgeable persons. It is assumed the interior of the subject property is consistent with the exterior conditions as observed and that other information relied upon is accurate. 33. The submission of this report constitutes completion of the services authorized. It is submitted on the condition the client will provide reasonable notice and customary compensation, including expert witness fees, relating to any subsequent required attendance at conferences, depositions, and judicial or administrative proceedings. In the event the appraiser is subpoenaed for either an appearance or a request to produce documents, a best effort will be made to notify the client immediately. The client has the sole responsibility for obtaining a protective order, providing legal instruction not to appear with the appraisal report and related work files and will answer all questions pertaining to the assignment, the preparation of the report, and the reasoning used to formulate the estimate of value. Unless paid in whole or in part by the party issuing the subpoena or by another party of interest in the matter, the client is responsible for all unpaid fees resulting from the appearance or production of documents regardless of who orders the work. 34. Acceptance or use of this report constitutes agreement by the client and any other users that any liability for errors,omissions or judgment of the appraiser is limited to the amount of the fee charged for the appraisal. 35. Use of this appraisal report constitutes acknowledgement and acceptance of the general assumptions and limiting conditions, special assumptions (if any), extraordinary assumptions (if any), and hypothetical conditions(if any)on which this estimate of market value is based 36. If provided, the estimated insurable value is included at the request of the client and has not been performed by a qualified insurance agent or risk management underwriter. This cost estimate should not be solely relied upon for insurable value purposes. The appraisers are not familiar with the definition of insurable value from the insurance provider, the local governmental underwriting regulations, or the types of insurance coverage available. These factors can impact cost estimates and are beyond the scope of the intended use of this appraisal. The appraisers are not cost experts in cost estimating for insurance purposes. 30 Summary Appraisal Report 100 & 103 - 111 Perviz Avenue Opa Locka, Florida 33054 • If Prepared For Opa Lock Community Development Corporation 490 Opa Locka Boulevard, Suite 20 Opa Locka, Florida 33054 Date Of Value: February 1, 2012 Date Of Inspection: February 1, 2012 Date Of Report: February 10, 2012 Economic Appraisers Inc 4846 N. University Drive #391 Lauderhill, Florida 33351 ECONOMIC AEVRAISERS INC. THIS PAGE IS INTENTIONALLY LEFT BLANK 2 ECONOMIC AppRAIS[f?S INC. ECONOMIC APPRAISERS, INC. 4846 North University Drive#391*Lauderhill,Florida 33351 E-mail:hgray @economicappraisers.com*Telephone(954)741-1031 *Fax(954)741-1032 **********************Appraisers*Cost Engineers&Consultants********************** Real Estate*Machinery&Equipment*Business Valuation*Cost Estimating February 10, 2012 Opa Locka Community Development Corporation Attention: Ms. Marcia Grant 490 Opa Locka Boulevard, Suite 20 Opa Locka, Florida 330549 Dear Ms. Grant: In response to your request and our assignment, we have appraised the subject property for the purpose of reporting to you our opinion of its hypothetical market value, fee simple estate, as of February 1, 2012. Harvel Gray inspected the property on this date and on December 6, 2011. The subject property is located at 100 and 103 to 111 Perviz Avenue, Opa Locka, Florida 33054, which is on the west side of Sharazad Boulevard, between Perviz and Bagdad Avenues. This location is north of Ali Baba Avenue, west of NW 27"'Avenue. Based on our analyses, our opinion is that the subject hypothetical market value, as of February 1, 2012 is: Subject Property Hypothetical Market Value"As If Subject To TOD Overlay": $350,000 The subject consists of one two-story commercial building that is uninhabitable. The improvements were built in 1926 and were prior used as a hotel/motel that contained about eight units, according to the County records. The building contains 5,853 square feet of enclosed building area and is situated on 29,600 square feet or 0.608 acre of irregularly shaped commercially zoned land, per a "Zoning Analysis" provided by the client (26,461 square feet or 0.607 acre per the County Records). We relied on the size indicated in the Zoning Analysis",which is the more current data and was provided by the client. 3 ECONOMIC AJDFRAISERS INC. The building is currently boarded up and according to the listing Realtor, the owner stated that it would perhaps cost less to tear down the building and build new rather than rehabilitating it. The improvements are presumed to be in poor condition and are uninhabitable. Gerald Lee of the City of Opa Locka Planning and Zoning stated that the building is classified as "Historic". Therefore, repairs and remodeling of the existing structure must be considered before demolition for new construction. In other words, the existing structure can only be demolished if it is not feasible to repair it. For demolition to be approved, a specific procedure must be followed. Only after the necessary procedure is followed and demolition of the existing structure is permitted by the appropriate governmental bodies will approval for new construction on the site is allowed. Based on the observed exterior condition of the subject structure and discussion with the listing Realtor, we presumed that major repair and/or remodeling of the existing structure is required before the subject could be occupied. However, the client has expressed intentions to preserve all or portion of the existing historic structure. The improvements are being considered for remodeling into retail space, with residential apartments constructed on the upper floors. Because no similar comparable sales with minor contribution from the improvements to the overall value, and major contribution from the land were found, we appraised the subject property for the land value and add the estimated contributory value of the improvements to the land value. The appraisers have not been provided with a title abstract on the property appraised, nor have they conducted a title search of their own. However, based on a County Tax Rolls research, the subject was transferred two times in the past three years. It was first transfer in April 2009 for $100 via Certificate of Tile, Miami-Dade County Circuit Court. The Petitioner was Home Equity Mortgage Corp and the defendant was American Union Petroleum & Energy Corporation. 4 ECONOMIC AIVI?,AISERS INC. According to available data, the current owner of record is NGE Key West LLC. It was transferred on June 25, 2009 to the current owners for a consideration of $100, via Quit Claim Deed. The Grantor was Home Equity Mortgage Corp and that was the second transfer in 2009. It is our understanding that the subject is listed for sale for $475,000. This equates to $18.00/square foot, rounded. We did not find recent comparable sales in the market place to support this price. This asking price approximates the Miami-Dade County Property Appraiser's assessed total value of $408,621, of which $211,688 was allocated to land and $196.933 to improvements. However, it is our opinion that the subject building improvements do not contribute to value. We are aware of no other current listings, other contracts for sale or options on the subject. The subject property is zoned B-2: Liberal Business District, City of Opa Locka. The purpose of this district is to provide suitable sites for the development of unified commercial centers which offer a wide range of retail and/or service facilities. The B-2 zoning district permits many retail uses including convenience store and restaurant, professional and administrative office, banks, medical and dental clinics, and other uses. In addition to the established B-2 zoning, the City is in the process of establishing a Transit Oriented Development (TOD) Overlay for the subject locale, which is within the downtown Opa Locka area. The Purpose and Intent of the TOD is: 1. To encourage a mix of moderate and high density development within walking distance of transit stations to increase transit ridership. 2. To encourage the revitalization of underused commercial and residential areas into pedestrian-oriented developments that provide a complementary mix of uses, including a variety of residential options, within convenient walking distance. See the body of this report for additional intent. 5 ECONOMIC AppRAISERS INC. The Client stated that 27 dwelling units are being considered on the upper floor and retail on the ground floor of the subject proposed building. The Client has instructed that the subject be valued on the presumption that it will be developed as a mixed-use property with 27 dwelling units and retail. Therefore, our opinion of value is a hypothetical value. We have complied with the USPAP competency provision and Harvel Gray is a State- Certified General Real Estate Appraiser in the state of Florida and is also an MAI and an ASA. The following presents a Summary appraisal report. This letter must remain attached to the report, which contains 62 pages plus related exhibits, in order for the value opinion set forth to be considered valid. Your attention is directed to the Assumptions and Limiting Conditions which follow. Respectfully submitted Economic Appraisers Inc. Harvel W. Gray, FRICS, MAI, Leed AP State-Certified General Real Estate Appraiser, RZ2166 6 ECCNOMIC AI)FI?AISERS INC. TABLE OF CONTENTS CERTIFICATION 10 ASSUMPTIONS AND LIMITING CONDITIONS 11 SUBJECT PHOTOS 15 PURPOSE AND DATE OF APPRAISAL 20 DESCRIPTION OF SUBJECT PROPERTY APPRAISED 20 FUNCTION,INTENDED USE AND INTENDED USER OF THE REPORT 23 CLIENT 23 DEFINITION OF MARKET VALUE 24 PROPERTY RIGHTS APPRAISED 24 TYPICAL BUYER PROFILE 25 SCOPE OF ASSIGNMENT 26 NEIGHBORHOOD ANALYSIS 29 PROPERTY DATA 35 SALES COMPARISON APPROACH 52 ADDENDUM 58 QUALIFICATIONS FOR HARVEL W.GRAY,FRICS,MM,CCE,Leed AP 59 7 ECONOMIC AFFRAISF12S INC. EXECUTIVE SUMMARY Property Name: Commercial Address: 100 & 103 - 111 Perviz Avenue Opa Locka, Florida 33054 Location: West side of Sharazad Boulevard, between Perviz and Bagdad Avenues. This location is north of Ali Baba Avenue, west of NW 27th Avenue Assessor Parcel No(s): 08-2121-004-1290, 08-2121-004-1300 08-2121-005-0320 Property Type: Commercial Current Use: None Occupancy: 0% Proposed Use: Vacant Land Owner Of Record: NGE Key West, LLC Special Assumptions Reference: See Assumptions and Limiting Conditions Numbers 14 - 18 Unusual Market Externality: None Site Area: Gross Area 29,600 square feet or 0.608 acre Usable Area 29,600 square feet or 0.608 acre Building Area: Gross Area 5,853 SF Rentable Area NA Year Built: 1926, from county records 8 ECONOMIC AIDFI?tISERS INC. Property Condition Building in poor (uninhabitable) condition Land to Bldg Ratio: 5.06 to 1 Floor Area Ratio (FAR): 0.20 Parking: Appears adequate Hazardous Waste Conditions: See Assumptions and Limiting Conditions Numbers 14 & 17 Flood Zone &Map Reference: Zone "X500", Map ID 120657-0119L Zoning: B-2: Liberal Business District, Opa Locka Existing Improvements: Commercial structure Conforming/Nonconforming Use: Appears to be a non-conforming use Highest& Best Use -Vacant: Hold for future development Highest& Best Use - Improved: Not Applicable Excess/Surplus Land: No Property Rights Appraised: Fee Simple Estate Marketing Time: 12 months Date of Inspection: December 6, 2011 & February 1, 2012 Date of Value: February 1, 2012 Date of Report: February 10, 2012 Value Opinion "As If Subject To TOD Overlay": $350,000 Appraiser(s): Harvel W. Gray, FRICS, MAI, Leed AP State-Certified General Real Estate Appraiser, RZ2166 9 ECONOMIC ADDRAISERS INC. • 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 limited 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 we have no personal interest or bias with respect to the parties involved. The"Opinion of Market Value"in this appraisal report is not based in whole or in part upon the race,color,or national origin of the present owners or occupants of the properties in the vicinity of the properties appraised. --Our compensation is not contingent upon the reporting of a predetermined value or direction in value that favors the cause of the client, the amount of the value estimate, the attainment of a stipulated result, a requested minimum valuation, a specific valuation, an approval of a loan,or the occurrence of a subsequent event; nor is it contingent on an action or event resulting from the analyses,opinions,or conclusions that were developed. -- Our analyses, opinions, and conclusions were developed, and this report has been prepared, in conformity with the requirements of the Code of Professional Ethics & Standards of Professional Practice of the Appraisal Institute, and the American Society Appraisers,which include the Uniform Standards of Professional Appraisal Practice. --To the best of our knowledge and belief,all statements and information in this report are true and correct,and we have not knowingly withheld any significant information. All contingent and limiting conditions are contained herein. --No one provided significant professional assistance to the persons signing this report. The appraiser has made a personal inspection of the subject property. All conclusions and opinions concerning the real estate that are set forth in the appraisal report were prepared by me and my signature appears on the appraisal report,unless indicated as"Review Appraiser." --The appraiser(s)have performed within the context of the competency provision of the Uniform Standards of Professional Appraisal Practice. -- The appraiser(s) currently hold the appropriate state certification allowing the performance of real estate appraisals in connection with federally related transactions in the state in which the property is located. --The appraisal recognizes the definition of value as defined in the Market Value section of this report. --No change of any item in this appraisal report shall be made by anyone other than us,and I shall have no responsibility for any such unauthorized change. --As of the date of this report,I,Harvel W. Gray,FRICS,MM,ASA,had completed the requirements under the continuing education program of the Appraisal Institute,American Society of Appraisers,and the Royal Institute of Chartered Surveyors Americas,and/or the State of Florida. The use of this report is subject to the requirements of the Appraisal Institute,American Society of Appraisers,and the Royal Institute of Chartered Surveyors Americas, and the State of Florida Division of Real Estate, Florida Real Estate Appraisal Board,relating to review by their duly authorized representatives. Harvel W Gray,FRICS,MAI,Leed AP State-Certified General Real Estate Appraiser,RZ 2166 10 ECONOMIC AF112AISE12S INC. ASSUMPTIONS AND LIMITING CONDITIONS 1. Unless otherwise stated, the value appearing in this appraisal represents our opinion of the market value or the value defined AS OF THE DATE SPECIFIED. Values of real estate are affected by national and local economic conditions and consequently will vary with future changes in such conditions. 2. Possession of this report or any copy thereof does not carry with it the right of publication nor may it be used for other than its intended use. The physical report(s) remains the property of the appraiser for the use of the client. The fee is for the analytical services only. The report may not be used for any purpose by any person or corporation other than the client or the party to whom it is addressed or copied without the written consent of an officer of the appraisal firm of Economic Appraisers Inc. and then only in its entirety. 3. Neither all nor any part of the contents of this report shall be conveyed to the public through advertising,public relations efforts,news, sales or other media without written consent and approval of an officer of Economic Appraisers Inc. 4. The appraiser may not divulge the material contents of the report, analytical findings or conclusions, or give a copy of the report to anyone other than the client or his designee, as specified in writing except as may be required by the Appraisal Institute or the American Society of Appraisers, as they may request in confidence for ethics enforcement or by a court of law or body with the power of subpoena. 5. Liability of Economic Appraisers Inc. and its employees is limited to the fee collected for the appraisal. There is no accountability or liability to any third party. 6. It is assumed that there are no hidden or unapparent conditions of the property, subsoil or structures, which make it more or less valuable. The appraiser assumes no responsibility for such conditions or the engineering,which might be required to discover these facts. 11 ECONOMIC AVIVAISEI2S INC. 7. This appraisal is to be used only in its entirety. All conclusions and opinions concerning the analysis which are set forth in the report were prepared by the appraisers whose signatures appear on the appraisal report. No change of any item in the report shall be made by anyone other than the appraiser and the appraiser and firm shall have no responsibility if any such unauthorized change is made. 8. No responsibility is assumed for matters legal in character or nature,nor matters of survey,nor of any architectural, structural, mechanical or engineering nature. No opinion is rendered as to the title, which is presumed to be good and merchantable. The property is appraised as if free and clear, unless otherwise stated in particular parts of the report. 9. No responsibility is assumed for accuracy of information furnished by or from others, the clients, his designee or public records. We are not liable for such information or the work of subcontractors. The comparable data relied upon in this report has been confirmed with one or more parties familiar with the transaction or from affidavit. All are considered appropriate for inclusion to the best of our knowledge and belief. 10. The contract for appraisal, consultation or analytical service is fulfilled and the total fee payable upon completion of the report. The appraiser or those assisting the preparation of the report will not be asked or required to give testimony in court or hearing because of having made the appraisal in full or in part; nor engaged in post-appraisal consultation with client or third parties, except under separate and special arrangement and at an additional fee. 11. The sketches and maps in this report are included to assist the reader and are not necessarily to scale. Various photos, if any, are included for the same purpose and are not intended to represent the property in other than actual status,as of the date of the photos. 12. Unless otherwise stated in this report, the existence of hazardous material, which may or may not be present on the property,was not observed by the appraiser. The appraiser has no knowledge of the existence of such materials on or in the property. The appraiser, however, is not qualified to detect such substances. The presence of substances such as asbestos, urea-formaldehyde foam insulation or other potentially hazardous materials may affect the value of the property. 12 ECONOMIC APPRAISERS INC. The value estimate is predicated on the assumption that there is no such material on or in the property that would cause a loss in value. No responsibility is assumed for any such conditions, or for any expertise or engineering knowledge required to discover them. The client is urged to retain an expert in this field,if desired. 13. The distribution of the total valuation of this report between land and improvements applies only under the existing program of utilization. The separate valuations for land and building must not be used in conjunction with any other appraisal,no matter how similar and are invalid if so used. 14. No environmental or impact studies, special market studies or analysis, highest and best use analysis study or feasibility study has been requested or made unless otherwise specified in an agreement for services or in the report. The appraiser reserves the unlimited right to alter, amend, revise or rescind any of the statements, findings, opinions, values, estimates or conclusions upon any subsequent such study or analysis or previous study or analysis, subsequently becoming known to him. 15. The value estimated in this appraisal report is gross without consideration given to any encumbrance, restriction or question of title, unless specifically defined. The estimate of value in the appraisal report is not based in whole or in part upon the race, color or national origin of the present owners or occupants of the properties in the vicinity of the property appraised. 16. This appraisal report has been prepared for the exclusive benefit of the Client. It may not be used or relied upon by any other party. Any party who uses or relies upon any information in this report, without the preparer's written consent, does so at his own risk. If this report is placed in the hands of anyone but the client, client shall make such party aware of all the assumptions and limiting conditions of this assignment. 17. Soil/Environmental Conditions We have not been provided with a contamination assessment report on the subject property. We are not aware of the subject site contamination. If more details and/or greater accuracy are required the reader should consult an appropriate expert. We presumed that no adverse environmental soil or sub- soil conditions are present on or near the subject site that would tend to adversely affect the value or marketability of the property.Our opinion of value could be impacted,if this should prove to be incorrect. 13 ECONOMIC APPRAISERS INC. 18. ACCEPTANCE OF, AND/OR USE OF THIS APPRAISAL REPORT CONSTITUTES ACCEPTANCE OF THE PRECEDING CONDITIONS. 14 ECONOMIC AppRAISERS INC. SUBJECT PHOTOS Front And East Elevation South Elevation 15 ECONOMIC AppRAISERS INC. East And North Elevation 4. JI Front View With Building In Background 16 ECONOMIC AppRAISERS INC. 7 . • it-�� � is • • • Southwest Portion • Southwest Portion From Bagdad 17 ECONOMIC AppRAISERS INC. joi w FOR SALE LOTS TOTALING /-26,461 SF " .z Zoned: Commercial -°- - ' CONTACT: Alberto Ocana .1 a� B;CH:FN 305.779.1110 rorigraraintli For Sale Bagdad Ave Looking North 18 ECONOMIC AIDIPRAISERS I I' Perviz Ave Looking North R. • -, Perviz Ave Looking South 19 Emninallik ECONOMIC AVIDVAISERS INC. PURPOSE AND DATE OF APPRAISAL The purpose of this appraisal is to provide the client with our opinion of the market value of the fee simple estate of the subject property, as of February 1, 2012, "As If Subject To The TOD Overlay". Harvel Gray inspected the subject property on this date and also on December 6, 2011. DESCRIPTION OF SUBJECT PROPERTY APPRAISED NW LOTH IT NW 159TH TER NW 159TH ST 4 f I E Sc t u `j rE`a L ti,�Q9P C3 f NW 156TH ST K m 1 a f NW]54TH TER -. n T. NW 1S9TH TEP k F 4 Z A NW 153RD TER Z NW 153RD ST E Q p n ,.. 'v F •' Y W z O "^ r t NW 151 ST TFR Yi ev NW 151ST TER f� m M € rn m m N W 151ST ST NW IS14T ST Ti z p NW 150TH ST l ARABIA AVE S S = 4,5 rEkl ST ,1 N W 149TH ST ..• T TF a a M F, a-P B 2 y::l�ih L^ni.pnr �L D APP NW 144TH ST NW 1441H ST '� SESAME ST "SESAME ST , �b '$4 Yy G ti y, i ID la.rl °j 44- f"• �' NW 143RD Si �'lq Sr y S ! EI,39YbPN .t �i t a ALADDIN ALAUUTN ST+�; 'T3 b� c1 i ^I x44.. NW 191S7':T J SADUP IN ° Cira-10153 VERMONT sl 7,1' o� �ZI • n+ NW 140TH TEF mR ,S. 4 v NW 140711 ST .- 'q 'LSO g 4 a ,� h FISHERMAN ST 'y OSZ •+ Li t eheN Nya PuSVYY 401`s i IX: YORK ST m P1} UUW ES'T DP SUPERIOR Sr 4 a O O O ", m m U ORA LOIXA BLVD ri 'ti ® 0,CIEI 40TH 50E NAT 1 T41H 5T 4 W NW,,,N,51 Laic. NW 131NU Moly '6 S• "^ NW 1?21.JU--.T m NW III ST aT NW 1 11,1 1 i 3 P c - , PORT SAID FIT R� g Y y'I NW 1. III .I Location Map 20 ECONOMIC AIVI2AISERS INC. The subject property is located at 100 and 103 to 111 Perviz Avenue, Opa Locka, Florida 33054, which is on the west side of Sharazad Boulevard, between Perviz and Bagdad Avenues. This location is north of Ali Baba Avenue,west of NW 27th Avenue. The subject consists of one two-story commercial building that is uninhabitable. The improvements were built in 1926 and were prior used as a hotel/motel that contained about eight units, according to the County records. The building contains 5,853 square feet of enclosed building area and is situated on 29,600 square feet or 0.608 acre of irregularly shaped commercially zoned land, per a "Zoning Analysis"provided by the client (26,461 square feet or 0.607 acre per the County Records). We relied on the size indicated in the Zoning Analysis", which is the more current data and was provided by the client. The building is currently boarded up and according to the listing Realtor, the owner stated that it would perhaps cost less to tear down the building and build new rather than rehabilitating it. The improvements are presumed to be in poor condition and are uninhabitable. Gerald Lee of the City of Opa Locka Planning and Zoning stated that the building is classified as "Historic". Therefore, repairs and remodeling of the existing structure must be considered before demolition for new construction. In other words, the existing structure can only be demolished if it is not feasible to repair it. For demolition to be approved, a specific procedure must be followed. Only after the necessary procedure is followed and demolition of the existing structure is permitted by the appropriate governmental bodies will approval for new construction on the site is allowed. Based on the observed exterior condition of the subject structure and discussion with the listing Realtor, we presumed that major repair and/or remodeling of the existing structure is required before the subject could be occupied. 21 ECONOMIC AIFFFAISEI2S INC. However, the client has expressed intentions to preserve all or portion of the existing historic structure. He stated that the improvements are being considered for remodeling into ground floor retail space, with new residential apartments constructed on the upper floors. Because no similar comparable sales with minor contribution from the improvements to the overall value, and major contribution from the land were found, we appraised the subject property for the land value and add the estimated contributory value of the improvements to the land value. LEGAL DESCRIPTION (FROM DEED) ugoiuTonsaurreomp POLIO NUMBER: LEGAL DESCRIPTION: LOT 13,BLOCK Ai,OF PLAT NO.2,OPA LOCKA, ACCORDING TO THE PLAT TI OIL AS • RECORDED 174 PLAT BOOK 28,PAGE 72,OP THE PUBLIC RECORDS OF 8UAIO-DADS C0uNTY, FLORIDA. POLIO NUMBER: 062711.004-1200 •E AI.DESCRIPTION! ALL THAT PORTION OF TRACT"D",BLOCKY. OPA LOCKA,PLAT NO.2,ACCO*DINO TO TIE SECOND REVISED PLAT EB•LIUDED IN PLAT BOOK34,PAGE 70,IDENTICAL WITH AND FORAMBILY 1124OwN AS LOT 14 BLOCK 0i,OPA LOCIFA 140.2,ACCORDING TO THE REVISED FLAT THEREON,RECORDED 1*1 PLAT BOOK 34, PAGE 07,OP THE PUBLIC RECORDS OF DADE COUNTY,FLORIDA. POLIO NUMEEL 011-2321-1104-1300 LEGAL DESCRIPTION: THAT PORTION OF D OF BLOCK 80 OF OWL LOCKA N2„SECOND REVISED PLAT,ACCORDING TO THE FLAT Ti0m011,RECORDED 134 PLAT BOOK 34,PAGE 70 OP THE PUBLIC RECORDS OP DADE COUNT%FLORIDAI 1/01134ERLY warm AS LOTS 13 A IA IN BLOCK 130 OF REVISED PLAT 02 OP OPA LOOFA,ACCOMIDINO TO THE FIAT THBBB IIIICORDED IN FLAT BOOK 034,PAGE R OF TIDE PUBLIC RECORDS OF DADE COUNTY, FLORIDA. 22 ECONOMIC A IMAISERS INC. FUNCTION, INTENDED USE AND INTENDED USER OF THE REPORT The function of this report is to provide the client with a supportable opinion of the market value, "as is", of the subject fee simple estate. It is our understanding that the intended use of the appraisal is to assist the client with purchase and/or business decision making. The intended user is the Opa Locka Community Development Corporation, the client, and/or the Governmental Agencies that the client designates. This is a Summary Appraisal Report. This report has been prepared utilizing generally accepted appraisal techniques, as contained within the current Uniform Standards of Professional Appraisal Practice (USPAP) and of the recognized professional organizations of which the appraisers are members. This appraisal report has been prepared in a manner believed to be consistent with the guidelines contained in Title XI of the Financial Institution Reform Recovery and Enforcement Act of 1989 (FIRREA) and Federal Regulation 12CFR Part 34.43 (b). CLIENT Opa Locka Community Development Corporation Attention: Ms. Marcia Grant 490 Opa Locka Boulevard Opa Locka, Florida 330549 23 ECONOMIC ADDI2AISEFS INC. 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 are the consummation of a sale as of a specified date and the passing of title from seller to buyer under conditions whereby: (A) Buyer and seller are typically motivated; (B) Buyer and seller are well informed or well advised, and each is acting in what he considers his and/or her own best interest; (C) A reasonable time is allowed for exposure in the open market; (D) Payment is made in cash in U. S. dollars or in terms of financial arrangements comparable thereto; and (E) The price represents normal consideration for the property sold unaffected by special or creative financing or sales concessions granted by anyone associated with the sale. SOURCE(S): Title XI of the Financial Institutions Reform,Recovery,and Enforcement Act of 1989("FIRREA"). The Dictionary of Real Estate Appraisal,Fifth Edition,Appraisal Institute,2010,Page 123. PROPERTY RIGHTS APPRAISED The property rights appraised are those of fee simple estate. "Fee Simple" is defined as absolute ownership unencumbered by any other interest or estate, subject only to the limitation imposed by governmental powers of taxation, eminent domain, police power, and escheat. SOURCE: The Dictionary of Real Estate Appraisal,Fifth Edition,Appraisal Institute,2010,Page 78. 24 ECONOMIC AIPpIAISFL?S INC. HYPOTHETICAL CONDITION That which is contrary to what exists but is supposed for the purpose of analysis. Hypothetical conditions assume conditions contrary to known facts about physical, legal, or economic characteristics of the subject property; or about conditions external to the property, such as market conditions or trends; or about the integrity of data used in an analysis. (USPAP, 2010-2011 ed.) SOURCE: The Dictionary of Real Estate Appraisal,Fifth Edition,Appraisal Institute,2010,Page 97. TYPICAL BUYER PROFILE An important part of an appraisal is the selection of comparable sales that can be used to reach an opinion of the market value of the subject property through the appraisal process. Comparable sales are selected based upon the highest and best use of a property and generally. Sellers and buyers come together on the common ground of this highest and best use. This involves buyers that are attracted to the property being offered for sale based upon the criteria that a buyer uses to make this decision. Thus, comparable sales must be competitive alternatives in the eyes of typical buyers. The subject is located at 100 and 103 to 111 Perviz Avenue, Opa Locka, Florida 33054. Typically, properties of the subject size and location are tenant or owner occupied. In our analysis of comparable sales, and in our experience with past sales of properties of this size and quality, the typical buyer is a private investor, or owner- user. The property is not of the quality to be of interest to the typical institutional buyers. We have considered the typical buyer in our analysis. 25 ECONOMIC AppLAISEI2S INC. SCOPE OF ASSIGNMENT The scope of work is designed to identify the appraisal problem and to develop a process to address the problem. The outcome of the appraisal process is an opinion of value made in compliance with Standard One of the Uniform Standards of Professional Appraisal Standards (USPAP), the requirements of the Code of Professional Ethics and Standards of Professional Appraisal Practice of the Appraisal Institute. This report is in compliance with Standard Two. The purpose of this appraisal is to provide the client with our opinion of the "as is" hypothetical market value of the fee simple estate of the subject, as of February 1, 2012. Harvel Gray inspected the subject on this date and on December 6, 2011. The subject consists of 29,600 square feet. An old two-story building is on site. We observed the improvements to be in fair to poor condition. Because no similar comparable sales with minor contribution from the improvements to the overall value, and major contribution from the land were found, we appraised the subject for the land value and add the estimated contributory improvements value to the land. The scope of this real estate appraisal includes the following: • A physical inspection of the property. • A search of the public records relative to the subject. This search encompasses, among other things, tax and assessment information, easement, and other private and public restrictions, zoning, history of the property, etc. • A discussion of neighborhood and regional area characteristics, as well as an analysis of supply and demand within the subject's market segment. • Analysis of physically possible uses, legally permissible uses, and all feasible uses in order to estimate the highest and best use of the subject. 26 ECONOMIC AFULAISERS INC. • Research of public records for comparable sales and listings. We made telephone verification, where possible, of all the sales and listings with the buyer, seller, or their representative. • A physical inspection of each of the properties, as well as deed verification. Comparison of the comparable properties to the subject with consideration of such differences as legal encumbrances, financing terms, conditions of sale, market conditions, location, physical characteristics, availability of utilities, zoning, and highest and best use. • The preparation of a narrative appraisal report in compliance with the USPAP and the Standards of the recognized professional organizations of which the appraisers are members. We have also followed the guidelines promulgated by the appropriate regulatory agency or agencies that are mentioned elsewhere in this report. In keeping with the scope of the appraisal and the appraisal process, the appraisers have engaged in original research to provide a complete analysis for the client. Data for analysis has been gathered from various sources, such as the sales of similar properties found in the County through Realquest data, Loopnet Real Estate, and the Multiple Listing Service, local realtors, property owners, and other appraisal offices. County and local planning and zoning departments and websites provided zoning and land use information. The product of this research and analysis is formulated within this report for analysis of and direct comparison with the subject appraised. Additionally, we have used original research performed in preparation of other appraisals by this office, which is considered appropriate for the subject. 27 ECONOMIC ADDRAISERS INC. Harvel Gray has not appraised the subject in the past three years. This is a summary appraisal report. APPRAISERS' COMPETENCY RULE COMPLIANCE The Scope of the Assignment as outlined in the Appraisal Development and Reporting Procedures section is well within the range of experience and knowledge of the responsible appraiser(s). The appraiser(s) responsible for this appraisal report are (is) sufficiently experienced and knowledgeable to accept and complete this appraisal assignment. We (I) have previously prepared and delivered appraisal reports and have provided consultation for similar properties. For additional information about our experience please refer to our Appraisal Qualifications toward the rear of this report. 28 ECONOMIC AIDIDRAISIERS INC. NEIGHBORHOOD ANALYSIS -='-r--- J -:3---1 '44 111P1111 el. III ,as la 1:_ U i • 4- 3 '411•111 011•11 I ,, 111111111912. 1 .., r El irg IN NMI BIM Villii al I ill 1rrj r —14% ... II --1 J " - --- 1 NO T , n as;E ,;. "Ali I L...I LI 0......1.9.1_,A imml 8 ,. tee 11111MirteeoPeirit - qr 'Li r-rar.:. , - 7 LINI . d = jlli ,,. , . ., •. gi A - = 1.. 41 ...... suri=1= .4.. ,,Airzi :Iirt = 'MI EVArn _._ 1 4 .iligmliengli 111111ila. _1 ---3 -----r ID - - 9 r---- IiIi - -----'11 II -jT I ! ii tow id z scotiLake,1 t ., ,:i _ , AtLI, searcti Co, ,! . _...1.-- ' CO ':" ' lill"---- Vioti- '' 111 1 i ..,.... [J 0' izi rti il 1 r- , I IME ni ,Rfl . 1 I 0 WENN DIED al... EED 110:1 CII:1 OM 111:0 0 0 - . - 11 11-7.7- p .,, . . . __ —...... . 110 4 n J Uri .1211 .- 1 111.L - .1 trtc et-tt ■ H 51:,,,,,Ny1911.157._ i.. 1 10 ' .,; T. 1,...L.,) .., - I - 4-- - ----7 111 t '. NW r'44n-,Tr 4 1 rv.!1] 11 Ope Lock* a ' W,F ST Subjec 1.11 1 G ALADDIN z „ ,o.Lot1,- 10B, .., '.. 1.19i1,YMAti 14 r..PA L■ k A BL1/1 ED 77-7 r,,PA ,OA BL t r, LVD L i i ! /.. :He 71"y --, 4 J1013 ._. i-- ..... - - I 1 Millill ---- 10A , , g ,.:::-.1 _ s .1 ', ,-,,, to rii , II m assll ,11111 , \ :it,, -i, i,:,:i' 1 ,1 Li_q_J ' LIP ' . "'_ Nil -..:.'' . Fld31-•------11--- ---L ._ 1 I,', , I .. ._. 1.,604-41 PI,■ Ne's im 9 ‘-r”\,■•.- ''''744:i9".'''.---'- _1r: 7.: .,.:LIL i:Ali'iliim''=,....L.,i =---'--: [l- 1.• -, - 1=- Moni 2112126.1 is ......! LE.w., ., us , .i. 111_ .15.: ...11 Imilloiallan ,__ ,..., , ,....,- 'W -i-moo ewe ow 114 _ •1411114111 "it mem ememeeemen• ..„. 4144111111 4111411141 111 ---':1 lira ,si* I . --- 11 11110.13 .. &to —'• 1 • —r ki 1 ---' ..-. .1• 33 ' lemmilisil•ii..... —111.1.11 -\-------1 I I 1 r: _ -' EITJ , Imo _____,..- _Tani zi II' I eillillige Wil r" - - ( MIL mi In 44, , Sher ' B ry Pinrwo nil / 1 '33T ----IBS Blue * PALM SPRINGs mtLE 11111 .1.b.:11.1.1111OM -_-iiiii1. 09-13.. 1.___t__I--', --T. ' lelirmillIrmail 111111111 ill III' II III Iiii_ ..4._;.L Em 7115,II I ii:- AO!: . III- ---'' ii, 1 411, t- TIN ,- i __ _i_n illii 1 . , .. -• 6114 II I ififil ir . , . ___ , ..„ , ...i,, ,_...... 1 NW 95TH ST _ 111.,a5 um - .::L- Ell NO 1 -1.1 irr-i_..ip El= _Hialeah.itbirs ............... ijlei r ek. I MI 1 V 1-- Wes!Little River I" - z i.:17_-.- .. . mom ' ammli _ . NEM.111211.11.211111.111011 lirp I , j ,,,,,,--g L. . - 4.-- ___m_••••rmu,....„1,41 ma --..opt. ,..1miWastiWians OS mire ....-ira 41j . , 1.—_---- Ir -. , , 1.----, sat, S LT/4;4er° =I mellmossrasiumislarg.g_ EN ..... .... forrimanium Iiinsisimm..._11m _ _ _ 1 .2111= in - rr , ..„ [1=1 I, 1111111orwar .......i. 001.101•1111111111111111 11 ie la a i _ivaINIINE11111....idan 7' ■ ■ Lake ' NB I ._,..mallmi i..H..1.10-1, Arcola — ....-r, .-.-1--,..... '•••••••---- 1 L' ru'a Fil ST,T1 Neighborhood Map 29 , . ECONOMIC APPRAISERS INC. Introduction and Boundaries The subject is located within the city Opa Locka, Florida. The neighborhood is bordered by Interstate Highway 95 (I-95) to the east; NW 57 Avenue (Red Road) to the west; Palmetto Expressway to the north; and NW 119th Street to the south. Commercial properties, such as the subject, are concentrated primarily on NW 7th Avenue, NW 27th Avenue, NW 37th Avenue, NW 42nd Avenue, NW 119th Street, NW 135th Street and Palmetto Expressway corridors. The remainder of the neighborhood is mostly residential development. The city itself forms the major portion of the neighborhood. The City of Opa-Locka was the vision of aviation pioneer, Glen Curtiss. Opa Locka is an urban community occupying 4.2 square miles in the North-Western area of Miami- Dade County, Florida. The city's approximate boundaries are as follows: on the North - NW 151st Street, on the South - N.W. 123th Street, on the East— NW 17th Avenue and on the West - NW 47th Avenue. On May 14, 1926, Opa Locka was chartered as a town by twenty-eight registered voters. The 2010 population was approximately 16,800 and median income of about $20,000. This neighborhood consists mostly of areas of the city of Opa Locka, the western section of the City of North Miami, and sections of unincorporated Miami-Dade County. This neighborhood is located approximately 10 miles north of downtown Miami, the county seat of Miami-Dade County, and approximately 20 miles south of Fort Lauderdale. The Miami International Airport is about nine miles south of the subject. Fort Lauderdale International is about 15 miles northeast. Opa Locka commercial airport is within one mile north of the subject. 30 ECONOMIC AFI1RAISERS INC. Access The Golden Glades interchange, which is approximately five miles northeast of the subject, provides the primary access from the north of the State of Florida to the neighborhood. This is the largest interchange in South Florida, incorporating the Florida Turnpike and Interstate 95. Both of these highways run throughout the Miami-Dade, Broward and Palm Beach County area of South Florida, continuing north to other areas of this state. Palmetto Expressway, NW 135"', NW 125"', and NW 119th Streets provide east-west access to the neighborhood. Northwest 119th, NW 125th and 135"' Streets have interchange with I-95. Northwest 7th Avenue, NW 27th Avenue, NW 37th Avenue, NW 42"d Avenue, and NW 57th Avenue provide north-south access. Neighborhood Development A review of aerial photographs taken from the 2010 edition of First American Real Estate Solutions plat book indicates that the neighborhood area is well over 95% built out. Approximately 80% of the area is developed with residential dwellings, and 20% with commercial structures. Transportation Miami-Dade County transit buses provide public transportation to the area. Metro rail train service is available from downtown Miami, which is about two miles southeast of this neighborhood. The service is to the south of the county, and to the northwest where connecting service to Tri-Rail is available at Hialeah. This Tri-Rail service is a commuter rail service serving the tri-county region. This service links the tri-county region, from Miami International Airport in the south to North Palm Beach in the north, with station stops at most major cities along the route, which more or less parallels I-95. 31 ECONOMIC ADDRAISU S INC. This service had recent major expansion to improve the service with more frequent schedule. The service is also used by many neighborhood workers who reside in the two northern counties, Broward and Palm Beach. Air transportation to the area is provided by Miami international airport. Neighborhood Economy The main job centers for this neighborhood are the health care facilities district, which is located about 10 miles southeast of the neighborhood, the Miami Fashion district and Miami Art district that are located to the southeast, the downtown Miami area and the Miami International Airport and surrounding areas. The immediate area within the neighborhood also provides employment at produce warehouses, retail and service businesses, auto repair facilities. Conclusion This is an older neighborhood that is almost fully built out and has very little potential for further growth. We have observed neighborhood properties that are well maintained, and others that appear to be less than adequately maintained. With increasing demand for commercial and residential space, and no more land to build new, it is likely that the neighborhood will see re-gentrification in the future. We anticipate that the real estate and business activities in this neighborhood will get stronger than the current level when the economy returns to pre-2006 strength. 32 ECONOMIC ADDRAISERS INC. NEIGHBORHOOD DEMOGRAPHICS SUMMARY 2010 Population Total Population 53,964 Male Population 47.0% Female Population 530% Median Age 30.5 2010 Income Median HH Income $34,168 Per Capita Income $13,651 Average HH Income $44,022 2010 Households Total Households 16,104 Average Household Size 3.25 2010 Housing Owner Occupied Housing Units 51.0% Renter Occupied Housing Units 39.0% Vacant Housing Units 10.0% Population 1990 Population 50,304 2000 Population 51,945 2010 Population 53,964 2015 Population 54,517 1990-2000 Annual Rate 0.32% 2000-2010 Annual Rate 0.37% 2010-2015 Annual Rate 0.2% In the identified market area,the current year population is 53,964.In 2000,the Census count in the market area was 51,945. The rate of change since 2000 was 0.37 percent annually The five-year projection for the population in the market area is 54,517,representing a change of 0.2 percent annually from 2010 to 2015. Currently,the population is 47.0 percent male and 53.0 percent female. Households 1990 Households 14,974 2000 Households 15,505 2010 Households 16,104 2015 Households 16,258 1990-2000 Annual Rate 0.35% 2000-2010 Annual Rate 0.37% 2010-2015 Annual Rate 0.19% The household count in this market area has changed from 15,505 in 2000 to 16,104 in the current year,a change of 0.37 percent annually. The five-year projection of households is 16,258,a change of 0,19 percent annually from the current year total. Average household size is currently 3.25,compared to 3.25 in the year 2000. The number of families in the current year is 12,024 in the market area. Housing Currently,51.0 percent of the 17,894 housing units in the market area are owner occupied; 39.0 percent,renter occupied; and 10.0 percent are vacant. In 2000,there were 16,660 housing units- 55.3 percent owner occupied, 37.8 percent renter occupied and 6.9 percent vacant. The rate of change in housing units since 2000 is 0.7 percent. Median home value in the market area is$101,391,compared to a median home value of$157,913 for the U.S. In five years,median home value is projected to change by 3.06 percent annually to$117,866. From 2000 to the current year,median home value changed by 2.8 percent annually. Source•.V.S.Bureau of the Census,2000 Census of Population and Housing.Ben forecasts for 2010 and 2015.Esc converted 1990 Census data into 2000 geography. 33 ECONOMIC AFpI2AISERS INC. Median Household Income 1990 Medan HH Income $23,100 2000 Median Hit Income $26,550 2010 Median HH Income $34,168 2015 Median HH Income $42,391 1990-2000 Annual Rate 1.4% 2000-2010 Annual Rate 249% 2010-2015 Annual Rate 4.41% Per Capita Income 1990 Per Capita Income $8293 2000 Per Capita Income $10,758 2010 Per Capita Income $13,651 2015 Per Capita Income $15,207 1990-2000 Annual Rate 2.64% 2000-2010 Annual Rate 2.35% 2010-2015 Annual Rate 2.18% Average Household Income 1990 Average Household Income $27,032 2000 Average Household Income $34,674 2010 Average HH Income $44,022 2015 Average HH Income $49,057 1990-2000 Annual Rate 2.52% 2000-2010 Annual Rate 2.36% 2010-2015 Annual Rate 219% Households by Income Current median household income is$34,168 in the market area,compared to$54,442 for all U.S.households.Median household income is projected to be$42,391 in foe years. In 2000,median household income was$26,550,compared to$23,100 in 1990. Current average household income is$44,022 in this market area, compared to$70,173 for at U.S.households.Average household income is projected to be$49,057 in five years.In 2000,average household Income was$34,674,compared to$27,032 in 1990. Current per capita income is$13,651 in the market area,compared to the U.S.per capita income of$26,739. The per capita income is projected to be$15,207 in five years.In 2000,the per capita income was$10,758,compared to$8,293 in 1990. Population by Employment Total Businesses 2,807 Total Employees 27,777 Currently,77,1 percent of the civilian labor force in the identified market area is employed and 22.9 percent are unemployed. In conparison, 89.2 percent of the U.S.civilian labor force is employed,and 10.8 percent are unemployed. In five years the rate of employment in the market area will be 81.5 percent of the civilian labor force,and unemployment wit be 18.5 percent. The percentage of the U.S.civilian labor force that will be employed in five years is 91.2 percent,and 8.8 percent will be unemployed. In 2000,57.1 percent of the population aged 16 years or older in the market area participated in the labor force,and 0.0 percent were in the Armed Forces. In the current year,the oawpational distribution of the employed population is: •47.7 percent in white collar jobs(compared to 61.6 percent of U.S.employment) •28.5 percent in service jobs(compared to 17.3 percent of U.S.employment) •23.8 percent in blue collar jobs(compared to 21.1 percent of U.S.employment) In 2000,70,0 percent of the market area population drove alone to work,and 1.1 percent worked at home.The average travel time to work in 2000 was 31.4 minutes in the market area,compared to the U.S average of 25.5 minutes. Population by Education In 2010,the educational attainment of the population aged 25 years or older in the market area was distributed as follows: •28.1 percent had not earned a high school diploma(14.8 percent in the U.S.) •38.8 percent were high school graduates only(29.6 percent in the U.S.) •7.2 percent had completed an Associate degree(7.7 percent in the U.S.) •7.6 percent had a Bachelor's degree(17.7 percent in the U.S.) •3.7 percent had earned a Masters/Professional/Doctorate Degree(10.4 percent in the U.S.) Source:U.S.Bureau of the Census.2000 Census of Population and Housing.End forecasts for 2010 and 2015.Rai converted 1990 Census data into 2000 geography. 34 ECONOMIC ADDI2AISE12S INC. PROPERTY DATA Taxpayer of Record NGE Key West LLC 2891 SW 69th Court Miami, Florida 33155-2828 Census Tract: The subject is located in the 2010 Census Tract No. 0005.02 Miami-Dade County Property Control Number(s): 08-2121-004-1290, 08-2121-004-1300, 08-2121-005-0320 Assessed Value and Real Estate Taxes (2011) The 2011 market value for the subject was $408,621, of which $211,688 was allocated to land and $196.933 to improvements. The assessed value was also $408,621. The total gross real estate taxes for 2011 were $8,934, rounded. The Tax Collector's record indicates that the 2011 taxes have not been paid. The values and taxes appear high, based on our opinion of value. The owner of the property should seek to have them reduced by contacting the Miami-Dade County Property Appraiser Office. Sales History The appraisers have not been provided with a title abstract on the property appraised, nor have they conducted a title search of their own. However, based on a County Tax Rolls research, the subject was transferred two times in the past three years. It was first transfer in April 2009 for $100 via Certificate of Tile, Miami-Dade County Circuit Court. The Petitioner was Home Equity Mortgage Corp and the defendant was American Union Petroleum & Energy Corporation. 35 ECONOMIC A IMAISE12S INC. According to available data, the current owner of record is NGE Key West LLC. It was transferred on June 25, 2009 to the current owners for a consideration of $100, via Quit Claim Deed. The Grantor was Home Equity Mortgage Corp and that was the second transfer in 2009. It is our understanding that the subject is listed for sale for $475,000. This equates to $18.00/square foot, rounded. We did not find recent comparable sales in the market place to support this price. This asking price approximates the Miami-Dade County Property Appraiser's assessed total value of$408,621, of which $211,688 was allocated to land and $196.933 to improvements. However, it is our opinion that the subject building improvements do not contribute to value. We are aware of no other current listings, other contracts for sale or options on the subject. Flood Zone Designation The subject parcel is located on the National Flood Insurance Program Map ID 120657-0119L, which was revised as of September 11, 2009. This map indicates that the subject is situated within the flood zone area, Zone "X500". These areas are inundated by 500-year flooding; areas inundated by 100-year flooding with average depths of less than 1 foot or with drainage areas less than 1 square mile; or an area protected by levees from 100-year flooding. Zoning The subject property is zoned B-2: Liberal Business District, City of Opa Locka. The purpose of this district is to provide suitable sites for the development of unified commercial centers which offer a wide range of retail and/or service facilities. 36 ECONOMIC AppI?AISERS INC. The B-2 zoning district permits many retail uses including convenience store and restaurant, professional and administrative office, banks, medical and dental clinics, and other uses. The maximum amount of area which may be covered by all uses on the site requiring impervious ground cover, structures, driveways, or off-street parking, shall not exceed eighty percent (80%) of the total site area. Front and rear yard setbacks shall be 15 feet. The side yard setbacks shall be 15 feet at corner. The maximum building height shall be four (4) stories or fifty-five (55) feet, whichever is less. The minimum site area is 5,000 square feet for existing and 10,000 square feet for re-plat or new plat. No site survey has been provided to assist us determine the subject actual specifications. It appears, however, that one or more of these setbacks are not currently met. Therefore, the subject two-story building appears to be a legal non-conforming use. This is not material since the subject is appraised as vacant land. In addition to the established B-2 zoning, the City is in the process of establishing a Transit Oriented Development (TOD) Overlay for the subject locale, which is within the downtown Opa Locka area. The Purpose and Intent of the TOD is: 3. To encourage a mix of moderate and high density development within walking distance of transit stations to increase transit ridership. 4. To encourage the revitalization of underused commercial and residential areas into pedestrian-oriented developments that provide a complementary mix of uses, including a variety of residential options, within convenient walking distance. 37 ECONOMIC AH L?AISEI2S INC. 5. To encourage efficient land use and redevelopment plans forming a live-work- play environment that offers residents the opportunity to fulfill their daily activities with minimal use of single-occupant automobiles. 6. To encourage contiguous development and maximize land use allowing for increased use of alternative transportation modes such as bus transit, rail transit, ridesharing,bicycling, and walking. 7. To encourage formation of a well-designed, pedestrian-friendly activity center with commercial and residential development that increases choices for safe living environments for the citizens of the great City of Opa-locka. 8. To allow flexibility in development standards in order to encourage the design of innovative development projects that set high standards for landscaping, green space, urban design, and public amenities. 9. To promote a distinct, unified theme that will reinforce the branding process and improve the market attractiveness of the area for investments by the private and public sectors. 10. To provide the appropriate incentives to encourage reinvestment and renewal necessary to realize the potential of City Center consistent with the City of Opa-locka Comprehensive Plan. 11. Reduce auto dependency and roadway congestion by locating multiple destinations and trip purposes within walking distance of one another; 12. Provide a range of housing options for people of different income levels and at different stages of life. The subject B-2 zoning designation is among the eligible zoning to which the overlay applies. 38 ECONOMIC ARpRAISERS INC. The permitted uses in the TOD Overlay area are: 1. Mixed-use developments, provided that the subject property uses a mix of commercial and residential uses simultaneously. 2. Multi-family housing based on the standards on section G of this ordinance 3. All underlying zoning districts by right 4. Accessory buildings and uses customarily incidental to any of the above permitted uses. 5. Community Gardens, Farmer's Markets and other public amenities 6. More than one principal use may be permitted on a lot of record, provided the use is a residential and commercial mixed-use and is utilized with administrative site plan approval. Affordable Housing Benefit Program-- The intent of the Affordable Housing benefit program established in this section is to facilitate the development of high quality Affordable/ Workforce Housing in the City by providing development incentives including, but not limited to, modifications of design standards, density increases, building height allowances, setback relaxations and parking reductions. Density—Developments that provide Affordable Housing shall allow a maximum density of 75 units per gross acre. Developments that provide Affordable Housing for the Elderly within the TOD area shall be allowed a maximum of 150 units per gross acre. The Client stated that 27 dwelling units are being considered on the upper floor and retail on the ground floor of the subject proposed building. The Client has instructed that the subject be valued on the presumption that it will be developed as a mixed-use property with 27 dwelling units and retail. Therefore, our opinion of value is a hypothetical value. 39 ECONOMIC AppRAISERS INC. Comprehensive Land Use Plan Each county, city, and town has been required by the State Legislature to have a Land Use Plan in order to organize and control growth. According to the Opa Locka Land Use Plan, the subject area is designated as commercial. We verified this information with Gerald Lee of the City Planning & Zoning Division. The use and zoning of the subject appears to comply with the existing future land use and thus no conflict between current and future usage is foreseen. Concurrency The strongest growth control measure ever imposed on Broward County was passed by the Florida Legislature and became effective on February 1, 1990. This was mandated by Chapter 163, Florida Statutes, otherwise known as the "Growth Management Law." One provision of this law is referred to as "Concurrency" which dramatically limits the ability to develop real property. It is basically the requirement that adequate infrastructure be available to serve new development. Eight types of infrastructure are affected including; traffic, potable water, sewer, drainage, solid waste, recreation and open space, mass transit, and fire rescue. No concurrency issues that are known to currently affect the subject. The improvements were built in 1926, prior to the enactment of the law. Therefore, we presumed that the subject was grand-fathered into the law. Our opinion of value could be impacted if our presumption were proven to be incorrect. Utilities The subject property is serviced with all the customary public utilities, including; water, sewer, electric, and telephone that proximate to the subject. 40 ECONOMIC ADIRAISERS INC. Site Analysis We were not provided with a site survey or site plan of the subject property. Therefore,we relied upon the Miami-Dade County Tax Rolls and personal inspection of the site for our description. ZONING ANALYSIS FOR 100.103&111 PER VIZ AVENUE September 13.2011 Opa Locke Community Development Corporation ZONING REGULATIONS SITE AREA=Approx.29,600 SF BUILDING HEIGHT=4 Stories/55 ft • SETBACKS:Front=15 ft `°•� • Rear= 15 ft(no rear alley) ''►• '` ` Side= 15 ft(corner) Side= 0 ft(interior) BUILDABLE AR EA=20,823 SF • (after setbacks) ♦ r rjuc 'it •nt> ALLOWED LAND COVERAGE=23,680 SF PROPOSED BUILDING AREA BREAKDOWN • ,1 4, 0 Proposed Building Footprint=9,000 SF Floor -Commercial Use =9,000 SF 4-4 2'110 4`.Floor—Multi-Family Residential =27,000 SF total over 3 floors. 9 units per floor=27 units total 'Units can be a combination of One Two and Three Bedrooms Design Form Zoning Analysis Showing Subject In Red Outline 41 ECONOMIC AVIVRAISELS INC. vs, E31 .1\Italic ..... 41t1 4111. \ X.Lar*2 it 4 ,,,.. . Ae2, 1 ,., ,w • 1111%. °NV • itir kail*ar ei;voitiol- . .._ , ,,,q.,.,.....0. • .....400 • -e, Pi,Pi air aZ■azo - 44N4q 4737 ''''k:.„ 4,4 **4 -,,,,,, .,.._,*-- \Ili) ' a agi alli 1:* Fide. 44,-.p Nt*I-- • VPI*0-1711" .' II c------,--z_-_-: . - — 44 •ex ag. iiii#4 a 's „.....„ , g . ii_____ ,..- "riff' ' 111 ; -5e°1- sTirl;. 1.1* 101\_11.441 I • a a : ON -, \V 0 'C -• -‘ . .,„ P111,1111imuc.,. ; .1 '.., , , ,.. .„ Subject Plat In Red Outline -.. . ,.....74 -.w. .,, . . _.,„. ,. . , ,,. , k -.. • 41',.-1. - .411,. .,,:.,. ..• . * -‘ ..--- 10 , 0. I.',:,• '' '' Y "`""' -Alto I-Iv_ . 4. .. Subject Plat In Red Outline 42 ECONOMIC A1URAISERS INC. Location The subject property is located at 100 and 103 to 111 Perviz Avenue, Opa Locka, Florida 33054, which is on the west side of Sharazad Boulevard, between Perviz and Bagdad Avenues. This location is north of Ali Baba Avenue,west of NW 27th Avenue. Size and Shape The subject site is an irregular shaped commercially zoned land parcel. It contains 29,600 square feet or 0.608 acre per a "Zoning Analysis" provided by the client (26,461 square feet or 0.607 acre per the County Records). We relied on the size indicated in the Zoning Analysis", which is the more current data and was provided by the client. Access The site has access via the north side of Sharazad Boulevard, west side of Perviz and north side of Bagdad Avenues. The access is good for the area. Topography and Drainage The site appears to be above road grade. Drainage at the time of inspection appeared adequate. We observed no stormwater catch basins on site. Easements & Encroachments No survey or other documents provided to assist us in analyzing the site. Utility easements are typical in the area. They do not typically adversely impact value. We observed no encroachments. 43 ECONOMIC AUDRAISERS INC. Soil/Environmental Conditions We have not been provided with a contamination assessment report on the subject property. We are not aware of the subject site contamination. If more details and/or greater accuracy are required the reader should consult an appropriate expert. We presumed that no adverse environmental soil or sub-soil conditions are present on or near the subject site that would tend to adversely affect the value or marketability of the property. Our opinion of value could be impacted, if this should prove to be incorrect. 44 ECONOMIC AIDFRAISELS INC. Description of the Improvements Building Improvements Building Type: Two & One story commercial Year Built: 1926 Basic Construction Shell: Concrete block Foundation: Poured Concrete Roof Cover: Built-up Interior Walls: Painted Ceiling: NA Lighting: NA Floors: NA Windows: NA HVAC: NA Electricity: Assumed to be adequate Plumbing: Assumed to be adequate Fire Protection NA Building Size: 5,853 square feet Condition: Poor Effective Age: 85 years Remaining Economic Life: 0 years Physical Depreciation: 100%, rounded Actual Age: 85 years Functional Obsolescence: None External Obsolescence: None 45 ECONOMIC AVIVAISERS INC. The building is currently boarded up and according to the listing Realtor, the owner stated that it would perhaps cost less to tear down the building and build new rather than rehabilitating it. The improvements are presumed to be in poor condition and are uninhabitable. Gerald Lee of the City of Opa Locka Planning and Zoning stated that the building is classified as "Historic". Therefore, repairs and remodeling of the existing structure must be considered before demolition for new construction. In other words, the existing structure can only be demolished if it is not feasible to repair it. For demolition to be approved, a specific procedure must be followed. Only after the necessary procedure is followed and demolition of the existing structure is permitted by the appropriate governmental bodies will approval for new construction on the site is allowed. Based on the observed exterior condition of the subject structure and discussion with the listing Realtor, we presumed that major repair and/or remodeling of the existing structure is required before the subject could be occupied. However, the client has expressed intentions to preserve all or portion of the existing historic structure. The improvements are being considered for remodeling into retail space, with residential apartments constructed on the upper floors. Because no similar comparable sales with minor contribution from the improvements to the overall value, and major contribution from the land were found, we appraised the subject property for the land value and add the estimated contributory value of the improvements to the land value. 46 ECONOMIC ApDRAISERS INC. HIGHEST AND BEST USE The Dictionary of Real Estate Appraisal, Fifth Edition 2010, by the Appraisal Institute, defines Highest and Best Use as follows: "The reasonably probable and legal use of vacant land or an improved property, which is physically possible, appropriately supported, financially feasible, and that results in the highest value. The four criteria the highest and best use must meet are legal permissibility, physical possibility, financial feasibility, and maximum productivity. Alternatively, the probable use of land or improved property — specific with respect to the user and timing of the use — that is adequately supported and results in the highest present value." In estimating the Highest and Best Use there are essentially four stages of analysis. 1. Permissible Use (Legal) -what uses of the site in question are legally permissible. 2. Possible Use -what uses of the site in question are physically possible. 3. Feasible Use -which possible and permissible use will produce a positive return to the owner of the site. 4. Maximum Productivity -among the feasible uses, which use will produce the highest net return. The analysis of highest and best use normally applies these considerations in a three step process, involving the analysis of the highest and best use of the site as if vacant, determination of the ideal improvement, and a comparison of the existing improvement with the ideal improvement in order to estimate the highest and best use as improved. The highest and best use of the subject property was analyzed both "as if vacant" as well as in its present use, "as developed". 47 ECONOMIC AppRAISERS INC. Legally Permissible Use: The subject property is zoned B-2 for Liberal Business District. This zoning district permits many retail uses including convenience store and restaurant, professional and administrative office,banks, medical and dental clinics, and other uses. Front and rear yard setbacks shall be 15 feet. The side yard setbacks shall be 15 feet at corner. The maximum building height shall be four (4) stories or fifty-five (55) feet, whichever is less. The minimum site area is 5,000 square feet for existing and 10,000 square feet for re-plat or new plat. Physically Possible Use: The subject site contains 29,600 square feet of commercially zoned land. The City comprehensive future land use plan classified it as commercial land use. It has adequate frontage, depth and size to support the current improvements as allowed under zoning. There is adequate access to utilities. Subsoil conditions are assumed to be adequate. The surrounding uses consist of both residential and commercial properties. The subject is appraised as vacant land and is physically suitable for mixed-use or commercial development. Highest And Best Use As If Vacant: It is our opinion that if the site was vacant, the highest and best use is to develop it with mixed-use commercial and residential development when demand exists and it is feasible to do so, as allowed by zoning and the TOD Overlay. 48 ECONOMIC AVIPLAIsrms INC. EXPOSURE TIME/MARKETING TIME Exposure time is the estimated length of time the property interest being appraised would have been offered on the market prior to the hypothetical consummation of a sale at market value on the effective date of the appraisal: a hypothetical estimate based upon an analysis of past events assuming a competitive and open market. Exposure time exists before the effective date of the appraisal. Source: Appraisal Standards Board ASB Advisory Bulletin Volume III,Number 4,November,1995. Marketing time is defined in Advisory Opinion G-7 as "an estimate of the amount of time it might take to sell a property interest in real estate at the estimated market value level during the period immediately after the effective date of an appraisal". The advisory opinion also states "the request to estimate a reasonable marketing time exceeds the normal information required for the conduct of the appraisal process, and should be treated separately from that process." The real estate market was in a steady expansion for several years and current exposure times were short. However, since 2008 the market has declined and exposure times are longer than several years ago. Average marketing time of nine months is typical for the subject property type. Further, the Korpacz Real Estate Investor Survey, an authoritative source, indicated that marketing time runs from two to 18 months, with an average of 7.00 months for most property type in Southeast Florida as of the fourth quarter of 2011. This supports our conclusion. Therefore, the marketing time for the subject, which is in an active market area, is estimated to be 12 months. 49 ECONOMIC AppI2AISERS INC. THE VALUATION PROCESS Generally, the appraiser uses three approaches to value in estimating the market value of a particular property. These approaches are the cost approach, the income capitalization approach, and the sales comparison approach. The cost approach is based upon the principle of substitution that states that a prudent purchaser will pay no more for a property than the cost of constructing an equally desirable substitution. This approach is most applicable for new properties that represent the highest and best use and for special purpose properties when no comparisons are available. The income capitalization approach is based upon capitalization of the net income attributable to the real estate into an estimate of the present worth of the anticipated future benefits. This approach views the property through the eyes of the typical rational investor and is most applicable for investment type properties. The sales comparison approach requires that the appraisers locate recent sales of similar properties and through an adjustment process arrive at an indication of what these properties would have sold for if they possessed all of the salient characteristics of the subject property. These adjusted sales prices are then correlated into an estimate of the market value of the property. The final step in the appraisal process is the reconciliation or correlation of the value indications. 50 ECONOMIC AI IDIAISERS INC. In the reconciliation or correlation, the appraisers consider the relative applicability of each of the three approaches used; examine the range between the value indications, and place major emphasis on the approach that appears to produce the most reliable solution to the specific appraisal assignment. The subject property is appraised as vacant land. When comparable land sales are available for analysis the sales comparison approach is generally the only appropriate approach. We have applied that approach in this analysis. 51 ECONOMIC M 1)RAISFJ2S INC. SALES COMPARISON APPROACH In this approach we searched for properties which were comparable to the subject, then selected and analyzed those most similar to it, to arrive at a value indication. We searched for vacant site sales in the County. The sales used in the analysis were the best comparables which we were able to find. After reviewing many sales, we analyzed the sales that are most comparable to the subject. We compared the selected sales with the subject, considering differences, and possible adjustments. Specific percentage adjustments were not supportable. We made the comparisons on a qualitative basis. We then reconciled the comparables' value indications to reach a value indication for the subject. Descriptions of the comparable sales, a table and summary discussion follow. 52 ECONOMIC ArlDRAISERS INC. SALES ADJUSTMENT TABLE Sale Number Subject Sale Sale2 Sale Sale Sales Sale Sale? Sale Listing 100,103 1,111 Pervh 7880-1890 fJE Lecabon Ave 757Ni Saba ke 5701 NW27Oee 90NW54Si 435 SIN 12too 654NW121St 3287 NA'183SI 1050NW79SI BalshereCA 13510NW27Ave CIA.Count;' OpaLodn Noe Locke Miami Miami Miami North Miami MianoGrins Miami Miami OpaLocke 0R Book&Page 27564-1996 27709-4553 27912-2216 27359-4974 27738-3211 27350.2841 27948-2809 27948-2809 NA DatolSale 1)19111 51331111 1111841 721110 6121111 7119310 1211111 1228110 211112 Conditions of Sale Mm's length Anne MO arm's length amts length Ann's length Arm's lend Arms length A.rm'5length Arm's length Sale Pete $415,000 895000 5191500 5130.000 5400,000 5265.000 5380,000 81.500.000 5150,000 5797.850 Adj on Profile Sheet 510,000 10 S0 50 50 50 50 50 S0 Adjusted Sale Price 9105000 5191,500 5130,000 $40000 9265,000 5380,000 51,500,000 5150.000 $791,850 Zoning B-2 13-2 BU-2 0-1 SD-14 B4 B11-1A B0-2 4.3 51-1 Future Land Use Commercial Commercial Commercial Commercial Commercial Commercial Commercial Commercial Resi0enSal Commercial Gross Land Sim(Sq.Ft.j 29,600 12375 16,565 70.000 11,790 20.250 27,831 123710 12,839 26.595 Gross Lana Sim(Ac) 0.680 0.284 9383 0.230 0.271 0.465 0.639 2940 0295 0.611 Number of Alloivable Unit 27,00 NA NA NA NA 144 114 NA 14A NA Price persquarefoot $8.48 511.49 513.00 933.93 513.09 913.65 51213 511.58 530.00 Price per aae 5369.600 5500.524 5566280 51,477,863 5570,044 5594,751 5528.171 5509,918 51.306,800 Market Conditions(Dollar Adj) 50 50 50 i551 111i 50 558.267i 50 90 10 Adjusted Price 5105000 9191500 5130,000 5338,899 8255.000 5321,733 51,500,000 5150,000 5797,850 An$PriceiSprerefoot $848 $1109 $13.0 $28.74 $1389 $1156 $12.13 $11.68 $30.0 Adjusted PriceclamedUAt NA NA NA NA NA NA NA NA NA AOjusbedPriceNetAcre 936960 $50524 9566280 $1252878 $570,044 $503,566 $528,171 $500918 $1,306,800 bo,,d,;Perceclodr i.f 00% 301% 1.00% 3033% 1100'4 1000'% 45:00% 000% 23.313% Location Adjustment(Dollar.Adj) 50 50 50 4101,667 -526,500 -532,173 4225,00 90 4159,570 .Adjusted Price 6105.00 519150 5130.000 5237,222 5238.500 9289,560 51275,00 $150,000 9638,280 A4Price`Sniere faot $8A8 $11.49 $13,0 $20.12 $11.78 $1009 $1031 $11.68 $24.00 Attested PriceiPlamed UM NA NA NA NA NA NA NA NA NA AAlrstedPrce0elAcre 9369500 950,524 $566,280 9076,455 $513,940 9453,20 5448,945 5508.918 91,045,440 S0e Adjustment(Percent AM. 0.00% 0.00% -10.00% 0.00% 0.00% 0.00% 15.00% 0.00% 000% Ste AajusNnent(DdlarAdl) 50 90 413,000 50 50 50 3225,900 $0 50 Adjusted Price 9105,00 5191,500 911780 9237.222 523850 5289,550 5150,00 9153,00 5638280 AMPdcelSquare foot $808 $11.49 $11.70 12012 $11.78 $10.40 $12.13 $11.68 $24,00 Adjusted PriceOancedue4t NA NA NA tiA NA NA NA NA NA Adjusted PficeRiet Acre 9369.60 5500,524 $509,652 $876,055 $513,040 1453,208 $528,171 $508,918 $1045040 Sre C.,nclifir 40,ustrenl%A& 20.304;. 000% 0U0% 323010 090:% 000% 0.00% 0 00%e Site Condbon Adjustment @ oller.Adj' 526,250 $0 50 -9101,667 50 10 50 50 60 Adjusted Price 9131.250 5191.50 5117,00 5135,556 9238,50 5289,560 91,500.000 5150000 9638280 FmelodjPrice5quare Foot $10.61 $1549 $11.70 $11.$0 $1178 $10.49 51213 $11.68 $24,0 Final Adj PdcelWante4N I NA NA NA NA NA NA NA NA NA fAe&Ad)Price4letAcre $462000 5500,524 5509,652 5400531 5519,000 $443,208 $521,171 5500,918 51045,440 53 .44•10111111111111111111111v T ECONOMIC AIDMAISERS INC. ..., �1 iii! � r .r + ���� yoce qs R�ere ,iii,.. k �� - "� ea "te � ifT 1 ; 1 41 k 1 , ml ulMIL !4 l': t -41-'''' r' ' n; t 1�_ 1 r y 1 .r r. �� I= a So land a MIAMI GARDENS DR ® Miami Gardens 3 2hMeeach ountClb I z .4 _ Stott Lake 'I carol CAy •• z • 4'1/ NW 1?nTH;T ��,y SS z m /( BF z W 16 - j t2 r +_ $ t .�..�..��. ✓ SR 826 B2'U ,62E m z pe-lck odh Bunche Park ) . err�1 i?B n 026 •Miami Lakes NW 1541.''SY , 1 r p _- • ( -....f='«5S^' F C1 rn �j1 w �� NW LIST S'T .�, •Golden Glades 111 .,. CU T9T ♦uua Locke 108 } tia ��_' r Via} 1U o if ' 1 1 Y 91fi a—IR • WA ~92a I:- 9 to' 1 c`;Y'n 9 s ° F-1 '�. U1L g1oB NE 131ST ST N z ie {lltl e H d w NW 13TH( IRA •tJonh Miami • t 9 `W 68TH ST Am i t 0 IDA rips, P2 m p.n el, z _ °' p We t✓iew 4 Biscayne Part/ It A -m - " I • li • ' IT�( ,, II�'' =4y,- F , fit- ml•—'{ : .t I NE 111TH 51. t fil IIIMg(G'I{ 1 l 1 ,.__.:•-•:7-7, 1�.. ,'7 i 1 NE 10TH sr 11 e8 � _����•PemSPrm�3lrsllly a L-Lf' � 91vt 33 I 1 7- - ,t I 1 tnkc •Pinewor u - �iALM;RINGS GS MILE ® - NW 102ND ST , 16 L. ''A Miami Shllle5 I F NW 95TH ST • I ^J11 I ,,I I Hialeah `8A 1� a �,� * •West Little Fiver '1I •EI Portal G rD 0yr_FS # ,� I z ,..mot (9j , 2 Ea' {7 ' V r• Medley• _ S S' I 3 _ ;1, )'11ALEAH EXPY ,,-.� ¢21tr e.OA ` aevlew Z 11 ,E� in �;tgete' I eB y NE 71ST ST ` : if 4A j :,....25....'Su MiI w I H rI Lil t . NW ROTH ST r_ 1.t.7 ''*110'l_ 'c { NE 54TH T it _ t 1 `` n MIamI SNnngs 5 h m • -t-• g a 11 y •Brown•vllle —1i IAD :i I t1<0 V Itl 11'B _:i z ! vlrglnla•Gardens i I� ® ati =a a__0 a m_ms;,. 1—� ,• l l L r-ri1 1 c-g '<-`z4. ,1 r 1-4F-1 te�iu�8 1_ rn 1, Meniwl # Ii 1n-_ t, IIL 1 1.. I ) j V Pte I '! I _i..1, .� �. 1A ' NE 15TH N r 9 _�j N VENETIAN 1 ra NW1 TH St �. W2 � a' 311,3A \`._- �.,. 2 . '�. NW 7TH 5T `..1 .,� ^ 1 A I W"µ0 1 % '+A a v ,A �Al-P m SOV FLAG EP >B '� S i.{ .PN`th v Et) * rn 9x63.0 eEe n I o z n "=:' rn Miami O ill lnrect Miami y }4t m I 4i • ^ ✓ �iB v G / rn v rn y M a �I 7..; 1 P 1 •Wes•cheoter < 0. `,a.y/..." ® Coial Gables. • A y,(aa •Coral lerrac'e o?H::�µIF1 • f71 % s LL. Sales Comparables Map 54 ECONOMIC ADUI2AISERS INC. Discussion of Adjustment Considerations In this analysis, we considered differences between the sales and the subject in terms of property rights sold, financing, conditions of sale, market conditions (trend or time adjustment), location, size, quality and condition of the improvements and land to building ratio. Because the sales vary in size, we based the comparisons on a standardized unit of measure, the price per square foot of building area. The per square foot of building area unit of measure is typically used by investors in this type of analysis. All of the sales were fee simple since they were either purchased by an owner-user or were leased at market rent. No adjustments were warranted and none were made to these sales. Conditions of Sale All sales were reportedly market - oriented. Because of this, no adjustments were necessary. Financing We considered adjustments for any indication of favorable financing. All sales were either on a cash basis, or had market oriented financing, and, therefore, no adjustments were necessary. Market Conditions The South Florida real estate market has indicated some downward movement in the prices paid in 2010 for the subject property type. We have adjusted Sales 4 and 6 by 10%/year, which is the estimated decline that has occurred since the time of their purchase. 55 ECONOMIC AppRAISERS INC. Location/Exposure The location consideration involves traffic volume, access to main highways, and surrounding neighborhood. Sale 4, Sale 5, Sale 6 and Sale 7, and Current Listing 9 have superior exposure and/or locations compared to the subject. Appropriate downward adjustments were made for these differences. Size We adjusted Sale 3 downward for its significantly smaller size and Sale 7 upward for the larger sizes. No adjustments were warranted for the other comparables. Conclusion We developed the following qualitative comparison table listing the sales as they compare to the subject property. Not all categories considered are depicted. Those omitted reflect no differences between the sale and the subject property. The table is on the next page. Analysis And Correlation We consider the sales price per square foot of vacant land area. The comparable sales in the table above reflects an unadjusted price range from $8.48/square foot to $33.93/square foot, rounded, for the sales. The adjusted price range is from $10.40/square foot to $12.13/square foot for the sales. Sale 1 is closest to the subject, being located a few blocks of the subject. It also had the same zoning as the subject, B-2. However, it was not sold pending the zoning overlay implementation, which the subject sale will benefit from. The adjusted price for this sale is $10.61/square foot. We placed very little weight on this sale. 56 ECONOMIC APPRAISERS INC. Sale 6 is at the low end of the adjusted price range. It is a July 2010 sale and is one of the two older transactions. Sale 7 is at the high end of the adjusted price range at $12.13/square foot. It is significantly larger than the subject and we placed very little weight on this sale. The other six sales indicate an adjusted price range of $10.61/square foot to $11.78/square foot. The mean of the eight sales is $11.41/square foot and the median is $11.59/square foot. We considered the Current Listing, which is located at a major corner in the subject, in our final analysis, conclusion and opinion of value. Based on the preceding data and analysis, we have formed the opinion that the market value of the subject property is $11.50/square foot of land area, but before addition for the old building, as of February 1, 2012. Based on this, 29,600 Square Feet @ $11.50/square foot is: = $340,400, rounded to: Subject Property Value Before Improvements Contribution: $340,000 Add For Improvements Contribution - Old Building: $ 10,000 Subject Property Market Value"As If Subject To The TOD Overlay": $350,000 57 ECONOMIC ADDRAISERS INC. ADDENDUM 58 ECONOMIC AVIDLAISEVS INC. QUALIFICATIONS FOR HARVEL W.GRAY,FRICS,MAI,CCE,LEED AP EXPERIENCE Harvel Gray has been actively engaged in property valuation since 1983 on a part-time Machinery and Equipment (Personal Property) Appraiser and since 1993 has been full-time Real Estate, and Machinery and Equipment Appraiser, and part-time Business Appraiser. Prior to full-time valuation practice Harvel was a consulting engineer. His valuation experience for real estate include:office building,green office building,office warehouse,mixed use commercial, warehouse, strip shopping center, shopping mall, yacht building/repair facility, mini-storage warehouse, retail property, golf course, hotel/motel, cold storage facility, produce packing plant, restaurant, automotive dealership, automotive repair facility, apartment building, gas service station, veterinary hospital, vacant land including environmentally sensitive land, wetlands, agricultural acreages and subdivision analysis; condemnation,feasibility study,market study,agricultural farms,and residential property. Machinery and equipment experience include: cement processing equipment, sugar manufacturing plant, food processing plant, bauxite mining equipment, water treatment facility,wastewater treatment facility, construction equipment, gas service station, automotive repairs and servicing, medical office, retail trades, steel fabrication shop, machine shop, metal plating, night clubs, restaurant, produce packing plant,broadcast services equipment, water well,and brick manufacturing. He has performed real estate appraisals for buy-sell agreements, estate and gift tax purpose, loan transactions, proposed commercial development, insurance placements, and city zoning compliance purposes. Machinery and equipment appraisals have been performed for buy-sell agreements,eminent domain,loan transactions,insurance claims,insurance placements,property tax appeal,liquidation,and estate and gift tax purposes. Special Magistrate: Harvel Gray served as special master for property tax appeal in Miami-Dade County, Broward County and Palm Beach County. He has presided over cases in both real estate and machinery and equipment tax appeals cases every year since 1996. License: Florida State-Certified General Real Estate Appraiser,License#RZ2166 Professional Designations • M.A.L Designated a Member of the Appraisal Institute,Real Estate, by the Appraisal Institute • F.R.I.C.S Designated a Fellow of the Royal Institute of Chartered Surveyors,by the RICS Americas • A.S.A. Designated an Accredited Senior Appraiser,Real Estate,by the American Society of Appraisers • A.S.A Designated an Accredited Senior Appraiser, Machinery & Equipment by the American Society of Appraisers • LEED AP Accredited Professional-United States Green Building Council(USGBC) • C.C.E. Designated a Certified Cost Engineer by The American Association of Cost Engineers 59 ECONOMIC AppRAISERS INC. Education Diploma of Membership of Imperial College,Engineering,Imperial College,London,England Master of Science Degree,Mechanical Engineering—University of London Bachelor of Science,Industrial-Mechanical Engineering,Kingston Polytechnic University,London,England Graduate Diploma in Management Studies—University of the West Indies,Kingston,Jamaica Appraisal and Related Education • Residential Real Estate Appraising 1,Gold Coast School of Real Estate • Residential Real Estate Appraising 2, Gold Coast School of Real Estate • Residential Income Property Appraising Gold Coast School of Real Estate • Income(Commercial)Property Appraising, Gold Coast School of Real Estate • Uniform Standard of Professional Appraisal Practice, Gold Coast School of Real Estate • Uniform Standard of Professional Appraisal Practice,A and B,The Appraisal Institute • Advanced Income Capitalization-510,The Appraisal Institute • Market Analysis and Highest and Best Use-520,The Appraisal Institute • Sales Comparison(Market)and Cost Approaches-530,The Appraisal Institute • Report Writing and Valuation Analysis-540,The Appraisal Institute • Advanced Applications—550,The Appraisal Institute • Condemnation Appraising:Basic Principles&Applications, -710,The Appraisal Institute • Condemnation Appraising:Advanced Topics&Applications, -720,The Appraisal Institute • Separating Real&Personal Property from Intangible Business Assets, -800,The Appraisal Institute • Report Writing Seminar, The Appraisal Institute • Effective Appraisal Writing Seminar,The Appraisal Institute • Lease Abstracting and Analysis,The Appraisal Institute • Introduction to Appraising&Analysis of Proposed Subdivisions&Condominiums,The Appraisal Institute • Machinery and Equipment Appraising Level 4(Audit),American Society of Appraisers • Inventory Appraising American Society of Appraisers • Advanced Cost Approach: Machinery&Equipment,American Society of Appraisers • Introduction to Computer Valuation,American Society of Appraisers • Business Valuation Level 1 American Society of Appraisers • Business Valuation Level 2(Audit)American Society of Appraisers • Appraisers as Expert Witnesses Seminar,American Society of Appraisers • Mastering Appraisal Skills for Valuing Closely-Held Business,8000 Institute of Business Appraisers • The Valuation of Heath Care Entities, 1011 Institute of Business Appraisers • Fundamentals&Direct Market Data Methods, 1012 Institute of Business Appraisers • Report Writing and Analysis, 1010 Institute of Business Appraisers • Litigation Support, 1019 Institute of Business Appraisers 60 ECONOMIC App RAISERS INC. • Valuing Intangibles, 1035 Institute of Business Appraisers • Advanced Financial Statement Analysis, 1039 Institute of Business Appraisers • Forecasting Net Cash Flow, 1040 Institute of Business Appraisers • Critiquing Business Valuation Report, 1044 Institute of Business Appraisers • Advanced Application Of The Market Approach, 1045 Institute of Business Appraisers • Investment and Security Analysis, Fort Lauderdale Adult Institute • Regression Analysis for Appraisers, McKissock Data Systems • Environmental Auditing,Lincoln Graduate Center • Fundamentals Skills of Cost Engineering Iowa State University—Continuing Education • Construction Cost Estimating 1,Florida International University • Construction Cost Estimating 2,Florida International University • Construction Unit Cost Estimating RS Means Construction • Construction Cost Segregation Analysis, RS Means Construction • Construction Cost Works,RS Means Construction • Construction Estimating Xactimate Construction Data • Energy Conservation Course,College of Arts Science&Technology • An Introduction to Valuing Green Buildings Seminar, The Appraisal Institute • LEED for New Construction&Major Renovations Technical Review Workshop,USGBC • Elements of Green Leases Webinar,BOMA • Energy Star&The Appraisal Process Seminar,Energy Star&The Appraisal Institute 11/2008, 3 hours • The Canary in the Coal Mine Seminar,Energy Star&The Appraisal Institute 10/2006, 3 hours • LEED 101:Green Building Basics Online Seminar,USGBC 09/2008, 1 hour • Introduction to LEED for Homes, Online Seminar,USGBC 10/2008, 2.5 hours • Mediation/Mediator Training—20 Hours,National Association of Realtors Professional Organizations • Appraisal Institute • American Society of Appraisers(Past Chapter President,151 Vice President, 2'Vice President,Secretary,Treasurer—South Florida Atlantic Chapter) • Institute of Business Appraisers,Inc. • The American Association of Cost Engineers • United States Green Building Council(USGBC),South Florida Chapter • The Institution of Mechanical Engineers—UK Community Organizations • Kiwanis Club of Lauderdale lakes/West Sunrise Conferences • American Association of Cost Engineers:1997 • Institute of Business Appraisers:2002 Business Valuation Conference • American Society of Appraisers:2004 and 2005 61 Sponsored by: Commissioner Johnson RESOLUTION NO. 0 8-7 3 9 7 A RESOLUTION OF THE CITY COMMISSION OF THE CITY OF OPA-LOCKA, FLORIDA, DIRECTING THE CITY MANAGER TO EXPLORE THE FEASIBILITY OF THE CITY ACQUIRING THE OPA-HOTEL, LOCATED AT 111 PERVIS AVENUE, OPA-LOCKA, FLORIDA, AS A POSSIBLE SITE FOR A FUTURE CITY HALL WHEREAS, the Opa-Hotel site, located at 111 Pervis Avenue, Opa-locka, Florida, is facing foreclosure; and WHEREAS, Commissioner Johnson is interested in exploring the possibility of the City of Opa-locka ("City") acquiring the property as a possible site for development of a future City Hall; and WHEREAS,the City Commission of the City of Opa-locka("City Commission") desires to direct the City Manager to explore the possibility of the City acquiring the property as a possible site for development of a future City Hall. NOW,THEREFORE, BE IT DULY RESOLVED BY THE CITY COMMISSION OF THE CITY OF OPA-LOCKA,FLORIDA: Section 1. The recitals to the preamble are hereby incorporated by reference. Section 2. The City Commission of the City of Opa-locka hereby directs the City Manager to explore the possibility of the City acquiring the Opa-Hotel site, located at 111 Pervis Avenue, Opa-locka, Florida, (Folio No. 0821210050320) legally described as 21 52 41 OPA LOCKA NO 2 PB 28-72 LOT 13 BLK 86 LOT SIZE 5702 SQUARE FEET OR 13796-3113 0788 1 COC 25820-4209 07 2007 2, as a possible site for development of a future City Hall. Section 3. The City Commission further directs the City Manager to explore the possibility of acquiring the Opa-Hotel site by eminent domain. Resolution No.08-7397 Section 4. The City Manager is further is authorized to take all necessary and expedient action to effectuate the intent of this resolution. Section 5. This resolution shall take effect immediately upon adoption. PASSED AND ADOPTED this 10th day of December, 2008. //' / _ MY ' �' YLOR VI' -MAYOR Attest: Approved as to form and legal sufficiency: Ce'eborah Slrbr Bu ade - Norris- eks City Clerk Cit orney Moved by: JOHNSON Seconded by: HOLMES Commission Vote: 4-0 Commissioner Tydus: YES Commissioner Holmes: YES Commissioner Johnson: YES Vice-Mayor Taylor: YES Mayor Kelley: NOT PRESENT [Main File No,08-13-364,ies LAND APPRAISAL REPORT File No. 08-13-364.jes Borrower City Of Opa Locka Census Tract 0005.04 Map Reference 52-41-21 Property Address 100-103-111 Perviz Avenue E.- City Opa Locka County Miami-Dade State Florida Zip Code 33054 • Legal Description PB 34-76 OPA LOCKA 2ND REV PLAT NO 2 TR D LESS BEG AT MOST NLY COR RUN SW ALG NW BDRY LINE 102.32FT • Sale Price$N/A Date of Sale N/A Loan Term N/A yrs. Property Rights Appraised Z Fee ❑ Leasehold ❑De Minimis PUD • Actual Real Estate Taxes$ 220.15 (yr) Loan charges to be paid by seller$ N/A Other sales concessions None • Lender/Client City Of Opa Locka Address 777 SHARAZAD BLVD OPA LOCKA FL 33054 Occupant Vacant Land Appraiser E.Jorge Santin Instructions to AppraiserEstimate Market Value of subject's site as combined. Subject site was reviously listed at$850,000.2013 Coun Assessed Value: See Addenda "Legal Descriptions:See Addenda Location X Urban ❑ Suburban 0 Rural Good Avg. Fair Poor Built Up X Over 75% ❑ 25%to 75% ❑ Under 25% Employment Stability ❑ ® ❑ ❑ Growth Rate [_'•••'•.. Fully Dev. j Rapid M Steady ❑Slow Convenience to Employment ❑ ® ❑ ❑ Property Values ❑ Increasing M Stable ❑Declining Convenience to Shopping ❑ M ❑ ❑ Demand/Supply ❑ Shortage ® In Balance ❑ Oversupply Convenience to Schools ® ❑ ❑ ❑ Marketing Time ❑ Under 3 Mos. ®4-6 Mos. ❑ Over 6 Mos. Adequacy of Public Transportation ® ❑ ❑ ❑ O Present Land Use 80%1 Family 5%2-4 Family 5%Apts. _%Condo 10%Commercial Recreational Facilities ❑ E1 ❑ ❑ %Industrial %Vacant _% Adequacy of Utilities ❑ ® ❑ ❑ o Change in Present Land Use Z Not Likely ❑ Likely(*) ❑Taking Place(*) Property Compatibility CI ® ❑ ❑ . (*)From N/A To Protection from Detrimental Conditions ❑ ® ❑ ❑ C Predominant Occupancy ® Owner ❑ Tenant %Vacant Police and Fire Protection ❑ ® ❑ ❑ Single Family Price Range $ 27,500 to$ 120,000 Predominant Value$ 55,000 General Appearance of Properties ❑ ® ❑ ❑ Single Family Age 42 yrs.to 87 yrs. Predominant Age 55 yrs. Appeal to Market ❑ Z ❑ ❑ Comments including those factors,favorable or unfavorable,affecting marketability(e.g.public parks,schools,view,noise):The subject property is located in Opa-Locka, a northwestern Miami-Dade municipality primarily composed of residential land uses,including mostly modest-sized single-family homes built during the 1940's and 50's. Some 2-4 family and multifamily uses may also be found, and commercial uses are mostly along the main routes,including 27th Ave.A general aviation airport is just to the west.Opa-Locka has its own police force, city hall and public works. Dimensions Irregular = 26,461 Sq.Ft.or Acres X Corner Lot Zoning classification B-2(Commercial Liberal business District) Present Improvements ❑do ❑ do not conform to zoning regulations Highest and best use ❑ Present use Z Other(specify)See attached addenda. Public Other(Describe) OFF SITE IMPROVEMENTS 'Topo At Street Level Elec. lX1 Street Access X Public ❑Private Size Average Gas ® Surface Asphalt Shape Rectangular Water Z Maintenance ® Public ❑Private View Typical San.Sewer ® ❑ Storm Sewer ❑ Curb/Gutter Drainage Adequate El Underground Elect.&TeI.L FA Sidewalk M Street Lights the property located in a HUD Identified Special Flood Hazard Area? ®No❑Yea Comments(favorable or unfavorable including any apparent adverse easements,encroachments,or other adverse conditions): Flood Zone: '9C";;MapNo.12025C-0090J (3-2-94); The site appears to be a buildable site as it conforms to 8-2 zoning, which requires a minimum lot size of 5000 square feet. Subject site has a 5,853 square feet depreciated building on 111 Perviz Avenue with no contributory value.The site mostly fronts Sharazad Boulevard an east and west thoroughfare in the city of Opa Locka A survey was not provided,so lot size and flood zone are subject to a survey. The undersigned has recited three recent sales of properties most similar and proximate to subject and has 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 the subject property, a minus (-) adjustment is made thus reducing the indicated value of 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 PROPERTY _ COMPARABLE NO.1 COMPARABLE NO.2 COMPARABLE NO.3 Address 100-103-111 Perviz Avenue 12900 NW 31 Avenue XXX All Baba Streett22 Ave 3699 NW 194th St 0•a Locka "Opa Locke Opa Locke,Florida Miami Gardens FL 33056 Proximity to Subject .< 0 89 miles S 0.15 miles W 3.23 miles N Sales Price $ WA , g 85 000 175 000 75,000 ✓ Price $ N/A ';',:44a''. ,..7: -.0.. t v $ 555 $ 4.11 $ 3.44 • Data Source lnspection,MDPA MLS,Deed, RealQuest MLS,Deed, RealQuest MLS,Deed,RealQuest -7 Date of Sale and DESCRIPTION DESCRIPTION +(-)$Adjust DESCRIPTION +(-)$Adjust DESCRIPTION ,+(-)$Adjust. Time Adjustment N/A 03/18/13-C/sd. 07/24/13-Clsd. 08/03/12-Clsd. Location Suburban .Suburban Urban Urban ✓ Si• iew 26461 SF 15'300 SF No Adj. 42,531 SF No Adj. 23,364 SF No Adj. View Average Mod Traffic Traffic Moderate Traffic Im i rovements 5,853 SF Dep Bldg 316 SF Dep Bldg None None ____, Zoning B-2 B-2 B-2 B-2 Folio# 0821210041290;130 08-21-28-004-0471 08-21-22-025-0270 34-21-04-001-0173 Sales or Financing 08-2121-005-0320 Cash or Cash Cash or Cash Cash or Cash Concessions Equilavent Equilavent Equilavent Net Adj.(Total) [ 1+ 1-1 — i$11 + L '$ + — ;$ Indicated Value w - of Subject �. Net % ' $ 85,000 ., , .•Nat__ WM $ 175,000, A : • u.'=_$ 75,000 Comments on Market Data: See attached addenda. Comments and Conditions of Appraisal: See attached addenda. g Final Reconciliation: See attached addenda. a "ESTIMATE THE MARKETS DEFINED,OF SUBJECT PROP OF Se.tember 13 20 13 to be$ 145,000 : (.• G, fl dry E. Jorge Santin • .W;'l Chavoustie MAI P4 Old ) Did Not Physically Inspect Property Appraiser(s) Rev1EW Appraiser of applicable) [Y2K] Appraisal First(305)470-2100 Form LND—"WinTOTAL"appraisal software by a la mode,inc.—1-800-ALAMODE LAND APPRAISAL REPORT IMain Fie No.08-13-364.ies{ MARKET DATA ANALYSIS File No.08-13-364.jes ITEM I SUBJECT PROPERTY COMPARABLE NO. 4 — COMPARABLE NO. 5 COMPARABLE NO. 6 Address 100-103-111 Perviz Avenue 4420 NW 167TH ST Opa locks Miami Gardens, Florida _ Proximity to Subject 1.92 miles NW Sales Price $ N/A $ 150,000 $ ' t '$ $ '$ Price $ N/A �° , $ 7.56 ..,s„ ''^` f �= �w�.�.,���.°� ,0, u Data Source Inspection,MDPA MLS, Deed,RealQuest os • Date of sale and _DESCRIPTION DESCRIPTION +(-)$Adjust. DESCRIPTION ,+(-)$Adjust. DESCRIPTION +(-1$Adjust. Time Adjustment N/A 12/31/12-Clsd. • Location Suburban Urban ' O SiteNiew 26,461 SF 19,835 SF NoAdj. Y View Average Moderate Traffic 4 Improvements 5,853 SF Dep Bldg None Zoning 8-2 B-1 Folio# 0821210041290;130 3421170020320;33 Sales or Financing 08-2121-005-0320 Cash or Cash Concessions _Eguilavent Net Adi.(Total) 1- $ + $ ,+ Indicated Value °13 ' of Subject Net' $ 150,000 ,.•. tlet..::.. ' ,- $ i $ Comments: Sale#4 front interstate 95. , • w Form LND.(AC)—"WinTOTAL"appraisal software by a la mode,inc.—1-800-ALAMODE (Main File No,08-13-364.ies Supplemental Addendum File No.08-13-364.jes Borrower/Client City Of Opa Locka Property Address 100-103-111 Perviz Avenue City Opa locka County Miami-Dade State Florida Zip Code 33054 Lender City Of Opa Locka •Land: Final Reconciliation The subject was appraised at its highest and best use as if vacant. The appraisal is subject to the attached limiting conditions. This is a restricted use appraisal report intended for the exclusive use by the identified client, and not intended for any other use. The sales comparison approach has been give sole consideration toward the final estimate of value. The above sales suggest a range of approximately$3.44-$7.56 per square foot. The sales range in size from 15,300 to 42,561 in square footage . No difference can be attributed due to size. Sales 1 and 2 are the most recent transactions located in the closest proximity to subject's immediate neighborhood in the city of Opa Locka. Based on these sales the market value for the subject property is concluded at$5.50/sf or$145,000 rounded for all three properties combined. •Land:Market Data The comparables used are four of the most recent and best available sales of vacant commercial lots from the subject's general market area. Comparables sales 1 &2 are the only two sales in to city of Opa Locka.These sales are most comparable in size and zoning. Comparable two contains almost one acre on a heavy traffic street. Sales three and four are located in the neighboring community of Miami Gardens with similar in zoning. Sale 4 fronts Interstate-95 and could be considered superior due to frontage to a major highway. Therefore, less weight was given. •Land:Site Description Shape and Size The subject property is irregular in shape and contains as combined 26,461 square feet according to the Public Records of Miami-Dade County. No survey was provided. The street improvements in the area include sidewalks and pole utilities. The dimensions are estimated as follows: SITE SIZES Address Width Depth Site Size 100 Perviz Avenue 114 102 11361 103 Perviz Avenue 102 89 8,998 • 11 l Perviz Avenue 50 114 5,702 Total 26,461 • Comments On Hest& Best Use: The highest and best use of the subject site, as if vacant, would be to land bank it for future development when construction becomes feasible. ZONING The subject is zoned B-2, Commercial Liberal Business District by the City of Opa Locka. This Commercial Liberal Business District is to provide suitable sites for development of unified commercial centers which offer a wide range of retail and or service facilities. All uses allowed in B-1 are allowed. A summary of uses allowed in B-1 include: retail stores, offices, pet stores, florist, pharmacy, food store, hobby shop, bicycle shop, etc.. Uses in B-2 include: private clubs, health spas, filing stations, restaurants and drive in fast food restaurants, funeral homes, liquor stores, dance halls, medical clinics, drive ins, coin operated laundry services, dry cleaners, hotel, motel, rooming house, boarding house, and offices. The minimum lot size is 5,000 SF for existing uses and 10,000 SF for new plats or replats. For B-2 the height is limited to four stories or 55 feet. Setbacks are 15 feet in the front and side; and 15 feet in the rear. Multi family uses are not allowed. The subject is a legal non conforming use. Form TADD—"WinTOTAL"appraisal software by a la mode,inc.—1-800-ALAMODE Main File No,08-13-364,iesl Supplemental Addendum File No.08-13-364jes Borrower/Client City Of Opa Locka Property Address 100-103-111 Perviz Avenue City Opa locka County Miami-Dade State Florida Lip Code 33054 Lender City Of Opa Locka • SUBJECT TAX ASSESSMENT : SUBJECT 2012 TAX ASSESSMENT INFORMATION Location 100 Perviz Avenue 103 Perviz Avenue Opa 111 Perviz Avenue Opa Locka,Flonda 33054 Locka,Florida 33054 Opa Locka,Florida 33054 Folio 08-2121-004.1300 08-2121-004-1290 08-2121-005-0320 2013 Land $94,088 $71,984 $45,616 Assessment Proposed 2013 Taxes $2,444.95 $1,870.56 $1,185.37 Rounded $2,445 $1,870 51,185 The subject's total 2013 assessment and taxes are considered to be in line with other similar properties in their neighborhood except 111 Perviz Avenue.The depreciated building has no contributory value to the site,but is assessed at$183,213. Therefore,tax assessment should be contested.The 2013 taxes are based on the proposed 2013 millage rate of 25.9828. Form TADD—"WinTOTAL"appraisal software by a la mode,inc.—1-800-ALAMODE Main File No.08-13-364.ies Subject Photo Page Borrower/Client City Of Opa Locka Property Address 100-103-111 Perviz Avenue City Opa Locka County Miami-Dade State Florida Zip Code 33054 e Lender City Of Opa Locka Subject Front 100-103-111 Perviz Avenue 7% Sales Price N/A , '•;"' ?L>> Gross Living Area • ' 411"' w. , ' .c Total Rooms w' • . ,1 , Total Bedrooms Total Bathrooms i Location Suburban •"""" r View 26,461 SF -- .., Site Duality t Age , Subject Front t - N. 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Form MAP.FLOOD—'WinTOTAL°appraisal software by a la mode,inc.—1-800-ALAMODE (Main File No.08-13-364.ies l Comparable Properties Map Borrower/Client City Of Opa Locka Property Address 100-103-111 Perviz Avenue City Opa locks County Miami-Dade State Florida Zip Code 33054 Lender City Of Opa Locka .. l: .' fi 'CENTi Co' n `-° .. a la mode Inc: C'llilp•�i'able= 3 tt r+71 ZINC OAF 5_ F 7!!1 �l 11!!OIlElar lI007 .,r ''I 9> -: 3699\F,) 19'1 5T lIOCtM I CD R ,wOCD i t �hING GARnoT „4�J ) � ,1 ik ;:•-a, I y r 183rd S °ScoT L-K,_ A> -.. -._ _ `7 t� ',Aim.l v,-,P r11.',1-WIN °°_ h i _ ' 4 i ,L Lunipdrdhle,+'1 z PnaF vlt.':a ; It 44211 vw 11i71'11',I NI,RTF' .W /I 1,9?ili11eC i.V, _ Z.._ . i +.. W 7 j Y 1 - . .a r-'i - �, a 1 S I 1 it_G r -t _____:,„,_....• - <� rtsr e ,7 "b . .- _— . .� �. Q Y �, vrr:rnAN._a BUNCH PA,F: - ,_ Pnr.-i1. 10 .. S U ' G ilRDFN, i .. r; • • ' . S I ,. • _ - .J . ',DUI.'R!•LArA1 K r • , _ N'1.1/v p fir y' "fi,. Snlllel t p �.} _ • z 1410 1113-III Per vi. Avenue 14, vS, :. I i m r ,vl. t,11- II'i! LAKE Luulpdratlle ='2 , _ '+ .i, - - 9 a m,t,t„, XXX Al i h-li d'"tIreN1. ??AvP ,,,ate' , •_ .' °r • n.15 miles'�� �J ' I it. .1 I .Sil i-r' 1 c ■ t.3a.— -o' V Gnats: k I' } 1 . ti : i• I ' � _ N 1\ f�f 4"`�'� 1 art i < _ j �' ifii ��\k, rv", •� - yah..rwl 1 , Cc. i ,1 able= 1 a� P • -°N Jt'�S 12'1410 NW 31 Avenue ny!R . Grat;g F 6C:ritSt w) ---`' I* Gratigr:y.Rd It iiiJ we 1-517 - t 4. Y L , ,3l1 5.an+r+ul l,,,, x•_,51 *'^ice""`°`t<`- r • r ...-..xat a rt \V.✓: kw OJ % , pg ( r1 y -. lu.I.r in P.,Rk i P I _• . -4----9S ,^„�•�,r, lYA.tlr, 3(- 3fTil c'Kl'•473 0,-.. ,, PARK ' � .. i r - ' - -- - C > •r,S CG--,2,......t....-C ,\ C Form MAP.LOC—'WinTOTAL°appraisal software by a la mode,inc.—1-800-ALAMODE (Main Fie No.08-13-364,1es 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 judgement. 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 pubic through advertising, public relations, news, sales, or other media. Freddie Mac Form 439 6-93 Page 1 of 2 Fannie Mae Form 10048 6-93 Appraisal First(305)470-2100 Form ACR—'winTOTAL"appraisal software by a la mode,inc.—1-800-ALAMODE Main Fie No.08-13-364.ies APPRAISER'S 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 interior and exterior areas of 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: 100-103-111 Perviz Avenue, Opa locks Florida 33054 APPRAISER: SUPERVISORYii RAISER (only If required): Signature i e0 Signature: •t l / Name: P Jorgee- r Name: Anna a l- �- •ustie.MAI Date Signed: 09/17/13 Date Signed: -,•.-," /1 State Certification#: Cert Gen. RZ 3274 State Certification#: or State License#: or State License#: State: FL State: Fl Expiration Date of Certification or License: 11/30/2014 Expiration Date of Certification or License: 11/30/2014 ® Did ❑ Did Not Inspect Property Freddie Mac Form 439 6-93 Page 2 of 2 Fannie Mae Form 1004B 6-93 Form ACR—'WinTOTAL"appraisal software by a la mode,inc.—1-800-ALAMODE (Main File No.08-13-364.ies I Borrower/Client City Of Opa Locka File No.08-13-364.jes Property Address 100-103-111 Perviz Avenue City Opa locks County Miami-Dade State Florida Zip Code 33054 Lender City Of Opa Locka APPRAISAL AND REPORT IDENTIFICATION This Appraisal Report is on of the following types: ❑ Self Contained (A written report prepared under Standards Rule 2-2(a) ,pursuant to the Scope of Work,as disclosed elsewhere in this report) ❑ Summary (A written report prepared under Standards Rule 2-2(b) ,pursuant to the Scope of Work,as disclosed elsewhere in this report.) ® Restricted Use (A written report prepared under Standards Rule 2-2(c) ,pursuant to the Scope of Work,as disclosed elsewhere in this report, restricted to the stated intended use by the specified client or intended user.) Comments on Standards Rule 2-3 I certify that,to the best of my knowledge and belef: —The statements of fact contained in this report are true and correct —The reported analyses,opinions,and conclusions are limited only by the reported assumptions and limiting conditions and are my personal,impartial,and unbiased professional analyses,opinions,and conclusions. —Unless otherwise indicated,I have no present or prospective interest in the property that is the subject of this report and no personal interest with respect to the parties involved. —Unless otherwise indicated,I have performed no services,as an appraiser or in any other capacity,regarding the property that is the subject of this report within the three-year period immediately preceding acceptance of this assignment —I have no bias with respect to the property that is the subject of this report or the parties involved with this assignment. —My engagement in this assignment was not contingent upon developing or reporting predetermined results. —My compensation for completing this assignment is not contingent upon the development or reporting of a predetermined value or direction in value that favors the cause of the client,the amount of the value opinion,the attainment of a stipulated result,or the occurrence of a subsequent event directly related to the intended use of this appraisal. —My analyses,opinions,and conclusions were developed,and this report has been prepared,In conformity with the Uniform Standards of Professional Appraisal Practice that were in effect at the time this report was prepared. —Unless otherwise indicated,I have made a personal inspection of the property that is the subject of this report. —Unless otherwise indicated,no one provided significant real property appraisal assistance to the person(s)signing this certification(if there are exceptions,the name of each individual providing significant real property appraisal assistance is stated elsewhere in this report). Reasonable Exposure Time My Opinion of Reasonable Exposure Time for the subject property at the market value stated in this report Is: 6-12 Months Comments on Appraisal and Report Identification Note any USPAP-related issues requiring disclosure and any state mandated requirements: The appraiser,AnnaMaria Chavoustle,MAI,has completed the continuing education requirements of the Appraisal Institute. APPRAISER: SUPERVISORY'P SER (only if required): ..it r:. lJ Signature: - Signature: Name: E.Jorge Santin Name: AnnaM.ri. 0-T ustie,MAI Designation: Designation: " - Date Signed: 09/17/13 Date Signed: 09/17/13 State Certification#: Cert Gen.RZ 3274 State Certification#: Cart Gen.RZ 323 or State License#: or State License#: State: FL State: Fl Expiration Date of Certification or License: 11/30/2014 Expiration Date of Certification or License: 11/30/2014 Supervisory Appraiser inspection of Subject Property: Effective Date of Appraisal: September 13,2013 ❑ Did Not ® Exterior-only from street E interior and Exterior Form ID12E—'WinTOTAL'appraisal software by a la mode,inc.-1-800-ALAMODE Property Information Map Page 1 of 1 My Home Miami-Dade County, Florida M!AMICADE a iamidade.gov IIMIIIIIIIMIIIIIIIIIIIIIMIIIIIIIIIII Property Information Map } ,� Summary Details: 4 �{ V. oc - Vlailierty f00PERVIZAVE �� � f•''•.ry - vlaeing NGE KEY WEST t_t_C f v %^ ,`~ sffs' ' "'.,,\'ti , s("__ �°' 16915W 69TH CT MIAMI FL n c' K,{ .%" 3315 ,; t ,. - • , a d ,•,.. Property Infortttation: 4` 'rr ..,. 'h.4, ;.'4p / 6600 COMMERCIAL- 4 fi'' .�'e , : el'i C.LUC primly Zone; '-IBERAL•E �a, • „t:. 'y�. CLUC: '0081 VACANT-AND -� . �/ y ,loan; p h t 4 ; 1R � LMn2 un z: 0 ` ®•_ i a - vu adLsQ Foot_ aae: 0 '"+ @l� ,c'`trF °g ‘ Lot Size: 11,761 SQ FT i T ,o T .-,1411,.. 21 x2 41 .27 AC PS 34 ' - of 'tl. *' O ,, '^ 't ,5 78 OPA LOCKAC 2ND•N. e' ' jJ s, -A i REV PLAT NO 2 TR D ,;.(', c LESS BEG AT MOST t �.• to ( 1 NLY COR RUN SW ALG ' '4,, f' y ' Legal Deaoripti0n: NW BORY LINE ... ,� ., e- 10232FT SE112FT TO 1..." > r< `� ,> SEBDRYLINENEALG x � /t 114., ” R . MESTEL5CORNTO � '��' " „F4'' Y r' MOST ELY COR NW . vt`" it.R ALG NE r s_ t i ia. ti, - .�\-Sp Assessment Information: _ •. 7.n. .�.; r'tt. �,• i Ez.,_u A.� ti ,rs _ 9 r Year 20 3 2012 Land Value: 594,088 $94,088 Aerial Photography-2012 0 115 ft Building' Value: $0 $0 This map was created on 9/10/2013 12:52:10 PM for reference purposes only. Marko,ed Value: 594,088 ASSeSSed VatUe: 594,088 �94 068 Taxable Value Information: Web Site®2002 Mlarrl-Dade County.AI rights reserved. Year 2013 2012 Applied Applied Taking AUthorily: Exemption! Exempt on/ Taxable Taxable Value: Value: Reajonai: $0494,088 $94,088 tiOe _ County 80484.4m 50/594.088 Ci.}: sossea 088 $0!594,088 School Board- $0/594.088,50/594,088 Sale Information: Safe Date: Wboa teale Amount 5100 Sale O/R 2603.-'584 Corrective deed,quit claim deed,or tax deed, Deed bearing Florida Commentary Stamp at the minimum rate Sales prescribed under Chapter Qua'ifcabon 201,F.S.;Transfer of Desc-'ption: ownership where no doe etamps were paid;or. Transfer of ownership by ether U an a deed such as a final judgement or icourt order. Viewer ariyal Sates http://gisims2,mianzidade.Pavimyhome/prhitmap.asp?mapur1=lttp://Ltisi ms2.iniarni Bade.go... 9/10/2013 2012 roll details-Real Estate Account at 100 PERVIZ AVE-TaxSys-Miami-Dade Cou... Page 1 of 1 • MOM• eGOV Tax Collector Home Search Reports Shopping Cart • 2012 Roll Details--Real Estate Account At 100 PERVIZ AVE Real Estate Account N8-2121-004-1300 w Parcel details a Latest bill I:.Full bill history 2012 ' 2011 2010 2009 1 2002 Paid Paid Paid Paid Paid u . Owner NGE KEY WEST LLC 2891 SW 69TH CT MIAMI,FL 33155 Situs 100 PERVIZ AVE Account number 08-2121-004-1300 Miliage code 0800-OPA LOCKA Mifage rate 25.68510 Assessed value 94,088 School assessed value 94,088 Flags VAR Pending Property Appraiser 2012 annual bill l View Legal description Location Ad valorem $2,418.88 21 52 91 .27 AC PB NO-76 OPA Use code 1081 LC2CR 2ND xEV PLAT NO 2 TR D Non-ad valorem $12.00 LESS BEG AT MOST NIA CDR RUN Total acres 0.00 Total tax SW ALG NW BDRY LINE 102.321T SE112FT TO SE BURY LINE NE ALG SE BDRY 58.37FT TO MOST Paid 2012-12.13$579.99 MY co R NW ALG NE BONY Effective 2012-11-30 117.4 3 FT TO POTS BLR 136 LOT Receipt#20121213-8012-0000070 Mire•/hxnanar miamirdarie rnnntlf-t2VPC rnm/rnihiir/resT Pct21P/narPPk/(lR7 1?1(10411(lil 4/1nrin1 i Property Information Map Page 1 of 1 My Home Miami-Dade County,Florida MIAEODADE miami•ade.go PIM Property Information Map t .sr i ra r } Summary Details: °._ ? t r ^' "3 Tit. Folio No; D8-21 21-004-1 2 80 ' ■I• ti � •rte• Progeny, 103PERVIZAVE a1 • t1ta;Gng NGE KEY WEST LLC Y J Vs' ,441�: 4 f' :. L..,A" II �y{h. I Address: ,b891 SW BDTH CT MIAMI FL 33155- r ' Property Information: # ' t �` ,5800 COMMERCIAL- s . t iFyk w'= yaC . Primary Zone: ERAL ( j� + ° v•P� :- ells/ po81 VACANT LAND ` _ P e Ck, Beds/Baths. 0/0 cY la eft s �� 110011- ` 4 Livin4 LnRS_ 0 ' �► a rik V ' Ad:Sq Footage: 0 Sam r R T L �+ Lot Size: e.998 Sa FT Year[fat � ` F 21 52 41 19 AC PB 34- Y� 78 CPA LOCKA 2ND a • REV PLAT NO 2 BEGAT ' r MOST NLY COR TR D �_. :d` ' ' ,. i Legal RUN SWALG NWBDRY. Description. INE 102 32F SE112 1 TO SE BDRY LINE • r r'_t i � °F ALG SE BDRY LINE 1r,.. COR NW � ri•D0IN&T F a.,:Jt- . '' . y .; ;-�'.. 1l s pr TO MUST ELY e � -.. , i� rarY t .N Assessment Information: r` ,-; ► mow, - Year. 2013 2012 r.i - ,.- _ +. _and Value $71.984 $71984 Budding Value: SO $0 Aerial Photography-2012 0 115 ft Market Value: $71.981 71,984 This map was croated on 9/10/201312:55:08 PM for reference purposes ony. Assessed Value: $71,984 '$71 98a� web Site®2002 Mia-II-Dade County.All rights reserved. Taxable Value Information: Y_ear: 2013 2012 AppOed Apolied a Taxing Authorty. Exemption) Exemption/ Taxable Taxable Value: Value: Relonal: 50/$71,984 $01571,984 County. $0157 1,984 $0/571984 total-de: ci $0/$91,$ 4 $M71-.964- Scholl Board: $0/$71,984 $ots71,984 Sale Information: Sale Date: 009 Sale Amount fib Sale OR 5933-15t4. orrective deed,quit 'm deed,or tax deed; eed bearing Florida ocumentary Stamp at minimum rato Shces rescnbed under Chapter Qualification 1,F.S.;Transfer of Description. a ship wt ere no doe tamps were pa'd;or, transfer of ownership by than a deed such las a final j.dgement or roourt order. • http://zisims2.miamidade.7ou/mvhome/Drintl nap.asu?mapuri—httu://aisims2.rniamidade. o.., 9/10/2013 e 2012 roll details-Real Estate Account at 103 PERVIZ AVE-TaxSys-Miami-Dade Con... Page 1 of 1 Miarndade.G0 Tax Collector Home Search Reports Shopping Cart 2012 Roll Details — Real Estate Account At 103 PERVIZ AVE Real Es late Account#08 2121-004-1290 Parcel details LuLLatest billy Full bill history I 2012 f 2011 2010 2009 ••• 1 2003 Paid Paid Paid Paid Paid Owner NGE KEY WEST LLC 2891 SW 69TH CT MIAMI,FL 33165 Situs 103 PERVIZ AVE Account number 08-2121-004-1290 MBlage code 0800-OPA LOCKA Mitlage rate 25.68510 Assessed value 71,984 School assessed value 71,984 Flags VAB Pending e Property Appraiser 2012 annual bill ,-. View Legal description Location Ad valorem $1,848.91 21 52 41 .19 AC PB 34-76 OPA Use code 1081 LOCKA 2NU REV PLAT NO 2 BEG Non-ad valorem $12.00 AT MOST ELY COR Tit D RUN SW Total acres 0.00 Total tax ALG NW BURY LINE IO2.32FT 5E112 FT TO SE BMW LINE NE ALG SE BURY LINE 58.37FT TO Paid 2012-12-13$443.73 MOST LLY COR NW ALG NE BURY Efective201241-30 LINE. 117.43FT TO PUB LOT SIZE Receipt#20121213-6012 0000072 httns://wwv.miamidade.coufty-taxes.com/nublic/real estate/parcels/0821210041290 9/10/2013 0 Property Information Map Page 1 of 1 My Home Miami-Dade County, Florida MIAMIODADE ir•3tT?1d8de. • .1 1 IIIIIIIIIIIIIIIIIMIMIIIIIIII III" Property Information Map -�, � .� Summary Details: �t J ,a�✓ G' � !'. ' ''I" a �ofo No.: P3-2521-005-0320 t, ' �. , �, 4 'c'',7:: r; ....." Property: 111 PERVIZ AVE ,c .O 1 t ~' ' , " •L Mating SIGE KEY WEST LLC t .�e Address ' »J -41,14, ' �tip ..s. �."$ ; ,� \_. ' 2891 SW 69TH CT MIAMI FL t .. -' 4 r`� :.- ' 33155- ' j Property Information: » ,, .i Q 600 COMMERCIAL- f{_ r ,� Sup«. l.t Prrmary Zone, 4' � � �a, ~ � �' �p0 ". 1: '�� CLUC: 0021 HOftL ` 10,s �. � Floors: �++ 6 a Syr o it' ,4i� �l . Liv�n7 Units: .g " Yp . td a Ad/Si Footage: 853 a 8 � 'r, �ty� ��� '• Lot Size: �70t�S4 FT y s? , ' I �� ,` Year Suitt 926 `& -0522 11 081,"A LOCKA 1 s t >, Ott PB 72 L0T 13 -+ r �� s. � :5l�",,5' '''. Legal LK 86 LOT SIZE 5702• Description: OUARE FEET OR d u- 4 f1' 71 r f ` `4. s •.; 3796-311307881 COC ,z, - - •. Sgt ' 5820-4209 07 200n0./: 2 i✓ ' y , t N,4 `o,� T i6 Assessment Informati pyp^ ti Naar: 2013 2012 { d`- -AuDDtp ST �,4 ;� Las r Land Value: 545,818 $45,615 fr tk .=s �> Vii ' '.4 '' �7oa fr x '' i* Market Building Value: 5183.213 1S195.92J . _ r -y ' . Market Value: $226 829 e2 539r,,...2• .,.zx- -"P4 ;:f-cilliV. ` a ?. :*�' Sp' Assessed Value 5150,191-5138,53� Taxable Value information: Aerial Photography-2012 0 �-.... 11511 Year 209 3 2012 Applied Applied This map was created on 911 0/201 3 12:56:44 PM for reference purposes only. Taxing Authority: Exemption/ Exemption/ Web Site®2002 Miami-Dade County.All rights reserved, Taxable Taxable Value: Value: Re;tlonal: 3013150,191 15015136.538 i County: 50/$150,191$0/5136.536 � r Cif 50/3150,191 504136.538 School Board: $01$228,82950/$2422539 Sale Information: C ld fi - Sale Date: 8/2009 Sale Amount $100 Sale O/R. ,2R3 564 Corrective deed,quit dalm deed,or tax deed; Deed bearing Florida Documentary Stamp at the minimum rate Sales yrescnbed under Chapter OuaGfrcation ?01,F.S.'Transfer of Descript on: ownership where no doe stamps were paid:or, I ransfer of ownership by ether than a deed such as a fi^al judgement or court order. View AtLdlioniacohlte iitt»:i/�isirns2.n1iai11•dade,eov/n1yhonie/urinmlan.aso?neat)are-htm://?isims2,miamidade.c'o... 9/10/20'.3 2012 roll details-Real Estate Account at 111 PERVIZ AVE-TaxSys-Miami-Dade Cou... Page 1 of 1 • Tax Collector Home Search Reports Shopping Cart 2012 Roll Details-- Real Estate Account At 11/ PERVIZ AVE Real Estate Account#06-2121-005.0320 h, Parcel details L Latest bill Full bill history 2012 2011 2010 I 2009 ... 2001 Paid Paid Paid Paid Paid Owner NGE KEY WEST LLC 2891 SW 69TH CT MIAMI,FL 33155 Situs 111 PERVIZ AVE Account number 08-2121-005-0320 Mitlage code 0800-OPA LOCKA Millage rate 25.68510 Assessed value 136,538 Sct•ool assessed value 242,539 Flags ' VAB Pending Corrected Property Appraiser 2012 annual bill fJ View Legal description Location Ad valorem $4,354.79 21 52 41 OPA LOCRA NO 2 Pa 28-72 Use code 3921 LT 3 Bt+K 86 LOT SIZE 5702 Non-ad valorem $12.00 SQUARE FEET Oa 13796-3113 0788 1 Total acres 0.00 Total fax COC 25820-4209 07 2007 2 Paid 2012-12-13$1,161.69 Effective 2012-11-30 Receipt#20121213-6012-0000071 httos://www.miamidade.county-taxes.com/public/real estateharcels/08212100 0320 9/10/2013 , OkiAppraisafFirst Real Estate Appraisers LLC August 12,2013 Ms.Rose Mckay Purchasing Officer City of Opa Locke 780 fisherman Street Opa Locke,Florida 33054 Via email: rmckay@Opaloc.kafl.gov Re; 103-111 Perviz Avenue and 100 Perviz Avenue,Opa Locka,Florida 33054 Dear Ms.Mckay: I propose to furnish you with a Restricted Use Appraisal Report setting forth the market value of the subject vacant lots on the Land Form. The reports will contain all of the data and analysis utilized and will be made according to the Standards of Practice and Code of Ethics of the Appraisal Institute and the guidelines according to USPAP and FIRREA. I will have the appraisal report ready for delivery within three weeks. The fee for this assignment is$1,000.You may indicate your acceptance by returning a signed copy of this letter along with a the check in the amount of$500. The balance is due upon completion. It is important to note that federally regulated lending institutions are required to directly order or engage an appraisal assignment. Readdressing an appraisal report to another party that was completed and delivered to a client is prohibited by USPAP. Once an assignment is completed,it is misleading to try to add a new party as client or intended user who was not the original client or identified intended user" Any requests for updating or re-certification would constitute a new assignment with the potential of an additional fee.This report is not intended to be utilized for financing purposes.The reports are for internal purposes and not for financing by a federally regulated institution. Respectfully submitted, AnnaMaria Chavousti •MAT State-Certified Genera Real Estate Appratger,No • 323 I hereby autho11 a y.0 a proceed Gith the appraisal. KK , l 1444 Biscayne Boulevaltl i -1 AN91f,4i,F1i7t1IC 311 ` iflfiice)305-470-2113(Fax)305-381-8047 OUALIFICATIONS OF APPRAISER ANNAMARIA CIIAVOUSTIE.MAX State-Certified General Real Estate Appraiser Certification No.0000323 Anna@appraisalfirst.net EDUCATION B.S.,Florida International University-1980 Society of Real Estate Appraisers: Course 101 -Introduction to Appraising Course IO2-Appraisal Case Study Course 201 -Income Property Valuation American Institute of Real Estate Appraisers: 1987 Course 2-3 -Standards of Professional Practice 1988 Course 1B-A-Capitalization Theory&Techniques-A 1988 Course 1B-B-Capitalization Theory&Techniques-B 1989 Course 2-1 -Case Studies 1989 Course 2-2 -Report Writing Appraisal Institute: 1992 Standards of Professional Practice A&[3 ° 1993 Litigation Valuation 1994 Limited Appraisal 1995 Florida commercial Construction Senrinar 1996 Core Law 1996 Standards of Professional Practice A 1996 Luxury Waterfront Market 1998 Non Conforming Uses 1999 Appraising Apartments 2000 Standards of Professional Practice C 2001 Case Studies in Highest and Best Use 2002 Analyzing Lease Clauses 2007 Commercial Construction 2008 Appraising Nursing Homes 2010 USPAP 2010 Hotel Appraising 2011 Business Ethics EXPERIENCE 1977-1980 Learning Disability Teacher-Center for Learning 1980-1982 Armer E.White,Inc.,-Commercial Real.Estate Sales 1982-1986 Florida East Coast Realty-Vice President,Conunercial Real Estate Broker 1986 AmeriFirst Appraisal Company-Commercial Appraiser 1987-1989 AppraisalFirst,Inc.,(formerly AmeriFirst Appraisal Company)-Commercial Appraiser 1989-2010 AppraisalFirst,Inc.-South Florida Regional Commercial Appraisal Manager 201.1- AppraisalFirst Real Estate Appraisers I LC,President GEOGRAPHICAL AREAS SERVED Dade,Broward,Brevard,Monroe,Indian River,St.Lucie,Osceola,Orange, Okeechobee, and Palm Beach Counties,Florida. CLIENTS SERVED Various employer clients including: banks;savings and loans;the Archdiocese of Miami;FDIC;RTC;Lennar Commercial Properties;Brigham Moore Gaylord,et al;foreign investment groups and individuals. TYffS QF PROPERTIES_APPRAISED Commercial.multi-family,industrial facilities,office buildings,hotels,ACLFs,vacant land,acreage,day-care centers, proposed subdivisions,condominiums,service stations,fast food franchises and development projects. A.FFILTATtONS Member of the Appraisal Institute,MAI Licensed Real Estate Broker-State of Florida Member-Miami Board of Realtors;Indian River Board of Realtors;Melbourne Realtors Association QUALIFICATIONS OF EFRAIN JORGE SANTIN State Certified General Real Estate Appraiser No.0003274 EDUCATION Florida International University,Miami,Florida B.A.Degree-Finance-1997 PRQ ! +5SIONAL EDUCATION Florida International University Course:FIN 4343-Real Estate Analysis-1996 Gold Coast-Florida Real Estate Appraiser-2002 ABUT Mastering Real Estate Appraisal-2007 Appraisal Institute API 310-Basic Income Approach-2003 API 510-Advance Income Approach-2003 API 520-Highest&Best Use Market Analysis-2003 USPAP Updated-2008 Supervisor Trainee Roles and Riles-2008 LICENSES State Certified General Real Estate Appraiser-RZ#0003274 Licensed Real Estate Sales Person SL#703744 Licensed Mortgage Broker EXPERIENCE Assistant Residential/Commercial Fee Appraiser-2002 TYPES OF PROPER't'iES APPRAISED Single Family Residential 2-4 Family Dwellings Vacant Land Individual Condominiums Office Building Multi-Family GEOGRAP IIcAL AREAS SERVED Miami-Dade Broward St Lucie 59 •