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Item M3
BOARD OF COUNTY COMMISSIONERS AGENDA ITEM SUMMARY Meeting Date: October 18 2006 Bulk item: Yes — No X Division: BOCC District 5 Department: Comm. Glenn Patton _ Staff Contact Person: Donna Hanson AGENDA ITEM WORDING: Discussion on purchasing the Latin American Caft for the purpose of preserving waterfront access and replacing two boat ramps that will be lost with the widening of the stretch. ITEM BACKGROUND: PREVIOUS RELEVANT BOCC ACTION: CONTRACT/AGREEMENT CHANGES: STAFF RECOMMENDATIONS: TOTAL COST: BUDGETED: Yes _ No X_, COST TO COUNTY: SOURCE OF FUNDS: REVENUE PRODUCING: Yes ,_,_ No _ AMOUNT PER MONTH Year APPROVED BY: County Atty _ OMB/Purchasing Risk Management DOCUMENTATION: Included X Not Required DISPOSITION: AGENDA ITEM # Revised 8/06 (11s\ 91- PUBLIC BOAT RAMPS IN THE FLORIDA KEYS County Boat Ram s All the County boat ramps are maintained by Engineering and Public Works. Most of the ramps are in disrepair. Engineering (understaffed at this time) needs to bring the ramps up to speed, then Roads and Bridges will keep them up with minor maintenance. Mile Marker Island/PoFacili Card Sd. Rd. Key Largo Card Sound Boat 25°17'26" 80022'36" Ramp MM 95.2 Key Largo Sunset Point Park 25002'59" 80°29'21" MM 92.5 Key Largo Harry Harris Park 25001'28" 80°29'39" MM 30.8 Big Pine Key Koehn Ave Boat 24043'08" 81022'32" Ramp A, MM 30.8 Big Pine Key Eden Pines Boat 24041'42" 81022'41" Ramp MM 28.5 Little Torch Key State Road 4A 24040'32" 81023'39" Boat Ramp MM 21.2 Cudjoe Key Blimp Rd Boat 24041' 42" 81 °29' 59" Ramp MM 9.3 Big Coppitt Key Gulf View Park 24036'06" 81040'00" MM 1 Key West Higgs Beach Desgjj on/Condition Unimproved; poor condition; single lane; about to be engineered and improved. Access to bayside, 1 paved/concrete ramp surface, ramp in poor condition, small boats only, light to moderate use, parking area is pea rock, 6 trailer spaces, trash cans, picnic table; about to be engineered and rebuilt Access to oceanside, paved/concrete ramp surface, double ramps with finger pier, excellent condition, small and large boats, heavily used, limit of twenty trailers, heavily used, rest rooms, excellent facilities Sanctuary signage Access to backcountry, unimproved ramp surface, fair condition, small boats only -limited by shallow water, limited parking, Sanctuary signage Access to Pine Channel through canal system, 1 paved/concrete ramp, good condition, small boats only, no parking, neighborhood ramp Access to Pine Channel through canal system, 1 paved/concrete ramp surface, fair condition, small and medium boats, unpaved parking across street from ramp, dock, heavy use, Sanctuary signage Access to backcountry, unimproved ramp surface, fair condition, limited paved parking, small boats only -limited by shallow water, moderate use, USFWS signage Access to backcountry, 1 paved ramp surface, fair condition, small boats, light use, limited unpaved parking, no boarding dock; about to be engineered and rebuilt ??? need to get more info on this PUBLIC BOAT RAMPS IN THE FLORIDA KEYS State Boat Ramps All the state boat ramps are maintained by D.O.T. (Mr. Bob Rulison 289-2350). Each of the ramps is adjacent to USL The facilities are minimal: there are trash barrels that are emptied weekly. There are repairs to sea walls, ramps, etc. as needed. No rest rooms or other facilities. Mile Marker Island/Position Facilit DescriQtion/Condition MM 112.5 18 Mile Stretch Long Sound gravel Access to Long Sound in Everglades N.P., the ramp ramp itself is not surfaced but there is an asphalt drive/circle. The ramp is about 100' from the road edge and there is dirt parking for 4-6 trucks and trailers. This ramp is just feet from the County line sign. There are DOT trash cans. MM ill 18 Mile Stretch Little Blackwater Access to the Everglades, there is an acceleration/ 25"12'53" 80°25'36" Sound Boat Ramp deceleration which is the only area for parking. The ramp is an improved, concrete surface with Concrete wing walls. DOT trash cans on site. Access to Little Blackwater Sound. The ramp is very close to the road which makes it dangerous for trucks and trailers to maneuver. PWC's prohibited. DOT trash cans. MM Key Largo Pennekamp State Access to oceanside, two paved/concrete ramps, Park good condition, heavily used, small and large boats, good parking MM 79 Indian Key Fill Indian Key Fill Access to bayside, dirt ramp, fair condition, small 24"53'21" 80040'40" Public Boat Ramp boats only, limited parking, heavy use, Sanctuary information signs, historic site information MM 53.9 Marathon MM54 Public Boat Access to bayside, paved/concrete ramp, good 24044'W' 81*01'05" Ramp condition, small boats only, limited parking, concrete ramp, poor condition, heavy use, Sanctuary information board, about to be engineered and rebuilt MM 40 Little Duck Key Little Duck Key Access to ocean and Gulf, paved/concrete ramp, 24040'57" 81013'46" Public Park & Ramp fair condition, dock -in bad condition, parking for eleven trailers, small boats only, moderate use, Sanctuary information signs MM Bahia Honda Key Bahia Honda State Access to ocean and gulf Park MM 34 W Summerland Key Spanish Harbor Access to gulfside, paved/concrete ramp, fair 24038'59" 81019'06" Wayside Park condition, small to medium sized boats only, parking for five trailers only, heavily used, Sanctuary signs MM 11 Shark Key Shark Key Boat Access to oceanside, single lane ramp, good 24036'05" 81038'50" Ramp condition, short concrete ramp, moderate use, minimal parking, small boats only MM 6 Key Haven Stock Island Access to oceanside, paved/concrete ramp surface, 24034' 30" 81 °43' 59" Boat Ramp poor condition, small boats only, moderate use, limited parking, Sanctuary information signs PUBLIC BOAT RAMPS IN THE FLORIDA KEYS Cjq of Ku West Boat Rxm s All of the City boat -ramps are owned and maintained by the City of Key West. Mfle Marker Island/Position Facility Description/Condition N/A Key West Garrison Bight Access to ocean and gulfside, paved/concrete ramp, 24033'34" 81047'05" Municipal Marina excellent condition, small and large boats, $5 ramp fee, good parking, full facilities, Sanctuary information signs N/A Key West Simonton Beach Access to ocean and gulfsides, concrete ramp 24033'43" 81048'20" Public Ramp surface, good condition, small boats, finger pier, limited metered parking, restrooms, telephones, small beach, Sanctuary information signs, problems with bums hanging out NIA Key West 11ei Street Boat Access to ocean and gulf sides via Cow Key Ch, 24033' 32" 81046' 07" Ramp newly rebuilt concrete ramp at the end of Riviera Canal, good condition, small to medium boats, light r. use, limited parking City of Marathon Boat Ramps MM 50.9 Marathon Dodge Lake 24043'30" 81003'33" Public Ramp Access to bayside, concrete ramp surface, fair condition, small boats only, limited parking, light use, terminal end of ramp slab damaged, picnic table, MM 48.8 Marathon 33'4 St Boat Ramp Access to bayside, paved/concrete ramp surface, 24042'49" 81005'46" excellent condition, small and large boats, dock, good parking, heavily used, marked channel entrance, rest rooms, Sanctuary information signs I lan'Iorada Villa a of Islands Boat Ram -us MM 87 Plantation Key East Ridge Rd. 24057' 18" 80°34' 10" Public Ramp MM 87 Plantation Key Plantation Harbor 24057'46" 80°34' 10" Public Ramp Access to oceanside, good condition; single lane, small boats only, neighborhood ramp, no parking Access to bayside, concrete ramp, steep, narrow, parking, fee UUM DmMmentl Kumodfin OgHseatACenter Forms Oct 3, 2006 I1:S3AM Under Florida law, e-mail addresses are public records. If you do not want your e-mail address released in response to a public records request, do not send electronic mail to this entity. Instead, comm this office by phone or in writing. ONLINE DATA CENTER PROPERTY INFORMATION FOR: Altemate Key: 1092444 RE Number: 00083790-000100 Print Search Again r Ask Question about this Parcel - Property Details OWNER OF RECORD LITTLE HAVANA NEIGHBORHOOD PROP LLC 6526 VIA ROSA BOCA RATON FL 33433 PHYSICAL LOCATION 107690 OVERSEAS HWY KEY LARGO • LEGAL DESCREMON 36-60-39 PT NE1/4 OFNW1/4 057-215-216 G57-217-218 OR243-169 OR658-226 OR759-1620 OR801-2041-2042 OM3- 33/34C/T 863-1644/1646 ORS71-195711958 ORI 190-1610/11 OR] 638-1110111 OR2040- SECTION, TOWNSMP, RANGE 36-60-39 MIJJ AGE GROUP 500K Estimate Taxes PC CODE 12 - STORE/OFF/RES OR COMBINATION RECORDS SEARCH PROPERTY MAP Map Size None '+'Small Medium Large Building Details NUMBER OF BUILDINGS TOTAL LIVING AREA 2 6042 NUMBER OF COMMERCIAL BUILDINGS YEAR BUILT 2 1967 Land Details LAND USE CODE LAND AREA 100W - COMMERCIAL WATERFRON 29620 SF Parcel Value History TAX ROLL YEAR BUILDING MISCELLANEOUS LAND L"PROVEMIENTS JUST EXIMMONS (NOT INCLUDING SMORS) TAXABLE hq://www.mcpafl.org/(Iatacenter/search/record.asp 10/3/2006 2W6 5 ,vuu 1,TJJ,TVJ -u -- -- 2005 524,404 36,476 888,600 1,449,480 0 1,449,480 2004 524,375 37,017 192,530 753,922 0 753,922 2003 524,375 38,093 192,530 754,998 0 754,998 - Parcel Sales History NOTE - OUR RECORDS ARE TYPICALLY TWO TO THREE MONTHS BEHIND FROM THE DATE OF SALE. IF A RECENT SALE DOES NOT SHOW UP PLEASE GIVE OUR OFFICE TIME TO PROCESS IT. SAFE DATE OFFICIAL RECORDS PRICE INSTRUMENT BOOKIPAGE 08/2004 2Q4= 1,786,000 WD 06/2000 1639/1110 900,000 WD 11/1991 1190/1610 450,000 WD 10/1979 801/2041 400,000 00 View Tax llec R®cord This page has been visited 1,390 times. 10/3/2006 .. http://www.mcpafl.org/datacenter/search/record.asp 6� a Hanson -Donna From: Jones -Rich Sent: Tuesday, October 03, 200612:44 PM To: Hanson -Donna Subject: RE: Latin American Cafe Hey Debi- I just got off the phone with Barbara Culhane, Environmental Manager fear the stretch project, and we discussed the Latin American site. We will try to put together a meeting with the commissioner in the next week or two to exchange info on the stretch project, the closing of the two ramps, and the potential for other access sites. Rich __---Original Message ----- From: Hanson -Donna sent: Tuesday, October 03, 2006 8:36 AM To: ]ones -Rich Cc: 'Howard Gelbman'; 'HOWARD GELBMAN TREE GARDENS' Subject: RE: Latin American Cafe Rich could you get that information to me as I will be adding a discussion item to the October BOCC and the deadline is today. Glenn is doing much better he was here yesterday. Debi Miller for E) n#uv ff a wiv Executive Assistant to Commissioner Glenn Patton PH 305.852.7175 FAX 305.852.7162 EMAIL: boccdis5@monroecouft-fI.gov From: ]ones -Rich Sent: Tuesday, October 03, 2006 7:51 AM To: Hanson -Donna Cc: Garrett -George Subject: Latin American Cafe Hey Donna- I haven't heard anything about Glenn Patton. How is he doing? I hope he's better. Is he back in the office? I was told by a citizen yesterday that Comm. Patton Is going to put forth an agenda item for the October meeting to discuss the Latin American CaM and the importance of the site for providing public water access. Do you know anything about that? If the Commissioner needs info we have it. I have a package of info from the reactor which includes surveys, letters, etc. I've also done a site evaluation there. Let me know if I can be of assistance in this matter. Take care, Rich Jones Senior Marine Planner 10/3/2006 b#1 in Commercial Real Estate Online ��i• $335 billion of properties for sale • 2.9 billion sq.'t. of properties for lease • 1.5 million members Key Largo Waterfront Property Key Largo Waterfront Property tV 107690 Overseas Highway Key Largo, FL 33037 County: Monroe Photos < Preyi= Image 3 of 14 Ng& 01 Click to Eni (287 KB) Attachments latilde lrre, CPA. QM Additional Information For more Information, dick to email: atilde Aguirre (305) 606-1069 Proper http://risLing.ioopr RE/MAX ADVANI For Sale Active Property Use Type: Vacant/Owner-User Primary Type: Special Purpose Marina Building Size: 7,752 SF Lot Size: 29,620 SF Price: $3,500,000 Price/SF: $451.50 Year Bulk: 1967 Date Last Verified: 9/12/2006 F Property Description: Fabulous business opportunityl Own your piece of paradise in the FLORIDA KEYS. It has everything and more. Mixed usi property with tremendous potential. To begin with, there Is 345 ft. of Highway frontage on busy U.S.1 ( The Scenic Overseas Highway) Approximately 370 ft frontage. The Marina includes dockage for over a dozen boats. There are 2 other buildings as well: a Tropical Restaurant 3 second story apartments over looking the water (see photos). Plus, a convenience store with gas service for cars and I also a private boat ramp with adequate parking for your customers and their boat trallersl The property comes with a fu for the Restaurant & The Tikki-Bar. Pius, an alcohol License for the convenience store. Note:The underground fuel tank Is fiberglass. YOU CAN VIEW AND PRINT THE BUILDING LAYOUT FOR THIS PROPERTY IN IMAGES # 13 and *14 of the photos displays Location Description: It is located 18.6 miles from the mainland (20 minutes by car) on mile marker 107. And a stones throw from Downtown is the first business everyone sees as they enter The Florida Keys and the last chance for Gas before going towards Miar there Is a large hotel, which means a steady, daily customer base all year round! No. Stories: 2 Highlights • Great Location (First location for arriving at the Keys, last for ► Restaurant/ Bar with Liquor License and 146 seatir leaving) seating Is 25. http://Www.loopnet.com/xNetlMainSite/ListingIProfile(Profile.aspx?LID-14585892&Intc... 10/3/2006 a Gas Station and Convenience store w/ alcohol license a Marina for 18 boats a 3 apartments- 831SF, 680SF, and 680SF. a Waterfront property; Located In between the Gulf The information above has been obtained from sources believed reliable. while we do not doubt Its accuracy we have not verified It and make no gt or representation about It. It Is your responsibility to Independently confirm its accuracy and completeness. Any projections, opinions, assumptions, are for example only and do not represent the current or future performance of the property. The value of this transaction to you depends on tax ar which should be evaluated by your tax, financial, and legal advisors. You and your advisors should conduct a careful, Independent Investigation of ti determine to your satisfaction the suitability of the property for your needs. go send Feedback Contact Us About Us Products Terms Of Use Privacy Policy ® 2006 LoopNet, Inc. hq://www.loopnet. com/xNeVMainSite/Listing/Profile/Profile.aspx?LID=14S 85892&Intc... 10/3/2006 Landscaping is mostly natural with mangroves 44 100gRLP7o.. CIF i31 ! v'EI�I'1 The improvements consist of a convenience st restaurant Thera are three apanmants, all hsvi s Building Sizes. 2993SF i sl 2,0347 SF 21w 1 j641 SF 4. Ste` V 70762 2 F TO F Foundation. Reinforce sprea+ S enor Valle: Concrete llodc W Roof: Buift-up over plyM (assumed) """.loonong: Ceramic tie, carp cait Ind : Suspended avow Windows: Piste 91866, fixed http://www.loopnet.com/xNetlMainSite/Listing/Profile/Pmfileimage.aspx?LID =14585892... 10/3/2006 To download this Image: 1. Right click on the image with your mouse 2. Click "Save Picture As" 3. Select where you want to save the photo 4. Specify a file name S. Click "Save" http://www.loopnet.com/xNeVMainSitelListin&TmfilelProfileImage.aspx?LID=145 85892... 10/3/2006 Hanson -Donna From: Jones -Rich Sent: Tuesday, October 03, 2006 7:51 AM To: Hanson -Donna Cc: Garrett -George Subject: Latin American Cafe Hey Donna- I haven't heard anything about Glenn Patton. How is he doing? I hope he's better. Is he back in the office? I was told by a citizen yesterday that Comm. Patton is going to put forth an agenda item for the October meeting to discuss the Latin American Cafe and the importance of the site for providing public water access. Do you know anything about that? If the Commissioner needs Info we have it. I have a package of info from the realtor which includes surveys, letters, etc. I've also done a site evaluation there. Let me know if I can be of assistance in this matter. Take care, Rich Jones Senior Marine Planner Dept. of Marine Resources M 10/3/2006 Hanson -Donna From: Kay Thacker [oktcraft@bellsouth.net) Sent: Tuesday, October 31, 2006 5:46 AM To: BOCCDIS4; BOCC_DIS3; Marble -Terri; Spehar-Dixie; BOCCDIS5 Cc: Howard Gelbman; Bryant Diersing; Burke Cannon; Dick Lancaster; Jan Darden; Lee Hunninger; Linda Perloff, Meredith Cline; Pauline Klein; Viki Trank; Tom Burrows; Robert Van Cleave; Robert & Shirley Smart; MIKE & CATHY MAHER; Kathy& Bill Lamary; Jose Guntin; Joe & Dolly Parker; James Watt; Ginny Bowes; George & Gale Roberts; Gene Johnson; Gary & Susanne McClure; Dean S. Lichtenwalner; Doug Myers, Howard & Connie Willen; Karen & Chuck Dillaman; Linda & Bill Brousseau; Linda MacLeod; Luciano Alvarez; Ed & Sue Delano; Ian Freedman; Tom & Susan McLeod; Sheldon & Ruth Peak; Richard & Terry Pildner, Steve & Laura Roberts; James Prince; George Jarro, Ralph Val des Brito; Fred & Gail Bamman; Victor & Consuelo Hernandez; Germaine Herrold; Lisa & Will Perez; Dick & Terry Pildner; Loretta Ramsey; Robert Rhynearson; John & Jan Sprague -Williams; Maria Barrios; Barb & Rick Johnson; Rolando Gonzalez; Donald Larimore; Betty Scaggs; Rafael and Maria Garcia; Wil laim Biedzian; Julien Pembo & Sherrie Conrad; Gay Glacken; Paul & Juita Hagstedt; Brian & Karen Schafer, Chris & Val Presley; Peter & Bethany Cody; Joe & Madeline Marti; Isbel Calvo; Robert/Raymond Hunt; David Winker; Rogelio & Aurora dela Rosa; Yvette Doherty; Bob Doherty; Rio Plessett Subject: Lation American ramp access for Monroe County Citizens Latin American Cafe suggested as Stretch ramp replacement BY STEVE GIBBS Citizen Staff UPPER KEYS — Two widely used bat launch ramps on the 18-Mile Stretch are slated to be closed by year's end, and attempts to find alternative launch sites have not been encouraging. The Monroe County Commission voted last month to ask the Florida Department of Transportation to replace the ramps that will be lost. But Alice Bravo, FDGTs district environmental management engineer, told commissioners at their Sept. 20 meeting that the highway department could not buy land for nontransportation-related uses, such as a boat ramp. She suggested the county look into a grant. "Right after the meeting I got on the phone and found that the grant [Bravo] suggested is not suitable," said Rich Jones, senior marine planner for Monroe County. "Even if it were, the time it takes to secure a grant might be too long. By then the property could be sold." Last month, Key Largo resident Howard Gelbman urged the county to purchase the former Latin American Cafe, which contains a boat ramp at the eastern base of the current Jewfish Creek Bridge on the Stretch. 10/3/2006 Ben lannotta, chairman of Monroe County s Marine and Port Advisory Committee and a columnist for The Key West Citizen, said he is still focused on that property, which is currently listed for $3.5 million. "I got a phone call from a Tavernier man who says he has used [the ramps on the Stretch] since he was a kid," lannotta said. "We have to look to the future. The need is only going to become greater, and we need to look at the Latin American Cafe as a' way to make up for those changes." He said the public needs to express its concerns about dwindling access to water to the County Commission. "The point is, the people who live here need to get better in tune in order to create the political will to find a solution to this problem," he said. "If that will exists, the people need to stand up and demand it. The county is politely shrugging it off because they are not seeing the fire and brimstone." lannotta also questioned FDOT's stance on funding boat ramps. "If you can figure out how to spend $256 million on widening a highway, you can figure out how to be creative and retain public boating access," he said. But finding a suitable site, with a boat launch and adequate parking for trucks and trailers, may not be possible on the Stretch. "There seems to be no other site on the Stretch," Jones said. The county is trying to preserve public access to the water, as marinas are purchased and redeveloped as condominium communities. Last month, county commissioners agreed to shift $3.75 million from a Key Largo wastewater fund to purchase the Hickory House on Stock Island. County Commissioner Dixie Spehar said the half -acre property, with a restaurant, docks and potential boat ramp, is the only piece of waterfront available on Stock Island. The South Florida Regional Planning Council is in the process of surveying all the facilities in the Keys that provide public access to the water. The study should be ready by the end of April 2007, said Richard Ogbum, assistant to the director for research and development for the council. sgibbs@keysnews.com 10/3/2006 Hanson -Donna From: Keyhg@aol.com Sent: Saturday, September 30, 2006 10.53 AM To: Patton -Glenn Cc: Spehar-Dixie; Rice -David; Neugent-George; McCoy -Sonny Subject: Public Boat Ramps-Ket Largo It has come to my attention that a portion of the budgeted $ 20 million dollar infrastructure fund for the Key Largo Wastewater District remains unallocated for FY 2007. A portlon of this balance has already been reallocated for the purchase of the Hickory House in Key West and the sinking of an artificial reef also in Key West. There still remains unallocated the amount of $ 4.25 Million Dollars. I would like on behalf of the residents of Monroe County, to request you introduce legislation at the regular BOCC meeft In Oct 2006 that this $ 4.25 million be set aside for the purchase of a suitable property to provide a public boat ramp in Key Largo since none will exist once the two existing public ramps will be closed with the remodeling of the "Stretch". I also would like to further request, the BOCC consider purchasing the closed Latin America business property at MM 107 which already contains a boat ramp and docks. this property also contains a viable convenience store, Full service Restaurant and fuel pumps That may be leased out for revenue purposes. Total offering price $3.5 million. Adjacent to this property is an available 2.5 acre former borrow pit (rock pit) that can be included in the purchase which will provide additional recreation and parking area. Fronting this property is 1600 ft. of original US 1 highway which will no longer be needed by FDOT once the new road ( USA) Is completed.They are agreeable to deeding this road and ROW to Monroe County, which must be maintained for access, and then will be available for additional ROW parking. Once the existing Jewfish Creek Drawbridge Is removed this portion of the road will dead end at the inter coastal waterway. Sincerely; Howard Gelbman Key Largo 10/3/2006 r MA'I'ILDF AC IRRI?, CIPS, CPA RI(/.'N1AX'kDX'kN('E REAl"11 BROKFR-:�SSOCIATI: Office (305) 444-7111 Fxt.132 1570 Nladruga k%c., Suite 310 ('ell (305) 606-1069 Coral Gables, 1.1, 33146 Fax (305) 665-8332 CONINIFR( L11. DIN ISION flat. it NlatildcAguirre.com r Key Largo Waterfront Property FOR SALE 107690 Overseas Highway Property Use Type: Vacant/ Owner -User Property Description: Marina, Restaurant, Convenience Store, Gas Station, and 3 Apartments. Price: $3,500,000 Building Size: 7,752 SF Lot Size: 29,620 SF; 0.68 Acres Year Built: 1967 Zoning: Sub Urban Commercial (SC) ADDITIONAL PHOTOS Property Description: Fabulous opportunity to own your piece of paradise in the FLORIDA KEYS. It has everything and more. Mixed use commercial property with tremendous potential. To begin with, there is 345 ft. of Highway frontage on busy U.S.1 ( The Scenic Overseas Highway) Approximately 370 ft. of water frontage. The Marina includes dockage for over a dozen boats. There are 2 other buildings as well: a Tropical Restaurant, complete with 3, second story apartments over looking the water (831SF, 680SF, and 680SF). Plus, a convenience store with gas service for cars and boats. There is also a private boat ramp with adequate parking for your customers and their boat trailers! The property comes with a full liquor license for the Restaurant & The Tikki-Bar. Plus, an alcohol license for the convenience store. Location Description: It is located 18.6 miles from the mainland (20 minutes by car) on mile marker 107. And a stones throw from Downtown Key Largo. It is the first business everyone sees as they enter The Florida Keys and the last chance for Gas before going towards Miami. Next door there is a large hotel, which means a steady, daily customer base all year round! By Appointment Only NOTE: This offering subject to errors, omissions, prior sale or withdrawal without notice V APPRAISAL REPORT (FILE #A4-1486.KHD) OF MIXED USE COMMERCIAL PROPERTY 107690OVERSEAS HIGHWAY UNICORPORATED MONROE COUNTY KEY LARGO, FLORIDA For COLONIAL BANK MIAMI, FLORIDA As of August 23, 2004 AUCAMP, DELLENBACK & WHITNEY APPRAISERS & CONSULTANTS l AUCAMP, DEUENBACK & WHITNEY APPRAISERS & CONSULTANTS August 31, 2004 Ms Lina Macki Senior Vice President Colonial Bank, N.A. 1200 Brickell Avenue Miami, Florida 33,131 RE: Mixed used commercial property located at 107690 Overseas Highway, unincorporated Monroe County. Key Largo, (File #A4-1486.KHD) Dear Ms. Macki: As tion and lysis to form opinions of you abuested, I mde the necessary ove referenced meal property. This report isaan appraisalaof the subject property. value for To assist Colonial Bank in evaluating a new loan request, this appraisal provides an estimate of market value of the fee simple interest for the property's "as is' condition, as well as the market, value of the going concern. This SELF-CONTAINED REPORT fully describes the COMPLET APPRAISAL ASSIGN T• The subject property is a 29,620 SF or 0.68-acre site. The site has about 370 feet of frontage along a channel running off Jewfish Creek and Blackwater Sound. Wood finger docks are located along the bulkhead and provide dockage for 18 boats. The Intracoastal Waterway (ICW) runs through Jewfish Creek and out to Blackwater Sound, just a few hundred feet north of the subject site. Other improvements include a convenience store (C-store) containing 1,641 SF and second floor apartment containing 831 SF. A second building contains a 2,933 SF resta u rant on the first level and two apartments and storage containing 2,347 SF on the second floor. The total building area is 7,752 SF. The subject property is an operating service station with three multiple pump dispensers (MPDs). Two MPDS are used for vehicle fueling and one is used for boat fueling. According to the buyers, the fuel is stored in a 22,000 gallon double wall tank. An environmental report stated the underground tank is a single wall 10,000gallons. If the tank is single wall, it its required to be replaced by December 2009. The size of the tank does not impact the existing operation. The restaurant has additional outside seating on a patio area and a Chickee Hut provides seating for the Gstore. The C-store has a license allowing alcoholic beverages to be sold and consumed on the site. The multiple pump dispensers (MPDs) are dated and should be updated with new MPDs. The restaurant building has special character and is a successful operation. The apartments are large one bedroom units and are currently leased to related parties of the current owner. The overall condition of the improvements is rated average. I was not provided with a condition 4700 NW Boca Raton Boulevard, Suite 102, Boca Raton, Florida 33432 (561) 998-9326, Fax (561) 241-4759 Ms. Una Macki August 31, 2004 report and assume the bulkhead and structures are in good condition. I assume the service station and site area used to repair boats is clear of contamination. The subject site was purchased in June 2000 for $900,000. The property was in poor condition when sold in 2000. The subject property is under contract at a price of $2,900,000. The current owner renovated the restaurant building and made some additional upgrades to the other improvements. The purchase price includes the business operations (going concern). The marina, service station and restaurant uses are being leased to third parties. The leases include the real estate anb the existing business operations. The subject's location in the Florida Keys is subject to strict growth controls. This governs any changes made to the property regarding building size. It is unlikely the sut eclsite could be improved with the same uses if vacant. Growth controls have all but stopped corn rnercial development on vacant sites in Monroe County. The majority of new development is renovations of existing commercial improvements. The growth controls have resu Ited in high demand for existing improved properties, both residential and commercial. After careful and thorough investigation and analysis, I estimate market value of the fee simple interest in the real property in "as is" condition subject to assumptions and limiting conditions as explained in the attached report as of August 23. 2004, is: TWO MILLION SEVEN HUNDRED THOUSAND DOLLARS (S2,700,000) The fixtures, personal property and equipment (FF&E) are necessary for the successful operation of a service station and restaurant. The estimated depreciated cost of the FFBE, as calculated in the cost approach is $225,000 and this amount is.included in the in arket value estimates. I did not include the rental boat or the debt on the boats in the value estimate. The other equipment and furniture is necessary for the current operation. The rental b oats are not necessary for the marina operation. I attempted to isolate business value, but my value estimate may contain some business value, which is insignificant to the overall valuation. After careful and thorough investigation and analysis, I estimate GOING CONCERN VALUE of the fee simple interest in the real property in "as is' condition subject to assumptions and limiting conditions as explained in the attached report as of August 23, 2004, is: THREE MILLION FIVE HUNDRED THOUSAND DOLLARS ($3,500,000) The going concern value exceeds the contract price. It appears the sellerwas not aware of the value of the subject property. It has been reported, but not confirmed, the seller h as a higher offer from another buyer. AUCAMP, DELLENBACK & WHITNEY APPRAISERS & CONSULTANTS Ms. Lina Macki August 31, 2004 1 was provided with the findings of a Phase I Environmental Assessment that indicated the site had no environmental concerns. I assume this is correct. The accompanying appraisal report contains three major parts: (1) an introduction with important background information about this assignment and the subject property; (2) descriptions, analyses and value conclusions: and (3) addenda inducting a certification and a listing of assumptions and limiting conditions affecting the value estimation. Thank you for this opportunity to assist in meeting your appraisal needs. Respectfully submitted, AUCAMP, DELLENBACK AND WHITNEY Kent H. Dellenback State -certified General Appraiser RZ 120 AUCAMP, DELLENBACK & WHITNEY APPRAISERS do CONSULTANTS TABLE OF CONTENTS PART 1: INTRODUCTION Title Page Letter of Transmittal Table of Contents Summary of Salient Facts and Conclusions Location Map Photographs Appraisal Develdpment and Reporting Process Purpose of Appraisal Use of Appraisal Property Rights Appraised Date of Value Estimation Definition of Market Value Identification of Property Property History Legal PART 2: DESCRIPTION, ANALYSIS AND VALUE CONCLUSION Area and Neighborhood Description Market Analysis for Service Stations Site Analysis Description of the Improvements Highest and Best Use Valuation Process Cost Approach Sales Comparison Approach Reconciliation Normal Marketing Period PART 3:ADDEND A Certification Assumptions and Limiting Conditions Market Profile Report Area Description and Analysis Financial Statement for Year Ending in 2003 Copy of First Page of Option Agreement Engagement Letter Qualifications and License of the Appraiser 5 AUCAMP, DELLENBACK & WHITNEY APPRAISERS do CONSULTANTS 2 4 5 7 8 11 11 12 12 12 12 12 13 14 15 17 23 22 27 28 29 38 57 58 59 60 63 69 78 79 80 87 SUMMARY OF SALIENT FACTS AND CONCLUSIONS Location 107690 Overseas Highway (U.S. Highway 1), Key Largo. Florida. The site is located along the west side of U.S. Highway 1, at Mile Marker 107.7, just south of the draw bridge over Jewfish Creek. Report Date August 31, 2004 Valuation Date ,.As Is" August 23, 2004 Property Rights Fee simple estate Use of the Appraisal Use by Colonial Bank in connection with a loan decision Assessment/Taxes $754,998/$8,137 Size 29.620 square feet; 0.68 acres Description of the Improvements Marina, restaurant, service station and apartments, The marina has 18 slips for smaller boats and a fuel docks. The restaurant has 2,933 SF and seating for 165 in the dining area and 25 seats at the bar. The service station has two MPDs that are dated and a C-store with 1 .641 SF. The apartments are divided into three units with 891 SF, 680 SF and 680 SF. The total enclosed building area including storage Is 7,752 SF. The buyer stated the in ground fuel storage tank is 22,000-gallon double -well fiberglass and an environmental report stated the tank is 10,000 gallon single wall. The improvements were constructed in 1967 and are in average condition. Zoning The Subject site is zoned Sub Urban Commercial (SC) by Monroe County. A wide variety of uses are allowed in this zoning. The existing marina and service station uses are conditional uses. The apartments and restaurant are allowed uses. Census Tract 9703 Flood Zone Zone VE, typically does require flood insurance Highest and Best Use As Vacant Commercial development As Improved Existing marina, restaurant and service station use, C� AUCAMP, DELLEN BACK & WHITNEY APPRAISERS & CONSULTANTS SUMMARY OF SALIENT FACTS AND CONCLUSIONS (continued) INDICATORS OF VALUE FOR THE FEE SIMPLE COST APPROACH Omitted SALES COMPARISON APPROACH $2.600,000 INCOME APPROACH $2,760,000 VALUE ESTIMATE $2,700,000 ESTIMATED CONTRIBUTORY VALU E FF&E $225,000 GOING CONCERN VALUE $3,500,000 OVERALL DESCRIPTION OF ASSIGNMENT The subject property is part of the first oommercial development in Monroe County along Overseas Highway running south from Florida City. The subject is part Ole commercial node that includes a mixed use commercial project and a timeshare hotel. The location is at the draw bridge over Jewfish Creek along Overseas Highway. This is the first stop by boaters coming from Miami to the Keys and the last stop leaving the Keys. I searched from Marathon Key to Key Largo, a distance of over 50 miles. The search revealed several sales that are comparable. The search was expanded to include South Florida to derive rent comparables for the restaurant and service station uses. AUCAMP, DELLENBACK & WHITNEY APPRAISERS & CONSULTANTS 7 LOCATION MAP COLL it tA+rco �.l' f L 0 It W " r 'NL"� '6rt , _ awi liar ia�d. , .y9. •. .r � � • '. N�.apJe.dr•, �rj(at44i r r `�rA��`,B�ae. � A � kjotam 80aM'K a~ AanONCfa 100776900CrMASS HIGHWAY MnA60 KEY LAA69 M e ,f �''� rC b diG: .i r • .. �- ,� y�h �y�k}�tlK, .S Mrtawl►.rk RV t :. �:i'•,.err.vv. fbdd[Bq' is e t vwt:,t}�f n'Y Ck AERIAL E AUCAMP, DELLENBACK & WHITNEY APPRAISERS & CONSULTANTS I I I SUBJECT PHOTOGRAPHS FACING NORTHWEST AT THE SUBJECT'S RESTAURANT FACING SOUTHWEST AT THE C-STORE AND FUEL ISLAND AUCAMP, DELLENBACK & WHITNEY APPRAISERS & CONSULTANTS r - ^ 'Tt L 1� rt t �' '• ! 4 FS- I N L, n r SUBJECT PHOTOGRAPHS STREET VIEWS FACING SOUTH OVERSEAS HIGHWAY - SUBJECT IS ON THE RIG HT FACING NORTH ALONG OVERSEAS HIGHWAY —SUBJECT IS ON THE LEFT FACING EAST AT BLACKVVATER SOUND FROM THE SUBJECT PROPERTY 13 AUCAMP, DELLENBACK & WHITNEY APPRAISERS do CONSULTANTS 11 r I To satisfy the requirements of a complete appraisal assignment, the scope of this assignment consisted of inspecting the subject property and gathering sufficient information to analyze the subject property and its market, as well as to utilize the traditional approaches for estimating market value. Performing this assignment consisted of the following steps. 1. Lina Macki at Colonial Bank sent an engagement letter dated July 21, 2004. re questing an appraisal of the subject property. 2. 1 inspected the property on August 23, 2004, gathered market data, and wrote the report. I met with Theresa Santana, broker for the buyer, who provided the following: A. Tour of the property B. Copy of an undated survey of the property C. Legal description of the subject property D. Information as to fuel sales, C-store sales, restaurant sales and marina rentals. E. History of the subject property F. Copies of three signed leases for the marina, service station facilities and the restaurant G. Information as to proposed improvements to be made at a future date 4. 1 obtained information from CoStar Realty, an on-line subscription service providing sale and rental data in Miami -Dade County, the Monroe County Property Appraiser's records, ESRI BIS an on-line subscription service providing U.S. Census data, floodmaps.com, FFIEC Geocoding System, local newspaper articles and appraisal files in this office. 5. 1 investigated improved commercial sales in Monroe and Miami -Dade Counties and rental data in Monroe County and South Florida. A party to each transaction verified data as reported in the public records. I obtained information from buyers, sellers, brokers, and ag ents, as well as from my appraisal files. I wrote this entire report. 6. During the investigation, I obtained sufficient information to utilize two of the th ree traditional approaches to value, namely the sales comparison approach and income capitalization approach. The cost approach was omitted for reasons stated later in the report. 7. The results of this assignment are presented in a self-contained appraisal report as requested by Colonial Bank. PURPOSE OF APPRAISAL The purpose of this appraisal is to estimate market value of fee simple interest in the subject property in its "as is" condition. USE OF APPRAISAL The appraisal will be used by Colonial Bank for decisions in connection with a loan. 14 AUCAMP, DELLENBACK & WHITNEY APPRAISERS & CONSULTANTS I PROPERTY RIGHTS APPRAISED Property rights appraised involve the fee simple estate. Fee simple estate defined by The Dictionary of Real Estate Appraisal (Appraisal Institute, Fourth Edition, 2002, page 161) is, Absolute ownership unencumbered by any other interest or estate, subjedonly to the limitations imposed by the governmental powers of taxation, eminent domain, police power, and escheat." DATE OF VALUE ESTIMATION August 23.2004 - effective date for value in "as is" condition 1 DEFINITION OF MARKET VALUE Market value has the following definition as defined by Title XI of FIRREA and the Appraisal Foundation. 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 setter each acting prudently a not knowledgeably, and assuming the price is not affected by undue stimulus. Implicit in this definition is the consummation of a sale as of a specified date and the passing of title from seller to buyer under conditions whereby: 1. buyer and seller are typically motivated: 2. both parties are well informed or well advised, and acting in what they consider their best interests, 3. a reasonable time is allowed for exposure in the open market, 4. payment is made In terms of cash in United States dollars orin terms otgnancial arrangements comparable thereto: and 5. the price represents the normal consideration for the property sold una/leded by special or creative financing or sales concessions granted by anyone associated Wth the sale. DEFINITION OF GOING CONERN VALUE 1, The market value of all the tangible and intangible assets of an established and operating business with an indefinite life, as is sold in aggregate. 2. Tangible and intangible element of value in a business enterprise resulting from factors such as having a trained work force, an operational plant, and the necessarylicenses, system„ and procedures in place. 3. The value of an operating business enterprise. Goodwill maybe sepsrsleymeeasuredbut is an integral component of the going•concern-value. Appraisal Institute, The Dictionary of Real Estate Appraisal, Fourth Edition, 2002, page 127, IDENTIFICATION OF PROPERTY The subject property is located just south of the drawbridge over the Intracoastal Waterway at Mile Marker 1701 in unincorporated Monroe County. The street address is 107690 Overseas Highway, Key Largo, Florida 33036. The subject has a lengthy legal description that is shown on a following page. 1s AUCAMPf DELLENBACK & WHITNEY APPRAISERS & CONSULTANTS IDENTIFICATION OF PROPERTY (continued) The subject real estate number is: 00083790-000100 PROPERTY HISTORY The subject property was purchased in June 2000 for $900,000. The property condition was poor and the buyer renovated the property after the purchase. At the time of sale, the restaurant was not in operation. The owner, Uli Enterprises, Inc. renovated and opened the restaurant. Lili Enterprises has entered into a contract to sell the subject properly to Mile Marker 107, Inc. The indicated contract price is $2,900,000. The price includes the real estate and the going concern. The buyers intend to lease the operations of the marina, restaurant and service station. The buyer will operate the leasing of the apartments. LEGAL DESCRIPTION 11tm a execs zr rk Cif the center it" e-. the •baodinet !!or!ds Seat Cease Igeilroad ripC• of -my and en top of a esttom easement at ilia old fence ibridse in a tot thetly dlrstClns rut rt ease to a poise ago tan ah•ralLna of ilovftah Crack f _ a paint 50 feet fine tug center line of the abowa-adsesaut high--of-nay- :peace eeatieW saaelxtly slang sold ahatallu of Jwfieh calk sea a point too !art diataaee at. right asµe frog the center ISae of Can abandoned :Lehr QA right-of+,sy for a psfat of btganal.Mg (mid point ►tliudki ,be flit southsrL • right-sf-wy list of dale ahAndesci railroad sliF.t-of-owy. sU khaedoaad roils sd rlgh•-Ofway bslag Lie southerly 'Eight-ei-eay of the loeisting Soee aid 5. famotly suit lead AAQ . Rues said Pease of resbus; kooc aautnsMree y are easterly fo11W.e{ t!e cols ►ink sE iw!ieb Cte•IL aid ionh ►ask of a foal ruaelag to take Sul"Lsa s else:anae niesadamo) of 660 i e: brc er'lesa to an isrsteaetian at odd Octal took eMd the s teasly r!sbt".ay line of sues W ad S. foeaenly Ls (atamoua rallraad right-af-Wsyl . asit ps st +at's too face . isteme aC Victor aaaLs ftW+ ehd -twat Sloe et said night" -ay: ahtaee run Morel Westerly Along said rigse-a-aay line 100 tact diseuaee eta and liktauel ea the renter hue of said right-otwsy a that ea at 60C feet sell n lass to gas pair c Mt le6taair Z. said ;anal of lead - lying and beans Lt n U, Of Ip lra of See tic t 35-60-19. xaome Cants, notlda. tiEss e!a foll•ari rg deset:kad paeeelo: 11"I . A - You o p+tnt M the easterly 1,11A6e sbet"%C af'tN ovoraeas'Wmo ariaga oast Ja,f.ah Creak rue eantheYtarly dead the easing 1LMe of the tat aka a discos ,e of 161.65 fam treat to a pow f eb•aes caaeebweacaely at tine aaglas %6kMay sb tatd eearat In, diseasea ad too feet to the aeoutmT1y Tigre-af-" 1L-e of Visa oe'reass Rig may Mod zba potat At baltaaing at tte parent. of land units ter dkeaTlbcd; rbeae cw aezthveotetly porsus). With the enter ltos arf the Met at Mlghway aid )tic net. distant --beratteo a A"cants et 216.5 feet. etr-n at lat ci tba share lie of Jw.Qash crest; them atsattt'tly and sent1tv"COW4 M{adetin6 Cho a. ace lira of said iosflah Cresit 4714 asx asset. %WMLI K to Si♦zpnst " a - istanee of 31e teat snit cc lnss. U a paint located 131 too . t• os le so seas, and 'ac Tighe Amiga to the aaad aoaaharly lubt-of-eal l ea ci pucrseae 11161mby At the pout of ►egieaoing; Choate mcrhaaaeerly 13 i{sz Marc or Inal , to the point At bastbnia6 Pjpm_ g - itoa , polar an the asst.sly ►sedge ahut C of %bA tNezfWta oz 4z s heoy brie ga at IT Jew!sh Creek, to soutbs asterly sloes the Colmar It" e: n c t�. Overseas Lilt fay a dLataaee of 263.6s filet to a "tat; testes t'= smttattar7yy Met nit':gat snglas t s said canter line a discagCe of LOO face to the aweikNl C:Ow— otFeay 1Lae of el , hw:ae.• Lt.lglosay cot tha yalat of bnglanleg of G ;etei c act� lose ktreaaaft of deacrt►ea; -hence TWA southsaetetly yarallel arleh ChM ctg,r a n Ilia of the O'C93 tas tistheay _• an! log fees diet.elierotrm a GisuM T of Wi.tO y W < £r t A a Polo%; :heats tun sau:lsteetcly aC Ticks calm a Af%ce ea of 132.01 to t, More or low : to the north hank of the emal cuatatss to 1•41e41, SW'lhkc; a theme rue 0ortho, rally along said with hsak o dlaCasto of 105 Isla-, an It 1e s, Ct a point stated 135 fact, sets at late. Messuzed at right. slates n CA I:rxtArly rlghz-o -why him et the prerstia Rictraay. Itthe poioc of bretskiz .leant cue March. as -et. qe Teo', ear. e' Am". to can colorof haaicau, 16 AUCAMP, DELLENBACK & WHITKY APPRAISERS & CONSULTANTS PART 2 DESCRIPTION. ANALYSIS AND VALUE CONCLUSION AREA AND NEIGHBORHOOD DESCRIPTION AREA AND NEIGHBORHOOD DESCRIPTION The subject prope�y is at the gateway to the Florida Keys (Keys). The subject's neighborhood is called Key Largo. The Keys have only five incorporated cities. The cities from south to north are Key West, Marathon, Key Colony Beach, Layton and Islamorada. Islamorada, the closest dty is over 30 miles to the south. The Keys are located in Monroe County and are divided into lower, middle and upper keys. Key Largo is in the upper Keys. Key Largo has 14.4 square miles with an average elevation of eight feet. The year round population is 12,886 residents. The Keys are attractive to retirees and seasonal residents and demand for real estate has increased prices significantly in the past few years. Monroe County has very tight growth controls that have limited development. The growth controls are mainly guided by water, sewer and roadway capacities. Growth controls is limiting new construction and few sites are being developed. Construction of a new marina has not taken place for several years. At the same time, boat registrations are increasing and available boat storage is well below the demand. Two roads provide access to the Florida Keys from the mainland. The main route is U.S. Highway 1 (Overseas Highway). U.S. Highway 1 runs south from Florida City and is renamed Overseas Highway upon entering Monroe County. The highway is two lanes frorn Florida City to Key Largo. The highway has two passing zones along a 20-mile distance. The second roadway is Card Sound Road, a toll road, which services the northeastern Key Largo and the Ocean Reef Club. Boat traffic is heavy in the Keys and water activities are the main attraction to visitors of the Keys and to the residents. The direct route to the Keys from Miami and the mainland is by the Intracoastal Waterway (ICW), which is an inland waterway. It is much saferto use the ICW than to risk weather changes in the Atlantic Ocean. The ICW runs through the Jewfish Creek and passes a few hundred feet north of the subject site. A drawbridge over Jewfish Creek allows for larger boats to use the channel. This is the only drawbridge in the northern Keys along Overseas Highway. The subject property is part of a three parcel commercial node at the Jewfish Creek and Overseas Highway intersection. North of the Jewfish Creek is a Gilberts Holiday Motel & Marina, a mixed used commercial project. The project sits on a 173.368 SF site and is improved with a marina, motel and restaurant. Gilberts was listed for sale at $7,200,000 according to recent MLS records. The parcel directly north of the subject property is improved with a mid -rise timeshare project. The timeshare has boat docks, but lacks a restaurant and fuel facilities. The addenda contains a Market Profile Report, dated August 10, 2004, which shows data based on 1 minute to 60 minute driving times from the subject property. The market report shows limited information on a one minute driving time. The five minute driving time shows a 17 AUCAMP, DEUENBACK & WHITNEY APPRAISERS & CONSULTANTS I i i NEIGHBORHOOD MAP h 4y 1i �• <q�rNarfa�om uuwa�teq r««r+'�+M«y+rra.r«. Ariw�wcraaswVtib 011Y 05 � •Giffin w'«w~ � Fr•IOCS��MNMtl Y W� rLN w�« i � h'Y✓ i�rn�`ry�. rl iY«'«w+! 1M W wgrMa M«MYW �14 vAwrn YErR Y4 Wiirti Gwiue� r�«efl s.. yn! rwv.r AUCAMP, DELLENBACK & WHITNEY APPRAISERS & CONSULTANTS 98 AREA AND NEIGHBORHOOD DESCRIPTION (continued) population of 2,043 residents and 30 minutes shows a population of 15,157 resid ents. The 30 minute driving time includes all of Key Largo. The sixty minute drive takes into account south Miami -Dade and the population increases to 649.000 residents. The local percapita income is $28,580 and the median household income is $52,859. This is near the average for Florida. The Florida Keys are an international tourist designation. The area businesses are geared to capture the tourist dollars. The businesses include restaurants, novelty stores, marinas and tourist attractions. The largest tourist attraction is John Pennekamp Coral Reef State Park. This is the first unde�{ater state park created in the United States. The park attracted 656,368 visitors in 2003 and 470,070 campers at the park in 2003. A Retail Goods and Services Expenditures report shows the retail expenses are typically higher than the national average. This is the result of the limited access to the Keys, making the cost of goods and services higher. Disposable income levels are near state averages. The Market Profile Report does not take into account the seasonal residents and tourists, who generally have higher disposal income level. The Florida Keys are impacted by the summer and winter seasons. The summer season runs from May to November and is called the low season. The winter season runs from December to April and is called the high season. The local business along with local government have worked together to increase tourism during the slower low season by having special events. Key West is famous for having special events to increase the tourism. The upper Keys have catered to the South Florida market to attract locals by offing special weekend packages. The high season has a very strong tour trade and hotel room occupancies are ve ry high and restaurants are busy. The high season attracts tourists from all over the world. The cost of lodging increases more than two -fold from the low season. Boat traffic along Jewfrsh Creek increases as seasonal boaters from Miami move their boats to the Keys from areas further north. A total of over 7,000,000 people live in southeast Florida. The subject property is impacted by the location near Jewfish Creek. This is an important commercial center for the thousands of boats using the channel annually, The boater traffic creates a high demand for commercial services including C-store sales, fuel sales, bait and tackle sales and restaurantliounge sales. The majority of the activity is during the weekend with boater coming out of Southeast Florida and during special holidays. AUCAMP, DELLENBACK & WHITNEY 19 APPRAISERS & CONSULTANTS SITE DATA AND ANALYSIS ADJACENT LAND USES The properties surrounding the subject are the Blackwater Sound to the north, to the east across Overseas Highway is a mangrove swamp, to the south is Lake Surprise and to the north is the Anchor timeshare and Gilberts Holiday Marina. SITE SHAPE AND AREA The subject site, irregular in shape, has frontage of about 350 feet along Overseas Highway and frontage along a deepwater channel of about 370 feet. The site contains 0.68 acres, or 29,620 square feet. ACCESS The site has double wide access drive from Overseas Highway. The access is adequate for the existing uses. An additional access point may be provided at the southern portion of the site from Overseas Highway. DRAINAGE AND SOILS The site drains to the surrounding water. Some low points results in standing water after a heavy rain. The soil is a sandy loam and coral rock. The drainage system isdesigned to contain a fuel spill. The soil is a sandy loam which is common for the area. The site has been cleared and filled to grade. FLOOD ZONE The subject is located in Flood Zone "VE" according to the FIRM Flood Insurance Rate Map with Community Panel Number 125129 0824 G, dated June 16,1995. This zone Consists of areas of 100-year flooding, and flood insurance is typically required in this zone. EASEMENTS AND ENCROACHMENTS The existing easements are for utilities. No encroachments nor adverse easements on the property were readily apparent during site inspection nor were noted on the copy of the survey. The subject's parking area encroaches on the right-of-way for U.S. Highway 1, UTILITIES Utilities to the site include public water provided by the Florida Keys Aqueduct Authority. Sewage is disposed by an on -site disposal system. Electric by Florida Keys Electric Co-op and telephone by Bell South or other private carrier provide telephone service and FPL provides electrical service. CENSUS TRACT The subject is located in Census Tract 9703 according to the 2000 U.S. Census. ASSESSED VALUE AND TAXES The subject parcels were assessed and taxed as follows in 2003: Assessment Taxes $754,996 $8.137 20 AUCAMP, DELLENBACK & WHITNEY APPRAISERS 6c CONSULTANTS ZONING MAP i SUBJECT PROPERTY Z a L�� a a Q Z AUCAMP, DELLENBACK & WHITNEY APPRAISERS & CONSULTANTS 21 SURVEY, SKET �H OF SURVEY �FE'i- vc,�rN 4 "�Q aw zs AUCAMP, DEUENBACK & WHITNEY APPRAISERS do CONSULTANTS SITE DATA AND ANALYSIS (continued) LAND USE PLAN The site is in a commercial waterfront node according the Monroe County Land Use Plan. ZONING The subject is zoned Sub Urban Commercial District (SC) by Monroe County. The zoning is intended for developments of low intensity. The zoning allows a number of uses including retail and office. A marina use is a conditional use. The subject's existing uses are in part non- conforming, but are grandfathered uses. Monroe has restricted new development in the Keys and it would be difficult to replace the existing use if the site were vacant. Since the site is developed the existing building square footage could be replaced if the structures were destroyed. CONCURRENCY The site is an existing use and has no concurrency restrictions. SITE CONCLUSIONS The subject site is developed with a mixed use project that would most likely not be allowed under current growth management regulations. Development of vacant commercial sites in the Keys is very difficult. The subject site, being improved, is very desirable as the existing square in calculating future renovation work. It is nearly impossible to add juare footage. The subject site, as improved, is in high demand. AUCAMP, DELLENBACK & WHITNEY 23 APPRAISERS & CONSULTANTS IMPROVEMENTS DATA AND ANALYSIS The subject site improvements consist of shell rock, which covers the majority of the site. A concrete boat ramp is located at the southern end of the site. The copy of the provided survey shows the overseas Highway right-of-way includes part of the existing parking area of the subject property. If the right -of way is used at a future date to expand the highway, it would greatly impact on the parking available for the restaurant. Other site improvements are a 370 foot concrete bulkhead along an access channel off Blackwater Sound, patio areas at the restaurant and between the C-store and restaurant, wood finger docks providing 18 slips for small boats and wood docks at the fuel island. Landscaping is mostly natural with mangroves along the water. DESCRIPTION OF BUILDING IMPROVEMENTS The improvements consist of a convenience store, fuel islands, marina, apartments and restaurant. There are three apartments, all having one bedroom and one bath. BUILDING IMPROVEMENTS DETAIL: Building Sizes: 2,933 SF 1sT Floor Restaurant 2.347 SF 2' Floor Restaurant Building (including two apts) 1,641 SF C-store 831 SF 2nd Floor C-store 7.752 SF Total Building Area Foundation: Reinforced spread concrete footers or monolithic concrete slab Exterior Walls: Concrete block with a stucco finish Roof: Built-up over plywood base, supported by wood trusses (assumed) Flooring: Ceramic tile, carpeting, solid wood and concrete Ceilings: Suspended acoustical the and plaster Windows: Plate glass, fixed panes and jalousie type windows Doors: Plate glass front entry doors; rear metal and wood doors HVAC: Multiple A/C systems for the store, restaurant, apartments; coolers and freezers have air compressors Plumbing: Two restrooms with two fixtures in each at the (;store, two restrooms with four and five fixtures at the restaura nt and one full restroom in each apartment. The restaurant has a full kitchen and 24 AwAMP, DELLENBACK & WHITNEY APPRAISERS & CONSULTANTS J 50.3' Restaur ant 2 Stor i BUILDING LAYo T 2 nd Floor m i 1 Sto y 21Z 20.5• 2 nd Floor 2 Story c 3 W y ci c• c o a Store 1 •Story 107690 Overseas Hwy. (Not To Scale', CD m 2 cQ' 3 AUCAMP, DELLENBACK & WHITNEY-------25 - APPRAISERS do CONSULTANTS IMPROVEMENTS DATA AND ANALYSIS (continued) C-store has the plumbing for a complete kitchen. Electrical: Adequate for the existing uses Miscellaneous: 4' wide canvas awning across the front of the C-store, a 10' wide concrete patio across the front of the C-sore and a concrete walk across the rear along the water frontage. Wood finger docks for parking of 18 boats, limited water and electric is supplied to the docks. An outdoor seating area is off the rear of the restaurant and additional seating is under a Chickee Hut. ANALYSIS OF IMPROVEMENTS The improvements are typical of commercial properties in the Keys. The mixes of uses at the site are desirable and compliment each other. According to the property appraiser's office, the subject improvements were constructed in 1967. The improvements underwent a major upgrade in 2000/2001, with the restaurant being renovated and an addition madetothe C-store. The existing improvements have an overall average condition. The wood docks show some wood rot and the Chickee Hut needs a new roof covering. Marshall Valuation Service, a national cost estimating service, estimates total economic life expectancy to be 20 to 50 years for the various uses at the subject site. Minor renovation work is required for the short life items like the docks, bulkhead and fuel system. The improvements have an actual age of 37 years and an estimated effective age of 15 to 20 years. The main structures have depreciation an estimated 15% a nd the equipment and fuel system 50%. AUCAMP, DELLENBACK & WHITNEY 26 APPRAISERS & CONSULTANTS I 1 1 1 I r I I HIGHEST AND BEST USE The concept of highest and best use has the following definition. 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. Appraisal Institute, The Dictionary of Real Estate Aooraisal Fourth Edition (2002), p. 135. i The highest and best use concept takes into account contribution of a specific use to the community and community development goals as well as benefits of that use to individual property owners. An additional aspect is the use determined from this analysis represents an opinion, not a fact to be found. The concept of highest and best use represents the premise upon which value is based. The highest and best use must meet four tests or criteria. Legally permissible: What uses are permitted or have reasonable probability of being permitted by zoning and deed restrictions on the site in question? Physically possible: What uses are possible based upon the site's physical constraints such as size, shape, area, terrain, soil conditions, topography, and access to utilities? Financially feasible: Which possible and permissible uses will produce a net return to the owner of the site? Maximally productive: Among the feasible uses, which one is most probable and will produce the highest net return and highest present worth? Analysis of highest and best use for a property typically involves analyzing the site as vacant and available for development as well as analyzing the property as improved. HIGHEST AND BEST USE AS VACANT If the subject site was vacant, it would have to meet very restricted government growth control. Under current growth control the allowed uses at the subject site would be limited. If vacant, it would be difficult to construct a structure larger than 2,500 SF on the site. Monroe County has placed growth controls that are tied to existing commercial square footagm, The highest and best use as vacant would be to apply for a site plan to develop the site with a waterfront commercial use to the maximum allowed density. 27 AUCAMP,. DELLENBACK & WHITNEY APPRAISERS & CONSULTANTS HIGHEST AND BEST USE (continued) HIGHEST AND BEAST USE AS IMPROVED The subject improvements are in average condition and are functional. The existi ng uses are a very intense use of the site and this intensity wou Id not be allowed if the site were vacant. The exiting uses were allowed under prior building codes and are legally non -conform ing uses. The uses are generating a good cash flow; operation in its "as is" condition provides a significant . contribution to value. The highest and best use of the subject site is to continue the current uses. 28 AUCAMP, DELLENBACK & WHITNEY APPRAISERS & CONSULTANTS VALUATION PROCESS The previous sections contain identification and analysis of the area, neighborhood, site and improvements as a basis for determining the highest and best use of.the property . Estimating market value for the property under its highest and best use as improved involves analysis of two separate approaches: cost approach and sales comparison approach. The in come capitalization approach is omitted. The cost approach is based on the principle of substitution, which states that an irtformed purchaser will notlpay more for a property than the cost of reproducing a property with identical improvements and having the same utility. This approach consists of estimating value for a site as if vacant, adding the direct and indirect costs of construction, deducting an esti mate of accrued depreciation and adding an appropriate entrepreneurial profit. Vacant land sales are scare in the Keys and sites that can be developed with a commercial use are eve n scarcer. Growth controls by Monroe County are so strict it is nearly impossible to develop a vacant commercial site with water frontage. Lacking corn parable land sales and considering the age of the subject improvements, the cost approach is omitted. The sales comparison approach is also based upon the principle of substitution whereby similar properties within competitive markets will realize similar prices. An informed purchaser would not pay more for the subject property than the cost to acquire another property with the same amenities and utility. The income capitalization approach is based on the principle of anticipation whereby an investor expects benefits to be derived in the future. In evaluating future benefits, an informed purchaser will analyze income as well as how change affects the income -producing characteristics of the property. The final step in the valuation process is reconciliation of the value indications into a single final value by analyzing the appropriateness, accuracy and quantity of evidence in each approach. AUCAMP, DELLENSACK & WHITNEY 29 APPRAISERS & CONSULTANTS SALES COMPARISON APPROACH The sales comparison approach is a method for estimating the subject's value by analyzing recent sales of comparable and competitive properties. The underlying theoryisthat a prudent buyer would not buy one property at a price any higher than the cost to acquire a comparable and competitive property. This approach provides a reliable indication of market value when properties are bought and sold regularly. With good market data, this approach provides a good indication of value. The subject property is a mix of several uses and sales of similar properties is scarce. I have searched the market for sales of mixed use commercial developments, as well as. sales of the uses similar to one or more of the uses at the subject property. I searched the Keys from Marathon to Key Largo and Miami -Dade County. This information provided abasis for a deriving a value conclusion. R Ammp, DELLENBACK & WHITNEY APPRAISERS & CONSULTANTS a M.O N'R0 E w•Aw wait' IMPROVED SALES MAP M I A M 1 0 A D E Lcimm Qrt NemeYWA k� ManIw00 C~0 Adlion M10N1 .yp. 1. + NomaStNOl bum"atbnflpark P;M* Goy �vVdl Zim I F L O R I D A Cnny 1v h 0 NT k011Y RR...... __..... _. 104M Alaiaoo ava5 K!Y k4pNASnfNwr. Eve Iaan _3daa w°yor a yKEr U51% ps{h Neu w pan .Y•� _.. ._. .xwft*wwhe * lw i saih* itua curt ,g Keyes F I d i l d a b a y Lgwad S*4 f.wr•A.+ 1ITD O.wa%Nm. rMnarn, z Wghon Keya�aaC4" ' 3apwd Sale 3 k1OyaS0 Sae l U saga"aNa Mf03 a+nar ay 4y mova. R =31 K• Law y137R' M olaanwam Daancal Sna A t l a n t i c o c e a n .. T•v .. hr.✓.!..t;p. � ..n.. a W y'�r,n d. w: '. to-.w.uv •n.as s.. •n •.. n AUCAMP, DELLENBACK & WHITNEY 31 APPRAISERS & CONSULTANTS IMPROVED SALE 1 (MARINA) (File #A4-1486.KHO-IS1) LOCATION: Key Largo Harbor Marina, 99701 Overseas Highway, Key Largo, F lorida Photograph taken from the Key Largo web -site and is the property of Key Largo Marina DATE OF SALE: March 2004 GRANTOR: Estate of Konstantino Bouiis GRANTEE: KEYS Marinas LLC SALE PRICE: $4,341,200 TERMS: Cash to seller DEED: Warranty (199211428) INTEREST: Fee simple estate VERIFICATION: Bud Cornell, brokerfor the seller (305) 854-4241; 8N by KHD LEGAL: Part of Tract E, Port Largo, Key Largo, Plat Book 5, page 3. Monroe County PRIOR SALES: None in the prior three years MARKETING: On and off the market for several months Ammp, DELLENBACK & WHITNEY 32 APPRAISERS Bz CONSULTANTS IMPROVED SALE 1 (continued) PROPERTY INFORMATION FOLIO: 0045440-0004 & 00453440-005 ZONING: SC, special zoning allowing the development of a manna and related uses, Monroe County SITE: 149,350 SF; 1,380lineal feet of bulkheads IMPROVEMENTS: Constructed in 1972 with a 12.522 SF, including a 9,870 SF metal i warehouse, 1,152 SF dive shop and 1,500 SF metalworkshop. The uses are boat storage and fuel docks. The sale included efork lift and 60 ton travel lift. The property was in average condition. Thebasin allows for 34 wet slips. The warehouse has 44 racks and outside storag a is for 38 boats. GAS FACILITIES: N/A DIESEL FACIL: N/A LEASE TERMS: None VALUE INDICATORS PRICE/SF LAND: $29.071SF PRICE/SF BLDG: $347/SF COMMENTS: Two fuel tanks for 3,500 gallons each. The marina is used for boat storage and offers no special amenities, such as a restaurant. The traffic volume is low and this impacts store sales and fuel sales. This was a multiple parcel sale for a price of $6,330,100. The indicated price of this marina, according to public records was $4,341,200. The price included the going concern. AUCAMP, DELLENBACK & WHITNEY APPRAISERS & CONSULTANTS 33 IMPROVED SALE 2 (APARTMENTS) (File #A4-1486.KHD-I52) LOCATION: 104300 Overseas Highway, Key Largo, Florida Photograph taken from Azul Del Mar web -site and is the property of Azu 1 Del Mar DATE OF SALE: August 2003 GRANTOR: Richard H and Mary A. White GRANTEE: Azul Del Mar, Inc. SALE PRICE: $1,250,000 TERMS: $875.000 from Marine Bank of the Florida Keys DEED: Warranty (1931/1985) INTEREST: Fee simple estate VERIFICATION: On -site with manager, 8/04 by KHD LEGAL: Portion of Lot 1, Baywood Key Largo, Plat Book 1, page 102, Monroe County PRIOR SALES: Sold in April 1997 for $750,000 MARKETING: N/A AUCAMP,. DELLENBACK & WHITNEY 34 APPRAISERS & CONSULTANTS NOV 23 GbeS ts: 14 HM r'K I 1319=b:](J(UC0 r.35 IMPROVED SALE 2 (continued) PROPERTY INFORMATION FOLIO: 00439590-000000 ZONING: Waterfront residential, Monroe County SITE: 40,975 SF IMPROVEMENTS: Two buildings with five apartments along the bay. Built in 1970 with 3,240 SF, the improvements were in good condition when sold . i GAS FACILITIES: None DIESEL FACIL.: None LEASE TERMS: None VALUE INDICATORS PRICE/SFLAND: $30.51/SF PRICE/SF BLDG: $386/SF COMMENTS: Nicely landscaped residential project with five units located along the bay. The site has large open green areas. AUCAMP, DELLENBACK & WHITNEY A non A Wrne I 35 NOU 23 2005 8:15 AM FR TO 1305 37379Zb P . 37 1 L I -1 IMPROVED SALE 3 (MARINA) (File #A4-1486.KHD-IS3) LOCATION: 13 Seagate Blvd.. Key Largo, Florida Photograph provided by the owner DATE OF SALE: August 2003 GRANTOR: Richard Haskin GRANTEE: Pilot House Marina, Inc. SALE PRICE: $2,064,900 TERMS: Cash to seller DEED: Warranty (35121/1417) INTEREST: Fee simple estate VERIFICATION: Peter McAllister for the buyer (561) 368-5847:81M4by KHD LEGAL: Portion of Lots 3, 4, 5 and Tract E Key Largo Beach, Plat Book 2, page 149, Monroe County PRIOR SALES: Sold in November 1998 for $1,000,000. MARKETING: N/A I AUCAMP, DELLENBACK & WHITNEY -- - - - 36 11Vv cJ c. .. a.r —. � .... .. iv II.`/ I J 1Vw r,.:J k! i IMPROVED SALE 3 (continued) PROPERTY INFORMATION FOLIO: 00502370-000000 ZONING: CFSD, Monroe County SITE: 33,213 SF uplands and 1.84 acres submerged mangrove IMPROVEMENTS: Constructed in 1984 with 8,016 SF of building area improved with a restaurant, ship store, and apartment. The condition was fair at time of sale. GAS FACILITIEt: Yes DIESEL FACIL: • Yes VALUE INDICATORS PRICE/SF LAND: $62.17/SF PRICE/SFCS: $258/SF COMMENTS: The marina was in need of repairs after the purchase. The restaurant was no operating. The buyer has upgraded the marina and it is fully functional. The marina has 44 wet slips. Fuel sales are 30,000 to 35,000 gallons per month with a profit margin of $0.25 to $0.50 a gallon. AUCAMP, DELLENBACK & WHITNEY 37 APPRAISERS & CONSUT.TANT-M NOV 23 dIdum h - I M n. "^ IV 14vl� r.a IU10 r. J'Zj I q I I L: I I IMPROVED SALE 4 (MARINA) (File #A4-1486.KHD4S4) LOCATION: 11833 Overseas Highway, Marathon, Florida Photograph taken 8/04 by Kent Dellenback DATE OF SALE: November 2002 GRANTOR: K & R Real Property GRANTEE: Manr Company, Inc. SALE PRICE: $1,797,365 TERMS: Cash to Seller DEED: Warranty (O.R. Book 1823, page 898) INTEREST: Fee simple estate VERIFICATION: Manager of the ships store: by KHD 2004 LEGAL: Kay Vaca Lots 129 to 134 and portion of parcel along State Road 5, Little Venice #2, Monroe County PRIOR SALES: Sold for $719,000 in May 1995 MARKETING: N/A AUCAMP, DELLEN13ACK & WHITNEY 38 APPRAISERS & CC)NSi 11 TA TVTC N-JV GJ awc. - ... .... I IMPROVED SALE 4 (continued) PROPERTY INFORMATION FOLIO: 00346620-000000 ZONING: Waterfront Commercial, Marathon SITE: 16,850 SF IMPROVEMENTS: Two story structure with 4,408 SF. First floor used for a C-store and tackle store, and the second floor is used as an apartment. Boat docks along the water frontage. The marina has 12 wet slips. Built in 1963 the I improvements are in average condition. GAS FACILITIES: Yes DIESEL FACIL.: Yes LEASE TERMS: None VALUE INDICATORS PRICEISF LAND: $107/SF PRICEISF BLDG: $408/SF COMMENTS: The property is currently listed for sale at a price of $2,500,000. The price includes the business, but not the dive boats or inventory. The location is ocean side with access to the bay. The sale included the business value. The site fronts a deepwater channel, which has a high volume of boat traffic. AUCAMP, DELLENBACK & WHITNEY 39 APPRAISERS & CONSULTANTS NOU 23 2005 8:15 RM rK TO 13053737826 P.41 1 0 I. I IMPROVED SALE 5 (RESTAURANT/CONFERENCE CENTER) (File #A4-1486.KHD-IS6) CATION: 104000 Overseas Highway6 Kej,largp, Florida Photograph taken 8/04 by Kent Dellenbadr DATE OF SALE: March 2004 GRANTOR: IFR Acquiring Corp GRANTEE: Fisherman's Restaurant and Conference Center LLC SALE PRICE: $3,000,000 TERMS: Cash to seller DEED: Warranty (Book 1991, page 1074) INTEREST: Fee simple estate VERIFICATION: On -site with the contractor; 8/04 by KHD LEGAL: Portion of Lots 1 to 5, 7, Section 11, Township 61 South, Range 39 East, Baywood Key Largo, Plat Book 1. Page 102, Monroe County PRIOR SALES: Sold in December 2000 for $4,000,000 and was later foreclosed MARKETING: Was not officially on the market AUCAMP, DELLENBACK & WHITNEY 40 APPP arcanc p_ !-f-%�}Cl,T T.....,,- NOU 23 2005 8:15 AM FR TO 13053737926 P.42 I I. IMPROVED SALE 6 (continued) PROPERTY INFORMATION FOLIO: 00439730-000000 & 00439720-000000 ZONING: Waterfront commercial, Monroe County SITE: 46,962 SF IMPROVEMENTS: Constructed in 1945 with three story, 29,487 SF restaurant, and hotel project. The condition was fair when sold. The buyer has gutted the interior and is renovating the building. The project has docks along the waterfront. GAS FACILITIES: None DIESEL FACIL: None VALUE INDICATORS PRICE/SF LAND: $63.88/SF PRICE/SF C-S: $102/SF COMMENTS: The property was sold in 2000 for $4,000,000 and was later foreclosed by the seller for lack of payment on the purchase money mortgage. The property was in fair condition when sold and the restaurant was closed. The site has docks in the bay and is well located with good visibility. 41 Ammp, DELLENBACK & WHITNEY ) 03 . : § e 0SS :5 z °§ § 00> | `�w \/ M >� Y wkk ` Nf19 z\K CL\§ aw§ kw )�§ °�� UJ k)wL 2Zk <|k i !•§) m )ton �§ Lu |=§y }§ ©1z§ })2 |2 . %9§ 020E §| _!!$;0 §&§c§ kN �W5 \\ (20 §/ 0-c Lu B2 §k |§/k |§kƒ |k ! §2 a9 - §§ § \� GCL �\}\��at \eR§ )2# f§m 7#| $t§ IN § |■®;Kt& E■§o«2 A!§ $2§ §!§ K. f!| ■ k���ke _ . #� ! ° . 0 ■ R § 0 $ \ § 2\ ° a« • b -• . � \k /��\§ d ��\{B� <- 22 \°°�& ®�` §�| 0 B,�o §! 2&! 5uj k7 §§\�� j§i };| f§§ —A2C&UP gOLENBACK A WHI NY APPRAISERS kCONSULTANTS Q NUV 2J GI01OZ) a.,o II. ,,. 1 4 I ANALYSIS OF COMPARABLE SALES A common method of analyzing comparable sales is to make adjustments to a ppropriate units of comparison. As shown on the previous chart, common units of comparison are the price for the entire property, price per square foot of land area and price per square foot of building area. The following analysis first addresses the prices for the entire property. A following page shows a summary chart of adjustments discussed in the next paragraphs. Conditions of Sale. The subject and Sales 1 and 4 included a business value. The subject, Sale 1 and Sale 4 are adjusted downward 25%, after discussions with buyer and business brokers. Market Conditions: Demand for commercial properties in the Keys has increased and prices are increasing. Restrictive growth controls is limiting development and this has resulted in higher demand for existing properties. Home appreciation rates in the upper Keys have exceeded 30% in past 12 months. The commercial properties are not easy to track, but strong appreciation is indicated by most sales based on prior sales. I have assigned appreciation at 1 % per month. Location. The subject property has several location amenities that need to be addressed. The site has good highway exposure and is located along a busy waterway with deepwater access. Sale 1 is located along a lightly traffic roadway with frontage on a deepwater canal. Sale 1 is adjusted upward 10%. Sale 2 has a good highway and water frontages but lack a deepwater canal to the site. Sale 2 is adjusted upward 10%. Sale 3 is located along a secondary street with access to a deepwater channel. Sale 3 is adjusted upward 10%. Sale 4 is similar to the subject. Sale 5 lacks a direct channel to the site. Boat access is possible from small crafts. Sale 5 is adjusted upward 10%. Physical Characteristics. Differences are evident for site size, agelcondition, building size, and fuel facilities. Some of the sales, including the subject, include non -realty items, which are the fixtures, furniture and equipment (FF&E). An adjustment is not made for FF&E because it is required for the successful operation. FF&E will be addressed in the Reconciliation and Final Value conclusion section. The size of a site is important, because a smaller site limits potential uses. The site is adequate to allow a variety of uses on a small site. A larger size allows for increased parking and more intense development. Sales 1, 2 and 5 are larger sites and are adjusted downward 5% to 20%. Sale 4 has a smaller site, which decreases on -site parking. Sale 4 is adjusted upward 25%. The age and condition are important because of the rapid depreciation of the fuel and kitchen equipment. Sales 2, 4 and 5 are inferior in age and condition: The improvements are dated and have not been renovated like the subject. Sales 2, 4 and 5 are adjusted upward 10%. For building size, a smaller building area limits the potential to add additional services. It is important to have a large building area in the Keys because it is difficuRto add additional square footage. Sale 1 is a larger structure, but the building is a mix of warehouse and retail. I have adjusted Sale 1 downward 10%. Sales 2 and 4 have smaller building areas are adjusted upward AUCAMP, DELLENBACK & WHITNEY 43 NOU 23 2005 a: Is AM FIR IV ljv!- (J roc- , .I+ W I SALES COMPARISON APPROACH (continued) 10y° to 15%. Sale 5 has a much larger commercial area, which is very valuable because of growth restrictions in the Keys. Sale 5 is adjusted downward 40%. The subject has a service station with fuel docks, Sales 1, 3 and 4.have only fu el docks. Sale 1 uses the fuel docks for the boats in storage and is not along a main channel. Sale 1 is adjusted upward 10%. Sale 3 has a low fuel sales volume and is adjusted upward 10%_ Sales 2 and 5 lack fuel docks and are adjusted upward 20%. For uses, Sale 1 is a marina operation with a shipyard. Sale 1 is rated similar to the subject in the value of the uses. Sales 4 and 5 lack some of the uses at the subject site. Sales 4 and 5 are adjusted upward 109h. Sales, after adjustment, ranged from $2,380,000 to $3,307,500. The average of all five sales is $2,681,036. Excluding the high and low sales the range narrows to $2,402,852 to $2,772,226, with an average of $2,572,560. Sales 2 and 4 required substantial adjustments and this weaken their reliability. Sales 1 and 5 required the least net adjusting and indicated prices at the higher end of the range. I conclude a value near the averages, or $2,600,000. The indicated value is $87.88/SF ($2,600,000/29,620 SF) of site area. The cornparables indicate an unadjusted range from $29.07 to $106.67/SF. The subject's indicated value per SF is higher than four of the sales and lower than Sale 4. Considering the subject's intense use, a value higher than Sales 1, 2, 3 and 5 is reasonable. Another method to measure value is the sale price per SF of building area. The prices ranged from $102 to $408/SF of C-store, with an average of $3001SF. The subject's indicated value per SF of building area is $3351SF ($2,600,000/7,752 SF). Sales 1. 3 and 4 are the most similar to the subject and indicate a range of $258 to $408/SF. The subject's indicated value is well within this range. I conclude a value of $2,600,000. VALUATION OF GOING CONCERN The going concern includes the business value of all the operations at the subject property. The service station use is very attractive based on existing C-store sales and fuel sales with a very high profit margin. Business values are generally about 25% of the going concern values. This would indicate a business value of $3,466,000 ($2,600,00010.75 rounded). The indicated business value is $870,000. The indicated value of the going concern is $3,470,000. AUCAMP, DELLENBACK & WHITNEY 44 N 23 2005 ,:15 RM FR a ADJUSTMENTS CHART PRICE CONDITION OF SALE: BUS0ESS INCLUDED ADJUSTMENT ADJUSTED PRICE MARKET CONDITIONS SALE DATE AOJUSTMENTl ADJUSTED PRICE REMAINING ADJUSTMENTS! LOCATION: STREET FRONTAGE MA OR WATERW AV CANALTO THE SITE COMPARISON ADJUSTMENT SITE S12E: COMPARISON ADJusTMENT AGEICONDITION: COMPARISON ADJUSTMENT BUILDING 517E: COMPARISON ADJUSTMENT FUEL. COMPARISON ADJUSTMENT USES. COMPARISON ADJUSTMENT ADJUSTED PRICES: NET ADJUSTMENT ADJUSTED PRICE AVERAGE AVERAGE EXCLUDING NIGH i LOW E6,341.200 57.250,000 S2.064.900 S1,797.365 $3,000.000 52,900A00 YES ND ND YES NO YES 75% 75% 52.066.900 5% S1.348.021 f0 D,000.DDO $2.176.000 13.255.800 51,250.000 A.. W Au@Q E% 12% $3,386.135 $1.400.000 J"16 52.312,65E 11.550227 $3.150.000 52175,000 AiMfPML A01,0 YES YES lmiiWA 0% ARFERIAL RDAD YES NO IN ROA 10'4 SKONOIAY R, . � YES INAEROR 10% ARTERIALPORE AMFROAD Yes YES YES E SIMIJNI WERIOR 0% 10% MTM14 ROAD Yfi YES 'SiMIM 149m LARGER -25% A0.97E LARGER SA 33.213 SIMILAR O% 16im SMALLER 25% ALEOO URGER .6%- 20•110 SIMLAR O% 1Al2 SIMLAA 0% 197E INFEROR 10% 16N 61MRM 0% t6F INFEAIOI 10% I%% WfR10R 1MT 91IMAR gl9E LARGER E2w 9NALLER 15% .A19 fIAKAR O% A,AE9 SMKLER 10% 1R.67 IAAGCR .W% 91R1N41 O% UME0 INFEW0R 10% NO IKCROP 20x IIM1E0 INREROR IaA YEf SAA AR ox NO NFERICA mx. YEA 9MtAR MARINANOAT YARO APT. &"LAP iwEROR 0% 20% AMRINVREST SIMLAR O% nMWNN6I7DE NFEROt 1o% RESTt"2TEL INFERIOR 10% MRRNYIlSTWRT071E 9RAMR 0% -26% 70% 2011 55% 5% 0% $2420.602 $2,360.000 S2.775ZIG S2.AO2AS2 33,307.500 $2.175.000 S2r6r1.031 S2.SMAN AUCAMP, DELLENBACK & WHITNEY 45 INCOME CAfSATALIZATION APPROACH The next approach for estimating value is the income capitalization approach or income approach in which the subject's income stream provides a basis for estimating value. Income producing real estate has earning power and is attractive as an investment. The amount an investor will pay represents the present value of anticipated future benefits. The subject property is being leased to three separate entities. The service station with the C- store and fuel facilities is being leased to Mayra Vardes for $114,000 annually. The restaurant and lounge is being leased to SEISA LLC for $180.000 annually and the marina is being leased to Jorge Sanchez for $5,500 annually. A chart with the lease briefs is shown on a following page. It should be noted the leases include the real estate and the going concern. The existing operations are successful and lessees are not buying the businesses. The value of the going concern is reflected in the leases. The Restaurant and Lounge lease is higher than a typical restaurant lease. The service station lease is reasonable considering the high volume of store sales and fuel sales with a very high profit margin. The lease for the 18 slips and marina operation appears low. It is my understanding that the lease for the marina also requires the lessee to perform general maintenance on the property. In order to estimate market rent for the subject property. I investigated current rents achieved by similar uses in the upper Keys and in Miami -Dade County. On the next page I present a location map of the comparable rentals. The restaurant leases clearly show the subject's rent is high. Considering it includes rent for the business as well as the real estate it is more in -line. The subject restaurant is similar to Comparables 2 and 3 and inferior to Comparables 4 and 5.1 have concluded a rental of $28.00/SF, or $82,124/annually as reasonable. The C-store rents range from $8,017 to $10,041 /month on a net basis. The subject C-store and gas facilities are dated. The current brand of fuel sold is unknown to most potential customers. The existing service station is not being utilized to it full potential. This is not appealing to most investors. However, the gross margins from the fuel sales are much higher than a typical service station and higher than the comparables. I conclude a rent at the higher end of the range is reasonable. I have assigned a rental of $10,000/month or $120,000 annually. This is higher then the rent being assigned in the lease, which also the business value. The boat slips rent on a price per lineal foot. The comparable rentals indicated wet slip rentals of $9.50 to $20/LF per month. Four of the rent comparables were in a tight range of $9.50 to $13.00/1-F. Gilbert Marina and Pelican Bay Marina are the most similartothe subject. I have concluded a rental of $10.00/1-F per month for an average boat size of 40 feet, or $400/month. Not all the docks will be available for rental. Docks are used for parking of boats that use the restaurant, C-store and gas dock. Limiting the dock space would reduce C•store and restaurant M. AUCAMP, DELLENBACK & WHITNEY A nnn A rrrnr e_ !^mow it v n m A w T-r � � � a / } - _ � k § . - - \ k } � } ) / e ) ) w- ! � \ \ \ / / � | z § \ § Lu @ { 2 § 5 ( uj $ 2 ) f / ( § � �( §§ \ Lu \ . ! # §[ w w ¢ | 2 �o ¥ * � # § § S S / § w E ! d Ix§ A 7 ~ ; § § j � / ) k o { 5 § ) $ ~ t e @ « e E y k �in 0 m ( / jr �\ en § k § / Lu k -c § m , §§ § ) —AUCAkPDEUNBACK k WHINY APPRAISERS kCONSULTANTS •,U'J Cd w.-- - - _ RENT COMPARABLES Restaurant Combs: Address Age RBA Stories Class NNN Rent/SF Comments 1 Confidential Ren 4,804 1 C $12.48 Vacant restaurant; recently Isiamorada renovated 2 2723 Bird Road 1971 5,924 1 C $27.70 Regional chain restaurant Miami this isa sale/leaseback 3 7711 Bird Road 1985 6,242 2 e $20.38 RE sold for $1,365,000 Miami lluisness sold for $585,000 4 1575 SW 8th Street 1 Elm 2,200 1 C $30.64 RE sold for $864,1DO Miami 5 2200 Roosevelt Rd 1980 4.856 1 C $30.00 $1,100.000 annual sales; Key West 27,444 SF site; 178 seats Subj. 107690 Overseas Hwy. 1967 2,933 1 C $61.37 Annual sales $1,440,000 Key Largo 165 seats and 20lounge seats Service Station Comps Land C•store Monthly Comments I6 Miramar 53,409 2,400 1 C $10,041 Gross margin $328,658 7 Sunrise 32,728 1,152 1 C $10,094 Gross margin $340,617 8 Naranja 55,391 2,400 1 C $8,017 Gross margin $360,703 9 Miami 42,049 2.400 1 C $8,619 Gross margin $566,518 Subj. Key Largo NIA 1,641 1 C $9.500 Gross margin $630,000 Residential Rents Pr0led Br1Bt Size Floors Rates 1 Key Largo on the Say 211.5 800 2 $2,700 monthly rental with 28 day minimual stay;$901night 2 Key Largo Dive 8 Resort 111 600 2 $85/night discounloffered for longerstays 3 Key Largo Moon Bay 2/1.5 NIA 6 $695 to $1,800 perweek depending on season; $i3,295monthly 4 ocean Pointe 1/1 750 4 $76 to $156 depending on the season; monthly rates as high as $2,300 month 5 Breezy Palms Resort 111 N/A 2 $1501night or $1.015 weekly M48 AUCAMP, DELLENBACK & WHITNEY APPRAISFRS & CONSULTANTS ..;:' - - __ .r `; �; �:� , a �= ��..,.�_ .o..t<G n.,.. 1 n � ,� S' .� , ,� .�µ n�.� � � � r,7� �I� �f �- . - ---�. � t _ .�_ r r nrrr�•jj�� j.i}�i 1r- . kti T♦ 9(fr� 1i, NOU 23 2005 tl:le H" " INCOME CAPITALIZATION APPf OACH (continued) WET SLIP RENTALS Name Water Daily Weekly Monthly Location Frontage Slips Rates Rates Rates Comments 1 Pilot House Marina Ocean/basin 44 S1.85/1-F S7.7511-F $13.001LF outside bar: good appeal Key Largo 2 Pelican Say Marine Crossover Sound NIA NIA $5.501LF $11 .671LF Located „nlesafeawit'le its sd access e Key largo 3 Gilbert's Holiday Marina JeA61sh 65 $1.50/LF NIA $9.501LF REsold for au sows sold fo65585,000 ,000 Key Largo 4 Mraina Del Mar Ocean 80 $3.00/LF $15.001LF $20.001LF Boats tosmaller �46' no9oodameiscount or nties Key Largo 5 Tavernier Creek Manna Ocean/bay 19 $L50/LF $6.751LF S10.00/LFaccesstoalong oceanandbaywith ^il Tavernier good amenties Subi. 1076900verseas Slackwater Sound 18 N/A NIA NIA Key Largo sales. I have concluded 12 slips could be leased at $400/month and the remaining slips be used for temporary dockage. This results in potential gross income of $57,600. Typically, utilities are charged separate of the slip rental. Expenses are minimal for a slip. ■ The apartments are not as attractive as units designed as an apartment rental or a hotel. The subject units have great views, but are located over less than desirable uses. The restaurant ' plays loud music late into the night and the C-store has early hours. I have concluded a rental in the lower end of the rental range, or $2,500 month in season and $1,000 month out of season. This results in potential gross income of $63,000. ' The total potential rental income is as follows: Restaurant $ 82.124 ' Service Station $120,000 Marina $ 57,600 Apartments $ 63,000 ' Total $322,724 VACANCY AND COLLECTION LOSS The subject's vacancy rate and collection loss will vary by use. The restaurant and C- store/service station will have a low vacancy rate. I have estimated a vacancy and collection loss at 5%. This would allow for approximately 6 months of vacancyon a long term lease. The marina use, leasing of slips, is some what seasonal, but according to area marina operators the year around demand is good. I have assigned a slightly highervacancy rate of 10% to the 52 AuAMP, DELLENBACK & WHITNEY INCOME CAPITALIZATION APPROACH (continued) marina's potential gross income. ?he apartments are the impacted the most by the tourist seasons. The demand for apartments is strong from December to April and demand is weak form May to November. I n addition, demand for nightly rentals is stronger on weekends and decreases during the week days. I have estimated an overall -vacancy rate of 30% for the apartments. The estimated effective gross income is derived as follows; Use Potential Vacancy & Effective Gross Gross Coll ectionLoss Income Restaurant $ 82,124 x 0.95 = $ 78.018 Service Station $120,000 x 0.95 = $114,000 Marina $ 57,600 x 0.90 = $ 51,840 Apartments S 63,000 x 0.70 3 44,100 Total $295,124 $287,958 OPERATING EXPENSES The owner provided historical operating expenses for the past year. The expenses were for an owner occupied property. The subject after purchase will be mostly operated by third parties per signed leases. The leases for the service station, restaurant and marina are triple net The apartments are leased on a monthly seasonal basis and will have typical expenses for seasonal rentals. To assist in evaluating these expenses, operating expenses for comparable motel properties are presented on a subsequent chart. The expenses assigned for theperiods of vacancies for the other uses are as follows, bases on past expenses. Reimbursed Expens Taxes $19,500` Insurance 10,000 utilities 10,000 Maintenance 30,000 Management 13.115 Sub Total $70,815 Non Reimbursed Expenses Reserves for Replacements 5,000 Administration & Legal 3,000 Total $90,615 `raxes are estimated based on 70% or the appraised value and the current millage rate. The overall vacancy rate for the restaurant, service station and marina are esti mated at 6%. The expenses are 6%of $70,815, or$4,248. Total expenses including reserves for replacements, AUCAMP, DELLEN BACK & WHITNEY 53 APPRAISERS & CONSULTAN- TS I NCOME CAPITALIZATION APPROACH (continued) administration and legal are $19,248. NAME ADDRESS M OF UNITS EXPENSESNNIT %EGI RENTAL 8 EGUUNIT 1 CARIBBEAN 1528 S. FEDERAL HWY 16 $5,194 45% VILLAS LAKE WORTH $11,541 I WI NDSONG 1510 S. FEDERAL HWY 8 $5.123 % 2 MOTEL LAKE WORTH S14fi35 3 THREE PALMS 1601 S.FEDERAL HWY 11 $3,506 30% MOTEL LAKE WORTH $9.232 4 SEAFAN 1821 SE 4 ST 8 $4.486 37% WATERWAY POMPANO BEACH 512,120 S HOLIDAY 320 N. FEDERAL HWY 30 S4.075 38% HOUSE MOTEU LAKE WORTH $10,724 APTS The range of expenses is 35% to 45% of effective gross income. I conclude an expense ratio 38% for the apartments. The marina maintenance and repair expenses are estimated at $50 per slip for the 18 slips, or $10,800 annually. CAPITALIZATION The two methods for capitalizing net operating income for estimating value are' direct capitalization and yield capitalization. Direct capitalization is appropriate fora Project with a relatively stable income stream, and it converts the initial year's net operating i ncome into a value by applying an appropriate overall capitalization rate. Yield capitalization is appropriate for a project with a fluctuating income stream. Direct capitalization will be used because the subject's net operating income is expected to increase in future years. Two common methods for estimating a capitalization rate are derivation from comparable sales and from a band of investment. For derivation from comparable sales, the five sales analyzed in the Sales Comparison Approach section did not indicate an overall rate. Marina properties are not typically leased to a single party and it is difficult to derive a net income for the comparable properties. I have used other commercial property sales in Southeast Florida -to derive market based overall rates. The chart on the following page shows these sales. AUCAMP, DELLENBACK & WHITNEY 54 e nPP a icCl)c e- (VV%1C711 T e r T-rc INCOME CAPITALIZATION APPROACH (continued) SALE DATE use NOIISF DVERALL SLID G/SF CI4PITALIZATION RATE 2733 BIRD ROAD 1104 RESTAURANT $26.87 10.7% MIAMI 5,924 SF SALES 7711 BIRD ROAD 9103 RESTAURANT $14.16 6_E% MIAMI 6,242 SF SALE C 6200 N FEDERAL HIGHWAY 5103 RETAIUOFFICE S17.62 9_4% BOCA RATON 6.216 SF SALE D 7401 N. UNIVERSITY DRIVE 5103 OFFICE $10.28 9a2% CORALSPRINGS 20, 165 SF SALE E IS75 SW e" STREET 2103 FAST FOOD $30.63 T-a% MIAMI 2.200 SALE F 335 NE ie STREET 9103 STRIP CENTER S10.53 9.2% MIAMI 10.500 SF SALE 0 10201 STIRLING ROAD 2104 STRIP CENTER S17.91 9.1% COOPER CRY 9,611 SF This data shows rates of 7.8% to 10.7%. excluding the high and low overall rates, the range narrows to 8.6% to 9.4%, with an average of 9.1 %. An appropriate rate for the s object property is 9.0%. RealtyRates.com provides an investor survey for properties across the country. The nextpage shows a current report with Surveyed Rates of 7.21 % to 11.88% an average o` AB.7%. This survey supports the above conclusion of 9.0%. The band of investment technique provides an overall capitalization rate bysunn mation of the following mortgage and equity components. Reasonable loan terms, consistent with RealtyRates.com, are an interest rate of 6.75%. 75% LTV, and a 25-yeartenn. The corresponding mortgage constant is 8.3%. Rates for the equity component usua Ily are�8.0% to 18.0%. RealtyRates.com shows equity dividend rates of 8.2% to 14.6%. and the average is 11.1 %. A reasonable estimate is 11.0% st AUCAMP, DELLEI\TBACK & WHITNEY APPRAISERS & CONSULTANTS INCOME CAPITALIZATION APPROACH (continued) BAND OF INVESTMENT Mortgage component: 75% x 8.3% = 0.062 Equity component: 25% x 11.0% - 0.028 Capitalization rate: 100% = 0.090 kem I Input OAR SptaadOw t 1040'ar Treastq 1,42Y. OCRTetbaique 120 0.099876 cis 7.1: Debt cover apt Ratio 120 Band or Investment Teebnigw intewst Rate 6AZ Mottga" 25z kocw% CASS46 AmcrlOalien 20 Equgg 15•r, 0.082000 0.012300 Matgage constant 0.0688rs OAR 7.1 Loanao.Valw Ratio 85X Surue9ed Rates 7-2-1 Egutg Otvidend Rate 820x eeaain am Spread over l0-Year Tieamq 245% OCRTetbnique US 0.100000 on 9.90 Debt Cow, age Ratio 1.15 Band of lnues[daaent Tecbtdgve ttteWRate 785% Moltgap 607! 0.100000 "90000 Amortiaation 20 Egdtg 10z 0.145500 0056200 Matgage Coward 0.100000 OAR L0ao40•Value Ratio 60-A Sarwged Rates 11.8 EquagOwldeMRale Ia.553G . Alreraye Spread Net lO-Year Treasuq 2.54z OCR Tte Aniqut I.43 0.4333%33 013 1.6 COW Cowl 496 Ratio 1.42 Band W Inveseenent Tetanigae Interest Rate 9.24% Mortgage 73Y 0.083593 0080105 Arnottitawn 25 Equity 2t/. 0.110575 IX030408 Mon949e Co tam OA63593 OAR 3.2 Loan-to-Valae Relic 73% surveged Rates 1.T1 Cappgta nova ne...r^.,.c..a.. This rate does not incorporate effects of future adjustments in interest rates, downward adjustments for equity build-up, or downward adjustments for property value appreciation, Market data is not readily available to precisely estimate such factors. The third method is deriving a rate by a debt coverage ratio. The typical loan -to —value is 75%, the mortgage constant is 8.3%. and a common debt coverage ratio is 1.4. When multiplying these factors, the capitalization rate is 8.7%. AUCAMP, DELLENBACK & WHITNEY 56 APPRAISERS8r CONSULTANTS I INCOME CAPITALIZATION APPROACH {continued) The capitalization rates by these two 11b bhniques are 9.0% derived from comparable sales and 9.0% from the band of investment. With emphasis upon the rate from comparable sales, I conclude a reasonable overall capitalization rate under typical market conditic> ins is 9.00%. "The following chart is a summary of calculations for estimating value for the property as if it were operating at stabilized occupancy. The value conclusion is 2 760000. Use Potential Gross _ Vacancy & Collection Loss _ Effective G ross Income Restaurant $ 82,124 x 0.95 = $ 78,018 Service Station $120,000 x 0.95 = $ 114,000 Marina $ 67,600 x 0.90 = $ 51,840 Apartments 63.00 x 0.70 4410® Total $295.124 $ 287,958 Less Expenses Apartments 16,758 Boat slips maintenance & repairs 10,800 Other uses during vacancies 4,248 Reserves for replacements 51000 Administrative and legal _ 3.000 Total Expenses 39,806 Net Operating Income $ 248,152 Capitalization Rate g 0% Value $2,757,24`3 Rounded to $2,760,OD0 VALUATION OF THE GOING CONCERN The 2003 year end financials show a net operating income of $957,168. Capitalization rates for going concerns range from 15% to 30%. The subject has uses with varying d-agrees of risk; the boat slips, apartments and service station have less risk than the restaurant. I have selected an overall rate of 25%. The rate incorporates the overall rate of 9% for the net real estate income, plus a risk factor of the business and plus a return of capital paid forthegoing concern. The indicated value is $3,830,000 (957,168 10.25 = $3,828.672). Theindicat4ed going concern value less the fee simple market value indicates a business value of$1,070,40O0. The sales comparison approach market approach indicated a business value of 25%of the going concem value. This approach indicates a business value of 28% of the .estimated goiri-g concern value, which is a similar percentage used in the sales comparison approach, AUCAMP, DELLENBACK & WHITNEY 57 APPRAISERS 8= CONSULTANTS 1 r RECONCILIATION AND fINAL VALUE CONCLUSIONS The approaches provided the following value estimations for the subject's fee si rnple estate. COST APPROACH Omitted SALES COMPARISON APPROACH $2,600,000 INCOME APPROACH $2,760,000 T-he cost approach was omitted. The sales comparison approach is considered a reliable indicator when appraising a special use property. I had good market data on marinas, restaurants and service stations. The income capitalization approach Is well supported by market rents and market rates. I have placed equal weight on both approaches. I estimate market value in of the subject's fee simple interest in "as is"condition as of August 23, 2004, is: TWO MILLION SEVEN HUNDRED THOUSAND DOLLARS ($2,700,000) The above value includes the cost of the F,F. & E. of $225,000. The value may include some business, but it is insufficient to the overall valuation. The equipment excludes the rental boats. The rental boat income was also excluded from the cash flows. The boats have a separate loan and I am not qualified to value used boats. The approaches provided the following going concern value estimations for the subject's fee simple estate. COST APPROACH SALES COMPARISON APPROACH INCOME APPROACH The sales comparison approach is considered value of the going concern. It is difficult to get Omitted $3,470,000 $3,830,000 a reliable indicator when appraising the market reliable tapitalizationrates from the market. In addition, I did not have a good history of expenses for the subject property. This further weakens the income approach. AUCAMP, DELLENBACK & WHITNEY APPRAISERS.Bz CONSULTANTS 58 RECONCILIATION AND FINAL VALUE CONCLUSIONS (continued) I estimate going concern n value in "as is" condition of the subject's fee simote inlerest as of August 26, 2004, is: THREE MILLION FIVE HUNDRED THOUSAND DOLLARS ($3,500.000) 59 AUCAMP, DELLENBACK & WHITNEY I I N armal marketing period is the most probable amount of time necessary to expose a property. in its entirety. to the open market in order to achieve a sale. Implicit in this definition are the following characteristics. 1 _ The property will be actively exposed and aggressively marketed to potential purchasers through marketing channels commonly used by sellers of similar type properties. 2 . The property will be offered at a price reflecting the most probable markup over market value u zed by sellers of similar type properties. 3 . A sale will be consummated under the terms and conditions of the defini ion of market value. The marketing period for a mixed use project like the subject can be lengthy. The demand for this type of property is good but the mixed uses are not as attractive to an investor as a single use property. Based on current demand and lack of available comparable properties a sale should occur in less than 24 months. The exposure time is the amount of time likely to have been experienced for sale of the subject property on the valuation date. I estimate a reasonable exposure time is 12 to 24 months based on days -on -market for comparable sales and upon discussions with real estate brokers. m ■ AUCAMP, DELLENBACK & WHITNEY APPRAMRS & CONSULTANn r:e.... 'PART 3: ADDENDA CERTIFICATION I certify that, to the best of my knowledge and belief: 1. The facts and data reported and used in the appraisal process are true and correct. 2. The analyses, opinions and conclusions in this appraisal are limited only by the assumptions and limiting conditions stated in the report and are my personal, impartial, and unbiased professional analyses, opinions, and conclusions. 3. 1 have no present nor contemplated future interest in the real estate that is t1ne subjectof this appraisal, and I have no personal interest nor bias with respect to the parties involved. 4. My compensation is not contingent on a value. an action or event resulting from the analyses, opinions or conclusions in, or the use of, this appraisal. 5. The analysis. opinions and conclusions were developed and this report has been prepared in conformity with Title XI of FIRREA, with Uniform Standards of Professional Appraisal Practice, with requirements of the Code of Professional Ethics and the Standards of Professional Appraisal Practice of the Appraisal Institute, and with requirements of the State of Florida for e state -certified general appraiser. Competency requirements, in particular, haver been satisfied. 6. The analyses and conclusions expressed in the report were not based on as requested minimum value, a specific value, or the approval of a loan. 7. Unless specific reference appears in the appraisal, no one other than the u ndersigned prepared the analyses, conclusions and opinions in this appraisal. 8. 1 made a personal inspection of the property that is the subject of this appras isal. 9. As of the date of this report, I have completed continuing education requirements of the State of Florida for a state -certified general appraiser. 10. Use of this report is subject to requirements of the State of Florida relating to the review by the Florida Real Estate Appraisal Board and requirements of the Appraisal Institute relating to review by its duly authorized representatives. —.?/— O Kent H. Dellenback Date State -certified General Appraiser, RZ 120 AUCAMP,. DELLENBACK & WHITNEY 61 ' APPRAIGFRS Jt> C C1NSI11.TANT; ASSUMPTIONS AND LIMITING CONDITIONS This appraisal is subject to the following contingent and limiting conditions: 1. The legal description and maps are assumed to be correct. 2. No responsibility is assumed for matters which are legal in character, nor is any opinion rendered as to title, which is assumed to be good and marketable. Any existing liens or encumbrances have been disregarded, and the property is appraised as free and dear. This appraisal is made, assuming that all public improvements of any kind affecting tfhe property appraised are fully paid for, unless otherwise specifically set forth in the property description. 3. No survey has been made of the property on behalf of the appraisers and no responsibility is assumed in connection with such matters. The sketches contained in this report are for illustrative purposes only and are included to assist the reader to better visualize the property. The information furnished by others is believed to be reliable and no responsibility is assumed for its accuracy. 4. In this report, the distribution of the total valuation between land and improvements applies only under the existing program of utilization. The separate valuations for land and improvements must not be used in conjunction with any other appraisal and are invalid If so used. 5. Possession of this report, or a copy thereof, does not carry with it the fight of publication, nor may it be used for any purpose by any but the recipient without writtenconsent of the appraiser. 6. The contract for appraisal, consultation, or analytical service is fulfilled and total fee is payable upon completion of the report. The appraisers will not be required to g ive testimony in court or hearing because of having made the appraisal in full or in pan, nor engage in post - appraisal consultation with the client or third parties, except under separate and special arrangement and at additional fee. 7. The appraisers may not divulge material contents of the report, analytical fi "ings or conclusions or give a copy of the report to anyone other than the client or his cl esignee as specified in writing, except as may be required by the Appraisal Institute as it may request in confidence for ethics enforcement or by a court of law of body with the power of subpoena. B. Liability of Aucamp, Dellenback & Whitney and its employees orsubcontractors is limited to the fee collected for preparation of this appraisal. There is no accountability or liability to any third party. 9. It is assumed there are no hidden or inapparent conditions of the property, subsoil or structures which make it more or less valuable. The appraiser assumes no refs ponsibility for such conditions or engineering which might be required to cover these facts. N c topographical survey was provided. 62 I-AUCAMP, DELLENBACK & WHITNEY II APPRAISERS 8z CONSULTANTS I I I I r ASSUMPTIONS AND LIMITING CONDITIONS (continued) 10. No environmental impact study, special market study or analysis, highest and best use analysis 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, esti mates or conclusions upon any subsequent such study or analysis or previous studyor -analysis subsequently becoming known to him. 11. The market value estimated and the cost used areas of the dated theestimateof value. All dollar amountts are based on the purchasing power and price of the dollar as of the date of the value estimate. 12. This appraisal expresses my opinion and employment to make this appraisal was in no way contingent upon reporting a predetermined value or conclusion. The fee for this appraisal or study is for the service rendered and not for time spent on the physical report. 13. 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 race, color or national origin of the present owners or occupants of properties in the vicinity of the property appra iced. 14. Responsible ownership and competent property management are assurned. IS. It is assumed that there is full compliance with all applicable federal, state and local environmental regulations and laws, unless noncompliance is stated, defined and considered in the appraisal report. 16. It is assumed that all applicable zoning and use regulations and restrictior+s have been complied with, unless a nonconformity has been stated, defined and considered in the appraisal report. 17. It is assumed that all required licenses, certificates of occupancy andcon sents or other legislative or administrative authority from any local, state or national governrTnentor private entity or organization have been or can be obtained or renewed for any use oun which the value estimate contained in this report is based. 18. It is assumed that the utilization of the land and improvements is within t" a boundaries of the property lines, that the property described in that there is no encroachmerIt or trespass unless noted in the report. 19. Authentic copies of this report are signed in ink. 24. Unless otherwise stated in this report, the existence of hazardous substances, including without limitation asbestos, polychlorinated biphenyls, petroleum lealcage, or agricultural chemicals, which may or may not be present on the property, or other environmental conditions, were not called to the attention of nor did the appraiser t>etome aware of such during the appraiser's inspection. The appraiser has no knowtecige of the existence of such materials on or in the property unless otherwise stated. The appraiser, however, is not qualified to test such AUCAMP, DELLENBACK & WHITNEY 433 APPRAISERS Be CONSULTANTS I 11 ASSUMPTIONS AND LIMITING CONDITIONS (continued) rimof such substances, such as asbestos, urea substances or conditions. If the prese formaldehyde foam insulation, or other hazardous substances or environmental conditions may affect the value of the property, the value estimated is predicated on the assumption that there is no such condition on or in the property or in such proximity thereto that itwould cause a loss in value. No responsibility assunhed to discover fany such conditions, nor for any expertise or engineering knowledgerequired n. 21. The Americans with Disabilities Act (ADA) became effective January 26,199 . T he appraisers have not made a specific compliance survey and analysis of this property to determine whether or not it is in conformity with the various detailed requirements of the ADA. It is possible that a compliance survey of the property. together with a detailed analysis of the requirements of the ADA, could reveal that the property is not in compliance with one or more of the requirements of the Act. It so, this fact could have a negative effect upon val ue of the property. Since the appraisers have no direct evidence relating to this issue, possible noncompliance with the requirements of ADA in estimating the value of the property has not been considered. 22. 1 was not provided with a environmental assessment and assume the site is not contaminated. 23. 1 assume the realignment of U.S. Highway #1 will not occur for several years. 24. Acceptance and/or use of this appraisal report constitutes acceptance of the preceding conditions. Ammp, DELLENBACK & WHITNEY i APPRAISERS Bic,CONSULTANTS ENVIRONMENTAL FINDINGS Pnsae rein. B;p Khhwe rahtrhp V Leona erh N IM yA FINDINGS The summary of the Arl p Fra•idaa bee,, ere eased ew informatien V on lIW OY POND Gf1 p"opMY�N o " an c II Em,tmemen,i Audit Canaueee tar ore Bit;Kehuna FishkV kale Madw 107.7. say Lapp. Fbuaa j The prdpMty it a filing station (tor automdoits and boats), qukkmart, reseufartt we apartments. The popery measures apprrnimably-43.540 sousre IeaL - e The property n looted M Key LgVo. Monroe Gounty. FL . The progeny hit one (1) 10.000 92ACM undergrwrta inpe teak Rberglass storage Is"- The property has true (3) dspenstes. Two (2) 01 de disperser are locaw at the beaver. Of *4 property. One (1) dispenser a Ioeetet to the rapt of re Pfopefty alongside the boo eipa. . The property is baatd by US 1 10 the norteaP .s* Fish Creek to N nortrb-veal and mangroves to the south. - - . There am no "Vrmrnemal mncwm reported fortte property at fAisWho. - There we no em kcrume til contorted reported hradjaming sites. - The property Is not listed at NPL, CERCLA, RCRA or TR(. - There is no ROM TSD LOG she Wine! within a one (1) mile radius of the property %00hidh may impact the subject 046. - . The site a not Wad as a FOEP r tarrirroted site . The properny is not looted wAhin airy Wfiffaia PmWdcn Are& and dredge the PMMV 4 no, tutgea %, land use reslriCidra as art fOrih oy fhe DEPJA. - Based upon fte pMal photograph review. the Pmpery ddl9 rot apnea a have been used all a dunhp`aile n one Past There are no tandrils or dump sibs :or_ated within a we (1) rnae 1110iva gee poparTV - The property has its awn t"410 erlalrpeM psnL NI 24w419e IS pumped iMAD an doors grand scrape hank, treated and the effluent wary is pumped ;nto a oW ml. So nudge from hie abo.avc nd tank s pumped and 6soosed by Mikhall Septic Tank Pump Out Serubas. 0M.h ma.mlMreJa.uhsaeF Big Kahwa FWNM VlaaaOf"" I ESA A,Mn.dm tree haywo krc .44. 65 AUCAMP, DELLENBACK & WHITNEY APPRAfSERS Ehr CONSULTANTS Phaaa, 1 Enaa wl 9a at.ae.elSHOWN 1rq Kdwaa FleMM inbll a LEM AWN -Heal CA Lb,WWO tan NO Oa 0a11r 101.7. Kay -Onto f► rtTaOlr'�et0. YC 8.0 OPINION . Ths ph=e I Emi mmenel Site Asseumerd includeC a recomuia W44! v®it to NI eq Kahwns tadiai Vlr"e a Latin AMenOn CAN TOCOM low= On KOO Mamer 107.7. Kay La90. Florida. Du* Na Oowar'a s Of ate oreatnt Phase 1listed al,9119 a Wr*onmemd database and reveal agency ildorrha11i0r1 far TO* WOWIIV and sunounding shea wane rev'evted. Aarial photographs. WDtshd 9013109 Momafioa and Odw related items went also novieved. This Wormation 1Wi used td avoluak 09*4 w pOIeMW ammo mental impaemMn of tee Drooeny due tO current or OW aai+iee6 pa lormad on Ne propwV or adjoining sitar and disclosed by this $a*, laviaw Of the avYda0ls i"1nShonl eWus dW Ifi to aft has not hear irrtPsetd by so or gmutdmw Car"Mirm"s. _ 9.0 CONCLUSIONS AND RECOMMENDATIONS Palo Hydro has peAamd a Phase I Envaom"Mill Still AssessmW, In COMICO EW win to scam and limitatiers of ASTM Practice E 1577-M for the Big Kafwna Wnti VillMs t Lash AOYran Left properly 10"Wd on Allis MmAw 107.7. Kay Lola, Florida. Any tpncepl" W Or 2tS1e0dla fm m idle PrOCOM ale deserbed in Sections 23. and LC The findings of tNs ses"gorwd have revealed no evidence of aMmnmer.IW carom was. deco+tnd. during the coupe of the prat Phase I Audit. in regard to me serfs and the glo Narmor bentalh the aoperty. Therefore. K b the lamfaOaioMl opinion of PNro Nydre that no kWw aaseesameld'e w wmneed for the property at this tlma. 0A6a wmWP.nMR'•1oo09Iy Kahan F:.a1ro vinapVwaa.t no waartaaa: Pam llyere YIK. -la• M AUCAMP, DELLENBACK & WHITNEY APPRAISERS 1& CONSULTANTS I [] TUX BIG KbMMA- FIEF 1G VIIIAGE womin n 1vTORY 2 - SCICIZADPTIAL FREEZERS 1-3 DG*RyRxXM 4-COOLMS 1- PRIDE E 1_0AR IAA COMMA 1-HST MACMM 1- 9TOrE I-FRXSflt 1-3 cOMYARTMIM' I 'I "DIQWS ]gj&Cr=C WATERt _ W^m a COOLER _Coe rtT17sIMA[GISTERWrA1'IrJJMdDn' WroxvSYS1= 1-CREM1 CARD MAC6M 1- COl►gMERtIAL 67O'IMM :MACIUM 1- COFlEZ GRwtDER 1-2 wARMEi COPFN8 MAL'lM I-OpCROWAVL I -SANDWICH rAESS M 1- rA-VMT WARMER !-DRJ►lTS>F�IDIlrlw`MF]t I -MUMC SYSTEM N- C^M'jt► SYSTEM an4 BDVR VCR RECORDING I _ CAMERA MONITOR s _ COMPITTZR CAMERAS I-COMrLcn isawB sioux MOI%Trz3uzZD ALAIM SVST XM I - FAX IMACLI WJCOPIIM I _ L%x= COMMFACIAL SAn 1-SMALL SAYE 3=rstOFF IOVALLIVEBAITTAX" 2 - c%MTRAL AC UMM 3_ GAS YMN 1- L1ZoltOMIC GAS FLW DEVICE 1 _ I2VT OF SHEIMIM S 2-TOOLa MwEr av'rsaxw lsTA2 xu to SEA23 2-V=CABBWTS A BOAT RENTAL V6VX ASSUMABLE T:OTA 01 A1I11OXD4LATELYAoM I - LA),= I7' 2001 OPEN FI8TMRTd1 " wno 1V L - LOGIC 1712002 OPEN FI UMN2W w/75 tit L -LOCK 21' 2801 OPEN FIEUXM124 wnsB BY - AUCAMP, DELLENBACK & WHITNEY 167 J APPRAISERS Ar CONSULTANTS :GL. t e ijT/7f/20A4 12:22 FAX tl7naw'+aA 1p: 47 :-855677642 t p Ray F1tONT !F'.[LL 1-Tcz cvjLAm YRECM- ]-2I700R To== I -GAS WAM WATU- 1-BLWER- I -BILE coom Ia - I - 97ZAM TABLE p* COMPA-ZL I - I-Si'ONLCRII.t.-, 1-8]G DEEP FRYiRS- 1-2 DOOR COOL1!3t- 1- 3 PROARAMOT4 TABLE - 7 - PIDZTARAT" & D131 CC�O� I-3DOO]tvRxz Pit- 1- INSHWASZM- I -1cL bIAcmm- ]-SALADCOOLUt 1- rm a tAN am- 7 - NMI Ll CHAE'F1 *- I I I I AUCAMP, DELLENBACK & WHITNEY • non . ernnr a i-r�. rri n �r . � .+v` r MllikL ESTATE FLORIi)A :OUMEACIAL. INC. "fie rdiog the cwiw Ye Tomemeareral �' gtPey�xsat Oppermysies, e Theresa Santana Commercial Real Estate Spedalif t (954)a55•: 366 Ext. 213(3 * (9 Or 7t 234 Cep aX (t 1 330 8001 -SMS TOO FM Tc:KeM Della back Cer.lPeny:Nn VRPXI* rnbaek a w"My Fax0:561-2-1-4TSG RE:Mile mou Date:6624-II 01 Pegee: r019Wr4wWrAee Mi.esage: am ed on 1M iofornelbn raceued from 810Mune Fie urp V489eRi"ek odwl year v solo Fanormona.. ilex inbrMation was conamec by the rMF&M-This exlW# me us M in me deeium of inekiMf ra! Furehne b/ no • inefuded in fe rank pmseMaoen b ¢Dose 8.04 AN a rowAwnent bytonrwf iaM1.' WwNr You. Cc .Rey CieMr eggs G.PA. 221 N. Xalleneele aw.h 61ld- NallondA. bud1. FL 33M AUCAMP, DELLENBACK & WHITNEY APPRAISERS d: CONSULTANTS el F �U 23 20'05 even "" • •- 7 es s in.sm ss ew oe Ke: I ss.. 5 ppNRt e.Carr i ; Stegi�e �t S ... es 66 67 j� 6e wt oionttGn es vaMM e I w it ; T . Met Ret� I sweddeme fan' •. Y6iZ.v. s �sr.:ss s 3s� %0 AUCAMP, DELLENBACK & WHITNEf . ___ .......... . i- %Yr\ 11 T A wiTG . . m \.n.w •wr\'s\�L �0: O@m] Es"I CIS Site Map uoWde: 26.1w A4usl to. 2004 LorgW :-60.39n IV 1� ESF/ DWI III 7, AuCAMP, DELLENBACK & WHITNEY A PPR A MPRS R* rOMgl 11 _TA NTS ^v 23 G10W n., , 1 Markel PrOf-m le wren• 11Y.r.7 11111194 2S101 � DMw T.nt: 1 erMne.lef prr<TY<e SminuYw 01in TM1n 2O ninuNs LM9nM61: �yK 20m ft,."V10u by 046 R D ,ST 6.902 61py6Ng10,,,Ww gap DA,e 1O,y, ».9•a, ,ace. ss600•f2.sn s2s.me • s2•.599 C.ow: Do-_ Is$12t. 0% 1E °•. 163% asAm•SIA 0.0% 213•i 19,6% S50Am•Su.!!9 D.C.. s.r. ,oA1. "Am•smal" D.C.: s.r.. 4.2% 5�00000.31NAtl C.0% 30% 2r6 f40000.9190AK C.0% 01% aY. waaAm NA~ InaDM S. k s66.100 SES.= MYIY NO H.WWReM9 by Ingo" 0. 67� WIN 11a.remaY mom-1- 0.0% E.N. 11.1\ . s15.0m D.C.. 1 C . 10.21: S1s.0m•W'1 GV% 123% C.01. •6Yi 6.6W.919 27P. ?*A% S50Am • $74.209 0.0% 11 N. 103•L. 97S.000 • 900.90 _ 4C. 091. 1 :2% S1m.6m•91pAM OA.. 3.0% .. 2.1% 5160.mD.SINJOS OAr 2.1.. a.M•; s2mam- se 566.612 ... $76.115 , op mmf6D6m alaeme 20m n.. ""ft 9Y 1ng16e D fzs ?AV r,6uunm 0m Base 0.0% 2 <., a r1 •stLM CA 1.r. 6.T. N50DO.W.901 O.M. 11 it. 9Y.. gr,Om.9lam CAN 12.1% 15A% S56m0.9400" DAM b<'r 350Am • r CA1. 1s r• t2Y. PsAm•509.90 0.0% 13.2% lax 11m.000. 9u9.g9 CO% V% .,•: L1SO.m0-6121.090 D.W. 43., 6.2% SO SV..666 MISS ,,,,p 11,Ooiaal IMOMe tem oema< Occupied XOa 92 VPA 9 SO 4.a16 10111 00., IDSe. &A% -454400 Is^ Im.Om• l9.9tl 0.0.. 31.ri, 23.2% sicum • tB.600 DA.. :62•. 1631. 6,30.000 . ,10.999 0.0%1, P. 16A+ 62NADD • 92101011 0.r. 15., r 9.. m0A 9m • <p.� 0A^, 21. 6.1% sSmADC • 009 COS O.Y. 01% 5.r. 51.MOADO, 20 6166.112 SMA31 AM,a9611011a%4k* 2000 59K66aa 6ee16r O"UPW XU9 b/ Cancaat PAM 21i I sn Tad ticce 0 0.0•. 91.6•, 2.1% 12A'% � 9A CwCafA . tic R" O r. m s9R s656 u.auw 61ew SO 6105 f661 Moen Rrnt MY NW: IKM.,.<MMM1 M 1rM0:M YMI. wM..1.a MtWMt NW{ MwuYaM< MY1/nduM. wlp! M1C i�Y.1 <Y'IAIIiMI aW.�M1•al 1M rMa. Mbr Q..h<! M W ..wWr.r....n ,b .r'M Ve.n M. n,M�. •r'n. MM•M ..r.W.. fM .M ��Yr „MM..n..MiM..M.,1 w..F,..T.SseA+. YN Ma. 2MI1C Y.1.9r.Mn 0, aR a<YWi.Ia� aeN.i n Im.YM MM IpYM9. E261 Mf R,.a.aY N 1AY ia>m1. C Em as 1MR. Y111a..1. wrOMillM I,O'aR. IWfo1 72 AUCAMP, DELLENBACK & WHITNEY . nnn M 1fCDC' 1_ i-f-%ATC111 TA ASTC 23 2005 a-20 AM r< Market PrOVIC �'pypE i 076 e5. .4.679 700o popule4e{. 01 Age O 4.6% 0 0•: 41•: 6.9% i�1" f1 C.. O.N. 7.9% 6,f O.N. eY: oils A.1 o.C: 9.,% 1s.:1 or: ar ne% o.N. +zr 366.'V. 44 Or. 1:.N 55•64 0.0' ..M. fr: 66. 7e o.r. ,a•: 19% 75-04 f6• O.N. 16. 203 15.166 SOOp pe wms M 97 • o i 7% 46% Tan 10% ..Y. 5.C•. I 54% 5r. to.P. 9.11% 1C. is OP. 14% 9.6% 15.94 O.P. II Y• 161% 26-e• O.P. 161% 56 • u O.V- ps.54 09•: e.v. t0a% Se•66 OC% 501. 6.0% 66.74 O.P. .7{, 17% 16. $A or- 6, n r. e5• 0.0% ,e. 56+C 900 peWNYM try Age O _ SC 5 V. 1n a% o.A- O.P. 59% 5]% 5.9 0'D". 19m . m. 10.1. OP. •o.•. 91fi 15.9' S.C. ,.ro 16J'. 95 • Sp OA'. ap. 165% 95 • u O T �611. 169% 45. 54 O.0 . 7p. 109% .5.64 OM 6Y. to% 95.7, OP. :.Y 11% 75. 60 CO•. 1914 @f1. es. 4P. 1y 1 ]000 pepeWiM et eY S 0.C. 57.A.., 51T4 Yr. w9a 0.0% tl.64. FSMOW - S1.6% 51 T: 9009 pepwsw eY Sep O.C+ 47 �% YM ru19a OC. Fom los !'Y. 514% p pope 9y SK 00% !t% 'Aal" = iE 1% � Fe l.m Es" YSM "-1 M 10N• .pyp....0 Ce14M.Am Gf.M{I WWYM.n.....e pppp p{p�p6 pNip1 ..}7e 1 �O.M: i.ffL1W•���••eo.w AUCAMP, DELLENBACK & WH]TNE,Y - --..-. I. ..... 1T 73 1 GU tarsi.+ .. -. .... q 12 Market Profile 1awmes: 25.1537 et'wefYne: ,.w:nYni bi„e7w.r ilninWr oY,e tllnw YwilwMe Loostiae 402075 ,-% 2ppp Population aY Raeoem cRY 0 its, 14.672 IF7 Ton' CZ-4 a..r. 10% W trw.ne MOM ON.. 061. 2.1% 0.3% Stao Aono Arrn,CL' w4ite, Ape CO% pal. p3% 8.4% Asian or PWAIC taIol,asr NON C.0% CA% 1 P, 0% Some Ono Ra" A** OC% ie% 0% Two w wan Paces C.Y. 192', 17 0% tllsaereoorw.. 00 357 39.E GYAmft Ingo 2COa Populiti" by PaWERlniellY C 20Q 15.159 Total - 004 13.Y: 93.E ,M'Ae Alone 0.0:, O.r. 2A6 See&AWfM or. CR - OX41 "W'srr I'wM Ap'O 0.0'. 0.7% 0.9% A,", or Passe Iola'"' Apra . _ ... .. _._ .-. sArv- - 2.0'r _. t� som-cow PIWA AV" ' C % 2V. 20% Two a more PAC" 0.0,. 21 Irk . 201 wmer0e Orin 0.0 a5A 41.7 Ce"Mim I'ORI Moo pppullalion aY ASOC&th"iW 0 7.11, ISA10 Telai 04% 572% 976% WMN ATOM O.P. 09'. 2.7% BMtl, AION 00% 0.6% o3% ,","1060 We CA'. Ca% 06% Asu' or PWk lalaneer Alone or. 2Y. I S. Soria 011ie' Race AK't 0.0'. i.l% 2910 ywor won Races O M Y'.O% 26.0% Niawwo"r 0.0 as A7.2 D'.aA'1Y MY T, 2000 PCpulaaon 3•oY School Enmll~l 0 IAtt 14•232 Total O.M. 10% 11% EIIroOao In HiOWlY+presrJ:Od 00' .21. 13% eArclno M lK.9e11w1 CA'. 114% 9.7y. E,,'Aoo n Grs" 14 OA1. ..;y 42% E"Aw w code 9.12 We 2a.. 2.o%. Enroato mCo0a9s o.0•. Cp., O.S". En,alec in Gnaprol Scrod C c% MOO 90.7% ,,, Enreasa e, Echo" 2000 pepulaaa' 26, OY Eauestional ARaln-M 0 ,. Jn 11 i0Q yokel less than wl. Gra" OY. i5., :;3': A,I% 112% 911. 121, Grace. n0 Call O.Oti C.0'' Z6'r'. 01% high Sehoal G,3auAks 04"` 2•_I% Some calwoG ue Dow" 0. psY AsauJak Dec" P' IOi% 9"heor9 DeDe"00% C '... MicINS'FraLOCCb,ak Dswet O.YMM•M\N..1Mi....`la.N's•.'Y..YMY rY..tb awYY 1.Y.. rruw,.r M'YIi11.nN we F.Y.MYr.r.wY` wll el4w. MYwM'�U YMYi eIM,R. {way: Y.{.aywYu M w C.n..A A00 C..r.Y eMY.Rw YY W.YM- [6e, wL YwerY 4 aaN W 2rIM. pCYr [6M OL n.w:cee.»Yf'.e.•••�.wnY�..ew a•W,ml 7.2..0e AUCAMP,. DELLENBACK & WHITNEY A nnn A 7[LT)4= f_ f-MICT 71 T e KTTC 74 1 23 2bt75 8:'—" HM rm t I 11 I Market Profile wwwM iwLeN noEll LONa1 ta.laT OrM Tnw' I"lif.wNt MI. T.M: %rN MwTwi 30.1Mrww6 IyyVW.: aodwiw - ryPWlallerl 15• wY S!w eN WrwN n° ,2,iY nl000 s " o Ja.e•. nr: � a teal o a. s 1': 6.4% NrlWlww. .nw N C.0% :+,1r 22Y. Mornow.net EeOnaw C.'D0% •Tl . 03% uamad. SOFwWea O.P. +AK 0'0% '. ErrGj% 17 r' SA6 9.1% Moore.0•. e 11r' Ili: pry Nwwa A .o- C.O.. 261, ,!e. Ms eurlxa. na eOan:aC co" 1a. AyrriwO. s- w— _ 0.04 2,104 l.Y. tly a.a., bl' ONw.'ww ONerwww 2000 ►eoublwx,M by Eomm"m WAM 0 111J 14l1J J!� real e.V ISI•, Nm s12% �d in:wwwr FeW L,duwn Eewwrd O.P. /t r.. 0.l. ax. uMMd to --Offl. ;ri al•. In •MNOxw1001 0.1r. Kr. GA-io ... e1W n AJn10 F" EOM Clwi'wn t4wWN1al lG inLx0l Fax 0.0,. 910, Ea1•. Ci,AM Entlwrae 0 0•.. a 1. ar. C w' la wNNlww an Clwllam rw0ylr .la. in Ya.w FOW O.W P67s xe1. -C11ra:w1 Ernowal O.C. Jr'. Oa. 4alan 1MwnWWwO a000 rwKWa it. by 1 016, eM Slave IN Of CNN'" tic teal tleNF 0 0•. go.e.. Jr' ;T. C„n,Nlo,p.oWarw o0,. lJrlwmFN:Ww oa, Net n IJi6or Fars 0 C. r r: OCw;lenn. a eN: t•lt On.. •n 0' C.T, Is\ EmPpTnyn rnIf. FWCK o Or. GA% tywolrtoloww go% eR :Y. W. in LAW, Fea O.C. ar. liri Color Crofton6•1TOnM O.C. yr. 1Lat. FmwN/eb'/1 wr+we Feww O.C, GC. wo'• UrAffljbyeC OP. NW Y1 YOer fOK! ._O.. it.r. ?SA% Nw Cowll C,lltrwn.: Is 0.0• 100'. Us% EmWw/ww1^ar*, Porch G.P. 7R 111 NanmpawFolx a• xv .a.r. �1 L�+It. w.w... r w4 . Wa b...w r.l...r++w.ww� ai r.w• a esw. Amu, DELLENBACK & WHITNEY . nnn n trrnc w_ d—^10G1 11 T G KM 75 V 23 2205 E : 21 IRM 'I1< 1 J I i IJ I i Market Profile ar+• kaaneu. ww Ia01MY SINT Dri.e Time: 1 mlruNL .pi+eiwre: b rairtrld Oi.eRrne: 70 rtliMNa len9no00' a09T6 2M6 900,10111 P0006alsn 7F sy 7ttt Inckwv 0 1 190 :.are. AEfKrwraraa.l+l6 O C•. 2J�1 i 11.7'i C,r,%V diva 0.0% +y. 2.9% 2A% Na'awwr'Mc 0.0% 2A% 122% y/naraYla Trace o.o,. 10Y. e.Cw F101m1Tr411e 0.0% 431. l.aA Tnna00rtatservulm" 0.0% 0.1% Intermarmon FmJIWIrWrarop- eal EIILN 00.E 76•i e2.6r. 7.2% r]'. G.C. evom Adawkaraben 20M Eo WOV" Popula ion 16. Or OeoeaaU01 0 •.166 7.55 TOW C.Ot. e70. $3.0% 12.71. wMe Oslw ManarSamMILB:nMarfdi•WI 0.IN 6g, 1l.Pr ISA% PraraYrbnel 0.0•s OA.. IA 6% 13.2% sale wmnNlpmtrw supo011 0A.• 112% Is$% 11.0. 21E:k LarRiM 0A•: 0.0•. 3r.01 25.5% slue cam 0.0% 1 '. 2.0 Farn7bNblrv-ft 4 lets. Off' 1l.r. e.5+ Cen6duelCn.'EetraeaOA 0'�• 5.2% 5.0% InLNailMn'MaiManpncaalyal: OO'. 61% 2.Yk Pk20xlde 0.0•. e y 6.0% T1arlf0or4aYJM6NrlaINMYy 20M VmdAra le, by meam atTrarrtFsrratien N Watt a S.a26 �l Tow 0AN 7a4% TSAR% Op.e Apse • Car. Truck. er Van O 0• 12S•i '10% `..� F,arpeO.W • Cn. TNµ, a van 0?. 071 O.Yi p,mie Trapswlawn O C. ; ;y 2^ . elalkad 0k: 51r. 4.0% Odw a6a 00; S.2S A Y: warkad at Herne 2000W rPPM 16. byTravatTrme towerk 901 6A25 T<Iai 0 D.C.. 94.8% 162% ad t of wart al mmr CAL. 10.6% 6.6%. Lem tear. 6 104840m, 0 m. 1651. 16.2% S p s :ranella ply. 211% 274!. 101c 1s TiuYL 0.0% 142% ICA% 30 p 21melelaa O.C. 10e% 11.64 251030 nMuw O.N. - 74.. 1.9% 2510 Y' iVlea O.N. 6.t% 5.T"Y as w 59 -mw c 0% ;,6y 7.7% eo w s9 m m 0.0 . a a1% 6o a more ~006 Oo'k _ 6P. { 8% worked a1 HOme Oo NJ 2a! ararase Tre.NTwe N work IN mlr.7 2000 1eaeaenelM by veh;d s available 6D, 6399 Taw 0 a 0'k Norte x r. 322% ' 00': x.6y 41.1% 2 0o.. I7A% 10.5% 3 O.N. 2r. 3.4% 5• 00 A.egM Nnmaer 01 venides A.aead! a�.� eJ. aWfOr.l M CImM.IOm 0.1Yr{H •MYI]W M 1rYr%r3 as" alr$ rb.r.rn 4 iOY. Yy deed. egad. LLF ad moor dpame ...... M1fd.p w'•.M�M4Y� AuCAMP, DELLENBACK & WHITNEY 76 ^U CJ cwu.J .. ... .... 0 I I Market Profile MOEN 6rtluae aaa+T 01t..TMna: t 1nin.rol Or'we T;.t1e: sdwwn p;.er:me: 2a t11tIt10FF la.gAJFr Jbytr6 ' 100D ""Sehodi; by Toe •{ - 0 3� 6172 ' Taal D.C% L}. M: % Fa1MY ot% its'. 52.d% MY•laa'aaCM Family or. 1T0. 17.^ F4 %v4h 0;,Wdchldm a 2.r.. 1I.M Onar Fan9+!AIC SOowel 0.0. FA•; TK F;E;Awd ChJdMn 0.004 36.T•. 269% ppyyrnby MOLFA It& 010% N2`• 2r 1% Md.S, dIW Llsal9 AIC M 0.0% 10.M. go. ypy,OMbdr root Lmng Mond HpuF "Ms'idh FF1M6C C Mwln` I1a1ad11 `en Fowm 66- 0.0% 6.� 25T. '/a1•. 29.0% Mr., 2000 Rca hllds by stalk 0 791 On TOW FN9a'1 lbJadrtld 09•: idt% yx., r.t% q•9•.. x a..aen uawdwa D.C.. *.0% IIIA 0 h1aeA Sri dhnaanl'1FJNPuawhM7 m0.s.. C0•: JS•. 7.9+ s p}FGn lbw 4d 0'T' 1 s.. 1I> M pt.6an 11bwdtbb dT: os: 0.115 y. Pd.aan 1;ousetlad x00014e""Ids BY YNr hawah~ Mawd In 0 6JO Tsui M0Ja1: n 1999 to Marys WA 0y. 294% 2i,64 20.A% 32.P- e,a Int995 ro tMK O.T. 0'a' .1.N It^ ~d a•'900 Is 199d ON 190ti Ito% Ma..ad In logo tot9Mg C.0•. 6.3% O s•. Ma.da In MO b t979 OL•, or, 2.1% Mb.aa n 1969 a Ealbar - 0 106 Im Med:� YaA MYWa�Olda1 WAD In n�1 2600 m,ming Unit& by UKU in 1141 are 0 I.10 11.150 TOuI M. wry 45.7ts l.Calached �V% 0.0!s 1 Adamw 00•4 ,y% •.4% 2 0 C•. 3 w j *a-. 7a: . 4J•� 6 V M 00'. CA 2.6% 10 td 19 O.T. M 71♦ 20• maws non.1 :.T. lG04 4M.. 26s% OA% M•e• 40% 20M Naadino U10td 0y Y9a St'UMM BWh 1172 11. w0 Taw 19991d Ma.a12.000 0 00•: 27 11% It" b 19M 00!. 00%q. 69!. :OtL AA% t960 to t90J 00': LT; 26m% 1990 m two 31 IM 7t s:: t9TOb t979 D.C% O.0 19.oL 196L :TTa 190 Ealw. 0 0 'b' 19s0 meatan Year Strurwm &tA irw.: ui. a..P• r 1.. 4..r.1o1c w...r.r.n. w.r....9 011sn. ..pss.a AUCAMP, DELLENBACK & WHITNEY AT>MaiCFRC Rr C'fl%I'SI ii TANP.S 77 d J 23 I I 2065 8 : z 3 rn•l Market Profile 11� LgeAm: SOW D'"T m 1 tmnuxO On,rtttro: s 1n1,tNea gn,rdne: lW rn,,AAea ,.an6aude: Ad.Lts Too 3 maralry Seg"An a NO TaaeSe, NO�se710,dt CrGaamam AwaI Reath DA•M,6 0."nl 71eeo,t amaln M60211111W O,OW t. ssdihe .ItetC60n 56Mr a►W Ge11 L 3. sencta Meet 01 I:Onfulllla SpenOm6 SIt Ina e0lnl al, i W� im MI �Oty a 1" Rm' C"n"" ll I" �~ � I" IT tudgl -0�, .. �r A. ero aro,e+q grow trA0l1 u:eporea 5221,661= ;Z,, SC 522W10 52Ar.60 32.ASSb Aa1Ma5«+ical:Tmais Qp n Penme swungSOONta'a undo Spe,W o SO.00 a se ice S256.971 +G2 82,Ta7.aA6 cp70uMna A6cde6uans TOM,6 50.00 52r, s/ a3ta.A 102 so S S6 ari.W Edw QWs SO.00 - ,792 s9 Slat," as A,e ndin aVra see palUals so m s2a,ow: SUS" Ell"I E" S0.00 Si.105.32 AaareOe SOMA swonO I'menaal l:00 .0 so lot SA.127.6% 116. 6gAwA2A coedstHaRA �TWIS so CC SEE" UA6617 many Space �liel,ltlb so ill 717 57 O+AR7 S2L9W.70 read ae,er horn "W" TOIe16 State W. A63.36 117.061UT7 a9 6�'petet� G rn1 ►%WUAI I"iC :17 53.00, 79; 126 S27,AWAS7. Nalm rare 164115 50A0 531301f S,AA9S6'A 125 +hind• Sow, SpERdW4 vale bal 111dea - 0 f0 101 S! A6221G 6ie.R9.ISo NN fJndrn1966 Eoaement.TOal S Sam 52.113.1; SLAAAS A,ela9e awl 0 .00 Its 50en4e10 PoMaaal W40 so 552usm sufA1AK N,eNm•^�'•TOWS $0.00 S6.016.M ta.167.29 93 A ,age awl o S Soelldn9 patenaal I„ON .� $23.G7t.1r S203AISA67 FICOA Gone6: 1"' 5 So co S26AX-11 6a0A26.90 A,a,e9e Spam 0 Ill 124 spa,lpny'WMIA11110fa so 51000NT Sad"7219 Snanar: Tomb Soo S:t.7302 $13381.0 A 000 Some 0 17 101 a".6,n9 PaMn,nl 1„ W 6o UlS l6A Sc TvvOaN6Ouna EoubneN:.low S 50.00 1017C S1.066.67 +slaps SWI 0 N lob SD•"o•W /atental lace, 60 51-30011 313.M7.e6, T,a,N. Totals SOAD 61638.36 S1.S2137 A ntgc SOW 0 S7 106 SDenQwt9 fCnneal Nela. so S145.=. 67$27.742 ",Xw ma1,1M,aKe 6 Feaaaa: TOM, S So.00 517t D st.+52.83 Awtlape SWt 0 98 !12 Spe,Wnlg Polenl,al „tan Tne SDand/V 1`91an6al lndeA,edlatrne M hnCwnl "Am M me ana nal"e *a nat[6N,eAV a 100 Dal. Nnla: ama a coined or. m Ole :060. 2000 and 200, COnawna E,wdrure Sit A,vt. Sw m N tuba' SMMna. ESNI S16 S.� ,mter 70Ea end De Noe. 660 on rMM'lf0)N'hU. •,n�.eA,MI, Le,l� elelal PWZOS AuCAMP, DELLENBACK & WHOW A nnn A 7cciac t. !'nMgl 11 T A hTT5 78 ■ 1 23 2095 6:21 Am 4K Retail Goods and Services Expenditures Ma W SSA W. a0.7Fii y.4lwpa: orir.flnr.+ awliwrl Sw7rR: orv< 71st penlwyrwric SuwFlrr 2m 2,llJ 7a►taprN i<4r�r: Si.r. Poa,rPaan 2� 113 0 C:raffulet �. Q.1 MG+YIrKIC4 Sy SI. FWrI PlRmlt OraYNS i s,. Er!aral QT . mambnrwr ,5,, FirGOn wR - 32a9 GwSn irnS to f<wn ..a.a.rlFw:+ane SaanFlinS wwrEEl rourwl wIBM SAW - 11.Mt . 10i S2.1056 .S&miss kwm wlw t<I.iNw la "on InIAp most 100 0*1111 S,b.+! tM1.is ba+INi 105 isb:w w1w In s2mM hwa<rr ,m7 41M1MslameE Fvawwf a Jwwr „. wePral r.aelwb er10 grlwi p sJ.222 stun» m<Ilawerr aM---- %,""'A W0.8 W.rii ltlww<rlaMffarwE wXCTI Ufr :ol wSlax U.H/1n tnwrufarwm E MrlrNirO 02 Pam a11S1m FNf SAW wrr<iHiMr 1. $111Y.FAA ilul:2 W CWC rs,SO. N 5" JiS.,17 bm wtl.710s ifasp•ia►rn, si0arr. 29 sWX num Na1tYNwMw.sTMYaW<.f9<Lfl � FTM y12N iyy►y,w Syarlr,9 Swm.eW 7rrr s17a7 1EE•0EE FW dPKrNIMaI S.f.IM � 52J.'.10 2/11,14 711mNi1trrid Nui~ 96 $00 2p19S. �yMy1M2',01 a CAN TW.na. P1 slow noon C.r@7ewa9mrw Vafn Gwww3 irC pap <I►Frrt Ii SUN rt :1 sm.10 WON 1rClw, v.NFG2Yf1Yna s p/f as W It U-M VKa W,n FFre.rle atl SNaen 112 kr Most saw" A, S51r S L741 owf4ovva c', "OlDr IS S1w.s1 SlISS91 rn wit Perlml wln PNrYNN•inrrw EM'aafN Sd&fi SWAM P" t:m 122m.!` UWOW 7,0 am trlFu 125 u29.11 s71 b" SIB<ppwl*14"wit Foe Its LICS) SNO519 aperyPYleNF wra4 El<rarwi 131 $14115 5121221 r.Irlc FacrFlrra erin Sop"01t Sm 12111 SIMS@ PferwE 117 Sker.lm SS.9-2,M Frrr 12, 15.1a11, i.,i2rb0 F<M wl,ewe 11C MA 97,242a afWYifla (,nNI GOrIKLt i21 Sislt.m S1,211A49 wN1, ft,". FM. irw EtSt 122 SS 0 Sw7 U Mry P":imC1F is MIA wit", Flra, irc rrirwm wE 172 SI.`NU S,.Y%.YSL 2Iw Oawr sacs a: wsalel f22s:r stc'4T J Srwgt Fear A" "All `lmlw 117 31 $511.41 5+54.60 2Ywrlac br.rrrJrE ,2, Y27}Y SY'S?b, warylmnaa EF.engeR r 11ta,e nlY.<:1mD•95•:w•v.1�•r..<:rWt.aM. Z2mm. ESp191t AUCAMP, DELLENBACK & WHITNEY - . --... - ..11 79 i 23 eig'" " -. '"' Retail Gcods and Services Expenditures f...an u;uaee: IS.,C7 . tOnr WW J0.Se7S e,,.aT.K S minas . 3ile Type Dfl"TYn. spe.ls,ng ..wrMe F.ueeW l.w mxY i0 u.aeit ssa.tsi 67 LS M. tt.Nt.Lii M,.e.ene•1e 1Lf M!ee i.an 12T Mee,Y1 N:'DYfb•L'Z'trtM .13 SNe.tl a7i.lN nepWenpW� lac 41•M: L'f 72: lnerc:.N ir. C�—ue te.lrte Npe i'.•K is li MAN .e.>caee pyryn'n.e 4111N S'.SNN 3121234 an: ee1n00em1L le.xma i'MNk W41M AAese+nenG 1N,•MIAe•Y.2R R.n0ee.Pt W'•F^.Y... 1:• f;yOt L MAIM tMeieea. OWL a e 7,+nt iw•ien nepee7WFaNenY.M am l9uiF . . a9 S::'. ?s N7JMt 115.76 Sam A eN.W FwNF. 9i Wall bi37 VI FmrCCrw^C. Mrr.es4Ftlt° 1Iq :]L ;ni2i i101Y? 1..yW+i 95 021 LiLA: Wall ut.� 1ne WAS nti AR/W s Ma~Cppap.m is is22's stJFY' cW GM V7 2.ire no, 4'd ia.a ae 5F.71n1. a. i::.t} 10.771 MMrYKrreys:e9`: l.Pan 12L SdAS! S797 u1 1.e...a1.R F.7e Y. twat 0. 'Mnt>..'Me1. n.w•a•.a 'i. f13F/ii SIX'CMt vna. rx.•r:. •a1 SIMfF FF21A yeQew V4.41M 1t- S, M" 4, 461.e9 wAr..:M,lp a PKIW ftai•4 M..F.1Gy M.luN'� fe SY..,7 sm.= feneY b:4.n £,ppri' .0 SS�;2t 47.Me tm9art F.esaR e.8moonenen t5 r1!!' LSY'.W Ywew 0u4+aK 1W. CuW!, it eii4 i,Y065i cacao. Atli! •G 0' !S a: ,1?n Se1M1.30 ,om,, M iwm ant Maw Wa e5 CaA4 LSf: lS Arent Fa'.e ?7 SK2V O:FS2E 7-r 4'7.8 W. 7a5 AapTr,p:Y.l•1a11a 0n Tei .j.: SM At nape M.k [rp.2n TrY:t t te'. N wa s:�...! tea' a'A'aal MOW l SP - •4rrf.•roa MNt. MI •eCreae:•ff :Y' r?n: uM'G• .1: Dau ion A m.. K :OInP GYa .pi'C�O�•I C..:ea::! rig' 4K b•ateeM b• te0t S.u.er. E •aMY. aa> .+xn..t br u.:?W. teit. Vol eaetr Y. £•xeme G �w.a ux:5».::ea a a 20N CJW ESFI a- w:'r a7L'ei'ty Ana. eNC3 t_+. i 1i tiY tre:7.: .•W AUCAMP, DELLENBACK & WHITNEY A t27.71) A 1Ccnc r.. rf1NC1 it T G N•f� 23 2005 e : ca rn, .. I Retail Goods and Services Expenditures aa.w sraN sEN, uas� a aa» lW)aarse +►an9 6rlawc: O.ne Tier aNwrow.. Saimaa . 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"maNris. to es a" nZiouM POP Zoe". aM aAw mm'" amam aM m"'a, Mam• ba4 iM+abraar.Wa Oa.Nr7a aa..aYremt w.w. a.owaMa WYb. wegroi iaaWe. NaY ae9e. mpvYaMaa Wi9i•ai iaanraa warn•aaf anOawba rbaeW wwrwa wwmw..w%wf wwmawa iriNma bra ftrw fa w.rwaree. amgNaw". M 'yam iMyapp�, mir�e/�k Iw Hro i.klies heK: wuwaala Mr Me9ii'VuMn. wubroi w Piw•.v..wvg ^...... � ._— — - - - - bnwaa/a9.rWMJII ..YrwM balwwL Intl maaww" b Smart • aaae.NaL aer OM14a ewM[ r•MeeNieb LYWN imCLL.01a Wlmaare fwlMa. boom aNm YaaNI. wear. bM1p aWm YMN. Nmr %~VP. UMM. /inw. aY V a erraafN acme. aN bear" aN "`w rW�vr a0alabN rCNeN pVmiai.aR. wome; w- waam. we wL waaxn. 10, PIANO. Ten". mw=C w0 r,aa* aWIN ON, aranni agWwwf•a' wants Nwwea aNm.WaaY..ama awrron uMaem f.a.an yaw mnmmam, aami. aaa.arL as ft awliM 6erra. b ,We WaaMR ona bwrme nrawn aN Gaman .NrWa b..n aM low UVI iN. a LPa ana ca•e M.4...maw ww0. omm O M amma, -WOO a Wwr. ON PAM aawmwa abYrwa.ganaapaw.f�allora. Nsb9e. ara wmary aw•w wN rea+r•9 araiyaa. bri Y9We. a1a.N br.'a..iwa. arvf'•paaPCaOa WOMAN. ^wxaMN Gm YNOY[W iMabaa Va fib iNG.WS. MWlae.a aNCrf OwMo. r.9a. Naaaas� ADM. h9wn iraL'il. W.•�w'9 INNS, aeIYIIL aaimaYW.MMN. NM w/tl.ala. NY MM.Ca NMeWK%m wfgN wwWM. K reW: CYC 840104.S. •r$ai/fMaS irO iN9YiMlr.dialS ieCV Ntl 4.00MW iT fafaia. MiTM.'aam&bd.O.ed Sr"0rNCletl. .,,Wa pram. (pea *Af)•M.rN MM"" b— aN NN aaa "a"N wM. r.fra.maaa. Na•r Na aNaW 92W 9sni b► aM►'ream iwraai 8� AUCAMP, DELLENBACK & WHITNEY 0 LDOoaTCURC �e. r nMrlli TANTS Market Proflk± f•5MO a6a2ri2t+m {Amum: 35.+Si7 - pi..nm.: am"~ "~ Db TA .. W VAY Ufn9tl.rr a.]676 ".=6 S62i1 . lOODibW Pewmlml 3.706 1.40 mo G mW Ou3r 105314 60.73+ 20. T0161 POoww 112236 702.212 2"Imi Pb0+r.li 1 12Lry 12% 20Dr . 200{ A n l Pa. 31,6{A 1932M 2m Houschms 70 ' 2m A"m9A� USWWW Sun 33.557 2'31.07i maaww 3.03 - 22W4 AAM w ugnu 36.S s 22M . xm Ma..A'd'dd+ Sr 3.05 31 . OW A. 'F MauuldC 1 1f". 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L.. � w .mu..•rr ral•w hie rY irwa ' .usenwnav��wrwniw+w •s r�c..�n.ti CM.�asw+w..w7aa�.ia�.+sw. r.mnn bm...rmV.mm..•u...w�.N r.+anr •W n 7nn.w « arr.l rA a.r•mn9.wr..r .. r...w 3.::w..f. Ar.. A1.•.tw.w.lr.. C.rrwM •w.+•r......:rnq C3m166.r...Mw.mr wr >dm. ®.•nn mi r•w: oT1Hw..ww.OY.WT .nwm+ rW.08 83 AUCAMP, DELLENBACK & WHITNEY .�11. TrVlm` 0 /^ XvCT 17-rw AT-m 1 23 2Oe5 8 : ZZ "" r" 14 c COLONIAL BALNKIM 1nAFACSW 1LE July 21, 200a Kcal Niteabeck Aummp• pellantuck. i lrual M aTW NW BRCS ROM Swc.. Buse 102 Boa.RMDn. FL 33431 TaL• (561)9964M Fat (541) Z41-e759 pekre,W. Appraisal of a mo:wse cwe*rcw Sim known acnoi-rogo. g riarune ?bturq Vdigc ad 1 n .;. cl1, paled at Mae mew 10".7. Due Oala: SeKsy largo•sl. Dec Nk. peseAeaea. . Tnh Iealer sulnoian rar appraisfl fen m Freml lnC 1oNow" aDaalssl for GdenHi Baik To appnkal must eCnlorm tD USPAp ax FipplJ, as ,ON as 8" emer rrgflmlons Wnpmscw to bar*- C}tts guideti:tes "I lre appra'sar rsrstfoac+are see tor? :n E+Msa A.1 AVad ..'enYle sr eCPasa/ "Pam may be reeassDry m meat 9r oee!{f of FOtRFJL and USVAP. TO erxllee Caf9ikM Well 01Crteln ,O,WDry items. C%oft4t BANK is pMvgi lg a Ceru'rJiisn IfarnihC 9) m tall i+tlaOSD n ee r intlllSiee of The Value deilMion (s) to be used in rie Contest of the aulCnrea^1• sisal TWA on: FDmlac Appraisal DevebprDW K L"' CO nClete Ps. UYntae ( 1 Appgispi pew Type: ScOlOnla:sd 01 SU-MWV 1 1 p apose of the aDIO..'siss to b 110.0-14te :re telWwilg rsluer mmkoi vowe of the Pemerty'As li fo lo,ifg WQWW egt.te ce ie De appra set: Fee Simile t i ueser id Leased Fse 1 i OPnr A. Alfdim .fTDc CeIoW.W1 5amGmvt' I.c. ,MbOADA r ,%II mLF%rWh D1a1 Ttl*m.r• )DS•SIYJ of .w+r.ewl.niiA.nl.w A4 EQW. OproRTU%TrT DVLCM n AUCAMP, DELLENBACK & WHITN Y . ��.......... r` a �..•.rr n r w wTT[ i 23 2985 8:22 Rfl r N. Property Wormayarr ' 7r0perN NarefAd'ueae: Am mwl c "" T. Kay laV. FL ,raw, Type al .,Jme Ccmrnaretal Sae Law Area! WA prgrery Tas Fdu No.: Nr0 Appfi-N d a fro wse nsm wdai s'Ie kph so the 'Eg Nabura FW.rnsr % ?.'Yee ab.Pln.male. Cal!' kYAW at Nee Marw 107 T. yap large, FL. Please Provide Fe an aDPrbpn7la wiwlbns (calve. Beane, and cW in conlorman a eY USFA7 and FIiaREA V. Camara Parson br Property inbpeaarn and ce" kdomnaubn' nrei i Sena Planers Ta erceanv M Caryeit _ Unao jacawel6b4a Senior vice Prptaera coo: (95a160BAaAA . coons Bens Tessa Santana j2oo Brkasd Ave.: le Plr. Oat: (305) 710.712A aasmk FL 3301 Ttl: (.Pal Sia4= F,= (ipm) 373d020 VI 1 I Tmeabre and Poe. Four N) cape. d ene canalea0 aCPralaar re fen; ro b be del:• wdr��eR iruormnron Nsud goose: by b pJA. or. or be(are SOPWr et shood you raw ar.y Waft n ebta:nvnB entreat %Ira proaany m polocM Olemsalan, omeac the aaaant oCsar asrW in ere asalpnrnara T'1e antil see to me actraisy �;y:T.em. mrad^E ap expanses. "di bt UADD. Yha Mew M paid upon a sara:aobry avWr by Goro"t'i ba(M. Saporta ""red IinM¢l uta nil resua M an am etic reT cmL-jRn d ix M tine appr isel he ra rcb vwofkiy clay the reprt is late. Unitas an lortensnon hat been granted in adrauedrea Oaaa att by the Mount~ ordesigrnle. AryeOmer4'M'D011repod"bromp'W and Mkff" to CoW4W Beek ne later nern r 7 b 2A2dKOM (rWr ?a ORne N" a la "Meanad to you. AUCAMP, DELLENBACK & WHITNEY 85 all 23 2HO] C cc -"' • ' MI If you are in agreemrn wlm the tame d Ilds engagemanl Leer, please sign and doll prilvioad below, men ream nis to my Suran. Be sure to Inaude a e:pv d mi: cardsu y ml'p L.arrraasY - YoeP{esdentiC Wnagr Cgond Btfrk 7y: rAS) 6231802 - Fes (a0E) 622.1741 AGREEMENT FOR APPRAISAL SERVKM This sgraament a to mnkm teat " lens. sondNbns. reporting and appraise requiemM4, cg-O ry data, and appraisal tee specified in the altad%ed Leger of Engagematt fof APPraisat SWWN file e�blyed and are hereby addapMd. In addnidt. 1 carBy to ale felawirg• Neaher 1, nor a rtrember of my firm. have bean sued by a Wyularory Agwq or F:Uwnw Prlhuaon forLstd or r"ligence irvoobtg an Appraisal Anan. Alt pemeng pmovidng signtmam assistance in the proparabn of this assgnmenl ale alnr11n1i1Y h mnpilarce *im appliable state edaMtilg and cerftelion Ws. and meet Ilia repuiamntt of la Crnpetanby Pnndsion of Vie Unifrm Standards of Prohssi" Appraisal Practice (UaPAID). I am anovely in cli Mlrenbe adth the continuing eedeaaba requlramnb for yprseers a ei toblianW by the Stale ofFlorida It applicable. l am also it Compliance wad ga carvldaaq education faqufraroM aitablishM by the APPM11" !nsVAft r,AM I arty teat i have now been lead guiay, or an Ethic vraleaen by she Apple" IaauM: (Aq or oily stale opptaisal ford. Acceptedthis Z Z daydf T fe .2004 By: cis, 02/779/ Tea ID Number I L.86 AUCAMP, DELLENBACK & WHITNEY IN 23 2005 .B t 22 PiM r t< j, EXH:61T A APPRALOALGUtDELMVS t. The objeoive is alb record your opinion. of the estimated •rnaradyalue' Of the Properly 0 a xdrewnny aescrolve mawtar Is enable eremadar to determine your erflrns!o and tta -Aim law ft os&nale. The dEANG011 of'markel wlue•'d me meat probable pro whidt a PropedY VOW We in a oompeffiot and open morkat undor all Conditions mqulaile a a bi sett Use buyer end tho saps sash acting pruderay, kramedgesaly and asslnlrrlg me prior is not efieded * urdue samWL ]MOM in this definition Is the cronsurmroGor. of a sale as of a specified data and the pesskV of epebwe sesemor No orysr undw asnditors whsaby. a. Buyer ant seler anal yp'upy mdrated b. ado canes are well i fo med orwell adva eo aria carat acting in moat ae Considers No own peat xftmt' C. A reawrtaba time is allowed W. exposure in the Open market d. PaymsM is made in terns of earn and Us saws or in 'urns of fmantal amrgwn«rh canpan6le tnermoe; e. The price realesana car normal eorastoeraljor. for the property sold uneeec eo by special or or"" mareng or sales concessions granled by > - msedataA wilt the sale. a. The apprgWl should lolbw s mssww* vak.seen mepar rdad addresses ill RWplifaC approaches; to market velue unless the appraiser fusty explains and daaumenn tie eiMlgtim Of lb appwaCL . y The appraisal must mdonn to the Uniform Standards ofPmlealonel AFPOU Pndim ('USPAP') adopted by the Appraisal SMindams Board of Vhe Appraisal Faundadon eratpthete Departure Pmvirion, parrWaft an appraeer to deviate from USPAP Standards. shot nu a". AL The appraisal must dsclose stops. a any. or al w" Milken V. order to abrupt WM N Contpaturey Pmrbbn of the USPAP, pL The Appraisal must report and onalyra calm an preVim ale: of the aubjeelempaly. Fin! 1-4 ... Array MstioweW pmoary. die anelyss snouW cover the year Irnmed'erey prapratrptlle rsm m whim din appraleel was Prepares. Fw ae other property, prior sa'ea tar the fusee years Phsr+ph9 fr Clansman vrtdch the opprolsals was pnoared mud oe mWAd aaW enayad. CoMparatae sac gnA dta a= tkna perioae no 1on6w then them and, t possible, Should rase- salts within the Militia as aannms. 6. Moyer and report oath on current renrugae expenses, ane vacancies l r the lkbjea pvFs'ly s e is and eraf continue to tic inane prtducin6. 7. Antya and report a reasonable inar aebng "hod for Me subject Property a, An@" and report on Went maces conditions and trends fhot vn'll aged pgwes isaa as or Ire absorption oenos. to the orient mat NM Macs the value of the eupjaz! property. G. Ar arse and report tpp.op ire deductions an dlocouns for any proposal: tOm MaL or Jny twnplefed wopertbs drat ale paraeny leataa w lease[ at other t.afl memet rank at e0e rue of the appraisal. Or any traded dwiloprnama wen unsaid units. . 87 AUCAMP, DELLENBACK & WHITNEY 11 23 2005 d : cis wrl 10. In add'dson to the aertigtalbn required by the , 6,s appraitsal rtndeleo on 0e taia of ded tpaowa;-Tna apCraaal assignment was" made. no. Maw, ina "sldde'se requested minimum valuation, apwxtc ValueCOfI. _ran amwM which woub PP loal6 11. The aDPR'salmus: doMains cu7�dertt sucDdrt:nS Oocu�enta ron ""all'. reportedso that the appralsc`+s b9id. raasrns+9• Jud9rnant. and analysis a ar'nrtr,5 al! dcnduDDe'r wia rtMto the reader the reasenabteneaa Of the r..VILu :alu! reporad. tyThe appraisal Rust include a Ie9a desertpaor of 7a real evile beN appraised. N eCdtttiOn b the da,6�;dam required cy the USPAP. ti The apprt?sal must i.Wgv and separstey value an! Person" praparty, ebtaaasal ftnr in le Hems drat are net red Drdpar4'• Du: art inWrded'n he appraisal, and diseuac dn! imDad Heir irtdlusion a eaclasion on the estirrste of menrat vawe. CI t.. Tne appreiaal mwt tosow a ressora ale va t weft and mat "add oM a ��p�s apmPa^sa^• ^'� a and nc: WprtrsCes to ma*el veWe end readn7 Ili. a :nldrrratien required or deemed;&*AM to the eorrAkddn pf an aopRfatu ie,A,arsiesdN, flat iset thdl be disdoeed and esP"ainec in the aptyfas7. is. al ewumDtions and pm,ae.bnc shocia be suppoemd and =Ifcrm tor�rrem rna w�nry risk, Cddsalend-vhW%is y„,rfthe cast ing t rmsnane ze: v trara�D � iea:sen ate do�cuvma tad rrstn la. Yar Y,M, opinion, unnctr be add rlrAln we-v mgnau or. if r. is ;xnd ! Ih a � fringe lord the If1c for me lima Dandd necessary 9 tao a, I'll subim shWk base your ve.�'alion cn a rfitaunlld psh rlow fnalysis of Ina revenuaa minus Kdrr ;r duding. but not 1WMd to, costs of cs"' r9 t yYou should r:oeurrranl and es;iair raw diedount and ca l)"MMUM rues art usse in 9 doneedkq present venue euunaes where dwived. - sand t& You shwld tat* iM0 consideration and male it"nsfon for ad edpropriak de0l'dreni any do%*C;mantpge tsWaRY 0 AUCAMP, DELLENBACK & WHITNEY 23 CtOno Q " • . APPRAk%AL CERTIFN:ATION I Wray thet, to the beat of my WOVACdge and befie the elelements of fad aonWnad in mfs repot am flue anC toned. Me reponed snatyas• oprrtinns, and COacusrcM are pmetd only by ate repanta eesuttpt:ats and Ymlanp mrdiMens, aM arc my perwml unbiased prorssiargt anatytas, epviats, em enrtdwiors. t how m (vthe specNeO) Pmerr. w pmlpodhro imenst in Ur Drop" tnd: a in fit nmjad of We report, end I hove ro (or the sperXdd) pcmcrAlt emrarast a bias "In reseed to he Wrliaa ovatvld. my mmptnutim is not caAwgerd upon ete repararg der{tadetemNne l vsAx or direction in "Ne oat boors die M" of Fe diem the SMOUM of Vle +eYr esnse, to atlahmems d a slpulsted reaAL of the Oc ffe ncc Ot a sabsewent OWWA. my roporlad anal"Is. Opinions and omtdtlsiand were deWaeped, and Ihu spat Seenary had been pepamd. in codorrnpy wih the Uvyam Etanderda cf Proeeasianal Apprersy tnaCdOe. I hove far lava ACO two a peteo gl impeetidn of tee pmpafty Qtat in Me WNW of pit raeDart. (Umor Men one po mere am tepWL read cerre4asm must dearly apOdfy warakkalWuaafs did and %WM i dflukk ah ddner mesa apc=Mf rnspecrlon der apfNaKOd PMPS*) m one WaAdsd s4nificeni prdesemnal aseistanee b fie person 1011ing tds IeparL lSheie end esteprions. pr mote of each %Id.btlal pmvidfng sigrtivat pdessidrmf aaereane aaafda ANIIIIIIIIJ V* aWroleer has pabmtatl w'dtin ete caetest of the coon. tomy Provsionarae Marry --yes of PmkssionaAppraba Procke(Dlscksed ay sups nomssaly k xwdywal&-vie mom). i npM Mat not booed out a requested mnftum wiu0ean. a dP"ft wNWte, Yoe SIIFX mwl In. t appraieal faodpn'vat tho fallmirp ddrnkfans Of value: rket MWY as dMnee it Chepw 12. code O' Fadwi NeyuWiOM Pan 94 e2 m is, Vim moY batik se" vhkh a WWOry should DdM in a Cdrrlaeliblr WO Open rtdkd WOOF IN IM" mnuiSA b a fat 9". tha buyer and teeter ea7. Shine pnidanty and kmWedpa 4mft. i assuming the pin is not seeded by Undue stirusua. Imprlefr in 9tis dews, was mu mettbn of a sae as or spedfiw "to end the peasktg of OW from sakr to btoeru e:lmr tdlem Whereby Buyerand eater are lypicalty rot:vesd: Both panics arc well Weaned v wee advised. and aeling in What they euuimr In sh owl bell imataC A noomnable "a is snowed to, expMwe In the open market: payment is made in terms of Cash n U.S. dcdan a in terms of nnaval anelerm ants mmpe.abts hereto: and m AUCAMP, DELLENBACK & WHITNIE)r _ -. --A rnr 11 1. 1 ~ 23 Ze05 8 r,dj Mrh � ^ 51 The Price represents the none, ensidetadon for the Pmperty sad uneMeeMe by ttDecist r ereadh.e SnenclrA ar We oondeasions granted by anyono assaoalad "e" he ... fe h 7=5(4) a. Ale eW Fai � of defir a tisx^4 BankiC i Laws �Znt 6l undW W, Co"detions ra9uftaba w purr that might�easonablybt anteipah^.In a torte ride,". knowhedgesd'•'�.VW VOI rop. fair it to bw Of meansthat iv, e.. other than in a forced a ti,4t+dstldr• see epprelser snoub astmee he tafh price lest eM typ rendi.hec u., r et coarhib . WW m ribs for • reaswnatle tuna. aemidenog the Produty type and be t -ranch owid12 When a wrreM safe is unlikely. i.e., when it's utJarrnTNL Ohaprty x;°b W a'a utbmb deKr the aPDr+rsr Null difraum rl csh aewf ge 'rem derthehsnlD. wiue. These oash paws indhde. but na n^ IMdea'o, these amen de niopmrd, ageraflol6. and safe of ix prop". This dl6=':Mt aPbhed shah rareC. the appraiads Jtr C to a s root a (rudest• rep" In acur �aaer under no neeeesgy to bn w,,do x VMS ng to pay td purenase the DfcParty M KY t lift. Kil AUCAMP, DELLENBACK & WHITNEY 23 2685 8 c 23 RM r.c EDUCATION Florida Atlantic University - Bachelor of Business Administration.1974 Appraisal Institute Scope of Work: Expanding Your RangeofSe vi gustt 2003mber 200 Florida State Law for Real Estate Appraisers. How to Recognize and Evaluate Thg olv House. November 2002 1 Houses to Hotels The Income Aooroach. August 2002 Florida State Law and USPAP Review, August 2002 Appraisers and the Gramm -Leach -Bliley Ad, July '200212002 1 Have received a Subpoena, Now WhatO0 10 • . AP I Fraud from the Frontlines, Nov. 2001 Appraisal & Legal Issues in Land Use Disputes.v. 2000 Appraisal: A Peak Behind, A look Forward, August I Case Studies in Residential Highest & Best Use, June 2000 Analyzing Income Producing Properties, May 2000 USPAP 'Core" Law for Appraisers. April 2000 Regression Analysis in Appraisal Practice, Mary 2000 my 1998 The Impact of Contamination on Real Property Jan. 1998 Advanced Topics in the Sales Comparison Approach, Special Purpose Properties, Sept. 19M Florida Commercial Construction, May 1996 Environmental Risk, April,1996 Fair Lending and the Appraiser, March;1996 Sept. t994 Standards of Professional Appraisal Practice, Parts A & S. New FIRREA Guidelines of Real Estate, Sept. 1991 Society of Real Estate Appraisers 201 Principles of Income Property Appraising. 1986 202 Applied income Property Valuation, 1986 R41C and the Appraiser, Seminar 102 Applied Residential Property Valuation, 1990 American Institute of Real Estate Appraisers Appraisal 1-A Basic Principles, Methods and Techniques, 1976 Appraisal 1-B Capitalization Theory and Techniques,1977 I Appraisal 2 Urban Properties,1977 Condemnation Legal Rules & Appraisal Practice, 1990 EXPERIENCE 1990 to Present -Principal B & D Appraisers & Consultants, Inc. D/BIA Aucamp, Dellenback & Whitney Appraisers & Consultants 1980 to 1993 - Partner. Ross Realty & Appraisal, Inc. 1975 to 19ao - Staff Appraiser, Ross Realty and Appraisal. Inc. 1974 to 1975 - Mark Realty, Inc., Commercial Sales Division 91 AUCAMP, DELLIEN$ACK & WHITNEY-- Z3 Grono "' '"' q (continued) ASSOCIATED MEMBERSHIP Realtor Member- South Palm Beach County Association of Realtors National Association of Realtors past Director of the Society of Real Estate Appraisers, Chapter 200 Candidate with the Appraisal Institute APPRAISAL ASSIGNMENTS Apartment Prole Commercial Proderties Industrial Properties Foreclosures and Court Testimony CLIENTS INCLUDE First Union Bank Great Western Bank First Southern Bank Waohovis Bank Norther Trust Bank Bank of Boston Bank of America Palm Beach County Attorneys Mortgage Brokers APPROVED APPRAISER FOR Wachovia Bank ScuthTrust Bank First Union Bank Southern Security Bank Republic Security Bank First Southern Bank City of Boca Raton State of Florida REGISTERED CONTRACTOR FDIC Chase Manhattan Bank First of the Palm Beaches BankAtlanlic Southern Security Bank IBM Corporation Troy Savings Bank City of Boca Raton FDIC Private Investors COURT EXPERIENCE Qualified Expert Witness in Palm Beach County and Broward County Circuit Court, Florida AUCAMP, DELLENBACK & WHITNE V RN I I i YI I APkXISAL LICENSE s M I�1 C M o w ya � .r n jp cu ba ow �YECOZ h o M y W.la p. p1 V a O p0 L1 H M ..'iQpzy Lr0 .� a+ 0 oFtA� 4gSI� ZZo lco o B O ta:-v AUCAMP, DELLENBACK & WHITNIEY APPRAISERS & CONSULTANTS 93 OCT-06-2006 16:12 COLONIAL BANK P.02 EXECUTIVE SUMMARY Properties Environmental Assessment & Remediation, Inc. (P.E.A.R.), was retained by Mr, Luis Guerra to complete a Phase I and Phase II Environmental Site Assessment (ESA) of the property currently known as Danny's Waterway, located at 107890 Overseas Hwy., Key Largo, Monroe county, Florida (see Figure 1). P.E.A.R. has completed the Phase I and Phase II ESA of the subject property. All reasonably available information regarding potential environmental liabiilty and pertaining to the subject property was collected and reviewed (see Appendices A and 8). The following observations were made after completing walk through site inspections, reviewing the pertinent available historical records and conducting selected groundwater and soil samples analyses: • The Property measures approximately 330 x 138 feet = 46,W square feet. • There exist two (2) buildings, an above ground sewage treatment plant (t10,000 gallon capacity), an underground petroleum (10,000 gallon) storage and dispensing system (UST). One (1) building serves as a retall and restaurant while the other appears to be a twonstory housing unit. The±10,000 gallon underground petroleum (10,000 gallon) storage and dispensing system (UST) was recently upgraded. The system was upgraded to included double -wall underground piping, an additional dockside dispenser and dispenser pans, • The property is mostly open ground, except for concrete overlying the UST and an area of approximately 20 x 20 feet to the north of the UST, • In general, the property does not lie within a municipal designated potable welt -field area and is connected to a municipal water supply system. • In general, the property is low lying and surrounded by bay waters. Adjacent to the north lies a motel like facility and Jewfish Creek. Adjacent to the east is US H WY 1, mangroves and bay waters, Adjacent to the south is a strip of mangroves and marsh type environment. Adjacent to the west is a waterway that connects to the nna�h.. hw......4...� ..'y YLty v 4,.Lf ii. Review of applicable federal, state and county listings, revealed that the facility operates an underground petroleum storage system (UST) that was recently upgraded. The upgrades included double -wall fiberglass piping, dispenser pans and a new dockside dispenser. A series of four (4) groundwater monitoring wells exist surrounding the existing known UST (see Figure 2), Two (2) of these wells were properly developed and sampled during this investigation for the purposes of laboratory analysis via EPA 602 Method (see Appendix C). The review further A4BizXPh=,V3MQi%on%m,ih2 P-EAR., WC. nrn ,inn rr, OCT-06-2006 16:12 COLONIAL BANK P.03 revealed the potential existence of two (2) abandoned USTs of approximately 2000 gallons capacity each. Further review of records indicated that the property was registered into the "Florida Liability Insurance Program', The Florida Department of Environmental Protection (FOEP) Facility ID Number is W7345819. The facility operator and account owner are registered as Mr. Milan Dragan Zijac, 560 AVE'A, Key Largo, FL 33037 •- Tel, (305) 451-4321, • Electrical Transformers have been known to utilize cooling oils that contain polychlorinated biphenyls (PCBs). Therefore, deteriorated electrical transformers could pose a significant environmental concern. No electrical transformers were observed along the Right Of Way surrounding the subject property, • No radon or asbestos testing were performed during the preparation of this report. • In general, the results of field and laboratory analytical work conducted, revealed that petroleum impacted soils. The total petroleum residual organic contents were 30.4 milligrams per kilogram (mg ft), Although detected, these concentrations are within the allowable limits set forth in Chapter 62-770 Florida Administrative Code 'Soil Cleanup Target Levels for Petroleum Products' Contaminants of Concern". The organic vapor analysis results did exceed 1000 ppm, the allowable limits set forth in Chapter 62-770 and are considered "excessively contaminated. New vo,.(d 6� a.. epc�eeefine� • In general, the results of the laboratory anCical ork conducted, revealed that detectable levels of petroleum constituets do exist in groundwater monitoring wells surrounding the 10,000 galmethyltert-butyl-ether(MTBE) was detected in concentration of 35.1 and 2grams per liter (ug/L). Although detected, these concentration re withi a allowable limits set forth in Chapter 62- 770 Florida Administrative Code "Groundwater and Surface Water Cleanup Target Le is for Petroleum products' Contaminants of m once". ,d MT13 a rQ hm� iZ�s �-( tr+ 10 44()I - • No records were found which indicated that a "Tank Closure Assessment Report" was prepared or a "No Further Action" osier issued. In general if a property is registered into a cleanup program, the requirements for assessments or closure reports are limited. A "No Further Action Order", must however, be requested and must be based on analytical findings, upon completion of cleanup, monitoring or an assessmPnt, • No tank and line tightness tests were found indicating the Integrity of the UST system after the upgrade work was conducted. n:�s��ne•w�mwaieiuro"«� an OCT-06-2006 16:12 COLONIAL HANK P•04 1.0 INTRODUCTION Properties Environmental Assessment & Remed!ation, Inc. (P,E.A.R.) performed a Phase I and Phase II Environmental Site Assessment (ESA) of the subject property, located at 107690 US Hwy. 1, Key Largo,. FL (see Figure 1). The Phase I and Phase II ESA were initiated on May 8, 2000 and completed on May 15, 2000, Outlined within this report are the results of research, review of recorded documents, field inspections (see Appendix A), database searches (see Appendix 13), groundwater sampling, laboratory analyses (see Appendix C) and aerial photographs. Generally, the property lies on east side of NW 35 Avenue within Miami, I1ade ceunt'v, e he ;,; , made to identify and evaluate potential environmental liabilities In accordance with the American Society for Testing and Materials (ASTM) standard E-1527, guidelines for environmental assessment due diligence. A registered Environmental Manager (REM) and Certified Environmental Auditor (C,E.A.) of the National Registry of Environmental Professionals (N.R.E.P.) completed this report. The scope of services authorized and performed as part of the Phase I and Phase II Environmental Site Assessments included: A review of up to a one (1) mile radius of the United States Environmental Protection Agency (EPA) databases, including the National Phorttles Listing (NPL) database, Resource Conservation and Recovery Act (RCRA) Corrective Action (CORRACTS) and associated Treatment Storage and Disposal (TSD) facilities database. Including State equivalent CERCLIS (SCL), Comprehensive Environmental Response and Cleanup Liability Act (CERCLA or 'Superfund") and, the Information System (CERCLIS), State equivalent Priority List (SPL), Leaking Underground Storage Tanks (LUST), permitted Solid Waste Landfills, Incinerators or Transfer stations (SWLF), Registered Underground Storage Tanks (UST), Registered Underground Storage Tanks (UST), Aboveground Storage Tanks (AST), the Emergency Response Notification System (ERNS), RCRA registered .large generators of hazardous waste (LG GEN), RCRA registered small generators of hazardous waste (SM GEN), and State spills list (SPILLS), see Appendix 9). • A review of the Monroe County Health/Environmental Department and the Building and Zoning (aerial photos) Department files, A review of all applicable Florida Department of Environmental Protection (FDEP) registered storage tank files. A review of historical aerial photographs to identify past land uses of the subject property and neighboring properties. • Limited testing (sampling and analysis) of soil and groundwater for potential petroleum contamination was conducted as part ofthe Phase II ESA investigation. AiB192uhmdp7gg11711pWq1l2 P8A9., IWF OCT-06-2006 16:13 COLONIAL BANK P.05 ...q„�. o.ron,wypuvu 001M cvgluvllun UI PULMILIMI Wnudminanon naminiBB trial may result from peripheral operations of neighboring facilities. Testing (sampling and analysis) for asbestos was NOT conducted as part of this Phase II ESA investigation. Completion of an Ownership (Title search) and Encumbrance Report (Liens), lead based paint, or radon gas analysis were NOT included as a part of the Phase I or Phase II ESA, This report outlines the potential environmental concerns observed on the subject property and neighboring properties, and where applicable, the associated risks to the environment. Although this assessment may not disclose aJ• potential liabilities, every reasonable attempt has been made to do so within the scope of work agreed upon between P.E.A.R. and Mr. ,.ufa vuvn a. A'IBylGhuedo79�D 1�4t1Phmttl P.HAA.,INC. OC7-06-2006 16:13 COLONIAL BANK P.06 2.0 PROPERTY DESCRIPTION L. Legal Description 2.1.1 - Property at 107690 US HWY 1, KEY LARGO, FL 33037 NOT PROVIDED General Site Description and Visual Insciection 2.2.1- Property at 107690 US HWY 1, KEY LARGO, FL 33037 The property is located within Section 30, Township SOS and Range 39E. The property measures approximately 330 x 138 feet = 45,540 square feet, There exist two (2) buildings, an above ground sewage treatment plant (#10,000 gallon capacity), an underground petroleum (10,000 gallon) storage and dispensing system (UST). See Photographs in Appendix 0. One (1) building serves as a retail and restaurant while the othera two-story housing unit. The property is mostly open ground, except for concrete overlying the UST and an area of approximately 20 x 20 feet to the north of the UST. In general, the property does not lie within a municipal designated potable well -field area and is connected to a municipal water supply system, In general, the property is low lying and surrounded by bay waters. Adjacent to the north lies a motel like facility and Jewfish Creek. Adjacent to the east is US HWY 1, mangroves and bay waters. Adjacent to the south is a strip of mangroves and marsh type environment. Adjacent to the west is a waterway that connects to the nearby bay waters. Review of applicable federal, state and county listings, revealed that the facility operates an underground petroleum storage system (UST) that was recently upgraded. The upgrades included double -wall fiberglass piping, dispenser pans and a new dockside dispenser. A series of four (4) groundwater monitoring wells exist surrounding the existing known UST (see Figure 2). Two (2) of these wells were properly developed and sampled during this investigation forthe purposes of laboratory analysis via EPA 602 Method (see Appendix C). The review further revealed the potential existence of two (2) abandoned USTs of approximately 2000 gallons capacity each. Further review of records indicated that the property was registered into the "Florida Liability Insurance Program". The Florida Department of Environmental Protection (FDEP) Facility ID Number is 44873458.19. The facility operator and account owner are registered as Mr. Milan Dragan Zijac, 560 AVE A, Key Largo, FL 33037 — Tel. (305) 451-4321. Electrical transformers have been known to utilize cooling oils that contain Polychlorinated Siphenyls (PCBs). Therefore, deteriorated electrical transformers could pose a significant environmental concern, No electrical transformers were observed along the Right Of Way surrounding the subject property. No radon or asbestos testing was performed during the preparation of this report. In general, the results of field and laboratory analytical work conducted, revealed that petroleum impacted soils exist. Petroleum contaminant impacts have occurred within the property's boundaries. In general, the results of the laboratory analytical work conducted, revealed that detectable levels of petroleum constituent impacts w P.�s exu �.Msw� oJwhueian 3 OCT-06-2006 16:13 COLONIAL BANK r`1 � -m do exist in two (2) groundwater monitoring wells. Methyl Tort Butyl Ether (MTBE) was detected in concentration of 35.1 and 20.8 micrograms per liter (ug/L). Although detected, these concentrations are within the allowable limits set forth in Chapter 62-770 Florida Administrative Code 'Groundwaterand Surface Water Cleanup Target Levels for Petroleum Products' Contaminants of Concern', Regarding the potentially abandoned tanks, and/or the petroleum discharge, no records were found which indicated that a "Tank Closure Assessment Report' was prepared or a 'No Further Action" order issued. In general if a property is registered into a cleanup program, the requirements for assessments or closure reports are limited. A'No FurtherAction Order", must however, be requested and must be based on analytical findings, upon completion of cleanup, monitoring or an assessment. In general the property does not lie within a municipal designated potable well -field area and is connected to a municipal water supply. No potable wells were identified immediately surrounding the property. The subject property was generally clear of debris. A -All ahw W PIOI%W?i�m2 PFAA, INC OCT-06-2006 16:14 COLONIAL BANK P.08 SECTION 3.0 SITE GEOLOGY AND HYDROGEOLOGY 3J Gem In general, the property is located on the Key Largo limestone formation. This formation is part of a dead coral reef. The reef is approximately go miles long and extends from Soldier Key off Miami to Bahia Honda. The maximum width at sea level is about 3 miles, and is known to be at least so feet thick; its base, however, is much wider and possibly much longer. This marine limestone is highly coralline and semi -crystalline. The site specific geology lithology obtained from the sample cores obtained indicated a thick layer of silty sand and fine shelly fragments. 3`2 Hvdroneologv In general, in the Florida Keys fresh -water supplies from the Key Largo limestone cannot be obtained except in extremely limited quantities from level just above see level. The formation is so open and permeable that fresh water readily escapes laterally to the sea, and ocean water finds access to the interstices, caverns, and crevices of the rock just as easily. Key Largo limestone of the Florida Keys yield unlimited quantities of salty waterwith practically no measurable drawdown, but this water is used only for fire-fighter or flushing purposes. Regional groundwater flow direction is likely non-existent and completely tidally influenced. D.gA4 9uWV=mer sX FAAA.INt OCT-06-2006 16:14 COLONIRL HANK P.09 4.0 REGULATORY DATABASE REVIEW, PLAN AND AERIAL PHOTOf;RePRg In addition to the site inspection, the general surrounding area was surveyed to identify any facilities that typically present environmental rlsks such as industrial/commercial complexes, drycleaners, and gasoline service stations, which have the potential to detrimentally impact the environment of the subject property. P.t A.f7 also examined published listings of the Environmental Protection Agency (EPA) and other applicable federal, state, and local databases to determine if any information regarding current and prior environmental violations, investigations, of enforcement actions were documented on the subject site and/or surrounding sites, All sources researched as part of the Regulatory Review can be found in Section 7.0, the Reference page of this report. The results of the above investigation are summarized as follows: !U1 Regulatory Databases A_ The subject property is listed as a State Leaking Underground Storage Tanks (LUST), State Registered Aboveground Storage Tanks (AST) and a RCRA registered small generators of hazardous waste (SM GEN), B. A review of the May 14, 2000, VISTA Environmental Information Report No. 029401901 (see Appendix 0), revealed that the USEPA's National Priorities Listing (NPL) database, State equivalent list, State Priority List (SPL), and Resource Conservation and Recovery Act (RCRA) Conective Action (CA) and associated Treatment Storage and Disposal (TSD) facilities (CORRACTS) databases, listed no facilities within a one (1) mile radius of the target property (see Figure 3A and 38, C. A review of the May 14. 20000, VISTA Environmental Information Report No. 029401901, revealed that the USEPA's Comprehensive Environmental Response and Cleanup Liability Act (CERCLA or 'Superfundn) and, the Information System (CERCLIS), State equivalent CERCLIS (SCL), sites currently or formerly under review by USEPA, State Leaking Underground Storage Tanks (LUST), State permitted Solid Waste Landfills, Incinerators or Transfer stations (SWLF), listed no facilities within a one mile radius (see Figure 3A and 38. D. A review of the May 14, 20000, VISTA Environmental Information Report No, 029401901, revealed that the State Registered Underground Storage Tanks (UST) listed no facilities within a one (1) mile radius from the subject property. PTA I&nn m OCT-06-2006 16:14 COLONIAL BANK E. A review of the May 14, 20000, VISTA Environmental Information Report No. 029401901 (see Tables), revealed that the State Registered Underground Storage Tanks (UST), State Registered Aboveground Storage Tanks (AST) and USEPA's Comprehensive Environmental Response and Cleanup Liability Act (CERCLA or °Superfund") and, the Information System (CERCLIS), the USEPA's Emergency Response Notification System (ERNS), RCRA registered large generators of hazardous waste (LG GEN), RCRA registered small generators of hazardous waste (SM GEN), no facilities within +m to ?i mile. 4.1.2 §1te Plilin A. The UST upgrade site plan was reviewed at the Monroe county Building and Zoning, Fire, Health, Environmental (Biology) and Planning Departments (see Figure 4), 4.Z.3 Aerial Photographs A. No historical aerial photographs were available for review. OCT-06-2006 16:14 COLUNIHL HHNK H.11 5.0 GROUND -WATER SAMPLING AND ANALYTICAL FINDINGS P.EA.2 performed comprehensive site inspections, No reviews andgroundwater sampling and laboratory analyses between May 08 and May 15, 2000. The following observations were made in regard to the environmental condition of the subject property; 5.1. Samolina RationalS Based on the historical use of the property, soil and groundwater samples were collected and evaluated for potential petroleum contaminant constituents. Soil samples were obtained along the UST underground piping from the UST to the dockside dispenser. Groundwater samples were collected from two (2) of four (4) existing monitoring wells (see Table 2). The wells were purged properly and all sampling was conducted in accordance with the Florida Department of Environmental Protection Comprehensive Quality Assurance Plan No. 970100. 5.1.1 Wit SaMplingand-Labamtory Results Pursuant to Florida Administrative Code Chapter 62-770, soil assessment for petroleum contaminants of concern was conducted by field screening with an organic vapor analyzer and subsequently via laboratory analysis, During the gathering of soil samples petroleum like odors were evident in the soil at two (2) of four (4) samples gathered. Soil samples were collected and subjected to organic vapor analyses. The results of these analyses can be found in Table 1 of this report,. Organic vapor concentrations exceeded 1000 parts per million and therefore the soil considered "excessively contaminated" as defined in Chapter 62-770 FAC. Petroleum impacts were confirmed from the laboratory analyses performed on soil sample SB#1 (see Table 2 and Appendix C). g7.2 Groundwater liamofina arad Laboratary Results Based on the records reviewed, It was established that the potential for 'petroleum contamination in the groundwater existed. Therefore, two (2) groundwater samples were collected from four (4) existing groundwater monitoring wells (see Figure 2). The samples were analyzed for volatile organic aromatic compounds (VOA9) via EPA 602 Method, this method identifies gasoline constituents (see Table 2). The northwest (NW) groundwater monitoring well (MW), NW-MW, revealed 35.1 micrograms per liter (ug/L) of methyl -tort -butyl -ether (MTBE) and the southeast (SE) groundwater monitoring well, SE-MW revealed 20.8 ug/L MTBE, In accordance with the "Groundwater and Surface Water Cleanup Target Levels for Petroleum Products Contaminants of Concern" in Chapter 62-770 and derived from Chapter 62-777 Florida Administrative Code, the groundwater criteria maximum allowable concentration for MTBE is 50 ug/L. The concentrations detected are within the allowable limits for groundwater. UUI-Ob-2010b 1b;15 ULJLUNIHL HHNK H•12 51 3 Asb®stos Samolinn and Laboratory Results No asbestos sampling or analysis was conducted as part of this report. OCT-06-2006 16:15 COLONIAL BANK P.13 6,0 CONCLUSIONS AND RECOMMENDATIONS P.E.A.11 has completed a Phase I and Phase II Environmental Site Assessment of the subject property. All reasonably available information pertaining and regarding environmental liability at the property was obtained and reviewed. Based on our assessments the following risk(s) currently exist; 6,1.1- Property 107690 US HM 1 Key Lamm FL Based on the field inspections, available records review field and laboratory analytical results this property was found to contain detectable soil and groundwater Petroleum contamination. No discharge notification form (DNF) was found in the files reviewed. No "Tank Closure Assessment Report" ore "No FurtherAction' orderwere found in the regulatoryfiles and records reviewed for the two (2) potentially abandoned 2000 gallon tanks. The existing and potentially improperly abandoned USTs are registered with the Florida Department of Environmental Protection. The property appears to be in registered in the Florida Liability Insurance and Restoration Program. There appear to be no surrounding facilities that negatively impacted the soil or groundwater at the subject property, In general, based on the regulatory review and off -site reconnaissance, there was no evidence to suggest that onvironmental conditions at the subject property have been compromised by any activities of neighboring properties. The Comprehensive Environmental Response, Compensation and Liability Act of 1980(CERCLA or "Superfund Act") set forth in 42 U.S.C. Section 9601 at. Seq. and its subsequent amendments (the most notable being the Superfund Amendments and Reauthorization Act {SARA) of 1986) provide the Environmental Protection Agency with broad powers to impose liability for the cleanup of toxic contamination in soil and water. This report attempts to identify environmental concerns, which may exist at the site and assist in the interpretation of implications associated with these concems. Currently, the property appears clear of any outstanding regulatory "Notices". Field and laboratory analyses conducted on soil samples obtained did reveal petroleum Impacted soils. Laboratory analyses from May 08, 2000 groundwater samples did reveal a detectable level of MTBE in the samples collected from two (2) existing groundwater monitoring wells. MTBE is a state of Florida regulated petroleum (gasoline) constituent. The maximum cleanup target level for MTBE is 50 ug/L, a maximum concentration of 35 ug/L was detected in the sampled groundwater monitoring wells. All laboratory analyses results were within state allowable limits. The property is currently not in violation of state rules pertaining to groundwater petroleum contamination. 20 OCT-06-2006 16:15 COLONIAL BANK P.14 P.E.A.R. hereby concludes the subject property currently poses limited environmental liability as described herein. This assessment and the information provided herein are intended solely for use by Mr. Luis Guerra. P.E.A.R. will not be responsible or held liable for the use of this document by third parties, Recommendations: 1. REAR. hereby recommends that tank and line tightness testing be conducted on the existing UST system. 2. P.EA.R. hereby recommends the removal and disposal of "excessively contaminated" sods as defined in Chapter 62-770 FAC. 3. P.E.A.R. hereby recommends that confirmatory soil and groundwater analyses be conducted after the source soils are removed. I I nTniurnM OCT-06-2006 16:15 COLONIAL BANK P.15 7.p REFERENCESIDATA SOURCES MONROE COUNTY PUBLIC WORKS DEPARTMENT MONROE COUNTY BUILDING AND ZONING DEPARTMENT MONROE COUNTY DEPARTMENT OF PLANNING AND ENVIRONMENTAL RESOURCES MANAGEMENT- FILE REVIEW SECTION/ARCHIVES MONROE COUNTY GROUNDWATER MANAGEMENT SYSTEMNVELL FIELD MAP FLORIDA DEPARTMENT OF ENVIRONMENTAL PROTECTION (FDEP) UNITED STATES GEOLOGIC SURVEY 7.5 MINUTE TOPOGRAPHIC SERIES OTHER SOURCES: VISTA ASTM ONE MILE RADIUS STATISTICAL PROFILE, MAY 14, 2d000; UNITED STATES ENVIRONMENTAL PROTECTION AGENCY (EPA) NPL-NATIONAL PRIORITIES LIST FOR SUPERFUND SITES SPL-STATE PRIORITY LIST, FLORIDA STATE EQUIVALENT CERCLIS-SITES UNDER INVESTIGATION, OR INVESTIGATED FOR THREATENING HAZARDOUS DISCHARGES RCRA-RESOURCE CONSERVATION AND RECOVERY ACT FACILITIES, n,aTnQa ce (CORRACTS) TSD-TREATMENT, STORAGE AND DISPOSAL FACILITIES LUST -LEAKING UNDERGROUND STORAGE TANKS SWLFSOLID WASTE LAND FILLS ERNS -EMERGENCY RESPONSE NOTIFICATION SYSTEM, DATABASE UST -UNDERGROUND STORAGE TANKS AST-ASOVEGROUND STORAGE TANKS LG GEN-RCRA REGISTERED LARGE GENERATORS SG GEN-RCRA REGISTERED SMALL GENERATORS SPILLS -STATE SPILL LIST 12 OCT-06-2006 16:15 COLONIAL BANK P.16 Phase I Environmental Site Assessment Report Big Kahuna Fishing Village and Latin American Cafe Located in the Vicinity of US 1 and Mile Marker 107.7 Key Largo, Monroe County, Florida Prepared for the benefit and Lies of : Colonial Bank & Becker and Pollakoff, P.A. Submitted By: PETRO HYDRO, INC. 10450 NW310' TERRACE I Al A Al r`nnA+n I � Y'fll 4 JJ 1 1 /- August2004 Prepared By: - PROJECT GEOLOGIST R6Viewed By: BAHRAM ARMAKAN, P.E. - VICE PRESIDENT ENGINEERING SERVICES FL. REG. No. 51280 DATE: $ 13 �' �{ OCT-06-2006 16:15 COLONIAL HANK P•17 Phase I Environmental Site Aaaeeament Big Kahuna Fishing Village & Latin American Cafe Located on Mlla Marker 107.7, Key "rnc. FL LISTOF APPENDICES.................................................................................................................................2 LISTOF FIGURES........................................................................................................................................2 1.0 REPORT.SUMMARY................................................... ............................. .........................................3 2.0 INTRODUCTION................................................................................................................................4 2.1 Purpose.......................................................................................................................................4 2.2 Scope of Work................................................................................................................................4 2.3 Limitations.......................................................................................................................................4 2.4 Exceptions.......................................................................................................................................5 2.5 User Provided Information..............................................................................................................5 3.0 PROPERTY DESCRIPTION..............................................................................................................6 3.1 Property Location........................................................................................................................5 3.2 Legal Description........................................................................................................ . 3.3 Property and Surrounding Sites General Description....................................................................5 3.4 Current Use of the Property............................................................. ...........5 3.5 Structures, Roads and Other Improvements on the Property........... ................................ .............. 5 3.6 Current Use of Adjoining Sites........................................................................................................5 4.0 RECORDS REVIEW..........................................................................................................................6 4.1 Standard Environmental Record Sources............................................................ F 4.1.1 I-eclera i.....................................................................................................................................6 4.1.2 State of Florida.........................................................................................................................7 4.2 Physical Settings..............................................................................................................................8 4.2.1 Activity and Use Limitations: Wellfield Protection Areas and Wetland Areas ...........................8 4.2.2 Geology ... .......................................... I'll ........ ......... I ........................ ,,.. 4.2.3 Hydrology.................................................................................................... ................. ............a 4.3 Historical Use Information on the Property .....................................................................................8 4.3.1 Aerial Photographs..................................................................................................................8 5.0 PROPERTY RECONNAISSANCE.....................................................................................................9 5.1 Methodology.........................................................................................................................I.........19 5.2 Underground Storage Tanks(LISTS) ..............................................................................................9 5.3 Aboveground Storage Tanks(ASTs)...........................................:...............................................9 5.4 On -Site Hazardous Materials & Hazardous Waste.........................................................................9 5.5 Polychlorinated Biphenyls (PCBs)...................................................................................................9 5.6 Asbestos -Containing Materials(ACMs)........................................................................................10 5.7 Lead..............................................................................................................................................10 5.8 Radon............................................................................................................................................10 6.0 INTERVIEWS...................................................................................................................................10 6.1 Interview with Owner.....................................................................................................................10 6.2 interview with Others....................................................................................................................11 5.3 Interview with Local Government Officials....................................................................................11 7.0 FINDINGS........................................................................................................................................12 8.0 OPINION...........................................................................................................................................13 9.0 CONCLUSIONS AND RECOMMENDATIONS................................................................................13 10.0 REFERENCES.................................................................................................................................14 11.0 SPECIAL CONTRACTUAL CONDITIONS.......................................................................................16 0IISahram templProjactsM80 Big Kahuna Fishing VIIIaga%Phass I BSA Report.doc Petro Hydro Inc. '� OCT-06-2006 16:16 COLONIAL BANK P.1B Phase I Environmental site Assessment Big Kahuna Fishing Village & Latin American Cafe Located on Mlle Marker 107.7, Key Largo, FL PE7R0 HYDRO INC. LIST OF APPENDICES Aypeiiuix A......................................................................................................................................... Figures AppendixS........................................................................................................................ Legal Description AppendixC....................................................................................................... Photographic Documentation Appendix D..................................................................... EPA, State of Florida Super -fund Sites, FDEP Files Appendix E.................... ...................... Soll & Groundwater Analyticals from Phase 1111 conducted May 2000 AppendixF................................................................................................................................ Qualifications LIST OF FIGURES Figure Number Title Location 1 Location Map Appendix A 2 Site Plan Appendix A 3 Wellfleld Protection Area Map Appendix A 4 1963 Aerial Photograph Appendix A 6 1984 Aerial Photograph Appendix A 6 1999 Aerial Photograph Appendix A O:IBahram tnP\ProJects13080 Blg Kahuna Fishing VlllegeThase I ESA Raport.doc Petro Hydro Inc. .2. OCT-06-2006 16:16 COLONIAL BANK P.19 Phase I Environmental Site Assessment Big Kahuna Fishing village & Latin American Cafe Located on Mlle Marker f 07.7, Key Largo, FL PETRO HYDRO INC. 1.0 REPORT SUMMARY This Executive Summary can only convey a general overview of the findings and is not intended as a stand alone document, Any decisions regarding the results of this assessment must, therefore, be made only after review of the entire report rather than relying solely on this executive summary. On.July 23, 2004, Petro Hydro Inc. conducted a Phase I Environmental Site Assessment (Phase I Audit) of the properties located in the vicinity of US 1 and Mile Marker 107.7, Monroe County, Florida, and referred to as the "property" for the purpose of this report. The assessment included visual observations of the property and limited observations of surrounding sites, reviews of historical land use and regulatory databases, interviews and related sources. The lot is a filling station, quick mart and restaurant with apartments on the second floors of the building and a sewage treatment plant _ No evidence of environmental concerns was discovered during the course of the present Phase I Audit, in regard of the soils and the groundwater beneath the property. The current FDEP facility inspection dated April 5, 2004 indicates that there are no violations on the property. The FDEP inspection report also Indicates that the underground storage tank passed a tank tightness test conducted in 2004. Although all records Indicate that there are no known problems with the property, due the nature of the business and the fact that the last groundwater analytical on record are four (4) years old, Petro Hydro recommends that the compliance monitoring wells for the underground storage tank on the subject site be uncovered and the groundwater tested for the gasoline analytical parameters as per Chapter 62-770 and 62-777 of the Florida Administrative Code. Petro Hydro also recommends.that the dry well for the treated sewage effluent be tested for the appropriate sanitary discharge parameters. 0:19ahram tsmp%FroJecta13000 Big Kahuna Fishing villagelphase I ESA Report.doc Petro Hydro Inc. a- DCT-06-2006 16:16 COLONIAL HANK Phase I Environmental Site Aaaaaament Big Kahane Fishing Village & Latin American Cafa Located on Mlle Marker 107.7, Kay Largo, FL 2.1 Purpose Petro Hydro, Inc. (Petro Hydro) was authorized by Mile Marker 107 LLC, to conduct a Phase I Environmental Site Assessment (Phase I Audit) for the property located in the vicinity of US 1 and Mile Marker 107.7, Key Largo, Monroe County, FL, here after referred to as "the property'. The assessment was conducted in accordance with the scope of work indicated below. The primary purpose of this assessment is to identify and describe the environmental conditions of the above indicated property, and to record any existing recognized environmental condition that may impair, restrict the use, and/or impose an environmental liability to the property, as per ASTM 1527-00 Standards. The term "recognized environmental condition" means the presence or likely presence of any hazardous substances or petroleum products on the property under conditions that indicate an existing release, a past release, or a material threat of a release of any hazardous substances or petroleum products Into structures on the property or into the ground, groundwater, or surface water of the property, including hazardous substances or petroleum products even under conditions in compliance with laws and regulations. 2.2 Scope of work The scope of services included the following: Visual observations of the property to identify potential sources or indications of Impairment such as underground storage tanks (USTs), aboveground storage tanks (ASTs), potential sources of Polychlorinated Biphenyls (PCBs), hazardous materials / petroleum products and/or areas with surface stains or distressed vegetation. In addition, the Immediately adjacent sites were observed from the property, without being entered, for possible sources of contamination or environmental impairment that Could migrate to the site via surface water runoff, groundwater transport, or other pathways. Interview with persons with regard to the past or present use of potentially hazardous materials or petroleum products at the property. - Review of available published geological and groundwater information for the property vicinity. Review of readily available historical aerial photographs and city directories for the property and adjacent sites to evaluate previous land use. Review of regulatory records and databases to identify use, generation, storage, treatment or disposal of hazardous materials/petroleum products, or releases of such materials. The following sources of information were reviewed: United. States Environmental Protection Agency (USEPA) Databases (NPL, RCRA and IRIS Facilities), State Superfund Sites and State Funded Sites Lists, and Monroe County Government, 2.3 Limitations The present Phase I Environmental Site Assessment is intended to permit the user to satisfy one of the requirements to qualify for the `Innocent Landowner Defense": a purchaser will not be considered to be in a "contractual relationship", and thus be able to assert the defense, if it could establish that it did not know or had no reason to know about the contamination (42 USC "9601(35)(A)), The Comprehensive Environmental Response, Compensation and Liability Act (CERCLA or "Superfund") liability provides that the purchaser use "appropriate inquiry Into the previous ownership and uses of the property consistent with good commercial or customary practice". This assessment is consistent with good commercial practice as required by the CERCLA or Superfund. O:leahrom t6 mp1ProJacts190B0 Big Kahuna Fishing VIIlagelPhase I ESA Report.doc Petro Hydro Inc. -4. OCT-06-2006 16:17 COLONIAL HANK P•21 Phase I Environmental Site Assessment Big Kahuna Fishing Village & Latin American Cafe Located on Mlle Marker 107.7, Key Largo, FL PETRO HYDRO ING During the course of this environmental site assessment, no limitations were observed due to denied site access. The present assessment is intended to reduce, but not eliminate uncertainty regarding the potential for recognized environmental conditions in connection with the property. 2.4 Exceptions The scope of work does not include an asbestos survey, the study of radon gas, polychlorinated biphenyls (PCBs), lead contents in pipes or paints, or Identification of threatened, endangered or wildlife species. 2,5 User Provided Information No information regarding title records, environmental liens, specialized knowledge, valuation reduction for environmental issues, owner, property manager, or previous occupant information was provided by the client. 310 PROPERTY DESCRIPTION 3.1 Property Location The property is located south of Mlle Marker 107.7 and US land east of Jew Fish Creek in Key Largo, Florida. The area is located in Section 30, Township 60, and Range 39, in Monroe County, Florida.. Please refer to Figure 1, Appendix A for property location. 31 Lanai Aaerripo_,� The legal description was provided by the client and included as Appendix 8, The lot has primary zoning listed as Suburban Commercial Dlatrint 3.3 Property and Surrounding Sites General Description The properties together form a triangular shaped lot. The lot is bordered by US 1 to the north, Jew Fish Creek to the west, and mangroves and waterways to the south and east. (please refer to Flgure.2, Appendix A). A detailed description of the surrounding area is provided in Section 3.0. The elevation of the property is approximately seven (7) feet, as per United States Geological Survey (USGS) 7.5 series, Homestead Topographical Survey Map (see Figure 1, Appendix A). 3.4 Current Use of the Property The property is currently a commercial site with a quick mart, filling station, restaurant and apartments 3.5 Structures, Roads and Other Improvements on the Prooertv The property is currently Improved with a two story restaurant/apartment building and a two story convenience store (quick mart)/apartment building. The property has boat slips to the south, a sewage treatment plant, and a filling station. 316 Current Use of Adjoining Sites The adjacent sites were visually inspected from curbslde for any evidence indicating the use or storage of substances considered hazardous and which could create contamination. Petro Hydro personnel noted use of adjacent sites and conducted a search of readily available historical and regulatory records for adjoining sites. O:$ahram tempTr9Jsota130e0 Big Kahuna Flshingylllagaftess I ESA Repart.doc Petro Hydro Inc. •5- OCT-06-2006 16:17 COLONIAL HANK P.22 Phaee I Enylronmental Sits Asaesemant Big Kahuna Fishing Village & Latin Amerloan Cafe Located on Mlle Marker 107.7, Key Largo, FL The property is bound on the north by US 1, see Figure 2, Appendix A. East Area Directly to the east of the property is Jew Fish Creek, see Fioura ?; A.nnPMrttr. A. ' - South Area The property is bound by mangroves to the south, see Figure 2, Appendix A. West Area The area to the west of the subject property Is mangroves. 4,0 RECORDS REVIEW 4.1 Standard Environmental Record Sources A review of databases from federal, and state environmental regulatory agencies was conducted to identify use, generation, storage, treatment or disposal of hazardous materials or petroleum products, or release incidents of such materials that may have impacted the property. 4.1.1 Federal Available federal and state regulatory databases of facilities locat®d, on or near of the property were obtained from the United States Environmental Protection Agency (EPA) Geographic Information Query System. The Envirofacts Query Form allows a search of multiple environmental databases for facility information, Including toxic chemical releases, water discharge permit compliance, hazardous waste handling processes, Superfund status, and air emission estimates. Appendix D contains the information obtained from the,EPA databases. A summary of the searched records and results are as follows. NPL List The NPL is the EPA,IISt of the most serious uncontrolled or abandoned hazardous waste sites identified for priority remedial action under the Superfund program. The list is based primarily on the score that a site receives from the Hazard Ranking System developed by the EPA. To be included on the NPL, a site must either meet or surpass a predetermined hazard ranking system score, or be chosen as a state's top priority site. Hazardous wastes were often left in the open, where they seeped into the ground, flowed into rivers and lakes, and contaminated soil and groundwater. Consequently, where these practices were intensive or continuous, there were uncontrolled or abandoned hazardous waste sites. These sites include abandoned warehouses, manufacturing facilities, processing plants, and landfills. The EPA is required to update the NPL at least once a year. Due to the amount of public attention focused on NPL sites, they pose a significant risk of stigmatizing surrounding sites and potentially affecting property values. According to the EPA information, the property is not listed in the NPL list. There are no sites reported in the NPL list as located within a one (1) mile radius of the property. Please refer to Appendix D. 04ahram templProjecta13090 Big Kahuna Fishing VIIIagaThaae I ESA Report.doc Petro Hydro Inc, �a- OCT-06-2006 16:17 COLONIRL BRNK P.2.1 Phase I Environmental Site Assessment Big Kahuna Fishing Village & Latin American Cafe Looated on Mlle Marker 107,7, Key Largo, FL PETRO HYDRO, INC. - CERCLIS List The Comprehensive Environmental Response Compensation and Liability Information System (CERCLIS) List is an EPA compilation of known or suspected uncontrolled or abandoned hazardous waste sites, which the EPA has investigated or is currently Investigating for a release of hazardous substances pursuant to the Comprehensive Environmental Response, Compensation and Liability Act of 1980 (CERCLA or Superfund Act). Once a site enters CERCLIS, It may be subjected to several levels of review and evaluation, and ultimately placed on the NPL. While it has been determined by the EPA that some CERCLIS sites require no action, others could pose a real or perceived environmental threat to neighboring properties, thus affecting property values. The list is updated monthly. Based upon the reviewed information, the property is not listed as a CERCLA site. There are no sites reported in the CERCLIS list as located within a one (1) mile radius of the property (see Appendix D). v.y The Toxic Release Inventory (TRI) contains information about more than 650 toxic chemicals that are being used, manufactured, treated, transported, or released Into the environment. Manufacturers of these chemicals are required to report the locations and quantities of chemicals stored on -site to state and local governments. The reports are submitted to the EPA and state governments. The EPA compiles this data in a national computerized database. The inventory is updated monthly. Based upon the reviewed EPA information, the property is not listed as a TRI location. There are no TRI sites reported within a 1/2 mile radius of the Proopdy. Please refer to appendix D. RCRA TSD Facilities List and RCRA Generators List Hazardous waste information is contained in the Resource Conservation and Recovery Information System (RCRIS), a national program system about hazardous waste handlers. In general, all generators, transporters, treaters, storers, and disposers of hazardous waste are required to provide information about their activities to state environmental agencies. These agencies, in turn pass.on the information to regional and national EPA offices. This regulation is governed by the Resource Conservation and Recovery Act (RCRA), and as amended by the Hazardous and Solid Waste Amendments of 1984- This database provides identification and location data for specific hazardous waste handlers, and the ability to find a wide range of information on treatment, storage, and disposal facilities regarding permit/closure status, compliance with Federal and State regulations, and cleanup activities, The EPA's RCRA Program identifies and tracks hazardous waste from the point of generation to the point of disposal, including persons or entities that generate hazardous wastes, which are defined and regulated as RCRIS Small, Medium, or Large Quantity Generators, The RCRIS database is updated monthly. According to the information provided by the EPA report, the property Is not listed in the RCRA list. There is one property listed that located to the southeast of the subject property (Perfection Collection), Refer to Appendix D_ Review of the location of these sites indicate that none pose an imminent threat of contamination to the subject site. 4.1.2 State of Florida Florida Superfund Sites and State Funded Sites The Superfund Sites list contains all sites that have been designated as State of Florida Superfund Sites, and are currently, or have been, under FDEP supervision for assessment and/or remedlation. The State Funded sites are sites that have been designated for cleanup under FDEP supervision. The lists are updated monthly. O;leahmm templPrOjectM3060 Big Kahuna Flehing VIIlagelPhose I ESA Report.doc Petro Hydro Inc. .7. OCT-06-2006 16:18 COLONIAL BANK P.24 Phase I Environmental Site Assessment Big Kahuna Fishing Village & Latin American Cafe Located on Mlle Marker 107.7, Key Largo. FL i ne property was not found listed in the State Funtled Sites or Superfund Sites lists. The reviewed information revealed that there are no active Superfund or State Funded Sites located within a one (1) mile radius of the property. Please refer to Appendix D for further information. Florida Contaminated Sites The Florida Contaminated Sites is the list of sites that are listed as either petroleum contaminated (leaking storage tank list), or dry-cleaning solvent contaminated state sites. These sites are under various State of Florida Clean Up Programs. The list is updated monthly, There are one facility within the immediate area of the subject site which is shown as being contaminated, this facility is the Gilberts Holiday Island of Key Largo. Review of the records pertaining to this facility indicate that the cleanup status is ongoing. This facility poses a minimal threat of Impacting the subject site. Please refer to Appendix D for further information. FDEP Underground Storage Tank Sites (UST) & Above Ground Storage Tank Site (AGT) The Florida Department of Environmental Protection (FDEP) registers facilities with underground storage tanks (UST's) and above ground storage tanks. FDEP list the site as having two (2) 2000 gallon abandoned UST's and one (1) active 10,000 gallon UST (buyer states that these records are incorrect and that the UST is actually 22,000 gallons in capacity). There are no records indicating that the facility has any above ground storage tanks. The dispenser island sit directly on top of the UST. Please refer to Appendix D for further information. 4.2 Physical Settings 4.2.1 Activity and Use Limitations: Wellfield Protection Areas and Wetland Areas The most recent Miami -Dade County Weilfield Areas and Landfill Sites Map was reviewed. According to this map, the property is not located within any Weilfield Protection Area (see Figure 3, Appendix A). 4.2.2 Geology The property is located in Key Largo (Upper Keys). The subject site is underlain mainly by Key Largo Coralline Limestone, which is comprised of fossilized hermatypic corals. Interbedded with the Key Largo Coralline Limestone are calcarenites. Based on test borings the Key Largo Coralline Limestone has a thickness greater than 60 meters. 4.2.3 Hydrology The hydrogeologic unit of the Upper Keys is comprised of the narrow and elongate Key Largo Limestone. Groundwater in this area is brackish to salty. 4.3 Historical Use Information on the Property Past land uses were Investigated to Identify historical practices or conditions that may have impacted the property. This included interviews and an analysis of aerial photographs. Regulatory records were also reviewed to document if the property or other sites within specified distances from the property, are or have been, subject to regulatory action by federal, state, or local environmental agencies. 4.3.1 Aerial Photographs Aerlai photographs of Section 30, Township 60 South, Range 39 East, taken from 1963 through 1999 were reviewed at the Monroe County Planning & Environmental Resources Department to evaluate changes In land use and areas of potential environmental concern. Copies of the 1963, 1984, and 1999 aerial photographs are included as Figures 4, 6, and 6 Appendix A, respectively. The purpose of the review was to document obvious evidence of past uses of the property, and the Immediate vicinity, which O:Iaahram templProlsate13060 Big Kahuna Fishing VIIlagelPhass I ESA Report.doc Petro Hydro Inc. 8- OCT-06-2006 16:18 COLONIRL BRNK H.25 Phase I Environmental Site Assessment Big Kahuna Fishing Village & Latin American Cafe Located on Milo Marker 107.7, Key Largo, FL may pose potential environmental concerns to the property. The property appears c all of the aerial photograph. 510 PROPERTY RECONNAISSANCE 5.1 Methodology In accordance with the referenced scope of work, Petro Hydro personnel conducted walk-through observations and the property was visually inspected for any Indication of environmental concern. 5.2 Underground Storage Tanks (USTs) Underground storage tanks (UST's) are tanks, including associated piping that are more than 10% below ground surface. Leaking UST's, used to store petroleum products or other hazardous substances, present a hazard to the property and surrounding sites, Types of hazards include contamination of soil and groundwater, and migration of leaked product into utility conduits (i.e. underground pipes). inspection of the facility Indicated an active underground storage tank. Review of the FDEP facility records indicate that the active UST is 10,000 gallons in capacity. FDEP facility records also Indicate that the UST was passed a tank and line tightness test performed in 2004. In an interview with the prospective buyer the UST capacity is claimed to be 22,000 gallon and is incorrectly registered at FDEP. FDEP records indicate that there are two (2) 2000 gallons DST's abandoned at the subject site. During the site inspection It was noted that the compliance monitoring wells at the subject site were covered by gravel. These monitoring wells should be always accessible for monitoring. 5.3 Aboveground Storage Tanks (AST&) All tanks not classified as DST's are classified as aboveground storage tanks (AST's); i.e. tanks and associated piping that are more than 90% aboveground. An AST, that is used to store petroleum product or other hazardous substance, presents a risk of contaminating surface soils and surface waters, as well as groundwater, if a large leak or spill is not rapidly detected and cleaned up. Inspection of the facility indicated an AST for sewage treatment of all sanitary waste generated the facility. 5A On -Site Hazardous Materials & Hazardous Waste A hazardous substance Is a substance defined as hazardous pursuant to CERCIA 42 USC § 9601(14), as interpreted by EPA regulations and the courts. The term does not include petroleum, including crude oil or any fraction thereof which is not otherwise specifically listed or designated as a hazardous substance, and does not include natural gas, natural gas liquids, liquefied natural gas, or synthetic gas used for fuel. A hazardous waste Is defined as a waste having the characteristic identified under or listed pursuant to section 3001 of the Solid Waste Disposal Act (42 USC § 6921). The term includes solid wastes or combination of solid wastes, which because of its quantity, concentration, or physical, chemical, or infectious characteristic, may cause or significantly contribute to an increase in mortality, or an increase in serious irreversible, or incapacitating reversible, illness, or pose a substantial present or potential hazard to the environment when improperly treated, stored, transported, disposed of, or otherwise managed. No hazardous materials or hazardous waste were observed on the site. 5.5 Polychlorinated Biphenyls (PCBs) Polychlorinated Biphenyls (PCB's) transformers and PCB containing equipment (coolants, dielectric fluids, or lubricating oils used in some electrical transformers, light ballasts, electrical panels or other similar equipment) were widely used until 1979 when the U.S. Environmental Protection.Agency (EPA) strictly regulated the uses of Polychlorinated Biphenyls in the aforementioned equipment. The EPA has since required the replacement of PCB transformers and other PCB containing equipment. Florida Power & O;IBshrarn templProjects=00 Big Kahuna Fishing VIIIageThase I ESA Report.doc Petro Hydro Inc. _g_ LR. I-GO-CGGO 10 • 1 V uu�un r n� unnr� Phase I Environmental Site Assessment Big Kahuna Fishing Village & Latin American Cafe Located on Mlle Marker 107.7, Kay Largo, FL Light assumes responsibility for the proper transformers, regardless of PCB content. PCB content in electrical equipment has been categorized Into three groups by the federal government: less than 50 parts per million (ppm) PCB non -PCB unit 50 - 499 ppm PCB PCB -contaminated unit 600 ppm PCB or greater PCB unit The study of PCB is not included in the scope of work of this environmental assessment, however, during the site Inspection, no transformer was observed located in the vicinity of the property. 5.6 . Asbestos -Containing Materials (ACMs) Typical building materials that contain asbestos are found in a variety of types and uses. Frequently - encountered types of asbestos -containing materials (ACMs) used in building construction include floor tile, sheet flooring, mastic, ceiling tile, spray -applied acoustical/decorative ceiling materials, plaster, wallboard and wallboard joint compound, insulation, roofing and flashing, and many other materials In common use prior to 1978. ACMs Identified as 'friable" (capable of being crumbled, pulverized, or reduced to powder by hand pressure) have a greater potential for release of fibers to the atmosphere and are, therefore, of greater concern than non -friable ACMs, Friable ACMs that are damaged require renovation or removal and are, therefore, of greatest immediate concern. ACMs also may be present in debris plies containing discarded building construction materials, Asbestos fibers are occasionally found in surficial soils in Industrial or similar areas. ACMs must be handled according to OSHA and USEPA regulations if disturu6d. The study of asbestos was not Included in. the scope of work set forth for this project. 5.7 Lead Lead has long been recognized as a harmful environmental pollutant encountered in most homes built before 1960. Elevated lead contents are typically observed in lead based paints and lead soldering on plumbing, which leaches to the in drinking water. Old lead -based paint Is the most significant source of lead exposure in the U.S. today. Harmful exposures to lead can be created when lead -based paint is improperly removed from surfaces by dry scraping, sanding, or open -flame burning, High concentrations of airborne lead particles in homes can also result from lead dust from outdoor sources, including contaminated soil tracked inside, and use of lead in certain indoor activities such as soldering and stained-glass making. Lead affects practically all systems within the body. The study of Lead was not included in the scope of work set forth for this project. 6.8 Radon Radon is a colorless, odorless, radioactive, inert gaseous element formed by the natural disintegration of uranium. The Radon gas concentration in South Florida, and locally, in the area of the property, is usually not significant in homes or buildings. The State of Florida Department of Health and Rehabilitative Services (HRS), follows the recommendations of the EPA by suggesting radon testing for all structures below the third floor, however, according to HRS, Radon is not an environmental concern In Miami -Dade County. The study for radon was not included In this environmental site assessment. 6.11 IWTF171/IFu/c 6.1 Interview with .Owner 0:1Bahram templProiects13060 Big Kahuna Fishing VIIlagdThass I ESA Rsport.doc Petra Hydro Inc. 10• TOTAL P.26 OCT-06-2006 16:20 CULUNIHL HHNK Y.U-1/150 Phase I Environmental Site Agueeamsnt elg Kahuna Fishing Village & Latin American Cafe Located on Mlle Marker 107.7, Key Largo, FL The owner, Mr. Luis Guerra, was interviewed during the course of this Phase I Assessment, me inaivateu that he was not aware of any environmental problems with the subject site. He stated that the two (2) 2000 gallon UST were properly abandoned sometime during the late 1980's or early 1990's. He also stated that the gravel covering was underlain by a Concrete slab and that the gravel road covering had been recently added at the property. 6.2 Interview with Others in an interview with the buyers of the property, they indicated that the active UST is actually 22,000 gallons instead of 10.000 gallons. The buyers also stated that the underground storage system Is to be upgraded. In Phase I & If submitted by PEAR consultants during May of 2000 and supplied by the buyer, soil and groundwater testing in the area of the dispensers indicated levels for the parameters analyzed to be below FDEP's Soil/Groundwater Cleanup Target Levels (Refer to Appendix E for further details). 6.3 Interview with Loral Government Officials Interviews were conducted with the local governmental representatives, and all files were reviewed at the pertinent government agency. Inspection reports from the FDEP inspector indicate no violations. Please refer to Section 4.2 and Appendix D for further information. O:IBahram tomPXProfecte13060 Big Kahuna Fishing Vlllageftase I ESA Raport.doc Petro Hydro Inc. •11- UI.. !-IJC-GV✓_IC 1C /IJ lUr.l • l HL wHlyp r . -11' JV 7.0 FINDINGS Phase I Environmental Site Assessment BIn Kahuna Flahlno VIIIaes A Latin Amerleah Fife Located on Mlle Marker 107.7, Key Largo, FL The summary of the findings provided below are based on information obtained by Petro Hydro during the Phase I Environmental Audit conducted for the Big Kahuna Fishing Village & Latin American Cafd property located on Mile Marker 107.7, Key Largo, Florida The property is a filling station (for automobiles and boats), quickmart, restaurant and apartments. • The property measures approximately 45.540 square feet. • The property is located in Key Largo, Monroe County, FL. • The property has one (1) 22, 000 gallon underground single wall fiberglass storage tank. The property has three (3) dispensers. Two (2) of the dispenser are located at the from of the property. One (1) dispenser is located to the rear of the property alongside the boat slips. • The property is bound by US 1 to the northeast, Jew Fish Creek to the northwest and mangroves to the south. • There are no environmental concerns reported for the property at this time. • There are no environmental concerns reported for adjoining sites. • The property is not listed as NPL, CERCLA, RCRA or TRI. • There Is no RCRA TSD LQG site listed within a one (1) mile radius of the property which may Impact the subject site. • The site is not listed as a FDEP contaminated site • The property is not located within any Wellfield Protection Area, and therefore the property is not subject to land use restrictions as set'forth by the DERM. • Based upon the aerial photograph review, the property does not appear to have been used as a dump -site in the past. There are no landfills or dump sites located within a one (1) mile radius of the property. • The property has its own sewage treatment plant. All sewage is pumped into an above ground storage tank, treated and the effluent water is pumped into a deep well. Sewage from the aboveground tank is pumped and disposed by Mitchell Septic Tank Pump Out Services. • A previous Phase 1/11 assessment conducted at the site indicated that soli & groundwater samples collected and analyzed in the area of the dispenser were below the FDEP Soil/Groundwater Cleanup Target Levels for the parameters analyzed. • The FDEP inspection records show that the UST passed a tank tightness and line test conducted in 2004. The compliance monitoring wells at the property have been covered by a gravel top which has been recently added to the subject site. The compliance monitoring wells should always be accessible to inspection. 0ABahram tempWrojectel3060 Big Kahuna Fishing VIIIagelPhase I ESA Report.doc _ Petro Hydro Inc. -1.2• UU J-bb-d0Ub lb; dU I.ULUN I HL GHIYK r . e,vi JU Phase I Environmental Site Assessment Big Kahuna Fishing Village & Latin American We Located on Mlle Marker 101.7. Key Largo, PL 8.0 OPINION This Phase I Environmental Site Assessment included a reconnaissance visit to the Big Kahuna Fishing Village & Latin American Cafb property located on Mlle Marker 107.7, Key Largo, Florida. During the course of the present Phase I listed available environmental database and related agency information for the property and surrounding sites were reviewed. Aerial photographs, published geologic information, and other related items were also reviewed. This information was used to evaluate existing or potential environmental impairment of the property due to current or past activities performed on the property or adjoining sites, and disclosed by this study. Review of the available information indicates that the site has not been impacted by soil or groundwater contaminants. 9.0 CONCLUSIONS AND RECOMMENDATIONS Petro Hydro has performed a Phase I Environmental Site Assessment in conformance with the scope and Practicelimitations of ASTM 1527-00 for the Big Kahuna erty i ca ed on Mlle Marker107.7, Key Largo, Florida. Any exceptions to, ordeletionsLatin American deletio sfromthis practicepare, described in Sections 2.3, and 2.4. The findings of this assessment have revealed no evidence of environmental concern was discovered during the course of the present Phase I Audit, in regard to the soils and the groundwater beneath the properly. The current FDEP facility inspection dated April 5, 2004 indicates that there are no violations on the property. The FDEP inspection report also Indicates that the underground storage tank passed a tank tightness test conducted In 2004. Although all records indicate that there are no known problems with the property, due the nature of the business and the fact that the last groundwater analytical on record are four (4) years old, Petro Hydro recommends that the compliance monitoring wells for the underground storage tank on the subject site be uncovered and the groundwater tested for the gasoline analytical parameters as per Chapter 62-770 and 62-777 of the Florida Administrative Code. Petro Hydro also recommends that the dry well for the treated sewage effluent be tested for the appropriate sanitary discharge parameters. -13- OCT-06-2006 16:20 COLONIAL BANK P.05/30 Phase I Environmental Site Assessment Big Kahuna Flailing Vlllege & Latin American Cafe Located an Mile Marker 107.7, Key Lergo, PL PETRC HYDRO, INC. 10,0 REFERENCES 1 Records of Communicatioh • Florida Power & Light 2 Regulatory Records and Public Documents Monroe County Planning & Environmental Resources Department Florida Department of Environmental Protection U.S. Environmental Protection Agency 3 Published References • Topographic Quadrangle, 7.5 Minute Series, U.S. Geological Survey, 1985 4 Definitions • Adjoining properties - any real property or properties the border of which is contiguous or partially contiguous with that of the Property, or that would be contiguous or partially contiguous with that of the Property but for a street, road, or other public thoroughfare separating them. • Appropriate inquiry - inquiry constituting "all appropriate inquiry into the previous owner and used of the Property consistent with good commercial or customary practice" as defined in CERCLA, 42 USC § 9601 (35)(B) that will give a party of a commercial real estate transaction the innocent landowner defense to CF_RCLA liability, assuming compliance with other elements of the defense. • Asbestos -Containing Materials (ACM) - those materials that were determined to contain more than one (1) percent asbestos as determined by Polarized Light Microscopy (PLM). • Hazardous Substance - those substances as defined by the Comprehensive Environmental Response, Compensation and Liability Act (CERCLA), 42 USC § 9601 (14), that include any material that is toxic, flammable, explosive, or corrosive as these terms are defined by CERCLA. Excluded from this definition are petroleum substances nr products. • Hazardous Waste - any hazardous waste having the characteristics identified under or listed pursuant to section 3001 of the Solid Waste Disposal Act (42 USC § 6921), which the SWDA 1980 amended RCRA. RCRA defines hazardous waste in 42 USC § 6903 as: "a slid waste, or combination of solid wastes, which because of its quantity, concentration, or physical, chemical, or Infectious characteristics may (A) cause, or significantly contribute to an increase in mortality or an increase in serious Irreversible, or incapacitating, reversible, Illness; or (B) pose a substantial present or potential hazards to human health or the environment when improperly treated, stored. transported, or disposed of, or otherwise managed." • Non -Scope Considerations - certain environmental conditions or Issues that may exist on a property that are beyond the scope of the ASTM E 1527-00 practice, but may warrant consideration by parties of a commercial real estate transaction. Such considerations may include asbestos, wetlands, lead -based paint, lead in drinking water and radon among others. • Not Observed - not visually observed during the site Inspection. 0:1Bahram tampTrojecte13060 Big Kzhuns Fishing VIIlagelPhase I ESA Repbrt.doc _. Petro Hydro Inc. -14- OCT-06-2006 16;21 COLONIAL HANK P.06i30 Phase I Environmental Site Assessment Big Kahuna Fishing village & Latin American Cafe Located on Mlle Marker 107.7, Key Largo, FL PETkO HYDRO INC. • Not Reported - no reports of said contamination were made by persons interviewed and no documents were discovered among the records reviewed. • Petroleum Substance or Product - any material containing refined or crude oil, or any fraction thereof, and includes natural gas, natural gas liquids, liquefied natural gas, or synthetic gas usable for fuel, or mixtures of natural gas and such synthetic gas. Hazardous substances as defined above are excluded. • Property (Subject Property)- the real property that is the subject of the environmental site assessment described in this practice. Real property includes buildings and other fixtures and improvements located on the property and affixed to the land. • Publicly available Information - any information with allowed access to any person upon request. • Reasonably Ascertainable - (1) publicly available information, (2) information obtainable from Its source within reasonable time and cost constraints, and (3) is considered "practically reviewable", as outlined in ASTM Practice E 1527-00. • Recognized environmental conditions - the presence of likely presence of any hazardous substances or petroleum products on a property under conditions that indicate an existing release, a past release, or a material threat of a release of any hazardous substances or petroleum products Into structures on the property or into the ground. ground water, or surface water of the property. The term is not Intended to include de minimis conditions that generally do not present a material risk of harm to public health or the environment and that generally would not be the subject of an enforcement action if brought to the attention of appropriate governmental agencies. Conditions determined to be de minlmis are not recognized environmental conditions. Release - such occurrences as defined by CERCLA, 42 USC 9601 (10), and includes any intentional or accidental discharging, spilling, leaking, pumping, pouring, emitting, injecting, escaping, leaching, dumping or disposing into the environment. Unidentified Substance Containers - open, unopened, or damaged containers containing unidentified substances suspects of being hazardous substances or petroleum products that are visually observed on the Property. CASehrem temp%Projects190e0 e10 Kahuna Fishing VIIlegelPhase 1 ESA Report.doc Petro Hydro Inc. 15- OCT-06-2006 16:21 COLONIAL BANK P.07i30 Phase I Environmental Site Assessment Big Kahuna Fishing Village & Latin American Cafe Located on Mlle Marker f 07.7. Key Largo, FL Qur professional services have been performed, our findings obtained, and our recommendations prepared in accordance with customary principles and practices in the fields of environmental science and engineering. This statement is in lieu of other statements either expressed or implied. Petro Hydro is not responsible for the independent conclusions, opinions or recommendations made by others based on the record review, site observations, field exploration, and laboratory test data presented In this report. Phase I environmental evaluations are inherently limited in the sense that conclusions are drawn and recommendations developed from information obtained from limited research and property evaluation. For these types of evaluations, it is often necessary to use information prepared by others and Petro Hydro cannot be responsible for the accuracy of such information. Additionally, the passage of time may result In a change in the environmental characteristics at this property and surrounding sites. This report does not warrant against future operations or conditions, nor does this warrant operations or conditions present of a type or at a location not Investipated. This report is not a reaulatory compliance audit. I It most be noted that no evaluation, no matter how through, can absolutely rule out the existence of hazardous materials at a given site. This assessment has been based upon prior property history and observable conditions. Although the results of this study may not suggest further evaluation Is necessary, other hazardous materials and contaminants may exist at the site, which escape detection by performing an ESA — Phase I. All reasonable efforts have been made during this assessment to identify the requirements for an ESA Phase I report. Reasonable efforts are limited to information gained from visual observation or largely unobstructed areas, recorded database information held in public records and available Information gathered form interviews. Such methods do not preclude the actual subsurface equipment or contaminants, which may be hidden from view due to overgrowth of vegetation; dahris pile. or incorrect information from sources. This assessment was performed on -behalf of and solely for the exclusive use of the client. The scope of services performed in execution of this evaluation may not be appropriate to satisfy the needs of other users, and use or re -use of this document or the findings, conclusions, or recommendations is at the risk of said user. Additionally, no other company, entity or person shall have any rights with regard to the Petro Hydro contract with the above client, including but not limited, to indemnification by Petro Hydro, or any rights of reliance on the findings, conclusions, and recommendations of this or any subsequent reports regarding the referenced property. The conclusions regarding the potential environmental impact of nearby, off -site facilities on the property are based on readily available information from the environmental databases and records. Petro Hydro does not warrant the correctness, completeness, currentness, merchantabillty, or fitness of any information related to record review provided in this report. Such information is the product of a review conducted by Petro Hydro personnel, but is only publicly available environmental Information maintained by federal and local government agencies. CABehmm templProjscW3000 BID Kahune rishing Viliagaftase I ESA Report.doc Petro Hydro Inc. .18- OCT-06-2006 16:21 CULUNIHL 8HNK r . ou/ 1�e APPENDIX A OCT-06-2006 16:24 COLONIAL HANK P.10/30 it m� l � N � %t UC I -L�b-G19L�b 1b � G4 UULUIY t HL OHINN FIGURE 3 WELLFIELD VAP Subject Site LIL I-M-GYJU' b 10• Co l.u�ury i n� nnivn FIGURE 5 AERIAL PHOTOGRAPH 1984 -_-- __ _ _ __ . ,- .- -- r-- I �. nx� � . a� ,}7 r �'� ,, ... ��, y, �.,,.. ��., r ,1 .. �'�'� OCT-06-20Ub 1b:2'( GULUNIHL dHNK r.1oi u APPENDIX B OCT-Ob-200b 1b;d( WLUIN1HL 15HINN I'` 07/15/2004 08:01 FAX Q 002/015 LOCATION Big Kahuna Fishing Village and the Latin American Cafe Mile Marker 107.7, Key Largo, FI 33037 This is the first Commercial Site, Restaurant & Convinience Store on overseas highway. The subject property fronts along the northerly side of overseas Highway At mile marker 107.7 and consists of a 29,620 square foot site, which Boasts approximately 370 linear feet of bulkhead along a channel that Leads to Jew -fish Creek and Blackwater Sound in the Gulf of Mexico• BUILDING(S) DESCRIPTION # 1 RESTAURANTsrocT FL nOA. 7 933 TWO S7(1RY WITH A RESIDENTIAL -SECOND FLOOR 2,347 RESTAURANT/APARTMENTS 82CONVENIEN:E STORE -FIRST FLOOR 1,641 TWO STORY WITH A RESIDENTIAL -SECOND FLOOR 831 RETAIL STORE/ APTMT. TOTAL SQUARE FEET 7,752 SC -Suburban Commercial District, Monroe County, Florida. As improved as a Marina/ Restaurant Facility with Retail Store, Boat Rentals. Fuel Sales and Residential Units, NEIGHBORHOOD The subject parcel is located at mile marker 107,7 few miles northerly of the "CITY CENTER" of Key Largo. The subject property is situated on the southwesterly side of Overseas Highway, with access from the north and south -bowed lanes of the Overseas Highway, also known as U.S Highway No. 1, which is the main and only highway connecting the Florida Keys to the mainland. The subjmt pseperty is -situated approximately. 109'xniles northeasterly from Key West, just southerly of Jewfrsh Creek Bridge, the northernmost bridge connecting the Florida Keys to the mainland. The Floridp Yrvc are s rhain of island avtendino in n southwesterly dirertinn from the Southern tip of Florida, which are connected by a series of bridges. U.S. Highway No. 1. Overseas Highway, provides access to these various island from the mainland. The Florida Keys extend an estimated 125 miles in length. Ul. l—rJO—GClC10 1V' G I �.Vwi v „� ui n n� 07/15/2004 OB:01 FAX Q 003/015 LEI GAL DESCRIPTION ..0 .J F1Lg Y118G690 BNY163f3 PGY11,�1 130iMT nAn :ream a cross mark in tba center line of the 4baadnnod Florida Ease Coe.[ 'Kailtoad zight-nf-way and on top of the ..acorn abutment of the old'drav I4146 Ln A southerly direecion 70 Eeec run co a point at the shoreline of lJaufish Crack or, a nainr sn 1.e_-. i61 sou ter line of the irighc-of-way. Ihenat CPetinpa southerly along said ahernlina aIF J-1fi.h oCrack :co a Faint 100 feet discards at right angle from the cedar line of the Wb andoned railroad silos .nf _.. p.. f,.of be ;Rails 8 g Same point beginning on the southerly rirlghc-0u-y lion sglltoad rigor-%haway, bald nE said southerly obandon ad railroad sigh[ -of -way being the eoueherly right-oP-'say of the Maging Seat- goad 5, 1 Mcrly SueUt Road 4A), FC-N acid point of beginning L�a.0 south eascerlx sad gaeCarly felloxice the east bink of Jewfiah`Craak and jhe rth bank at canal running tm Lake Surprise a diseanaa (Meandered) at g00 feat $ore ar'laso to an intaraeOCian of said canal bank and the southerly rlghc-of-uay line of Stare goad 5. Earm.rly AA (abandoned railroad right-Of-uey), said point Irving 100 feet distance at sigh[ angles from the cancer line of asid right-af-Way; glisten rum narehu-s Carly along $aid right-of-uey line 100 feet distance from and darallel to the center line of said rSghr.of-way a distance of 600 feet mere er ALes$ to the point of beginning, said portal of land lying sad being in HE 1/4 of 114 Section of 36-60-39, dfanroe Ceuncy, Ylorida• , HgSS rho 9011esing dascrihad pascals: 1'hgCEL A - yrom A point on the ee0carly bridge abutment of the Dverseae Highway ctidga aver Jeufish Creek run southeasterly along the crates line o[ the Weraaas ldighuay a distance of g83.65 femf to a paint; Chance tun eouchucstprly cc right angles to raid cancer line a'dlatanoc of 100 feet to the southerly right-af-Way Liam of the Oteranas Highway and the point of baginning of one parcel of lead hsto4m,tcor dbecxtbodg thence run norrhwosaetly parallel wash the cancer line tan of ovaceess Hlghvay aid 100 feet dtacanc therefrom a discamae of 216.5 feat, mere or• lass, C¢ the shore list of Jeufish Ctsak; thence southerly and aoutheaave.rly mI lderfng the shore lint of taid Jewfiah Creek. and the Canal running to S rprSse Lake a d''-.[once of 310 fact more or legs, to a Petrie located 139 fact, Agra or Ines %secured at right angles to the said southerly right -Of -say Lfne eoversaaa of Highway at the poinC of beginaing; thence northeasterly 139 flat more or lu a, to the point of beginning, 8 - From a point on Cho easterly bridge dbureu T19 of the 0verneas bus bway bridge ,no x p over Javflsh Crook, run southeasterly along the Cancer lino 06 tow Overseas bighw.y a distance no y of 29J.65 Pe.c co a Paine; shame wrt 0ouehweacerly aC rigor angles to &aid CanEAt line H w a distance of 100 feet cm the mouths rly right- o2Fvay line of the 0versAza Highway and s r' the point of beginning of the parcel o£ load hereinafter deaeribed; chance p run aauchsaotarly parallel with the cancer li - 01 the Overseas gighvay end 100 k feet distant tharefrae a distance at 104,)0 Fnpt to a po;nC; chance run samthw-atsely n H ac right angles a distance of 132.02 fg c, moce or lase Co the Borah bank of the canal running cc lake ch nta run noYChwe sceily Alan a d H n g al north bank a distance of 105 fast, more or lc s, cn a poLnc located 139 feet, more lags, or measured at right angles to the so therly right-04-vay line of rho Oversee$ Highway, AC the pal.nt of beginning; Ch RCA run ne-theaa-er) 139 fger. mn•n nr lee.. to the noint,af begiagiae• pprafsal Co)nparq+ of Kc), !Nisi. j,,v Page 61 FL UC I-Ob-2bbb 1b; 2Y LULUIY 1 HL L$HINR 07/15/2004 06:02 FAX 9 004/016 107.7, Key Lareo, FL JLEC;AL b�SC�t�PT� J PTLB p1, 7.84,690 Bgr7 G36 PGo1 l_li WMIT "A" -from a arose mark in the ccnCar lint of she abandoned Florida Esat Coast Rallrcad right-Cf-way and on top of the eactan, abutment of the old draw in 4 southerly direction rut 70 feet to & on '!bridge point Kha ahorellte of Jbwfigh Creek ac n peinr 50 feet from the center ICA. of she abovo-mentioned sight -of -way. Thence ooatinug aoVCherly along Said shoreline pF Jewfieh Creek ;to a point 100 feet discabe. ae right 34g16 from the Cantor line of the abandoned railroad nigh O-Of-way for n point of beginning (said point beginning pn Che southerly right-of-ugy line of geld abandoned railroad right -Of -way, raid hbandoned railroAr eighr•-Of -=Nay Laing the eouthcrly tlghc-ef-way of she existing Staee Read 5, formerly Star- lead CA). Pram said paint of beginning jtun Southeasterly and easterly following the east beak of JmwflohsCreek and mrth bank of canal running co Lake Surprise a diseanee (Naan6e red) of g60 feet marl ar'laen to Are ihtcreaa[inn of &aid canal bank and the southerly right-ufw.y line of State goad S, formerly 4t (61,4ndoned railroad right-of.way). Said paint uedng 100 fear distance At right anti.$ from eha ranter lino of Said tight-of-x.y; theses run northwesterly along said righr-aF-w&y line too feet distance from and p Scallal cD the center ling of said right-of-way a distance of 600 fc4t mpro or ]leas to the p4nr of beginning, &aid part&1 od; land lying anti belhg in NE 1/4 of 1/4 Section ,NW of 36-60-3p, Nmnaee County, florid&. TiSS the following descelbad percelet P(1SCHL A - P.,, a ^tint „- ;;,, seepttly orlage abutment of the Overseas Highway bodge over Jewfish Croak run southeasterly along the Smelter line of clan overseas 48hw3y A disCanae Of 293.65 feet to A point; Chance tun aouthweacarly at right angles cb &aid center .line i diateaec of 100 fear E0 Clam southerly right_of_way Sina of the Overseas Highway and the point Of beginnir$ 01 the parcel of land horsihe£tir dlaprlDetlt chsnee run northwesterly parallel VAph the oencet line of the overseas RSghvay and 10o fee, 44stanr therefrom a distance of 216.5 fret, more or less, C{ the whore lire of JewtiSh Creek; thence aoutherly and godtheapcarly md4nde,ring the Short line of 'aid JaVfiab Croak and the canal running to Surprise Lake a atarahca of 310 Feet more or laze, to a paint located 139 faec, mgra or legs measured at right anglee to ch4 said southerly rigltc�of-wry 1;ne of Ovarcdas 940Way at the point of beginning; chance nprcheaatnrly 159 14 ec more Or laze, to Ebe point of beginning, i PC$L B- prom a point On chc aaatarl b d Y ti ga 'buCmdnt of the Overt sap o S m p a hwa y bridge over Jzwfish Creek, run snucheaz tdrly along the center line of chic Overseas Highway ° N a distance of 1$3-6$ feat co a eior; the ca ru p n n aenthweeeerly at, right angled to said cantes 11 n o �y W e 00-wa line f n i distance of lOD feet Co she 9ouehariy xlghe- Y o eha Ovoe-111 aighway and the Point of beginning of the s p parcel of�land hereinefur deearihed( thence tun aoutheageerly parallel with the center li ie of she OVeteeaa NighvAY and lU0 faec diaeaelC therefrom a ddagance of 104, ya fs c to a rllonCe rWl H point; run enuChweeteYL.Y at right &Pales A diet4aca of 132.02 f& t, a '4 mare or leis ED the north bank of the (Anal running to Lake SUnrise; chjncc run northwesterly along uaid north bank a diata.te of 105 fact, more er 1n ua ', to a point 1paAtad 139 feet, more or le4o, measured at right angles , to she so therly right-of-way ling of the 0vorsnss gighwey, at the point of beginning; th c. top north ...ane1V lag f.ar. mere nY l..e. to the uai.t.mf b4tionlela. raisa/ Canpany of Key ivesr, Ise. Page 61 OCT-06-2006 16:28 CULUNIHL HHNK 07/15/2004 08:08 FAX 0 005/015 E R PLAT MAC' APp+alsal Company of Key grew, Inc. Page 59 UU[-Wb-Gbbb lb•Gb IULUINIHI DHINN ' •�i'�" 07/15/2004 08:03 FAX Cb000/01a p A Ap PPralsa/Cogtpmry ajKey West, Inc. Page JP uul'bb-euub 10•40 WLUINIML DI"llm 07/15/2004 08:03 FAX I • GG` JV IM007/015 U V Y SKETCH OF SUF?VEY �HgNN6 xa Mmv� Myna rprai�•n/ Company ojKay Wegrl. Inc. Page 60 07/15/2004 08:04 PAX .., Q 008/015 All of the structures have a concrete footer foundation with slab on grade floor structure, with elevated concrete slab floor structure at the second levels. The buildings are constructed of concrete block construction with Pilasters and bond beams. They are finished with painted stucco exterior Walls. The windows of the residential units are aluminum awning, The windows of the Restaurant and Storc are glass display type. There are a combination of wood and aluminum exterior doors with some glass panel doors noted. The roof are flat wood roof structure covered with tar and gravel covering. The Restaurant structure is finished with a combination of ceramic tile and Carpeted floors within vinyl file noted throughout the retail shop area. The walls throughout the building area a combination ofpainted concrete Block, with some drywall and pegboard, for merchandise display, noted Within the retail area of the structure. The ceilings are finished with Acoustical tile, with some evidence of painted drywall or upson board. AMENITIES Small Chickee Hut. 1,.200 square feet of wooden walkways. 1,500 square feet of concrete walkways. 450 square feet finger piers. One 22,000 gallon Bellow Ground Fuel Tank. 370 linear feet of concrete seawall. Tropical Landscaping throughout the Site. UU I-Wb-dUUb lb; GC UULUN l HL CHINK 07/13/2004 08.04 FAX i�J 008/015 107.7, Key I ar.qo, FL SKETCH OF SURVEY PP"isa/ Col4any of Koy Nlesi, Inc. Page 60 07/15/2004 08:04 FN( Maio/015 Mile Mamer 107, 7. BUILa NG LAY QUT 50, 3' Restaurant A N N 2 Story 0.0, 17.0' m Story W W 21,0' 2 nd Floor 2 Story -o c m o Store 1 Story 107690 Overseas Hwy. (Not To Scale) 2prai.tal Company oJKel, Nest, lnc. Page 62 �1 L 6! Ci7 (b Cn _M c a) `C UL I-Ob-ZOOb lb m e7 I.ULUIY 1 F4L DF41Vt� • �U' �� 07/15/2004 08:06 FA% 011/015 BUI )jNQ cALCULATjQjvS AREA CALCULATIONS SUMMARY Code pasarlpllon SIZAn BUILDING AREA BREAKDOWN — GDAl RBRCaaxnp9^ 2993.30 Totals dl Braiktl OW]0 � 6iY0101a1a C04vegLegC a/8➢!C 1641.01 Riotaur..' n0 P%Ogz 2346.63 �.0 s 19.1F26 76.4p Store/ l yd Floor 630.70 7751,02 4,0 Y. 6.0 24.33.2 x 4,44.06 9.0 x 31,75.30 20.2 x 30.94.4a 7.69 17.0 x 45.2e.90 COAvanian0a/2a1n 0.3 x 9,0 x 0.0 0.66 26.9 x 61.9 1600:35 04 Floor a.0 x 6,0 69, 00 4.0 x 1111 ,CalCyla 44.40 6 ra➢wlgigg Clone 3o69.21 TOTAL BUILDING (rounded) Areas Total (rounded) _7762 118 7752 "PPrarsai CGn9p012,v ojKe), West, lnc. Page 63 UI.I-GO-CGCIO 10•GJ I.VLVIY1flL url�i,♦ p7/15/2004 08:05 FAX 11 012 / 015 As Presently Improved The subject property is marina/ restaurant facility which consists of a licensed 2,933 square foot, 156 seat Cafd/ restaurant, with a 5COP liquor licence, a 1,641 square foot conveniencelbait and taclJe store with fuel pumps for cars as well as for boaters, residential apartment urtits a total of 3,179 square feet of gross living area, plus 20 boat slips at '10 finger piers along a channel that lead to Jew•Fish Crcek and Blackwater Sound in the Gulf of Mexico. The property is improved with two, two story CBS/masonry structures containing, a total gross building area of 7,752 square feet, as well as a chickee hut. According to the Monroe County Tax Assessor's records, the structures were built in 1967 RESIDENTIAL APARTMENTS The subject property's one bedroom apartments are larger than tipical, from 931 square feet to 1,175 square feet. Ul.l-YJO-CGGO l0•<7 l.u�.uivi n� Lrnvr� "-"' "" 07/16/2004 08:05 FAI 013/015 107. 7, Key Lm-oo, FL V S3UIUTr1C CALCCiLATiONS AREA CALCULATIONS SUMMARY BUILDING AREA. BIIEAKCOV✓N �L-•o�Jc Crayylioo Size Tofala Breakdown 64btOla�O � 09A3 ReaTeuiani 253) 40 AaA piL taAC ---- COAVaA1eAC0/9eiD 1b91 .O1 4.0 Ad FSaar I 2346.63 x 4-0 19.1 76.40 6 CDY c/ 2 Ad F11.r 630.76 1791,92 x 24.3 a.0 32.00 X 44.5 1119,95 3.2 x 4.4 14.00 9,e x 3..40 103 x J0.4 61414.46 0.5 x 0.9 x 31.7 12.69 27.0 z 46.2 766.40 CenyeAlen pp /B e1Y 0.5 x 0.0 x 0.0 0.66 25.5 x 61.9 1640.35 Ad Fleer a,0 x 6.0 64,00 0.0 x 11,2 44.40 ' 6 Sabeieipg,a0.1CC 1eCipna $069.22 TOTAL BUILDING (rounded) 7752 18 Areas Total (rounded) 7752 Restaurant . GSA1 ,Y-0 A.0 k • 32.00 20.3 k 46.5 1129.95 1.2 x 4.4 a 14.01 9.0 x 31.7 . 205.30 20.2 9; 30.4 . 614.49 0.5 k D.Y x 31.7 . 12.69 17.0 x 45.2 . 766.40 Area total 2933 Ind Floor GBA1 6.D x 6.0 64.00 4.0 x 11.1 . 44.40 3.2 x 4.4 . 14.D6 9.0 x 31.7 . 2Y5.30 41.9 x 46.6 a 1620,95 0.5 x 0.6 x 4615 16.60 Convenience/Bait GBA1 0.0 16.6 x 61.9 1640.35 Area total (rounded) = 1041 Store/ 2 nd Floor GgA1 0.5 x 0,7 s 26.6 • 9.26 26.5 x 71.0 • 811,50 Area total (rounded) = 2347 J ��- Area total (rounded) = $31 Approisal Cajnpany of A'ey ll''esl, bra. Page 63 07/15/2004 08:06 RAI ZQNINC MAP Appraisal Company Of Key YVest, Inc. Mile Mm'kv )07.7 79 Page 0 Q 014/015 -L Ul. l-on-dVion 10 • JU' wwly l nL nnrvn • ""' "" o7/15/2004 08:06 FAA 015/015 MwTi map Appraisal Compary of Key Wag Inc, Mile 1077, K Page 65 TOTAL P.30 APPENDIX C VVI ClV GVVV 1 Imo•.— -ii 111 rY� 'ail u'l+ Ji%jj i '�� iF` %. ' ���� �`1 �� � �r � 4 ...... �:i-....�..:�,:1 � ,; :rC S �,��.: i i 5 aj <- �i r. 4 ����� J •1�n, �1 � � j •Uy,✓,'r__. Im � ' T1� 1 /� '` � � i � V �1T t u �„ .+Gti+�� -�� fn4 1Y {' x �` �a� n 1�',7" � 1�� �� IY � 2�: -..D' rirrm.'s I 4 �`�: � � -. �751a�k�7,,,,A�, w. �"i... i � in I .. -w� X�J y. I N •y\ !yy 1 14� f �� li �` hJ I4 Ri i;' � R - e. I ��H y; j:1• .. .��.. .�.� 70 V 1.1 CJV GVUV 1V ./�/ vv�ui •�r it u�nr�� APPENDIX D EaviroMapper: Map Printing Page 1 of 1 EPA - Envirofacts Warehouse --VViFCOFACTS Page i of 4 Ise argrdd Envirofacts Data Warehouse ® ,e Recant Addltloos I contact Us I Print Varelon EF Search: . . '�M > EayjM LqW > Multlsystero > Query Results 4Iee1` Query Results ZYP Code: 33037 City Name: Key Largo County Name: Monroe State Abbreviation: FL LIST OF EPA -REGULATED FACILITIES IN ENVIROFACTS To see a report on a facility click on the underlined Faclllty Name. Click on the underlined "View Facility __ 1—a 4"Allk, information" ilnK10 View'rrr rawlLy 1111V, a Go To Bottom Of SThe NAMEADDRE Pace FACILITY INFORMATION dae8 flapal HzedU 0Arc Hey MEEUM l� Releases Reported? Dlwlvtw Water AQUARIU iSHORE 45E 615 CARIBBEAN DR KEY LARGO, FL VLmFacility information NO NO YES NO NO 33037 BELLSD KYI RFL MZM ATLANTIC DRIVE MILE MARKER 100 View till Informatlon NO NO YES NO NO KEY LARGO, FL 33037 BILL MARKEY$ MARINE SERVICE 98250 OVERSEAS HWY KEY LARGO, FL View Facility Information NO NO YES NO NO 33037 au6RL lEs GA 102225OVERSEAS HWY KEY LARGO, FL View E091111tY Information NO NO YES NO NO 33037 CIRCLE K #2371 106501 OVERSEASlio HWYKEY KEY LARGO, FL NO NO YES NO NO EPA - Envirofacts Warehouse WIROFACTS Page 2 of 4 Z5 WtKOMAQ I View Facility NO LARGO, FL Informal 7 CH RPM LO. ) APEKS 1 OVERSEAS I [7FMIO #Y4 LARGO, FL ARDEN COVE I Vlaw Facility II NO Information LARGO, FL 4 OVERSEAS View Faclllty NO inforM=nn LARGO, FL 72459 NOWInfo acilin NO 70 II — � LOPEZ O, EAGATE View Facility NO LARGO, FL Information 70 LARGO, FL Infcrmation II i�lA CLUB AN BAY DR Fjie:w:FarJlityNOLARGO, FL ation 170 rjF LARGOAUTOAIRi05 N RSEAS HWY LARGO, FL >T YARD View Facility NO )CEAN DR Information LARGO, FL 11 11 NO 11 YES II NO II NO NO 11 YES 11 NO 11 NO NO 11 YES II NO II NO NO 11 YES 11 NO 11 NO NO YES NO I NO NO YES NO NO NO I YES F77NO NO YES NO I NO NO 11 YES 11 NO 11 NO NO 11 YES 11 NO II NO EPA - Envirofacts Warehouse WIROPACTS Page 3 of 4 Y LARGO, FL L33370 l' View Facilibt Inf r� maton NO NO YES NO NO MATEBAY m6RW INC MILE MARKER 112.5 US 1 KEY LARGO, FL View Facility jatqLmation NO NO YES NO NO 330370 PARAMOUNT ICT ES 25 CENTRAL SQUARE SEASIDE, FL 33037 p UE CO 2 FISHING VILLAGE DR KEY LARGO, FL View Facility Information View Facility Informatir�n NO NO NO Np YES YES NO NO Nd NO 330370 PERFEC710N CON TION 106130 OVERSEAS HWY MM108 KEY LARGO, FL 3W370 PUBLIX 101437 OVERSEAS HIGHWAY KEY LARGO, FL 33037 RIVARD AUTO View Fact Informati View Faclllty Inf a NO NO NO NO YES YES NO NO NO NO B DY 98840 OVERSEAS HIGHWAY KEY LARGO. FL View li Information NO NO YES NO NO 33037 SMELL MAN INC MILE MARKER 106 KEY LARGO, FL 330370 SHELL OIL CO 99a01 OVERSEAS HWY KEY LARGO, FL 33037 STAR ENTERPRISE 1 View Facility Inf View Facility Informations VIBw Faclllty NO NO NO NO YES YES YES NO NO NO NO NO NO US HWY KEY LARGO, FL 33037 Information NO NO SUNOCO SERVICE Vim Fac UJy Information NO NO YES NO —ter'--� NO STAnw US 1 & KEY LARGO SHOPPING KEY LARGO, FL 33037 r�— r✓ EPA - Envirofacts Warehouse WPLOFACTS Page 4 of 4 UPPER KEYS MARI rONSTRUCTLON INC MILE MARKER View Facili NO NO YES NO NO Information 100.3 KEY LARGO, FL 330370 a & WW HS KEY LRO G EDUS NEAR KEY LARGO View it Information NO NO YES NO NO KEY LARGO, FL 33037 WALGR ENS uao'fa 103400 FEDERAL HWY KEY LARGO, FL 33037 �� View FAC]IItV Informafign NO NO YES NO NO WHEATONS I E 101500 OVERSEAS Vie � � NO NO YES Np NO HWY Information KEY LARGO, FL $30370 y�MITRANSFER STAIION 1180 STATE ROAD 905 View Fad Information YES NO NO NO NO KEY LARGO, FL 33037 LASS AUTO BEPKERS INC OVERSEAS 98150 HWY View Faclllty Inf n NO NO YES NO NO KEY LARGO, FL 330370 Go To Too Of Thee Total Number of Facilities Displayed: 32 Lest Updated on Monday, July 19th, 2004 hapJ/oaSpub.apa.90V/enVIrOMI_MaStOr-fll retrleve EPA - Envuofacts Warehouse • F11 Page 1 of 2 uirMOW Profteton AWMY q Facility Registry System (FRS) ......................... {T3 ,t Rarnnt Additions 14Qn�sLU.S I P'-C�L EF seerch: �q EPA Homg a Envirofacts > ERE � Report a Facility Detail Report Facill Location Address: Sunolemental Address_. Cliv Name: PERF ION CO ECTION 106130 OVERSEAS HWY MM106 KEY LARGO Setae. FL County Name: MONROE R 330370 7,IplPostaI Cow p ion: 04 C 1 1 DI Wiirnhw, Le 1 1 i ri t Nu , 20 —� SU e: 03090203 F NO �edamI Tribal Land 25,170212 Let Methgjt ADDRESS MATCHING -HOUSE NUMBER Refer cri PLANT ENTRANCE (GENERAL) Duns Number: _ 616066438 Reoistry ID: 110005621764 Report Facility Discrepancy Map this facility Envi ron mental Interests �11�L—w i erestK ntal Irdormaki'on Information. Environmental Data SpurceEnvironmental System ID Interest Tune STATE 02/02/1895 RCRAINFO FLD984249672 SQG INSPECTION Facility Mailing Addresses EPA - Envirofacts Warehouse - FIX Page 2 of 2 Affilia ion Tvne 'MAILING DellYQAlPoint OVERSEAS gtX� KEY ❑Post �fl Code Information RCRAINFO ADDRESS 106130 HWl 106130 OVERSEAS LARGO KEY ���� FL FL 330370 330370 RCRAINFD OWNER HtryY LARGO NAICS Codes D ® Report IO`rce Code pg$ar tlQR Dlscre anc ALL OTHER AUTOMOTIVE REPAIR AND Report RCRAINFO i 811198 i nnn,lhircnlo�lr_.C. J_ -------------------- SIC Codes No SIC Codes returned, Contacts No Contacts returned. Organizations rmation Repoli ® BUNS Aftilim Addmn Dlacrepanc OWNER 3ERRY RCRAINFO view Repo -En] PINTO Alternative Names No Alternative Names returned. Query executed on: AUG-09-2004 Last updated on Monday, August 8th, 2004 Fr,Fp Stor gaL Tomk/Contarninstpd Facility Latitude/Loneitude Search Results Page 1 of 1 Florida Department of Environmental Protection Bureau of Petroleum Storage Systems Storage Tank/Contaminated Facility Latitude/Longitude Search DS/26/2004 You selected the following criteria: Radius = .5 Mlles) Latitude = 25: 10: 59 Longitude = SO: 23: 16 Latitude Longitude Facility ID, Name, Address 25:10:60 80:23:14 8734819 Facility Type: V Marine/Coastal F1 Big Kahuna Fishing Village Facility Status: OPEN 107590 Overseas Hwy Cleanup Status: Not Required Key Largo, FL County: 44-MONROE ?5ai:0y Rn:23:21 8511771 Facility Type: V-Marine/Coastal Fi Gilbert$ Holiday island Of Key Largo Faclllty Status: OPEN 107900 Overseas Hwy Cleanup Status: Ongoing Key Largo, FL County: 44-MONROE r Site Priority' Ranking Sheet Facility N: d `f 7 1 Site Name; , 41.S -r— KA SiteAddreas e_ Latitud Discha; Longitude Discharge Date: Y gg oints Cdter Fir&Ex leale Hazard: 1. Free product or volatilized petroleum products at or above 200/6 of the Lower Explosive Limit (I BL) in existing utility conduits or vaults, buildings or other inhabited confined spaces (61) points). 2, ignitable free product on surface waters or impoundments (do points). nVoLtipticontwinatad D nkln¢ Water Ste: 1 uncontaminated municipal or community well fields of greater than 100.000 Rallons per day permitted oapecitY with swell within 1/2 mile of the site (30 points). 51 DWDB HRS �J Additionally: s. iffhe well field's l foot draw down contour is known to encompass the site regardless of the well field's distance from the site (20 points). O or b. If the wall field is located down gradient of the site (15 points). O 2, Uncortaminated private wells constructed priorte date of contamination discovery, or uncontaminated public water... system well field with less then 100,000 gallons Per day permitted capacity with a well within 1/4 mile of the site (20 points). 5I ➢WDB IMS Additionally: I a, if the well firld'a I foot draw down contour Is known to encompass the site regardless of the well field's distPlleR ftm the site (10 points). or b. If the well field is located down gradieat of* site (5 Points). ' 3, Uncontaminated surface water body used as a public water system supply within 112 mile of the site (10 points). iVljyr,@lion PotentlaL• 1. Source Charaeteristi (select only one) a. Recent spills free product found in wells/ boreboles (4 po' ) efree product of 2 aee inches or more or more wellS/boreholes (6 points). b. Recent produ loss or wells/groundwater oonteminated bu o free product (2 points). 2. Product Type (select ly one): a. Licht oetrol product (kerosene, gasolhse, aviation fuel and im[lar petroleum products) With Wittr soluble a ives or enhancers (mTB'B, ethanol and simuar sub es) (3 points). b. Llght petrole product with no additives or enbancers (2 pol ). C. Heavy petrol m product (fuel oil, diesel and similar netroleu roducts)(IPoint). Anvlron mentaLSetils€ 1. Site located in o-1 aq er (4 points). 2. Sits located In s G-2 fifer (2 points). S. Site located in high reltarge/permeability geological area (4 points). 4. Site located within III / lie of an outstanding Florida Water (I point). No Q— "T � 1 Total Pointy: Ica SCANNED DOCUMENT SCORE TRACKING SHEET lily ID I s % Discharge Date Name f o�' �� • G old soars 0 a File: Scare Rescore Requested B �e �e I itials Se Packet Received by STB Wellll Survey Checked/Requested Owner %,-moation Needed? ; Yes No, go to W 8 STB Discharge # -L Written Request to DEP for courthouse check Written Approval received from DEP Assigned to ST5 Field Office for owner Verification Branch Location 6 Verification Received from STS Field Office nFP Database Updated with Correct Owner Information i All Information Received for Scoring scored with PCT Updated & Letter Printed 6 9 Letter Mailed & Packet sent to STB Scanning 10 i AhAr Tvne ICIrcPj pnel ,q =Low Scare, No CDF 9 =High Score, CDF Requested New Score C = PCPP Hiph, CDF Requested f1 015 scanned lL ifiuva�u U NOTES (Date CDF requested must be transferred to CDF list) Number of Pages: `j KOK ass 2� !I! lot 8�6 ,JUL-21-04 09:41 AM art_ dda Departrnsnt AP Environ►nerttal ,—AsC4iort n—, TwuvA)Worn OIIkr Bldg. •7600 HINtr SWI1e Wnad a TMIINIIQOw -',Divlclon ofWaste Managttntnt trBureau of Ptaruloutn Storage SYfitumd FLOR Storage Tank Facility Compliance Inspection Report Facility ID County Y� Facility Name �I' ' to 1 Latitude ' S " Longitude ,mC ?"mde I P _ 02 inspection Date Facility Type r LIL Method Inr cn°d I ' I lay+crlod I .� I Maid Tks I —. p ,....... 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Douglas Road, Suite 200 Florida 3 3024 W = = Pembroke Pines, j N =_ / (954)436-7000 Fax: (954)436-8664 O J `Vlu I — Certificate of Authorization L.B. 6680 R�1 1_! LAT Ef ffJ UYA A POR, OF NE. 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