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Item R6County of Monroe {f `° " rel BOARD OF COUNTY COMMISSIONERS n Mayor David Rice, District 4 The FlOnda Keys y m �� 11 Mayor Pro Tem Sylvia J. Murphy, District 5 Danny L. Kolhage, District 1 George Neugent, District 2 Heather Carruthers, District 3 County Commission Meeting September 19, 2018 Agenda Item Number: R.6 Agenda Item Summary #4724 BULK ITEM: Yes DEPARTMENT: Assistant County Administrator Kevin Wilson TIME APPROXIMATE: STAFF CONTACT: Kevin Wilson (305) 292-4441 no AGENDA ITEM WORDING: Approval of a contract to purchase a property know as the Keynoter building in Marathon (RE400321700-000000) for $750,000 and authorization for the Mayor to execute all documents required to complete the transaction. ITEM BACKGROUND: Staff has obtained two appraisals of the subject property. They average $762,500. The listing price was $795,000. The building is contiguous with the current County owned property on which are located the Sheriff sub -station , the Tax Collector's office, and the Courthouse. The building contains approximately 5,000SF of useable space. The building will be used to house the Tax Collector (whether temporarily or permanently is to be determined) and either the Public Defender or the State Attorney (yet to be determined) both of whom currently rent space at a costs of $25.8k/year and $51.7k/year, respectively. PREVIOUS RELEVANT BOCC ACTION: None CONTRACT/AGREEMENT CHANGES: yes STAFF RECOMMENDATION: Approval DOCUMENTATION: SELLER EXECUITED STAMPED purchase and sale agreement WITH ATTACHED EXHIBIT A EXHIBIT A TO P&S AGREEMENT ONLY: Keynoter Package Prop. Rec. Card Parcel 4 Real Property ID 4 Alt Key 4. 2018-04-16 AOKW appraisal 2018-08-19 Magenheimer Appraisal FINANCIAL IMPACT: Effective Date: 19 SEP 2018 N/A Expiration Date: Total Dollar Value of Contract: $750,000 Total Cost to County: $750,000 Current Year Portion: TBD Budgeted: No Source of Funds: TBD CPI: N/A Indirect Costs: Estimated Ongoing Costs Not Included in above dollar amounts: Revenue Producing: NO Grant: N/A County Match: N/A Insurance Required: N/A Additional Details: N/A N/A REVIEWED BY: If yes, amount: Kevin Wilson Completed 09/11/2018 10:18 AM Chris Ambrosio Completed 09/11/2018 4:25 PM Kevin Wilson Completed 09/11/2018 4:33 PM Budget and Finance Completed 09/11/2018 4:40 PM Maria Slavik Completed 09/12/2018 7:39 AM Kathy Peters Completed 09/12/2018 9:22 AM Board of County Commissioners Pending 09/19/2018 9:00 AM L COMMERCIAL L ESTATE PURCHASE AND SALE AGREEMENT THIS COMMERCIAL REAL ESTATE PURCHASE AND SALE AGREEMENT ("Agreement") is entered into on September 19, 2018 (the "Effective "), by and between 2 KETIOTER PUBLISHING COMPANY, INC., a Florida corporation ("Seller"), and MONROE COUNTY, a political subdivisionof of Florida i to the following 6 A. Seller owns that certain real property located in Monroe County, Florida, common known as 3015 Overseas Highway, Marathon, Florida 33050, and more particularly described Exhibit A attached hereto and made a part hereof (the "Property"). I �! f,# 1 • # •, . •r. all, NOW THEREFORE, for valuable consideration, receipt and sufficiency of which is hereby acknowledged and agreed, Buyer and Seller hereby agree as follows: ARTICLE • 1.1 The PLoperty. Seller agrees to sell and convey the Property to Buyer and Buyer agrees in this Agreement. For purposes hereof, the "Property" shall mean and include all buildings, structures • imiMyements fcol lectivelp ite "Iml 1 ! ":1 ' 1ts" �, located on - • •M #' licenses and approvals relating to the Property, and other rights appurtenant to the Property. ARTICLE PURCHASE PRICE, DEPOSIT, AND PAYMENT 2.1 Amount. The total purchase price for the Property is Seven Hundred Fifty Thous Dollars ($750,000.00)(the "Purchase Price"). 1 Commissioners 2.2 Deposit. Buyer agrees to pay Twenty Five Thousand Dollars ($25,000.00) to Seller its Earnest Money Deposit following approval of the Agreement by the Board of Co of • • • 1CC") at the Septembe19, 2018,BOCC meeting. 0 r- Money Deposit shall be paid to Seller asp of the Purchase Price at the Closing or shall be paid to Seller upon default by Buyer in accordance with the provisions set forth in Section 10. 1 hereof. 4- 0 W 2.3 Payment. On the Closing Date, Buyer shall pay the balance of the Purchase Price to Seller in immediately available funds. On the day prior to closing, all remaining purchase and 2 L- settlement funds will be wire transferred to the Escrow agent. Z e: ARTICLE 3 3.1 Place and Date. The purchase and sale of the Property shall be completed in accordance with Article 9 hereof (the "Closing"). The Closing shall occur through an escrow (th% "Escrow") with True Title Agency, Inc. (the "Escrow Holder"), whose address is 9 Ships Way, BiN. Pine Key, FL 33043, or at such other place as Seller and Buyer agree in writing. TheClosingmaybe conducted by, mail or electronic means if so agreed by the parties. S-ub;e % 7, , - Qr- -� c4Wmm.�% u -m�t described in Article 8 hereof, the Closing shall occur within thirty (30) days of the Effective Date, but in no event later than November 1, 2018, unless extended by Seller and Buyer in writing (the "Closing Date"). The parties agree to mutually work towards having the Closing occur as soon as ,gacticable following comyletionof due Ligence and title ht good faith in setting a mutually acceptable closing date as soon as practicable. In the event there exists a failed condition to Buyer's or Seller's obligations and Buyer and Seller do not agree to extend the Closing Date, or such failed condition exists after exy-iration of an-y such extension.5 thqn the party for whose benefit such condition exists may waive the condition or terminate this Agreement by written notice to the other party and to the Escrow Holder. The Escrow shall be considered closed when the Deed is recorded in the Official Records of Monroe County, Florida ("Official Records"). ARTICLE 4 VXVIEW -I IF lf. 4. 1.1 Studies Generally. From the Effective Date to the Closing Date, Seller shall provide business day's prior notice to Seller) at all reasonable times to make such reasonable inspections, tests, copies, verifications, and studies ("Studies") as Buyer considers reasonably necessary or desirable under the circumstances - which may include but are not limited to site assessment and, if indicated by such Phase 1, a Phase 11 environmental site assessment (subject to the provisions of Section 4.1.2 below). Buyer shall not damage or alter the Property in any material respect as a result of such inspections, tests, studies, surveys and verifications and shall otherwise or Seller's offices. Any such Studies shall be made at Buyer's sole cost and expense. Seller may JU W 14 tests, surveys, verifications and studies made by or at the request of the Buyer. Buyer acknowledges 0 r- and agrees that any documents delivered to Buyer pursuant to this Agreement or otherwise to facilitate Buyer's Studies shall be delivered to Buyer without any representations or warranties by 4- 0 Seller with the exception of the representations expressly set forth in Section 6.1 hereof. Buyer expressly agrees that (a) any documents and information fimlished by Seller to Buyer are for informational purposes only and without representation or warranty, express or implied, including a. without limitation with respect to the qualifications of the parties having prepared any such materials, as to their accuracy or the completeness of their contents or as to Buyer's right to rely on any such materials or the information contained therein; and (b) Buyer will not rely on such 0 documents and information and will conduct its own due diligence and Studies relating to the Property and to all matters referred to in such documents and information. The use of any such ■ documents or information shall be at Buyers sole risk, and Buyer shall defend and indemnify Seller from and against any and all suits, claims, damages, costs, expenses and liabilities asserted against or incurred by Seller as a result of the use or further dissemination of any such materials in whole or in X part, which obligations shall survive the Closing or any earlier termination of this Agreement. w a 4.1.2 Intrusive Studies. If Buyer plans to undertake any Studies on or about the Property the work or activities involved in the Studies and the identity of the contractor and obtain Seller's approval to proceed. After the completion of the work or Studies, Buyer shall restore the Property to a condition substantially similar to that existing at the time immediately jLnor to the work or Studies. 4.1.3 DeIivM to Seller. In the event Buyer shall terminate this Agreement based upon t, M ff then upon said tennination or upon said failure to purchase, and as a condition to the return of Earnest Money Deposit to Buyer, Buyer shall immediately deliver to Seller copies of all document reports, written materials and Studies which are in the possession of Buyer and part of Buyer's d I Mal Cb&j1A1f.,A rl-vt�crtj *1 Lit) 1LN'JLd11LJ', Q191111multill, ine --Aemrnw Materials"). Said Returned Materials shall be delivered to Seller without cost and expense to Sell and as additional consideration to Seller for entering into this Agreement. The provisions of th Section 4.1.3 shall survive the termination of this Agreement. 11 4.1.4. Deliveries by Seller. Seller agrees to deliver to Buyer within five (5) business days of the Effective Date It of anv and all survevs, drawinas. b1jiId'=g 1j1LV-T � . .. - I �� --9.-Dfff4jfLs Or ** er 11 _JEJ&.�ire - R ITT Sener 7,viossession 771ULCU LU UIC WHStruction, us;eoroc'cu'pDancyvy'oTTc7't�roperty M-Fing Seller's ownership. ARTICLE 5 M-iffLIAL.�1Z Mtg� 5.1 Deed. On the Closing Date, Seller shall convey fee simple absolute title to th4 11'roperty to Buyer by means of a duly executed and acknowledged Special Warranty Deed (the N RIME R-1 V I MMIRM a $I ReJ 114*1[41603 010 1 Ito 10 11 MAP. U, to 114 US 'on I I rill U-Mrstarel 11 v fulage #KM I Ir 11ral KAJ 10 01*143 f =4 a 5.2.1 Seller shall use good faith, due diligence and reasonable efforts, at its sole cost and "Title Company") within five (5) days after the Effective Date, • copy • a title insurance commitment i the "Title Commitment" i issued bv the Title • CONC-11 Ram t, I Pr'*-i 'Av 69 Mi Title Commitment and said underlying documents being referred to herein as the "Title Documents"�,. Buper's title to the ProG, ert_,,, shall be insured b I Title Policy. The Property shall be sold and is to be conveyed subject to (a) the "Standard policy issued by the Title Company and such other liens, claims, municipal betterments, encumbrances, exceptions and matters as iiie(f to di non -delinquent real estate taxes, assessments, water rates or meter charges and sewer rents subject to adjustment as "r vided by Buyer in accordance with this Agreement, and (d) any additional off -record matters accepted by Rwtu= in writin *all the matters set forth in this Section 5.2 "Permitted Exceptions"). 5.2.2 Within five (5) business days after Buyer's receipt of the Title Documents, Buyer shall notify Seller in writing of those exceptions indicated on the Title Commitment that Buyer approves and those exceptions that Buyer disapproves. If Buyer fails to deliver written notice to Seller of any exceptions indicated on the Title Commitment disapproved by Buyer within said five (5) business day verio , en all such items shall be deemed an-oroved bv BIL):er. AnX excentions is of frliml 4 . I 1 41 1 *1111JU LHICHL, LUCH 3QTM1 MIMI 11M C 1110 �J) business days after such notice to advise Buyer in writing of any such exceptions which Seller is a4ler-created moneir-T3 Me Escrow unless the Title Company will insure Buyer against losses from the same). For avoidance of doubt, Seller shall not be required to pay or discharge any liens (other than mortgage deeds which must be • from the Title Policy) to the extent that the Title Company will insure Buyer against loss !• such liens. If Seller fails to deliver such notice, Seller shall be deemed to be unable or unwilling to remove all such exceptions (other than the lien of mortgage deeds or other Seller- • created monetary obligations -which *N9 *Nynkwkv.,�, (FQ,9 ontw 4 _WfEasm W unless the Title Company will insure Buyer against losses from the same). If Buyer fails to approve in writine within five 15) business days ofreceivin such noti or Jignig 41'.*je is JAuLVIC (91f LIFU111111A • • UL UIG CIVS0 *1 F-SUIVIT, UICH U1U1t;1_,VdrLY lier N; I [WE 91 UmAL7-J M K*J W'11 M IN flkvl�2961&011 M UN I M ARTICLE 6 6.1 Seller. Buyer acknowledges that Buyer is acquiring the Property "AS -IS, WHERE -IS, IN ITS CURRENT CONDITION, WITH ALL FAULTS" and in reliance upon its own Studies, investigations and due diligence. No person acting on behalf of Seller is authorized to make (and by execution hereof, Buyer acknowledges and agrees that, with the exception of those rev,resentations and warranties containe.4, in specifically negates and disclaims) any representations or warranties of any kind or character whatsoever, whether express or implied, oral or written, past, present or future, with regard to the Property, including without limitation (1) its value; (2) its nature, condition or quality (including without limitation its water soil and I ill �r3) its comnliance wmith �1 laws rules ordinance or Laluj� SLUM4011-UpUll Ill MU& Ill 111UPUIE01 LIMfEUPURY.-2-kS USCUMMIS "5ection the "best knowledge" of Seller shall mean the present actual knowledge of Jeff Sauls, Seller's Operations Director, (excluding what is exclusively constructive knowledge or receipt of or inquiry. For avoidance of doubt, Mr. Sauls shall in no event be personally liable hereunder, Buyer's sole recourse being to Seller. With the foregoing limitations, Seller represents and warrants to Buyer as of the date of this Agreement as follows: 6. 1.1 Power and Authori Seller is a corporation, duly incorporated and organized and validly existing and in good standing under the laws of the State of Florida. Seller has full power and authority to enter into this Agreement and to perform this Agreement. The execution, delivery FV#XM i W" wwwki f3-- .OIL stockholders, •; officers of Seller have been duly obtained. This Agreement is a legal, valid and binding obligation of Seller - enforce-ableWh. enforceability may be limited by applicable bankruptcy, insolvency, reorganization, arrangement, moratorium or other similar laws from time to time in effect which affect the rights of creditors generally or by limitations upon the availability of equitable remedies. 6.1.2 No MisLepresentation. No representation or warranty by Seller in this Agreement contains or will contain any untrue statement of a material fact or omits or will omit to state any material fact • to make such representations and warranties not misleading. 6.2 Buyer. The representations and warranties of Buyer is this Section 6.2 are a materi inducement for Seller to enter into this Agreement. Seller would not sell the Property to Buyi 0 L- W 0 r- without such representations and warranties of Buyer. Buyer represents and warrants to Seller as >% W follows: �e 4-- 0 W W 6.2.1 Power and Authori . Buyer is a political subdivision of the State of Florida, duly organized and validly existing and in good standing under the laws of such state, has fall power and 2 authority to enter into this Agreement and to perform this Agreement. The execution, deliver and performance of this Agreement by Buyer have been duly and validly authorized by all necessary action on the part of Buyer and all required consents or approvals, including without limitation by the .2 Board of County Commissioners of Buyer, have been duly obtained. This Agreement is a legal, valid and binding obligation of Buyer, enforceable against Buyer in accordance with its terms, except as W such enforceability may be limited by applicable bankruptcy, insolvency, reorganization, arrangement, moratorium or other similar laws from time to time in effect which affect the rights of creditors generally or by limitations upon the availability of equitable remedies. Fn 6.2.2 No Misrgpresentation. No representation or warranty by Buyer in this Agreerneg material fact necessary to make such representations and warranties not misleading. 6.2.3 Studies/Diligence. Buyer is a sophisticated buyer with experience in purchasing and developing real properties similar to the Property. Buyer will independently inspect the Property, md Buyer has entered into this Agreement based upon Studies and inspections. 6.2.4 No Pendin-g Actions. To the best knowledge of Buyer, there are no actions, airoceedin s or investi ations of an ki d d' orthre t n Yjand-Dendin 6.2.5 Patriot Act. Buyer is not listed on the Specially Designated Nationals and Block Persons list maintained by the Office of Foreign Assets Control, Department of the Treas "("OFAC") nor is Buyer under investigation by any governmental authority for (nor has be charged with or convicted of) violating money-laundering laws, nor been notified that any of i assets have been "frozen" by any governmental authority. 11 6.2.6 No Conflict. Neither the execution, delivery or performance by Buyer of th Agreement, nor comyliance with the terms and - ... — . . I will result in a breach or violation of any order, writ, injunction or decree of any court governm instrum ent to which B u will constitute a default thereunder. P A LI "V 0 110-01 M # 7.1.1 Indemnit , Seller shall indemnify and defend Buyer against and hold Buyer harmless from all claims, demands, liabilities, judgments, awards, losses, damages, costs and # representation,expenses (including, without limitation, reasonable attorneys' fees, costs of expert witnesses, court 0 costs, and other expenses of litigation) that may be suffered or incurred by Buyer if any representation, warranty or covenant made by Seller in this Agreement is untrue or incorrect in any 2 material respect when made or that may be caused by any material breach by Seller of any such or ! foregoing indemnityof Seller shall survive the Closing 1 any earlierterminationof this Agreement. 7.2.1 Inderrmily. Buyer shall indemnify and defend Seller against and hold Sell harmless from all claims, demands, liabilities, judgments, awards, losses, damages, costs expenses (including, without limitation, attorneys' fees, costs of expert witnesses, court costs, other expenses of litigation at all levels) that may be suffered or incurred by Seller (a) if representation,or ! made by Buyer in this Agreement is untrue or incorrect 3ect or that ma 'Y warranty or covenant, or (b) arising from or related to any bodily injury, property damage ! -.. 7.2.2 OFAC. Buyer shall cooperate with Seller and Title Company in compl i with Executive Order ! !* Fed. R., 49079(September1 other requirements contained in the rules and regulations of OFAC. u r, ! itils: Seller 0 ARTICLE 8 CONDITIONS PRECEDENT 0 8.1 Seller. The obligations of Seller under this Agreement to close the sale and convey the 2 L- Property to Buyer are subject to satisfaction of all of the conditions set forth in this Article 8. Seller pm. may waive any or all of such conditions in whole or in part but any such waiver shall be effective only if made in writing. No such waiver shall constitute a waiver by Seller of any of its rights or 0 remedies if Buyer defaults in the performance of any covenant or agreement to be performed by Buyer under this Agreement or if Buyer breaches any representation or warranty made by Buyer in this Agreement. If any condition set forth in this Article 8 is not fully satisfied or waived in writing by Seller within the time indicated, then Seller shall be released from all obligations to Buyer under this Agreement. If Seller fails to notify Buyer of Seller's disapproval of any items requiring Seller's Fn approval within the time period specified below, then Seller shall be deemed to have approved such x W items. M, 8. 1.1 No Default. On the Closing Date, Buyer shall not be in default in the performance of any covenant or agreement to be performed by Buyer under this Agreement. 8.1.2 &presentations and Warranties True and Correct. On the Closing Date, ai. i-awrantmamMIC. �y VZ7Wt-iYM]r�i on and as of the Closing Date. 8.1.3 No Contest. On the Closing Date, no suit, action, investigation, inquiry or oth(M have been instituted against Buyer or Seller which challenges the validity or legality of transactions contemplated by this Agreement. 8.1.4 Delivgy of Documents. On the Closing Date, Buyer shall have delivered into Escrow each of the items to be delivered by Buyer pursuant to Section 9.1.2. 8.1.5 Agproval by BOCC. Buyer shall have received unconditional approval of this Agreement by the BOCC at the September 19, 2018 meeting. 8.2 BIWer. The obligations of Buyer under this Agreement to purchase the Property and accept title from Seller are subject to satisfaction of all of the conditions set forth in this Article 8. Buyer may waive any or all of such conditions in whole or in part but any such waiver shall be effective only if made in writing. No such waiver shall constitute a waiver by Buyer of any of its wilpl 1 1 1� 1 11111 * 16 v MrJ 'Yartlywr5d! Myufs -L• by Buyer, then Buyer shall be released from all obligations to Seller under this Agreement. If Buyer fails to notify Seller of Buyer's disapproval of any items requiring Buyer's approval within the period specified below, then Buyer shall be deemed to have approved such items. VE 0 r- 8.2.1 Review Period. On or within thirty (30) days after the Effective Date of this Agreement (the "Review Period"), Buyer shall have accepted and approved, in Buyer's sole 4-- discretion, the Property and the results of any and all Studies with respect to the Property as Buyer 0 W W may elect to make or obtain, including without limitation Studies regarding or concerning zoning, building codes, design review standards, and other governmental regulations; architectural, 2 mechanical, building systems, and structural inspections; engineering tests; availability ofwater and pm. utilities; soils, seismic and geologic condition; physical and environmental condition; entitlements; ability to develop, improve or remodel the Property; marketing and economic studies; and review of .2 contracts and documents concerning the Property. The failure of Buyer to disapprove its Studies and M the condition of the Property and to terminate this Agreement in writing prior to the expiration of the Review Period shall irrevocably be deemed to constitute Buyer's (a) unconditional approval of its Studies and the condition of the Property, and (b) election to close its acquisition of the Property subject to satisfaction of the other conditions set forth in this Article 8.The cost of any such inspections, tests and Studies shall be borne exclusively by Buyer. X 8.2.2 No Contest. On the Closing Date, no suit, action, investigation, inquiry or other have been instituted or threatened against Buyer, Seller or the Property or any part thereof which challenges the validity or legality of the transactions contemplated by this Agreement. 8.2.3 Rpresentations and Warranties True and Correct. On the Closing Date, all relL,resentations and warranties made br, Seller in this on and as of the Closing Date. 8.2.4 Title Polipy. On the Closing Date, the Title Company shall be prepared to issue 9 Buyer a standard owner's policy of title insurance (the "Title Policy"), with liability equal to t - Purcv.r, Vtir fir A No oil Buyer. At the Closing, Seller shall use its best efforts to satisfy all conditions in Schedule B- I of shall have agreed to satisfy in Section 5.2.1 above. 8.2.5 DelivM of Documents. On the Closing Date, Seller shall have delivered into Escrow each of the items to be delivered by Seller pursuant to Section 9. -a Ora 1'-] 110 9.1 Procedure. 9. 1.1 Deliveries by Seller. Not less than one (1) dayprior to the close of Escrow, subject the satisfaction of the conditions to Seller's obligations set forth in this Agreement, Seller sh deliver into Escrow with the Escrow Holder fully executed by Seller (and acknowledged and recordable form where appropriate) the following: (a) the Deed, (b) a Certificate of Non-Foreigg M *f the Purchase Price is required under Florida law. Agreement. 9.1.3 Additional Deliveries. Buyer and Seller shall each deposit into Escrow such other instruments and items as are reasonably required by the Tide Company or the Escrow Holder or otherwise required to close the Escrow and to consummate the transactions contemplated by this 9.1.4 Clasi . Sell d uy s 1 cause allai to ac at e Closing a e Closing ate: (c) The Purchase Price (less Seller's share of the closing costs and charges Olotted to Seller pursuant to this Agreement) shall be delivered to Seller. • ',.• • •• • ' • • • • a # • • 9.3.1 Seller shall pay all city, county and other documentary transfer taxes, • # ## • • • •i ♦ ' •j# Policy.(50%) of settlement charges or escrow fees if charged by the Escrow Holder, and the premium for the Title 9.3.2 Buyer shall pay any fees for extended coverage under or endorsements to the by the Escrow Holder, and the recording fees for the Deed. 9.3.3 The costs of any escrow cancellation shall be shared equally yer I ...., • 1 M • . ,. • • - • • .... W 9.6 Exchange. If requested by either party hereto, the other party shall cooperate with the requesting party in reasonable ways to effect an exchange of the Property that qualifies for nonrecognition treatment pursuant to 26 U. S.C. §1031, United States Internal Revenue Code and Date; the cooperating party shall have no liability to the requesting party if the exchange fails to qualify for such nonrecognition treatment; the requesting party shall not be released from its damages, costs and expenses (including, without limitation, reasonable attorneys' fees, costs of expert witnesses, court costs and other litigation expenses) arising from or related to any 1:tarticipation in the exchange or attempted exchange. 12 ffa[�R=41847-j ml 10.1.1 If, after satisfaction of all conditions precedent to Buyer's obligations under th Agreement, Buyer shall fail or wrongfully refuse to consummate the transactions which are sx4ject *f flcis ho-Ae wti-xuxe�j r �tcifie" Ais Ag - I may terminate Buyer's rights by giving prior written notice thereof to Buyer and to the Escro, V*Uer,aY4-W*L1- re-..c-eiytVy Vo-yer *f skall r,e V toB y ,,J* cogrrvev ViLe Pr*j&" u _ax rAsVa1VwfwrtitIed:b&., retai-t 6e mom Ulm shall be released from all obliaiations in law or in Liouit4-Lto-j�iurchase the Pro$ "rt-j from Seller shall be entitled to return of funds paid as Earnest Money Deposit. 10. 1.2 In addition to effects of default provided in 10. 1. 1 above, remedies for default IM rn law or equity including, without limitation, an action for damages. 10. 1.3 No termination of this Agreement shall relieve either party of its obligation to Escrntw 1L*U or f,,#,r -y&)mentif its fecs an4 otsts in acc*rdance7ri-itfitliisAg7cerne�i-it,,i,:riELiylia�, y1i may have for its prior default under this Agreement. I 1P RJ91919111A."I 11.1 Notices. All notices, consents, approvals and other communications under thl Agreement shall be in writing and shall be deemed to have been duly given or made (a) up delivery if hand delivered; (b) one (1) business day after delivery to any nationally recogniz overnight courier service for next business day delivery, fee prepaid; (c) one (1) business day aft ixith *f . Y I certified mail, postage prepaid, and in each case addressed as follows: To Buyer: Kevin G. Wilson, P.E. Monroe County Assistant County Administrator I 100 Simonton St. Suite 2-205 Key West, FL 3 3 040 Fax No.: 305-292-4544 "41 191 I"1 111111 - k---MMTL-1—A-WorTTej-s :0711 I I I I 12'h St. Suite 408 Key West, FL 33040 Fax No.: 305-292-3516 To Seller: c/o Miami Herald Media Comparfl 3 511 NW 91 st Ave. I Miami, FL 33172 Attn: Publisher Fax No.: 305-376-8999 MM30ME=1 copy to: The McClatchy Company 2100 Q Street Sacramento, CA 95816 Attn: Chad O'Neal Muilenburg, Esq. Fax No.: 916-326-5586 11.2 Merger/Entire Agreement. This Apareement is intended to be the entire agreement of ill -&-'row egot vritte-f Agreement together with its exhibits. 11.3 Time. Time is of the essence in the performance of the parties' respective obligatiol pursuant to this Agreement. 11.4.1 If there is any legal action, arbitration or proceeding between Seller and Buyer arisinQ Vie ii-fiquecegAil -tprmv W imjr4 acti4cf, ar'ritrafitrgi iti Ag m 4r*ce-CT(isz s�,!fll -mav—uo rinvJ491 -VvF j - -H costs and expenses, including reasonable attorneys' tees, incurred by such prevailing party"lonTsucT action, arbitration or proceeding and in any appeal in connection therewith. If such prevailing party recovers a judgment in any such action, arbitration, proceeding or appeal, then such costs, expenses and attorneys' fees shall be included in and as a part of such judgment. For purposes hereof, the '�prevailing party" shall be the party which recovers substantially the relief sought by said party, whether by judgment, settlement, dismissal or otherwise, in connection with any such action, proceeding or arbitration. El 0 11.4.2 If the services of an attorney are required by any party to enforce ajudgment rendered in connection with this Agreement, the judgment creditor shall be entitled to reasonable attorneys 0 (D fees, costs and other expenses, and such fees, costs and expenses shall be recoverable as a separate it This provision shall be severable from all other provisions of this Agreement, shall survive 2 L- any judgment, and shall not be deemed merged into the judgment. 11.5 Successors and As�igqss. This Agreement and the rights and obligations hereunder shall not be as 2 consent of Seller, provided, however, that Buyer shall have the right prior to the Closing Date to AQmir..?te c.-Ait-ytit w4"im title-&* the I'miyerty shTIF Wctisisveyei at the ctoise *f fhe Escrow. The exercise of this right of nomination shall not be deemed to be an assignment of Buyer's rights hereunder and shall not relieve Buyer of any of Buyer's duties or obligations to Seller hereunder. This Agreement shall be binding upon and shall inure to the benefit of the parties and their respective authorized successors and assigns. 11.6 Amendments or Modifications. This Agreement is subject to amendment modification only with the written consent of both of the parties. I P - 1 08 1 My V.114 1 WE M 2 19011-1 PIT 11.8 Construction. Seller and Buyer acknowledge that each party and its counsel have this Agreement or any document executed and delivered by either party in connection with the transactions contemplated by this Agreement. The captions in this Agreement are for convenience of reference only and shall not be used to interpret this Agreement. 11.9 TermsGenerally. The defined terms in this Agreement shall apply equally to both singular and the plural forms of the terms defined. Whenever the context may require, any prono shall include the corresponding masculine, feminine or neuter forms. The term "person" includ individuals, corporations, partnerships, trusts and other entities and associations. The wo "include," "includes" and "including" shall be deemed to be followed by the phrase "witho limitation." The words "approval," "consent" and "notice" shall be deemed to be preceded by word, 'ViVim.." 11. 10 Further Assurances. From and after the date of this Agreement, Seller and Buyer agree to do such things, perform such acts, and make, execute, acknowledge and deliver such documents as may be reasonably necessary or proper and usual to complete the transactions this Agreement. 11. 11 Partial Invalidily. If any provision of this Agreement is determined by a proper couM IN 0 r- the other provisions of this Agreement and this Agreement shall remain in full force and effect without such invalid, illegal or unenforceable provisions provided that the severance of such 4- provision(s) does not result in amaterial failure of consideration under this Agreement to eitherparty 0 hereto. fi 1. 12 Exhibits. The Exhibits attached to this Agreement are made a part ofthis Agreement. 11.13 CountMarts; Facsimile. This Agreement may be executed in one or more calialota s wift Vic sa Vect as if fte te-w&?Vsi, executai. w Wa4o *Un I-i'WINW14W "I. NWIMOMM - Facsimile or electronic signatures on this Agreement shall be binding as if original. 11. 14 Damage or Taking. If before the Closing Date, the Property is damaged by any I 1t i?-ryr, v7z&j-, 4%,6irr Buyer shall have the right, at its election, by giving notice to Seller, either to terminate this Agreement or to purchase the Property in accordance with this Agreement. If Buyer elects to terminate this Agreement, all rights and obligations of Seller and Buyer shall terminate unless otherwise provided herein. If Buyer elects to purchase the Property in accordance with this such damage or condemnation shall be paid to Buyer. Seller shall immediately give notice to Buyer upon the occurrence of any damage to the Property or any condemnation or eminent domain proceedings affecting the Property. 11. 15 HolidUs. In the event any date for performance of any obligation or the giving of aMA notice pursuant to this Agreement occurs on a Florida state or federal holiday or on a Saturdajy 11. 16 Radon Gas. Radon is a naturally occurring radioactive gas that, when it h accumulated in a building in sufficient quantities, may present health risks to Persons who a exposed to it over time. Levels of radon that exceed federal and state guidelines have been founid buildings in Florida. Additional information regarding radon and radon testing may be obtain from your county public health unit. 11.17 Commercial Real Estate Sales Commission Lien Act. The Florida Commercial Real Estate Sales Commission Lien Act provides that a broker has a lien upon the owner's net proceeds from the sale of commercial real estate for any commission earned by the broker under a brokerage agreement. The lien upon the owner's net proceeds is a lien upon personal property which attaches to the owner's net proceeds and does not attach to any interest in real property. This lien Tight cannot be waived before the commission is earned. IN JT-� % have f a.s. rl tirz,r- S Elf - - 1. " —11"' RR 1 J) A fy a Frmida 13% R, 'PEON1.6 Uniracurn B 1% - � ......ii . .. M4 Tre a Date: r, E T �!A L A/ vl� )-K� u 1 T2, s s, at c, D at t, VONROE COUNTY ATTORNEY 1-111PPROVED Al':��17TO FORM CHRIS AMBROSIO ASSISTANT COUNTY ATTORNEY Date: 0 C 4- ESCROW HOLDER ACCEPTANCE 0 True Title Agency, Inc. the Escrow Holder named in the foregoing Agreement, hereby acknowledges CL 3, "i'll" IRTM 11111M�� I I � 11117 � I M I I NOR ill IVRR �� CMMMM�� By_ Its Mff�-* EXHIBIT A LEry GAL DESCRIPTION: PROPERTY [Legal description to be provided in the Title Commitment] 3015 Overseas Highway, Marathon, FL 33050 SCHMITT REAL. ESTATE CO. Features: Prominent US #1 location in the City of Marathon with 3,850 sq.ft. in a CBS building i good condition. Busy business and government district with Baptist Hospital, Stanley Switlik Elementary School, Monroe County• •'e County Courthouse!' Collectors• •, County Regional • •, Planninri and Building Depts and other compatible retail and office uses. The paved and filled 5,424 sq.ft. site is located on paved parking accommodating approximatel Zoning12 vehicles. • office and retail uses. I Location: Mile Marker 49.1 Space: 3,850 ± s. ft. Taxes: $5,749.06 Price: $799,500 Exclusively listed by BRIAN C. SCHMITT COLDwELL BANKER SCHMITT REAL ESTATE CO. 11100 OVERSEAS HIGHWAY, MARATHON, FL 33050 (800) 366.5181 EXT. 6482 DIRECT: 305.289.6482 EMAIL: brians@coldwellbanker.com To view this listing visit www.REALEsTATEFLoRiDAKEYS. COM www. COLD WELLBANKERCOMMERCIAL. C OM "All information is deemed reliable but not guaranteed. Prospective purchasers should verify the information to their own satisfaction. All dimensions are approximate" 3015 Overseas Hwy, Marathon, FL 33050 579445 Commercial Active $799,500 R.6.a Provided as a courtesy of Brian Schmitt 4`" Caldwell Banker Schmitt Real Estate Co. 11050 Overseas Hwy �t � Marathon, FL 33050 Extra #1 - (305) 289-6482 Extra #2 - (305) 289-6482 Extra #3 - (305) 289-6482 Office - (305) 289-6482 'i BRIANS@COLDWELLBANKER.COM http://www.ReaIEstateFloridaKeys.com _ u Duplicate Listing?: No Type of Listing: Exclusive R Listing Board: Marathon/Lower Keys L CIL Range Pricing: Limitd Reprsntation: No As is Rght to Inspct: Yes For Sale/Lease: For Sale Potential Short Sale: No Bank Owned: No r Species List: C Off Shore Island: Subdivision: Sombrero Sub (49.5) Mile Marker: 49.50 County: Monroe 13 - 7 Mile Bridge to Area: KW Neighborhood: Sombrero Bch Rd E & W Marathon Neighborhood: Side: Ocean Flood Zone: AE Alternate Key #: 1395978 Add'I Parcel #1: Add'I Parcel #2: 1-- Parcel #: 00321700-000000 Bldg Nbr: MU -Mixed Use Zoning: Commercial Mixed Us — Taxes: 5,749.06 Tax Year: 2016 Owner Name: Keynoter Publishing CInc Style: Commercial Lot Size: Lot SgFt: 8,700 Waterfront: No Control Depth: 0 Business Name: Year Established: # Parking Spaces: Off Street Parking: Yes # Stories: 1 Building Ht. Ft.: Total # Buildings: Building SgFt: 3,850 SgFt Source: Property Data Card Net Leasable Area: 3,850 Total Units: 0 Year Built: 1963 Total Bedrooms: 0 Full Baths: 2 Half Baths: 0 Total Baths: 2 C Dual/Var Rate Comm: No Single Agent Com: 3 Single Agent Comm ° /o Type: Trans Broker Com: 3 Trans Broker CommType: % Non -Rep Com: 3 Non -Rep Comm Type: % Sale Terms: Selling Info: Sold Comments: Sold Remarks: Buyer's Residency: Buyer City: Buyer State: Buyer County: Remarks - Consumer: Prominent US #1 location in the City of Marathon with 3,850 sq.ff. in a CBS building in good condition. Busy business and government d with Baptist Hospital, Stanley Switlik Elementary School, Monroe County Sheriff, Monroe County Courthouse and Tax Collectors Office , Monroe County Regiom Service Center with Tax Assessor, Planning and Building Depts and other compatible retail and office uses. The paved and filled 5,424 sq.ff. site is located on U; L with paved parking accommodating approximately 12 vehicles. Zoning allows office and retail uses. Agent Remarks: Please contact my assistant Chelsey Zdan for information package and/or showings at 305-903-3373 or chelsey@cbschmitt.com Directions: Legal: SOMBRERO SUB #6 PB2-93 NLY 87 FT LOT A-1 & NLY 87 FT LOT B-1 OR96-164/65 PARCELS COMBINED FOR ASSMT PURPOSES 6-16-93 CIL Deed Restrictions: Unknown Vehicle Storaae: Off Street Parking Windows/Doors: Glass Doors N Association Info: Mandatory Home Owners Asc: Utilities: Buyer to Verify Land Size: Less Than 1/4 Acre No; 1st Right of Refusal: No Appliances: Refrigerator Fee Includes: None Type: Office Buildings; Retail Waterfront: None Miscellaneous: High Traffc Location; High Visibility; g g y' Show: Call List Agent; Sign on Property; Vacant g g p y' Waterfrontview: No Waterview Highway Frontage; Storage Financial Status: Bank Owned: No; Potential S Dockaae: None Construction: CBS Sale: No Listing Date: 03/27/2018 Expiration Date: 09/12/2018 Days On Market: 90 List Price: 799,500 Original List Price: 835,000 Status Change Date: 03/27/2018 LA: Brian Schmitt; (305)289-6482; BRIANS@COLDWELLBANKER.COM LO: Caldwell Banker Schmitt Real Estate Co.; (305)743-5181; info@cbschmitt.com Information is deemed to be reliable, but is not guaranteed. © 2018 MLS and FBS. Prepared by Brian Schmitt on Monday, June 25, 2018 1:49 PM. The information on this s has been made available by the MLS and may not be the listing of the provider. U a.IouAaMjo aseyoand) [l, uoisinaa] V 1B9BHX3 ®3HDV-L-L ` H1BM Iuawaaa6e ales pue aseyoind ®3dWV-LS ®31Bno3X3 m31135 wawyoeuv s µ c 0 ] u 0111A 111E-3 gPublic.net - Monroe County, FL „41i Public. '" Monroe County, FL Disclaimer The Monroe County Property Appraiser's office maintains data on property within the County solely for the purpose of fulfilling its responsibility to secure a just valuation for ad valorem tax purposes of all property within the County. The Monroe County Property Appraiser's office cannot guarantee its accuracy for any other purpose. Likewise, data provided regarding one tax year may not be applicable in prior or subsequent years. By requesting such data, you hereby understand and agree that the data is intended for ad valorem tax purposes only and should not be relied on for any other purpose. L By continuing into this site you assert that you have read and agree to the above statement. CL Summary Parcel ID 00321700-000000 Account# 1395978 Property ID 1395978 MillageGroup 50CM Location 3015 OVERSEAS Hwy, MARATHON Address Legal SOMBRERO SUB #6PB2-93NLY87FTLOTA-1&NLY87FTLOT B-1OR96-164/65 Description PARCELS COMBINED FOR ASSMT PURPOSES 6-16-93 (Note: Not to be used on legal documents) Neighborhood 10040 Property ONE STORY OFFICE (1700) Class Subdivision SOMBREROSUBDN06 Sec/Twp/Rng 09/66/32 Affordable No Housing Owner KEYNOTER PUBLISHING CO INC PO BOX 500158 MARATHON FL 33050 Valuation 2017 2016 2015 2014 + MarketlmprovementValue $0 $0 $0 $0 + Market Misc Value $0 $0 $0 $0 + Market Land Value $566,338 $566,338 $566,338 $530,199 = Just Market Value $566,338 $566,338 $566,338 $530,199 = Total Assessed Value $566,338 $566,338 $566,338 $530,199 School Exempt Value $0 $0 $0 $0 = School Taxable Value $566,338 $566,338 $566,338 $530,199 Land Land Use COMMERCIAL HIGHWAY (100H) Commercial Buildings Style OFFICE BLD-1 STORY/ 17C Gross Sq Ft 5,424 Finished Sq Ft 3,850 Perimiter 0 Stories 1 I nterior Wal Is Exterior Walls C.B.S. Quality 300 () Roof Type Roof Material Exterior Wall1 C.B.S. Exterior Wa1I2 Foundation Interior Finish Ground Floor Area Floor Cover Full Bathrooms 0 Half Bathrooms 0 Heating Type Year Built 1963 Year Remodeled Effective Year Built 1982 Number of Units Unit Type Frontage Depth 8,700.00 Square Foot 50 87 https://qpublic.schneidercorp.com/Application.aspx?ApplD=605&LayerlD=9946&PageTypelD=4&PagelD=7635&Q=2121961721&KeyV Packet Pg. 27Q3 3/16/2018 gPublic.net - Monroe County, FL Condition Code Description Sketch Area Finished Area Perimeter EFD ELEVATED FOUND 1,200 0 0 FLA FLOOR LIVAREA 3,850 3,850 0 OPF OP PRCH FIN LL 350 0 0 PTO PATIO 24 0 0 TOTAL 5,424 3,850 0 4— Yard Items Description Year Built Roll Year Quantity Units Grade WALLAIRCOND 1984 1985 1 1UT 2 ASPHALT PAVING 1975 1976 1 4000SF 2 Z CL Permits Datelssued Date Completed Amount Permit Type Number 1w 1w Notes 0 P2014- 4/9/2014 $2,250 CHANGE OF COPY TO EXISTING SIGN ON BLDG 0506 P2014- 3/3/2014 $7,800 OVERLAY EXISTING PARKING AREA WITH 1.5 INCH HOT ASPHALT. RE-STRI PE 8 REGULAR 0311 PARKING SPACES P2010- 10/21/2010 $22,960 RE -ROOF - FLAT ROOF 1209 _ P2006- 3/24/2006 $2,100 SHUTTERS-ACCORDIAN 0469 2001153 2/27/2001 7/27/2001 $9,000 CONCRETE REPAIR 9921226 7/8/1999 $9,000 Commercial AIRCONDITIONING 952381 4/1/1995 7/1/1995 $2,900 EXTERIOR RENOVATIONS Sketches (click to enlarge) i— https://qpublic.schneidercorp.com/Application.aspx?ApplD=605&LayerlD=9946&PageTypelD=4&PagelD=7635&Q=2121961721&KeyV Packet Pg. 27Q4 01I'Apkil -1 gPublic.net - Monroe County, FL Photos 50 FLA C=0.00 (2650) 24 EFD 24 (1200) 50 6 PTO (24) 4 FLA (3850) S3 47 50 OPF 7 (350) https://qpublic.schneidercorp.com/Application.aspx?ApplD=605&LayerlD=9946&PageTypelD=4&PagelD=7635&Q=2121961721&KeyV Packet Pg. 27Q5 0111-WelP-3 Map gPublic.net - Monroe County, FL No data available for the following modules: Buildings, Mobile Home Buildings, Exemptions, Sales. The Monroe County Property Appraiser's office maintains data on property within the County solely for the purpose of fulfilling its �� responsibility to secure a just valuation for ad valorem tax purposes of all property within the County. The Monroe County Property Schneider Appraiser's office cannot guarantee its accuracy for any other purpose. Likewise, data provided regarding one tax year may not be applicable in prior or subsequent years. By requesting such data, you hereby understand and agree that the Developed by The Schneider Last Data Upload: 3/16/2018, 3:13:10 AM Corporation https://qpublic.schneidercorp.com/Application.aspx?ApplD=605&LayerlD=9946&PageTypelD=4&PagelD=7635&Q=2121961721&KeyV Packet Pg. 27Q6 id LOCATION Property Address 3015 Overseas Hwy Marathon, FL 33050-2236 Subdivision Sombrero Sub County Monroe County, FL PROPERTY SUMMARY Property Type Commercial Land Use Office Buildings 1 Story Improvement Type Square Feet 3850 GENERAL PARCEL INFORMATION Parcel lD/TaxID 00321700-000000 Alternate Parcel ID 1395978 Key Marathon DistricttWard 24 2010 Census Trct/1311k 9713/1 Assessor Roll Year 2016 SALES HISTORY THROUGH 03/01/2018 No sales information was found For this parcel. TAX ASSESSMENT L c Friday, March 16, 2018 i 4 4- u L Z CIL CURRENT OWNER Name Keynoter Publishing Co Inc Mailing Address Po Box 500158 Marathon, FL 33050-0158 Appraisal Amount Assessment Amount Appraisal Year 2016 Assessment Year 2016 Appraised Land $123,731 Assessed Land $123,731 Appraised Improvements $239,858 Assessed Improvements $239,858 Total Tax Appraisal $566,338 Total Assessment $566,338 Exempt Amount Exempt Reason TAXES Tax Year City Taxes County Taxes Total Taxes 2016 $5,749.06 2015 $5,723.46 2014 $5,515.36 2013 $5,581.77 2012 $5,650.02 MORTGAGE HISTORY No mortgages were found for this parcel. FORECLOSURE HISTORY No foreclosures were found for this parcel. COPYRIGHT© 2018 COURTHOUSE RETRIEVAL SYSTEM. ALL RIGHTS RESERVED. Information Deemed Reliable But Not Guaranteed. Property Report for 3015 OVERSEAS HW PROPERTY CHARACTERISTICS: BUILDING Building # 1 Type Condition Fair Units Year Built 1963 Effective Year Stories C BRs Baths Rooms Total Sq. Ft. 3,850 Building Square Feet (Living Space) Building Square Feet (Other) Floor Living Area 3850 Elevated Foundation 1200 Z Open Porch Finished -Lower Level 350 CIL Patio 24 - CONSTRUCTION C Quality Roof Framing Shape Roof Cover Deck Partitions Cabinet Millwork Common Wall Floor Finish Foundation Interior Finish Floor System Air Conditioning Exterior Wall Heat Type Structural Framing Bathroom Tile Fireplace Plumbing Fixtures - OTHER Occupancy Building Data Source PROPERTY CHARACTERISTICS: EXTRA FEATURES W Feature Size or Description Year Built Condition Asphalt Paving 4000 SF 1975 Wall Air Cond 1 UT 1984 PERMITS Permit Description Permit Number Issue Date Completion Date CHANGE OF COPY TO EXISTING SIGN ON BLDG P2014-0506 04/09/2014 OVERLAY EXISTING PARKING AREA WITH 1.5 INCH HOT ASPHALT. RE -STRIPE 8 P2014-0311 03/03/2014 REGULAR PARKING SPACES RE -ROOF - FLAT ROOF P2010-1209 10/21/2010 SHUTTERS - ACCORDIAN P2006-0469 03/24/2006 CONCRETE REPAIR 2001153 02/27/2001 07/27/2001 AIR CONDITIONING 9921226 07/08/1999 EXTERIOR RENOVATIONS 952381 04/01/1995 07/01/1995 PROPERTY CHARACTERISTICS: LOT Land Use Office Buildings 1 Story Lot Dimensions Block/Lot /A-1 Lot Square Feet 8,700 Latitude/Longitude 24.710365°/-81.096648° Acreage 0.2 PROPERTY CHARACTERISTICS: UTILITIES/AREA Gas Source Road Type Electric Source Topography COPYRIGHT© 2018 COURTHOUSE RETRIEVAL SYSTEM. ALL RIGHTS RESERVED. Information Deemed Reliable But Not Guaranteed. Property Report for 3015 OVERSEAS HW Water Source Sewer Source Zoning Code Owner Type District Trend Special School District 1 Special School District 2 LEGAL DESCRIPTION Subdivision Sombrero Sub Plat Book/Page 0002/0093 Block/Lot /A-1 DistricttWard 24 Description Sombrero Sub #6 Pb2-93 Nly 87 Ft Lot A-1 & Nly 87 Ft Lot B-1 Or96-164/65 Parcels Combined For Assmt Purposes 6-16-93 FLOOD ZONE INFORMATION FIRM Panel Eff. Zone Code Flood Risk BFE Description FIRM Panel ID Date AE High 8 Ft Areas subject to inundation by the 1-percent-annual-chance 12087C1378K 02/18/2005 flood event determined by detailed methods. Base Flood Elevations (BFEs) are shown. Mandatory flood insurance purchase requirements and floodplain management standards apply. COPYRIGHT© 2018 COURTHOUSE RETRIEVAL SYSTEM. ALL RIGHTS RESERVED. Information Deemed Reliable But Not Guaranteed. DANISE D. HENRIQUEZ, C.F.C. 2017 Paid Real Estate ,,.. MONROE COUNTY TAX COLLECTOR NOTICE OF AD VALOREM TAXES AND NON -AD VALOREM ASSESSMENTS 1395978 1 1 50CM 1 1395978 KEYNOTER PUBLISHING CO INC 00321700000000096632 PO BOX 500158 3015 OVERSEAS HWY MARATHON. FL 33050-0158 SOMBRERO SUB #6 PB2-93 NLY 87 FT LOT A-1 & NLY 87 FT LOT B-1 OR96-164/65 PARCELS COMBINED FOR ASSM AD VALOREM TAXES AUTHORITYTAXING ■—EXEMPTION• ■ SCHOOL STATE LAW 1.6080 566,338 0 566,338 910.67 SCHOOL LOCAL BOARD 1.7480 566,338 0 566,338 989.96 GENERAL REVENUE FUND 0.6949 566,338 0 566,338 393.55 F&F LAW ENFORCE JAIL JUDICIAL 1.9539 566,338 0 566,338 1,106.57 HEALTH CLINIC 0.0469 566,338 0 566,338 26.56 FLORIDA KEYS MOSQUITO CONTROL 0.4646 566,338 0 566,338 263.12 CITY OF MARATHON 2.5900 566,338 0 566,338 1,466.82 SO FL WATER MANAGEMENT DIST 0.1275 566,338 0 566,338 72.21 OKEECHOBEE BASIN 0.1384 566,338 0 566,338 78.38 EVERGLADES CONSTRUCTION PRJT 0.0441 566,338 0 566,338 24.98 TOTAL MILLAGE 9.4163 AD VALOREM TAXES $5,332.82 NON -AD VALOREM ASSESSMENTS AUTHORITYLEVYING • MARATHON STORMWATER 240.00 %J&6 NON -AD VALOREM ASSESSMENTS $240.00 COMBINED TAXES AND ASSESSMENTS $5,572.82 See reverse side for important information. If Postmarked By Nov 30, 2017 Please Pay $0.00 IF PAI �r DANISE D. HENRIQUEZ, C.F.C. 2017 Paid Real Estate ' MONROE COUNTY TAX COLLECTOR NOTICE OF AD VALOREM TAXES AND NON -AD VALOREM ASSESSMENTS 1395978 1 1 50CM z KEYNOTER PUBLISHING CO INC PO BOX 500158 MARATHON, FL 33050-0158 x iRUM* E:? 00321700000000096632 3015 OVERSEAS HWY SOMBRERO SUB #6 PB2-93 NLY 87 FT LOT A-1 & NLY 87 FT LOT B-1 OR96-164/65 PARCELS COMBINED FOR ASSM z w CHECKS ON U.S. BANKS ONLY TO DANISE D. HENRIQUEZ, CF.C. TAX COLLECTOR P.O. BOX 1129, KEY WEST, FL 33041-1129 If Postmarked By Nov 30, 2017 Please Pay $0.00 Paid 11/27/2017 Receipt# 103-17-00001449 $5, Packet Pg. 2711 "IjouAaM jo aseLpind) [l, UO!S!AOM] V -LISIHXB (IBHDV-L-LV H-LIM IuOwGGJBE ales pue aseLloind OBdWV-LS oB-unoBxB mB-nBs wo—i3euv Lo F1 CCt M cf) U- 0 = 0) UJ ca.EZ 0 CL o ca Au . 4.0 E 0 I 3/12/2018 Chapter 103 -ZONING DISTRICTS Marathon, FL Code of Ordinances ARTICLE 1. - ESTABLISHMENT OF ZONING DISTRICTS Section 103.00. - Purpose and Intent. This chapter is to establish districts where the comprehensive plan land uses are located and grouped together to create, protect and maintain a desirable living environment within the City of Marathon. Based on these districts the LDR also implements the goals, objectives and policies of the City Comprehensive Plan (the "Plan") and adopted maps. Zoning district uses, standards, dimensional and area requirements are established in this Chapter Table 103.00.1 Future Land Use Designation and Associated Zoning District Future Land Use Designation Zoning District Airport Airport (A) Conservation Native Area (C-NA) Offshore Island (C-01) Residential Low - Conservation (RL-C) Industrial Industrial -General (I-G) Industrial -Maritime (I-M) Mixed -use Commercial Mixed -use (MU) Mixed -use - Maritime (MU-M) Public Uses Public (P) Recreation Park and Recreation (PR) Residential High Residential-MH (R-MH) Residential High (RH) Residential Medium Residential Medium (RM) Residential Medium - 1 (RM-1)* Residential Medium - 2 (RM-2)* Residential Low Residential Low (RL) * Coco Plum subdivision only (Ord. No. 2009-15, § 2, 4-14-2009) Section 103.01. - Zoning Districts. A. In order to carry out the purpose and intent of the LDRs, the City is hereby divided into the following zoning districts: Airport (A) District Conservation Native Area (C-NA) District Conservation Offshore Island (C-OI) District Industrial -General (I-G) District 3/12/2018 Marathon, FL Code of Ordinances Industrial -Maritime (I-M) District Mixed -use (MU) District Mixed -use - Maritime (MU-M) District Parks and Recreation (PR) District Public (P) District Residential -Mobile Home (R-MH) District Residential High (RH) District Residential Medium (RM) District Residential Medium - 1 (RM-1) District Residential Medium - 2 (RM-2) District Residential Low (RL) District Residential Low -Conservation (RL-C) District B. Natural and landscaped open spaces or transitional development and design practices shall be provided in accordance with the standards in Article 8 of Chapter 107 in order to adequately integrate development along the edges of different land use categories. C. Standards for landscaping design practices and criteria for the required pervious open space are provided in Articles 8 and 9 of Chapter 107 "General Development Standards. D. Allowed uses within each zoning district are established in this chapter and in Chapter 104 "Specific Use Regulations". E. Natural and historic resource protection standards are established in Chapter 106. F. Development review standards are established in Chapter 102 "Development Application Review Procedures". G. Wastewater treatment facilities and wastewater treatment collection system(s) serving (a) use(s) may be located in any land use district provided that: 1. The wastewater treatment facility and wastewater treatment collection system(s) is (are) in compliance with all federal, state, and local requirements; and 2. The above ground portions of the wastewater treatment facility, wastewater treatment collection system(s), and accessory uses shall be screened by structure(s) designed to: (a) Be architecturally consistent with the character of the surrounding community; (b) Minimize the impact of any outdoor storage, temporary or permanent; and (c) The Director may require the installation of a solid fence. H. All residential lot size requirements are to be calculated based upon the plat survey. Section 103.02. - Official Zoning Map Adopted. The Official Zoning Map of the City of Marathon, Florida on file in the Department, together with all explanatory matter thereon, is hereby adopted and made a part of the LDRs. Section 103.03. - Maintenance of Map. The Official Zoning Map, as amended from time to time in accordance with the provisions of the LDRs, shall be kept on file and made available for public reference in the office of the Director and the City Clerk. Section 103.04. - Application of Regulations within Boundaries. Except as otherwise specifically provided, a district symbol or name shown within district boundaries on the Official Zoning Map indicates that district regulations pertaining to the district extend throughout the area surrounded by the boundary line. Section 103.05. - Interpretation of Boundaries. 3/12/2018 Marathon, FL Code of Ordinances Where uncertainty exists as to the boundaries of districts as shown on the Official Zoning Map, the Director shall interpret the intent of the map as to location of such boundaries. The Director may rely on the Comprehensive Plan and Future Land Use Map, transcripts of minutes from any public meetings held concerning the property zoning, site inspection of the property or any other information that pertains to the determination of the boundary location. The Director shall complete the boundary interpretation pursuant to the interpretation procedures in Article 21 of Chapter 102. The C written interpretation shall include findings and rationale. 4- ARTICLE 2. - DESCRIPTION OF ZONING DISTRICTS U L Section 103.06. - Airport (A) District. CL The (A) District is intended to establish areas appropriate for airport uses and other uses that are restrictive to the general public, designated within the Airport (A) future land use category on the Future Land Use Map (FLUM). Section 103.07. - Conservation Districts. A. Conservation -Native Area (C-NA) Zoning District: The Conservation -Native Area (C-NA) Zoning District implements the Conservation designation on the Future Land Use Map. This zoning district shall be used for properties which have natural limitations to development because of their sensitive environmental character. Development in the C-NA district shall be permitted only as provided in this article consistent with the land use designation and in accordance with natural and historic resources protections in Chapter 106. B. Conservation -Offshore Island (C-OI)Zoning District: The Conservation -Offshore Island (C-OI) Zoning District implements the Conservation designation on the Future Land Use Map and this zoning district shall be used for properties which have natural limitations to development because of their sensitive environmental character. Sewage disposal and potable water service shall complywith all applicable Health Department requirements and environmental standards. C. Residential Low -Conservation (RL-C) District. -The RL-C District is intended to establish environmentally sensitive areas that to the greatest extent possible should be preserved in their natural state while allowing very limited residential uses, designated within the Conservation (C) future land use category on the Future Land Use Map (FLUM). D. Sewage Disposal and Potable Water Service within the Conservation Districts: Sewage disposal and potable water service shall comply with all applicable Health Department requirements and environmental standards. Sewage disposal systems and drainfields shall be sited in a manner to protect conservation areas from the discharge of elevated nutrients or improperly treated effluent. The dwelling unit shall be sited such that the location results in the least adverse impact to natural systems, as determined by the City Biologist. E. Maximum Density within the Conservation Districts: Based upon conditions of the Comprehensive Plan and the LDRs, or as otherwise provided in this chapter, the maximum density for each parcel that is zoned C-NA, C-OI or RL-C shall be determined by the Director based upon the nature of any proposed development activity and the results of a habitat analysis applicable to each specific parcel. This approved density may be less than is permitted in Table 103.15.02. Section 103.08. - Industrial Zoning Districts. A. Industrial General (I-G)Zoning District. -The I-G zoning district is intended for lands appropriate for light industrial activities. Typical uses include assembly and fabrication industries, warehousing, distribution centers, administrative offices, business support services, affordable housing and heavy manufacturing. Commercial uses are generally limited to business support services and accessory sales for goods produced on -site. B. Industrial Maritime (I-M)Zoning District: The I-M zoning district is intended to provide for certain maritime industrial and commercial fishing uses which have limited effects upon the use of surrounding land. No maritime industrial use is to be permitted which would bring about unfavorable or offensive conditions off -site (beyond the property line) such as excessive noise, vibration, dust, heat, smoke, odor, or glare. Section 103.09. - Mixed -use Districts. The City of Marathon has two (2) commercial districts to accommodate commercial and retail uses. The commercial areas are divided into the Mixed - use (MU) Zoning District and the Mixed -use -Maritime (MU-M) Zoning District. A. Mixed -use (MU)Zoning District. -The MU zoning district is designed to accommodate a wide variety of commercial and retail activities that will result in the most efficient and attractive use of the City's historic business district and the US 1 corridor, in an effort to recognize the role of US1 as the City of Marathon's "Main Street". Specifically, this district provides for land uses that have a strong pedestrian -oriented character, with a mixture and concentration of specialty shopping, transient lodging, retail, personal service, 3/12/2018 Marathon, FL Code of Ordinances restaurant, cultural, fishing industry, affordable housing and entertainment uses in the Old Town area. The MU district also prove es for large-scale retail and commercial business opportunities in other areas, including larger shopping centers, specialty shopping centers, individual multi -tenant commercial buildings, automobile services and sales, fast food restaurants, affordable housing residential uses, transient lodging and other retail establishments that serve the community at large. The (MU) district is designated L within the Mixed -use Commercial (MUC) future land use category on the Future Land Use Map (FLUM). B. Mixed -use -Maritime (MU-M)Zoning District: The MU-M zoning district is intended to establish areas suitable for uses which are essential to the commercial maritime industry, including sales and service of fishing equipment and supplies, seafood processing, fishing equipment manufacture and treatment, boat storage, restaurants, retail and affordable housing residential uses. The MU district is designated within the Mixed -use Commercial (MUC) future land use category on the Future Land Use Map (FLUM). u L Z Section 103.10. - Parks and Recreation (PR) Zoning District. The PR District is intended to establish areas for public or private parks and recreation purposes, designated as Recreation (R) on the Future Land Use Map (FLUM). Section 103.11. - Public (P) Zoning District. The P District is intended to establish areas appropriate for public service facilities, government facilities and institutions, designated within the Public Facilities (PF) future land use category on the Future Land Use Map (FLUM). Section 103.12. - Residential Zoning Districts. The purpose for the residential districts is to provide for a variety of residential densities while protecting environmentally sensitive areas. The districts will also provide areas for higher densities and more affordable housing opportunities. A. Residential -Mobile Home (R-MH) District. -The R-MH District is intended to establish areas of high -density residential uses characterized by mobile homes in mobile home parks, permanent RVs, and transient RVs where they have previously existed in the District, designated within the Residential High (RH) future land use category on the Future Land Use Map (FLUM). B. Residential High (RH) District. -The RH District is intended to establish areas of high -density residential uses characterized by multi- family dwellings and mobile homes designated within the Residential High (RH) future land use category on the Future Land Use Map (FLUM). C. Residential Medium (RM) District: The RM District is intended to establish areas of low -to medium -density residential uses characterized principally by single-family detached and two-family dwellings, designated within the Residential Medium (RM) future land use category on the Future Land Use Map (FLUM). D. Residential Medium-1 (RM-1) District. -The RM-1 District is intended to establish an area in the Coco Plum subdivision to ensure that the traditional lot sizes are maintained for single-family detached dwellings, through additional limitations as noted within this subsection, designated within the Residential Medium (RM) future land use category on the Future Land Use Map (FLUM). E. Residential Medium-2 (RM-:)District: The RM-2 District is intended to establish areas in the Coco Plum subdivision of low -to medium -density residential uses characterized principally by single-family detached and two-family dwellings, designated within the Residential Medium (RM) future land use category on the Future Land Use Map (FLUM). F. Residential Low(RL)District: The RL District is intended to establish areas of low -density residential uses characterized by single- family detached dwellings, designated within the Residential Low (RL) future land use category on the Future Land Use Map (FLUM). (Ord. No. 2009-11, § 2, 3-31-2009) ARTICLE 3. - USE AND INTENSITY TABLES Section 103.13. - Applicability. Permitted, conditional, accessory and prohibited uses are established in the following table by "Uses by Zoning District" of this article. The maximum floor area intensity per type of use is established in Tables 103.15.2 and 103.15.3 of this article. The use of all new or existing structures and properties shall conform to the requirements of the use and intensity tables and all other applicable requirements of the LDRs. A use not listed in the use table, but possessing similar characteristics, including, but not limited to; size, intensity, density, operating hours, demands for public facilities such as water and sewer, traffic and environmental impacts, and business practices, may be allowed upon approval bythe Director. Such uses will be determined based on the use categorytables and definitions in Chapter 110 "Definitions". Similar uses shall be subj Packet Pg. 2716 3/12/2018 Marathon, FL Code of Ordinances requirements of the uses to which they are similar. Section 103.14. - Types of Uses. L A. Permitted Use byRight (P): A "P" indicates a use that is permitted by right. C B. Conditional Use Approval (C): A "C" indicates that a use is permitted only where approved with a conditional use approval by the City Council in accordance with the procedures in Article 13 of Chapter 102 "Conditional Use". 4- C. Limited Use Approval (L): An "L" indicates that a use is permitted only where approved through an administrative process such as issuance of a license. D. Accessory Use Approval (A) to a principle Structure: An "A" indicates that the use is only permitted as an accessory use. Z E. Prohibited Uses (Blank Cell): A blank cell in the use table indicates that a use is not permitted in the respective district. CL The following Codes are used in this table: "P" = Permitted As of Right "C = Conditional Use "L" = Limited (Special Standards/License Required) N "A" =Accessoryto a Principle Structure "Blank Cell" = Prohibited Section 103.15. - Standards. A. Uses: Certain uses, whether permitted as of right, limited, accessory or conditional uses may affect adjacent properties, the neighborhood, or community, even if the site planning and development standards of the applicable zoning district are satisfied. Uses in bold on Table 103.15.1 have special criteria contained in Article 1 of Chapter 104 "Specific Use Regulations", which are intended to mitigate potential N problems and hazards, and to ensure consistency with the Plan. B. Zoning Districts: The density, intensity, setbacks, and dimensional standards relative to each parcel are subject to the limitations of the zoning district as reflected in Tables 103.15.1 and 103.15.2. Table 103.15.1 L Uses by Zoning District Uses in bold have specific conditions listed in Chapter 104 c ZONING C- C- RL-C RL qRMRM- RM- R- RH MU MU TI-GI-M*A P PRDISTRICT NA 01 1 2 MH M* Z Accessory buildings and P P P P P P P P P P P _ accessory uses Accessory Business /Professional Office Adult day care Adult uses including product sales and entertainment Affordable Housing Unit Airport public uses < 5,000 square feet C IC IC IC IC IC IC IC A IA IA C P IP IP IP IP IP IP IP IP IP IP IP IP IS 12/2018 Marathon, FL Code of Ordinances R.6.a Airport public uses > C 5,000 square feet Alcohol Beverage L L L L Amusement or Sea life C C C C parks 4- 0 Artisan and P P photography studios CL and galleries r c Auto, RV, and truck C C storage Bars and taverns C C f® Beekeeping P P P P Boardwalk/Observation A A A A A A A A A A A A P P Platform N Boat Ramp C C C C C C C C N Boat storage + 10 units, C P P P Dry c Boat storage + 10 units, C P P P wet Boat storage < 10 units, C P P P P dry Boat storage < 10 units, C P P P L wet Z rL Boat Yard C P CL Boat/ship dockage A A N (noncommercial) 10+ slips Boat/ship (commercial) A A A A C C dockage or charter J J Boat/ship dockage L L L L L L L L L (noncommercial) + 100' in length: 11=9 slips u Packet Pg. 271$ 12/2018 Marathon, FL Code of Ordinances R.6.a' ockage A A A A A A A A A rcial) up to th: 1=9 slips FCommunications c y C g or C C C C C C 4- C P tions Tower L C & D Debris Transfer C Z CL Facility r c Campground C C C 2 Car wash C N Cemeteries C Child care center C C Child care homes (up to C C C C C C C 10 car trips per day) N Clubs: Social, fraternal P P andlodges c Community Workforce A A A A A A A A T Housing Unit Convenience store P C C C c Dormitory A Dry cleaning P Z rL Duplex dwellings C C P P C CL Equipment, rental C C C C cc establishments with N outdoor storage N Equipment, rental P P P P establishments without outdoor storage J Financial services P C P (without drive through) Financial services C (w/drive through) Packet Pg. 2719 12/2018 Marathon, FL Code of Ordinances R.6.a' Food catering P P Fuel Sales C C C L 0 o Funeral homes (no C crematory) 4- Golf courses C ,wb C u L Group Homes (<7 P P P P P P P C CL residents) r c Group Homes (7-14 C C C C C C C C residents) Hazardous Waste Small C C C C Generator Health and membership P clubs Heavy equipment sales C P Heavy equipment Sales, C P P P I — Marine c Helicopter Landing Pad C P P Home occupations L L L L L L L L L L L Hospitals P c Hotel/Motel/Resort C C lodging Z Incidental Food Sales A A CL Junk, Salvage, or C N Recycled Metal Yard Laundromats P C 1— Live -aboard Vessels C C C , C C P P J Fassembly, age,co w distributions of goods c T and materials Manufacturing, Heavy C Packet Pg. 2720 12/2018 Marathon, FL Code of Ordinances R.6.a' Marina C P P P C Massage Therapist L Media Sales and Rental P Medical and dental C C C offices and clinics u L Mineral resource P CL processes and sales r establishment Mobile Home Park P C C W Mobile Home: New P C Placement Mobile Home: P P P P P P P P Replacement Model Home A A A Modular Home P P P P P P P P P P P P P A f— Multi -family (<5) P P C P C dwellings L Multi -family (5+) C C C C C dwellings c Multi -tenant retail < P P 10,000 sf FA u L Multi -tenant retail > CrL 10,000 sf FA CL Museum P P P Night clubs N tAA Nursing Home Open-air markets C J Outdoor display J A Outdoor Storage C C C C Paint and body shop C C C Packet Pg. 2721 12/2018 Marathon, FL Code of Ordinances R.6.a Parking lots and parkingFF] P C P garages (as a principle 1 7 use) I I I I I I I I I I I I I I I I I aW Parks and recreational C C C C C C C C P P P 7° open space W Personal and service P C business shops Z CL Pharmacy C C c rship or C C C C C P Fassembly Plant nurseries and P t— greenhouses — Platting and/or C C C C C C C C C C C C C C C C Subdivision of land which would result in three (3) or more parcels Plumbing, electrical and P P P P carpenter shops 0) Print shops P P P C Private educational and FT C C C C C P C training facilities Private schools for C C C C C C C C C elementary, rL intermediate and high school education CL N Professional offices P P P f— Public schools for C C C C C C C C P elementary, intermediate and high school education J J Public use or public C C C C C P P facilities w or w/o business offices; with repair and storage d Packet Pg. 2722 3/12/2018 Public use or public facilities w or w/o business offices; without repair and storage Recreational Vehicle (RV) Park Recycling facilities F h/Lab ants with drive- s Restaurants/stand and fast food without drive throughs Retail and supply yard establishments with outdoor storage Retail establishments up to 2,500 square feet FA Retail establishments 2,500-10,000 square feet FA Retail Establishment exceeding 10,000 square feet FA Safe house for battered or abused adults or children of up to eight (8) families Sales and leasing of heavy equipment and heavy excavation equipment Seafood Processing & Packaging Sexually Oriented Business Marathon, FL Code of Ordinances C C C C rC C C ��CC C C C C C P P C I I C C P C C C C C P C P P P P A C I C I P I P P I A C I IC I C 12/2018 Marathon, FL Code of Ordinances R.6.a' Single-family dwellings P P P P P P P P P P P P P A Small animal C C C C C L shelters/boarding kennels Small Grocery Stores P 4- Sport Shooting and C C C C C Training Ranges Z CL Storage (Indoor self) C C P r Storage, Auto, RV, or C C P P Boat N Storage (Outdoor) C C C C Submerged Mooring C C C C Facilities ** Temporary Placement L L L L L L L L Temporary Use L L L L L L f— Theatre (indoor) C Trap Storage and Repair C P C P 0) Triplex dwellings P P Utilities - Major C C C C C C C C C C C C C C Utilities - Minor P P P P P P P P P P P P P P u L Vacation Rental units L L L L L L L L L L Z rL CL Vehicle, Vessel Repair C C P P N Vehicle, Vessel sales P P P P N Vendor Carts/Mobile L L L L Food Unit Veterinary facilities, C C small animal J clinics/hospitals; including boarding Veterinary facilities, P P small animal clinics; no boarding Packet Pg. 2724 3/12/2018 Marathon, FL Code of Ordinances erfront Walkways A A A A A A A A A A A A A A A A dockseless r - New Tower C C C C C C C Wireless Tower- C P P P P P P P P C Replacement existing Wireless - Satellite C C C P P Earth Station Wireless Attached C C P P P P P P P P P P P P P P facility Wireless - Stealth C C P P P Facility Zero Lot lines C C (affordable units) *Permitted uses are limited to those which are related to the maritime industry **Submerged Mooring Facilities may only be permitted in association with upland areas whose zoning is shown as having a "C" Note: Uses may be subject to additional requirements, see Chapter 104 Specific Use Regulations. (Ord. No. 2014-19, § 2, 10-28-2014; Ord. No. 2014-08, § 2, 6-24-2014; Ord. No. 2015-02 , § 7, 6-16-2015) Table 103.15.2 DENSITY, INTENSITY AND DIMENSIONS FOR ZONING DISTRICTS A C-NA C-01 I-G I-M MU MU- P PR RH R- RM RM-1 RM-2 RL RL-C M MH Density .25 0.1 5-10 5-10 6-15 6-15 10- 1/ 8-25 8-25 5-10 4 5 0.5 .25 Range 25 4ac (units per acre) 25 0.1 6 6 .25 8 8 5 4 5 0.5 0.25 P .25 0.1 5-10 5-10 15 15 10- .25 15- 25 10 4 5 0.5 .25 25 25 5-25 3-25 10 0 0 0 0 0 0 0 Transient Packet Pg. 2725 3/12/2018 Min lot area per unit (square feet) Market Rate Affordable FAR Marathon, FL Code of Ordinances c 4 10 +4,3562,904 7,260 +41,742 5,445 8,712 10,000 8,712 2 4 acres acres acre acres L Z CL 4 10 4,356 2,904 1,742 1,742 4,356 10,000 8,712 2 4 acres acres acres acre acres c 0.15 0.05 0.05 0.85 0.85 0.15 0.15 0.15 0.15- N/A 0.50 0.10 0.10 0.61 0.61 0.75 0.50 Setbacks ` C Front, 200 25 25tol0-30 20 15 15 10 10 20 20 20 25 C 25 i min Rear, 200 25 25 10 10 20 20 10 10 10 10 20 20 20 25 t 25 F min F 10 10 0-10 10 5 5 5 10 10 10 10 jMin 5 5 10 5 5 10 5 10 10 0-10 10 5 5 5 10 10 10 10 min Street 200 5 5 0-5 5 5 - Side Min t Height 37 37 37 37 37 37 37 37 37 37 37 37 37 37 37 t 37 t Limit 3 t t Units Per 10 N/A t t Building*** F f t Max Lot 5,000 5% Coverage ft Z t t i t Open 0.20 0.50 0.95 0.20 0.20 0.20 0.20 0.20 0.20 .20 .20 .20 .20 .20 0.50 0.50 Space, Min. (%)** Packet Pg. 2726 3/12/2018 Marathon, FL Code of Ordinances Minimum Street - front Lot Width 75' 1 1100, 1100, 1100, Footnotes for Table 103.15.2 *Determined by the Director, based upon Habitat Analysis ** Subject to Table 106.16.1 "Open Space Requirements per Habitat Type" *** Affordable dwelling units not subject to this limitation **** Allocated densities for all zoning districts are subject to the following additional requirements: • Salt marsh/buttonwood association wetlands that are either undisturbed or of high functional capacity as defined in Article 4, of Chapter 106 shall be assigned a density of 0.25 units per acre for the sole purpose of transferring the density out of these habitats. Submerged lands, salt ponds and mangrove wetlands shall not be assigned densityfor any purpose (i.e., allocated density = 0). The FAR for mixed -use developments may be increased to .75 if mitigated bythe development of affordable/workforce housing is provided Z Density bonus limited to deed -restricted affordable housing as established in Article 1, "Affordable Housing" of Chapter 104. 3 Subject to the additional height restrictions of Article 5, Chapter 107. (Ord. No. 2010-15, § 2, 1-11-2011; Ord. No. 2014-10, § 4, 7-8-2014) Table 103.15.3 Commercial -Industrial Intensity Table Type of Use FAR tensity E Med Intensity JE High Intensity Office Commercial Recreation .15 Institutional .30 Outdoor Recreational .15 Public Buildings and Uses .45 Restaurant/Bar .60 Industrial .85 Packet Pg. 2727 3/12/2018 Light Industrial in MU Marathon, FL Code of Ordinances .30 1 The FAR for mixed -use developments maybe increased to .75 if mitigated by the development of affordable/workforce housing is provided. (Ord. No. 2009-11, § 3, 3-31-2009; Ord. No. 2009-15, § 2, 4-14-2009) ARTICLE 4. - SPECIAL REQUIREMENTS WITHIN THE ZONING DISTRICTS Section 103.16. - Occupational Licenses. Applications for occupational licenses must be approved bythe Department prior to applying to the Monroe County Tax Collector. Asa condition for approval, the applicant must have a permanent Monroe County address and the property for which the license is being applied must be situated in a land use district permitting the proposed use. Section 103.17. - Animals. A. No livestock, such as cows, goats, sheep or pigs, barnyard animals such as chickens, ducks, or geese, shall be kept either penned or loose in any residential zoning district in the City. Domesticated pets (dogs, cats, etc.) shall be kept as provided in this section. Animals considered wild shall not be allowed in any residential zoning district in the City. B. A maximum of four (4) domesticated pets shall be allowed on any residential property or in any residential unit. C. All animals shall be kept in such a manner that complies with all sanitary regulations of the Department of Health. All food and water for such animals shall be kept in suitable covered containers and shall not be left exposed to flies, vermin or birds, shall not be left exposed to the sun and heat so as to cause putrescence and shall not be allowed to cause any offensive odors. Section 103.18. - Abandoned Vehicles. The storage of abandoned vehicles which are inoperative and/or unlicensed for a period of ten (10) working days shall be prohibited on any public right of way or on private property except within a completely enclosed garage except in the I-G zoning district. Section 103.19. - Abandoned Watercraft. The storage of abandoned watercraft which are inoperative and or unlicensed for a period of 30 days and appear to be in a state of decay and/or abandonment, as determined by the City Manager or designee, shall be prohibited on any waterway, shore, private or public property unless contained in a completely enclosed building except in the I-G and I-M zoning districts. Section 103.20. - Storage of Flammable Liquids. No buildings, structures or premises shall be used for the storage, sale or use of gasoline or any other liquefied gases with a flashpoint of 60 degrees Fahrenheit or less where any of the boundaries of the lot upon which such gasoline or other liquid is stored, used nor sold are within 200 feet, measured in a straight line, of the nearest boundary line of any building or structure used as a church, school, hospital, home for aged, nursing home, or phanage, auditorium or theater, except open air theaters. This provision shall not prevent the use of liquefied gases for domestic heating purposes. Any storage of flammable liquids shall be subject to the requirements of the American Insurance Association. Section 103.21. - Aviation Hazards. No use shall be made of the land or water within the City in such a manner as to interfere with the operation of airborne aircraft. The following special requirements shall applyto each permitted use: A. All lights and illumination for streets, parking, signs or use of land and structures shall be arranged and operated in such a manner that it is not misleading or dangerous to aircraft operating from a public or military airport or in the vicinity of an airport. B. No operations from any use shall produce smoke glare or other visual hazards thin three (3) statute miles of a useable runway of the airport, unless approved by the Director and the Marathon Airport Aviation Director. C. No operations from anywhere in the City shall produce electronic interference with navigation signals or radio communication 3/12/2018 Marathon, FL Code of Ordinances between the airport and aircraft. D. Notwithstanding the foregoing, the owner of any structure over 200 feet above ground level must install on that structure lighting in accordance with FAA Advisory Circular 70-7460-1 C and 749 feet above mean sea level must install on that structure high intensity obstruction lights which must be in accordance with FAA Advisory Circular 70-7460-1 C and amendments. Section 103.22. - Parking of Travel Trailers, Trailers and Trucks in Residential Districts. A. Within any residential district, no trucks, trailers or wagons of greater than one and one-half (1Yz) ton capacity or motor homes or motor coaches in excess of 40 feet in length and in excess of eight and one-half (8Yz) feet in width shall be parked for storage purposes, including overnight, on any public right of way or on private property except within a completely enclosed garage. Trailers of less than one and one- half (1Yz) ton capacity, pleasure boat trailers, regardless of capacity, collapsible camping trailers and cargo trailers may be parked on private property in any district provided that such trailers are parked only within areas approved by the Director of Planning. Only one (1) travel trailer, motor coach, motor home or recreational vehicle, as defined in Fla. Stat. § 513.01 shall be permitted on any one (1) residential or mobile home lot for storage purposes as provided in this section. Trucks, trailers, wagons, motor homes or motor coaches may only be parked on the same lot with and after the principal structure is erected. B. All trailers, motor homes or motor coaches parked in accordance with this Ordinance shall not be parked within any required setback, unless otherwise approved by the Director. C. Trailers, motor homes or motor coaches that are parked for storage shall not be used as a place of habitation. D. Vehicles approved for parking under this section must be registered in the name of the owner or the tenant of the property where they are parked. *��r CITIZENS PROPERTY INSURANCE CORPORATION f R.6.a C1l ry� IZENS PROPERZT Y INSURANCE COR 301 W BAY ST JACKSONVI LLE FL 32202 PREMIUM ESTIMATE This is a Premium Estimate. No coverage is bound or provided pursuant to this document. This Premium Estimate is only valid for 30 days and is subject to Underwriting approval. Submission Number: 07124697 1 Print Date: May 29, 2018 1 Applicant Information rst Named Insured: BRIAN SCHMITT itional Named Insured: ress Line 1: 3015 OVERSEAS HWY Address Line 2: City: County: State: Zip Code: Country: Policy Coverages MARATHON MONROE FL 33050-2236 United States of America Policy Type: Commercial Non -Residential Wind Coinsurance: 80% Buildings and Locations I i 1 LO A,! 10 1 I 1: BUILDING 1 Policv Premium Adiustments Description Agent Information Organization (Agency) Name: THE JOHNSON'S INSURANCE ADVISORS, LLC Agent Name: LINDA DEGINDER Agency Code: 32117 Address Line 1: 13361 OVERSEAS HIGHWAY Address Line 2: City: MARATHON State: FL Zip Code: 33050 Primary Telephone Number: 305-289-0213 Hurricane, Other Windstorm or Hail Deductible: 3% II Other Perils Deductible: NIA Terrorism Coverage: NIA Summay_ of Premiums Grand Subtotal $9,398.00 Mandatory Additional Surcharges $1,574.00 Minimum Premium Adjustment Total .Premium $3<0,972 00 07 LA,41 k PREST2 01 14 SUBMISSION NUMBER: 07124697 Page 1 of 1 rremium�; r avti A vi -L FLIM LOOK OF -0793 fyou nme5fre4)filling out the quoEejustcatl. Policy fD: Q3598+34 Plan ED: STU Name: BRIAN SCHMITT Flood Zone: AF t PRE WAU Subsrd"zad rates inception Date: 6128/2018 Company: ASf Property Address: 30.5 U,,ERSEAS HWy It Agent (ID ): The,Yohnsom Ww as ,: Agency 1426326 "T OF FL 33D5€Y-2236 NFP Manual Premiums premium_ Bonding _ 500000 14,813 Deductible - Building 2000 0 Contents 0 0 Deductible - Contents 0 0 ICC Premium 0 65 CRS discount 20 -2,976 NFIP Reserve Fund 0 1,785 Probation Surcharge 0- 0 HFIAA Surcharge 0 250 Federal Policy Fee 0 50 Expense Constant 0 0 8ldg Basic Rate 1.89 0 Bldg Addl. Rate 3.54 0 Cots Basic Rate 0 ...... ...... .. 0 Cots Addl Rate 0 0 fled Percent 1 0 BRIAN SCHMITT $13,987.00 { lEfin-, l Premium) /02,0001 $13,987.00 0 3,000 j $13,511.00 0 4,000 j $13,102.00 5,000 j $12,761.00 0 10,000 j $11,262.00 015,000 1 $10,239-00 0 20,000 ! $9,217.00 0 25,001iI $8,536.00 ' 50,.000 j, $7,174.00 ave Quote firm �t ate } p Email� Next z 1 � � L / � 0117ff EZE-7,ftD6AJ F-I Q�:T'E- PX-&Wt Um 7o`-erWA1 P https:/lflood.americanstrategic.comlViewslpremiums.aspx?sessionlD=&SID=d8886067-1 3015 Overseas Highway, Marathon, FL 33050 SCHMITT REAL. ESTATE CO. Features: Prominent US #1 location in the City of Marathon with 3,850 sq.ft. in a CBS building i good condition. Busy business and government district with Baptist Hospital, Stanley Switlik Elementary School, Monroe County• •'e County Courthouse!' Collectors• •, County Regional • •, Planninri and Building Depts and other compatible retail and office uses. The paved and filled 5,424 sq.ft. site is located on paved parking accommodating approximatel Zoning12 vehicles. • office and retail uses. I Location: Mile Marker 49.1 Space: 3,850 ± s. ft. Taxes: $5,749.06 Price: $799,500 Exclusively listed by BRIAN C. SCHMITT C OLDwELL BANKER SCHMITT REAL ESTATE Co. 11100 OVERSEAS HIGHWAY, MARATHON, FL 33050 (800) 366.5181 EXT. 6482 DIRECT: 305.289.6482 EMAIL: brians@coldwellbanker.com To view this listing visit www.REALEsTATEFLoRiDAKEYS. COM www. COLD WELLBANKERCOMMERCIAL. C OM "All information is deemed reliable but not guaranteed. Prospective purchasers should verify the information to their own satisfaction. All dimensions are approximate" 3015 Overseas Hwy, Marathon, FL 33050 579445 Commercial Active $799,500 R.6.b Provided as a courtesy of Brian Schmitt 4`" Caldwell Banker Schmitt Real Estate Co. 11050 Overseas Hwy �t � Marathon, FL 33050 »- E. �1 Extra #1 - (305) 289-6482 ret Extra #2 - (305) 289-6482 Extra #3 - (305) 289-6482 Office - (305) 289-6482 CIL BRIANS@COLDWELLBANKER.COM 7_d. http://www.ReaIEstateFloridaKeys.com Duplicate Listing?: No Type of Listing: Exclusive R Listing Board: Marathon/Lower Keys Range Pricing: Limitd Reprsntation: No As is Rght to Inspct: Yes = For Sale/Lease: For Sale Potential Short Sale: No Bank Owned: No Species List: Off Shore Island: Subdivision: Sombrero Sub (49.5) Mile Marker: 49.50 County: Monroe Area: 13 - 7 Mile Bridge to KW Neighborhood: Sombrero Bch Rd E & W Marathon Neighborhood: Side: Ocean Flood Zone: AE IL Alternate Key #: 1395978 Add'I Parcel #1: Add'I Parcel #2: Parcel #: 00321700-000000 Bldg Nbr: Zoning: MU - Mixed Use Commercial Mixed Us Keynoter Publishing C �t Taxes: 5,749.06 Tax Year: 2016 Owner Name: Inc L CIL Style: Commercial Lot Size: Lot SgFt: 8,700 Waterfront: No Control Depth: 0 Business Name: Year Established: # Parking Spaces: Off Street Parking: Yes # Stories: 1 Building Ht. Ft.: Total # Buildings: Building SgFt: 3,850 SgFt Source: Property Data Card Net Leasable Area: 3,850 Total Units: 0 Year Built: 1963 Total Bedrooms: 0 Full Baths: 2 Half Baths: 0 Total Baths: 2 L CIL Dual/Var Rate Comm: No Single Agent Com: 3 Single Agent Comm % Type: Trans Broker Com: 3 Trans Broker Comm % Non -Rep Com: 3 Type: Non -Rep Comm Type: L Sale Terms: Selling Info: Sold Comments: Sold Remarks: Buyer's Residency: Buyer City: Buyer State: Buyer County: �t Remarks - Consumer: Prominent US #1 location in the City of Marathon with 3,850 sq.ff. in a CBS building in good condition. Busy business and government d C with Baptist Hospital, Stanley Switlik Elementary School, Monroe County Sheriff, Monroe County Courthouse and Tax Collectors Office , Monroe County Regiom Service Center with Tax Assessor, Planning and Building Depts and other compatible retail and office uses. The paved and filled 5,424 sq.ff. site is located on U with paved parking accommodating approximately 12 vehicles. Zoning allows office and retail uses. Agent Remarks: Please contact my assistant Chelsey Zdan for information package and/or showings at 305-903-3373 or chelsey@cbschmitt.com N Directions: Legal: SOMBRERO SUB #6 PB2-93 NLY 87 FT LOT A-1 & NLY 87 FT LOT B-1 OR96-164/65 PARCELS COMBINED FOR ASSMT PURPOSES 6-16-93 Deed Restrictions: Unknown Vehicle Storaae: Off Street Parking Windows/Doors: Glass Doors Association Info: Mandatory Home Owners Asc: Utilities: Buyer to Verify Land Size: Less Than 1/4 Acre No; 1 st Right of Refusal: No Appliances: Refrigerator Fee Includes: None Type: Office Buildings; Retail Miscellaneous: High Traffc Location; High Visibility' Show: Call List Agent; Sign on Property;Vacant Waterfront: None Waterview: No Waterview Highway Frontage; Storage Financial Status: Bank Owned: No; Potential S 06 CIL Dockaae: None Construction: CBS Sale: No N Listing Date: 03/27/2018 Expiration Date: 09/12/2018 Days On Market: 90 List Price: 799,500 Original List Price: 835,000 Status Change Date: 03/27/2018 LA: Brian Schmitt; (305)289-6482; BRIANS@COLDWELLBANKER.COM LO: Caldwell Banker Schmitt Real Estate Co.; (305)743-5181; info@cbschmitt.com n' Information is deemed to be reliable, but is not guaranteed. © 2018 MLS and FBS. Prepared by Brian Schmitt on Monday, June 25, 2018 1:49 PM. The information on this s has been made available by the MLS and may not be the listing of the provider. U ;o aseyoand) '# RaN IIV # ®B Rlaadoad leant # laoaed PED oaa •doad a6eM3ed aalouAOM :AINO 1NBWBBM0V SW Ol V 1191HX3 :IuawyoeRv m i s µ c 0 ] u 0111A 111E-3 gPublic.net - Monroe County, FL „41i Public. '" Monroe County, FL 4- Disclaimer The Monroe County Property Appraiser's office maintains data on property within the County solely for the purpose of fulfilling its responsibility to secure a just valuation for ad valorem tax purposes of all property within the County. The Monroe County Property Appraiser's office cannot guarantee its accuracy for any other purpose. Likewise, data CL provided regarding one tax year may not be applicable in prior or subsequent years. By requesting such data, you hereby understand and agree that the data is intended for ad valorem tax purposes only and should not be relied on for any other purpose. By continuing into this site you assert that you have read and agree to the above statement. Summary Parcel ID 00321700-000000 Account# 1395978 Property ID 1395978 MillageGroup 50CM Location 3015 OVERSEAS Hwy, MARATHON Address Legal SOMBRERO SUB #6PB2-93NLY87FTLOTA-1&NLY87FTLOT B-1OR96-164/65 Description PARCELS COMBINED FOR ASSMT PURPOSES 6-16-93 (Note: Not to be used on legal documents) Neighborhood 10040 Property ONE STORY OFFICE (1700) Class Subdivision SOMBREROSUBDN06 Sec/Twp/Rng 09/66/32 Affordable No Housing Owner KEYNOTER PUBLISHING CO INC PO BOX 500158 MARATHON FL 33050 Valuation 2017 2016 2015 2014 + MarketlmprovementValue $0 $0 $0 $0 + Market Misc Value $0 $0 $0 $0 + Market Land Value $566,338 $566,338 $566,338 $530,199 = Just Market Value $566,338 $566,338 $566,338 $530,199 = Total Assessed Value $566,338 $566,338 $566,338 $530,199 School Exempt Value $0 $0 $0 $0 = School Taxable Value $566,338 $566,338 $566,338 $530,199 Land Land Use COMMERCIAL HIGHWAY (100H) Commercial Buildings Style OFFICE BLD-1 STORY/ 17C Gross Sq Ft 5,424 Finished Sq Ft 3,850 Perimiter 0 Stories 1 I nterior Wal Is Exterior Walls C.B.S. Quality 300 () Roof Type Roof Material Exterior Wall1 C.B.S. Exterior Wa1I2 Foundation Interior Finish Ground Floor Area Floor Cover Full Bathrooms 0 Half Bathrooms 0 Heating Type Year Built 1963 Year Remodeled Effective Year Built 1982 Number of Units Unit Type Frontage Depth 8,700.00 Square Foot 50 87 https://qpublic.schneidercorp.com/Application.aspx?ApplD=605&LayerlD=9946&PageTypelD=4&PagelD=7635&Q=2121961721&KeyV Packet Pg. 2735 3/16/2018 gPublic.net - Monroe County, FL R.6 Condition Code Description Sketch Area Finished Area Perimeter EFD ELEVATED FOUND 1,200 0 0 FLA FLOOR LIVAREA 3,850 3,850 0 OPF OP PRCH FIN LL 350 0 0 PTO PATIO 24 0 0 TOTAL 5,424 3,850 0 L Z Yard Items Description Year Built Roll Year Quantity Units Grade WALLAIRCOND 1984 1985 1 1UT 2 ASPHALT PAVING 1975 1976 1 4000SF 2 Permits Datelssued Date Completed Amount Permit Type Number 1w 1w Notes 0 P2014- 4/9/2014 $2,250 CHANGE OF COPY TO EXISTING SIGN ON BLDG 0506 CL P2014- 3/3/2014 $7,800 OVERLAY EXISTING PARKING AREA WITH 1.5 INCH HOT ASPHALT. RE-STRI PE 8 REGULAR 0311 PARKING SPACES CL P2010- 10/21/2010 $22,960 RE -ROOF - FLAT ROOF 1209 P2006- 3/24/2006 $2,100 SHUTTERS-ACCORDIAN 0469 2001153 2/27/2001 7/27/2001 $9,000 CONCRETE REPAIR 9921226 7/8/1999 $9,000 Commercial AIRCONDITIONING CL 952381 4/1/1995 7/1/1995 $2,900 EXTERIOR RENOVATIONS L Sketches (click to enlarge) ti https://qpublic.schneidercorp.com/Application.aspx?ApplD=605&LayerlD=9946&PageTypelD=4&PagelD=7635&Q=2121961721&KeyV Packet Pg. 2736 01I'Apkil -1 gPublic.net - Monroe County, FL Photos 50 FLA C=0.00 (2650) 24 EFD 24 (1200) 50 6 PTO (24) 4 FLA (3850) S3 47 50 OPF 7 (350) ■N https://qpublic.schneidercorp.com/Application.aspx?ApplD=605&LayerlD=9946&PageTypelD=4&PagelD=7635&Q=2121961721&KeyV Packet Pg. 2737 0111-WelP-3 Map gPublic.net - Monroe County, FL No data available for the following modules: Buildings, Mobile Home Buildings, Exemptions, Sales. The Monroe County Property Appraiser's office maintains data on property within the County solely for the purpose of fulfilling its �� responsibility to secure a just valuation for ad valorem tax purposes of all property within the County. The Monroe County Property Schneider Appraiser's office cannot guarantee its accuracy for any other purpose. Likewise, data provided regarding one tax year may not be applicable in prior or subsequent years. By requesting such data, you hereby understand and agree that the Developed by The Schneider Last Data Upload: 3/16/2018, 3:13:10 AM Corporation ■N https://qpublic.schneidercorp.com/Application.aspx?ApplD=605&LayerlD=9946&PageTypelD=4&PagelD=7635&Q=2121961721&KeyV Packet Pg. 273$ id K P D BU.P O Property Address 4126!Pd st f bt !I x z ¢ N bsbu po-!CM44161.3347 Subdivision Ton csf m!Tvc d County Monroe County, FL PROPERTY SUMMARY Property Type Commercial Land Use Office Buildings 1 Story Improvement Type Square Feet 3850 GENERAL PARCEL INFORMATION Parcel lD/TaxID 00321700-000000 Alternate Parcel ID 1395978 Key Marathon DistricttWard 24 2010 Census Trct/1311k 9713/1 Assessor Roll Year 2016 SALES HISTORY THROUGH 03/01/2018 No sales information was found For this parcel. TAX ASSESSMENT C-Oebz-!Nbsdi !27-!3129 { Mtn u CL CURRENT OWNER Name Keynoter Publishing Co Inc Mailing Address Po Box 500158 Marathon, FL 33050-0158 Appraisal Amount Assessment Amount Appraisal Year 2016 Assessment Year 2016 Appraised Land $123,731 Assessed Land $123,731 Appraised Improvements $239,858 Assessed Improvements $239,858 Total Tax Appraisal $566,338 Total Assessment $566,338 Exempt Amount Exempt Reason TAXES Tax Year City Taxes County Taxes Total Taxes 2016 $5,749.06 2015 $5,723.46 2014 $5,515.36 2013 $5,581.77 2012 $5,650.02 MORTGAGE HISTORY No mortgages were found for this parcel. FORECLOSURE HISTORY No foreclosures were found for this parcel. COPYRIGHT© 2018 COURTHOUSE RETRIEVAL SYSTEM. ALL RIGHTS RESERVED. Information Deemed Reliable But Not Guaranteed. Property Report for 3015 OVERSEAS HW� R PROPERTY CHARACTERISTICS: BUILDING Building # 1 Type Condition Fair Units Year Built 1963 Effective Year Stories BRs Baths Rooms L Total Sq. Ft. 3,850 CIL Building Square Feet (Living Space) Building Square Feet (Other) Floor Living Area 3850 Elevated Foundation 1200 Open Porch Finished -Lower Level 350 Patio 24 - CONSTRUCTION — Quality Roof Framing Shape Roof Cover Deck CIL Partitions Cabinet Millwork Common Wall Floor Finish Foundation Interior Finish Floor System Air Conditioning u CIL Exterior Wall Heat Type L Structural Framing Bathroom Tile Fireplace Plumbing Fixtures - OTHER Occupancy Building Data Source CIL PROPERTY CHARACTERISTICS: EXTRA FEATURES Feature Size or Description Year Built Condition Asphalt Paving 4000 SF 1975 CIL Wall Air Cond 1 UT 1984 L PERMITS Permit Description Permit Number Issue Date Completion Date CHANGE OF COPY TO EXISTING SIGN ON BLDG P2014-0506 04/09/2014 OVERLAY EXISTING PARKING AREA WITH 1.5 INCH HOT ASPHALT. RE -STRIPE 8 P2014-0311 03/03/2014 REGULAR PARKING SPACES RE -ROOF - FLAT ROOF P2010-1209 10/21/2010 SHUTTERS - ACCORDIAN P2006-0469 03/24/2006 CONCRETE REPAIR 2001153 02/27/2001 07/27/2001 AIR CONDITIONING 9921226 07/08/1999 EXTERIOR RENOVATIONS 952381 04/01/1995 07/01/1995 PROPERTY CHARACTERISTICS: LOT Land Use Office Buildings 1 Story Lot Dimensions Block/Lot /A-1 Lot Square Feet 8,700 Latitude/Longitude 24.710365°/-81.096648° Acreage 0.2 PROPERTY CHARACTERISTICS: UTILITIES/AREA Gas Source Road Type Electric Source Topography COPYRIGHT© 2018 COURTHOUSE RETRIEVAL SYSTEM. ALL RIGHTS RESERVED. Information Deemed Reliable But Not Guaranteed. Property Report for 3015 OVERSEAS HW� R Water Source Sewer Source Zoning Code Owner Type District Trend Special School District 1 Special School District 2 LEGAL DESCRIPTION Subdivision Sombrero Sub Plat Book/Page 0002/0093 Block/Lot /A-1 DistricttWard 24 Description Sombrero Sub #6 Pb2-93 Nly 87 Ft Lot A-1 & Nly 87 Ft Lot B-1 Or96-164/65 Parcels Combined For Assmt Purposes 6-16-93 FLOOD ZONE INFORMATION FIRM Panel Eff. Zone Code Flood Risk BFE Description FIRM Panel ID Date AE High 8 Ft Areas subject to inundation by the 1-percent-annual-chance 12087C1378K 02/18/2005 flood event determined by detailed methods. Base Flood Elevations (BFEs) are shown. Mandatory flood insurance purchase requirements and floodplain management standards apply. COPYRIGHT© 2018 COURTHOUSE RETRIEVAL SYSTEM. ALL RIGHTS RESERVED. Information Deemed Reliable But Not Guaranteed. DANISE D. HENRIQUEZ, C.F.C. 2017 Paid Real Estate ,,.. MONROE COUNTY TAX COLLECTOR NOTICE OF AD VALOREM TAXES AND NON -AD VALOREM ASSESSMENTS 1395978 1 1 50CM 1 1395978 KEYNOTER PUBLISHING CO INC 00321700000000096632 PO BOX 500158 3015 OVERSEAS HWY MARATHON. FL 33050-0158 SOMBRERO SUB #6 PB2-93 NLY 87 FT LOT A-1 & NLY 87 FT LOT B-1 OR96-164/65 PARCELS COMBINED FOR ASSM AD VALOREM TAXES AUTHORITYTAXING ■—EXEMPTION• ■ SCHOOL STATE LAW 1.6080 566,338 0 566,338 910.67 SCHOOL LOCAL BOARD 1.7480 566,338 0 566,338 989.96 GENERAL REVENUE FUND 0.6949 566,338 0 566,338 393.55 F&F LAW ENFORCE JAIL JUDICIAL 1.9539 566,338 0 566,338 1,106.57 HEALTH CLINIC 0.0469 566,338 0 566,338 26.56 FLORIDA KEYS MOSQUITO CONTROL 0.4646 566,338 0 566,338 263.12 CITY OF MARATHON 2.5900 566,338 0 566,338 1,466.82 SO FL WATER MANAGEMENT DIST 0.1275 566,338 0 566,338 72.21 OKEECHOBEE BASIN 0.1384 566,338 0 566,338 78.38 EVERGLADES CONSTRUCTION PRJT 0.0441 566,338 0 566,338 24.98 TOTAL MILLAGE 9.4163 AD VALOREM TAXES $5,332.82 NON -AD VALOREM ASSESSMENTS AUTHORITYLEVYING • MARATHON STORMWATER 240.00 NMI NON -AD VALOREM ASSESSMENTS $240.00 COMBINED TAXES AND ASSESSMENTS $5,572.82 See reverse side for important information. If Postmarked By Nov 30, 2017 Please Pay $0.00 IF PAI �r DANISE D. HENRIQUEZ, C.F.C. 2017 Paid Real Estate ' MONROE COUNTY TAX COLLECTOR NOTICE OF AD VALOREM TAXES AND NON -AD VALOREM ASSESSMENTS 1395978 1 1 50CM z KEYNOTER PUBLISHING CO INC PO BOX 500158 MARATHON, FL 33050-0158 x i[c=*= 00321700000000096632 3015 OVERSEAS HWY SOMBRERO SUB #6 PB2-93 NLY 87 FT LOT A-1 & NLY 87 FT LOT B-1 OR96-164/65 PARCELS COMBINED FOR ASSM z w CHECKS ON U.S. BANKS ONLY TO DANISE D. HENRIQUEZ, CF.C. TAX COLLECTOR P.O. BOX 1129, KEY WEST, FL 33041-1129 If Postmarked By Nov 30, 2017 Please Pay $0.00 Paid 11/27/2017 Receipt# 103-17-00001449 $5, Packet Pg. 2743 jo aseLpind) '# AaM IIV # (31 AljadOJd IEOM # I83JEd PED -3aM -dOJd O6EM3ed JOlOuAOM :,k-INO 1NBWBBM0V SW Ol V -LISIHXB :Iu8wLPeRV sr Lo Fl CCt M (l) U- 0 = 0) UJ ca.EZ a < 0 CL o ca Au . 4.0 E o I 3/12/2018 Chapter 103 -ZONING DISTRICTS Marathon, FL Code of Ordinances ARTICLE 1. - ESTABLISHMENT OF ZONING DISTRICTS Section 103.00. - Purpose and Intent. This chapter is to establish districts where the comprehensive plan land uses are located and grouped together to create, protect and maintain a desirable living environment within the City of Marathon. Based on these districts the LDR also implements the goals, objectives and policies of the City Comprehensive Plan (the "Plan") and adopted maps. Zoning district uses, standards, dimensional and area requirements are established in this Chapter Table 103.00.1 Future Land Use Designation and Associated Zoning District Future Land Use Designation Zoning District Airport Airport (A) Conservation Native Area (C-NA) Offshore Island (C-01) Residential Low - Conservation (RL-C) Industrial Industrial -General (I-G) Industrial -Maritime (I-M) Mixed -use Commercial Mixed -use (MU) Mixed -use - Maritime (MU-M) Public Uses Public (P) Recreation Park and Recreation (PR) Residential High Residential-MH (R-MH) Residential High (RH) Residential Medium Residential Medium (RM) Residential Medium - 1 (RM-1)* Residential Medium - 2 (RM-2)* Residential Low Residential Low (RL) * Coco Plum subdivision only (Ord. No. 2009-15, § 2, 4-14-2009) Section 103.01. - Zoning Districts. A. In order to carry out the purpose and intent of the LDRs, the City is hereby divided into the following zoning districts: Airport (A) District Conservation Native Area (C-NA) District Conservation Offshore Island (C-OI) District Industrial -General (I-G) District 3/12/2018 Marathon, FL Code of Ordinances Industrial -Maritime (I-M) District Mixed -use (MU) District Mixed -use - Maritime (MU-M) District Parks and Recreation (PR) District Public (P) District Residential -Mobile Home (R-MH) District Residential High (RH) District Residential Medium (RM) District Residential Medium - 1 (RM-1) District Residential Medium - 2 (RM-2) District Residential Low (RL) District Residential Low -Conservation (RL-C) District B. Natural and landscaped open spaces or transitional development and design practices shall be provided in accordance with the standards in Article 8 of Chapter 107 in order to adequately integrate development along the edges of different land use categories. C. Standards for landscaping design practices and criteria for the required pervious open space are provided in Articles 8 and 9 of Chapter 107 "General Development Standards. D. Allowed uses within each zoning district are established in this chapter and in Chapter 104 "Specific Use Regulations". E. Natural and historic resource protection standards are established in Chapter 106. F. Development review standards are established in Chapter 102 "Development Application Review Procedures". G. Wastewater treatment facilities and wastewater treatment collection system(s) serving (a) use(s) may be located in any land use district provided that: 1. The wastewater treatment facility and wastewater treatment collection system(s) is (are) in compliance with all federal, state, and local requirements; and 2. The above ground portions of the wastewater treatment facility, wastewater treatment collection system(s), and accessory uses shall be screened by structure(s) designed to: (a) Be architecturally consistent with the character of the surrounding community; (b) Minimize the impact of any outdoor storage, temporary or permanent; and (c) The Director may require the installation of a solid fence. H. All residential lot size requirements are to be calculated based upon the plat survey. Section 103.02. - Official Zoning Map Adopted. The Official Zoning Map of the City of Marathon, Florida on file in the Department, together with all explanatory matter thereon, is hereby adopted and made a part of the LDRs. Section 103.03. - Maintenance of Map. The Official Zoning Map, as amended from time to time in accordance with the provisions of the LDRs, shall be kept on file and made available for public reference in the office of the Director and the City Clerk. Section 103.04. - Application of Regulations within Boundaries. Except as otherwise specifically provided, a district symbol or name shown within district boundaries on the Official Zoning Map indicates that district regulations pertaining to the district extend throughout the area surrounded by the boundary line. Section 103.05. - Interpretation of Boundaries. 3/12/2018 Marathon, FL Code of Ordinances Where uncertainty exists as to the boundaries of districts as shown on the Official Zoning Map, the Director shall interpret the intent of the map as to location of such boundaries. The Director may rely on the Comprehensive Plan and Future Land Use Map, transcripts of minutes from any public meetings held concerning the property zoning, site inspection of the property or any other information that pertains to the determination of the boundary location. The Director shall complete the boundary interpretation pursuant to the interpretation procedures in Article 21 of Chapter 102. The written interpretation shall include findings and rationale. ARTICLE 2. - DESCRIPTION OF ZONING DISTRICTS Section 103.06. - Airport (A) District. The (A) District is intended to establish areas appropriate for airport uses and other uses that are restrictive to the general public, designated within the Airport (A) future land use category on the Future Land Use Map (FLUM). Section 103.07. - Conservation Districts. A. Conservation -Native Area (C-NA) Zoning District: The Conservation -Native Area (C-NA) Zoning District implements the Conservation designation on the Future Land Use Map. This zoning district shall be used for properties which have natural limitations to development because of their sensitive environmental character. Development in the C-NA district shall be permitted only as provided in this article consistent with the land use designation and in accordance with natural and historic resources protections in Chapter 106. B. Conservation -Offshore Island (C-OI)Zoning District: The Conservation -Offshore Island (C-OI) Zoning District implements the Conservation designation on the Future Land Use Map and this zoning district shall be used for properties which have natural limitations to development because of their sensitive environmental character. Sewage disposal and potable water service shall complywith all applicable Health Department requirements and environmental standards. C. Residential Low -Conservation (RL-C) District. -The RL-C District is intended to establish environmentally sensitive areas that to the greatest extent possible should be preserved in their natural state while allowing very limited residential uses, designated within the Conservation (C) future land use category on the Future Land Use Map (FLUM). D. Sewage Disposal and Potable Water Service within the Conservation Districts: Sewage disposal and potable water service shall comply with all applicable Health Department requirements and environmental standards. Sewage disposal systems and drainfields shall be sited in a manner to protect conservation areas from the discharge of elevated nutrients or improperly treated effluent. The dwelling unit shall be sited such that the location results in the least adverse impact to natural systems, as determined by the City Biologist. E. Maximum Density within the Conservation Districts: Based upon conditions of the Comprehensive Plan and the LDRs, or as otherwise provided in this chapter, the maximum density for each parcel that is zoned C-NA, C-OI or RL-C shall be determined by the Director based upon the nature of any proposed development activity and the results of a habitat analysis applicable to each specific parcel. This approved density may be less than is permitted in Table 103.15.02. Section 103.08. - Industrial Zoning Districts. A. Industrial General (I-G)Zoning District. -The I-G zoning district is intended for lands appropriate for light industrial activities. Typical uses include assembly and fabrication industries, warehousing, distribution centers, administrative offices, business support services, affordable housing and heavy manufacturing. Commercial uses are generally limited to business support services and accessory sales for goods produced on -site. B. Industrial Maritime (I-M)Zoning District: The I-M zoning district is intended to provide for certain maritime industrial and commercial fishing uses which have limited effects upon the use of surrounding land. No maritime industrial use is to be permitted which would bring about unfavorable or offensive conditions off -site (beyond the property line) such as excessive noise, vibration, dust, heat, smoke, odor, or glare. Section 103.09. - Mixed -use Districts. The City of Marathon has two (2) commercial districts to accommodate commercial and retail uses. The commercial areas are divided into the Mixed - use (MU) Zoning District and the Mixed -use -Maritime (MU-M) Zoning District. A. Mixed -use (MU)Zoning District. -The MU zoning district is designed to accommodate a wide variety of commercial and retail activities that will result in the most efficient and attractive use of the City's historic business district and the US 1 corridor, in an effort to recognize the role of US1 as the City of Marathon's "Main Street". Specifically, this district provides for land uses that have a strong pedestrian -oriented character, with a mixture and concentration of specialty shopping, transient lodging, retail, personal service, 3/12/2018 Marathon, FL Code of Ordinances restaurant, cultural, fishing industry, affordable housing and entertainment uses in the Old Town area. The MU district also prove es for large-scale retail and commercial business opportunities in other areas, including larger shopping centers, specialty shopping centers, individual multi -tenant commercial buildings, automobile services and sales, fast food restaurants, affordable housing residential uses, transient lodging and other retail establishments that serve the community at large. The (MU) district is designated within the Mixed -use Commercial (MUC) future land use category on the Future Land Use Map (FLUM). B. Mixed -use -Maritime (MU-M)Zoning District: The MU-M zoning district is intended to establish areas suitable for uses which are essential to the commercial maritime industry, including sales and service of fishing equipment and supplies, seafood processing, L CL fishing equipment manufacture and treatment, boat storage, restaurants, retail and affordable housing residential uses. The MU district is designated within the Mixed -use Commercial (MUC) future land use category on the Future Land Use Map (FLUM). Section 103.10. - Parks and Recreation (PR) Zoning District. The PR District is intended to establish areas for public or private parks and recreation purposes, designated as Recreation (R) on the Future Land Use Map (FLUM). CL Section 103.11. - Public (P) Zoning District. CL The P District is intended to establish areas appropriate for public service facilities, government facilities and institutions, designated within the Public Facilities (PF) future land use category on the Future Land Use Map (FLUM). Section 103.12. - Residential Zoning Districts. CL The purpose for the residential districts is to provide for a variety of residential densities while protecting environmentally sensitive areas. The L districts will also provide areas for higher densities and more affordable housing opportunities. ti A. Residential -Mobile Home (R-MH) District. -The R-MH District is intended to establish areas of high -density residential uses characterized by mobile homes in mobile home parks, permanent RVs, and transient RVs where they have previously existed in the District, designated within the Residential High (RH) future land use category on the Future Land Use Map (FLUM). B. Residential High (RH) District. -The RH District is intended to establish areas of high -density residential uses characterized by multi- family dwellings and mobile homes designated within the Residential High (RH) future land use category on the Future Land Use Map (FLUM). C. Residential Medium (RM) District: The RM District is intended to establish areas of low -to medium -density residential uses characterized principally by single-family detached and two-family dwellings, designated within the Residential Medium (RM) future land use category on the Future Land Use Map (FLUM). D. Residential Medium-1 (RM-1) District. -The RM-1 District is intended to establish an area in the Coco Plum subdivision to ensure that the traditional lot sizes are maintained for single-family detached dwellings, through additional limitations as noted within this subsection, designated within the Residential Medium (RM) future land use category on the Future Land Use Map (FLUM). E. Residential Medium-2 (RM-:)District: The RM-2 District is intended to establish areas in the Coco Plum subdivision of low -to medium -density residential uses characterized principally by single-family detached and two-family dwellings, designated within the Residential Medium (RM) future land use category on the Future Land Use Map (FLUM). F. Residential Low(RL)District: The RL District is intended to establish areas of low -density residential uses characterized by single- family detached dwellings, designated within the Residential Low (RL) future land use category on the Future Land Use Map (FLUM). (Ord. No. 2009-11, § 2, 3-31-2009) ARTICLE 3. - USE AND INTENSITY TABLES Section 103.13. - Applicability. Permitted, conditional, accessory and prohibited uses are established in the following table by "Uses by Zoning District" of this article. The maximum floor area intensity per type of use is established in Tables 103.15.2 and 103.15.3 of this article. The use of all new or existing structures and properties shall conform to the requirements of the use and intensity tables and all other applicable requirements of the LDRs. A use not listed in the use table, but possessing similar characteristics, including, but not limited to; size, intensity, density, operating hours, demands for public facilities such as water and sewer, traffic and environmental impacts, and business practices, may be allowed upon approval bythe Director. Such uses will be determined based on the use categorytables and definitions in Chapter 110 "Definitions". Similar uses shall be subj Packet Pg. 2748 3/12/2018 Marathon, FL Code of Ordinances requirements of the uses to which they are similar. Section 103.14. - Types of Uses. A. Permitted Use byRight (P): A "P" indicates a use that is permitted by right. B. Conditional Use Approval (C): A "C" indicates that a use is permitted only where approved with a conditional use approval by the City Council in accordance with the procedures in Article 13 of Chapter 102 "Conditional Use". L Z C. Limited Use Approval (L): An "L" indicates that a use is permitted only where approved through an administrative process such as issuance of a license. D. Accessory Use Approval (A) to a principle Structure: An "A" indicates that the use is only permitted as an accessory use. E. Prohibited Uses (Blank Cell): A blank cell in the use table indicates that a use is not permitted in the respective district. The following Codes are used in this table: "P" = Permitted As of Right "C = Conditional Use "L" = Limited (Special Standards/License Required) L CL "A" =Accessoryto a Principle Structure ®t "Blank Cell" = Prohibited u L Section 103.15. - Standards. CL A. Uses: Certain uses, whether permitted as of right, limited, accessory or conditional uses may affect adjacent properties, the neighborhood, L or community, even if the site planning and development standards of the applicable zoning district are satisfied. Uses in bold on Table 103.15.1 have special criteria contained in Article 1 of Chapter 104 "Specific Use Regulations", which are intended to mitigate potential problems and hazards, and to ensure consistency with the Plan. B. Zoning Districts: The density, intensity, setbacks, and dimensional standards relative to each parcel are subject to the limitations of the L CL zoning district as reflected in Tables 103.15.1 and 103.15.2. Table 103.15.1 Uses by Zoning District U CL Uses in bold have specific conditions listed in Chapter 104 c ZONING C- C- RL-C RL RM- R- RH MU MU TI-GI-M*A P PR DISTRICT qRMRM- NA 01 1 2 MHM* Accessory buildings and P P P P P P P P P P P accessory uses Accessory Business /Professional Office Adult day care Adult uses including product sales and entertainment Affordable Housing Unit Airport public uses < 5,000 square feet C IC IC IC IC IC IC IC A IA IA C P IP IP IP IP IP IP IP IP IP IP IP IP IS 12/2018 Marathon, FL Code of Ordinances R.6.b Airport public uses >7 C 5,000 square feet Alcohol Beverage L L L L Amusement or Sea life C C C C L parks Z CL Artisan and P P photography studios and galleries Auto, RV, and truck C C storage rL CL Bars and taverns C C Beekeeping P P P P u L Boardwalk/Observation A A A A A A A A A A A A P P CL Platform �- Boat Ramp C C C C C C C C W Boat storage + 10 units, C P P P rL Dry CL Boat storage + 10 units, C P P P wet CL Boat storage < 10 units, C P P P P dry J Boat storage < 10 units, C P P P wet t— Boat Yard C P LLJ LLJ Boat/ship dockage A A (noncommercial) 10+ slips CL N Boat/ship (commercial) A A A A C C N dockage or charter Boat/ship dockage L L L L L L L L L LU 4j (noncommercial) + 100' in length: 11=9 slips u Packet Pg. 2750 12/2018 Marathon, FL Code of Ordinances R.6.b Boat/ship dockage A A A A A A A A A (noncommercial) up to 100' in length: 11=9 slips Bowling alley C L CL Z Broadcasting or C C C C C C C P Communications Tower C & D Debris Transfer C _ Facility Campground C C C 7° rL Car wash C T 7 CL Cemeteries C Child care center C C CL Child care homes (up to C C C C C C C L 10 car trips per day) fAA JAA ti Clubs: Social, fraternal P P and lodges CL Community Workforce A A A A Housing Unit CL Convenience store P C C F c Dormitory A Dry cleaning P Duplex dwellings C C P P C N LLJ Equipment, rental C C C C LLJ LLJ establishments with LD outdoor storage CL Equipment, rental P P P P N establishments without outdoor storage f— Financial services P C P (without drive through) Financial is C 2 (w/drive through) ' Packet Pg. 2751 12/2018 Marathon, FL Code of Ordinances RAb Fuel Sales I I I I I I I I I I C I C I I C LFneral homes (no C ematory) Golf courses I C I I C Group Homes (<7 P P P P P P P C residents) Group Homes (7-14 C C C C C C C C residents) Hazardous Waste Small C C C C CL Generator Health and membership P clubs CL Heavy equipment sales C rl P � u Heavy equipment Sales, C P P P CL Marine CL Helicopter Landing Pad C P P u Home occupations L L L L L L L L L L L CL L Hospitals P Hotel/Motel/Resort C C lodging Incidental Food Sales A A LU LU Junk, Salvage, or C LU Recycled Metal Yard Laundromats P C CL -T-T- Live-aboard Vessels 1 [ C C Fc—1_--7 -1-� <0 Manufacturing, C C P P assembly, storage, fabrication or distributions of goods and materials Manufacturing, Heavy 'I I I I C Packet Pg. 2752 12/2018 Marathon, FL Code of Ordinances R.6.b Marina C P P P C Massage Therapist L Media Sales and Rental P Medical and dental C C C CL offices and clinics Mineral resource P processes and sales n establishment a N, Mobile Home Park P C C rL CL Mobile Home: New P C Placement Mobile Home: P P P P P P P P L Replacement CL Model Home A A A Modular HomeP tpp P P P P P P P P P P A L Multi -family (<5) P P C P C CL dwellings u Multi -family (5+) C C C C C CL dwellings c Multi -tenant retail < P P 10,000 sf FA �- J Multi -tenant retail > C N 10,000 sf FA Museum P P P P P LD Night clubs C A CL Nursing Home C C N Open-air markets C C C Outdoor display A A A Outdoor Storage C C C C c u Paint and body shop C C C Packet Pg. 2753 12/2018 Marathon, FL Code of Ordinances R.6.b Parking lots and parkingM P C FFP garages (as a principle use C Parks and recreational C Tc C C C C C P P P u open space CL L Personal and service P C business shops Pharmacy C C — — — — —j a Place of worship or C C C C C P 7° assembly CL CL —r *0 Plant nurseries and P greenhouses Platting and/or C C C C C C C C C C C C C C C C Subdivision of land CL which would result in three (3) or more parcels Plumbing, electrical and P P P P CL- L carpenter shops u Print shops P P P C CL 1 Private educational and C C C C C P C c training facilities Private schools for C C C C C C C C C —� elementary, N intermediate and high school education Professional offices P P P LD Public schools for C C C C C C C C PCL elementary, N intermediate and high N school education Public use or public C C C C C P P facilities w or w/o business offices; with repair and storage Packet Pg. 2754 3/12/2018 Public use or public facilities w or w/o business offices; without repair and storage Recreational Vehicle (RV) Park Recycling facilities Research/Lab Restaurants with drive- throughs Restaurants/stand and fast food without drive throughs Retail and supply yard establishments with outdoor storage Retail establishments up to 2,500 square feet FA Retail establishments 2,500-10,000 square feet FA Retail Establishment exceeding 10,000 square feet FA Safe house for battered or abused adults or children of up to eight (8) families Sales and leasing of heavy equipment and heavy excavation equipment Seafood Processing & Packaging Sexually Oriented Business Marathon, FL Code of Ordinances C C C C rC C C ��CC C C C C C P P C C C P C C C C C P C P P P P A C I C I P I P P I A C I IC I C 12/2018 Marathon, FL Code of Ordinances R.6•b ngle-family dwellings P P P P P P P P P P P P P A mall animal [shelters/boarding C C C C C kennels L Small Grocery Stores P Z CL Sport Shooting and C C C C C Training Ranges Storage (Indoor self) C C P Storage, Auto, RV, or C C P P rL Boat CL Storage (Outdoor) C C C C Submerged Mooring C C C C Facilities **CL L Temporary Placement L L L L L L L L ti Temporary Use L L L L L L L Theatre (indoor) C CL Trap Storage and Repair C P C P CL Triplex dwellings P P Lt Utilities - Major C C C C C C C C C C C C C c C Utilities - Minor P P P P P P P P P P P P P P Vacation Rental units L L L L L L L L L L Vehicle, Vessel Repair C C P P Vehicle, Vessel sales P P P P Vendor Carts/Mobile L L L L CL Food Unit E— N Veterinary facilities, C C ®_ small animal clinics/hospitals; including boarding c u Veterinary facilities, P P small animal clinics; no boarding Packet Pg. 2756 3/12/2018 Marathon, FL Code of Ordinances Waterfront Walkways A A A A A A A A A A A A A and docksWireless - New Tower C C C C TAA Wireless Tower- C P P P P P P Replacement existing Wireless - Satellite C C C P P Earth Station Wireless Attached C C P P P P P P P P P P P P P P facility Wireless - Stealth C C P P P Facility Zero Lot lines C C (affordable units) *Permitted uses are limited to those which are related to the maritime industry **Submerged Mooring Facilities may only be permitted in association with upland areas whose zoning is shown as having a "C" Note: Uses may be subject to additional requirements, see Chapter 104 Specific Use Regulations. (Ord. No. 2014-19, § 2, 10-28-2014; Ord. No. 2014-08, § 2, 6-24-2014; Ord. No. 2015-02 , § 7, 6-16-2015) Table 103.15.2 DENSITY, INTENSITY AND DIMENSIONS FOR ZONING DISTRICTS A C-NA C-01 I-G I-M MU MU- P PR RH R- RM RM-1 RM-2 RL RL-C M MH Density .25 0.1 5-10 5-10 6-15 6-15 10- 1/ 8-25 8-25 5-10 4 5 0.5 .25 Range 25 4ac (units per acre) 25 0.1 6 6 .25 8 8 5 4 5 0.5 0.25 P .25 0.1 5-10 5-10 15 15 10- .25 15- 25 10 4 5 0.5 .25 25 25 5-25 3-25 10 0 0 0 0 0 0 0 Transient Packet Pg. 2757 3/12/2018 Marathon, FL Code of Ordinances R.6.b in lot [areaper nit (square feet) L Z CL CL Market 4 10 7,260 7,260 4 5,445 5,445 8,712 10,000 8,712 2 4 Rate acres acres acres acre acres 4 10 4,356 4,356 2,904 2,904 1,742 4 1,742 1,742 4,356 10,000 8,712 2 4 = Affordable acres acres acres acre acres FAR 0.15- 0.05- 0.05- 0.85 0.85 0.15- 0.15- 0.15- 0.15- N/A 0.50 0.10 0.10 0.61 0.61 0.75 0.50 L Setbacks Front, 200 25 25 10 10 0-30 20 15 15 10 10 20 20 20 25 25 u min CL 'a Rear, 200 F25 25 10 10 20 20 10 10 110 10 20 F20 20 25 25 Side 1, 10 10 0-10 10 5 5 5 10 10 10 10 min CL tM Interior 200 5 5 10 5 5 10 5 -19 u Side Min CL Side 2, 10 10 0-10 10 5 5 5 10 10 10 10 min Street 200 5 5 0-5 5 5 Side Min N Height 37 37 37 37 37 37 37 37 37 37 37 37 37 37 37 37 Limit s Units Per 10 N/A Building*** CL Max Lot 5,000 5% Coverage ft Z E_ ** Open 0.20 0.50 0.95 0.20 0.20 0.20 0.20 0.20 0.20 .20 .20 .20 .20 .20 0.50 0.50 Space, Min. (%)** Packet Pg. 275$ 3/12/2018 Marathon, FL Code of Ordinances Minimum Street - front Lot Width 75' 1 1100, 1100, 1100, Footnotes for Table 103.15.2 *Determined by the Director, based upon Habitat Analysis ** Subject to Table 106.16.1 "Open Space Requirements per Habitat Type" *** Affordable dwelling units not subject to this limitation **** Allocated densities for all zoning districts are subject to the following additional requirements: • Salt marsh/buttonwood association wetlands that are either undisturbed or of high functional capacity as defined in Article 4, of Chapter 106 shall be assigned a density of 0.25 units per acre for the sole purpose of transferring the density out of these habitats. Submerged lands, salt ponds and mangrove wetlands shall not be assigned densityfor any purpose (i.e., allocated density = 0). The FAR for mixed -use developments may be increased to .75 if mitigated bythe development of affordable/workforce housing is provided Z Density bonus limited to deed -restricted affordable housing as established in Article 1, "Affordable Housing" of Chapter 104. 3 Subject to the additional height restrictions of Article 5, Chapter 107. (Ord. No. 2010-15, § 2, 1-11-2011; Ord. No. 2014-10, § 4, 7-8-2014) Table 103.15.3 Commercial -Industrial Intensity Table Type of Use FAR tensity E Med Intensity JE High Intensity Office Commercial Recreation .15 Institutional .30 Outdoor Recreational .15 Public Buildings and Uses .45 Restaurant/Bar .60 Industrial .85 Packet Pg. 2759 3/12/2018 Light Industrial in MU Marathon, FL Code of Ordinances .30 1 The FAR for mixed -use developments maybe increased to .75 if mitigated by the development of affordable/workforce housing is provided. (Ord. No. 2009-11, § 3, 3-31-2009; Ord. No. 2009-15, § 2, 4-14-2009) ARTICLE 4. - SPECIAL REQUIREMENTS WITHIN THE ZONING DISTRICTS Section 103.16. - Occupational Licenses. Applications for occupational licenses must be approved bythe Department prior to applying to the Monroe County Tax Collector. Asa condition for approval, the applicant must have a permanent Monroe County address and the property for which the license is being applied must be situated in a land use district permitting the proposed use. Section 103.17. - Animals. A. No livestock, such as cows, goats, sheep or pigs, barnyard animals such as chickens, ducks, or geese, shall be kept either penned or loose in any residential zoning district in the City. Domesticated pets (dogs, cats, etc.) shall be kept as provided in this section. Animals considered wild shall not be allowed in any residential zoning district in the City. B. A maximum of four (4) domesticated pets shall be allowed on any residential property or in any residential unit. C. All animals shall be kept in such a manner that complies with all sanitary regulations of the Department of Health. All food and water for such animals shall be kept in suitable covered containers and shall not be left exposed to flies, vermin or birds, shall not be left exposed to the sun and heat so as to cause putrescence and shall not be allowed to cause any offensive odors. Section 103.18. - Abandoned Vehicles. The storage of abandoned vehicles which are inoperative and/or unlicensed for a period of ten (10) working days shall be prohibited on any public right of way or on private property except within a completely enclosed garage except in the I-G zoning district. Section 103.19. - Abandoned Watercraft. The storage of abandoned watercraft which are inoperative and or unlicensed for a period of 30 days and appear to be in a state of decay and/or abandonment, as determined by the City Manager or designee, shall be prohibited on any waterway, shore, private or public property unless contained in a completely enclosed building except in the I-G and I-M zoning districts. Section 103.20. - Storage of Flammable Liquids. No buildings, structures or premises shall be used for the storage, sale or use of gasoline or any other liquefied gases with a flashpoint of 60 degrees Fahrenheit or less where any of the boundaries of the lot upon which such gasoline or other liquid is stored, used nor sold are within 200 feet, measured in a straight line, of the nearest boundary line of any building or structure used as a church, school, hospital, home for aged, nursing home, or phanage, auditorium or theater, except open air theaters. This provision shall not prevent the use of liquefied gases for domestic heating purposes. Any storage of flammable liquids shall be subject to the requirements of the American Insurance Association. Section 103.21. - Aviation Hazards. No use shall be made of the land or water within the City in such a manner as to interfere with the operation of airborne aircraft. The following special requirements shall applyto each permitted use: A. All lights and illumination for streets, parking, signs or use of land and structures shall be arranged and operated in such a manner that it is not misleading or dangerous to aircraft operating from a public or military airport or in the vicinity of an airport. B. No operations from any use shall produce smoke glare or other visual hazards thin three (3) statute miles of a useable runway of the airport, unless approved by the Director and the Marathon Airport Aviation Director. C. No operations from anywhere in the City shall produce electronic interference with navigation signals or radio communication 3/12/2018 Marathon, FL Code of Ordinances between the airport and aircraft. D. Notwithstanding the foregoing, the owner of any structure over 200 feet above ground level must install on that structure lighting in accordance with FAA Advisory Circular 70-7460-1 C and 749 feet above mean sea level must install on that structure high intensity obstruction lights which must be in accordance with FAA Advisory Circular 70-7460-1 C and amendments. Section 103.22. - Parking of Travel Trailers, Trailers and Trucks in Residential Districts. A. Within any residential district, no trucks, trailers or wagons of greater than one and one-half (1Yz) ton capacity or motor homes or motor coaches in excess of 40 feet in length and in excess of eight and one-half (8Yz) feet in width shall be parked for storage purposes, including overnight, on any public right of way or on private property except within a completely enclosed garage. Trailers of less than one and one- half (1Yz) ton capacity, pleasure boat trailers, regardless of capacity, collapsible camping trailers and cargo trailers may be parked on private property in any district provided that such trailers are parked only within areas approved by the Director of Planning. Only one (1) travel trailer, motor coach, motor home or recreational vehicle, as defined in Fla. Stat. § 513.01 shall be permitted on any one (1) residential or mobile home lot for storage purposes as provided in this section. Trucks, trailers, wagons, motor homes or motor coaches may only be parked on the same lot with and after the principal structure is erected. B. All trailers, motor homes or motor coaches parked in accordance with this Ordinance shall not be parked within any required setback, unless otherwise approved by the Director. C. Trailers, motor homes or motor coaches that are parked for storage shall not be used as a place of habitation. D. Vehicles approved for parking under this section must be registered in the name of the owner or the tenant of the property where they are parked. *��r CITIZENS PROPERTY INSURANCE CORPORATION f R.6.bi C1l ry� IZENS PROPERZT Y INSURANCE COR 301 W BAY ST JACKSONVI LLE FL 32202 PREMIUM ESTIMATE This is a Premium Estimate. No coverage is bound or provided pursuant to this document. This Premium Estimate is only valid for 30 days and is subject to Underwriting approval. Submission Number: 07124697 1 Print Date: May 29, 2018 1 Applicant Information rst Named Insured: BRIAN SCHMITT itional Named Insured: ress Line 1: 3015 OVERSEAS HWY Address Line 2: City: County: State: Zip Code: Country: Policy Coverages MARATHON MONROE FL 33050-2236 United States of America Policy Type: Commercial Non -Residential Wind Coinsurance: 80% Buildings and Locations I i 1 LO A,! 10 1 I 1: BUILDING 1 Policv Premium Adiustments Description Agent Information Organization (Agency) Name: THE JOHNSON'S INSURANCE ADVISORS, LLC Agent Name: LINDA DEGINDER Agency Code: 32117 Address Line 1: 13361 OVERSEAS HIGHWAY Address Line 2: City: MARATHON State: FL Zip Code: 33050 Primary Telephone Number: 305-289-0213 Hurricane, Other Windstorm or Hail Deductible: 3% II Other Perils Deductible: NIA Terrorism Coverage: NIA Summay_ of Premiums Grand Subtotal $9,398.00 Mandatory Additional Surcharges $1,574.00 Minimum Premium Adjustment Total .Premium $3<0,972 00 07 LA,41 k PREST2 01 14 SUBMISSION NUMBER: 07124697 Page 1 of 1 rremium�; r avti A vi -L FLIM LOOK OF d!k'e I € 3i1s f you n-eedPre filling out the quoEe just call. Policy fD: Q3598+34 Plan ED: STU Name: BRIAN SCHMITT Flood Zone: AF t PRE WAU Subsrd"zad rates inception Date: 6128/2018 Company: ASf Property Address: 30.5 U,,ERSEAS HWy It Agent (ID ): The,Yohnsom Ww as ,: Agency 1426326 J `� "T OF FL 33D5€Y-2236 NFP Manual Premiums premium_ Bonding _ 500000 14,813 Deductible - Building 2000 0 Contents 0 0 Deductible - Contents 0 0 ICC Premium 0 65 CRS discount 20 -2,976 NFIP Reserve Fund 0 1,785 Probation Surcharge 0- 0 HFIAA Surcharge 0 250 Federal Policy Fee 0 50 Expense Constant 0 0 8ldg Basic Rate 1.89 0 Bldg Addl. Rate 3.54 0 Cots Basic Rate 0 ...... ...... .. 0 Cots Addl Rate 0 0 fled Percent 1 0 BRIAN SCHMITT $13,987.00 1 i(din-, 9 Premium) IO2,0001 $13,987.00 0 3,000 j $13,511.00 0 4,000 j $13,102.00 5,000 j $12,761.00 0 10,000 j $11,262.00 015,000 1 $10,239-00 0 20,000 ! $9,217.00 0 25,001iI $8,536.00 ' 50,.000 j, $7,174.00 ave Quote firm �t ate } p Email� Next z 1 � � L / � 0117ff EZE-7,ftD6AJ F-I Q�:T'E- PX-&Wt Um 7o`-erWA1 P https:/lflood.americanstrategic.comlViewslpremiums.aspx?sessionlD=&SID=d8886067-1 April 16, 2018 Mr. Kevin G. Wilson, P.E. Assistant County Administrator Monroe County, FL (Florida Keys) 102050 Overseas Highway Key Largo, Florida 33037 Appraisal Report Dear Mr. Wilson: 3015 Overseas Highway Marathon, Florida 33050 Monroe County P.O.459045 Our File No.: 144-18 3144 \nrtvslde prise, Ste 201 Key West, FT 33(40 € Rear. (34)5) 296-4563 1iN (305)922-2117 Website: th—kersapprads;vls.esonv F.-tli:vil: 1 iwt uaila-key wvtviiv.aisail�a^runt We performed an appraisal assignment and estimate of the "As Is" Market Value of the Fee Simple Estate of the subj ectproperty commonly known, 3015 Overseas Highway, Marathon, Florida, as of April 3, 2018.The reader is advised to review the Scope of Work section within this report. The subject property is located on the Overseas Highway, within the City of Marathon at approximately mile market 49. The subject site consists of a corner lot fronting 100 linear feet along the southerly side of Overseas Highway and fronts 87 linear feet along the westerly side of 30'' Street for a total site area of 8,700 square feet, according to the County Plat Map. The subject site is improved with a one-story CBS/masonry building containing 3,855 square feet of gross building area. In addition, it includes a 350 square foot covered entry. The subject property is currently utilized by the Keynoter newspaper for office use. According to the Monroe County Property Appraiser's records, the subject property was built in 1963. Measurements were taken on -site by the appraisers. Mr. Kevin G. Wilson, P.E. Assistant County Administrator Monroe County, FL (Florida Keys) April 16, 2018 Page 2 A survey of the subject property was not available. Thus, the appraiser could not verify if there are any easements or encroachments. No responsibility is taken by this office for the accuracy or in regard to any questions on the nature of encroachments, encumbrances, or dissimilarities in measurement. Any maps or plats reproduced and included in this report are intended only for the purpose of showing spatial relationships. They are not measured surveys nor measured maps, and no responsibility for cartographic or surveying errors is assumed. The appraisers reserve the right to change the final indicated value herein, if subsequent surveys are made available and any further encroachments and/or easements area noted. This report contains the results of my investigation and analysis made in order to furnish an estimate of the Market Value of the Fee Simple Estate of the Subject Property. The Fee Simple Estate is the unencumbered value of the subject property; basically, market rents and terms are considered with no regard to existing leases and terms. The subj ect property consists of an owner occupied property, which is not encumbered by any long term leases. Therefore, only the Fee Simple Interest is included herein. However, the reader is cautioned that a title search was not made; thus, no other encumbrances are considered herein. At the time of inspection, the subject property building showed signs of spalling along the south and northeast corners. As a result, the appraisers have applied a Cost to Cure of $20,000, which has been deducted from the applicable approaches. Market Value is defined as the most probable price in cash (or its equivalency) for which the appraised property will sell in a competitive market under all conditions requisite to a fair sale. Market value assumes a normal or reasonable time for exposure on the open market. Based on market analysis and research, it is my opinion that the "As Is " Market Value of the Fee Simple Estate ofthe Subject Property, commonly known as 3015 Overseas Highway, Marathon, Florida, 33050, to definitions, assumptions and limiting conditions, as of April 3, 2018 is: SEVEN HUNDRED NINETY THOUSAND DOLLARS ($790,000) The "As Is" Market Value for the subject property considers no personal property. This Appraisal Report is intended to comply with the reporting requirements set forth under Standard Rule 2-2(a) of the Uniform Standards of Professional Appraisal Practice. As such, it might not include full discussions of the data, reasoning, and analyses that were used in the appraisal process to develop Mr. Kevin G. Wilson, P.E. Assistant County Administrator Monroe County, FL (Florida Keys) April 16, 2018 Page 3 the appraiser's opinion of value. Supporting documentation concerning the data, reasoning, and analyses is retained in the appraiser's file. The information contained in this report is specific to the needs of the client and for the intended use stated in this report. This confidential report is prepared for the sole use and benefit of the Monroe County Board of County Commissioners, is based, in part, upon documents, writings, and information owned and possessed by the client, Monroe County. This report is provided for informational purposes only to third parties authorized to receive it. Appraisal Company of Key West assumes no responsibility if this report is used in any other manner. If you have any questions regarding this appraisal report, please feel free to contact me. Thank you for giving me the opportunity to provide this service for you. This transmittal letter must remain attached to the report, which contains 79 pages including related exhibits, in order for the value opinion set forth to be considered valid. Respectfully submitted, James E. Wilson, MRICS, President State -certified general real estate appraiser RZ 2164 email: � i n '(I Li-k v aII,1; �1 iS.0 Report Attached: R:AComm-18\144-18\Comm-144-18.wpd Maria Virginia Wilson State -certified general real estate appraiser RZ 2686 email: maria@fla-keysappraisals.com Appraisal Report 301 S Overseas Highway, Marathon , FL TABLE OF CONTENTS COVER PAGE LETTER OF TRANSMITTAL SUMMARY OF FACTS AND CONCLUSIONS ........................................ 3 SUBJECT PROPERTY PHOTOGRAPHS ............................................. 6 ASSUMPTIONS AND LIMITING CONDITIONS ..................................... 13 STATEMAP...................................................................16 FLORIDA KEYS MAP...........................................................17 LOCATION MAP...............................................................18 AERIAL PLAT MAP............................................................19 PURPOSE & INTENDED USE OF THE APPRAISAL .................................. 20 DEFINITIONS..................................................................21 PROPERTY RIGHTS APPRAISED & DEFINITIONS .................................. 21 SUBJECT'S MARKET AREA (NEIGHBORHOOD) ANALYSIS ......................... 22 DEMOGRAPHICS..............................................................28 MARKETING TIME / EXPOSURE TIME ........................................... 30 OWNERSHIP /SALES HISTORY / HISTORY OF THE SUBJECT ........................ 30 ZONING......................................................................30 REAL ESTATE TAX AND ASSESSMENT AND BURDEN ............................. 33 Appraisal Company of Key West Page 1 Appraisal Report 301 S Overseas Highway, Marathon , FL TABLE OF CONTENTS (Continued) DESCRIPTION OF THE SUBJECT PROPERTY ...................................... 35 FLOODMAP...................................................................37 BUILDING SKETCH............................................................41 HIGHEST AND BEST USE ....................................................... 43 SCOPE OF WORK..............................................................45 COST APPROACH..............................................................47 THE INCOME APPROACH....................................................... 48 THE SALES COMPARISON APPROACH ........................................... 58 RECONCILIATION AND CONCLUSION ........................................... 70 CERTIFICATE OF APPRAISAL ................................................... 71 ADDENDA QUALIFICATIONS OF APPRAISER JAMES E. WILSON ........................ 72 QUALIFICATIONS OF APPRAISER MARIA VIRGINIA WILSON ................ 76 PURCHASE ORDER ...................................................... 79 Appraisal Company of Key West Page 2 Appraisal Report 301 S Overseas Highway, Marathon , FL SUMMARY OF FACTS AND CONCLUSIONS Subject Property: 3015 Overseas Highway, Gulf Marathon, Monroe County, Florida 33050 Property Type: Public Health Center/Medical Office & Clinic Township/Range/Section: 66/32/09 Overall Land Size: Site Size Area & Use Alternate Upland Upland Key Legal Description Use/Type Sq. Ft. Acres I I li I I I li I Sombrero Sub #6 PB2-93 NLY 87 1 1395978 Ft Lot A-1 &NLY 87 Ft Lot B-1 ;Mixed Use 8,700 0.20 i I I li I I I li I I I li I Total 8,700 0.20 Zoning: MU -Mixed Use, zoning district, City of Marathon, Florida Flood Zone: FEMA Map 12087C1378K February 18, 2005 Zone: AE (Elevation 8 Feet) Building Improvements: Building Description 3015 Overseas Highway, Marathon, Florida 33050 GBA Type Size Year Address Owner Use / Type Construction Sq. Ft. Built 3015 Overseas Hwy i Keynoter Publishing Co Inc. Commercial CBS/Masonry 3,855! 1963 Total Gross Building Area: 3,855 Appraisal Company of Key West Page 3 Appraisal Report 301 S Overseas Highway, Marathon , FL Highest and Best Use: Date of Site Visit: Valuation Date: Report Date: Value Indications: Exposure Time: Office/Retail Use April 3, 2018 April 3, 2018 April 16, 2018 Reconciliation 3015 Overseas Highway, Marathon, FL "As Is" Market Value Fee Simple Cost Approach Not Applicable Income Approach $810,000 Sales Comparison Approach $770,000 "As Is" Market Value of the Fee Simple, as of April 3, 2018: (Rounded) $79000 6 to 12 Months based on a list price within 5 percent of appraised value and based on stable economic conditions. Extraordinary Assumptions: None Hypothetical Assumptions: None Appraisal Company of Key West Page 4 Appraisal Report 301 S Overseas Highway, Marathon , FL APPRAISAL REPORT This is an appraisal report which is intended to comply with the reporting requirements set forth under Standard Rule 2-2(a) of the Uniform Standards of Professional Appraisal Practice for an appraisal report. As such, it might not include full discussions of the data, reasoning, and analyses that were used in the appraisal process to develop the appraiser's opinion of value. Supporting documentation concerning the data, reasoning, and analyses is retained in the appraisers' file. The information contained in this report is specific to the needs of the client and for the intended use stated in this report. The appraisers are not responsible for unauthorized use of this report. The reader is referred to the Scope of Work section of this report. CLIENT: Mr. Kevin G. Wilson, P.E. Assistant County Administrator Monroe County, FL (Florida Keys) 102050 Overseas Highway Key Largo, FL 33037 OWNER OF Monroe County, Florida RECORD: 500 Whitehead Street Key West, Florida 33040 APPRAISER: James E. Wilson, MRICS, President State -certified general real estate appraiser RZ 2164 Maria Virginia Wilson State -certified general real estate appraiser RZ 2686 SUBJECT: 3015 Overseas Highway Marathon, Monroe County, Florida 33050 Appraisal Company of Key West Page 5 Appraisal Report 301 S Overseas Highway, Marathon , FL SUBJECT PROPERTY Street View Looking Easterly the Overseas Highway Street View Looking Westerly Along the Overseas Highway Appraisal Company of Key West Page 6 Appraisal Report 301 S Overseas Highway, Marathon , FL SUBJECT PROPERTY Front/Side View of the Subject Building Looking Southwesterly Front/Side View of the Subject Building Looking Southeasterly Appraisal Company of Key West Page 7 Appraisal Report 301 S Overseas Highway, Marathon , FL SUBJECT PROPERTY View of the Parking Lot Looking Southerly Side View of Subject Property Looking Northwesterly Appraisal Company of Key West Page 8 Appraisal Report 301 S Overseas Highway, Marathon , FL SUBJECT PROPERTY Rear View of the Subject Building Looking NortheasterlX Interior View of the Subject ProPertX Appraisal Company of Key West Page 9 Appraisal Report 301 S Overseas Highway, Marathon , FL SUBJECT PROPERTY View of Restroom View of Kitchen Area/Employee Lounge Appraisal Company of Key West Page 10 Appraisal Report 301 S Overseas Highway, Marathon , FL SUBJECT PROPERTY View of Office/Entrance Area View of Conference Room Appraisal Company of Key West Page 11 Appraisal Report 301 S Overseas Highway, Marathon , FL SUBJECT PROPERTY View of Office View of Office Appraisal Company of Key West Page 12 Appraisal Report 301 S Overseas Highway, Marathon , FL ASSUMPTIONS AND LIMITING CONDITIONS This Appraisal Report is intended to comply with the reporting requirements set forth under Standard Rule 2-2(a) of the Uniform Standards of Professional Appraisal Practice. As such, it might not include full discussions of the data, reasoning, and analyses that were used in the appraisal process to develop the appraiser's opinion of value. Supporting documentation concerning the data, reasoning, and analyses is retained in the appraiser's file. The information contained in this report is specific to the needs of the client and for the intended use stated in this report. This confidential report is prepared for the sole use and benefit of Monroe County Board of County Commissioners, is based, in part, upon documents, writings, and information owned and possessed by the client, Monroe County. This report is provided for informational purposes only to third parties authorized to receive it. Appraisal Company of Key West assumes no responsibility if this report is used in any other manner. THIS VALUATION IS CONTINGENT UPON THE FOLLOWING CONDITIONS: This appraisal report has been prepared to comply with my understanding of the requirements of the Uniform Standards of Professional Appraisal Practice. Market Value is defined as the most probable price in cash (or its equivalency) for which the appraised property will sell in a competitive market under all conditions requisite to a fair sale. Market value assumes a normal or reasonable time for exposure on the open market. A survey of the subj ect property was not available. Thus, the appraiser could not verify if there are any easements or encroachments. No responsibility is taken by this office for the accuracy or in regard to any questions on the nature of encroachments, encumbrances, or dissimilarities in measurement. Any maps or plats reproduced and included in this report are intended only for the purpose of showing spatial relationships. They are not measured surveys nor measured maps, and no responsibility for cartographic or surveying errors is assumed. The appraisers reserve the right to change the final indicated value herein, if subsequent surveys are made available and any further encroachments and/or easements area noted. This appraisal is to be used in whole and not in part, in particular, no part of the contents of this report shall be conveyed to the public through advertising, public relations, news, sales or other media, without the written consent and approval of the author, particularly as to valuation conclusions, the identity of the appraiser or firm with which he or she is connected. Appraisal Company of Key West Page 13 Appraisal Report 301 S Overseas Highway, Marathon , FL No responsibility is assumed by the Appraisers for matters which are of legal nature, nor is any opinion on the title rendered herewith. Good title is assumed as a title search was not made available. The property has been appraised as though free of liens and encumbrances, except as herein described. Delinquent charges for solid waste collection, stormwater, or central sewage system or other liens against the subject property have not been considered in the valuation contained herein as a title search was not made available or conducted by the appraiser. The management of the property is assumed to be competent and the ownership in responsible hands. The management of the property is assumed to be competent and the ownership in responsible hands. The Appraiser herein is not required to give testimony in court unless arrangements have been previously made thereof. The Appraiser assumes that there are no hidden or unapparent conditions of the property, subsoil, or structures, which would render it more or less valuable. The Appraiser assumes no responsibility for such conditions, or for engineering which might be required to discover such factors. Information, estimates and opinions furnished to the appraisers, and contained in the report, were obtained from sources considered reliable and believed to be true and correct. However, no respon- sibility for accuracy of such items furnished to the Appraiser can be assumed by the Appraiser. The Americans with Disabilities Act ("ADA") became effective January 26, 1992. The appraiser has not made a specific survey or 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. If so, this fact could have a negative effect upon the value of the property. Since the appraiser has no direct evidence relating to this issue, a possible noncompliance with the requirements of the ADA in estimating the value of the property has not been considered. Disclosure of the contents of the appraisal report is governed by the Bylaws and Regulations of the professional appraisal organizations with which the Appraiser is affiliated. The undersigned Appraiser has no present or contemplated future interest in the property and the compensation is in no manner contingent upon the value reported. Appraisal Company of Key West Page 14 Appraisal Report 301 S Overseas Highway, Marathon , FL Possession of this report does not carry with it the right of publication or advertisement of any of its conclusions, nor may any except the applicant use the same for any purpose without the previous written consent of the appraisers or the applicant. This appraisal report has been made in conformity with and is subject to the requirements of the Code of Professional Ethics and Standards of Professional Conduct of the appraisal organizations with which the Appraiser is affiliated. This appraisal report is in conformity with the Uniform Standards of Professional Appraisal Practices and this appraisal assignment was not based on a requested minimum valuation, a specific valuation, or the approval of a loan. The discovery of latent conditions is beyond the scope of this appraisal. Detection of latent conditions requires the expertise of qualified persons such as architects and engineers. Latent conditions include, among other things, non -apparent structural conditions; presence of prohibited hazardous wastes; presence of radon gas, methane gas, asbestos, lead, petroleum products and other air, soil, or water contaminants; and many other conditions too numerous to mention which may affect the value of the property being appraised. An environmental site assessment report for subject property was not provided. The appraiser is not an expert in the field of environmental hazards. The appraiser has assumed that subj ect property is environmentally "clean". As a result, if environmentally clean up and/or remediation is required then the subject's market value could be adversely affected. ACCORDINGLY NOTICE IS HEREBY GIVEN that neither the appraiser conducting this appraisal, nor the APPRAISAL COMPANY OF KEY WEST makes any warranty, express or implied, to property covered by this appraisal, and neither shall have any liability to any person for differences in the value of the appraised property, or other damages, resulting from discovery of latent conditions (including those mentioned above and others) on, or in proximity to, the appraised lands. We hereby certify that to the best of our knowledge and belief the statements of fact contained in this report, upon which the analyses, opinions and conclusions expressed herein are based, are true and correct; also this report sets forth all the limiting conditions affecting the analyses, opinions and conclusions contained in this report. In addition, this report has been made in conformity with the Appraisal Institute. Appraisal Company of Key West Page 15 Appraisal Report 301 S Overseas Highway, Marathon , FL TATE MAP Appraisal Company of Key West Page 16 Appraisal Report 301 S Overseas Highway, Marathon , FL FLORIDA KEYS MAP FLORIDA Key largo MM 99-106 Tavernier MM 91-92 i Plantation Key MM 86-90 En— Windley Key MM84 Islanorada Upper Matecumbe Key MM80 d o A R Lower Matecumbe Key MM74 XN (j---FYesta Key MM70 � Layton W 5�,�' Long Key MM66-69 �S �'Son�hKKeys MM61 ey Grassy Key MM57-60 Crawl Key arathon Shores Key Colony Beach MM54 Vaca Key Marathon MM50 ` eon Key MM45 b 7 le Bridge M Oo�° Su ne Key MM 40 e Ba Honda MM 37-38 � IIII pp{{ 31- Ltleno c�B Mid e TorCp nn L8 amrod MM 26-227 S3,u1mmerMMlM�and MM 24 25 Sugarlt�a K2 eyMM 22-23 Lower Sugarloaf Key MM 17 Saddlebunch Keys MM 13-16 o' ig Coppitt MM 10 Boca Chica MM 7-8 Stock Island MM 5 • Key West MM 0-4 Appraisal Company of Key West Page 17 Appraisal Report 301 S Overseas Highway, Marathon , FL LOCATION MAP Appraisal Company of Key West Page 18 Appraisal Report 301 S Overseas Highway, Marathon , FL AERIAL PLAT MAP Appraisal Company of Key West Page 19 Appraisal Report 301 S Overseas Highway, Marathon , FL PURPOSE AND INTENDED USE OF THE APPRAISAL The purpose of this appraisal is to estimate of the "As Is " Market Value of the Fee Simple Estate of the subject property commonly known as 3015 Overseas Highway, Gulf, Marathon, Florida, as of April 3, 2018. The intended use of this appraisal is for possible negotiations to purchase the subject property by Monroe County Board of County Commissioners. The intended user of the appraisal report is Monroe County Board of County Commissioners. This appraisal is for exclusive use by Monroe County Board of County Commissioners. Parties that may receive a copy of the apprisal or review report do not become intended users unless specified by the client at the time of engagement. MARKET VALUE DEFINITION Market Value: as defined by the Office of the Comptroller of the Currency (OCC) is: "The most probable price which a property should bring in a competitive and open market under all conditions requisite to a fair sale, the buyer and seller, each acting prudently, knowledgeably and assuming the price is not affected by undue stimulus. Implicit in this definition is consummation of a sale as of a specified date and the passing of title from seller to buyer under conditions whereby: 1) buyer and seller are typically motivated; 2) both parties are well informed or well advised and each acting in what he considers his own best interest; 3) a reasonable time is allowed for exposure in the open market; 4) payment is made in terms of cash in U.S. dollars or in terms of financial arrangements thereto; and 5) the price represents the normal consideration for the property sold unaffected by special or creative financing or sales concessions granted by anyone associated with the sale. Appraisal Company of Key West Page 20 Appraisal Report 301 S Overseas Highway, Marathon , FL PROPERTY RIGHTS APPRAISED & DEFINITIONS This appraisal is made with the understanding that the present ownership of the property includes all the rights that may lawfully be held under a Fee Simple Estate. These rights are sometimes referred to in appraisal literature as the "bundle of rights." It includes the right to use, keep others from using, sell, rent or otherwise dispose of the property. The elements which have been included in this appraisal are the land and any existing improvements. Fee Simple Estate Definition According to The Dictionary of Real Estate Appraisal Sixth Edition, "Fee Simple Estate is absolute ownership unencumbered by any other interest or estate, subject only to the limitations imposed by the governmental powers of taxation, eminent domain, police power, and escheat." This report contains the results of my investigation and analysis made in order to furnish an estimate of the Market Value of the Fee Simple Estate of the subject property. The subject property consists of an owner operated property which is not encumbered by any long term leases. Therefore, only the Fee Simple Interest is included herein. However, the reader is cautioned that a title search was not made; thus, no other encumbrances are considered herein. LEGAL DESCRIPTION: The following metes and bounds legal description for the subj ect property was taken from the Monroe County Property Appraiser's records was available, which is as follows: Sombrero's Subdivision 46, P132 -93 N'LY 87 Ft Lot A -1 & N'LY 87 Ft Lot B -1 OR96- 164/65 Parcels Combined for Assmt Purposes 6 -16 -93 Appraisal Company of Key West Page 21 Appraisal Report 3015 Overseas Highway, Marathon, FL MARKET AREA (NEIGHBORHOODI ANALYSIS The subject property is located in the incorporated area commonly known as the City of Marathon, Florida. Marathon was incorporated on November 30, 1999. It is located approximately at mile marker 49 approximately 44 miles northeasterly from Key West, stretching across twenty -seven bridges. The property is located in a mixed commercial /residential waterfront area in the heart of downtown Marathon's commercial area providing all of the services necessary within an urban area. Being a main population area of the Middle Keys, Marathon offers much in terms of commerce, residential housing and service as well as industrial areas. This is an area of mixed zoning and uses which services the demands and requirements of the Middle Keys market. The subject property is located on the southerly side of the Overseas Highway also known as U.S. Highway No. 1. The commercial uses along U. S. Highway No. 1 include hotels, motels, restaurants, professional offices, hospital (adjacent easterly from the subject), retail shops and strip shopping centers, tourist - related businesses, service establishments, recreational and commercial marinas, marine related uses, and mobile home parks. The surrounding uses on Coco Plum Drive consist mostly of marinas, restaurants, and marine related businesses. The property is located about two miles westerly from the Marathon Airport. The Marathon Airport is used for privately owned airplanes, as well as for light commercial traffic which services the population area. The airport was upgraded with a new terminal. Although the main commercial carrier at the Marathon Airport has ceased service, negotiations are on- going. Rent concessions and other perks will have to be made in order to secure the new carrier. Marathon also offers the only substantially sized shopping district for the Middle Keys community, having two large commercial shopping centers, as well as many smaller strip shopping centers, utility company offices, Monroe County offices, schools, etc. Throughout the Florida Keys, only Key West and Key Largo provide a similar variety of services. The subject property is located within the hub, Central Business District, of Marathon. Marathon has developed steadily over the past ten years; this development accelerated as a result of the conversion of the Overseas Highway from a two -lane to a four -lane highway in the late 1980's and early 1990's through Marathon. Appraisal Company of Key West Page 22 Appraisal Report 3015 Overseas Highway, Marathon, FL Marathon has recently opened two major motel /hotels with marinas, as well as the redevelopment of older mom and pop motels. The most recent hotel is the Courtyard Marriott which purchased an adjacent mom and pop motel which also includes a marina. Approximately one year ago the luxury Hyatt Hotel and Faro Blanco Marina were opened. Hence, it is anticipated that within the next two years there will be additional rooms added to the present inventory. Soply and Demand The supply of commercial space is limited and new commercial construction has been restricted since 1996 due to a commercial building moratorium that had been in effect until the commercial rate of growth ordinance ( NROGO) was implemented. Therefore, the current and ongoing regulations are expected to place upward pressure on price levels of existing units. Even to a greater extent because of the difficulty and high cost in obtaining building permits for new construction, both residential and commercial. Commercial real estate experienced a decline of 30% to 60% since the economic downturn in 2007- 2008. Although it appears that generally the market reached the bottom at the end of 2011 and stabilized in 2012. However, there have been more transactions since 2012, lessening the supply and indicating a strengthening market. However, some sectors of the market have not completely recovered from the peak in 2005. IMPLEMENTATION OF COMMERCIAL R.O.G.O. Sales of vacant, commercially zoned parcels within the Florida Keys have dwindled over the past few years due to a commercial building moratorium which existed until 2002, when the non - residential rate of growth ordinance NROGO went into effect. This system is similar to the residential R.O.G.O. system in that it awards building permits based on a point system. The Non - Residential Rate of Growth Ordinance (N.R.O.G.O.) was enacted with an effective date of January 1, 2002. Under the new and current regulations the maximum allowable square footage for new commercial development is 2,500 square feet per parcel. The ordinance does provide for Administrative Relief in the event that the applicant is not successful in obtaining an allocation award, a permit, within at least three of four consecutive annual allocation periods. The remedies for relief are to grant the applicant an allocation award, offer to purchase the property, or suggest such other relief as may be necessary and appropriate. Saply and Demand Analysis for the Subject Property The subject property is a office, which was occupied by a local newspaper servicing the Florida Keys. The subject is a few parcels westerly to Fishermen's Community Hospital and is proximate to the city center and shopping areas. The potential for new competing facilities is remote. The subject could be Appraisal Company of Key West Page 23 Appraisal Report 3015 Overseas Highway, Marathon, FL built -out as a medical office and /or professional office use. Thus it could be easily be utilized by the adjacent hospital. The Fishman's Community Hospital was recently acquired by Baptist Health South Florida. The hospital has been closed due to storm damage from Hurricane Irma (September 10, 2017) field hospital has been set -up on the grounds of the facility and can service a small number of patients. A new hospital is planned with a cost in excess of $40 million. General Economic Conditions: The Florida Keys have flourished over the past two decades with tourism developing as the County's primary economic base. The County has had tremendous success with its advertising efforts and attraction of tourists of all Nationalities. Hotels and motel facilities in Monroe County have flourished over the past decade. However, we experienced a decrease in tourism as a result of the very active hurricane seasons of 2004 and 2005, followed by the national decline in the real estate housing market and the economic recession and credit crisis. However, the tourism and the real estate market have rebounded, especially the hospitality industry. Furthermore, the traffic count has generally increased and is stabilizing since 2011 to the present. Conclusion: In summary, the subject property is located in the Middle Keys where there is a concentration of services, employment and shopping. Only Key West and Key Largo offer similar services, each is located 40 to 60 miles away. Residential uses are located off the highway; these neighborhoods, as well as neighboring communities support the commercial businesses in the area. In 1994 -1995, Monroe County moved some of its divisions to a new facility in Marathon; therefore, increasing the employment population which requires goods and services. Marathon's central location is appealing, especially with the increasing availability of services. The neighborhood may be undergoing an increase in desirability in the future due to improvements with respect to goods and services and its accessibility to the mainland. Two such developments, representative of Marathon's central region location, include the opening of Home Depot, Office Depot and two Walgreens Drug stores. Most recently the Winn Dixie is remodeling and expanding their store. The surrounding structures are generally well maintained in average to above average condition. The considerable amount of automobile traffic along U.S. Highway No. 1, a.k.a. the Overseas Highway, provides good exposure to this area. I anticipate continued improvement in the general quality of the neighborhood, particularly with the increased demand for this type of property due to building and environmental restrictions placed on all properties in the Florida Keys. The following average daily two -way traffic data for U.S. Highway No. 1 was provided by the State of Florida Department of Transportation: Appraisal Company of Key West Page 24 Appraisal Report 3015 Overseas Highway, Marathon, FL Average Daily Traffic Count Both Directions) D.O.T. Station Location 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 66 _ SR 5/US 1, 100' N 7 Mile B1idW q 13,300: 13,300: 11,200! 14,800: 12,6001 13,400: 12,300 15,100:16,700:17,900:15,500 -- 65 — y SR 5/iJS 1, 3250 N Channel B 12,30012,300 10,200 9,90012,(00 12,000 12,200 10,400 }11,200 11,600 13,300 45 1i SR 5/US 1, 2W N Key vaca Bridge 24,000) 29,000) 25,0001 30,0001 20,000" 24,000: 25,000 29,500:29,500 27,000' 27,000 Survey of Market Participants The appraiser interviewed or obtained information from the following market participants including Claude J. Gardner Jr., (Berkshire and Hathaway Realty), Curtis A. Skomp, CCIM, (RE /Max), Brian Schmitt, Coldwell Bankers Schmitt Real Estate, and George Garrett, Marathon Planning Director. Other commercial Realtors, real estate investors, tenants and landlords, were also contacted in my research. In analyzing the active listings of commercial and mixed use properties, it appears that they have been on the market from about 56 days to 489 days (1.3 years) with continued reduction in listing prices. The mid point of the listings is about ten months. Well priced properties have sold. The closed comparable sales analyzed for this appraisal indicated days on market from 58 to 486 days. With a mean at 226 days and a median at 160 days. A number of active listings for commercial use properties are noted as follows. 572989 ! 12235 Overseas Hwy. ! Marathon ! $1,100,000 I I I 4,190 40,600 I I $262.53 $27.09 I I 489 Active ! Retail/Service with 1/1 Cottage and separate I 1 130,492 SF Parcel 575626 ! 30971 Avenue A I Big Pine 1 $699,000 I I I 2,271 26,095 I I $307.79 $26.79 I I 321 Active I Commercial Office /Service Use with three I I - - -- 4 ----------- f- ----- - - - - - -- 4 - - - -- ---- 4--- 4- - - - - -- gip aac -------------------- I I I I I I I I I One -Story CBS commercial building the has 578639 1 2191 Overseas Hwy. 1 Marathon 1 $427,0001 I I I 1,0101 6,9571 I 1 $422.771 $61.381 I I 561 Active 1 I !been repaired after Hurricane Irma. Mean $331.03 $38.42 289 Median $307.79 $27.09 321 Minimum $262.53 $26.79 56 Maximum $422.77 $61.38 489 Appraisal Company of Key West Page 25 Appraisal Report 3015 Overseas Highway, Marathon, FL Advantages and Disadvantages of Subject Property Strengths • Neighborhood is at least 85% developed with very limited potential for new construction of competing large office or medical space, especially adjacent to Fisherman's Hospital. • Great Access to Marathon Airport • On -Site Parking • The Marathon market has appreciating land values, which is a significant barrier to entry • Great Access and Exposure from the Overseas Highway Weakness Finding reliable workforce and even management is difficult in the Florida Keys due to the extremely high cost of living and lack of affordable housing. Interviews with local shop owners and tenants reveled that they suffered during the whole month of September and October while the City was in the recovery cleanup period after Hurricane Irma. The entire Florida Keys were essentially closed to tourists from September 9 to October 1s 2017. Many of the owners helped relieve the economic pressure by offering the tenants deferred rent for one or two months following the hurricane. The City of Key West began to recover during October as a result of the annual events and festivities of Fantasy Fest. However, the remainder of the Keys was still struggling. Many owners and tenants received assistance from FEMA and acquired SBA loans to assist them during the trying times. Most of the Realtor's and brokers that we interviewed indicated that transactions which were in process either has already closed or were nearing closing. None of them indicated that an existing transaction was in default. Realtors' indicated that showings are continuing with an average of prospective buyers, though some are looking for "below market" deals. However, brokers' are optimistic with the high season in the coming months. Historically, Key West and Monroe County have had quick recovery following past severe hurricanes, including Donna, George, Wilma and now Irma. Generally, economic conditions began to recover within months following the hurricane or the passage of the next winter which is our high season. Furthermore, frequently extra cruise ships are rerouted to our island, because often many of the Caribbean Islands have been negatively impacted. As tourism is the driving economic force, we have many seasonal second home dwellers and many special events throughout the entire year. These include World Championship boat races, sail boat races, art shows, Hemingway and literary week, Poker Run Biker's week, Fantasy Fest (Halloween), fishing tournaments, Seafood Festival, Parrot' Heads annual Appraisal Company of Key West Page 26 Appraisal Report 3015 Overseas Highway, Marathon, FL song writers, Key West Theater, Key West Art Center, Key West Film Festival, Harbor Walk Lights, etc... Appraisal Company of Key West Page 27 Appraisal Report 3015 Overseas Highway, Marathon, FL DEMOGRAPHICS In terms of demographic trends taking place in Marathon, Florida, the following data has been compiled by from the CCIM Site To Do Business within a 10 -mile radius of the Marathon Market: Hispanic Origin (Any Race) 3,322 16.0 %. 4,083 18.7% 4,740 21 PA. Nl te: l-- Is expressed i" - J.%- Source: U a t' ..us f3 u, cena.us. 21110 Surnnialy File 1. e6si i e-, Far 2417 and 2022. April 12, 2015 Appraisal Company of Key West Page 28 Gesri 3035 Overseas Hwy, Maral I'larida, 33050 Prepared 17y ISSri Ring: 30 mile radius Svrnn"ary.: Census 2010. 2017 2022 Pop" I.a bon 26,798 21,871 22,792 Ho "s €holds 9,647 10,104 10 7am6- 5,769 5,993 5,214 A-rege Household Si 2A2 2.13 .2.14 Owner Occu pied Hou Sin 9. UniYS 6,311 6,236 b,497 Rent., OCCU pied Ha us ing Units 3,335 3;865. 4,013 Median Age 50.5 53.4 55.6 . rrerl 2017 - 2022 Annual Rate: Area Skate National Po pu la lion 0.93% 1.36% 0.93% H-al 0.60% 1.30 %: 0.79% F-in- 0.73% 1.2510 0,71% 0-r HH5 0.8 ?.% 1.19 % p.72% Median Hp "5ehaltl Income 2.75% 2:12% 2.Z2 °(n 2017' 2022 :house holds by Income Number Percenl:. Nu meer Percent ,$15,000 9.5% 968 9 ,2 1 % $15,000- $24,999 1,649 10..4% 996 9.4% $25,000 - $34,999 1,066 1016 %. 975. 9,3% $35,000- $49,999 1,090 10.8% 513 8.7% $50 P00 -$74,999 .2,037 .2012 %. 1,891 18.0°10 $75,000- $99,999 1,203 11.9% 1,326 12.6% $100,000- $149,449 Ill 14.8% 1,819. 1'7.39. $150,000- $199,499 506 5.0% 695 6.6% $200,000+ .590 6.8% 54:1 9,0% Medan Household Income $.58,753 $66,821 Average house hold Income $84;881 $100,450 Per capita Encome $39 $46;547 Census 1010: 2017 20222 Population by Age Nu tuber. Percen[. Number pare l Nu ib., Percent 0 - 4 821 3.9% 746 3.4% 730 3.2% 5 - 9 733 3.510 855 3.9% 833 3.7% 50 - f4 781 3.8% .830 3.8% 9.50 4.2% 15 - 19 798 3.8 91, . 712 3.3% 829 3.6% 241 - 24 819 3.9% 73R 3.3% 620 2.8% 25 - 34: 1,996 9:6 %. 2,067 9:5% 1,617 8.0% 35. - 44 .2,459 11.8% 2,316 10.6%. 2,469 10.8% 45. - 54: 3,785 18:2% 3,261 1.414% 2,905 12..7% 55 - 64 '4.,302 20.7% 4,600 21.0% 4;426 19.4% 6.5: -74: 2,717 13..1 %. 3,795 17.4% 4,601 : 20.2% 75 - 84.. 1,223 5,9% 1,505 6.51% 2,087 9.2% 85+ 363 1.7% 452 21% 515 2.3% Census 2010 -. 2017 2022 Race and Ethnicity. Nui Pal Nu tuber - Percent- Number Peree nk Nlh ioe Alone 19,4015 93.3Fa 20,0'08. 91.8% 20,672 90.7% Black Al. ne 523 3.f1 °10 796 3.5 %: 941 4.1% American Indian Alone 77 0.4%. 95 0..4% 109 0.5% Asian Alone 379 1 239 1.1% 289 1.3% Recil IslanderAlone 8 0.0% a 0.0% 9 0.0% Sync Otber Raie Alcrie 1$1 0:9% 275 111 %. 26$ 1.2% Tw.o or More Races 325 L.6% 430 2.0% 505 2.2% Hispanic Origin (Any Race) 3,322 16.0 %. 4,083 18.7% 4,740 21 PA. Nl te: l-- Is expressed i" - J.%- Source: U a t' ..us f3 u, cena.us. 21110 Surnnialy File 1. e6si i e-, Far 2417 and 2022. April 12, 2015 Appraisal Company of Key West Page 28 Appraisal Report 3015 Overseas Highway, Marathon, FL 01-asri 3015 Overseas Hwy, Marathon, Florida, 33050 e Ring: 30 mile radius Trends 2017 -2022 2.5 C 2 0! 1 E 05 4 0 Population Population by Age C u a Prepares! by Esri Area State USA Owner HHs Median 1111-1 Income 2017 2022 2017 Household Income $25K - $34K $35K LC. $ 50. - $7uK ZG.2v. 11 94+o- 2017 Population by Race 515K-$2 K t$iSH 4.filu G V > L L] $240 K+ L 54LC. - $194K 50% $LOCK.- $1+19K 14 8% White Black Am. Ind, Asian Pacific Other Two+ 2417 Percent Hispanic Origin: 16.7% Sou rte J.S. Cent {IS Ei Census 20117 3.unl naa'y rile 1. E °. fo, dcas[a for 2017 and 2GZ:e. April 12, 2018 Appraisal Company of Key West Page 29 Households Families Appraisal Report 3015 Overseas Highway, Marathon, FL EXPOSURE TIME Exposure time considers the amount of time necessary to affect a sale of the subject property on the valuation date. In the case at hand, it is my opinion that the exposure time would be between 6 and 18 months, based on a listing price within 5.0% of my appraised value. This exposure time appears reasonable based on analysis of the active listings and closed sales utilized herein. OWNERSHIP According to the Monroe County Property Appraiser's Records, the subject property is owned by: Keynoter Publishing Co Inc. P.O. Box 500158 Marathon, FL 33050 SALES HISTORY OF SUBJECT PROPERTY AND CURRENT CONTRACTS According to the Monroe County Property Appraiser's records, the subject property's has not sold within the past five years. The subject property has not been under contract for sale and purchase nor listed for sale over the past five years. ZONING The subject property is located within two zoning districts, (MU) Mixed Use. Section 103.09. Mixed -use Districts The City of Marathon has two (2) commercial districts to accommodate commercial and retail uses. The commercial areas are divided into the Mixed -use (MU) Zoning District and the Mixed - use - Maritime (MU -M) Zoning District. a. Mixed -use (MU) Zoning District: The MU zoning district is designed to accommodate a wide variety of commercial and retail activities that will result in the most efficient and attractive use of the City's historic business district and the US 1 corridor, in an effort to recognize the role of US 1 as the City of Marathon's "Main Street ". Specifically, this district provides for land uses that Appraisal Company of Key West Page 30 Appraisal Report 3015 Overseas Highway, Marathon, FL have a strong pedestrian- oriented character, with a mixture and concentration of specialty shopping, transient lodging, retail, personal service, restaurant, cultural, fishing industry, affordable housing and entertainment uses in the Old Town area. The MU district also provides for large -scale retail and commercial business opportunities in other areas, including larger shopping centers, specialty shopping centers, individual multi- tenant commercial buildings, automobile services and sales, fast food restaurants, affordable housing residential uses, transient lodging and other retail establishments that serve the community at large. The (MU) district is designated within the Mixed -use Commercial (MUC) future land use category on the Future Land Use Map (FLUM). ZONING MAP Appraisal Company of Key West Page 31 Appraisal Report 3015 Overseas Highway, Marathon, FL FUTURE LAND USE MAP tty of �Marathon ti Future Land Use Map - Panel 1 n � FUTURE LAND USE n AIRPORT CONSERVATION INDUSTRIAL MIXED USE COMMERCIAL PUBLIC RECREATION RESIDENTIAL. HIGH RESIDENTIAL MEDIUM RESIDENTIAL LOW J U2A U5 I "a 2 M14iles .9dnprkd bdmuh 1, 1'105 1'✓1 , F.1w.. %1N0S [ t d ed -3,-I u. C,I.FR S1.kN[F kJ ......:..: s, Appraisal Company of Key West Page 32 Appraisal Report 3015 Overseas Highway, Marathon, FL REAL ESTATE TAX ASSESSMENT & TAX BURDEN Monroe County Property Appraiser's records indicate the following assessments at the subject property for 2016 and 2017. The subject property tax assessment has remained stable with a slight decrease in 2017. The tax assessments and tax burdens are as follows. Real Estate Assessment & Taxes Parcel No. 00321700- 000000 - !Alternate Key 1395978 Real Estate Stormwater Total Building "Se. Total Tax Tax Tax Tax Year Land Imprv. Tmprv. Assessment Burden Burden Burden Millage 2016 $123,731; $239,858; $0� $566,338; $5,509.06; $240.00; $5,749.06; 9.7275 2017 1 $566,338 N/A N/A $566,3381 5,332.82 $240.001 $5,572.82F9,4163 NOTE: The Monroe County Property Appraiser's office did not allocate values to the building nor miscellaneous improvement: breakdown for 2016 provided from CRS Data. Based on 2017 the millage rate of 9.41630 per $1,000 for the subject property, and the total 2017 assessed value of $566,338 with a tax burden of $5,332.82, plus $240.00 in Non -Ad valorem assessments. According to the Monroe County Tax Collectors web site, the 2017 taxes have been paid. A copy of the 2017 real estate and non -ad valorem tax assessment is included in the Addendum section of this report. However, the appraisers were not provided with a title search for the subj ect property. Appraisal Company of Key West Page 33 Appraisal Report 3015 Overseas Highway, Marathon, FL COUNTY TAX INFORMATION OANISE 0 HENRIQUEZ C FC 2017 Paid Real Estate MOURAIE56FATY NOTICE OF AD VALOREM TAXES AND NON-AD VALOREM ASSESSMENTS KEYNOTER PUBLISHING CO INC 0'0 321 70009 00000905 32 PO BOX 500158 3016 OVERSEAS HVVY MARATHON, FL 33050-0158 ,5QMURFRQ,`SUU 96 PB2-93 NLY 87 FT LCT A-] & N LY 97 FT LOT B_ I OR96-164165 PARCELS COMBINED A FOR SSM cL a! VGH001. STATE LAW 1 808 585 1 338 0 5W338 010-67 SCHOOL LOCAL BOARD 1.7480 666.338 0 566,338 98906 GENERAL REVENUE FUND 0.6049 566,338 0 566,338 393-65 F&F LAW ENFORCE JAIL JUDICIAL 1.9559 566 0 566,338 1.106.57 HEALTH CLINIC 0.0469 566,338 0 566,338 26-66 FLORIDA KEYS MOSQUITO CONTROL 0.4646 666,339 0 566,338 263..12 CITY OF MARATHON 2.5000 566,338 0 566,338 1.466.22 80 FL WATER MANAGEMENT 0 IST 0.1275 666,339 0 566,338 7221 OKEECHOBEE BASIN 0.1384 666,338 0 566,338 78-38 EVERGLADES CONSTRUCTION PRJT 0.0441 560,338 0 566,338 2498 §2§ mil ji TOTAL (SPILLAGE 9.4163 ADVALOREMTAXf;S $5.33282 MARATHON STORMWATER 240.00 NOTI-AD VALOREM ASSESSMENTS COMBINED TAXES AND ASSESSMENTS $5,572-82 ±nftwt Inferatm If P"Imarked By Nov30,2917 please Pay $000 IF PAID BY ( l y HANTS E Q. HENRiQUEZ C ,F: C 2017 Paid Real Estate MONROE CQUWIY TAX COLLECTOR NOT[C E or AD VALOREM TAXES AND NON -AD VALOREM ASSESSMENTS 1356970 50CM 4395978 003217013000000096632 KEYNOTER PUBLISHING CO INC 3015 OVERSEAS HVVY PO BOX 600166 MARATHON, FL 33060-016a SOMBRERO SUB #6 PB2-93 NLY 87 FT LOT A-t & NLY87 FT LOT S-1 QR96-18W65 PARCELS COMBINED FOR A8SM CHECKS ON U.S. BANKS ONLY TO DANISE 0. 14ENPJQUEZ GACL TAX COLLECTOR... PA:).BQXi12Q. KEY WEffT.FL3W41-4t2G If Postmarked By I Nov 30, 2017 Please Pay $0.00 P.od 1 112 71201 7 Receipts 103-17-CID001449 $5,349.91 Appraisal Company of Key West Page 34 Appraisal Report 3015 Overseas Highway, Marathon, FL DESCRIPTION OF THE SUBJECT PROPERTY Site Anal The subject site consists of a corner lot fronting 100 linear feet along the southerly side of Overseas Highway and fronts 87 linear feet along the westerly side of 30'' Street for a total site area of 8,700 square feet. According to the Monroe County Property Appraisers records, the subject site fronts 50 linear feet along the southerly side of Overseas Highway, but still containing 8,700 square feet. It appears to be an error. The appraisers have referenced the Plat Map, delineating the 100 linear feet along the front. Site Size Area & Use Alternate Upland Upland Key Legal Description Use /Type Sq. Ft. Acres Sombrero Sub #6 PB2 -93 NLY 87 i 1395978! Ft Lot A -1 & NLY 87 Ft Lot B -1 ;Mixed Use 8,700; 0.20 Total 1 8,7001 0.201 Easements /Encroachments: A survey of the subject property was not available, thus the appraiser could not verify the existence or not of any easements or encroachments. However, A Grant of Water and Wastewater Easement has been recorded in the Monroe County Public Records, Official Book 2500, Page 2371. The document was recorded on January 19, 2011. The easement indicates that Keynoter Publishing Company, Inc, the Grantor, grants the City of Marathon an easement. It is recommended that the reader reference the entire document for further information. Furthermore, based n the aerial plat map, the subj ect building appears to be on a very close to the westerly and rear boundary lines. A survey is recommended. No responsibility is taken by this office for the accuracy or in regard to any questions on the nature of encroachments, encumbrances, or dissimilarities in measurement. Any maps or plats reproduced and included in this report are intended only for the purpose of showing spatial relationships. They are not measured surveys nor measured maps, and no responsibility for cartographic or surveying errors is assumed. I reserve the right to change the final indicated value herein, if a recent survey is are made available and any further encroachments and /or easements area noted. Appraisal Company of Key West Page 35 Appraisal Report 3015 Overseas Highway, Marathon, FL Topographer Although no soil engineering report was made available to us, it appears that the site and most of the properties in the immediate neighborhood show no signs of any subsurface instability. The subject site is level and slightly above the street grade, with adequate drainage sloping toward the street. Utilities Municipal services available and currently serving the property include electricity, water and central sewer system. Additional utility services including: telephone, cable television and LP bottled gas are available with the private sector. All utilities appeared to be adequate and typical for the area and use. The electrical and plumbing systems in the buildings appeared to be in average condition. Census Tract: According to Mr. Jim Anderson of the Tallahassee, Florida Division of the United States Census Bureau, Monroe County is not divided into Census Tracts; but rather "Block Numbering Areas ". According to 2010 Census Maps, the subject property is located within Block Number 9713. Flood Zone The subject site is located in a Special Flood Hazard Area, specifically Zone AE, Elevation 8 feet, according to the Federal Emergency Management Agency Flood Insurance Rate Maps of Monroe County, Florida, Map Number 12087C1378 K, dated February 18, 2005. The subject library was built after the inception of FEMA regulations and is elevated on small stilts or concrete piers. It is unknown if the subject structure meets the current FEMA elevation regulations or not without the benefit of a recent elevation certificate. If the subj ect structure does not meet current FEMA elevation requirements, and was destroyed more than 49.9 percent of it's improvement value, then it would be required to meet FEMA regulations in effect at the time of reconstruction. Monroe County does participate in a National Flood Insurance Program and is covered by a regular program. The reader is cautioned that the subject's flood zone should be verified by a vendor's report as required by Federal regulations. Appraisal Company of Key West Page 36 Appraisal Report 3015 Overseas Highway, Marathon, FL FLOOD MAP -FEMA National Flood Hazard Layer FIRMette ', FE-, m,pt —pii,, we FzMA,I atanafavds Nr Ylre r dnkliNl i=aud mnyz li €t 35 not wla ex' desrrlBeef helisw. ins na4e rn.aµ 9h 0vrn tearsµllyx wliq F[M,A�3 base rrt9p MraeY f�eagUrga 9Ae flee¢hazartl Inform 111,1 iseq 11 eiragtlyfremthe ve NFNL weh es pw aR y¢l tlun d�5 /a4litl [564ll[i TAM - tl daeane4 +k1ie 1 h b me dmeniriu53¢yu 4 Itiiieaie tlne FH4IInd , er t rnv.tlgr ca•�gv µR 43me YRr iz?caerre YuPCVSedeu' by new rl'sfa mu¢r Ilnre. ihle mep Image. a Vole':l [qa µne ar mp're of the faIIPrV"g.✓nay elements tlq rtq[ mppeee Ass¢ ma:p ima#„eO. tleao' aen,e heels. aegam orvlty—tlflers, s1:RM.w n iR rfie[svea [e. hla.p images for mapped ana. �,e.�oearm�.e a,aaeaannm be 1 :eel rqr .gula9bry µuarsopax. Appraisal Company of Key West Page 37 0 250 500 1,000 1,500 2.000 O,O A U-M Ch-- Fleod Haeard. 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Appraisal Company of Key West Page 37 0 250 500 1,000 1,500 2.000 Appraisal Report 3015 Overseas Highway, Marathon, FL Improvement Anal The subject site is improved with a one -story CBS /masonry building containing 3,855 square feet of gross building area. In addition, it includes a 350 square foot covered entry. The subject property is currently utilized by the Keynoter newspaper for office use. According to the Monroe County Property Appraiser's records, the subject property was built in 1963. We personally inspected the subject building and site improvements. The overall site area and dimensions were referenced from a Monroe County Property Appraiser's records. The building dimensions were taken from measurements made on -site by the appraisers. The following descriptions of the improvements were based upon a physical inspection of the interior and exterior of the buildings and site improvements, and the Monroe County Property Appraiser's records. A construction summary of the building improvements follows: Building Description 3015 Overseas Highway, Marathon, Florida 33050 GBA Type Size Year Address Owner Use t Type Construction Sq. Ft. Built 3015 Overseas Hwy Keynoter Publishing Co Inc. Commercial CBS /Masonry 1 3,8551 1963 Total Gross Building Area: 3,855 Foundation & Floors: The subject structure is built on concrete footer with slab on grade foundation. The floors were finished with a combination of ceramic tile, painted concrete and resilient vinyl tile throughout. The restrooms are finished with ceramic tile floors. Exterior Walls: The exterior walls of the subject painted Stucco over CBS /concrete block exterior walls. The exterior doors are glass and solid metal, while the windows are fixed glass with accordion storm shutters. Roof: The office has a flat roof structure. The flat roof appears to be covered by a built -up roof cover. The covered entry has a barrel tile roof cover. Electrical Service: The electrical service to the buildings appeared adequate for the use of the property. Appraisal Company of Key West Page 38 Appraisal Report 3015 Overseas Highway, Marathon, FL Air Conditioning: The subject structure has a roof -top central air conditioner /heat system and one individual wall air conditioner, however, the occupant was not certain that the it was operational. The central air conditioning system was replaced in 2015, according to the occupant. Plumbing: The subject building has two, two - fixture restrooms. Furnishings & Equipment: The valuation of the subject property does not consider any personal property or library fixtures. Construction Quality: Above Average Improvement Condition: Above Average: According to the occupant of the building, they experience some water intrusion at the rear of the building during extremely heavy and driving rain. At the time of inspection, the subject property building showed signs of spalling along the south and northeast corners. As a result, the appraisers have applied a Cost to Cure of $20,000, which has been deducted from the applicable approaches. A property inspection report and contractor's bid to make any repairs is recommended. The subj ect's value could be impacted by the results of the property inspection. Building Ages: Effective Age & Economic Life Summary 3015 Overseas Highway, Marathon, FL Remaining Year Effective Economic Economic Building ID. Built Age Age Life Life 3015 Overseas Hwy. 1963 55 20 50 30 Environmental Issues: In this appraisal assignment, the existence of potentially hazardous material used in the construction or maintenance of the building or the overall property, such as the presence of radon, asbestos insulation and /or existence of toxic waste, which may or may not be present on the property, has not been considered. The appraisers are not qualified to Appraisal Company of Key West Page 39 Appraisal Report 3015 Overseas Highway, Marathon, FL detect such substances. The appraisers are not an expert in the field of environmental hazards. An expert in the field is recommended if desired, as no environmental tests were made by the appraisers. ADA Compliance: The Americans with Disabilities Act ( "ADA ") became effective January 26, 1992. The Appraisers have not made a specific survey or analysis of this property to determine whether or not it is in conformity with the various detailed requirements of the ADA. The Appraisers recommend that a Contractor or Engineer be hired to determine compliance or noncompliance, if so desired. The Appraisers are not a contractor and are not qualified to make a determination if the building adheres to the requirements. The property, together with a detailed analysis of the requirements of the ADA, could reveal that the property may or may not be in compliance with one or more of the requirements of the Act. If so, this fact could have an effect upon the value of the property. Appraisal Company of Key West Page 40 Appraisal Report 3015 Overseas Highway, Marathon, FL BUILDING SKETCH 3015 Overseas Highway Marathon, Florida 33050 Conference 13� _ Roam U fE Kitchen fi g' starege Starags v eath Bath O f ice CS Receptian Office Office 50' Overseas Highway AREA CALCULATIONS SUMMARY BUILDING AREA BREAKDOWN C.fe os -fp4i— rw Sm. 1441 T.W. Breaded— Sbtotals csni rt..:x s1om.. 3655.66 3 655 o-6. FI.— Fl— Sp_CR a 71 -1P 3955.4G Net BUILDING. Area (rounded) 3855 1Item.. {rounded} 385.5 Appraisal Company of Key West Page 41 Appraisal Report 3015 Overseas Highway, Marathon, FL FLOOR PLAN i Appraisal Company of Key West Page 42 t 0l i:'E V-. j V V yk Si � 2 3 '3 m oit 4 �>3 w 5„ 134 F i Appraisal Company of Key West Page 42 Appraisal Report 3015 Overseas Highway, Marathon, FL HIGHEST AND BEST USE: In appraisal practice, the concept of Highest and Best Use represents the premise upon which value is based. The four criteria the highest and best use must meet are: Legally permissible; Physically possible; Financially feasible; and Maximum profitability Highest and Best Use analysis involves assessing the subject both "as if vacant" and "as improved." "As If Vacant" Physically Possible Use - The subject site consists of an interior commercial lot in the City of Marathon in the Florida Keys. The site has about 100 feet of frontage along the southerly side of the Overseas Highway and extends 87 feet in depth encompasses 8,700 square feet of upland area. Legally Permissible Use - According to the Monroe County Land Use Code, the subject property is zoned MU: The MU district provides for large -scale retail and commercial business opportunities in other areas, including larger shopping centers, specialty shopping centers, individual multi- tenant commercial buildings, automobile services and sales, fast food restaurants, affordable housing residential uses, transient lodging and other retail establishments that serve the community at large. The (MU) district is designated within the Mixed -use Commercial (MUC) future land use category on the Future Land Use Map (FLUM). For further details, the reader is referred to the City of Marathon Building Department or the Land Development Regulations. Financially Feasible Use - Within the MU zoning district, permitted uses include single family dwelling units, commercial retail and office and mixed -uses as noted above. Therefore, in our opinion, the feasible uses would consist of the permitted uses previously mentioned. Appraisal Company of Key West Page 43 Appraisal Report 3015 Overseas Highway, Marathon, FL Maximum Profitable Use - In the final analysis, a determination must be made as to which feasible use is the Highest and Best Use of the parcel as if vacant. In the final analysis, a determination must be made as to which feasible use is the Highest and Best Use of the parcel as if vacant. The Highest and Best Use is that feasible use which produces the highest (greatest) return to the land. Based on the current zoning, it is our opinion that if the site were vacant and available, the Highest and Best Use would be for a commercial and /or residential development obtaining maximum utilization of the land as allowed by current zoning regulations. "As Improved ": In the final analysis, the appraiser must determine if the land alone is worth more than the existing property "As Is" to determine if the improvements contribute to the overall property. The subject site has prime frontage on the Overseas Highway or US Highway 1, offers good highway access. The subject's location and layout are attractive, especially for office or retail use. The existing improvements still make a substantial contribution to the total property in excess of the value of the site. Therefore, no alternative legal use would economically justify removal of the existing improvements. Thus, in my opinion the subject property's Highest and Best Use is "As Improved" as an office. Appraisal Company of Key West Page 44 Appraisal Report 3015 Overseas Highway, Marathon, FL APPRAISAL DEVELOPMENT AND REPORTING PROCESS SCOPE OF WORK There are three typical approaches to value to consider in each appraisal assignment. The three traditional approaches to value are the Cost Approach, the Sales Comparison Approach and the Income (Direct Capitalization and /or Discounted Cash Flow) Approach. The three approaches to value are not always applicable to the assignment; however, the three approaches to value are always considered. All appraisals begin by identifying the subject property (property to be appraised) and the appraisal problem. Data relevant to the subj ect property is obtained from various sources including but not limited to: the Monroe County Property Appraiser's Office, surveys, building plans and specifications and the property owner. If possible, more than one source is utilized to confirm information. Improvements, if applicable, are inspected and measured by the appraiser. If and when building plans or sketches are made available, the measurements are verified for accuracy. Land size is based on recorded plat maps, Monroe County public records, legal descriptions or surveys (when available). The local geographical market was researched and analyzed. The appraiser describe the building improvements in detail, if applicable; these descriptions are based on a physical inspection and /or plans and specifications. The appraisers are not a contractor nor structural engineer; therefore, structure soundness or damage cannot be warranted. The appraisers will note any apparent or potential problems such as deferred maintenance, water damage or spalling. The Cost Approach consists of combining the estimated value of the land, based on comparable sales, with the depreciated value of the improvements. The vacant land sales are always inspected. The cost of the improvements is estimated by utilizing a cost service, Marshall and Swift /Boeckh, LLC, plus knowledge of costs to construct obtained from local contractors. Exterior site visits of the comparable improved sales are always made; interior walk- through visits are made when possible. Sales prices for the comparable sales are obtained from the public records. Prices are customarily confirmed with a party to the transaction, i.e., buyer, seller, closing agent /attorney, or real estate agent. The public records are researched for mortgage terms and information. The comparable sales are researched utilizing First America Real Estate Solution and Realist.com, (FARES), FLEX MLS and LoopNet.com are computerized MLS (Multiple Listing System). All sources use data from the Monroe County Property Appraiser's Office, as well as, from the public records. The data is verified and compiled into sale sheets located within this report. Additional data sources include: newspaper clippings and the National Multiple Listing Service. Real estate agents in the market area Appraisal Company of Key West Page 45 Appraisal Report 3015 Overseas Highway, Marathon, FL are interviewed for the most current information on sales and listings. All of the information is analyzed in preparing the report and is utilized in supporting the indicated value. The reader of the appraisal should be made aware that the valuation contained herein is based on a specific date. The value estimated on the specified valuation date will likely differ from the value one, two or three years in the future or in the past. The reader is advised to review the Assumptions and Limiting Conditions in Section, as well as, the Certificate of Value. Finally, the three indicated values developed by the approaches, are reconciled to produce the final esti- mate of value. A brief description of each of the approaches to value follows: Appraisal Company of Key West Page 46 Appraisal Report 3015 Overseas Highway, Marathon, FL THE COST APPROACH The Cost Approach is based on the principle of substitution, the belief that a purchaser would not pay more than the cost of acquiring a similar site plus the cost of construction a replica or similar structure. "The Cost Approach is based on the understanding that market participants relate value to cost. In the Cost Approach the value of a property is derived by adding the estimated value of the land to the current cost of constructing a reproduction or replacement for the improvements and then subtracting the amount of depreciation (i.e., deterioration and obsolescence) in the structures from all causes. Incentive for coordination by the entrepreneur is included in the value indication. This approach is particularly useful in valuing new or nearly new improvements and properties that are not frequently exchanged in the market. Cost Approach techniques can also be employed to derive information needed in the Sales Comparison and Income Approaches to value. In preparing this appraisal, the appraiser inspected the subject site and both the exterior and interior of the building improvement. Information on comparable land sales was gathered, confirmed, and analyzed. The Cost Approach consists of combining the estimated value of the land, based on comparable sales, with the depreciated value of the improvements. A purchaser would normally give little consideration to this value approach when his primary interest in the property is its income stream and desirable rate of return on his equity. The two major exceptions might be in the case of a purchaser who is acquiring a property for his own use and occupancy, an owner -user property, or in valuing a special use property. In the case at hand, a reliable valuation of the subject site was not possible due to the lack of recent truly comparable land sales in the market area. Furthermore, due to the age and condition of the structure, a reliable depreciation estimate would be difficult. Thus, the Cost Approach was considered, but not deemed applicable. Appraisal Company of Key West Page 47 Appraisal Report 3015 Overseas Highway, Marathon, FL THE INCOME APPROACH The Income Approach to value presumes that no prudent buyer will pay more for the subject property than the capitalized rental value attainable through ownership of the property. The Income Approach represents the value an owner may consider paying in order to gain the benefits and profits of the business as well as that of the real estate. The buyer will only be willing to pay the present value of what he considers those future benefits to be. This approach has greatest application when the property being appraised is a type that purchasers buy for investment purposes. In the case at hand, the subj ect property is totally owner - occupied. The Direct Capitalization Method takes into consideration the current estimated net income, which is capitalized at a rate of return for similar property or investments of comparable risk, to indicate the price that a prudent and knowledgeable investor would be justified in paying for ownership. The traditional Direct Capitalization Method was considered appropriate in valuing the subject property. Income Analysis The Income Approach was based upon market rate rental rates for the commercial properties in the subject's market area. This report contains the results of my investigation and analysis made in order to furnish an estimate of the Market Value of the Fee Simple Estate of the Subject Property subject to the split -out from a larger parcel. The Fee Simple Estate is the unencumbered value of the subj ect property; basically, market rents and terms are considered with no regard to existing leases and terms. The subject property consists of an owner occupied property, which is not encumbered by any long term leases. Therefore, only the Fee Simple Interest is included herein. However, the reader is cautioned that a title search was not made; thus, no other encumbrances are considered herein. As a result, a one -year stabilized net income is estimated for the property based on market data and comparison to most comparable rental data available was considered and will be capitalized into value utilizing a market extracted overall capitalization rate (OAR). In short, the Direct Capitalization Method utilizes the net annual operating income that the property is expected to produce. This estimated net income is capitalized, according to prevailing rates of return on similar property or investments of comparable risk, to indicate the price an investor would be justified in paying for ownership. Historical financials for the subject property were not available. Therefore, the appraisers have relied upon market data research. Appraisal Company of Key West Page 48 Appraisal Report 3015 Overseas Highway, Marathon, FL Analysis of Potential Rental Income: The subj ect property is an office use property. The appraisers have analyzed other commercial use rental comparables in order to project the potential rent income for the subject property. Based on these comparables, it appears that the base rent for similar properties range from $19.28 to $30.89 per square foot of gross building area per year with a mean at $22.87 and a median at $20.65. Thus, based on a market rent comparables, we projected a market rent at $19.50 per square foot, which is at the lower -range of the spectrum. This equal an annual rental of $75,173 or $6,264 per month. Thus, the rent projection is well supported. Rent Comparable Map Appraisal Company of Key West Page 49 Market Rental Comparables Commercial Retail/Office /comparables Rent Annual Comp. Size Monthly Annual Rent Lease No. Location Use Sq.Ft. Rent Rent Sq.Ft. Terms 1 5701 Overseas Highway, #4,Marathon Office 947 $1,681 $20,175 $21 NNN : NNN ---- T --------------------------- T ------ T ---- r ------ T ----- Z - - - 2 5701 Overseas Highway, #7, Marathon Office 2,000 $5,149 $61,788 $30.89 NNN - - - -; --------------------------- q--- - - - -- - - -- --------o-------p------o------ 3 2315 Overseas Highway, Marathon Retail 2,360 $3,933 $47,196 $20.00 NNN -------------------------------- 4 4801 Overseas Highway, Marathon Retail 6,944 $11,157 $133,880 $19.28 NNN Mean $5,480 $22.87 Median $4,541 $20.65 Minimum $1,681 $19.28 Maximum $11,157 $30.89 Based on these comparables, it appears that the base rent for similar properties range from $19.28 to $30.89 per square foot of gross building area per year with a mean at $22.87 and a median at $20.65. Thus, based on a market rent comparables, we projected a market rent at $19.50 per square foot, which is at the lower -range of the spectrum. This equal an annual rental of $75,173 or $6,264 per month. Thus, the rent projection is well supported. Rent Comparable Map Appraisal Company of Key West Page 49 Appraisal Report 3015 Overseas Highway, Marathon, FL Rent Comparable No. 1 & 2: 5701 Overseas Hwy, Marathon, FL: Rent Comparable No. 2 2315 Overseas Highway, Marathon, FL Rent Comparable No. 4: 4801 Overseas Highway- Marathon, FL Appraisal Company of Key West Page 50 Appraisal Report 3015 Overseas Highway, Marathon, FL Potential Market Rent (Fee Simple) Analysis: Market rent was projected after interviewing market participants including landlords and rental agents. The potential rent was estimated at the lower range of the comparable rents due to the condition of the subject property. Hence, we projected a market rent as follows. Potential Market Rent 3015 Overseas Highway, Marathon Annual Base Rentable Monthly Base Rent Prorata Lease Use / Type Area S .Ft. Monthly Monthly Per S .Ft. Share Terms Subject; RetaiTOffice 3,855 $6,264.38 $75,172.50 $19.50 -----------------=--------=--------=----------=--------=------=------ 100.0% Triple Net Totals 3,855 $6,264.38 $75,172.50 $19.50 100.0% We projected the overall lease on a triple net basis. Most commercial units within the subject's market area are leased on a triple net basis. In a triple net lease, the tenant is responsible for all utilities plus a pro -rata share of the real estate taxes, building maintenance, hazard insurance and overall building operation expense. Vacancy and Collection Allowance Vacancy & Collection losses include allowances for vacancy due to tenant turnover or loss of rents from a tenant who vacates the building or is late with payments. Typically, the market is experiencing a 3% to 10% vacancy and collection losses on commercial retail /office use properties on an annual basis. The higher end of the spectrum is for large, multi -unit structures. Because of the subject's location and being a single unit, we estimated a fractional 5% vacancy and collection loss rate in our analysis for the subject property. Reimbursable Expenses: We considered the tenant's pro -rata share based on the unit's percentage of gross income of the entire property. In the case at hand, the subject's commercial unit, which is projected to be leased on triple net term, represents 100% of the overall property. The reimbursable expenses are based upon a pro -rata percentage at triple net terms. The property operating expenses were based on my estimated projected expenses. The lease rate is projected on triple net terms, whereby the tenants are responsible to pay additional rent Tenant's prorated share of all cost incurred by the Landlord in the operation for the maintenance, repair and of real estate taxes, insurance, and utilities. Landlord's Vacancy and Collection Share: We projected a 5% vacancy and collection loss for the subject. This vacancy and collection loss would also apply to the reimbursables, as the landlord would Appraisal Company of Key West Page 51 Appraisal Report 3015 Overseas Highway, Marathon, FL be responsible for this share upon vacancy losses. Therefore, the reimbursable income was reduced by 5% in order to estimate Effective Reimbursable Income. The Effective Gross Rental Income from the rental of the Subject Parcel plus the Total Reimbursable Income yields Total Operating Income (after vacancy and collection losses). This income is then adjusted for typical operating expenses summarized on the following page. Expense Analysis: In my analysis, I considered the landlord's expenses for the property, which include real estate taxes, building hazard insurance, exterior building and common area maintenance, basic utilities when vacant, property management and reserves for replacement. Real Estate Taxes: The subject is assessed at $566,338, which is 71.7 %, of our opinion of the "As Is" Market Value. Since the assessment appears to be under - stated, the appraisers have utilized 80% of the Fee Simple value times the millage rate, resulting in a projected tax burden of $6,342, including the $240, Marathon stormwater non -ad valorem assessment. Building Insurance: This expense is for fire, windstorm and flood insurance for the building improvements. Typical insurance rates in the market area indicate $1.25 to $2.50 per square foot of building area for structures like the subject. The subject's historical insurance expense was not available. Hence, we estimated this expense at $9,638 or $2.50 per square foot of gross building area due to the subject's larger size. Building Maintenance and Repairs Expense This expense includes all general operating expenses, including building repairs and maintenance for the subj ect property. This expense typically ranges from $0.50 to $2.00 per square foot of building area for similar properties. Historical data was not available. We utilized $1.50 per square foot of gross building area or $5,783 for the repairs and maintenance expenses for the subject parcel. Utilities Expense In a triple net lease, the utility expenses are paid 100% by the tenant. Property Management This expense includes the collection of rents and actions necessary to keep the property in good condition and the owner informed. This expense is based on a percentage of Effective Gross Income. Typical management expenses range from 4.0 to 60.0 percent of Effective Gross Income for commercial properties, depending on the size of the building and the number of tenants. As the subject is realistically a single- tenant property, I estimated aproperty management fee at 5% of effective gross income. Appraisal Company of Key West Page 52 Appraisal Report 3015 Overseas Highway, Marathon, FL Reserves for Replacement This expense includes items which have a shorter economic life than the building. Estimated replacement costs were obtained from The Marshall & Swift Valuation Service, The Dodge Remodel & Repair Cost Book, published by Marshall and Swift Cost Service, and our knowledge of local construction costs. The economic (useful)lives of the items is estimated by their quality, durability and the amount of use (wear and tear) expected to be received. The following table demonstrates reserve calculations. Reserve Schedule Calculator Appraisal Company of Key West Page 53 Economic Estimated Sinking Fund Payment/ Item Description Life Cost Factor Period Roof Covering 1 _------------ T --------r-------T-----------T-------- 20 $32 8001 0.03911 $1,282 Central A /Cs 15 $17 300 0.0558 $965 _------------ 1------- -L - - -- - -1----------- 1-- - - - - Total $2,247 Interest Rate 2.50 Appraisal Company of Key West Page 53 Appraisal Report 3015 Overseas Highway, Marathon, FL Income and Expense Summary: A Projected Fee Simple, Income and Expense Statement is shown for the subject property. Stabilized Operating Income Statement FELESIMPLE ESTA Percent Dollars Income: of EG L Per S q Ft. Potential Annual Commercial Rental Income: $75,173 Less: Vacancy & Collection Loss (5 %) 55 Effective Commercial Gross Income: $71,414 Total Effective Income: $71,414 $18.531 Reimbursement Expens es: Real Estate Taxes $6,342 Insurance $9,638 Repairs and Maintenance $5,783 Total Reimbursable Income $21,763 Less 5% Vacancy and Collection Allowance: I . Effective Reimbursable Income $20,675 $5.3 Total Operating Income: $92,089 $23.891 Operating Expenses: Real Estate & Non -Ad Valorem Taxes $6,342 8.9% $1.65 Hazard Insurance $9,638 13.5% $2.50 Management Fee $3,571 5.0% $0.93 Repairs & Maintenance $5,783 8.1% $1.50 Reserves $2,247 3.1% $0.58 Total Expenses $27,580 38.6% $7.15 Net Operating Income: 1 $64,5091 $16.731 Appraisal Company of Key West Page 54 Appraisal Report 3015 Overseas Highway, Marathon, FL Capitalization: Capitalization can be defined as a method of converting an income stream into a capital sum by dividing the net income of the future income stream by an overall rate (OAR) or capitalization rate. The result should be the indicated value of the total property or the income - producing package. The capitalization rate was determined by the Mortgage Equity Method, from capitalization rates derived from the market, and from Debt Coverage Analysis as detailed below. Band of Investment Model or Mortgage Equity Method An overall rate based on the Band of Investment Method was estimated at 7.7 %. Assume a mortgage of 70% of the value, 5.5% interest with a 25 -year term, the mortgage constant will be 0.0737; a down payment of 30% as equity and an Equity Capitalization of 8.5 %. Comparable Sales Analysis: We have estimated a 7.75% capitalization rate for the subject property via the Comparable Sales Method, based on an analysis of local overall rates, which indicated a mean of 8.8 %. Market data of Middle and Upper Keys sales indicated cap rates ranging from 5.8% to 8.9% with a mean of 7.7 %. However, these sales were all much larger than the subject property. According to RealtyRates.com, suburban office Capitalization rates range from 4.6% to 12.88% with a mean at 9.0% Debt Coverage Analysis: An overall rate based on the Debt Coverage Method was estimated at 7.7 %. After analysis of current financing availability for similar properties with quoted rates ranging from 4.5% to 6.5% and loan -to- value ratios of from 70% to 80 %, we estimated an 7.37% mortgage constant for the subject property with a loan -to -value at 70.0 %. A conservative debt coverage ratio of 1.50 was considered appropriate for the subject according to a survey of local commercial banks. Thus, an overall rate based on the debt coverage analysis was estimated. Appraisal Company of Key West Page 55 Appraisal Report 3015 Overseas Highway, Marathon, FL A reconciled Overall Rate (OAR) of 7.75% has been estimated for the subject property with heavy weight being given to the Comparable Sales method as it is most reflective of the local market. The following chart summarizes the three methods utilized. Development of Capitalization Rate Loan Ratio 70.0% Loan Term (Years) 25 Loan Rate 5.50% Equity Yield Rate 8.50% Band of Investment Method Cap. Capital Source Portion Rate Rate Mortgage Loan 70.00% 7.37% 5.16% Equity Funds 30.00% 8.50% 2.55% Overall Rate 7.71% Overall Rate Via Band of Investment Method (Rounded): Debt Coverage Analysis Debt Coverage Ratio 1.50 • Loan to Value Ratio 70.0% • Mortgage Constant 0.0737 Overall Rate 7.74% Overall Rate Via Debt Coverage Analysis (Rounded): Overall Rate Via RealtyRate.com 1st Qtr. 2018: Local RealltvRates.com Mean 7.7% 9.0% Median 8.0% N/A Minimum 5.8% 4.6% Maximum 8.9% 12.0% 7.75% Reconciled Overall Rate: 7.75% Appraisal Company of Key West Page 56 Appraisal Report 3015 Overseas Highway, Marathon, FL As a result, we estimated a 7.75% capitalization rate for the subject property, which is well- supported by market data. The estimated value via the Income Approach is as follows. Subject GBA: Subject Site Size (SF): Net Operating Income (NOI): NOI Divided by Cap Rate: 3,855 8,700 $64,509 7.75% Value Per Value Per SF of GBA SF of Land Value Via the Income Approach: $832,374 Estimated Market Value - Fee Simple (Rounde $830,000 $215.30 $95.40 Less Cost to Cure: K20 000 "' ', "As Is" Indicated Value -Fee Simple (Rounded)l $810,000 1 $210.12 1 $93.10 Less Cost to Cure: <$20,000> "As Is" Value Rounded: $800.000 At the time of inspection, the subject property building showed signs of spalling along the south and northeast corners. As a result, the appraisers have applied a Cost to Cure of $20,000, which has been deducted from the applicable approaches. A property inspection report and contractor's bid to make any repairs is recommended. The subject's value could be impacted by the results of the property inspection. Conclusion: In summary, this technique is viewed as a long -term investment valuation, subject to definitions, assumptions and limiting conditions. The Income Approach is most applicable to properties that are purchased for rental value. As such the Income Approach was considered applicable and weighted moderately in the final reconciliation. "AS IS" VALUE OF THE FEE SIMPLE INTEREST OF THE SUBJECT PROPERTY VIA THE INCOME APPROACH, AS OF April 3, 2018 (Rounded) IS: ..................... $ 810,000 Appraisal Company of Key West Page 57 Appraisal Report 3015 Overseas Highway, Marathon, FL THE SALES COMPARISON APPROACH This approach to value is based upon the principal of substitution; that is, when a property is placed in the market, its value tends to be set at the cost of acquiring an equally desirable substitute property, assuming no costly delays in making the substitution. The Sales Comparison Approach bases its value indication on sales of other similar properties in the area. These sales are analyzed and compared to the subject property. The Sales Comparison Approach bases its value indication on recent sales that are pertinent to the value of the subject property. From these comparable sales, the appraiser must extract meaningful "common denominators" to be applied to the subject building. Typically, the sale price per square foot of gross building area, per square foot of land area and the overall sale price are the most common denominators used in estimating the value of the properties similar to the subject. Adjustments are made to the indicated sales price for differences between the sale and the subject, when possible. The more similar the sale is to the subject property, the fewer required adjustments, and the better it serves as an indicator of value. Market Data: The subject property consists of 3,855 square feet of gross building area located on a 8,700 square foot corner site. Extensive research has revealed a reliable number of potential comparable sales. Extensive research has revealed very limited truly similar sales of larger office use sales within Marathon. Two of the five sales are utilized for medical office use. Due to the availability of the fairly similar owner - user, large comparable sales, this approach was given heavy weight in the final reconciliation. The following chart summarizes relevant units of measure for each of the comparable sales. A description of each of the sales is included on the following pages. Appraisal Company of Key West Page 58 Appraisal Report 3015 Overseas Highway, Marathon, FL Note: SF = Square Feet GBA = Gross Building Area FAR = Floor Area Ratio (GBA - Site Size) Appraisal Company of Key West Page 59 Commercial Comparable Sales Adjusted Sale Sales Sales Adjusted G.B.A. Quality/ S /S.F. No. Address Date Price Sales Price Land SF S . Ft. Conti FAR GBA Land Ca Rate - - 1 - 2 7_ 9_ 7 _ Ove _Hwy_ Marathon - - - -- 0 _$_3_75,00_0 $ 5 ,_6 0 0 2,5_2 _ 0. 4_5_ _ __$_77 N / A___ 2 100460 Overseas Hwy., Key Largo 12/20/17 -------------------- - - - - -- - - - - -- $1,300,000 - - - - - -- $1,300,000 -- - - - - -- 21,418 - - - - -- 8,200 0.00 0.38 - - - -- - - - -- - - -- $158.54 $60.70 8.8% - - - - -- - - - - -- - - - -- 3 1 3988 Overseas Hwy., Marathon 1 10/06/17 $580,000 $580,0001 7,500 2,6941 0.50 1 0.36 1 $215.291 $77.331 N/A 4 1 3_3_67_- 6 Ov Marathon 0 6_/ 09/1 7_ $_1 5 5 0.5 0. 1_0_1 / A___ 1 _H_wy.., 1 1 1 __$ _ __$_1_9 _N 1 1 5 68100 Overseas Hwy., Layton ton 07/11/16 $1,175,0001 $1,236,6001 22,754 6,5441 0.00 0.29 $188.971 $54.351 NA Subject 3015 OS Hvvy., Marathon NA NA NA 8,700 3,855 0.50 0.44 NA NA NA Effective Date: 04/03/18 Mean 5930,320 22,780 5,120 5186.09 557.90 8.8% Appreciation 3.0% Median 51,100,000 21,418 5,640 5188.97 560.70 8.8% Minimum 5435,000 5,600 2,520 5158.54 519.43 8.8% Maximum 51,300,000 56,628 8,200 5215.29 577.68 8.8% Cond: 0= 13elowA /Avera e; 0.5 =Abv. Avg; 1 =Good Note: SF = Square Feet GBA = Gross Building Area FAR = Floor Area Ratio (GBA - Site Size) Appraisal Company of Key West Page 59 Appraisal Report 3015 Overseas Highway, Marathon, FL SALES COMPARISON COMPARABLES MAP ......:..: Appraisal Company of Key West Page 60 Appraisal Report 3015 Overseas Highway, Marathon, FL Sale No. 1 - 2797 Overseas Highway, Marathon: This is the most recent sale of a mixed -use small strip center which included three commercial units consisting of a frame and CBS structures with a total gross building area of 2,520 square feet. The facility is situated on a 5,600 square foot corner lot on the Overseas Highway and 28 h Street. According to the listing agent the property formerly had a second story apartment which was damaged by a fire and not rebuilt. Hence, this sale included a market rate ROGO that could be transferred which has been considered in the adjusted sales price. The unit below where the fire took place was remodeled subsequent to the fire. The three units were vacant at the time of sale. According to the listing agent the property was damaged by Hurricane Irma and was in fair to poor condition at the time of sale. The sale was an arm's length transaction and sold with some financing but could not confirm the loan to value. There were no seller concessions. Sale No.2 - 100460 Overseas Highway Largo: This recent comparable consists of a rectangular, interior site with 100 feet of frontage along the Overseas Highway at approximately mile marker 100.5 and it contains 21,418 square feet of upland area. The site is improved with a one and one -half story mixed -use CBS building, which contains 8,200 square feet of gross building area. The current unit mix is comprised of medical office, office, retail and a two bedroom /two bathroom upstairs apartment. This is an arm's length transaction, wherein John H. Smith, Trustee sold the property to Commercial Center of the Florida Keys, LLC. The appraiser recently appraised the property. This comparable was purchased for conversion to a medical clinic. Appraisal Company of Key West Page 61 Appraisal Report 3015 Overseas Highway, Marathon, FL Sale No. 3 - 3988 Overseas Highway, Marathon: This is a recent sale of a multi- tenant property that consists of three offices plus a large retail area. This comparable consist of a rectangular- shaped parcel, fronting approximately 50 linear feet along the northerly side of Florida Department of Transportation Right of Way and the Overseas Highway encompassing 7,500 square feet of site area. The property also has 50 linear feet along the southerly side of Washington Street. A loading dock is located at the northeast side of the building and a loading ramp is graded toward Washington Street. The building consists of a metal, free -span building containing a gross building area of 1,969 square feet. There is also an unfinished, plywood floor mezzanine of 725 square feet that was included in the overall total of 2,694 square feet of gross building area. The mezzanine is utilized for storage plus it has a wood stairway providing access to the storage space. The building contains a service /repair area, one 2- fixture restroom with a sales office /counter, storage area and two 10' by 16' overhead doors with mechanical openers. The building was built in 1991, according to the Monroe County Property Appraiser's records. The listing agent stated that the downstairs unit was in need of repair. The sale was an arm's length transaction and sold for cash. There were no seller concessions. This property was previously appraised by our office. Appraisal Company of Key West Page 62 Appraisal Report 3015 Overseas Highway, Marathon, FL Sale No.4 - 13367 & 13369 Overseas Highway, Marathon: This is the recent sale of a mixed -use medical office and residential apartment property encompassing two detached CBS structures with a total gross building area of 5,640 square feet. The facility is situated on a 1.29 acre upland site, plus there is an additional 0.91 acres of environmentally sensitive land. It appears that the existing leases were below market. The sale was an arms length transaction, all cash, wherein Alan G. Schmitt, Inc. Sold the property to 13367 Overseas Hwy.,LLC. Sale No.5 - 68100 Overseas Highway, t� This is the sale of a two -story mixed -use CBS structure containing 6,544 square feet of gross building area. There is a convenience store at the first level with apartments above. The improvements are situated on a 22,754 square foot highway front site within the City of Layton. The parcel does have a small amount of canal frontage. This was an arm's length transaction. Appraisal Company of Key West Page 63 Appraisal Report 3015 Overseas Highway, Marathon, FL Units of Measure: Typically, these types of commercial office /retail use properties are analyzed via the sales price per square foot of gross building area. The price per square foot of gross building area is a more reliable unit of measure, in the case at hand. Discussion of Adjustments: Market Conditions: Based on the sale and resale of some of the comparable sales properties in Florida Keys, the data indicates that values generally stabilized with annual appreciation at an average of 2.3% and medium at 3.6% per annum. As a result, sales which transpired over a year ago were adjusted for positive market conditions at an appreciation rate of 3% per year. Property Rights: The subject has no leases encumbering the property; thus a Fee Simple analysis is warranted herein. Comprables 3 through 5, were owner occupied or no long -term leases were in place; thus, they were considered Fee Simple. Comparables 2 and 4 did sell with leases in place (Leased Fee). These leases were considered to be below market, thus, a positive adjustment was made. Conditions of Sale: All of the sales were arm's length transactions; thus, no adjustments were warranted herein. Financinz: All of the comparable sales were considered cash equivalent, either cash, conventional or private financing (purchase money mortgage) at market rates. Thus, none of the comparables required adjustment for financing. Floor to Area (FAR): Comparables 1,2 and 3 have similar FARs (Floor Area Ratio or Building to Land Area Ratio) to the subject. Sales 4 and 5 were negatively adjusted due to lower FARs. Typically, a sale with a lower FAR has a higher price per square foot of gross building area, which is the most reliable unit of measure, in the case at hand. Gross Building Area: Market data indicates that the larger the gross building area, then the price per square foot of gross building area, decreases resulting in an inverse relationship. Therefore, the smaller sites require a negative adjustment. The smaller the gross building area, the higher the price per square foot of gross building area. As aresult, Sales 2, 4 and 5 were positively adjusted, which Sales 1 and 3 were negatively adjusted herein. Appraisal Company of Key West Page 64 Appraisal Report 3015 Overseas Highway, Marathon, FL Highway Frontage: The subject has frontage along Overseas Highway in Marathon. The comparables are located on- the - highway; thus no adjustments were made. Water Frontage /Overall Location: The subject is a dry, nonwaterfront lot. Sales 1 through 4 are dry and Sale 5 has a small amount of canal frontage with mangrove fringe. Thus, it has some water access, and was negatively adjusted. Overall, the comparables were considered to be similar in overall location. Zoning: The subject is located within the MU, Mixed Use Zoning District. Overall, the zoning districts were considered similar. Condition /Quality of Construction: The subject property is considered to be in above average condition. Sales3 and 4 were considered overall similar to the subject property, therefore, no adjustment were made. Sales 1, 2 and 5 were slightly inferior; thus they were positively adjusted. Appraisal Company of Key West Page 65 Appraisal Report 3015 Overseas Highway, Marathon, FL The following grid summarizes each sale and shows the necessary adjustments as previously described: it Appraisal Company of Key West Page 66 'Subject /Com p arable : Subject Sale I Sale 2 Sale 3 Sale 4 Sale 5 Address: 3015 O S Hwy. 2797 O S Hwy. 100460 OS Hwy. 3988 OS Hwy. 13367 OS Hwy. 68100 OS Hwy. :Ke : M airathon, M arathon Key Largo M arathon ! M arathon L'a ton Adjusted Sales Price N/A $435,000 $1,300,000 $580,000 $1,100,000 $1,236,600 N/A $172.62 $158.54 $215.29 $195.04 $188.97 Adjusted Sales Price /SF of GBA N/A $77.68 $60.70 $77.33 $19.43 $54.35 Adjusted Sales Price /SF of Site N/A 03/09/18 12/20/17 10/06/17 06/09/17 07/11/16 Sales Date - Fee - Simile -- -- Leased Fee Simile -- - Leased Fee - - -- Fee Simile - -- Property Rights F i n a n c i n g C o n v e n t i o n a l _ C o n v e n t i o n a l 1 _ Cash _ _ Cash _S_m_a 1 1 P_M_M Conditions of Sale Arm's Len _ath - - Arm's Leah Arm's Len1th - Arm's Length - Arm's Length Market Conditions - -- Stable - - -- - - -- Stable - - -- - -- Stable - - -- - -- Stable - -- I n_c_r . /c on_s id, _A_d1_SP Gross Building Area (Square Feet) 3,855 2,5 20 8,200 2,6 94 5 Upland Site Area (Square Feet) 8,700 5,6 00 2 56 0.45 0 0.36 0.10 _ 22,7 5 4 0.29 FAR 0.44 Highway Frontage Y e s Ye Y Ye Yes Yes 0verallLocation Com in. Mixed Similar ------ - - - - -- Inferior ------ - - - - -- Similar ------ - - - - -- Similar ----- - - - - -- Inferior --------- - - - - -- Z o n in g M U _ ___M_U_ ____ __ SC M_U____ MU M_U_ Condition/Quality of Construction Avg /Abv.Avg Inferior /Inferior Inferior/Inferior Similar /Similar Similar /Similar Inferior /Inferior A d'ustin eats Adiusted Sales Price /SF of GBA - N/A $172.62 ------ - - - - -- $158.54 ------ - - - - -- -- $215_29 -- - $195.04 ----- - - - - -- $188.97 --------------- Property Rights = ------ - - - - -- $7.93 ------ - - - - -- = ------ - - - - -- $9.75 ----- - - - - -- = --------------- Financing = ------ - - - - -- _ ------ - - - - -- _ ------ - - - - -- _ ----- - - - - -- _ --------------- Conditions of Sale = Market Conditions = _ _ = Incr. /consid, Ad'. S P Adjusted Sales Price /SF of GBA N/A $172.62 $166.47 $215.29 $204.79 $188.97 FAR 0.44 _ _______ _ -5 -5 Gross Building Area (Square Feet) ------------------- - - - - -- 3,855 ----- - - - - -- -5% ------ - - - - -- 10% ------ - - - - -- -5% 10% 10% Highway Frontage Yes = _ _ _ _ O_v e r a ll L o c_a_t n Co mm. M i x e d _ _ _ _ -5% Zonin g--------------- - - - - -- - MU -- ----- _ - - - - -- - __-- _ - - - - -- ----- _ - - - -- -- - -- ------ _ - - - - -- Condition/Quality of Construction Avg /Abv.Avg 15% 10% 0% 0% 20% Indicated Overall Adjustments % 10% 20% -5% 1 5% 1 20% Indicated Overall Adjustments $ $17.26 $33.29 - $10.76 $10.24 $37.79 Indicated 0verallAd'. Value /SF $189.88 $199.76 $204.53 $215.03 $226.76 it Appraisal Company of Key West Page 66 Appraisal Report 3015 Overseas Highway, Marathon, FL Valuation Conclusion In order to estimate the value of the subject property, we analyzed recent sales of large comparable mostly office and mixed use properties. On the preceding table, a detailed adjustment grid is presented for the subject property. The comparables indicate an adjusted value per square foot of site area for the subject property from $189.88 to $226.76 per square foot with a mean at $207.19 and a median at $204.53. Based on analysis and adjustments to the individual comparables, Sales 1 and 3 were given the most weight, due to their least amount of gross adjustments and their recency. Furthermore, they are located within Marathon. The other Sales were moderately weighted. The weighted average of these comparables equaled $205 (rounded) per square foot of gross building area. Therefore, in our opinion the subject's overall value should be noted below, which is considered reasonable and well- supported. The calculation is noted as follows. "As Is" Value of the Fee Simple Interest in the Subject Property, as Indicated By the Sales Comparison Approach (Rounded) ............ ............................... $770,000 Appraisal Company of Key West Page 67 $1SF ©fGBA 11!Iultiphed`B'y` SF ©fGBA qualsrid`alue $205.00 X 3,855 = $790,275 Market Value via the Sales Comparison Approach (Rounded): $790,000 Less Cost to Cure (Spalling): ($211,000) "As Is" Value via Sales Comparison Approach (Rounded): $770,000 "As Is" Value of the Fee Simple Interest in the Subject Property, as Indicated By the Sales Comparison Approach (Rounded) ............ ............................... $770,000 Appraisal Company of Key West Page 67 Appraisal Report 3015 Overseas Highway, Marathon, FL RECONCILIATION AND FINAL ESTIMATE OF VALUE The following Fee Simple value indications have been developed in my analysis of the Market Data. Reconciliation 3015 Overseas Highway, Marathon, FL "As Is" Market Value Fee Simple Cost Approach Not Applicable Income Approach $810,000 Sales Comparison Approach $770,000 "As Is" Market Value of the Fee Simple, as of April 3, 2018: (Rounded) $790,000 The greatest weight is given to that approach in which the appraiser has the highest degree of confidence. This implies a minimum of assumptions and a sufficient quantity of data. The Cost Approach was not considered applicable due to the age and condition of the building improvements, as estimating depreciation would be very subject and lessen the reliability of the valuation method, plus the lack of land sales, considered to be truly similar to the subject property. Based on analysis of the real estate market activity in the subject property market area and considering the applicability and reliability of each of the approaches, it is our opinion that the Market Value of the subj ect property is most accurately indicated by the Income Approach and the Sales Comparison Approach. Accordingly, moderate weight has been placed on the Income Approach and greatest weight was placed on the Sales Comparison Approach. Based on market analysis and research, it is my opinion that the "As Is " Market Value of the Fee Simple Estate ofthe Subject Property, commonly known as 3015 Overseas Highway, Marathon, Florida, 33050, to definitions, assumptions and limiting conditions, as of April 3, 2018 is: SEVEN HUNDRED NINETY THOUSAND DOLLARS ($790,000) The "As Is" Market Value for the subject property considers no personal property. Appraisal Company of Key West Page 68 Appraisal Report 3015 Overseas Highway, Marathon, FL At the time of inspection, the subject property building showed signs of spalling along the south and northeast corners. As a result, the appraisers have applied a Cost to Cure of $20,000, which has been deducted from the applicable approaches. A property inspection report and contractor's bid to make any repairs is recommended. The subject's value could be impacted by the results of the property inspection. Appraisal Company of Key West Page 69 Appraisal Report 3015 Overseas Highway, Marathon, FL CERTIFICATE OF APPRAISAL WE HEREBY CERTIFY THAT UPON APPLICATION FOR VALUATION BY: Mr. Kevin G. Wilson, P.E. Assistant County Administrator Monroe County, FL (Florida Keys) 102050 Overseas Highway Key Largo, FL 33037 We have personally examined the following property: Commonly Known as: 3015 Overseas Highway Marathon, Florida 33050 and based on market analysis and research, it is my opinion that the "As Is " Market Value of the Fee Simple Estate of the Subject Property, commonly known as 3015 Overseas Highway, Marathon, Florida, 33050, to definitions, assumptions and limiting conditions, as of April 3, 2018 is: SEVEN HUNDRED NINETY THOUSAND DOLLARS ($790,000) The "As Is" Market Value for the subject property considers no personal property. WE ADDITIONALLY CERTIFY that, to the best of our knowledge and belief- 0 The statements of fact contained in this report are true and correct. o The reported analyses, opinion, and conclusions are limited only by the reported assumptions and limiting conditions, and are my personal, impartial, and unbiased professional analyses, opinions and conclusions. o We have no bias with respect to the property that is the subject of this report or to the parties involved with this assignment. O Our engagement in this assignment was not contingent upon developing or reporting predetermined results. Appraisal Company of Key West Page 70 Appraisal Report 3015 Overseas Highway, Marathon, FL o Our compensation for completing this assignment is not contingent upon the development or reporting of a predetermined value or a direction in value that favors the cause of the client, the amount of the value opinion, the attainment of a stipulated result, or the occurrence of a subsequent event directly related to the intended use of this appraisal. o Our analyses, opinions, and conclusions were developed and this report has been prepared in conformity with the Uniform Standards of Professional Appraisal Practice. o James E. Wilson and Maria Virginia have made a site visit of the exterior and interior walk - through of the property that are the subject of this report. o No one has provided significant professional assistance to the persons signing this report. o The use of this report is subject to the requirements of the State of Florida relating to review by the Florida Real Estate Appraisal Board of the Department of Professional Regulations, Division of Real Estate. o James E. Wilson has completed the Standard and Ethics education requirements of the Appraisal Institute for Associate Members. o The reported analyses, opinions and conclusions were developed, and this report has been prepared, in conformity with the requirements of the Code of Professional Ethics and the Standards of Professional Appraisal Practice of the Appraisal Institute. o The appraisers have performed no services, as an appraiser or in any other capacity, regarding the property this is the subject of this report within the three years period immediately preceding acceptance of this assignment. APPRAISAL COMPANY OF KEY WEST James E. Wilson, MRICS, President State - certified general real estate appraiser RZ 2164 Maria Virginia Wilson State - certified general real estate appraiser RZ 2686 Appraisal Company of Key West Page 71 Appraisal Report 3015 Overseas Highway, Marathon, FL PROFESSIONAL QUALIFICATIONS JAMES E. WILSON, III, MRICS James E. Wilson has been a resident of South Florida since 1976. His education includes a Bachelor of Science in Business Administration with a Major in Economics from the University of Florida, 1987- s, fir, 1991. His experience in the real estate industry began in early 1992 as a residential real estate appraiser h in Pompano Beach, Florida. He appraised awide variety of single and multi- family residential properties f in Dade, Broward, and Palm Beach counties over a two -year period. In the search of advancement and challenge, James Wilson moved to the City of Key West, Monroe County, Florida in order to obtain experience and practice commercial real estate appraisal valuation techniques in a demanding and somewhat unique market area. Over the past 25 years James has been exposed to awide -range of appraisal projects, including highest and best use studies, complex property appraisals, and wetland and environmentally sensitive valuations including transferrable development rights. His appraisal experience includes financial and investment analysis, appraisal review, feasibility and planning analysis, as well as market research and analysis. James Wilson is a State Certified General Real Estate Appraiser (licensed to perform residential and commercial appraisals) and a General Associate Member of the Appraisal Institute. He is a member of RICS (Royal Institution of Chartered Surveyors), which is an international member organization for professionals in property, land, real estate, construction and related environmental issues. Jim is past President of the Key West Gator Club, 2013/2014 President of the Sunset Key West Rotary Club, member of Class VII Leadership Monroe, 2012 President of the Key West Chamber of Commerce, and has been elected to continue to serve on the Board of Directors of the Key West Chamber of Commerce. Jim is still an active member on the Board of Directors for the Key West Chamber of Commerce. Education: SOUTH BROWARD HIGH SCHOOL, Hollywood, FL, 1987. UNIVERSITY OF FLORIDA, Gainesville, Florida - Bachelor of Science in Business Administration - Major in Economics, 1987 -1991. APPRAISAL INSTITUTE Appraisal Reporting of Complex Residential Properties, October, 1993. Persuasive Style in Narrative Appraisal Reports, May, 1994. ACE 1779 - "Special Purpose Properties - The Challenge of Real Estate Appraising in Limited Markets ", September, 1996. 410 Standards of Professional Practice, Part A (USPAP), 8/97. 420 Standards of Professional Practice, Part B, August, 1997. 520 Highest & Best Use and Market Analysis, October, 1997. Non - Conforming Uses Seminar, January, 1998. 510 Advanced Income Capitalization, May, 1998. 530 Advanced Sales Comparison & Cost Approach, May, 1998. 540 Report Writing & Valuation Analysis, August, 1998. 550 Advanced Applications, February, 1999. Regression Analysis in Appraisal Practice: Concepts & Applications, Seminar, March, 2000. General Demonstration Appraisal Report Writing Seminar, March, 2000. 800 Separating Personal & Real Property from Intangible Business Assets, March, 2002. Successful Completion of the General Comprehensive Examination for the Appraisal Institute Uniform Appraisal Standards for Federal Land Requisitions, March, 2007 General Demonstration Appraisal Report Writing Seminar, August, 2007 Valuation of Conservation Easements, January, 2008. Appraising Distressed Commercial Real Estate, June, 2009 Oil Spills and Property Values, Webinar, August, 2010 Business Practices and Ethics, September, 2010 A Debate of the Allocation of Hotel Total Assets, October 26, 2010 Appraisal Institute Update, May 19, 2011 Appraisal Company of Key West Page 72 Appraisal Report 3015 Overseas Highway, Marathon, FL Professional Qualifications of James E. Wilson, III (Continued) APPRAISAL INSTITUTE Appraisal Curriculum Overview (2 -day General) May, 2011 Perspectives from Commercial Review Appraisers, July 20, 2011 Fundamentals of Separating Real Property, Personal Property, and Intangible Business Assets, 05/07/2012 - 05/08/2012 UAD -Up Close and Personal, November, 2014 Expert Witness Testimony: To Do or Not to Do, November, 2014 Analyze This! Applications of Appraisal Analysis, November, 2014 Florida Appraisal Laws and Regulations Update Reviewers Checklist, November, 2014 National USPAP Update Equivalent (2014 -2015) , November, 2014 Purchase Price Allocations for Financial Report and Tax, April 16, 2014 Behind the Headlines, the New Real Estate Real Estate Econoiny, May 16, 2014 GOLD COAST SCHOOL OF REAL ESTATE Real Estate Principles, Practices, and Law - FREC Course I, May, 1992. Salesman Post- License Program, February, 1994. Mortgage Broker, Exam -Prep Program, September, 1992. AB I - Appraisal Board - Fundamentals of R.E. Appraising, 5/92. AB II - Appr. Board - Appraising Resid. & Income Properties, 2/94. AB IIb - Appraisal Board - Cert. Resid. Appraisal Course, 7/94. AB III - Appraisal Board - Certified General Appraisal Course (Income Capitalization Course), February, 1995. USPAP - Uniform Standards of Professional Appraisal Practice, 6/92. USPAP Course, September, 1995. A -102 - Plan Reading for Appraisers, September, 1995. National USPAP Update Course, June 2006 Techniques of Income Property Appraisal, June 2006 McKISSOCK DATA SYSTEMS Automated Valuation Models, October, 2000. Uniform Standards of Professional Appraisal Practice, October,2000. Factory Built Housing, October, 2000. Appraiser Liability, September, 2002. Appraising Nonconforming & Difficult Properties, September,2002. Appraiser Liability, USPAP, September, 2002. Appraising for the Secondary Market, October, 2004. Appraising High -Value Residential Properties, October, 2004. Florida Laws and Regulations, October, 2004. Limited Appraisals and the Scope of Work Decision, October, 2004. National USPAP Equivalent, October, 2004. Florida Laws and Regulations, September 2006. Disclosures and Disclaimer, September, 2006. Appraisal Trends, September 2006. National USPAP Update Equivalent(2008- 2009), November, 2008. Introduction to Expert Witness Testimony, November 2008. Mortgage Fraud - Protect Yourself, November, 2008. Florida Appraisal Supervisor- Trainee Roles and Relationships, November, 2008. Florida Laws and Regulations, November, 2008. National USPAP Update Equivalent (2010- 2011), August, 2010. Risky Business: Ways to Minimize Liability, August, 2010. Appraisal Company of Key West Page 73 Appraisal Report 3015 Overseas Highway, Marathon, FL Professional Qualifications of James E. Wilson, III (Continued) Florida Laws and Regulations, August 2010. Florida Apprisal Supervisor- Trainee Roles and Relationships, August, 2010. The Changing World of FHA Appraising, August, 2010. Systems Built Housing: Advances in Housing for the New Millennium, October, 2012 Deriving and Supporting Adjustments, October, 2012 Introduction to Regression Analysis for Appraisers, October, 2012 Introduction to Residential Green Building for Appraisers, October, 2012 Florida Appraisal Laws and Regulations Update National USPAP Update Equivalent (2012- 2013), October, 2012 Appraisal of Fast Food Facilities, November, 2016 2016 -201 7 -Hour National USPAP Update Course, November, 2016 Managing Appraiser Liability, November, 2016 Florida Appraisal Laws and Regulations, November, 2016 Advanced Hotel Appraising -Full Service Hotels, November, 2016 VALUE INFORMATION TECHNOLOGY, INC. "Perspectives on Appraisals" FREAB Course ACE #1591, June, 1995. NORTH BROWARD BOARD OF REALTORS ACE 591 - Basics of Construction - How a Florida Home is Built II, January, 1994. Certification: State certified general real estate appraiser, as designated by the Department of Professional Regulation, State of Florida; Registration No. RZ 2164. Licensed Real Estate Salesperson, as designated by the Department of Professional Regulation, State of Florida; License No. SL 0589552 (currently inactive). Professional Associations: Key West Board of Realtors General Associate Member of the Appraisal Institute Member of RICS (Royal Institute of Chartered Surveyors), October, 2010 Member#1299389 Affiliations: Past President of the Key West Gator Club (Alumni Organization of the University of Florida Member of Class VIII, Leadership Monroe County Board Member of the Rotary Club of Sunset Key West, 2013/2014 President, 2009 Treasurer, 2010 Vice President, 2011 President- Elect,2012 President Board ofDirectors of the Key West Chamber of Commerce, Current Board Member Experience: WILCO VALUATIONS, P.A. d/b /a APPRAISAL COMPANY OF KEY WEST, James Wilson, President and his wife, Maria Virginia Wilson, also a State Certified General Real Estate Appraiser purchased the Appraisal Company of Key West from Mr. Richard Padron in April, 2004. APPRAISAL COMPANY OF KEY WEST, INC., Fee Commercial Real Estate Appraiser, April, 1994 to April, 2004. F.C.P. APPRAISAL SERVICES, INC., Senior Real Estate Appraiser and Trainer, May, 1992 to April, 1994. Appraisal Company of Key West Page 74 Appraisal Report 3015 Overseas Highway, Marathon, FL Appraised various types of properties in the Florida Keys, including: Retail Stores Restaurants Strip Centers Office Buildings Mixed -Use Properties Service Stations Multi- family Projects Proposed Developments Single- family Estates Commerciat/Residential Condominiums Full - Service Marinas/Boat Yards Environmentally Sensitive Acreage Industrial Uses Guest Houses /Hotels/Motels Mobile Home and RV Parks Warehouse (including mini - storage) Special -Use Properties including Schools Seafood Processing Plants APPRAISER CERTIFICATION DEPARTMENT OF BUSINESS AND PROFESSIONAL REGULATION FLORIDA REAL ESTATE APPRAISAL BD RZ2164 The CERTIFIED GENERAL APPRAISER Named below IS CERTIFIED Under the provisions of Chapter 475 FS. Expiration date: NOV 30, 2018 WILSON, JAMES E ` r v+ 3144 NORTHSIDE DR SUI"q`e- X01 KEY WEST FL 3304 � 4 t ( �. �li EI P . a # ©% r ......:..: Appraisal Company of Key West Page 75 Appraisal Report 3015 Overseas Highway, Marathon, FL Professional Qualifications Maria Virginia Wilson, State Certified General Real Estate Appraiser Maria Virginia Wilson has been a resident of Florida since 1973. Her education includes a Bachelor of Liberal Arts with a Major in French from the University of Florida, 1987 -1992. Maria V. Wilson has a diverse background in banking and the real estate appraisal industry. Her experience in real estate appraising started as a State Registered Assistant Real Estate Appraiser. Over the past 17 years, Maria has acquired experience with a wide -range of residential and commercial appraisal projects. Maria has excelled in her education and successfully achieved her current designation of State Certified General Real Estate Appraiser. Education: SHORECREST PREPARATORY SCHOOL, St.Petersburg, Florida 1987 UNIVERSITY OF FLORIDA, Gainesville, Florida - Bachelor of Liberal Arts- Major in French, 1987 -1992 GOLD COAST SCHOOL OF FLORIDA, Miami and Ft. Lauderdale, Florida Principles, Practices and Law - FREC Course 1, 1992 Successful Completion of ABI- Appraisal Board - Fundamentals of R.E. Appraising 6/94 Successful Completion of ABII- Appraising Resid. & Income Prop. 10/99 Successful Completion of ABIII- Certified General Appraisal Course 11107/03 Successful Completion of the Mortgage Broker Course - 06/03 McKISSOCK DATA SYSTEMS Automated Valuation Models, October, 2000. Uniform Standards of Professional Appraisal Practice, October,2000. Factory Built Housing, October, 2000. Appraiser Liability, September, 2002. Appraising Nonconforming & Difficult Properties, September,2002. Appraiser Liability, USPAP, September, 2002. Appraising for the Secondary Market, October, 2004. Appraising High -Value Residential Properties, October, 2004. Florida Laws and Regulations, October, 2004. Limited Appraisals and the Scope of Work Decision, October, 2004. National USPAP Equivalent, October, 2004. Florida Laws and Regulations, September 2006. Disclosures and Disclaimer, September, 2006. Appraisal Trends, September 2006. National USPAP Update Equivalent(2008- 2009), November, 2008. Introduction to Expert Witness Testimony, November 2008. Mortgage Fraud - Protect Yourself, November, 2008. Appraisal Company of Key West Page 76 Appraisal Report 3015 Overseas Highway, Marathon, FL Florida Appraisal Supervisor- Trainee Roles and Relationships, November, 2008. Florida Laws and Regulations, November, 2008. National USPAP Update Equivalent (2010- 2011), August, 2010. Risky Business: Ways to Minimize Liability, August, 2010. Florida Laws and Regulations, August 2010, Florida Apprisal Supervisor- Trainee Roles and Relationships, August, 2010. The Changing World of FHA Appraising, August, 2010. Systems Built Housing: Advances in Housing for the New Millennium, October, 2012 Deriving and Supporting Adjustments, October, 2012 Introduction to Regression Analysis for Appraisers, October, 2012 Introduction to Residential Green Building for Appraisers, October, 2012 Florida Appraisal Laws and Regulations Update National USPAP Update Equivalent (2012 - 2013), October, 2012 Analyze This, Applications of Appraisal Analysis, November, 2014 Expert Testimony: To or Not to Do, November, 2014 UAD: Up Close and Personal, November, 2014 Reviewers Checklist, November, 2014 Florida Appraisal Laws and Regulations Update, November, 2014 National USPAP Update Equivalent (2014 - 2015), November, 2014 National USPAP Update Equivalent (2016 - 2017), November, 2016 Managing Appraiser Liability, November 2016 Appraisal of Owner - Occupied Commercial Properties, November 2016 Understanding Residential Construction, November 2016 Florida Appraisal Laws and Regulations, November 2016 Certification: State - Certified General Real Estate Appraiser, License No. RZ 0002686, (2003). Experience: WILCO VALUATIONS, P.A. d /b /a APPRAISAL COMPANY OF KEY WEST, James Wilson, President and his wife, Maria Virginia Wilson, also a State Certified General Real Estate Appraiser purchased the Appraisal Company of Key West from Mr. Richard Padron in April, 2004. Appraisal Company of Key West, Inc. ( 1997- 2004 ) Barnett Bank (1994 -1997) Appraisal Company of Key West Page 77 Appraisal Report 3015 Overseas Highway, Marathon, FL Area of Expertise: • Analysis and evaluation of many types of real estate • Types of properties appraised, evaluated, and analyzed: Single Family Homes Industrial Uses Multi - Family Dwellings Guest Houses Rental Analysis Vacant Land Office Buildings Motels Mixed -Use Property Strip Centers Commercial /Residential Condominiums Retail Stores APPRAISER CERTIFICATION RICK SCOTT, STATE OF FLORIDA DEPARTMENT OF BUSINESS AND PROFESSIONAL REGULATION FLORIDA REAL ESTATE APPRAISAL BD RZ2686 The CERTIFIED GENEKALAF"Albtt Named below IS CERTIFIED Under the provisions of Chapter 475 FS. Expiration date: NOV 30, 2018 WILSON MARIAVIRGINIA 3144 NORTHSIDE DR SUIT 10 KEY WEST FL 3304 v,t s BY LAW 1 Appraisal Company of Key West Page 78 Appraisal Report 3015 Overseas Highway, Marathon, FL PURCHASE ORDER ' MONROE COUNTY PURCHASE ORDER NO. 00059945 BOARD OF COUNTY COMMISSIONERS 1100 Simonton Street Suite 2 -213 -. Key West. FL 33440 PAGE NO. I DF COPY SALES TAX EXEMPT N(} 85-8013825294C-7 V 0011823 PLiONE: 305-296-4563 H�I MONROE COUNTY ENGINEER'NG DEPT E APPRAISAL COMPANY OF KEY WEST INC 1 1190 SIMONTON ST 2ND FL ROOM 2 -215 3144 N ©RTHSII7E SR P KEY WEST, FL 33049 a. SUITE 201 ATTN: ELAINE F'ERDA R L KEY WEST FL 33040 2152 _ O ORDER LAPE:U4 /03/'48 BUYER E FERDA .. 1 REC7 NO 90Q 3252 REQ,DNPE J1 TERMS NET 3 0 DAYS � O_e 16ESC ....... .�...�..,. m .. .. __.. .....,.. TE _047ANTT ITY ; 56M _. ©eSCRIPTIi3N SNIT PRICE . �EXIENSIQN 01 1.00 APPRAISAL & REPORT OF 3051 OVERSEAS 2900.9000 2,900.00 HWY., MARATHON (KEYNOTER i BLDG,) i I I I i ''E•.mlf COO rCENTER ACCOUNT PROJECT PROJECTACCT ........� AmOWo PAGE TOTAL $ 2, 900.00 m ... � . .m 01 20501 530310 - ________ w� _ 2, 9G0.00 TOTAL $ 2, 909,00 —. PARTRAL PAYMENT FINAL PAYMENT f... INVOICE NO ...... ..._ ,.,..... INVOICE AMOUNT.,,___-, _..-.....,� PAYMENT DESC. ...... __. PAYMENT APPROVAL PURCHASING AGENT --- -` n r Appraisal Company of Key West Page 79 1 � • 7245 S.W. 37TH AVENUE, SUITE 300 MIAMI, FLORIDA 33173 APPRAISAL OF REAL PROPERTY FORMER KEYNOTER BUILDING 3015 OVERSEAS HIGHWAY MARATHON, MONROE COUNTY, FLORIDA 33050 APPRAISAL REPORT SJM FILE: 18531 PREPARED FOR MR. KEVIN G. WILSON, P.E. ASSISTANT COUNTY ADMINISTRATOR MONROE COUNTY 102050 OVERSEAS HIGHWAY KEY LARGO, FL 33037 1 SL AC K MA GENHEIMER � JOHNSTON REAL ESTATE APPRAISERS & CONSULTANTS ANDREW H. MAGENHEIMER, MAI CERT.GEN.RZ 1 073 August 19, 2018 Mr. Kevin G. Wilson, P.E. Assistant County Administrator Monroe County 102050 Overseas Highway Key Largo, Florida 33037 RE: Appraisal of Real Property Former Keynoter Building 3015 Overseas Highway Marathon, Monroe County, Florida 33050 SJM File: 18531 Mr. Wilson: THEODORE W. SLACK, MAI (1902-1992) THEODORE C. SLACK, MAI (1931-2015) SUE BARRETT SLACK, MAI (RETIRED) At your request, we have prepared an appraisal report of the above referenced real property. The purpose of the appraisal is to provide an estimate of the "as is" market value of the fee simple interest in the subject property as of July 30, 2018, the date of valuation and visit to the property. The subject property consists of a one - story, freestanding, commercial building located at 3015 Overseas Highway, Marathon, Monroe County, Florida. This location is between Mile Markers 48 and 49 of Overseas Highway. The building was previously occupied by the Keynoter. The building is currently vacant. According to the Monroe County Property Appraiser's records, the building was originally constructed in 1963. There appears to have been two additions made to the original building; however, the dates of the additions are not known. The building contains 3,850 square feet and it is constructed on a site containing 8,700 square feet (0.20 acre). The site is mostly rectangular and has a future land use designation of Mixed Use Commercial and a zoning classification of MU (Mixed Use). Site improvements consist of an asphalt paved parking are for about 15 vehicles and nominal landscaping. 2 SLACK, JOHNSTON & MAGENHEIMER, INC. 7245 S.W. 87TH AVENUE, SUITE 300, MIAMI, FLORIDA 33173 TELEPHONE (305) 670.21 1 1 • EMAIL: SJMIAMI @AOL.COM Mr. Kevin G. Wilson, P.E. August 19, 2018 The appraisal report states our opinion of market value, subject to various assumptions and limiting conditions contained in this report. The site visit and analyses that form the basis of our valuation have been performed by the undersigned. The appraisal has been prepared in accordance with the Uniform Standards of Professional Appraisal Practice (USPAP), as adopted by the Appraisal Standards Board of the Appraisal Foundation. Based on our investigation and analysis, we have formed the opinion the "as is" market value of the fee simple interest in the subject property as of July 30, 2018, was as follows: SEVEN HUNDRED THIRTY -FIVE THOUSAND DOLLARS ($735,000) The following report contains the results of our investigations and the explanation of the approaches to value. Respectfully submitted, SLACK, JOHNSTON & MAGENHEIMER, INC. 4 4w/ � c Andrew H. Magenheimer, MAI Cert. Gen. RZ 1073 3 SLACK JOHNSTON Packet Pg. 2849 TABLE OF CONTENTS SUMMARY OF SALIENT FACTS AND CONCLUSIONS ............. ............................... 5 AERIAL PHOTOGRAPH OF THE SUBJECT PROPERTY ............. ............................... 6 CERTIFICATION ................................................................................ ............................... 7 ASSUMPTIONS AND LIMITING CONDITIONS ............................ ............................... 8 IDENTIFICATION OF THE PROPERTY ........................................ ............................... 11 LEGAL DESCRIPTION .................................................................... ............................... 12 OWNERSHIP AND HISTORY OF THE PROPERTY .................... ............................... 12 PURPOSE, INTENDED USE AND DATE OF THE APPRAISAL . ............................... 12 SCOPE OF THE APPRAISAL .......................................................... ............................... 13 DEFINITION OF VALUE AND INTEREST APPRAISED ............ ............................... 14 EXPOSURE AND MARKETING TIME .......................................... ............................... 15 NEIGHBORHOOD ANALYSIS ....................................................... ............................... 16 DESCRIPTION OF THE SITE ............................................................ .............................24 DESCRIPTION OF THE IMPROVEMENTS ..................................... .............................27 REAL ESTATE TAX ANALYSIS .................................................... ............................... 30 LANDUSE AND ZONING .............................................................. ............................... 31 HIGHEST AND BEST USE ................................................................ .............................34 VALUATIONPROCESS .................................................................. ............................... 37 SALES COMPARISON APPROACH .............................................. ............................... 38 INCOMEAPPROACH ...................................................................... ............................... 46 RECONCILIATION AND FINAL VALUE ESTIMATE ................ ............................... 53 ADDENDUM A - PHOTOGRAPHS OF THE SUBJECT PROPERTY ........................ 54 ADDENDUM B - BUILDING SALES ............................................. ............................... 60 ADDENDUM C - BUILDING RENTALS ....................................... ............................... 69 ADDENDUM D - QUALIFICATIONS OF THE APPRAISER ...... ............................... 72 4 SLACK JOHNSTON Packet Pg. 2850 SUMMARY OF SALIENT FACTS AND CONCLUSIONS Property Appraised: Former Keynoter Building 3015 Overseas Highway Marathon, Monroe County, Florida 33050 Property Type: Real Estate Parcel ID Alternate Key No.: 2017 Real Estate Tax Assessment: Building Land Total Just Value 2017 Real Estate Taxes: Free - standing commercial building 00321700 - 000000 1395978 $ 0 $566,338 $566,338 $566,338 $5,572.82 Ownership: Keynoter Publishing Co. Inc. P.O. Box 50158 Marathon, FL 33050 Interest Appraised: Fee simple Land Area: 8,700 square feet 0.20 acre Building Data: Building Area 3,850 Square Feet Year Built 1963 Stories 1 Land -to- Building Ratio: 2.26:1 No. Parking Spaces: 15 spaces Land Use: Mixed Use Commercial; City of Marathon Zoning: MU (Mixed Use); City of Marathon Highest and Best Use: As Though Vacant Commercial development As Improved Continued use of the existing improvements 5 SLACK JOHNSTON Packet Pg. 2851 Date of Valuation: July 30, 2018 Date of Report: August 19, 2018 Market Value Indications: Cost Approach N/A Sales Comparison Approach $735,000 Income Approach $680,000 Final Value Estimate $735,000 AERIAL PHOTOGRAPH OF THE SUBJECT PROPERTY Source: Monroe County Property Appraiser's office. Note: Not to scale — for illustrational purposes only. 6 SLACK JOHNSTON Packet Pg. 2852 CERTIFICATION We certify that, to the best of our knowledge and belief, ... - the statements of fact contained in this report are true and correct. - the reported analyses, opinions, and conclusions are limited only by the reported assumptions and limiting conditions and are our personal, impartial, and unbiased professional analyses, opinions, and conclusions. - we have no present or prospective interest in the properties that are the subject of this report and no personal interest with respect to the parties involved. - we have no bias with respect to the properties that are the subject of this report or to the parties involved with this assignment. - our engagement in this assignment was not contingent upon developing or reporting predetermined results. - our compensation for completing this assignment is not contingent upon the development or reporting of a predetermined value or direction in value that favors the cause of the client, the amount of the value opinion, the attainment of a stipulated result, or the occurrence of a subsequent event directly related to the intended use of this appraisal. - the reported analyses, opinions, and conclusions were developed, and this report has been prepared, in conformity with the requirements of the Code of Professional Ethics and Standards of Professional Appraisal Practice of the Appraisal Institute, which include the Uniform Standards of Professional Appraisal Practice (USPAP). the undersigned has made a visit to the property that is the subject of this report - Kimberly Magenheimer, Cert. Gen. RZ1386, provided significant real property appraisal assistance to the person signing this certification. - the use of this report is subject to the requirements of the Appraisal Institute relating to review by its duly authorized representatives. - we have not provided appraisal services covering the subject property within the prior three years. - as of the date of this report, Andrew H. Magenheimer, has completed the continuing education program for Designated Members of the Appraisal Institute. SLACK, JOHNSTON & MAGENHEIMER, INC. 4 4 w 4 f X-17 - Andrew H. Magenheimer, MAI Cert. Gen. RZ1073 7 SLACK JOHNSTON Packet Pg. 2853 ASSUMPTIONS AND LIMITING CONDITIONS The appraisal is subject to the following assumptions and limiting conditions: 1. No responsibility is assumed for the legal description or for matters including legal or title considerations. Title to the property is assumed to be good and marketable unless otherwise stated. 2. No legal opinion related to a title search was provided and all existing liens and encumbrances, including deed restrictions and developers' agreements, have not been investigated unless otherwise stated. The property is appraised as though free and clear. 3. Responsible ownership and competent property management are assumed. 4. The information furnished by others has been gathered from sources deemed to be reliable, however, no warranty is given for its accuracy. 5. All engineering and surveying is assumed to be correct. Any sketches, plats, or drawings included in this report are included to assist the reader in visualizing the property. We have made no survey of the property, and assume no responsibility in connection with such matters. 6. It is assumed that there are no hidden or inapparent conditions of the property, subsoil, or structures that render it more or less valuable. No responsibility is assumed for unusual soil conditions and no opinion as to these matters is to be inferred or construed from the attached report other than those specifically stated in the report. Unless stated otherwise, the soil conditions of the subject property are assumed to be adequate to support development utilizing conventional construction techniques. We recommend the client obtain an opinion from a competent engineering firm. 7. It is assumed that there is full compliance with all applicable federal, state, and local environmental regulations and laws unless noncompliance is stated, defined, and considered in the appraisal report. 8. It is assumed that all applicable zoning and use regulations and restrictions have been complied with, unless a nonconformity has been stated, defined, and considered in the appraisal report. 9. It is assumed that all required licenses, certificates of occupancy, consents, or other legislative or administrative authority from any local, state, or national government or private entity or organization have been or can be obtained or renewed for any use on which the value estimate contained in this report is based. 10. It is assumed that the utilization of the land and improvements is within the boundaries or property lines of the property described and that there is no encroachment or trespass unless noted in the report. 8 SLACK JOHNSTON Packet Pg. 2854 11. Any proposed or partially completed improvements included in this report are assumed to be completed in accordance with approved plans and specifications and in a workmanlike manner. 12. Our estimates of future values were formulated based upon market conditions as of the date of appraisal, considerate of future projections concerning supply and demand. The appraiser has no responsibility for significant events that alter market conditions subsequent to the effective date or dates of appraisal. 13. This study is to be used in whole and not in part. No part of it shall be used in conjunction with any other appraisal. Publication of this report or any portion thereof without the written consent of the appraiser is not permitted. 14. The appraiser, by reason of this report, is not required to give further consultation, testimony, or be in attendance in court with reference to the property in question unless arrangements have been previously made. 15. Neither all, nor any part of the contents of this report (especially any conclusions as to value, the identity of the appraiser, or the firm with which the appraiser is connected), shall be disseminated to the public through advertising, public relations, news, sales, or other media without the written consent and approval of the appraiser. The use of this report in any public offering or syndication document is specifically prohibited. 16. Unless otherwise stated in this report, the existence of hazardous substances, including without limitation asbestos, polychlorinated biphenyls, petroleum leakage, or agricultural chemicals, which may or may not be present on the property, or other environmental conditions, were not called to the attention of, nor did the appraiser become aware of such during the appraiser's inspection. The appraiser has no knowledge of the existence of such materials on or in the property unless otherwise stated. The appraiser, however, is not qualified to test such substances or conditions. If the presence of such substances, such as asbestos, urea formaldehyde foam insulation, or other hazardous substances or environmental conditions, may affect the value of the property, the value estimated is predicated on the assumption that there is no such condition on or in the property or in such proximity thereto that it would cause a loss in value. No responsibility is assumed for any such conditions, nor for any expertise or engineering knowledge required to discover them. It is recommended that the client retain an expert in this field, if needed. 17. Disclosure of the contents of this report by the appraiser is controlled by the Appraisal Institute of which one or more signatures of this report is an MAI member and by the Florida Department of Professional Regulation, Division of Appraisal State Certification. The analysis and value conclusions, as well as non - public information about the subject property, are confidential matters and cannot be divulged to any persons other than the party for whom the report is prepared. 9 SLACK JOHNSTON Packet Pg. 2855 Exceptions to this confidentiality provision are requests by committees of the Appraisal Institute or the Florida Department of Professional Regulations for peer review, and subpoenas by any court having jurisdiction to request production of the report. Acceptance or use of this report constitutes acceptance of the preceding conditions. 10 SLACK JOHNSTON Packet Pg. 2856 IDENTIFICATION OF THE PROPERTY The subject property consists of a one - story, freestanding, commercial building located at 3015 Overseas Highway, Marathon, Monroe County, Florida. This location is between Mile Markers 48 and 49 of Overseas Highway. The building was previously occupied by the Keynoter. The building is currently vacant. According to the Monroe County Property Appraiser's records, the building was originally constructed in 1963. There appears to have been two additions made to the original building; however, the dates of the additions are not known. The building contains 3,850 square feet and it is constructed on a site containing 8,700 square feet (0.20 acre). The site is mostly rectangular and has a future land use designation of Mixed Use Commercial and a zoning classification of MU (Mixed Use). Site improvements consist of an asphalt paved parking are for about 15 vehicles and nominal landscaping. 11 SLACK JOHNSTON Packet Pg. 2857 Photograph of the Subject Building LEGAL DESCRIPTION A survey was not provided. The acquiring deed for the subject property was not found in the public records. The following legal description was taken from the Monroe County Property Appraiser's records. A survey and title search are recommended. The northerly 87 feet of Lot A -1 and the northerly 87 feet of Lot B -1 of SOMBRERO SUBDIVISION #6, as recorded in Plat Book 2, Page 93, of the public records of Monroe County, Florida. OWNERSHIP AND HISTORY OF THE PROPERTY According to the Monroe County tax rolls, ownership of the subject property is held by Keynoter Publishing Company, Inc., P.O. Box 500158, Marathon, Florida 33050. As mentioned above, no information regarding the acquisition of the subject property by the owner of record was found in the public records of Monroe County, Florida. A title search is recommended. The building is currently vacant and listed for sale. It is our understanding the building was previously owner occupied. It has been on the market for approximately 3 to 4 months. It was originally listed for sale for $835,000. The asking price has been lowered to $799,500 or $207.66 per square foot based on the building area. PURPOSE, INTENDED USE AND DATE OF THE APPRAISAL The purpose of this appraisal is to develop and report an opinion of the market value of the fee simple interest in the subject property in its "as is" condition, as of July 30, 2018, the effective date of appraisal. The date of the report is August 19, 2018. The intended user of this report is Monroe County. The intended use of the appraisal is to establish a basis for the potential purchase of the property by Monroe County from a willing seller. There are no other intended users or intended uses of this appraisal. 12 SLACK JOHNSTON Packet Pg. 2858 SCOPE OF THE APPRAISAL The scope of this appraisal report is defined by the purpose, which is to develop and report an opinion of the "as is" market value of the fee simple interest in the subject property as of July 30, 2018, the date of valuation. The assignment began with a visit to the subject property and surrounding neighborhood, which was made on July 30, 2018. The client did not provide any information for review. Subsequent to our visit, an estimation of the highest and best use, as of the date of valuation, was made. The highest and best use analysis considers all physically possible, legally permissible and economically feasible uses to which the property can be put, as though vacant, as well as improved. The appraisal process includes three basic approaches to value. These are the income, sales comparison, and cost approaches. The application of these approaches is determined by the type of property being appraised, as well as the scope of the valuation assignment. Research indicated that buyers and sellers rely most on the cost approach when the improvements are newly constructed and represent the highest and best use of the site. They place little, if any, reliance on the cost approach, for properties already existing. For this reason, the cost approach was not considered a reliable indicator of value and has been omitted. In this assignment, the sales comparison and income approaches have been utilized in estimating the market value of the fee simple interest of the property, as improved. Our research for comparable commercial building sales initially concentrated on sales located within the subject's market area (Marathon) for purposes of comparison to the subject property. Due to the limited number of sales found in the Marathon area, the search was expanded to include sales within comparable areas of Monroe County. The sales included in this report are considered of good quality and representative of the best available market data. Analysis of the selected sales included a visual inspection, reviewing the deed and confirming sale details with one or more of the parties to the transaction, or their representatives. A market survey of comparable commercial buildings and space within larger buildings within the subject's market area, or competitive areas, was also conducted to ascertain rental rates and occupancies to aid in estimating a market rent and occupancy for the property, as of the date of value. This data was obtained through interviews with leasing agents, property managers and owners. 13 SLACK JOHNSTON Packet Pg. 2859 The final step in our analysis is a reconciliation of the appraisal methods used. The quantity and quality of the data used, and the reliability of their value indications, are the basis for the final conclusion of value. DEFINITION OF VALUE AND INTEREST APPRAISED The Uniform Standards of Professional Appraisal Practice (USPAP 2018 -19) defines Market Value as "a type of value, stated as an opinion, that presumes the transfer of a property (i.e. a right of ownership or a bundle of rights), as of a certain date, under specific conditions set forth in the definition of the term identified by the appraiser as applicable in an appraisal." We have relied on the definition of Market Value as "the most probable price which a property should bring in a competitive and open market under all conditions requisite to a fair sale, the buyer and seller each acting prudently and knowledgeably, and assuming the price is not affected by undue stimulus. Implicit in this definition are the consummation of a sale as of a specified date and the passing of title from seller to buyer under conditions whereby: 1. buyer and seller are typically motivated; 2. both parties are well informed or well advised, and acting in what they consider their own best interests; 3. a reasonable time is allowed for exposure in the open market; 4. payment is made in terms of cash in United States dollars or in terms of financial arrangements comparable thereto; and 5. the price represents the normal consideration for the property sold unaffected by special or creative financing or sales concessions granted by anyone associated with the sale. (Federal Register 77472, Volume 75, No. 237, December 10, 2010) Other pertinent definitions from the Dictionary of Real Estate Appraisal Sixth Edition, as published by the Appraisal Institute, are as follows: Fee Simple Estate is the "absolute ownership unencumbered by any other interest or estate, subject only to the limitations imposed by the governmental powers of taxation, eminent domain, police power, and escheat." Exposure Time is "the estimated length of time to property interest being appraised would have been offered in the market prior to the hypothetical consummation of a sale at market value on the effective date of the appraisal." 14 SLACK JOHNSTON Packet Pg. 2860 Marketing Time is "an opinion of the amount of time it might take to sell a real or personal property interest at the concluded market value level during the period immediately after the effective date of the appraisals." EXPOSURE AND MARKETING TIME Exposure and marketing times are the typical periods of time necessary to expose and actively market the subject property on the open market to achieve a sale at a price consistent with the market value estimate and on terms consistent with the definition of market value recited herein. The length of time is a function of several factors including price, terms, investment quality and exposure to a given market. Exposure time is the hypothetical period immediately preceding the effective date of the appraisal and marketing time is the period immediately after the effective date of the appraisal. A review of market activity for commercial buildings located within the Florida Keys, as well as conversations with brokers active within the subject's market area, was performed in order to estimate an exposure time for the subject. Most brokers indicated that marketing time is typically less than one year, if the property is priced realistically. Based on the marketing periods reflected by the sales presented in this report, a typical exposure period for the subject property was estimated to be up to 12 months. We have further estimated a marketing time of up to 12 months. 15 SLACK JOHNSTON Packet Pg. 2861 NEIGHBORHOOD ANALYSIS The subject property is located in the Middle Keys region of Monroe County. Key West is the southernmost island in the archipelago known as the Florida Keys, a chain of over 800 subtropical islands off the southern tip of Florida's mainland. The Keys primarily consist of a network of 30 inhabited coral islands covered with tropical vegetation arching southward between the shallows of Florida Bay on the north side and a barrier reef of living coral lying in the Atlantic Ocean to the south. The islands span a distance of over 100 miles. The climate is warm year- round. Monroe County covers a total of 1,034 square miles of land area, and comprises two geographically distinct areas. The northern part of the county is at the southwestern end of the mainland of Florida, and consists primarily of a portion of the Everglades with a few inhabitable areas. The second area is the true Keys, a series of islands beginning with North Key Largo and extending southwesterly 115 miles. Key West, the end of the island chain, is located approximately 160 miles southwest of Miami, 90 miles north of Cuba, and is the southernmost point in the continental United States. Key West is also the county seat for Monroe County. A map of Monroe County is provided below. 16 SLACK JOHNSTON Packet Pg. 2862 As of 2017, Monroe County was populated with an estimated 76,889 residents. The majority of the population is divided among the various areas of unincorporated Monroe County, with the largest population group in the Key West census division. The City of Key West proper comprises approximately 30% of Monroe County with a population of 24,597 in 2017. The City of Marathon had a population of 8,775 and the Village of Islamorada had a population of 6,326. The overall population in the Florida Keys has historically increased slightly each year since the 1940's; however, the 2010 census figures showed a slight decrease. The decrease is likely due to the exit of permanent residents, who were replaced by second home owners and transient residents. Overseas Highway, (U.S. Highway 1) is the only access from the mainland, by car, to all destinations in the Keys. It is the dominant commercial corridor throughout the county. Development along the highway includes a mixture of commercial, residential, industrial and tourist - related uses. While significant portions are zoned for commercial use, there are also many untouched tracts which have been purchased or targeted for purchase for natural preservation. As a result of the difficulties in gaining approvals for new development, the demand for large undeveloped tracts of land is almost non - existent in the private sector. Most new development takes place on already scarified sites or in the form of replacement of pre- existing structures. Most purchases of large tracts of land are made by governmental or conservation groups for preservation. Additional statistical information obtained from the Florida Legislature Office of Economic and Demographic Research is provided on the following pages. 17 SLACK JOHNSTON Packet Pg. 2863 Monroe County Florida's 38th most populous county with 0.4% of Florida's populaflofi Kov Vvp�� t maralhoil, Populalifin Housing wn,Gtv Fl.fid. RRf, - , P, 17 I Ill N IPRn nn ?J.5% 2M0 "'em"s 79 I �, 9 C, 2, IL 2 + I e t c rGl ed 17, I97 GN 1 10 %,rw,ge 1y917 -Du _- 31${, 235'y„ 13531 96` G 1 0 �IUIU .,. , 79U Pj Id L+IJ I ,J`, F' jij,,g u - IS, , 'L, I U C �,2 " 1A S �j B � 11 1 U s� - ,iiffl) 1 r, R fi% 'p e K T , I F,. P. T? �1 n 1 1 5 1 1n dj e , 10 ve a I �s c', 9 S I I.,I q 1 1 1 ; 1 65 years (�° @g p ar •,,er 7 1 Car! "' I M "In r"ac & Elt ,,C,Iy % K:,Re Ir,e i4 Uft Ukii are' pitt Dab; i, frica, Ar"w"mn alg,te h F- 102' 7 i ,38, 1 adirD j a r wpwe) N 11,3pi ric 1 L W, ?00 ? 20 d �G, d , lq,fi. 7. Q� Estim ms and P"J"tIont 2,36 201 ISEUM 76 Ono 211,4C414 All I 1 54,0 � 0 n R""Jim N11 '. -minve 2 - 5 2 Q 3 2i )7 9G I j Inn, o, TI 17 _,te M,W f4 1793 Al 1 11 ?)6 1 A, , 4 2 2 CA 2 0 1 7 i% n; 1 24 1 21,?! 9 1 0 1 P, "I I III De-ity Population chlrac.terisfics: L arg[ ge DPOI er v nr Oder 913, Pprsap, pee wqwaie T,3e L, II 1, M-ra. CW Florida 4IL,S Ii ,9sj Per T f- 28 j I, 31+%c 3 t t l Itlr aie,a, &-on `h LrnI ; Ldu, Households arid Family Households CmInn reoulmlun G and O'er ^± tlgan n 1. 1% Flourtholds Monroe Courmp Flodda Residence Wear Ago. U, Parsons aged' • and over "11,10 " e, 1U ,R, A, I I MUf nl,. J 1 2% 1. 1 g1 U1% It 1 -IT. "'M di ,101 �., uwe, 10 9.- Mr. 'n B ffi F,,i I cus�,n die U TIN, 1 d I )OM, 2 1) 1 G % n, s4 j 20 R,11 r .P� 1 F 11101 A 2% n 11 11 Fl,in d, W, D 7 'I I % I- P, I D I L, 1111 L 0 1110 18 32 Tn, d 1 D'V,, Dt erew c 31,anFf siate D qln{ 2 0` I` I 10 Ajjj, X19; 1 F, 4 I VAI 0 1 Al r_d ..I Employment by liiduMiy NumbwofEstablishm frith. Pa"*nz of All EwcaWlshm mss 2011 peel W j.." Idvnme. Ca tw Florida 2016 prelinhinaq M C... Alhrduu 11,nf; A), ndusrw_ i I jri' .7r, ifi I "JAwr I Resoure. 0 Nq-a *1 r ,FF Waturai ce & I,,nI ng I fl, 1 R" 544 66 D 1 11 , ". G 47 1 91 i , 4, C11 1 14 1 64 , ,j UVU 2154 „1011 1 9.yj: s 2vt I e% F,,Dnc,.aI Aeb, all e8 I ii -, 1 Arvid es I 1 3% If, 7 Y o f � m n a 1 .1 C. s I n e �,,s Fa e v I c c W, "i 7 � 1 DisIner .s - �emm 1 - 1 N, "I I AIrl � H-111, _11", I ')n, ' I 5) Ld"'bo, & H"OU, F DIX 11 '11, e "Id It QIIAA,t�, hb _:, ", A "w ow,,/ I j% "I Qv ql^ - 1 1 ! '1 0 1 " - uV I Jw 18 SLACK JOHNSTON 9 Packet Pg. 2864 Monroe County Aged 18 and Older Emplayniont by kiduqtfy no rich Un4m p loymene Rate A-9. Ann aal E. ploy m -t, florltli Average Annual Wage P391;. % of Al IrA-t,i-. 20 18 Prelim inaq M.- C-ty Fl-Ida 2018 pntfln I-V M-ro. C.-ty flo,'id. All os i .l "171 wl 5IR8 All Ind"'Ves ",q 1 ?8 Orr lqa[t,la, rlpsa,,rve & 0 4% 9 1, 51E ,I Pes w C�, „ Q1 nlrg '7 I W•yl us U b"I", F4 1, (, Y s-4, N -1 W,5, Jorwrov: - 1 AN I r -, F, 7,811 Ci"1 T,aoe T, ar,rponrxiop a,,�d 1 lulirii, 7 3M, j r, Tad- rr5npNTxo aid Ajlnea p'oniwl ji W.-Vi I EN, florid. - ,90 i 29, T21 ' G,13 "GO IF : 76 Ug 7 0 , Gf?al 8, Ejcl,)L`- �>Irv-s i ✓ i,7 5,N9 Ili of 11, Bo,ne; s vwe s F, , I f, � F, I ypi (t „ Y O, t'. Nea , t o p%, 14 Nile, a u 1. 1-I'l, �- . -, 0 ; Ift - od I ir31111 31. % d. L.N , I v '.T7 ,1,.9 pS2 26 1 Q 0:1 e, - ,l 5%, 1% m mjmr 21 1�1 I 1-1 Tll�� "Is q 0 2011 Labor Force S ,J� - j" , I D 11 Labor Force as Parcert of Pop W.Itl- Aged 18 and Older Monro* C ounity no rich Un4m p loymene Rate Monroe C ounty florltli 1 P391;. I T."Ll , I 51% 2jou GO 51 NO ci, ;1 2ci tU 579 %:. t 2 21,, 201':1 '7 % I U9.?., " 2 " _l t 3 % 4: Incurne and Financial Hewilth P--I Me- C ..rmy Ford. P-C.plea, M.- C.-tv florid. - ,90 11 Q4 T21 ' G,13 "GO 19,956 ):3flfj i ✓ i,7 5,N9 -C 'C PI I , IQ 7,j 11 % L` -v I 'I I) I% 0 I '.T7 ,1,.9 pS2 26 1 Q Y) -A, vlpF NID- 1 m t h 2QI Dw. I 1-1 Tll�� "Is q 0 2011 4 q6 S ,J� - j" , I D 11 V. IG 1 3 4 Al j 1 -,I 'U I L, 17-11 JLIL V-, I r) U, L 12 1 2 16.0 Tm��,u8b .'-w .0 1 3 TF i, I it FAU (U; lo lm-nq, ?F, Ia I. Y I , �, U% -L, 'Clo 155(75:97 'D10 DOM 77 3XI T�:) 064 "4 _, 7r :. -'I ;1 5 b , =, . " $b3u4,52 I Vja. Job -.0 1 E 145,441 'I. U J, I "1 7 4 % o""'v -ILI I J. 15 1 5 5% lb 1, ,4'2 21i 1 : 16 1 r"L I I % Eannimas by Place of Work tWl)") 10adl an Incorp. I RIM R93256s I ...... U 5200 N8Ofl 4 i 1 '4"i W3 I;- k �Q -f t- I W, ro IQ 4T r,00,6 f-< o, - 4`1 '+y 6% Percent in Poweity, 20 1 1 1 V2 1 4[,UU 4 $441 A!, 4, DalLl 1 I I "l5l. P 'A I hllfji, ?" I i1 I I ?i ;Nll . - 4 1 19 1 Q 0 ;M LM LL5u,U41 ,t U4 b- a xr,.. ve'r;rl'{ !jr% ID 1 2,013 T2,2 7;;2 W 4= !D 'j71) EdLicabon Y ch vge 2U I-- 1 0%, a Pbli. Ed..Ati- 5chewa PA.- r-nlyr ", I '1 ... , 0,.'e I rco Traditional, Setting PO IT-1a) 6of -p FWrida % charpe 2011-1 r 1 10 1 1, i q% Total • sw, 1-, q-ol "i31 f,ft I trl :'t;;701 Fl--w- I WIP :,11 1, 2 W I. -, "1 3, 5"N"! HJ7, $rl I pe,nonal Bankruptcy FIRM2 Rana Educational attainment 11w IAW population) Mo•nso C ounty Florida Persons Spa 25 and older Monroe County flot 1'2-rdwql I '-wo L.,W,,, W-1, J-1 2U t( L 9 Ili 1611'5 J-L 1-1 1., ji., _1,115 r U f 2 '1, 1- 1 1 I -, I jml, `,-d L, dvq rd, , 1, 1 :Al I U I it 111 31 7Y I'll I AVi, J% a;. U 9 % - Iwk 4IA Jt-J ill 1 'NO'4 -6,1 Quality of Lite Crime M.- County Ft Vii -kere A g.0 IS and &.. P4 . . . . C-tv Florida i'n we , gor 7 limae Evrp c ger I Yl Nil, 6 PI-o o a -- "o ho po-) '(:011;17 lco 28 rrl, T, it -j- 4 3 F, I ( id-, tv -, I, A 19 SLACK JOHNSTON Packet Pg. 2865 Monroe County Mate infrastructure Transportation Monroe County State Highway Monroe County Centerline Miles Reported County Government Revenues and 9xiguenditures Lane Mlles 3019 Revenue2015 -16 Monroe County Florida' Expenditures 2015 -16 Monroe County Florida' Total - AJ I Revenue Account Codes 3,3560 Total - All Expenditure Account Codes Municipal ($000x) $428,503 -.6 $40,323,6127 ($000s) $421,662.55 $38,724,729.62 Per Capita $ $5,634.72 $2,09746 Per Capita $ $5,544:76 $2,014 28 %ofTotal 100.0% 100.0% %ofTotal 984% 96.0% Taxes General Government Services " ($000s) $141,1606 $12,835,634.6 ($000s) $56892,96 $7,520,34277 Per Capita $ $1,856.23 $667.62 Per Capita $ $740.13 $391.10 of Total 329% 31.8% %ofTotal 13.3v% 186% Permits, Fee, and Special Assessments Public Safety ($000s) $19,409.0 $1,732,4576 ($000s) $108,409.72 $9,077,10665 Per Capita $ $25522 $90.11 Per Capita $ $1,425.56 $472.15 %ofTotal 4.5% 43% %ofTotal 25.3% 22.5% Intergovernmental Revenues Physical Environment ($000s) $52,473.1 $4,079466.6 ($000s) $67,120.13 $4,450,501.04 Per Capita $ $69001 $212.20 Per Capita $ $882.72 $231.56 %ofTotal 12.2% 10.1% %ofTotal 15.7% 11.0% Charges for Services Transportation ($000s) $75,376,6 $12,526,050,9 ($000s) $25,554.64 $4,573,520.57 Per Capita $ $991.18 $651.55 Per Capita$ $336.04 $237.80 %ofTotal 17.01 311% %ofTotal 6.0% 11.3% Judgments, Fines, and Forfeits Economi c Environment ($000s) $3,463.6 $292,667.1 ($000s) $35,331.69 $1451,92679 Per Capita $ $44.76 $16.54 Per Capita $ $464.60 $75.52 %ofTotal 0.8% 0.5% %ofTotal 8.2% 3.6% (Miscellaneous Revenues Human Services ($000s) $5,841,0 $908,143.1 ($000') $31,166.80 $3,212,191.93 Per Capita $ $76.81 $47.24 Per Capita $ $396.69 $167.08 % ofTotal 14% 2.3% l of Total 7.0% 0.0% Other Sources Culture 1 Recreation S000s) $130,839.6 $$,639,852.7 ($000') $5,71385 $1,496,681.81 Per Capita $ $1,726.51 $418.20 Per Capita$ $75.14 $77.85 %ofTotal 30.5% 199% %ofTotal 1.3% 37% Other Uses and N on- Operating ($000x) $83,751.70 $6,041,997.10 All County Governments Except Duval- The consolidated City ofdacksonville Qui County Per Capita$ $1.101.32 $314.28 figures are included In municipal totals rathe r than county gave rnment totals. %ofTotal 19.5% 15.0% Court Related Expenditures "(NotCoun- Related) ($600s) $8,713.00 $960,372.95 Per Capita $ $114.57 $46.83 %ofTotal 2.0% 2.2% State Facilities BuildingsrFacilities (min. 300 Square Feet) Number Square Footage. State Owned Lands State Lands Conservation Lands Parcels Acreage Non Conservation Lands Parcels Acreage Mate infrastructure Transportation Monroe County State Highway Monroe County Centerline Miles 1192 Lane Mlles 3019 Slate Bridges 12199.9 Number 58 State Facilities BuildingsrFacilities (min. 300 Square Feet) Number Square Footage. State Owned Lands State Lands Conservation Lands Parcels Acreage Non Conservation Lands Parcels Acreage 144 9,319 385,093 63,971,860 2,062 38,326 68,932.0 3,140,4229 108 5,880 561.5 160,3537 prepared br Fl o d t g lature off iE m', and oemograpn, Research Dx I1 c' 111w M d uStreet Sute. 574 Tzllah rise., FL 32311 -5588 (85D) )4a7 -1402 htti, //Q dr.stete,fl.us tune.2oaa 20 SLACK JOHNSTON Packet Pg. 2866 State and Local Taxation Florida 2017 Ad Valorem Millage Rates Monroe County Count Wide Not County -Wide' 12199.9 County 2.6957 0 7177 43,819.1 School 3,3560 Municipal 1.32110 6,783 Special Districts 04646 04362 *nnsTU n0uded n NUt cournv -wme "county" category 144 9,319 385,093 63,971,860 2,062 38,326 68,932.0 3,140,4229 108 5,880 561.5 160,3537 prepared br Fl o d t g lature off iE m', and oemograpn, Research Dx I1 c' 111w M d uStreet Sute. 574 Tzllah rise., FL 32311 -5588 (85D) )4a7 -1402 htti, //Q dr.stete,fl.us tune.2oaa 20 SLACK JOHNSTON Packet Pg. 2866 By definition, a neighborhood is a group of complimentary land uses. Typically, its boundaries can be fairly easily defined, be they physical, social, economic or governmental in nature. The unique geographical aspect of the Florida Keys creates land uses and neighborhood characteristics throughout the archipelago which are generally atypical. As mentioned previously, Monroe County is made up of a chain of small islands that sweep about 115 miles in a southwesterly direction from the southern tip of Florida's mainland, ending at Key West. Land uses are somewhat limited by the geography of Monroe County, and many uses take advantage of the natural resources, with tourism and commercial /sport fishing dominating the local economy. The concept of complimentary land uses are often overruled by constraints resulting from the odd configuration or limited availability of developable land. For these reasons, neighborhood boundaries are lesser defined, with incongruent uses existing throughout much of the county's developed areas. The subject property is located on Vacca Key in the City of Marathon. The City of Marathon was incorporated in 1999. Its boundaries extend from the east end of the Seven Mile Bridge (approximately Mile Marker 47) to the west end of Tom's Harbor Bridge (approximately Mile Marker 60). The City includes the islands of Boot Key, Knight Key, Hog Key, Vacca Key, Stirrup Key, Crawl and Little Crawl Keys, East and West Sister's Island, Deer Key and Fat Deer Key, Long Pine Key and Grassy Key. Marathon is one of the more populated areas of the Keys and has a higher concentration of commercial development than many other areas of the Keys. Commercial development includes a wide variety of motels, restaurants, shopping centers, drug stores, supermarkets, as well as a Home Depot center. According to the 2010 U.S. Census, there were 6,187 housing units within the City of Marathon representing approximately 13% of the total housing units in Monroe County. Marathon Airport is a mostly general aviation airport, and one of only two in the Florida Keys. Although there are other air strips in the Keys, Marathon and Key West are the only two airports providing commercial flights in and out of the Keys. Boating, fishing and water sports are a big part of the economy in the Florida Keys. According to statistics published by the Department of Motor Vehicles, there are approximately 29,000 registered vessels in Monroe County. This indicates almost 40% of the total population of Monroe County have a registered vessel. In all likelihood, there are probably significantly more vessels in Monroe County than registered due to the number of second home owners from neighboring counties to the north who register their vessels in Miami -Dade or Broward Counties. 21 SLACK JOHNSTON Packet Pg. 2867 L. \\ z E I ff 67 67 5 0 M I r r- Me a Wa M roT M- - -TM ff--O According to statistics published by Coldwell Banker Schmitt Real Estate Co., the number of sales of commercial properties has increased by 14% during 2018 over the same period in 2017. Approximately 6% of all sales in the Florida Keys were commercial properties. The average sales price decreased by approximately 11 %; however, the decrease in sales price could be reflective of properties being sold with unrepaired hurricane damage. Also as a result of the Hurricane Irma, the listing inventory, in both the commercial and residential markets, saw a significant drop as many properties sustained substantial damage. As repairs are made, all indications are that the real estate market is on the road to recovery and is presently fairly stable. Based on our visit to the area, there appears to be significantly more new construction taking place than in years prior. New construction includes both commercial and residential components. 23 SLACK JOHNSTON Packet Pg. 2869 DESCRIPTION OF THE SITE Shape: Mostly rectangular Land Area: 8,700 square feet 0.20 acre Frontage /Dimensions: Northern Boundary: 100 feet Southern Boundary: 100 feet Western Boundary: 87 feet Eastern Boundary: 87 feet Access: The site has corner location with frontage on Overseas Highway (U.S. Highway 1) and 30' Street. Access to the site is provided via a driveway from Overseas Highway. Topography: Level and at, or near, street grade. 24 SLACK JOHNSTON Packet Pg. 2870 Soil Conditions: No soil report of the property was provided. It is assumed that the soil is of sufficient load bearing capacity to support the construction of permanent structures. No evidence of any adverse soil conditions at the site was observed upon our physical visit to the property. The fact that the site has been improved with a building is proof that the site is suitable for development. Utilities: All public utilities are available to the area. Water and sewer service to the property is provided by the City of Marathon. Electricity is provided by the Florida Keys Electric Cooperative and local telephone service is provided by AT &T. Land Use Restrictions: No authoritative report of title has been provided or reviewed. A Grant of Water and Wastewater Easement was recorded in January, 2011. The dimensions of the easement are 15 feet by 15 feet and it is located at the northeast corner of the site. There do not appear to be any other easements, encroachments, or restrictions that would adversely affect the utilization of the site. Flood Insurance: The subject property falls within Zone AE -8. Zone AE is determined to be special flood hazard areas subject to inundation by the 1% annual chance flood. Base elevations of 8 feet determined. National Flood Insurance Community Panel Number 12087C1378K, effective date February 18, 2005. A copy of the flood map is presented on the following page. Environmental Study: An environmental risk study was not provided for our review. This appraisal report is based on the assumption that no conditions exist that would adversely affect the utilization or marketability of the property. 25 SLACK JOHNSTON Packet Pg. 2871 N 0 250 500 1.000 1.500 2.000 v Digital Data Available rl No Digital Data Avaibble MAP PANELS Hnma pped ;` The pindbpbyed on the map is an approximate pointselected bythe user and does not represent anauthoritatim property boatbn. This mapcomplieswith FEMA's standards for the —f digital flood maps if it is notvoid as described belr— The basemap shown camp lies with FEMAS basemap accuracg standards .v L. `+` T> rt c fQ.i: �x L e sas Cross Sections with 1% An nual Chance � - Nbter Surface Elution Coastal TrarnW -. - Base Fbod El.ation Lire (BFE) Li mit of Study JurMiction Boundary -- Coastal Transact Easelina OTHER _ Profile Baseline FEATURES Vrographic Feature The flood haze rd infer matien is der ivied di recr y from the autharitatire NFHLweb services provided by FEMA. Th is map was exported on 8/ 1/2016 at 12 l aft PM a nd does not raflact changes or amendments s ubsaquent to this data a nd time. Th a N FHL and affective infer mat ion may c har�ga or become superseded by newdata over time. This map i mage is void if the one or more of the folbwi ng map ale merts do rat appear: basamap imagery, flood zone bbe k, legend, scale ba r, map creation date, cam mwn itg ide mitiam, FIRM panel num bar, and FIR M affect Na date. Map images for unmapped a nd unmodern aed area s oan not be used for regulatory purposes. ►_a�rrs�z��E:��:�� *��rs_ National Flood Hazard Layer FI RMette My FE 0.2M Annual Charee Flood Hazard, Areas of 1°k ann uel c hence flood with —,age depth less than one foot or with drainage areas of less than one sq ware mile z,,� x Futu ra Conditions 1°k Annual Che rwe Flood Hazard ease x Areawith Reduced Flood Risk due to iTHER AREAS OF Levee. Sea Notes ' °' x FLOOD HAZARD _ _ Areawith Flood Re k d ue to L- 2 N89CREEN Areaof Minimal Flood Hazard Effectiws LOMRs OTHER AREAS Areaof Urc"rmired Fbod Ramrd x.,,r, GENERAL - - -- Chanrel,Culvart,or Storm Sewer STRUCTURES i i laves, Dika,or Fbodwall N 0 250 500 1.000 1.500 2.000 v Digital Data Available rl No Digital Data Avaibble MAP PANELS Hnma pped ;` The pindbpbyed on the map is an approximate pointselected bythe user and does not represent anauthoritatim property boatbn. This mapcomplieswith FEMA's standards for the —f digital flood maps if it is notvoid as described belr— The basemap shown camp lies with FEMAS basemap accuracg standards .v L. `+` T> rt c fQ.i: �x L e sas Cross Sections with 1% An nual Chance � - Nbter Surface Elution Coastal TrarnW -. - Base Fbod El.ation Lire (BFE) Li mit of Study JurMiction Boundary -- Coastal Transact Easelina OTHER _ Profile Baseline FEATURES Vrographic Feature The flood haze rd infer matien is der ivied di recr y from the autharitatire NFHLweb services provided by FEMA. Th is map was exported on 8/ 1/2016 at 12 l aft PM a nd does not raflact changes or amendments s ubsaquent to this data a nd time. Th a N FHL and affective infer mat ion may c har�ga or become superseded by newdata over time. This map i mage is void if the one or more of the folbwi ng map ale merts do rat appear: basamap imagery, flood zone bbe k, legend, scale ba r, map creation date, cam mwn itg ide mitiam, FIRM panel num bar, and FIR M affect Na date. Map images for unmapped a nd unmodern aed area s oan not be used for regulatory purposes. ►_a�rrs�z��E:��:�� *��rs_ National Flood Hazard Layer FI RMette My FE DESCRIPTION OF THE IMPROVEMENTS The subject property consists of a one - story, freestanding, commercial building located at 3015 Overseas Highway, Marathon, Monroe County, Florida. This location is between Mile Markers 48 and 49 of Overseas Highway. The building was previously occupied by the Keynoter, a local newspaper. The building is currently vacant. According to the Monroe County Property Appraiser's records, the building was originally constructed in 1963. There appears to have been two additions made to the original building; however, the dates of the additions are not known. The building contains 3,850 square feet. The building is of CBS construction with flat roof. An interior floor plan follows. The floor plan includes executive and staff offices, as well as some storage and open floor areas. There are also two restrooms and a kitchen area. Interior finishes include a combination ceramic tile and concrete flooring, suspended acoustical tile ceilings with fluorescent lighting and painted drywall interior partitions. The building is fully air - conditioned. There is asphalt -paved parking for approximately 15 cars on the east side of the building The parking area is striped with concrete bumpers. Landscaping is minimal. It appears that the rear portion of the building had some flooding during Hurricane Irma in September, 2017. This portion of the building is a slightly lower elevation than the front part of the building. The baseboards in the rear of the building have been removed. There was little evidence of roof damage. Other than the missing baseboards, the building is in average condition commensurate with its age. The building is approximately 55 years old. A building sketch provided by the Monroe County Property Appraiser's office, is provided on the following page. 27 SLACK JOHNSTON Packet Pg. 2873 Source: Monroe County Property Appraiser's Office R-3 C=0.00 50) SLACK JOHNSTON Packet Pg. 2874 L. \\ " z d4 E I ff 67 67 5 0 M I r r- Me a Wa M roT M- --TM REAL ESTATE TAX ANALYSIS The subject property is located in the City of Marathon, a municipality of Monroe County, and is subject to city and county ad valorem taxes on real property. The Florida Statutes provide for assessment and collection of ad valorem taxes on real property; however, the taxes are assessed, collected, and used on the local county level. The assessment for the property is established each year as of January 1st by the Monroe County Property Appraiser's Office at 100% of "Just Value ". The tax due is computed according to annual millage rates established by Monroe County. Millage rates are the amount paid to each taxing body for every $1,000 of assessed value. Taxes are payable in November with a 4% discount and become delinquent on April 1st. The assessments and taxes for the subject property are as follows: 2017 Real Estate Tax Assessment: Building $ 0 Land $566,338 Total $566,338 Just Value $566,338 2017 Real Estate Taxes: $5,572.82 The above real estate taxes do not reflect a 4% discount for prompt payment. According to the Monroe County Tax Collector's Office, there are no taxes due as of the date of valuation for the subject property. The Monroe County Property Appraiser does not distinguish between the value of the land and building. The total assessed value, however, equates to $147.10 per square foot based on a building area of 3,850 square feet. The taxes are approximately $1.45 per square foot of building area. 30 SLACK JOHNSTON Packet Pg. 2876 LAND USE AND ZONING Future Land Use According to the City of Marathon Future Land Use Map, the subject property has a land use designation of Mixed Use Commercial. A copy of the land use map is presented on the following page. According to the Marathon Comprehensive Plan: Mixed Use Commercid The principal purpose of the Mix o Use C ommercial future land use category is to provide far the establishment of mixed use development patterns and to recognize establi shed mixed use development patterns within the City. This land use category is irtended to provide far the commercial zoning districts where various types of comet ercial, retail, and office uses may be permitted at intensities which are consistent with the community character and the natural environment. and to provide for various types of residential uses, including employee housing and commercial apartments. Whenever and wherever possible, the maintenance and enhancement of commercial fishing and related traditional uses such as retail, storage, and repair and m aintenanc e whi ch support the c cart m erci al fishing industry shall b e enc our age d within thi s land use category. Heavy industrial uses and similarly incompatible uses shall be prohibited. Lawfully e stabli she d RV parks where the majority of the RV s spaces are maintained and rented as transient spaces are also allowed within the Mix e Use C omm ercial future land use category. The minimum lot sizeldensityhritensity identified in Table 1 -1 shall not preclude the continued use or redevelopm ent of existing commercial or residential uses on a smaller lot where such lot or parcel was platted or otherwise of record prior to the adoption of this Plan. Additionally, the application of the height and lot coverage limitations contained in the Plan and the Land Development Regulatims shall not preclude the repair or reconstruction of any structure or portion thereof which is damaged by any natural disaster or other casualty as provided for in Objective 1 -3.4 and P olicies therein. §163.31 77(6)(a)3.h F.S. 31 SLACK JOHNSTON Packet Pg. 2877 Future Land Use Map Zoning The subject property is located within the Jurisdictional boundaries of the City of Marathon and is zoned MU (Mixed Use). According to the Marathon Land Development Code, MU is as follows: mv(ed (;VIU) zonjn"g Distl The MU zoning district is designed to accomi a wide variety of commercial and retai[ activities that will result in the most efficient and attractive use of - 1.he City's historic bU'Slness district and the US 1 curridor, in an effort , to recognize the role of U 4 as the City c Marathon's "Main Street"., Spec.ificafly, this district provides for land uses that hiave a strong ped estrian-orientea character, with a n- and concentration of specialty shopping, transient lodging, retail, personal service, restaurant, cultural, fishing, industry, affordable hOLISIng and entertainrnent uses in the Old Town area, The MU district also provides for large-scale retail and commercial btr sOtess opportunities in other areas, inClUdin la g rger shopping centers, specialty shopping centers, individual multi-tenant comnierCial buildings, al-Itornabile services and sales, fast food restaurants, affordable housing residential uses, trarisient lodging and other retail establishments that serve the carn munity at kq The (MW district is designated within the Mixed- use Corninierda, (MUC) future land use categlan� an the Future Land Use Map (FF-LUM). E 4� 32 SLACK JOHNSTON Packet Pg. 2878 Zoning Map Based on the above information, the existing improvements are considered a legal and conforming use. 33 SLACK JOHNSTON Packet Pg. 2879 HIGHEST AND BEST USE The following definitions are from The Dictionary of Real Estate Appraisal (Sixth Edition) published by the Appraisal Institute: Highest and Best Use is "the reasonably probable use of property that results in the highest value. The four criteria that highest and best use must meet are legal permissibility, physical possibility, financial feasibility and maximum productivity." In estimating highest and best use, there are four stages of analysis: 1. Possible Use - normally dictated by physical constraints. 2. Permissible Use - what use would be permitted in consideration of existing zoning and other applicable laws governing the use of the property, as well as any deed restrictions that may exist. 3. Feasible Use - which possible and permissible uses will produce a net return to the owner of the site. 4. Maximally Productive - among feasible uses, which use will produce the highest net return to the land. To meet the tests of highest and best use, the use cannot be speculative or conjectural. It must be legal and probable. There must be a profitable demand for such use and it must return to the land the highest net return for the longest period of time. These tests have been applied to the subject property. In arriving at the estimate of highest and best use, the subject property was analyzed as vacant, as well as improved. As Vacant The highest and best use, as vacant, considers among all reasonable alternative uses, the use that yields the highest present land value, after payments are made for labor, capital, and coordination. The use of a property based on the assumption that the parcel of land is vacant or can be made vacant by demolishing any improvements. Physically Possible: The site is rectangular and contains approximately 8,700 square feet. The site is level and at, or near, street grade. Although no soil report for the subject has been provided, a visit to the property, as well as existing developments in the area revealed no problems associated with the physical aspects of developing the site. The area has good access and availability to public utilities. The site has a corner location with frontage on Overseas Highway. The physical characteristics of the subject site support a number of possible uses within the confines of its configuration, size and location. 34 SLACK JOHNSTON Packet Pg. 2880 ' Legally Permissible: Permissible or legal uses are those permitted by zoning and land use regulations. No recent title search was provided to the appraisers. It is assumed that there are no covenants, restrictions or easements that would adversely affect the use of the site to such an extent that it would negatively impact its value. The subject property has a land use designation of Mixed Use Commercial and a zoning classification of MU (Mixed Use), both permitting a variety of commercial uses. Offices and retail uses are permitted use under its current zoning classification. Feasible or Maximally Productive Use: It has been established that the subject property is of adequate size and shape to permit development. It has further been established that existing development in the area provides for potential development of commercial uses. In this area, commercial developments are concentrated along Overseas Highway. Based on the subject's location, its frontage along Overseas Highway and surrounding uses, the highest and best use of the subject site would be for development with an optimum size commercial development. Conclusion: Considering the location, physical characteristics and permissible uses of the property, and based upon an analysis of the site, the surrounding neighborhood, land uses and the real estate market in general, it is our opinion that the highest and best use of the subject property, as vacant, would likely be for a commercial use, likely retail or office in nature, within the constraints of zoning and market demand. As Improved Highest and best use, as improved considers the use that should be made of a property as it exists. An existing property should be renovated or retained, as is, so long as it continues to contribute to the total market value of the property, or until the return from a new improvement would more than offset the cost of demolishing the existing building and constructing a new one. The subject site is improved with a commercial building containing approximately 3,850 square feet. The building was originally constructed in 1963 and appears to be in average condition commensurate with its age. The building is of sufficient size to meet the needs of a number of type of users and, could be easily adapted. The subject building is most suitable for single- tenant occupancy. Since the existing improvements have been constructed on the site, the property becomes an integral unit consisting of both land and improvements. The integration of land and buildings relates to the concept of the marginal dollar. This theory implies that the existing use will continue as long as the property, as improved, has a market value exceeding the market value of the site, as vacant. 35 SLACK JOHNSTON Packet Pg. 2881 The highest and best use, as improved, considers the use that should be made of a property as it exists. Existing improvements should be renovated or retained as long as they contribute to the total value of the property, or until the return from the new improvement would more than offset the costs of demolishing those existing. The existing improvements are considered a legal and conforming use under existing land use and zoning. Given the building's floor plan and the quality of construction, any number of commercial uses would be considered feasible. Based upon the foregoing analysis, the current highest and best use of the property, as improved, is for continued use of the existing improvements until such time as they no longer generate sufficient income to support a total value over and above the land, plus the cost to remove the improvements. 36 SLACK JOHNSTON Packet Pg. 2882 VALUATION PROCESS There are three generally recognized approaches considered in the valuation of real property. They include the income, sales comparison, and cost approaches. It should be noted that the appropriateness and reliability of each approach depends on the type of property being appraised, the age and condition of the improvements, if any, and the availability and quality of market data available for analysis. The income approach provides an indication of value of a property based on a conversion of anticipated benefits (net income). The method of conversion is called capitalization and is either based on a single year's income (direct capitalization), or several years' income (discounted cash flow). The sales comparison approach provides an indication of value based on sales of properties considered similar. The cost approach provides an indication of the value of a property represented by the reproduction cost of the existing improvements, less accrued depreciation, to which is added the land value. As noted, in this instance, the sales comparison and income approaches were considered applicable in the valuation of the leased fee interest of the subject property as improved. The appraisal process is concluded by a review and re- examination of each of the approaches to value that were employed. Consideration is given to the type and reliability of data used and the applicability of each approach. These factors are reconciled and a final value estimate is made. 37 SLACK JOHNSTON Packet Pg. 2883 SALES COMPARISON APPROACH The sales comparison approach produces an estimate of value for real estate by comparing recent sales of similar properties in the subject's surrounding or competing area. Inherent in this approach is the principle of substitution, which states that when a property is replaceable in the market, its value tends to be set at the cost of acquiring an equally desirable substitute property, assuming that no costly delay is encountered in making the substitution. By analyzing sales which qualify as arm's - length transactions between willing, knowledgeable buyers and sellers, price trends can be identified from which value parameters may be extracted. Comparability in physical, locational, and economic characteristics are important criteria in evaluating the sales in relation to the subject property. The basic steps involved in the application of this approach are as follows: 1. Researching recent relevant property sales and current offerings throughout the competitive area. 2. A selection process to focus on properties considered most similar to the subject, and then analyzing the selected comparable properties giving consideration to the time of sale and any change in economic conditions which may have occurred as of the date of valuation. Other relevant factors of a physical, functional, or locational nature are also considered. 3. Reducing the sales to a meaningful unit of comparison, i.e., price per unit or price per square foot. 4. Making appropriate adjustments to the comparable properties. 5. Interpreting the data analyzed to draw a meaningful conclusion of value. The validity of this approach is dependent upon the availability and relevancy of the data. Since the subject parcel is a commercial building, our sales research included the collection and analysis of sales of commercial properties having characteristics similar to the subject property. Typically, commercial properties sell based on units of comparison particular to the property type (e.g., price per square foot, price per unit, etc.). In this analysis, the unit of comparison is the sales price per square foot of building area. The subject property is located at 3015 Overseas Highway in Marathon, Florida. The commercial 1963 with additions and renovations made over time. The building is in average condition. It contains a total rentable area of 3,850 square feet. The site contains 8,700 square feet and is zoned for commercial uses. The land -to- building ratio is 2.26:1. As of the date of value, the subject property was vacant. 38 SLACK JOHNSTON Packet Pg. 2884 Our research concentrated on recent sales of commercial buildings in the Florida Keys. Our research extended from January, 2016 to the date of value (July, 2018). A summary chart and location map are included on the following pages. Detailed information of the sales is presented in the addenda. Presented herein are five sales of commercial properties that occurred between December, 2016 and June, 2018. All of the sales included in our analysis are considered to represent the best available data as of the date of valuation. The buildings of the sales range in size from 2,520 square feet to 6,280 square feet, compared to the subject's building area of 3,850 square feet. They were originally built between 1958 and 1994, compared to the subject's year built of 1963. The sales reflected unadjusted per square foot prices from $148.81 to $274.91 of building area. 39 SLACK JOHNSTON Packet Pg. 2885 F41111JAILTITAWKX7 =1[ - MAD UR L. 0 C) rt Z> ch Z NO. LOCATION LAND AREA (SO.FT.) BUILDING AREA (SO.FT.) LAND! BLDG, RATIO YEAR BUILT SALE DATE SALES PRICE PRICE PER SOFT. 1 90184 Overseas Highway 31,500 6,017 5.24 1973 Jun -18 $1 5199A3 Plantation Key 2 2797 Overseas Highway 5,600 2,520 2,22 1958 Mar-18 5375,000 5148.81 Ma ratho n O 3 87889 Overseas Highway 21,000 2,91❑ 7.22 1994 Feb-18 5800,000 5274.91 Plantation Key 4 87899 Overseas Highway 12,000 4,200 2.86 1985 Dec -17 $860,000 $204.76 Plantation Key 5 6803 Overseas Highway 13,325 6,280 2.12 1968 Dec-16 $980.000 $156.05 Marathon Subj. 3015 Overseas Highway 8.700 3,850 2.26 1963 Marathon ir,i up, ovT' Building Sales :» 41 SLACK | JOHN /TON Packet Pg. 2887 \ Discussion of the Building Sales Sale 1 is located at 90184 Overseas Highway on Plantation Key in the Village of Islamorada. This property has a corner location with frontage on three streets. This freestanding building is two stories, contains approximately 6,017 square feet and was originally built in 1973. The building is situated on a 31,500 square foot site. The land to building ratio is 5.24:1. The building was vacant at the time of sale and was previously utilized as a bank branch and was in good condition. The building is currently being converted to a restaurant use (Mangrove Mike's). This property was on the market for approximately 4 months. The original asking price was $1,495,500 which was reduced to $1,250,000. The building sold in June, 2018 for $1,200,000, or $199.43 per square foot of building area. Sale 2 is located at 2797 Overseas Highway in Marathon. This property has a corner location with frontage on two streets. This building is one story, contains approximately 2,520 square feet and was originally built in 1958. The building is situated on a 5,600 square foot site. The land to building ratio is 2.22:1. The building was previously occupied by three tenants; however, it was purchased by an owner user (All About Windows and Doors). According to the real estate agent, at the time of sale the building had some unrepaired hurricane damage and was in fair condition. It appears the new owner is in the process of a "gut" renovation of the property. This property was on the market for over one year. The original asking price (pre - hurricane) was $600,000. The building sold in March, 2018 for $375,000 or $148.81 per square foot of building area. Sale 3 is located at 87889 Overseas Highway on Plantation Key in the Village of Islamorada. This property has an interior location with frontage on two streets. This building is two stories, contains approximately 2,910 square feet and was originally built in 1994. The building is situated on a 21,000 square foot site. The land to building ratio is 7.22:1. A portion of the site is wooded. The building was previously occupied by a law firm. According to the real estate agent, at the time of sale the building was in good condition at the time of sale. This property was on the market for approximately six months. The original asking price was $999,000. The building sold in February, 2018 for $800,000 or $274.91 per square foot of building area. Sale 4 is located at 87899 Overseas Highway on Plantation Key in the Village of Islamorada. This property has a corner location with frontage on three streets. This building is one story, contains approximately 4,200 square feet and was originally built in 1985. The building is situated on a 12,000 square foot site. The land to building ratio is 42 SLACK JOHNSTON Packet Pg. 2888 2.86:1. The building was previously occupied by medical equipment supplier and is currently occupied by a roofing company. According to the real estate agent, at the time of sale the building was in average condition. This property was on the market for less than a month. The original asking price was $980,000. The building sold in December, 2017 for $860,000 or $204.76 per square foot of building area. Sale 5 is located at 6803 Overseas Highway in Marathon. This property has a corner location with frontage on two streets. This building is one story, contains approximately 6,280 square feet and was originally built in 1968. The building is situated on a 13,325 square foot site. The land to building ratio is 2.12:1. The building is leased at rates around $15.00 per square foot, triple net. The building was reported to be in average condition at the time of sale. The original asking price was $1,395,000. The building sold in December, 2016 for $980,000 or $156.05 per square foot of building area. Adjustment Factors Property characteristics and sale terms considered in our analysis are financing, changes in market conditions, conditions of sale, size, location, topography, zoning and size. Each of these items has been analyzed and compared to the subject property and are discussed on the following paragraphs. Financing: The sales were cash to the seller transactions, with typical terms of purchase for the subject market and no adjustments for financing are warranted. Terms of Sale: All of the properties were considered sold as arm's length transactions; therefore, no adjustments are required. Time/Market Conditions: As noted, our research for comparable building sales extended from July, 2016 to the date of a valuation (July, 2018). The sales presented herein transpired between December, 2016 and June, 2018. Sales 1 through 4 are reflective of market conditions and no adjustments are required for changes in market condition/time. Sale 5, having taken place in December, 2016, is considered to warrant upward adjustment for market conditions. Building Size: The subject building contains approximately 3,850 square feet of rentable area. The sales presented herein contain from 2,520 square feet to 6,280 square feet of rentable area. The sales do not reflect a difference in price based on size; therefore, no adjustments are considered to be required. 43 SLACK JOHNSTON Packet Pg. 2889 Building Age /Condition: The subject building was originally constructed in 1963 with two additions and some renovations made over time. The building is in overall average condition with some interior renovations needed. The buildings of the comparable sales were originally built between 1958 and 1994. The overall age /condition of Sales 2, 4 and 5 are considered generally similar to the subject's; therefore, no adjustments are required. Sales 1 and 3 are considered superior in condition and age warranting downward adjustment. Land -to- Building Ratio: A site's land -to- building ratio indicates the quantity of land area relative to the area of the building improvement on the site. Within normal market parameters, a higher land -to- building ratio indicates more available land for parking or other requirements and the possibility of future building expansion on the site. The subject's land -to- building ratio is 2.26:1, based on a building area of 3,850 square feet. The sales reflect land -to- building ratios from 2.12:1 to 7.22:1. The land -to- building ratios of Sales 2, 4 and 5 are considered generally similar to the subject's ratio; therefore, no adjustment is considered to be required. Sales 1 and 3 with land -to- building ratios of 5.24 and 7.22, warrant downward adjustments for their higher land -to- building ratios. Location: The subject property is located in the Florida Keys in the City of Marathon, a municipality of Monroe County. The overall locations of the sales are considered generally similar to the subject's location; therefore, no adjustments are required. Analysis and Conclusions Based on the above, the sales reflected the following adjustments: No. 1 2 3 4 5 Sale Date Jun -18 Mar -18 Feb -18 Dec -17 Dec -16 Price /Sq.Ft. $199.43 $148.81 $274.91 $204.76 $156.05 Financing = _ _ _ _ Terms of Sale = _ _ _ _ Time = _ _ _ + Size = _ _ _ _ Age /Condition = + L/B Ratio /Parkin Location Overall - + 44 SLACK JOHNSTON Packet Pg. 2890 ' Equal reliance has been placed on the five sales. We have estimated the market value of the subject property to be within the range of $180.00 to $200.00 per square foot, which is calculated as follows: 3,850 Square Feet x $180.00 Per Square Foot = $693,000 3,850 Square Feet x $200.00 Per Square Foot = $770,000 Rounded: $735,000 45 SLACK JOHNSTON Packet Pg. 2891 INCOME APPROACH The income approach is a procedure where anticipated economic benefits to be derived from property ownership are converted into a value estimate through a capitalization process. The principle of "anticipation" underlying this approach acknowledges that an investor recognizes a relationship between income and asset value. The process of estimating the anticipated economic benefits from a particular property requires the estimation of potential income and expense and the selection of the most appropriate capitalization method. The two most commonly utilized methods of processing net income into value are direct capitalization, where an overall rate is extracted directly from market sales in which the net income is known or can be closely approximated, and the discounted cash flow method, whereby anticipated future income streams and a reversionary value are discounted to a net present value estimate. The income approach is most reliable when estimates of rental income and operating expenses, as well as the selection of the capitalization technique, are based on market conditions. The discounted cash flow analysis is most appropriate when the anticipated cash flows are expected to fluctuate over a projected holding period. In this analysis, the direct capitalization method is appropriate and has been used in our analysis of the fee simple interest in the subject property. In this procedure, the potential gross income (PGI) is estimated, as well as vacancy and collection loss, operating expenses, and net operating income (NOI), as well as the determination of the appropriate capitalization rate. The vacancy and collection loss is deducted from the PGI and results in effective gross income (EGI). Operating expenses are deducted from the effective gross income resulting in net operating income before debt service. The net operating income is then divided by the capitalization rate to produce a value estimate by the direct capitalization method. The subject building is currently vacant and was mostly recently owner - occupied. Rental rates for office /commercial properties are often quoted "gross or net of utilities" or "triple -net" basis. A gross lease typically includes that the tenant pays their own utilities and the landlord pays all other expenses including real estate taxes and insurance. A triple -net lease means the tenant pays the operating expenses in addition to the base rent. This pro rata share of expenses is often referred to as a "pass through ", or common area maintenance (CAM) charge. The operating expenses passed through to the tenant include real estate, insurance, management fees, common area repairs and maintenance and utilities. 46 SLACK JOHNSTON Packet Pg. 2892 Potential Gross Income We have surveyed competitive buildings within the subject area to estimate the current market rent for the subject property. Based on our research, the comparable properties are typically leased on a net of utilities or electric basis. Leases that are net of utilities provide for the landlord to pay a majority of the building expenses (real estate taxes, insurance, etc.) and the tenants to pay the electric, water /sewer, and garbage. A summary of the rentals is presented below. A map showing their location in relation to the subject follows. Photographs and aerials of the rentals are presented in the addenda. SUMMARY OF BUILDING RENTALS YEAR UNIT SIZE1 ASKING PROPERTY NO. LOCATION BUILT RENTABLE SF RENTISQ.FT. EXPENSES 1 8085 Overseas Highway 1949 750 $16.80 Net of Utilities Marathon 2 6803 Overses Highway 1968 1,500 $15.00 NNN ($8.00) Marathon 3 6400 Overseas Highway 1981 565 $22.83 Net of Utilities Marathon Subject 3015 Overseas Highway 1963 3,850 Marathon ......:..: 47 SLACK JOHNSTON Packet Pg. 2893 L. \\ I z 4:6 9 I E I ff 67 67 5 0 M I r r- Me a Wa M roT M- - -TM 0 0 3 CD X CD U) Discussion of Comparable Rentals Rental 1 is a one -story office building located at 8085 Overseas Highway in Marathon. The building was originally constructed in 1949 but appears to be in good condition. The building contains 2,024 square feet and has approximately 750 square feet available for lease. According to the property owner, the asking rent is $16.80 per square foot, net of utilities. Lease terms are negotiable. Rental 2 is a one -story office building located at 6803 Overseas Highway in Marathon. The 6,280 square foot building has approximately 1,500 square feet available for rent. The asking rent is $15.00 per square foot, triple net. According to the leasing agent, the pass throughs are approximately $8.00 per square foot. The effective rent equates to approximately $22.00 per square foot inclusive of utilities. The building was constructed in 1968 and is in good condition. Lease terms are negotiable. Rental 3 is located at 6400 Overseas Highway in Marathon. This is a two- story, multi - tenant building in good condition. According to the owner, there is approximately 565 square feet available. The asking rental rate is $22.83 per square foot, net of utilities. Lease terms are negotiable. Estimate of Market Rent and Potential Gross Income The comparable rentals provide an adjusted rental range from $16.80 to $22.83 per square foot, net of utilities. Based on a review of the market conditions, we have estimated the current market rent for the subject building at $20.00 per square foot, net of utilities. The potential gross income (PGI) for the subject property is estimated as follows: Potential Gross Income: 3,850 rentable sq. ft. X $20.00 per sq. ft. = $77,000 Vacancy & Collection Loss The investor is primarily interested in the cash revenues that an income property is likely to produce annually over a specified period of time, rather than what it could produce if it were always 100% occupied and all the tenants were actually paying their rent and expense reimbursement in full and on time. It is normally a prudent practice to expect some income loss, either in the form of actual vacancy, turnover, non - payment or slow payment of rent by tenants. The subject area represents a stable market and with many buildings still undergoing repair from damage caused by Hurricane Irma about one year ago, there is a finite amount of office and /or commercial space available in Marathon. Based on our analysis, 49 SLACK JOHNSTON Packet Pg. 2895 we have estimated a stabilized vacant rate and collection loss of 5.0% for the subject building. Effective Gross Income Effective gross income is equal to potential gross income less vacancy and collection loss. We have estimated the stabilized effective gross income as follows: Potential Gross Income: $77,000 Less Vacancy & Collection Loss (5 %): ($ 3 Effective Gross Income: $73,150 Operating Expenses In our analysis of the fee simple valuation of the subject property assuming stabilized operations, we reviewed available expense information for the subject property and estimated other operating expenses based on industry standards, as well as conversations with building owners and property managers. The comparable operating expenses are summarized as follows: Real Estate Taxes: As discussed in the real estate tax section of this report, we have estimated the real estate taxes, excluding a 4% discount for prompt payment, would be $5,572. We have estimated the real estate taxes for the subject property to be $5,350, taking into the 4% discount for prompt payment. Insurance: The listing agent provided the insurance premiums for the subject property of approximately $21,000 per year ($5.45 /sq.ft.) including both windstorm and flood. We have estimated the stabilized insurance expense for the subject property at $5.45 per square foot ($21,000 /year). Management /General Administrative: Based on our analysis and given the size of the property and relative simplicity of management for a single tenant building, we have estimated a management fee of 3.0% of effective gross income, or $2,190 ($0.57 per square foot). Repairs & Maintenance: An allowance for repairs and maintenance of the property has been included at $0.75 per square foot. Miscellaneous Expenses: The stabilized miscellaneous expense has been estimated at $960 or $0.25 per square foot. 50 SLACK JOHNSTON Packet Pg. 2896 Total Operating Expenses Based on the above information, the subject's operating expenses have been estimated at $32,390, or $8.41 per square foot. The operating expenses reflect an expense ratio of 44.3% of effective gross income. Net Operating Income (NOI) The net operating income is the anticipated net income that remains after all operating expenses are deducted from effective gross income (potential gross income less vacancy and collection loss). We have estimated the stabilized net operating income for the subject property as follows: Effective Gross Income: $73,150 Less Operating Expenses: - $32,390 Net Operating Income: $40,760 Stabilized Income /Expense Statement 3015 Overseas Highway 3 1 850 Sq.Ft. Potential Gross Income Vacancy & Collection Loss Effective Gross Income Operating Expenses Real Estate Taxes Insurance Management /Ad ministrative Repairs /Maintenance Miscellaneous Total Operating Expenses Net Operating Income $40,760 $10.59 51 SLACK JOHNSTON Packet Pg. 2897 Total $ /RSF $77,000 $20.00 5.0% $3,850 $1.00 $73,150 $19.00 % EGI 7.3% $5,350 $1.39 28.7% $21,000 $5.45 3.0% $2,190 $0.57 4.0% $2,890 $0.75 1.3% $960 $0.25 44.3% $32,390 $8.41 Net Operating Income $40,760 $10.59 51 SLACK JOHNSTON Packet Pg. 2897 Direct Capitalization Method Direct capitalization converts stabilized anticipated net operating income into an indicated value by the use of an overall rate of return. Capitalization rates are a relationship between the property's net income and value. The process of capitalization converts a property's income into a single value. The direct capitalization formula is as follows: Income / Rate = Value The capitalization rate used in this report was obtained from a review of investment surveys for similar properties, as well as from an analysis of the comparable improved sales for which the income and expense information was provided and from which capitalization rates could be estimated. An overall rate of return (going -in capitalization rate) is best derived from an analysis of actual sales. A current survey of investor criteria reflected the following: Source Property Type Overall Cap Rate PWC— 2nd 2018 SE Florida Office Market 5.00% - 9.50 %; 8.31% Average National Suburban Office Market 4.35% - 10.00 %; 6.58% Average National Secondary Office Market 5.00% - 9.50 %; 7.49% Average Income Approach Analysis and Conclusion — In estimating a capitalization rate for the subject property, the location of the subject property within a stable office submarket of the Florida Keys was taken into consideration. Based on our analysis, we have estimated an overall capitalization rate (OAR) of 6.0% in the application of the direct capitalization method. The overall rate has been applied to the estimated net operating income (NOI) which was estimated in the preceding section. Based on our analysis, the market value of the subject property has been estimated using the income approach as follows: $40,760 NOI / 6.0% OAR = $679,300 Rounded: $680,000 52 SLACK JOHNSTON Packet Pg. 2898 RECONCILIATION AND FINAL VALUE ESTIMATE The purpose of the appraisal is to provide an estimate of the market value of the fee simple interest in the subject property as of July 30, 2018. In the valuation of the subject property, the sales comparison and income approaches to value have been utilized. In the preceding sections of this report, indications of value for the property, based on the applicable appraisal approaches indicated the following values: Sales Comparison: $735,000 Income Approach: $680,000 Within the income approach, the income and expense estimates utilized were estimated were supported by information provided by the listing agent and a survey of competitive commercial properties. The conclusions made as to market rent, occupancy, expenses, capitalization rate, etc., are considered realistic in view of market conditions as of the date of value. The income approach is typically the approach to value relied upon by investors of income producing properties. For these reasons, the income approach is considered a reliable value indicator. The sales comparison approach tends to be relied upon more heavily by purchasers of owner /user properties. The reliability of this approach is good when there are sales of similar properties on which to base a comparison. Several sales involving office and commercial properties were researched for use in the sales comparison approach. Our analysis required consideration of differing property characteristics, as compared with those of the property being appraised. Given the quality of the data applied, this approach is also considered a reliable indicator of the subject's market value. Typically, a purchaser /investor of a free - standing building in the Florida Keys would place most emphasis on the sales comparison approach. In determining final value estimate of the subject property, most reliance was placed on the sales comparison approach to arrive at our estimate of market value. Based on our investigation and analysis, we have formed the opinion the "as is" market value of the fee simple interest in the subject property as of July 30, 2018, was as follows: SEVEN HUNDRED THIRTY -FIVE THOUSAND DOLLARS ($735,000). 53 SLACK JOHNSTON Packet Pg. 2899 ADDENDUM A — PHOTOGRAPHS OF THE SUBJECT PROPERTY 1. View of subject property — looking southeasterly from Overseas Highway. 2. View of subject property — looking northeasterly from 30' Street. 54 SLACK JOHNSTON Packet Pg. 2900 ' 3. View of eastern elevation and parking area. 4. View of subject property — view facing southwesterly. 55 SLACK JOHNSTON Packet Pg. 2901 f «� � 5. Interior view - front portion of building. 6. Interior view — executive office. 56 SLACK JOHNSTON Packet Pg. 2902 Interior view — rear portion of the building. Additional interior view. 57 SLACK JOHNSTON Packet Pg. 2903 Interior view — break room. 10. Restroom. U - 9 3 SLACK JOHNSTON Packet Pg. 2904 11. Overseas Highway — subject property on the left. 12. 30' Street — subject property on the left. 59 SLACK JOHNSTON Packet Pg. 2905 ADDENDUM B — BUILDING SALES Type: BUILDING SALE I Freestanding Commercial Building Location: 90184 Overseas Highway, Plantation Key, Islamorada, Florida Legal Description: I cats 2, 3, 26,27, and 28 in Block 17 of PLAWXVION KFV COLONY, FIRST ADDITION, accordine, to the Plat thereof, as recorded in Plat Boot' 4, tm page 4, of tire Public Records of MONROE COUNTY, Ilorida. 'fOGETI WIT14 a perpetual easenient for drainage over and across tile following described property: Lots 4 in Block 17 of PLANTATION KE' , V COLONY, rli6T ADDITION, according to the Plat thereof, as recorded in Plat Book 4, on page 4, of the Public Records of MON ROE COLIKIN, Florida, Parcel ID: 00431870-000000 Sales Information: Grantor Branch Banking and Trust Company Grantee Rentals, LLC Date of Sale June, 2018 60 SLACK JOHNSTON Packet Pg. 2906 ORB /Page Sales Price Terms of Sale Unit Price: Marketing Time Prior Sale Physical Description: Land Area Building Area Land -to- Building Ratio Year Built No. Stories Condition Parking Zoning: Comments: 2913/270 $1,200,000 Cash to Seller. $199.43 Per Square Foot of Building Area 4 months None five years prior 31,500 Square Feet 6,017 Square Feet 5.24:1 1973 2 Average 30 spaces, more or less VC (Village Center); Islamorada This building was previously a bank branch and is in the process of being renovated for use as a restaurant and bar. 61 SLACK JOHNSTON Packet Pg. 2907 BUILDING SALE 2 Type: Commercial Building Location: 2797 Overseas Highway, Vacca Key, Marathon, Florida Legal Description: The East 56 feet of Lot 14), Block 2, SOMBRERO SUBDIVISION NO. 4, according to the Plat thereof, as recorded in Plat Book 3, Page 6, of the Public Records of Monroe County, Florida. SUBJECT to a 12 foot prescriptive easement for ingress and egress running along the southerly 12 feet of the above - described property, with said easement running for the benefit of the property lying immediately to the West. Parcel ID: Sales Information: Grantor Grantee Date of Sale ORB /Page Sales Price Terms of Sale Unit Price: Marketing Time 00321550- 000000 Florida Keys Enterprises, LLC All About Doors & Floors, Inc. March, 2018 2897/291 $375,000 Cash to Seller. $148.81 Per Square Foot of Building Area Over one year 62 SLACK JOHNSTON Packet Pg. 2908 Prior Sale Physical Description: Land Area Building Area Land -to- Building Ratio Year Built No. Stories Condition Parking Zoning: Comments: None five years prior 5,600 Square Feet 2,520 Square Feet 2.22:1 1958 1 Fair to Average Limited MU (Mixed Use); Marathon This building was reportedly in fair to average condition at the time of sale. The new owner is substantially renovating the property. 63 SLACK JOHNSTON Packet Pg. 2909 BUILDING SALE 3 Type: Freestanding Commercial Building Location: 87889 Overseas Highway, Plantation Key, Islamorada, Florida Legal Description: Lots 12, 13, 14 and the North 1 /2 of Lot 15, Block 3, PLANTATION BEACH, according to the Plat thereof, as recorded in Plat Book 2, at Page 76, of the Public Records of Monroe County, Florida. Parcel ID: Sales Information: Grantor Grantee Date of Sale ORB /Page Sales Price Terms of Sale Unit Price: 00413140 - 000000 Silver Paws of the Keys, LLC CBT Construction and Development, Inc. February, 2018 2891/770 $800,000 Cash to Seller. $274.91 Per Square Foot of Building Area 64 SLACK JOHNSTON Packet Pg. 2910 Marketing Time Prior Sale Physical Description: Land Area Building Area Land -to- Building Ratio Year Built No. Stories Condition Parking Zoning: Comments: Approximately 6 months None five years prior 21,000 Square Feet 2,910 Square Feet 7.22:1 1994 2 Good Adequate HC (Highway Commercial); Islamorada This is a metal building with stucco exterior. The building was occupied by a law office at the time of sale. This property includes adjacent, wooded lots. 65 SLACK JOHNSTON Packet Pg. 2911 BUILDING SALE 4 Type: Freestanding Commercial Building Location: 87899 Overseas Highway, Plantation Key, Islamorada, Florida Legal Description: Lots 1 and 2, Block 3, PLANTATION BEACH, according to the Plat thereof, as recorded in Plat Book 2, at Page 76, of the Public Records of Monroe County, Florida. Parcel ID: Sales Information: Grantor Grantee Date of Sale ORB /Page Sales Price Terms of Sale Unit Price: Marketing Time 00413060 - 000000 Coral Medial Equipment & Supply, Inc. Lindholm Enterprises, LLC December, 2017 2883/672 $860,000 Cash to Seller. $204.76 Per Square Foot of Building Area Approximately 1 month 66 SLACK JOHNSTON Packet Pg. 2912 Prior Sale Physical Description: Land Area Building Area Land -to- Building Ratio Year Built No. Stories Condition Parking Zoning: Comments: August 2013; $630,000 12,000 Square Feet 4,200 Square Feet 2.86:1 1985 1 Average Adequate HC (Highway Commercial); Islamorada This was purchased for an owner /user. 67 SLACK JOHNSTON Packet Pg. 2913 BUILDING SALE 5 Type: Freestanding Commercial Building Location: 6803 Overseas Highway, Plantation Key, Islamorada, Florida Legal Description: Lot 1, Block 2, FIRST ADDITION TO SEA CREST SUBDIVISION, according to the Plat thereof, as recorded in Plat Book 2, at Page 144, of the Public Records of Monroe County, Florida. Parcel ID: Sales Information: Grantor Grantee Date of Sale ORB /Page Sales Price Terms of Sale Unit Price: Marketing Time 00338980 - 000000 68 — Overseas, LLC 6803 Property, LLC December, 2016 2830/179 $980,000 Cash to Seller. $156.05 Per Square Foot of Building Area Not available 68 SLACK JOHNSTON Packet Pg. 2914 Prior Sale Physical Description: Land Area Building Area Land -to- Building Ratio Year Built No. Stories Condition Parking Zoning: Comments: August 2013; $1,247,800 (may not have been arm's length; included assumption of a mortgage) 13,325 Square Feet 6,280 Square Feet 2.12:1 1968 1 Average Adequate MU (Mixed Use); Marathon This building is currently leased to more than one tenant at approximately $15.00 per square foot, triple net. 69 SLACK JOHNSTON Packet Pg. 2915 ADDENDUM C — BUILDING RENTALS 70 SLACK JOHNSTON Packet Pg. 2916 Rental 1 — 8085 Overseas Highway Rental 2 — 6803 Overseas Highway p� (D w O (D (D PD L. o Z > rt ch N Z -4 ' s_ M I r r- Me a Wa M roT M- --TM ADDENDUM D — QUALIFICATIONS OF THE APPRAISER ANDREW H. MAGENHEIMER, MAI EDUCATION: Bachelor's Degree, The University of the South, Sewanee, Tennessee, 1986 EXPERIENCE: Over thirty years in the field of real estate, involved in various forms of consultation, appraisal, economic research and market analysis. June, 1997 to Present, Principal, Slack, Johnston & Magenheimer, Inc. August, 1991 to May, 1997, Senior Appraiser, Slack & Johnston, Inc. February, 1987 to July, 1991, Staff Appraiser, Dixon & Friedman, Inc. GENERAL APPRAISAL EXPERIENCE: Appraisals - Vacant land, environmentally sensitive land, aviation facilities, industrial facilities, shopping centers, office buildings, apartment buildings, residential developments and single- family residences. Consulting - Economic research, market analysis, feasibility analysis and ad valorem real estate tax assessment appeals pertaining to industrial, commercial and residential properties. Litigation Support — Appraisals and consulting, including expert testimony, concerning various property types. AFFILIATIONS: Licensed Florida Real Estate Broker Florida State - Certified General Real Estate Appraiser, Certification No. RZ 1073 Appraisal Institute Member, MAI, Certificate Number 10133, Continuing Education Completed HUD MAP Training 2002 President of the South Florida Chapter of the Appraisal Institute 72 SLACK JOHNSTON Packet Pg. 2918