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07/17/2019 Grant Date Submitted: 2019-07-31 12:29:13.490 1 Form Key: 5343 Exhibit A as modified on 7-19-19 Exhibit A to RFA 2019-101—CDBG-DR Financing in Monroe County 1. Certification and Acknowledgement forms a. Applicant Certification and Acknowledgement form Provide the Applicant Certification and Acknowledgement,executed by the Authorized Principal Representative,as Attachment 1. b. Land Owner Certification and Acknowledgement form (Priority I and II Applications only) To be considered a Priority I or 11 Application, provide the Land Owner Certification and Acknowledgement form,executed by the Authorized Land Owner Representative as Attachment 1. 2. Demographic Commitment The Demographic Commitment must be Workforce,serving the general population. 3. Applicant,Developer, Management Company,and Contact Person a. Applicant (1) Name of Applicant Monroe County Housing Authority (2) Does the Application qualify as a Priority 1, 11 or III? Priority I Application If a Priority I or Priority 11,state the name of the Local Government, Public Housing Authority, Land Authority,or Community Land Trust that is the Land Owner for use in the Land Owner Award Tally and, if applicable,will be the recipient of the Land Acquisition Program Funding. Monroe County(also identified as: Monroe County Board of County Commissioners and the Board of County Commissioners of Monroe County, Florida If the Community Land Trust is the Land Owner,the Community Land Trust must demonstrate that it qualifies as a Community Land Trust by providing the required information as Attachment 2. (3) If the Applicant is a Single Purpose Legal Entity, provide the required documentation to demonstrate that the Applicant is a legally formed entity qualified to do business in the state of Florida as of the Application Deadline as Attachment 2. (4) Non-Profit Applications Page 1 of 12 RFA 2019-101 Date Submitted: 2019-07-31 12:29:13.490 1 Form Key: 5343 Exhibit A as modified on 7-19-19 (a) Does the Applicant or the General Partner or managing member of the Applicant meet the definition of Non-Profit Entity as set forth Exhibit B of this RFA? No If"Yes", provide the required information for the Non-Profit entity as Attachment 3 and answer question (b) below. (b) Does the Applicant or the General Partner or managing member of the Applicant also meet the definition of 100% Non-Profit Entity as set forth Exhibit B of this RFA? Choose an item. b. General Developer Information (1) Name of each Developer(including all co-Developers) Monroe County Housing Authority (2) For each Developer entity listed in question (1) above(that is not a natural person, Local Government, Public Housing Authority,or Land Authority), provide, as Attachment 4,the required documentation demonstrating that the Developer is a legally formed entity qualified to do business in the state of Florida as of the Application Deadline. (3) Affordable Housing Experience Funding Preference Does at least one natural person Principal of the Developer entity,or if more than one Developer entity,at least one natural person Principal of at least one of the Developer entities, meet the requirements to qualify for the Affordable Housing Experience Funding Preference? Yes If"Yes", in order to qualify for the preference, provide, as Attachment 4,the required prior experience chart demonstrating the experience. (4) Federal Funding Experience Funding Preference Does at least one Principal of the Developer entity,or if more than one Developer entity,at least one Principal of at least one of the Developer entities, meet the requirements to qualify for the Federal Funding Experience Preference? Yes Page 2 of 12 RFA 2019-101 Date Submitted: 2019-07-31 12:29:13.490 1 Form Key: 5343 Exhibit A as modified on 7-19-19 If"Yes", in order to qualify for the preference,the prior experience chart provided as Attachment 4 must demonstrate the experience. C. Principals Disclosure for the Applicant and for each Developer(5 points) (1) Eligibility Requirement To meet the submission requirements, upload the CDBG-DR Principals of the Applicant and Developer(s) Disclosure Form (Form Rev.06-19) ("Principals Disclosure Form")with the Application and Development Cost Pro Forma,as outlined in Section Three of the RFA. (2) Point Item Applicants will receive 5 points if the uploaded Principal Disclosure Form was stamped "Approved"during the Advance Review Process provided it is still correct as of Application Deadline. d. General Management Company Name of the Management Company: Monroe County Housing Authority If the Development consists of more than 25 units, provide,as Attachment 5,the required prior experience chart for the Management Company or a principal of the Management Company reflecting the required information. e. Authorized Principal Representative/Contact Person (1) Authorized Principal Representative contact information (required) Name: J. Manuel Castillo,Sr Organization: Monroe County Housing Authority Street Address: 1400 Kennedy Drive City: Key West State: FL Zip: 33040 Telephone: (305)296-5621 E-Mail Address: castillom@kwha.org (2) Operational Contact Person information (optional) Name: Click here to eater text, Organization: Click here to eater text, Street Address: Click ears to enter text, City: Click here to eater text, State: Click here to eater text, Zip: Click here to eater text, Telephone: Click here to eater text, Page 3 of 12 RFA 2019-101 Date Submitted: 2019-07-31 12:29:13.490 1 Form Key: 5343 Exhibit A as modified on 7-19-19 E-Mail Address: Click here to eater text, 4. General Proposed Development Information a. Name of the proposed Development Monroe County Scattered Sites b. Development Category must be new construction,with or without acquisition. All units must consist entirely of new construction units. Rehabilitation of existing units is not allowed. Demolition of current structures is allowed. C. Select the Development Type Single Family Homes d. Resiliency Preference Does the proposed Development meet the Resiliency Preference? Yes e. Has construction commenced? No Note: If"Yes", all rules and regulations in Item 5 of Exhibit C,which includes cross- cutting Federal Regulations,will apply. S. Location of proposed Development a. This RFA is open only to proposed Developments located in Monroe County. b. Address of Development Site 4 scattered sites all located in Unincorporated Monroe County: 31535 Avenue C, Big Pine Key(RE 00302670-000000); 31 S.Conch Ave, Conch Key(RE 00385780-000400); 2 N. Conch Ave,Conch Key(RE 00385780-000000);AND Atlantic Boulevard,Atlantic Boulevard and Homestead Avenue, Key Largo (RE 00453440-001100) C. Does the proposed Development consist of Scattered Sites? Yes d. Latitude and Longitude Coordinates (1) Latitude and Longitude Coordinates of the first site Page 4 of 12 RFA 2019-101 Date Submitted: 2019-07-31 12:29:13.490 1 Form Key: 5343 Exhibit A as modified on 7-19-19 Latitude in decimal degrees, rounded to at least the sixth decimal place 24.671065 Longitude in decimal degrees, rounded to at least the sixth decimal place -81.340755 (2) If the proposed Development consists of Scattered Sites, identify the latitude and longitude coordinate for any additional sites not identified above, rounded to at least the sixth decimal place: 24.789866 -80.890095 24.789810 -80.889674 25.092867 -80.440133 6. Number of Building and Units a. Total number of units in the proposed Development: 25 b. Set-Aside Commitments (1) Workforce Units The Applicant must commit to set aside 100 percent of the total units at or below 80 percent Area Median Income (AM I). (2) Extremely Low-Income (ELI)Set-Aside Units At least 10 percent of the total units must be set-aside at or below 25 percent AMI as Extremely Low-Income (ELI)Set-Aside Units. (3) Link Units for Persons with Special Needs All Developments must commit to set-aside at least 50 percent of the ELI Set- Aside units(i.e.,at least 5 percent of the total units)as Link Units for Persons with Special Needs. C. Unit Mix Chart Number of Number of Units per Number of Units that Bedrooms/Bathrooms Bedroom Type are ELI Set-Aside per Unit Units 1 Bedroom/1 Bathroom 18 2 2 Bedrooms/1 Bathroom 2 E"Ll 3 Bedrooms/3 Bathrooms 5 1 Page 5 of 12 RFA 2019-101 Date Submitted: 2019-07-31 12:29:13.490 1 Form Key: 5343 Exhibit A as modified on 7-19-19 (1) How many Zero Bedroom Units are described in the unit mix chart? 0 (2) How many one-bedroom units are described in the unit mix chart? 18 (3) How many two-bedroom units are described in the unit mix chart? 2 (4) How many three-bedroom units are described in the unit mix chart? 5 (5) How many four-bedroom units are described in the unit mix chart? 0 d. Number of Buildings Number of anticipated residential buildings: 25 7. Readiness to Proceed a. Site Control The properly executed Site Control Certification form (Form Rev.08-18)and attachments must be provided as Attachment 6 to demonstrate site control as of Application Deadline. b. Ability to Proceed documents (1) Provide the required documentation to demonstrate zoning as Attachment 7. (2) Provide the required documentation to demonstrate availability of electricity as Attachment 8. (3) Provide the required documentation to demonstrate availability of water as Attachment 9. (4) Provide the required documentation to demonstrate availability of sewer as Attachment 10. Page 6 of 12 RFA 2019-101 Date Submitted: 2019-07-31 12:29:13.490 1 Form Key: 5343 Exhibit A as modified on 7-19-19 (5) Provide the required documentation to demonstrate availability of roads as Attachment 11. 8. Construction Features a. Federal requirements and State Building Code requirements for all Developments are outlined in Section Four. b. General feature requirements for all Developments are outlined in Section Four. C. Accessibility feature requirements for all Developments are outlined in Section Four. d. Green Building Features: (1) Green Building feature requirements for all Developments are outlined in Section Four. (2) Applicants must commit to achieve one of the following Green Building Certification programs described in Section Four. Florida Green Building Coalition (FGBC) 9. Resident Programs For all proposed Developments that consist of less than eight units,there is no requirement to commit to any of the resident programs below. For proposed Developments that consist of eight to 25 units,it is a Mandatory requirement that at least one of the resident programs is selected, but this may be off-site if accommodations are made so that residents can attend. For all proposed Developments that consist of more than 25 units, it is a Mandatory requirement that at least two of the resident programs are selected and offered on-site. ❑ After School Program for Children ® Adult Literacy ❑ Employment Assistance Program ❑ Family Support Coordinator ❑ Financial Management Program 10. Funding a. Corporation Funding (1) Development Funding available to all Applicants (a) Development Funding Request Amount: $7,032,682 (b) Land Acquisition Program Funding Request Amount: $2,000,000 The Maximum Funding Request amounts are provided in Section Four A.10.of the RFA. (2) Other Corporation Funding Page 7 of 12 RFA 2019-101 Date Submitted: 2019-07-31 12:29:13.490 1 Form Key: 5343 Exhibit A as modified on 7-19-19 (a) If a PLP loan has been awarded for this Development, provide the following information: Corporation File# Amount of Funding C t, snt(. (EXt I $ (b) If any other Corporation funds will be incorporated as a source of financing for the proposed Development, provide the information in the chart below: Corporation Program Corporation File No. Amount of Funding SAIL Ent(n He No. $Lr tr HOME-Rental Ent(n He No. $Entr o. MMRB Entin He No. $Lti `i o. EHCL Ent(n He No. $Lr tr b. Non-Corporation Funding Attach all funding proposals executed by the lender(s)or by any other source as Attachment 12. C. Development Cost Pro Forma To meet the submission requirements, upload the Development Cost Pro Forma with the Application and CDBG-DR Principals of the Applicant and Developer(s) Disclosure Form (Form Rev.06-19) ("Principals Disclosure Form"),as outlined in Section Three of the RFA. d. Public Housing Authority as a Principal of the Applicant Entity Is a Principal of the Applicant Entity a Public Housing Authority or an instrumentality of a Public Housing Authority? Yes If the Principal of the Applicant Entity is an instrumentality of a Public Housing Authority,state the name of the Public Housing Authority: Monroe County Housing Authority 11. Uniform Relocation Act a. Are there any units occupied? Yes If"Yes"—Go to question b. below. If"No"—Go to question c. below. Page 8 of 12 RFA 2019-101 Date Submitted: 2019-07-31 12:29:13.490 1 Form Key: 5343 Exhibit A as modified on 7-19-19 b. Tenant Relocation Information for Existing Properties: (1) How many total units now exist in the development?20 (2) How many units are occupied? 18 Recreation Vehicles(RV's)and 2 Mobile Homes (3) Based on the income information of each tenant, is permanent relocation (displacement)anticipated during or after the construction period? Yes If"Yes", how many units are affected? Unknown at this time because it is unclear if all households are eligible under the Uniform Relocation Act (4) Will temporary relocation of any tenants be required? Yes If"Yes", how many tenants will require temporary relocation? Unknown because it is currently unclear if all households are eligible under the Uniform Relocation Act (5) Provide the required list of all occupied units and tenant income certifications as Attachment 13. (6) Provide the required description of how the Development will meet the set- aside requirements as Attachment 14. (7) Provide the required description of how the cost of relocation will be covered as Attachment 15. C. Uniform Relocation Act(URA)Acquisition Information: (1) Does the Applicant or Land Owner currently own the Development site? Yes If"Yes" -Provide a narrative regarding the acquisition as Attachment 16 and skip questions(2)through (4) below. If"No" -Answer question (2) below. (2) Is the Applicant or Land Owner a private company? No Page 9 of 12 RFA 2019-101 Date Submitted: 2019-07-31 12:29:13.490 1 Form Key: 5343 Exhibit A as modified on 7-19-19 If"Yes" -Provide a copy of the notice provided to the current owner/seller as Attachment 17 and skip questions(3)and (4) below. If"No" -Answer question (3) below. (3) Is the Applicant or Land Owner a public (government)Applicant? Yes If"Yes" -Answer question (4) below. If"No" -Skip question (4) below. (4) Does the Applicant have eminent domain power? Yes If"Yes" -Provide a copy of the required notice as Attachment 18. If"No" - Provide the required information as Attachment 18. ***************** B. Addenda The Applicant may use the space below to provide any additional information or explanatory addendum for items in the Application. Please specify the particular item to which the additional information or explanatory addendum applies. SECTION 3a.(2)-LAND OWNER Monroe County, Monroe County Board of County Commissioners,and the Board of County Commisioners of Monroe County are listed on various documents in the Attachments to Exhibit A of the application.All references are Monroe County,the Land Owner for this application. SECTION 5b. -DEVELOPMENT SITE ADDRESSES: --31535 Avenue C, Big Pine Key(RE 00302670-000000)-This parcel was formally known as 31535 and 31553 Avenue C, Big Pine Key with RE 00302670-000000 and RE 00302680-000000.The parcels were recently combined by the Monroe County Property Appraiser and are now only listed as 31535 Avenue C, Big Pine Key(RE 00302670-000000) by the Property Appraiser.This address is used in this application as it is now the official address. However,some documents in the attachments still reference both addresses and/or RE numbers including the legal description attached to the Land Owners Certification Page 10 of 12 RFA 2019-101 Date Submitted: 2019-07-31 12:29:13.490 1 Form Key: 5343 Exhibit A as modified on 7-19-19 and Acknowledgement Form,the lease,and the purchase and sale. Because the legal descripton on the current deed for the property includes both RE numbers,these documents follow the description on the deed.When the property is purchased by Monroe County,the address and the RE number on the new deed and on any relavent documents will be revised to match what is now reflected by the Monroe County Property Appraiser. --2 N.Conch Ave, Conch Key(RE 00385780-000000)-USPS lists multiple addresses at this site because it is a RV/mobile home park; however,the Monroe County Property Appraiser lists the address for this property as 2 N. Conch Ave with one RE number(Parcel ID number). For clarity sake,the address listed by the Monroe County Property Appraiser is being used for this application. --RE numbers(parcel ID numbers)were added to the addresses in this application to aid the signatories of the Ability to Proceed forms to ensure the correct parcels are identified. Section 10a(1)(b)-LAND ACQUISITION PROGRAM FUNDING REQUESTS: --31535 Avenue C, Big Pine Key(RE 00302670-000000)and 2 N.Conch Ave,Conch Key(RE 00385780- 000000) is a request for funding for FUTURE purchase of land --31 S.Conch Ave,Conch Key(RE 00385780-000400) is a request for funding for REIMBURSEMENT of land purchase --Atlantic Boulevard,Atlantic Boulevard and Homestead Avenue, Key Largo (RE 00453440-001100) is NOT requesting any Land Acquisition Program Funding as it was purchased by Monroe County in 2004 SECTION 11c(1) - UNIFORM RELOCATION ACT The Land Owner(Monroe County) owns two of the four parcels submitted for funding in the application --2 N.Conch Ave, Conch Key(RE 00385780-000000)and Atlantic Boulevard,Atlantic Boulevard and Homestead Avenue, Key Largo (RE 00453440-001100).The Applicant has entered into a 99-year lease for all four parcels for$10/year as required by the application so has"ownership"as defined only in this question.The narrative for the acquisition of these two parcels and for the lease with the Applicant are described in Attachment 16 The instructions state to skip questions 11c.(2)-(4) if the answer is "yes"to question 11c.(1). However, since this application includes both parcels that have been purchased by the Land Owner and parcels that are under a purchase and sales agreement with the Land Owner,all questions in Section 11 have been answered SECTION 11c.(4) -UNIFORM RELOCATION ACT This question in Exhibit A asks if the Applicant has the power of eminent domain while the instructions for 11c.(4)state that"(a) If the buyer has the power of eminent domain,the buyer must notify the seller in writing that it has such power and the determination of market value for the property is being Page 11 of 12 RFA 2019-101 Date Submitted: 2019-07-31 12:29:13.490 1 Form Key: 5343 Exhibit A as modified on 7-19-19 waived. Provide a copy of the required notice as Attachment 18 to Exhibit A."The "buyer" in this application is Monroe County and has the power of eminent domain. Applicant is defined in Exhibit B of this RFA as"(a)ny person or legal entity of the type and with the management and ownership structure described herein that is seeking a loan or funding from the Corporation...". Monroe County is the Land Owner and "buyer" for two parcels in this application and is requesting Land Acquisition Program Funding from the Corporation for a total of three parcels. Because Monroe County is"seeking a loan or funding" as defined in Exhibit B,the County is also considered an Applicant. Monroe County has the power of eminent domain so the answer is"yes"to this question and only the information requested for the"buyer" as outlined in the instructions for Section 11c.(4) has been included in Attachment 18. While Monroe County Housing Authority is also a public Applicant,they have entered into a 99-year lease with Monre County for$10 a year as required by this application.They do not have the power of eminent domain so only the information requested for the "buyer" as stated in the instructions is included in Attachment 18. Page 12 of 12 RFA 2019-101 Date Submitted: 2019-07-31 12:29:13.490 1 Form Key: 5343 RFA 2019.101 DEVELOPMENT COST PRO FORMA (Page 1 of7) NOTES: (1) Deve lope rfee may not exceed the limits established in Rule Chapter 6748,F.A.C.,or this RFA Any portion of the fee that has been deferred must be included in Total Development Cost. (2) General Contractor's fee is limited to 14%of actual construction cost(for Application purposes,this is represented by A1.1.Column 3),rounded down to nearest dollar.The General Contractor's fee must be disclosed. The General Contractor's fee includes General Conditions,Overhead,and Profit. (3) For Application purposes,the maximum hard cost contingency allowed cannot exceed 5%of the amount provided in column 3 for A1.3.TOTAL ACTUAL CONSTRUCTION COSTS for Developments where 50 percent or more of the units are new construction. Otherwise the maximum is 15%. The maximum soft cost contintengy allowed cannot exceed 5%of the amount provided in column 3 for A2.1 TOTAL GENERAL DEVELOPMENT COST. Limitations on these contingency line items post-Application are provided in Rule Chapter 6748,F.A.C. (4) Operating Deficit Reserves(ODR)of any kind are not to be included in C.DEVELOPMENT COST and cannot be used in determining the maximum Developer fee. In addition,an ODR is not permitted in this Application at all. If one has been included,it will be removed by the scorer,reducing total costs. However,one may be included during the credit underwriting process where it will be sized.The final cost certification may include an ODR,but it cannot exceed the amount sized during credit underwriting. (5) Although the Corporation acknowledges that the costs listed on the Development Cost Pro Forma,Detail/Explanation Sheet, Construction Analysis and Permanent Analysis are subject to change during credit underwriting,such costs are subject to the Total Development Cost Per Unit Limitation as provided in the RFA,as well as the other cost limitations provided in Rule Chapter 67-48,F.A.C.,as applicable. USE THE DETAIL/EXPLANATION SHEET FOR EXPLANATION OF*ITEMS. IF ADDITIONAL SPACE IS REQUIRED,ENTER THE INFORMATION ON THE ADDENDA LOCATED AT THE END OF THE APPLICATION. What was the Development Category of the Proposed Development: New Construction(w/or w/o Acquisition) Indicate the number of total units in the proposed Development: 25 Units 1 3 ENTER TOTAL TOTAL COSTS IN THIS COSTS COLUMN DEVELOPMENT COSTS Actual Construction Costs Accessory Buildings Demolition New Rental Units 4,200,000 4,200,000 *Off-Site Work(explain in detail) Recreational Amenities Site Work 250,000 250,000 *Other(explain in detail) A1.1. Actual Construction Cost $ 4,450,000 $ 4,450,000 A1.2. General Contractor Fee see N11(3) (Max.14%of A1.1.,column 3) $ 600,000 $ 600,000 A1.3. TOTAL ACTUAL CONSTRUCTION COSTS $ 5,050,000 $ 5,050,000 A1.4. HARD COST CONTINGENCY 11,N1e(4) $ 245,000 $ 245,000 Date Submitted: 2019-07-31 12:29:13.490 1 Form Key: 5343 RFA 2019-101 DEVELOPMENT COST PRO FORMA (Page 2 of 7) 1 3 ENTER TOTAL TOTAL COSTS IN THIS COSTS COLUMN General Development Costs Accounting Fees 20,000 20,000 Appraisal 7,500 7,500 Architect's Fee-Site/Building Design 75,000 75,000 Architect's Fee-Supervision 25,000 25,000 Builder's Risk Insurance 25,000 25,000 Building Permit Capital Needs Assessment Engineering Fees 50,000 50,000 Environmental Report 25,000 25,000 FHFC Administrative Fee See Note(2) FHFC Application Fee See Note(2) 1,500 1,500 FHFC Compliance Fee See Note(2) FHFC PRL/Credit Underwriting Fees See Note(2) 14,082 14,082 Green Building Certification/ HERS Inspection Costs 30,000 30,000 *Impact Fees(list in detail) Inspection Fees 21,000 21,000 Insurance 25,000 25,000 Legal Fees 75,000 75,000 Market Study 6,500 6,500 Marketing/Advertising Property Taxes Soil Test Report 5,000 5,000 Survey 50,,000 50,000 Tenant Relocation Costs 300,000 300,000 Title Insurance&Recording Fees 25,000 25,000 Utility Connection Fee 112,500 112,500 *Other(explain in detail) A2.1. TOTAL GENERAL DEVELOPMENT COST $ 893,082 $ 893,082 A2.2. SOFT COST CONTINGENCY See Note(4) $ 44,600 $ 44,600 Date Submitted: 2019-07-31 12:29:13.490 1 Form Key: 5343 RFA 2019-101 DEVELOPMENT COST PRO FORMA (Page 3 of 7) 1 3 ENTER TOTAL TOTAL COSTS IN THIS COSTS COLUMN Financial Costs Construction Loan Origination/ Commitment Fee(s) Construction Loan Credit Enhancement Fee(s) Construction Loan Interest Non-Permanent Loan(s)Closing Costs Permanent Loan Origination/ Commitment Fee(s) Permanent Loan Credit Enhancement Fee(s) Permanent Loan Closing Costs Bridge Loan Origination/ Commitment Fee(s) Bridge Loan Interest *Other(explain in detail) A3. TOTAL FINANCIAL COSTS $ $ ACQUISITION COST OF EXISTING DEVELOPMENT(excluding land) Existing Building(s) *Other(explain in detail) B. TOTAL ACQUISITION COSTS OF EXISTING DEVELOPMENT(excluding land) $ $ C. DEVELOPMENTCOST $ 6,232,682 $ 6,232,682 (A 1.3+A 1.4+A2.1+A2.2+A 3+B) Developer Fee See N"e(1) Developer Fee on Acquisition Costs Developer Fee on Non-Acquisition Costs 800,000 800,000 D. TOTAL DEVELOPER FEE $ 800,000 $ 800,000 E. OPERATING DEFICIT RESERVES See Note(5) $ $ F. TOTAL LAND COST $ 2,000,000 $ 2,000,000 G. TOTAL DEVELOPMENT COST See Note(6) $ 9,032,682 $ 9,032,682 (C+D+E+F) Date Submitted: 2019-07-31 12:29:13.490 1 Form Key: 5343 RFA 2019-101 DEVELOPMENT COST PRO FORMA (Pace 4 of 7) Detail/Explanation Sheet Totals must agree with Pro Forma. Provide component descriptions and amounts for each item that has been completed on the Pro Forma that requires a detailed list or explanation. DEVELOPMENT COSTS Actual Construction Cost (as listed at Item Al.) Off-Site Work: Other: General Development Costs (as listed at Item A2.) Impact Fees: Other: Financial Costs (as listed at Item A3.) Other: Acquisition Cost of Existing Developments (as listed at Item 82.) Other: NOTES: Neither brokerage fees nor syndication fees can be included in eligible basis. Consulting fees,if any,and any financial or other guarantees required for the financing must be paid out of the Developer fee.Consulting fees include,but are not limited to,payments for Application consultants,construction management or supervision consultants,or local government consultants. Date Submitted: 2019-07-31 12:29:13.490 1 Form Key: 5343 RFA 2019-101 DEVELOPMENT COST PRO FORMA (Page 5 of 7) CONSTRUCTION ANALYSIS AMOUNT LENDERITYPE OF FUNDS A. Total Development Costs $ 9,032,682.00 B. Construction Funding Sources: 1. First Mortgage Financing $ 9,032,682.00 FHFC-CDBG-DR 2. Second Mortgage Financing $ <select from menu> 3. Third Mortgage Financing $ <select from menu> 4. Fourth Mortgage Financing $ <select from menu> 5. Fifth Mortgage Financing $ <select from menu> 6. Sixth Mortgage Financing $ <select from menu> 7. Seventh Mortgage Financing $ <select from menu> 8. Eighth Mortgage Financing $ <select from menu> 9. Ninth Mortgage Financing $ <select from menu> 10. Tenth Mortgage Financing $ <select from menu> 11. Other: $ 12. Other: $ 13. Deferred Developer Fee $ 14. Total Construction Sources $ 9,032,682.00 C. Construction Funding Surplus (B.14.Total Construction Sources, less A.Total Development Costs): $ 0.00 (A negative number here represents a funding shortfall.) Each Attachment must be listed behind its own Tab. DO NOT INCLUDE ALL ATTACHMENTS BEHIND ONE TAB. Date Submitted: 2019-07-31 12:29:13.490 1 Form Key: 5343 RFA 2019-101 DEVELOPMENT COST PRO FORMA (Page 6 of 7) PERMANENT ANALYSIS AMOUNT LENDERITYPE OF FUNDS A. Total Development Costs $ 9,032,682.00 B. Permanent Funding Sources: 1. First Mortgage Financing $ 9,032,682.00 FHFC-CDBG-DR 2. Second Mortgage Financing $ <select from menu> 3. Third Mortgage Financing $ <select from menu> 4. Fourth Mortgage Financing $ <select from menu> 5. Fifth Mortgage Financing $ <select from menu> 6. Sixth Mortgage Financing $ <select from menu> 7. Seventh Mortgage Financing $ <select from menu> 8. Eighth Mortgage Financing $ <select from menu> 9. Ninth Mortgage Financing $ <select from menu> 10. Tenth Mortgage Financing $ <select from menu> 11. Other: $ 12. Other: $ 13. Deferred Developer Fee $ 14. Total Permanent Funding Sources $ 9,032,682.00 C. Permanent Funding Surplus (B.14.Total Permanent Funding Sources, less A.Total Development Costs): $ 0.00 (A negative number here represents a funding shortfall.) Each Attachment must be listed behind its own Tab. DO NOT INCLUDE ALL ATTACHMENTS BEHIND ONE TAB. Date Submitted: 2019-07-31 12:29:13.490 1 Form Key: 5343 RFA 2019-101 DEVELOPMENT COST PRO FORMA (Page 7 of 7) The intent of this page is to assist the Applicant in determining a TDC PU Limitation for the proposed Development and comparing it to the appropriate RFA's TDC PU Limitation. The accuracy of the comparison is dependent upon the accuracy of the inputs and Florida Housing takes no responsibility in any programing errors. FHFC will not use this page to score TDC PU Limitation criteria. If FHFC makes any adjustments to the Applicant's data or assumptions,FHFC's TDC PU for Limitation purposes of the proposed Development or the TDC PU Limitation determined by FHFC may be different than the amounts provided below. Please read the RFA for qualifying responses and definition of terms. This table is optional and its use is at the sole discretion of the Applicant. Applicant is responsible to verify and be in compliance with all aspects of the Application to meet RFA criteria. TDC PU LIMITATION ANALYSIS Not in South Florida,New Construction,Garden,ESSC. In which county is the proposed Development to be located? Monroe (Small County) You have indicated above on row 32 that the Development Category of the Proposed Development is...................................... New Construction(w/or w/o Acquisition) What is the proposed Development's Development Type? Garden Does the proposed Development qualify as Enhanced Structural Systems Construction(ESSC)? Yes The TDC PU Base Limitation for the above defined Development is.......... $248,000 Does the proposed Development qualify for any of the following TDC PU Add-Ons or Multipliers? Choose all that apply. 1. (a) PHA is a Principal/Affiliate Add-On....................................... Yes ( elect one or no (b) Requesting HOME funds from FHFC Add-On........................ option,as applicable) (c)Requesting CDBG-DR funds from FHFC Add-On.................... Yes 2. Tax-Exempt Bond Add-On......................................................�/i/ii/i/ii/i/ _Selec,t if applicable) 3. (a) North Florida Keys Area Multiplier........................................ Yes (Select one option if (b)South Florida Keys Area Multiplier........................................ No applicable) 4. (a) Persons with Developmental Disabilities Multiplier....................,, , ,, , ,, , ,, , ,, , ,, ,,. (b) Persons with a Disabling Condition Multiplier........................., , ,;,;„ , ,,;, ,;, „ , ,,;, ,;, (Select one or no (c)Persons with Special Needs Multiplier..................................... option,as applicable) (d) Homelss Demographic Multiplier......................................... 5. Elderly ALF Multiplier. """°'°"""'°'°"""'°'°'............................................................�G�G�!�!��G�G��!�!��G�G�� `:3elet;i it aE7(7ljca{JIe) 6. (a) Less than 51 units Multiplier .............................................. ,, _.elect one option it (b)More than 50 units,but less than 81 units Multiplier* , , ,,;, ,;, „ , ,,;, ,;, „ , ,,;, ,;, applicable) le) *For 9%HC Permanent Supportive Housing RFAs only. The proposed Development must be new construction to qualify as well as not being located in Monroe County. The final overall TDC PU Limitation for the above defined Development is.. $389,230.77 Derivation of the TDC PU of the proposed Development for Limitation purposes: Total Development Costs(Line G.,column 3) $9,032,682.00 Less Land Costs(Line F.,column 3) $2,000,000.00 Less Operating Deficit Reserves(Line E.,column 3) $0.00 Less Demolition and Relocation Costs,if applicable $300,000.00 TDC of the proposed Development for Limitation Purposes: $6,732,682.00 TDC PU of the proposed Development for Limitation Purposes: $269,307.28 Is the proposed Development's TDC PU for Limitation purposes equal to or less than the TDC PU Limitation provided in the RFA?.................. Yes Date Submitted: 2019-07-31 12:29:13.490 1 Form Key: 5343 ------------------------------------------------------------------------------------------------------------------------- CDBG-DR Principal Disclosures for the Applicant APPROVED for ON-HOUSIwG CREDITS FFIFCAdvance Review 7.11.19 --------------------------------------------------------------- ------------------------------ Select the organizational structure for the Applicant entity: � The Applicant is a: Public Housing Authority Provide the name of the Applicant Public Housing Authority: Monroe County Housing Authority First Principal Disclosure Level: Click here for Assistance with Com letin the Entries for the First Level Princi al Disclosure for the A plicant First Level Select Type of Principal of Select organizational structure Entity 4 Applicant Enter Name of First Level Principal of First Level Principal identified 1. Executive Director J.Manuel Castillo,Sr.(Secretary) Natural Person 2. Commissioner Richard Toppino Natural Person 3. Commissioner Ailton Lopez Natural Person 4. Commissioner Pat Labrada Natural Person 5. Commissioner Carey Goodman(Vice Chairman) Natural Person 6. Commissioner Aaron Castillo(Chairman) Natural Person Page 1 of 2 CDBG-DR Principals of the Applicant and Developer(s)Disclosure Form(Form Rev.06-2019) Date Submitted: 2019-07-31 12:29:13.490 1 Form Key: 5343 ------------------------------------------------------------------------------------------------------------------------- Principal Disclosures for the Developer APPROVEDfbrNON-HOUSINIG CREDITS FHFCAdvance Review 7.11.19 ---------------------------------------------------------------- ------------------------------- How many Developers are part of this Application structure? Select the organizational structure for the Developer entity: The Developer is a: Public Housing Authority Provide the name of the Developer Public Housing Authority: Monroe County Housing Authority First Principal Disclosure Level: Monroe County Housing Authority Click here for Assistance First Level Select Type of Principal of Select organizational structure Entity 4 Developer Enter Name of First Level Principal of First Level Principal identified 1. Executive Director J.Manuel Castillo,Sr.(Secretary) Natural Person 2. Commissioner Richard Toppino Natural Person 3. Commissioner Ailton Lopez Natural Person 4. Commissioner Pat Labrada Natural Person 5. Commissioner Carey Goodman(Vice Chairman) Natural Person 6. Commissioner Aaron Castillo(Chairman) Natural Person Page 2 of 2 CDBG-DR Principals of the Applicant and Developer(s)Disclosure Form(Form Rev.06-2019) Date Submitted: 2019-07-31 12:29:13.490 1 Form Key: 5343 Date Submitted: 2019-07-31 12:29:13.490 1 Form Key: 5343 Applicant Certification and Acknowledgement Form L The Applicant and all Financial Beneficiaries have read all applicable Corporation rules governing this RFA and have read the instructions for completing this RFA and will abide by the applicable Florida Statutes and the credit underwriting and program provisions outlined in Exhibit F. The Applicant and all Financial Beneficiaries have read,understand and will comply with all related federal regulations. 2. The Applicant has reviewed this RFA and certifies to its eligibility to apply fort a funding offered. 3. The Applicant certifies that the proposed Development can be completed and operating within the Development schedule and budget submitted to the Corporation. 4e The Applicant acknowledges and certifies that it will abide by all commitments,requirements, and due dates outlined in the REA, inclusive of all exhibits.Failure to provide the required information by any stated deadlines may result in the withdrawal of the invitation to enter credit underwriting,unless an extension is approved by the Corporation. S. By submitting the Application,the Applicant acknowledges and certifies that the proposed Development will meet all state building codes,including the 2012 Florida Accessibility Code for Building Construction,adopted pursuant to Section 553,503, F.S.,the Architectural Barriers Act of 1968;the Fair Housing Act as implemented by 24 CFR Part 100,including the Affirmative Fair Housing Marketing Plan;Violence Against omen act Reauthorization Act of 2013;Section 504 of the Rehabilitation Act of 1973 as outlined in Section Four,A.S.of the RFA;and the Americans with Disabilities of 1990 as implemented by 28 CFR Part 35,incorporating the most recent amendments,regulations and rules. 6. The Applicant acknowledges that any funding preliminarily secured by the Applicant is expressly conditioned upon any independent review,analysis and verification of all information contained in this Application that may be conducted by the Corporation,the successful completion of credit underwriting,and all necessary approvals by the Board of Directors,Corporation or other legal counsel,the Credit Underwriter,and Corporation staff. 7e If preliminary funding is approved,the Applicant will promptly furnish such other supporting information,documents,and fees as may be requested or required. The Applicant understands and agrees that the Corporation is not responsible for actions taken by the undersigned in reliance on a preliminary commitment by the Corporation. The Applicant commits that no qualified residents will be refused occupancy because they have Section 8 vouchers or certificates. The Applicant further commits to actively seek tenants from public housing waiting Pests and tenants who are participating in and/or have successfully completed the training provided by welfare to work or self-sufficiency type programs. S. The success of an Applicant in being selected for funding is not an indication that the Applicant will receive a positive recommendation from the Credit Underwriter or that the Development team's experience,past performance or financial capacity is satisfactory. The past performance record,financial capacity,and any and all other matters relating to the Development Team (which consists of Developer,management company,General Contractor,architect,attorney, Pagel of REA 2019-101 Date Submitted: 2019-07-31 12:29:13.490 1 Form Key: 5343 and accountant)will be reviewed during credit underwriting. The Credit Underwriter may require,additional information from any member of the Development team including,without limitation,documentation on other past projects and financials. Development teams with an unsatisfactory past performance record, inadequate financial capacity or any other unsatisfactory matters relating to their suitability may result in a negative recommendation from the Credit Underwriter. 9. The Applicant's commitments will be included in(i)a Land Use Restriction Agreement(s)and(N) an Extended Use Agreement,if applicable,and must be maintained in order for the Development to remain in compliance, unless the Board approves a change. 10. The Applicant understands and agrees that it wM ensure that�i) none of the General Contractor duties to manage and control the construction of the Development are subcontracted; (fi)none of the construction or inspection or that is normally performed by subcontractors is performed by the General Contractor- (iii) no construction cost is subcontracted to any entity that has common ownership or is an Affiliate of the General Contractor or the Developer, as further described in Exhibit F. 11. The Applicant,the Developer and all Principals are in good standing among all other state agencies and have not been prohibited from applying for funding. 12. In eliciting information from third parties required by and/or included in this Application,the Applicant has provided such parties information that accurately describes the Development as proposed in this Application.The Applicant has reviewed the third party information included in this Application and/or provided during the credit underwriting process and the information provided by any such party is based upon,and accurate with respect to,the Development as proposed in this Application. 13. Funding under this RFA is provided by the U.S.Department of Housing and Urban Development (HUD)through the Florida Department of Economic Opportunity's(DEO)Community Development Block Grant Disaster Recovery(CDBGDR) Program. Florida Housing Finance Corporation(The Corporation)is not responsible,and Appficants shall hold the Corporation harmless from liability and claim for damages or expenses,in the event that HUD or DEO retracts,suspends,or interrupts such funding. 24. The Applicant understands and agrees to cooperate with any audits conducted in accordance with the provisions set forth in Section 20.055(5),F.S. Page 2 of 3 RFA 2019-101 Date Submitted: 2019-07-31 12:29:13.490 1 Form Key: 5343 15. The undersigned is authorized to bind the Applicant entity to this certification and warranty of truthfulness and completeness ofthe Application. Under the p rn lti f rjury,I declare and certify that I have read the foregoing and that the information is trnn -c .. ra complete. f . I.Manuel Castillo.Sr. Signature/Wuthorized Principal Representative Nsane(typed or printed) Executive Director Title(typed or printed) [COTE; Provide this form as Attachment 1 to the RFA. The Applicant Certification and Acknowledgement form must be signed by the Authorized Principal Representative stated in Exhibit A. Page 3 of RFA 2019-101 Date Submitted: 2019-07-31 12:29:13.490 1 Form Key: 5343 Land Owner Certification and Acknowledgement Form as modified on 7-18-19 Owner Certification and Acknoidedgement County1. Development Name: Monme 2. The legal description or the address of the In is the subject of the proposed Development Land'Including ll scattered sltes;if applicable. If additional space is needed, i attachmentsis . . oil located In Unincorporated Monrde County:31535 Avenuei a );31 ';2 N.Conch Ave, rich Key );AND Adando Boulaywd, o Boulevard and Homestead Avenue,Key Largo ( 11 ). See Attachment A r legai descAptions'of " 3. The following i holds or will hold 100 percent ownershipin the Land identified in 2. consideredabove,and theretbre can be t for purposes of thisli i n: Local Government Public Housing U Land Authority Community Trust 4. If thisApplication for the proposedDevelopment is selectedr fun i ,the Land Owner identified In 3.above will hold the Land Identified in 2.above end maintain the affordability requirements identified In 2.above in Perpetuity. For purposes ofthis Perpetuity r more. S. If this Application for the proposed Developmenti Includei a request for Land Acquisition i the Control documentation must include r I I demonstrating that the appraisedl f the land r exceeds the purchase price. r ric must be based n post-disaster value 1 ,consistent with applicablecost rici Is. The pro-disaster value sCorporation ills i t by an i i duringcredit underwriting. If the appraisal demonstrates that the purchase price s the fair market value,the only I included In the Total Development Cost or awarded through Land AcquisitionFunding ill be the appraised value,which ill be confirmedIn credit underwriting. The appraisals during credit underwriting may cause a reduction in the funding . 6. The Lend Owner's Perpetuity commitmentsill be Included i (i)a Land Use Restriction r ( )and(11) ,If applicable,and must be maintainedI order for the Developmenti in compliance,unless the Board approves a change. Pago 1 of 2 RFA 2019-101 Date Submitted: 2019-07-31 12:29:13.490 1 Form Key: 5343 Land Owner Certification and Acknowledgement Form as modified on 7-18-19 7. In eliciting Information ird-parties requiredand/or included in this Application,the OwnerLand has providedsuch t I information that accurately describes the Development as proposed In i Application. t has reviewedit Information included in thisli i nand/or provided duringcredit underwriting information provided by any such party is based upon,end accurates ,the Developmentin thisI' i n. 8. Funding r this RFA is provided by the U.i Department of Housingr to t (HUD)through the Floridaf Economic u ` s )Community DevelopmentI ck Grant Disaster Recovery( )Program. Florida HousingFinance Corporation(The r r i n)Is not responsible, n I!hold the Corporation harmless liability l i r damages or expenses,in the event that HUD or DEO retracts,suspends,or Interrupts such funding. 9. The Land Owner acknowledges that anyfunding li in ril secured n r is expressly conditioned upon any Independent review, l is and verification of all information containedin this ll i y be conducted by# r o ti ,the successful completion f credit underwriting, n II necessary approvalsf Directors, Corporation or other legal counsel,the Credit Underwriter,and Corporation . 10. The Land Owner understands and agrees to cooperate with any auditsin accordance with the provisions set forth in Section ),F.S. 11. The undersignedis authorized to bindt entity to this I tiwarranty of truthfulness I Application. Underth nalti, perjury, I declare and certifyl have read the foregoingn In is true 1 . sylvia J.Mulphy Signature ri r Representative Name(typed or ) Mqw/Cbaknm Me(typed or printed) ProvideIs form as Attachment 1 to the RFA. Page2of2 RFA 2019-101 Date Submitted: 2019-07-31 12:29:13.490 1 Form Key: 5343 Attachment A Monroe County Scattered Sites LEGAL DESCRIPTION 31 S. Conch Avenue, Conch Key (bearing Property Identification Number 00385780- 000400): The Wcif 70 feet of tot 14, CONCH KEY SUBDIVISION,according to the Plat thereof, recorded in Plat Book 2,Page 130,of the Public Records of Monroe County,Florida.Said parcel of land being more particularly described as follows, to wit: At the Point of Beginning commence at u point on the North Right-of-Way line of South Conch Avenue and the Southwest corner of Lot 14, Conch Key Subdivision, according to the Plat thereof as recorded in Plat Book 2, Page 130, of the Public Records of Monroe County, Florida; thence run in a Northerly direction along the West boundary line of Lol 14 for a distance of 70 feet to the Northwest corner of said Lot 14; thence proceed at a right angle along the Northern lot line of Lot 14 for a distance of 70 feet to a point; thence at a right angle and running parallel with the East lot line of Lot 14, run a distance of 70 feet to a point on the South lot line of Lot 14, and on the North Right-of-way line of South Conch Avenue said point being 70 feet from the Point of Beginning; thence at a right angle proceed in a Westerly direction along the South lot line of Lot 14 a distance of 70 feet back to the Point of Beginning. The property located on Atlantic Boulevard, Key Largo (bearing Property Identification Number 00453440-001100): A parcel of 1404 lying trp Tract "t" of PORT LARGO, a Subdivialou in section 33, Tovnship 61, Una* 39 East 00 "y Lrgo, according to the Plat thereof s as recorded in Plat Book 5. at Page 3, of the Public Records of Noaroe County, }bridal. Will; more particularly described as >i0110Mst CoMence at: tba point of intersection of the 19ortheaeterly prolongation of tine llorrtbwasCerly 11gbt of Kay ling of Aotaeatu d Aveaus with the northeasterly RSgbt ag way liue of Atlantic Douli VA rd; thence run Northeasterly =long s SJA Prolntrli:at3vn fort 218.27 feet to the point of inarsection with a line psrallel zo and 218.27 feet Northeasterly of, as 04"Ured at right Beagles to the stdd sortbeaetarly Bight of Wa; liras of Atlantic Bow, 9vsrd; thence dofUct 90 degrees r4tt *Ad n: m Sevtbeastarly along said pera111;1 line sad the Saathvesterly lira of Cast* Uvelopaebt Corp. for 50.00 feet: to the Point of Beginning of Cho herein described pa>rcalI frog Maid Pouut of Be23ttftjnct• ctmtilltte Swtbeasteryy &Uag the afovemmat1oftAd course for 200.00 1061 to a point int:eraecting th4 Northwesterly Bight of Way lice of St. Croix Place; thence deflect 90 dagraaa right rand run Souehw##t.Arjy along said Northaeaterly B*Sbt of Way lugs for 216.27 fact; tbcace deflect 90 degaraer right sud rtnt Sorthwesterty along the AOrths"t:tirly line of Atlantic aouiavard f0r 200.00 f&Ot to a po=ritt oa the Soutbeaat*rly Right of way lint of Utsstead Avenue; th=e deflect 90 dt gtoes right and run Aoirthanst:avly along Avid proloaation for 212.27 feat to the Pout of BeginlUg. 31535 Avenue C, Big Pine Key (bearing Property Identification Number 00302670- 000000 and 0030268o-000000): Block 22, Lots 1,•2,3, and 4, Sands Subdivision, according to the Plat thereof as recorded in Plat Book 1,Page 65,of the Official Records of Monroe County,Florida. Page i of 2 Date Submitted: 2019-07-31 12:29:13.490 1 Form Key: 5343 2 N. Conch Avenue, Conch Key (hearing Property Identification Number 0038$780- 000000): All of Lot 13, the Easterly 30 feet of Lot 14,the Easterly 39 feet of Lot 30 and All of Lot 31 of CONCH KEY, being a combination of the following two Parcels of Land: A Part of Lots 13 and 30 and All of Lot 31 of CONCH KEY, as recorded in Plat Book 2, Page 1311, of the Public Records of Monroe County, Florida, and being more particularly described by metes and bounds as follows:Commencing at the Northeast corner of Lot 31,said corner to be known as the Point of Beginning of the Tract of Land hereinafter described, bear North 66' 45' West, along the Southerly Right-of-Way line of North Conch Avenue, 131.95 feet; thence bear South 23' 15' West,70 feet; thence bear North 66' 45' West, 39 feet; thence bear South 23' 15' West, 70 feet to the Northeasterly Right-of-Way line of South Conch Avenue; thence beer South 66' 45' East,36.112 feet to the Northerly Right-oiWay line of U.S. Highway No. 1; thence bear North 69' 05' East, along the Northerly Right-of--Way line of U.S. Higbway No. 1, 190.93 feet; thence in a Northerly direction, 7.48 feet, back to the Point of BeginningANDA Parcel of Land in a )part of Lots 13 and 14 of CONCH KEY, as recorded in Plat Book 2, Page 130, of the PubIie records of Monroe County, Florida, and being more particularly described by metes and bounds as follows: Commencing at the Southwest corner of Lot 14, bear South 66. 45' East,along the Northerly Right-ofWay line of South Conch Avenue,70 feet to the Point of Beginning of the Parcel of Land hereinafter described; from said Point of Beginning, bear North 23. 15' East,70 feet; thence bear South 66'45' East,52 feet; thence bear South 234 151 West, 70 feet to the Northerly Right-of-Way line of South Conch Avenue; thence bear North 66'45'West,along the Northerly Right-af--Way fine of South Conch Avenue,52 feet,back to the Point of Beginning. Page 2 of 2 Date Submitted: 2019-07-31 12:29:13.490 1 Form Key: 5343 Date Submitted: 2019-07-31 12:29:13.490 1 Form Key: 5343 Date Submitted: 2019-07-31 12:29:13.490 1 Form Key: 5343 Date Submitted: 2019-07-31 12:29:13.490 1 Form Key: 5343 Date Submitted: 2019-07-31 12:29:13.490 1 Form Key: 5343 = 7 co z 2 e % � § ± U •\ / 2 3 m » » » » » k [ {: % 2 / ƒ E f 0 m 76 2 E � (D » U- / U w E ° \ m e �t z z Z \ E \ \ \ \ \ w : 2 / LU k k o ® £ .� M % 4- @ � 3 c m w :E0 1- -0 / ~ 7 � ^ _0 7 2 Z k ® LU x c .E E � fa 2 0 o � � / / w w / ) u a_ .E x / E E / / o / u w = = > f 2 w ƒ 4- § o LU = k § LL � / / % 2 °CL > Q M 2 2 2 2 2 2 § 1 0 0 0 £ £ � 0 # (1) w w 2 2 % z � 41 f R R R § fa ' / / >, \ a \ u k C ° E CL » � — § 2 c 2 o � \ ■ CL 2 \ w E ° 2 J & \ E / f J \ z & o E m f / CL > / •\ : E § f m 2 fa < / k M ® 7 ka > fa \ > O o % / / Q f � of w w \ Date Submitted: 2019-07-31 12:29:13.490 1 Form Key: 5343 Date Submitted: 2019-07-31 12:29:13.490 1 Form Key: 5343 Attachment 5 Monroe County Scattered Sites PRIOR GENERAL MANAGEMENT EXPERIENCE CHART Name of Management Company or a Principal of the mangement Company with the required experience: Monroe County Housing Authority Length o Currently Managed Time Total or Formerly (Number of Number Name of Development Location (City & State) Managed Years) of Units Eastwind Apartments Marathon, FL Currently Managed 35 130 Tropical Isle Apartments Marathon, FL Currently Managed 22 23 Newport Village Key Largo, FL Currently Managed 26 50 Stock Island Housing Complex Key Largo, FL Currently Managed 15 18 Big Coppitt Scatterred Sites Big Coppitt Key, FL Currently Managed 17 4 Date Submitted: 2019-07-31 12:29:13.490 1 Form Key: 5343 Date Submitted: 2019-07-31 12:29:13.490 1 Form Key: 5343 FLORMA HOUSING FINANCE CORPORATION Site Control Certification Form As oft e Application Deadline for this RFA,the Applicant entity ---- Monroe County Housing Authmity --—--------- has control of the Development site and all Scattered Sites, if applicable. Control of the site means that by Application Deadline the Applicant can establish one or more of the following requirements that include the to set forth in Section Four A.7.a. of the RFA: * Eligible Contract * Deed or Certificate of Title * Lease To be considered complete,documents demonstrating that site control pursuant tot to set forth in Section Four A.7.a. of the RFA are attached. Under the penalties of perjury pursimm to Section 92.525,F.S., and of material misrepresentation pursuant to Section 420.508(35),Fla. Statutes, and Fla.Admin. Code Section 67-21.003(6) and/or 67-48.004(2), 1 declare and certify that I have read.the foregoing and that the information is true,correct and complete. J.Manuel Castiflo,Sr. Signature opAuthorized PrincipaIRlepresentative an (typed or printed) Executive Director Title(typed or printed) nis fwm naw be signed by the Authmized Phumpal Representatme stated in Exhtba A. (F[wm Rev.M-18) Date Submitted: 2019-07-31 12:29:13.490 1 Form Key: 5343 FIRST AMENDMENT TO OPTION AGREEMENT FOR THE PURCHASE OF LANDS THIS FIRST AMENDMENT modifies that certain Option Agreement for the Purchase of Lands (hereinafter "Agreement") between JDLC, Inc., a New York corporation (hereinafter "Seller(s)") and Monroe County, Florida, (hereinafter "COUNTY"), executed by the Seller(s) on January 7, 2019 and executed by the COUNTY on January 23, 2019. The parties hereby mutually agree as follows: 1. The COUNTY'S remedy for default on the part of the Seller(s) includes or is specific performance. 2. All other provisions of the Agreement shall remain in effect. IN WITNESS WHEREOF, the parties have hereunto signed their names and affixed their respective seals. Seller/ JDLC, Inc., a New York corporation By: Jeff Olson, President Signatu Dat n �. MONROE COUNTY, FLORIDA actin b and through its MAYOR, has execute hTs A r b 9 Y 9 g e .. :: on behalf of MONROE COUNTY, FLORIDA this 17,tA- day of o 2019. w. : .. f Buyer/ COUNTY: MONROE COUNTY, FLORIDA KEVIN MADOK, CPA, Clerk By: Clerk Sylvia J. Murphy, Mayor �a s e MONROE COUNTY ATTORNEY APPRO AS TO FORM: R ER .SH1LLiA IXR�JR. COU Date ra�'� d: 2019-07-31 12:29:13.490 Form Key: 5343 (Kevin Madok, CPA Clerk of the Circuit Court& Comptroller Monroe County, Florida DATE: January 25, 2019 TO: Kathy Peters, CP County Attorney's Office FROM: Pamela G. Hancock, D.C. SUBJECT: January 23rd BOCC Meeting Attached are electronic copies of the following items for your handling: D3 Option Contract with JDLC, Inc. to purchase Conch Trailer Court on Conch Kev for affordable housing. P4 Contract with Connie L. Kirkland to purchase a less than fee interest in Block 8, Lot 3,Jolly Roger Estates, Little Torch Kev (PB 5-34) with parcel number 00216380-000000 for density reduction purposes. P5 Contract with Randall K. and Sharon J. Beals to purchase a less than fee interest Block 7, Lot 8, Pine Channel Estates Section Two, Big Pine Kev (PB 6-2) with parcel number 00249870-000000 for density reduction purposes. P6 Contract with Joseph M. Hall,Jr. and Devi Hall (a/k/a Devi S. Hall) to purchase a less than fee interest Block IA, Lot 2, Pamela Villa, Kev Largo (PB 3-125) with parcel number 00463760-000100 for density reduction purposes. Should you have any questions,please feel free to contact me at (305) 292-3550. Thank you. cc: Finance File KEY WEST MARATHON PLANTATION( KEY PK/MTH BUILDING 500 Whitehead Street 3117 Overseas Highway 88820 Overseas Highway 50 Higih(Point Road Key Vest,Florida 33040 Marathon,Florida 33050 Plantation Key, Florida 33070 Plantation Key,Florida 33070 305-204-4641 305-2301-0027 305-352-7145 305-852-7145 Date Submitted: 2019-07-31 12:29:13.490 1 Form Key: 5343 OPTION AGREEMENT FOR THE PURCHASE OF LANDS t , THIS AGREEMENT is made and entered into this day of 1 �� , 2019 by and between JDLC, Inc., a New York corporation (hereinafter "Seller(s)"), for themselves, their heirs, executors, administrators, successors and assigns, and MONROE COUNTY, FLORIDA (hereinafter"COUNTY"). WITNESSETH: 1. The Seller(s) hereby grant to the COUNTY the exclusive option to purchase certain lands upon the terms and conditions hereinafter set forth, for all of the lands and other interests, which lands shall include all tenements, hereditaments, together with all water and other rights, easements, appurtenances, and any and all of the Seller's rights in or arising by reason of ownership thereunto belonging, owned by them, situate and lying in the County of Monroe, State of Florida, more particularly described as follows; to-wit: All of Lot 13, the Easterly 30 feet of Lot 14, the Easterly 39 feet of Lot 30, and all of Lot 31, Conch Key(PB 2-130), more particularly described in Exhibit A. RE#00385780-000000 The rights being conveyed in this transaction include the rights to 12 permanent residential dwelling units exempt from the ROGO permit allocation system referenced in the December 18, 2007 letter from the Monroe County Planning and Environmental Resources Department to Joel Reed. Seller(s) shall retain the rights to the 5 transient residential units referenced in said letter. The consideration for the option granted by this Agreement is $10,000.00 (hereinafter "Option Payment'). Within five business days of execution of this Agreement by the COUNTY, the COUNTY shall issue a check in the amount of the Option Payment and forward same to the escrow agent to hold for the benefit of the Seller(s). The period covered by the option shall commence on January 30, 2019 and shall expire on December 26, 2019 at 5:00 pm (hereinafter "Option Period"). The COUNTY shall have the right to exercise the option by providing the Seller(s) written notice (hereinafter "Option Notice") and to close the real estate transaction at any time within the Option Period. If the COUNTY does not exercise its option within the Option Period, then the escrow agent is directed to release and disburse the Option Payment to Seller(s) the day after the Option Period expires. If the COUNTY does timely exercise its option, then the escrow agent shall credit the Option Payment toward the purchase price paid by the COUNTY at closing. 2. The Seller(s) agree that they have full right, power and authority to convey, and that they will convey to the COUNTY the fee simple title together with legal and practical access thereto clear, free and unencumbered, except subject to the following easements or reservations: Existing easements for canals, ditches, flumes, pipelines, railroads, public highways and,roads, telephone, telegraph, power transmission lines and public utilities. The COUNTY, at the COUNTY'S expense, within the time allowed to deliver evidence of title and to examine same, may have the real property surveyed and certified by a registered Florida surveyor. If the survey discloses encroachments on the real property or that improvements located thereon encroach on setback lines, easements, lands of others, or violate any restrictions, 1 Date Submitted: 2019-07-31 12:29:13.490 1 Form Key: 5343 contract covenants, or applicable governmental regulations, the same shall constitute a title defect. Seller(s) shall convey a marketable title subject only to the aforementioned liens, encumbrances, exceptions or qualification set forth herein. Marketable title shall be determined according to applicable title standards adopted by authority of the Florida Bar and in accordance with law. The COUNTY shall have sixty (60) days from the date of Option Notice in which to examine title. If title is found defective, the COUNTY shall, within this specified time period, notify Seller(s) in writing specifying defect(s). If the defect(s) render title unmarketable the Seller(s) will have one hundred twenty (120) days from receipt of notice within which to remove the defect(s). The Seller(s) will use diligent effort to correct defect(s) in title within the time provided therefore, including the bringing of necessary suits, failing which the COUNTY shall have the option of either accepting the title as it then is or rescinding the Agreement herein. 3. The Seller(s) further agree not to do, or suffer others to do, any act by which the value or title to said lands may be diminished or encumbered while this Agreement is pending. It is further agreed that any loss or damage occurring prior to the vesting of satisfactory title in the COUNTY by reasons of the unauthorized cutting or removal of products therefrom, or because of fire, shall be borne by the Seller(s); and that, in the event any such loss or damage occurs, the COUNTY may, without liability, refuse to accept conveyance of said lands. 4. The Seller(s) further agree that during the period covered by this instrument officers and accredited agents of the COUNTY shall have at all reasonable times the unrestricted right and privilege to enter upon said lands for all proper and lawful purposes, including examination of said lands and the structures upon them. The Seller(s) hereby waive their rights to any and all claims against the COUNTY, Monroe County, or the State of Florida associated with, or arising from ownership of, said lands and this waiver shall survive closing. 5. The Seller(s) will execute and deliver upon demand of the proper officials and agents of the COUNTY a good and sufficient deed of warranty conveying to the COUNTY a marketable title to the said lands of such character as to be satisfactory to the legal counsel of the COUNTY and said deed shall provide that the use, occupation and operation of the rights-of-way, easements and reservations retained therein, shall be subordinate to and subject to such rules and regulations as may be prescribed by the COUNTY governing the use, occupation, protection and administration of lands. 6. The purchase price for said lands and other interests, subject to adjustments and prorations, is $1,000,000.00. The COUNTY further agrees that, after credit for the Option Payment, after the preparation, execution, and delivery of the deed, and after the legal counsel of the COUNTY shall have approved the title thus vested in the COUNTY, it will cause to be paid to the Seller(s) the balance of the purchase price. The COUNTY shall pay the following expenses associated with the conveyance of the property: deed recording fees, settlement fees, abstract fees, title examination fees, the Buyer's attorney's fees, and title insurance, as well as the prorata share of prepaid real property taxes allocable to the period subsequent to the vesting of title in the COUNTY, or the effective date of possession of such real property by the same, whichever is earlier. The Seller(s) shall pay the expenses of documentary stamps to be affixed to the deed and real estate commissions, if any. Full possession of the premises shall pass to the COUNTY as of the date payment is made to the Seller(s) subject only to the reservations stated in Section 2 above. 7. It is mutually agreed that an abstract, title insurance policy or other evidence of title to the property herein contracted to be sold, satisfactory to the legal counsel of the COUNTY will be obtained by 2 r . 4 Date Submitted: 2019-07-31 12:29:13.490 1 Form Key: 5343 the COUNTY at its expense. The Seller(s) expressly agree herein to furnish to the COUNTY any documents in Seller(s)'s possession establishing evidence of title including, but not limited to, abstracts, title commitments, title policies and opinions of title. 8. It shall be the obligation of the Seller(s) to pay all taxes and assessments outstanding as liens at the date title vests of record in the COUNTY, whether or not such taxes and assessments are then due and payable. 9. It is mutually understood and agreed that notice of acceptance of this Agreement shall be given to the Seller(s) by mail addressed to the Seller(s) at the following address: 1241 Route 9P with a copy to: Josh Mothner Saratoga Springs, NY 12866 Coldwell Banker Schmitt Real Estate josh@soldinthekeys.com and shall be effective upon date of mailing and shall be binding upon all of the Seller(s) without sending a separate notice to each, except as such obligation may be affected by the provisions of paragraph 6 hereof. 10. It is mutually understood and agreed that the COUNTY may assign this Agreement. 11. Unless waived by the COUNTY as to one or more existing tenants, the property shall be delivered at closing free of any tenant or occupancy. 12. Within 60 days of the COUNTY giving Option Notice, Seller(s) shall remedy all exigent health and safety code violations on the property identified by the COUNTY. Seller(s) shall close any open building permits or code enforcement proceedings prior to closing and provide proof of same to the COUNTY. Completion of these activities are conditions of the COUNTY'S obligation to close. 13. The effective date of this Agreement shall be that date when the last one of the Seller(s) and the COUNTY has signed this Agreement. 14. If the Seller(s) wish to proceed with this transaction, the Seller(s) have until January 8, 2019 to sign and return this Agreement to the COUNTY. This Agreement may be executed in counterparts. [The remainder of this page is intentionally blank.] 3 Date Submitted: 2019-07-31 12:29:13.490 1 Form Key: 5343 15. In the event the transaction is not closed within the Option Period, at any time thereafter both the COUNTY and the Seller(s) shall each have the right to terminate this Agreement by providing written notice, at which point both parties shall be released of all further obligations under this Agreement. IN WITNESS WHEREOF, the parties have hereunto signed their names and affixed their respective seals. Seller/ JDLC, In a New York corporation By: Jeff o%; ident r Signatu D to Phone Number MONROE COUNTY, FLORIDA acting by and through its MAY , has executed this Agreement on behalf of MONROE COUNTY, FLORIDA this 7.3n-C day of , 2019. a Of Buyer/COUNTY: MONROE COUNTY, FLORIDA KEVIN MADOK, CPA, Clerk c .:' , 3' 1 .�K c-,B -»y<D'eput"yClek�.� Syl a J. Murphy, Mayor Date: Z 2a1 MONROE COU ORNEY AP TO ORR OBER SMLL ER R Date 1�7• GRT > �pw r'1 C) 4 1. ,, ,F Date Submitted: 2019-07-31 12:29:13.490 Form Key: 5343 EXHIBIT A Par cei t. All of Lot 13,the bmterly 30 fret of Lot 14,the Easterly 39 t of Lot 30 and Ail of Lot 31 of CONX9 XZY,being a combination of the following two Parma of Lauds A Part of mats 13 and 30 and Allot Lot 31 of CONC.R XEY,as record in Plat Rook 2,Page 130,of the Publie lards of Monroe,County,Florida,and ling nme,paartiniarly dwerilmd by mew aad bounds as follaaws:Cmumenemg at the Northem corner of Lot 31,said eorner to be awn as the Poiot of Beginning of the Tract of Lond herelataihr descrtl 4 bet r North 61P 4Y West,srlong the Southerly Right-*�Wqy gift of North+Conch.Avant,131M lect;themm bear South 23"1SI Wtst,70 feet;thenct bear North 6e 4V WeO,39 fu#thence bear South 23° 1at WeM 70 lett to the Northeasterly Right-of-Woy lute of South Conch d venue them bear Soo&+660 46*fit,36=feet to the Northerly Ri at Vay Use of U.S,Rjoway No.1;thence bear North 6V 09 Ezs4 along the Not dmiy Right-af-Way gate of U.S. H*Mm,y No. 1, 19US tee# the In a Norihtrly fttdistis, 7,.48 fae4 back to the Point of.f egiftaftZ A Parce) of Lad in ta,Par#of Lob 13 and 14 of CONCH XgY,as recorded In Pht bolt 2,Page 130, of the PetW records of Monroe Cousty,Wrida,and beft mare particularly described by mates and boumb as folly s: Cmaiencing at the Southwest corner of Lot 14,bear South W 45*Zw4 along the Northerly 1 ht-ofWay tine+oaf'South Cam Avenueo'76led to the P61ut of begivkg of Go Pocel of Land hereinatter described;from said Point of 8e&niv&bear North 231 JV FAd,fit#feat;them hear Sawa 6614V Ust 52 tent;them bear South 2301V Vast,70 fed to the Noz1herly MghW-Wiley Rne of South Coach Avenue thence bear North W 451 Wed,AWS the Northerly NW-of-Way One of South Conch A.veens,52 fret back to the Twat orlleeionina, Date Submitted: 2019-07-31 12:29:13.490 1 Form Key: 5343 Appraisal for the Following Site(s): 2 N. Conch Ave, Conch Key Date Submitted: 2019-07-31 12:29:13.490 1 Form Key: 5343 AN APPRAISAL OF 12 AFFORDABLE HOUSING UNITS LOCATED ON CONCH KEY MONROE COUNTY, FLORIDA PREPARED FOR CHARLES G. PATTISON, EXECUTIVE DIRECTOR MONROE COUNTY LAND AUTHORITY 1200 TRUMAN AVENUE, SUITE 207 KEY WEST, FLORIDA 33040 EFFECTIVE DATE OF VALUATION MARCH 30, 2019 PREPARED BY TRENT MARK, MAI, SRPA STATE-CERTIFIED GENERAL REAL ESTATE APPRAISER # RZ 514 MARR & ASSOCIATES APPRAISAL COMPANY, INC. Date Submitted: 2019-07-31 12:29:13.490 1 Form Key: 5343 Marr & Associates Appraisal Company_ , Inc. Trent Mart,MAI, SRPA Phone 850-342-1114 State-Certified General Real Estate Appraiser#RZ 514 2665 Aucilla Road,Monticello,Florida 32344 trentmarr@embargmail.com 81800 Overseas Highway,Islamorada,Florida 33060 April 30, 2019 Charles G. Pattison, Executive Director Monroe County Land Authority 1200 Truman Avenue, Suite 207 Key West, Florida 33040 Re: An appraisal of 12 ROGO exempt housing units and a site consisting of 16,120 square feet. The property is located at mile marker 63 on the west side of Overseas Highway on Conch Key, Monroe County, Florida. Dear Mr. Pattison: At your request, the investigations and analyses necessary to form an opinion of the market value of the fee simple estate in the above referenced properties has been conducted. The site totals 16,210 square feet and is ROGO exempt with 12 dilapidated residential units and 5 RV/transient units. Not all of the units could be re-developed on the site. The 5 RV units/rights are being retained by seller and the property being appraised consists of the site and 12 ROGO exempt units. To the best of my ability, the analysis, opinions, and conclusions were developed and this report was prepared in accordance with the standards and reporting requirements of the Appraisal Institute and Uniform Standards of Professional Appraisal Practice(USPAP). Based upon a personal inspection of the subject property, the subject neighborhood and all comparable data, as well as upon the investigations and analyses undertaken, I have formed the opinion that, as of March 30, 2019, subject to the assumptions and limiting conditions set forth in this report, the market value of the subject site is: NINE HUNDRED EIGHTY EIGHT THOUSAND DOLLARS ($988,000) Respectfully Submitted, Marr&Associates Appraisal Company, Inc. 7 Trent Marr, MAI, SRPA State-Certified General Real Estate Appraiser#RZ 514 C232I-Conch Key Affordable Housing Units Marr&Associates Appraisal Company,Inc. I Date Submitted: 2019-07-31 12:29:13.490 1 Form Key: 5343 EXECUTIVE SUMMARY PROPERTY TYPE: RV/Mobile home park(current use) PROPOSED USE: Affordable housing LOCATION: 2 N. Conch Avenue, Conch Key, Florida. OWNER OF RECORD: JDLC Inc. 1241 Route 9P Saratoga Springs,NY 12866 PARCEL IDENTIFICATION: 00385780-000000 APPRAISER: Trent Marr, MAI, SRPA ASSESSED VALUE/TAXES: $672,657 / $6,417.15 Taxes do not include waste water of$394 DATE OF VALUE/REPORT: March 30, 2019 /April 30, 2019 INTEREST APPRAISED: Fee Simple PARCEL SIZE: 16,210 square feet OWNERSHIP HISTORY: The subject sold along with the adjacent motel in December 2016 for $4,200,000. This sale is recorded in OR Book 2833, Page 1027 of the public records of Monroe County, Florida. There is a pending contract for $1,000,000. Based on the sales, the contract price is slightly above market. PARCEL ACCESS: N. and S. Conch Avenue IMPROVEMENTS: The site is improved with 12 dilapidated mobile homes and 5 transient units (RV sites). The transient units are not a part of this appraisal. ZONING/LAND USE: CFSD 16 (Commercial Fishing District) FLOOD INFORMATION: The site is located within a 100 year flood zone. MARKET VALUE ESTIMATE: $988,000 EXTRAORDINARY ASSUMPTION: This appraisal is based on the extraordinary assumption that the excess building units can be transferred to either a water front or non-water front site at a nominal cost. The use of this Extraordinary Assumptions might affect the assignment results. C232I-Conch Key Affordable Housing Units Marr&Associates Appraisal Company,Inc. 2 Date Submitted: 2019-07-31 12:29:13.490 Form Key: 5343 SUBJECT PHOTOGRAPHS 1 � Intersection of Overseas Highway and North Conch Avenue, front view of subject ` 6 Overseas Highway southbound 'q1�M , f tr Overseas Highway northbound n ' {1 N Conch Avenue looking west, subject on left C232I-Conch Key Affordable Housing Units Marr&Associates Appraisal Company,Inc. 3 Date Submitted: 2019-07-31 12:29:13.490 Form Key: 5343 Subject Photographs !,r r' ft k k ry� € - N. Conch Avenue looking east, subject on right �yq"i611 t t5„r4s I� f � 0 North side view of subject North side view of subject 15`'t � tk f t k j South side view of subject C232I-Conch Key Affordable Housing Units Marr&Associates Appraisal Company,Inc. 4 Date Submitted: 2019-07-31 12:29:13.490 Form Key: 5343 p Subject Photographs ti Neighboring homes to the west mow, O ... �,�� . ,� �Front view looking westerly from S. Conch Avenue /xp F 1t�1'tpi)t S View of fire station across the street from subject r ' View of motel across the street from the subject on right C232I-Conch Key Affordable Housing Units Marr&Associates Appraisal Company,Inc. 5 Date Submitted: 2019-07-31 12:29:13.490 Form Key: 5343 Z) , Q) 71 4 o l.. H1. AERIAL PHOTOGRAPH c> a 40 Q) 3.48 ems: �� (.a C� S . .......:. TAX PARCEL MAP C232I-Conch Key Affordable Housing Units Marr&Associates Appraisal Company,Inc. 6 Date Submitted: 2019-07-31 12:29:13.490 Form Key: 5343 ,P Verni,,O 1� f rak 'cas� Sc,9� i� Id- 2068 Mn Dint Inc M4 Data 2D�8 h>Da.au�,sl Inc:or AND Map of the Florida Keys F L0,Ap D A N YY A: icy, to .4 i k , r , , ara$r to e - a i " onvill ` � r� 1� No 1do G1iw nu �F rOp lF Auqu ino A] t A f4 P g n aic OTYt - y;�r ll, E�a rala t �l'tn fIIN y. 11 Iot 4. It '9 "4�ts-G'G�Ri Rx'!Jpe Ad9T+P�pJY �irmtul�'rRI�Ye�c� � r�r��i �`5 bade Ov, 019rHilt�rx�elru� W*WOW riniC1,+r Y,` �� r rv4 �Y Fb,' dkYkS�fi ka Y' like Frhw,.M' MP`! �R IL� ,i ( �1' 1 �� n 'li L 6,6 € AY 0 SPIto L'o"Imr, ®ky Radwq Line Map flat to ScAIR Maj)w -D wn Kerr t h's 1'0 is c p �'I (�r r, 20CAJ w.s sof" rlidixoni w6t Map of Florida C232I-Conch Key Affordable Housing Units Marr&Associates Appraisal Company,Inc. 7 Date Submitted: 2019-07-31 12:29:13.490 1 Form Key: 5343 CERTIFICATE OF VALUE The undersigned does hereby certify that, to the best of my knowledge and belief that: The statements of fact contained in this appraisal report,upon which the analysis, opinions and conclusions expressed herein are based, are true and correct. The reported analysis, opinions and conclusions are limited only by the reported assumptions and limiting conditions, and are my personal,unbiased professional analyses, opinions, and conclusions. I have no present or prospective interest in the property that is the subject of this report. I have no personal interest or bias with respect to the parties involved. My compensation is not contingent upon the reporting of a predetermined value or direction in value that favors the cause of the client, the amount of the value estimate, the attainment of a stipulated result, or the occurrence of a subsequent event. This appraisal assignment was not based upon a requested minimum value, a specific value, or the approval of a loan. The reports and 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 Practice of the Appraisal Institute - the State of Florida requirements for state-certified appraisers - Uniform Standards of Professional Appraisal Practice (USPAP, (January 2016-2017) I have complied with the USPAP competency provision. This appraisal report sets forth all of the limiting conditions imposed by the terms of this assignment or by the undersigned affecting the analyses, opinions and conclusions contained in this report. No one provided significant professional assistance to the persons signing this report,unless specifically noted herein. Mary Marr provided professional assistance in reviewing the report for grammatical and typographical errors as well as consistency throughout the report. I previously appraised the property on December 8,2017 for Monroe County Land Authority. I have performed no services, as an appraiser or in any other capacity, regarding the property that is the subject of this report within the three-year period immediately preceding acceptance of this assignment. The use of this report is subject to the requirements of the Appraisal Institute relating to review by its duly authorized representatives. Additionally, it is subject to review by the State of Florida relating to review by the Real Estate Appraisal Subcommittee of the Florida Real Estate Commission. As of the date of this report, Trent Marr has completed the requirements of the continuing education program of the Appraisal Institute. 7 4/30/19 ------------------------------------ -------------- Trent Marr, MAI, SRPA Date State-Certified General Real Estate Appraiser#RZ 514 C232I-Conch Key Affordable Housing Units Marr&Associates Appraisal Company,Inc. 8 Date Submitted: 2019-07-31 12:29:13.490 1 Form Key: 5343 ASSUMPTIONS AND LIMITING CONDITIONS The legal description used in this report is assumed to be correct. No survey of the properties has been made by the appraiser and no responsibility is assumed in connection with such matters. Sketches in this report are included only to assist the reader in visualizing the properties. No responsibility is assumed for matters of legal nature affecting title to the properties nor is an opinion of title rendered. The title is assumed to be good and marketable. Information and data furnished by others is usually assumed to be true, correct and reliable. When such information and data appears to be dubious and when it is critical to the appraisal, a reasonable effort has been made to verify all such information. No responsibility for the accuracy of any information furnished by others to the appraiser is assumed by the appraiser. All mortgages, liens, encumbrances, leases, and servitude have been disregarded unless so specified within the report. The property is appraised as though under responsible ownership and competent management. It is assumed that there are no hidden or unapparent conditions of the properties, subsoil, or structures which would render it more or less valuable. No responsibility is assumed for such conditions or for engineering which may be required to discover them. Unless noted, all mechanical components are assumed to be in operable condition and status standard for properties of the subject type. Conditions of heating, cooling, ventilating, electrical, and plumbing equipment is considered to be commensurate with the condition of the balance of the improvements unless otherwise stated. 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. It is assumed that all applicable zoning and use regulations and restrictions have been complied with, unless a non-conformity has been stated, defined and considered in the appraisal report. It is assumed that all required licenses, consents or other legislative or administrative authority from any local, state, or national governmental 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. It is assumed that the utilization of the land and improvements is within the boundaries or properties lines of the properties described and that there is not encroachment or trespass unless noted within the report. The appraiser will not be required to give testimony or appear in court because of having made this appraisal, with reference to the properties in question, unless arrangements have been previously made thereto. EXTRAORDINARY ASSUMPTION This appraisal is based on the extraordinary assumption that the excess building units can be transferred to either a water front or non-water front site at a nominal cost. The use of this Extraordinary Assumptions might affect the assignment results. C232I-Conch Key Affordable Housing Units Marr&Associates Appraisal Company,Inc. 9 Date Submitted: 2019-07-31 12:29:13.490 1 Form Key: 5343 SCOPE OF WORK The scope of the appraisal included the inspection of the subject property, comparable sales and the subject neighborhood. The site was inspected on March 30, 2019. The market was researched from January 2016 through April 30, 2019. The subject consists of a non-water front site totaling 16,210 square feet. The site had previously been improved with 12 mobile homes and 5 RV/Transient units. The improvements suffered significant damage from Hurricane Irma in September 2017. None of the improvements have any contributory value. The 5 transient units are being retained by the current property owners/seller, leaving the site with 12 housing units. Although possible, it would be difficult to develop the site with the 12 units. The proposed site plan allows for 8 units. The remaining for units could be transferred to an alternative water front or non-water front site. Numerous sales were researched and those most comparable were used in this report. In developing the sales comparison approach, market data was collected from the local MLS and online public records. Although market rate units could be developed on the site, the density would be significantly less than the 8 proposed affordable housing units. Thus, the highest and best use of the site was to develop as proposed and sell off the remaining 4 ROGO exempt units. Affordable housing sales are typically purchased and sold on a price per unit basis. The sales had a relatively narrow range in per unit prices and this was considered the best indicator of value for the subject. PROPERTY RIGHTS APPRAISED The property rights being appraised are the fee simple estate defined as: "Absolute ownership unencumbered by any other interest or estate, subject only to the limitation imposed by the governmental powers of taxation, eminent domain,police power, and escheat. DATE OF VALUE ESTIMATE The date of inspection and value estimate was March 30, 2019. The date of this report is April 30, 2019. PURPOSE OF THE REPORT The purpose of the report is to estimate the market value of the fee simple interest of the subject property. INTENDED USER(S)AND USE OF THE REPORT The intended user of this report is the Monroe County Land Authority. There is a pending contract and the intended use is to establish a sales price. OWNER OF RECORD JDLC Inc. 1241 Route 9P Saratoga Springs,NY 12866 1 The Dictionary of Real Estate Appraisal,6th Edition,2015,Page 90 C232I-Conch Key Affordable Housing Units Marr&Associates Appraisal Company,Inc. 10 Date Submitted: 2019-07-31 12:29:13.490 1 Form Key: 5343 HISTORY OF SUBJECT The subject sold along with the adjacent motel in December 2016 for$4,200,000. This sale is recorded in OR Book 2833, Page 1027 of the public records of Monroe County, Florida. There is a current contract with the county for $1,000,000. Based on the sales, the contract price is slightly above market. DEFINITION OF MARKET VALUE The most probable price which a property should bring in a competitive and open market under all conditions requisite to a fair sale, the buyer and seller each acting prudently and knowledgeably, and assuming the price is not affected by undue stimulus. Implicit in this definition is the consummation of a sale as of a specified date and the passing of title from seller to buyer under the following conditions: I. 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 sale2. STATEMENT OF CONFORMATION To the best of my knowledge, this appraisal conforms to: The Uniform Standards of Professional Appraisal Practice (USPAP) adopted by the Appraisal Foundation; Federal regulations as stipulated by The Office of the Comptroller of the Currency, the Federal Deposit Insurance Corporation, and other regulatory requirements that may apply, specifically 12 CFR Part 34 (Title XI of FIRREA); the Code of Professional Ethics and the Standards of Professional Practice of the Appraisal Institute; and the competency provision of USPAP. LEGAL DESCRIPTION Based on the property record card the legal is lot 13 and the easterly 30 feet of lot 14 and the easterly 39 feet of lot 30 and all of lot 31 Conch Key, Plat Book 2, Page 130, of the public records of Monroe County, Florida. 2 Supplemental Appraisal Standards for Board of Trustees Land,Division of State Lands,(2010),Page 7 C232I-Conch Key Affordable Housing Units Marr&Associates Appraisal Company,Inc. I I Date Submitted: 2019-07-31 12:29:13.490 1 Form Key: 5343 ASSESSMENT AND TAXES The subject is located in unincorporated Monroe County. The 2018 taxes and assessed values are summarized as follows. RE Number Assessed Value Taxes 00385780-000000 $672,657 $6,417.15 The taxes do not include solid waste in the amount of$394. EXPOSURE TIME Exposure time is defined as. - The time a property remains on the market. - The estimated length of time the property interest being appraised would have been offered on the market prior to the hypothetical consummation of a sale at market value on the effective date of the appraisal; a retrospective estimate based on an analysis of past events assuming a competitive and open market3. This analysis considers Exposure Time at a market related price such as the estimated market value in this report. The subject consists of a 16,210 square foot site with 12 ROGO exempt housing units. Some of the sites can be re-developed on the site, with the remaining units development rights transferred to an alternative water front or non-water front site. There are very few sites available with ROGO exempt units and units that could be sold off as transfer of building rights. Based on the sales, a reasonable exposure time would have been 9-12 months. 3 The Dictionary of Real Estate Appraisal,published by the Appraisal histitute 2010,5"'edition,page73 C232I-Conch Key Affordable Housing Units Marr&Associates Appraisal Company,Inc. 12 Date Submitted: 2019-07-31 12:29:13.490 1 Form Key: 5343 MONROE COUNTY SUMMARY INTRODUCTION Monroe County is the southernmost county in the State of Florida. It is bounded by Dade County to the north, the Atlantic Ocean to the east and the Gulf of Mexico (Florida Bay) to the west. Monroe County contains a total of 1,144,791 acres of which 60,656 acres are included in planning areas with the remaining dedicated to conservation,parks and recreational areas. The primary attraction of Monroe County is the tropical climate allowing year round diving, fishing and numerous outdoor recreational activities. The maximum average temperature rarely exceeds 89 degrees while the minimum average temperature rarely drops below 65 degrees. Permanent residents are primarily retired or locally employed in tourist related activities. The Florida Keys are comprised of four distinct areas. These areas consist of the Upper Keys, Middle Keys, Lower Keys and Key West. Until recently most of the areas, except Key West were operating under the county. Marathon and Islamorada incorporated in the 90's and are no longer under county regulations. POPULATION Monroe County is the 38th largest of the 67 counties located in the State of Florida. From 2005 to 2012 there was an exodus of population. In 2005 and 2006 this was due to the significant rise in the real estate market, allowing property owners to experience significant profits, and seek residence is significantly less costly metropolitan areas. In the following years the recession and lack of tourism had caused increased unemployment rates and a continued decrease in population. However, the market has been improving the past several years and based on the US Census Bureau the population of Monroe County in 2017 was 77,013 which is an increase from 2010 at 73,090. EMPLOYMENT The unemployment rate for Monroe County was 2.4% in February 2019 while at the same time the unemployment rate for the State of Florida and the USA in March 2019 was 3.8%. The unemployment rate for Monroe County has remained lower than the State of Florida every year since 1998. According to the US Census Bureau online, the total work force for Monroe County as of 2017 was 45,000. No geographical figures were available for the different areas of the Keys; however, local statistics indicate that the lowest unemployment figures in Monroe County are in Key West and Key Largo, where the tourism industry is the strongest. According to the US Census Bureau online, Monroe County had a 2012-2017 median family income of$60,303 which is higher than the State's average of$48,900. According to the county on line web site, the 2018 Florida price index in Monroe County is 162.5 versus the Florida index of 110.9 and the US index of 100. The high price index for Monroe County is due to its southernmost location in the state and the majority of products are shipped or hauled in over the dozens of bridges throughout the Florida Keys. These trucks and ships make the return trip empty, which further increases the costs of goods. C232I-Conch Key Affordable Housing Units Marr&Associates Appraisal Company,Inc. 13 Date Submitted: 2019-07-31 12:29:13.490 1 Form Key: 5343 CONSTRUCTION INDUSTRY Monroe County and the Florida Keys are located within an Area of Critical State Concern and the Florida Keys have one of the only living coral reefs in the United States. Therefore, state as well as national building restrictions have been placed on the county, limiting and restricting development. These restrictions are expected to increase in anticipation of decreased permit availability in the future; development is taking place while it is still possible. Since the implementation of the Rate of Growth Ordinance (ROGO) in 1992, there has been an increase in renovations because of the difficulty in obtaining building permits for new buildings. RECREATIONAL FACILITIES The Florida Keys have excellent water recreational activities. Thousands of visitors come each year to dive and fish the coral reefs throughout the Florida Keys. Although primarily limited to water recreation, the county also has two golf courses, and movie theaters. Monroe County also has a free public library system with three branches located throughout the county. TRANSPORTATION Overseas Highway is the main thoroughfare entering and exiting the Florida Keys. In Monroe County U.S. 1 begins at Mile Marker 112 and runs approximately 112 miles to Key West. Access is also provided by SR 905 and SR 905 A, commonly called Card Sound Road. SR 905A begins along the south side of Florida City and extends 16 + miles in a northeasterly direction towards a private development referred to as Ocean Reef. From the intersection of SR 905 and 905A, SR 905 extends in a southerly direction approximately 9 miles were it terminates at Overseas Highway. There are two public airports located in Monroe County. Key West and Marathon airports are located at miles markers 1 and 50 respectively. The Miami International Airport is located 60 miles north of Key Largo and is the major airport used by residents in the Upper Keys. Transportation services are limited to taxi services and the Greyhound Bus. SUMMARY Overall, the Keys' mild climate, living reefs and excellent fishing make it one of the major tourist attractions in America. As with most of the US economy, Monroe County reached its real estate market height in 2005 and early 2006 and declined for several years. Despite Hurricane Irma, the market has rebounded within the past few years with demand and prices increasing. Because of the mild climate,pristine waters and limited land available for development, the Florida Keys has continuously had strong demand for improved developable properties. This demand is expected to continue and increase for the next several years. C232I-Conch Key Affordable Housing Units Marr&Associates Appraisal Company,Inc. 14 Date Submitted: 2019-07-31 12:29:13.490 1 Form Key: 5343 NEIGHBORHOOD The subject is located on Conch Key at mile marker 63. Conch Key is located in unincorporated Monroe County and is centrally located between Incorporated Islamorada to the north and Incorporated Marathon to the south. Conch Key is approximately 63 miles north of Key West and 125 +miles south of Downtown Miami. Conch Key is located on the Gulf side of Overseas Highway. DEVELOMENT Development on Conch Key consists of mainly single family homes and mobile homes. Most of the homes are less than $500,000 with open water front homes more. There is a motel, commercial fishing businesses and the Monroe County Fire Station. Exclusive Duck Key is located a few miles south bound on Overseas Highway. The majority of development, shopping and employment is located south in Marathon and north in Islamorada. Development within both these incorporated areas ranges from condominiums to single family dwellings, marinas, apartments, warehouses, shopping centers and retail buildings. Marathon has a an airport with daily commercial flights. Most of the commercial activities are developed along Overseas Highway, with residential along the secondary streets in the interior of the subdivisions. Commercial development throughout Marathon consists of retail strip centers, banks, restaurants, resorts, marinas and professional offices. Marathon has several neighborhood shopping centers. One center is anchored by Winn Dixie and K-Mart and Publix along with a Home Depot. Islamorada has similar offices and retail buildings, along with a Bass Pro Shop and a Publix Super Market under construction. The office and retail space in the neighborhood is typically located in single tenant freestanding buildings or retail strip centers. RECREATION Marathon is the center of the Florida Keys National Marine Sanctuary, which encompasses the third largest coral reef in the world. Marathon is also home to the only county marine sanctuary in the United States, the Marathon Marine Sanctuary. These sanctuaries offer excellent fishing and diving and are two of the primary attractions to the area. One of the major attractions of the Upper Keys and Islamorada is John Pennekamp State Park. Each year John Pennekamp State Park attracts in excess of one million visitors. John Pennekamp Park is approximately 78 square miles and is one of the few living reefs along Americas shoreline. Islamorada offers excellent fishing and diving activities and is one of the primary attractions to the area. EDUCATION There are no public or private schools on Conch Key. Public Schools are available in both the Upper and Middle Keys. Marathon has two public elementary schools and one public High School, three parochial schools covering nursery through grade 12. The Florida Keys Community College holds classes in the Marathon High School. Most of the major religions are represented, either within the neighborhood or in close proximity. There is one private and one public high school in the Upper Keys. Island Christian is a private school teaching grades kindergarten-12 and is located at mile marker 83. Coral Shores High School is the only public high school for the Upper Keys and is located at mile marker 90. Plantation Key Middle and Elementary Schools are also located at mile marker 90. C232I-Conch Key Affordable Housing Units Marr&Associates Appraisal Company,Inc. 15 Date Submitted: 2019-07-31 12:29:13.490 1 Form Key: 5343 SUMMARY Overall, Conch Key's mild climate, living reefs and excellent fishing make it one of the major tourist attractions in America. The market appears to be on the rise with an increase in demand for prices for most types of properties. In spite of Hurricane Irma, the market has seen a significant increase in demand and prices the last few years. The lack of available buildable land and strict building guidelines should insure strong demand and prices in the foreseeable future. SITE SPECIFIC DATA LOCATION The subject is located at mile marker 63 on Conch Key. The street address is 2 N. Conch Avenue, Conch Key, Florida. The site is improved with 5 transient units and 12 mobile home units. The improvements are in poor condition and the 5 transient units are not being conveyed with the property. DIMENSIONS, SIZE AND SHAPE The site is irregular. Based on the tax map the site has 190.93 and 88.82 feet of frontage along the easterly side adjacent to S. Conch Avenue and 131.95 feet along N. Conch Avenue. Based on the property record card the site totals 16,210 square feet. Refer to the previous tax parcel map for a depiction of the site. TOPOGRAPHY AND VEGETATION The site is generally level and is at street grade along the northerly and southerly sides of Conch Avenue. The easterly side of Conch Avenue toward Overseas Highway is slightly below street grade. The site is basically cleared with a few palm trees. TIER DESIGNATION The site is located within a Tier 3 designation. The Tier 3 designation typically consists of developed or scarified sites. ACCESS The site has frontage along N. and S. Conch Avenue. Conch Avenue is a poorly paved street that circles the small island of Conch Key. Main access to the site is via Overseas Highway. EASEMENTS, RESTRICTIONS AND ENCROACHMENTS Other than zoning, no restrictions were noted. I was not provided with a survey, however, based on a visual inspection there were no adverse easements or encroachments noted. UTILITIES Utilities are available to the site and include telephone service, trash services, sewage, water, and electricity. A central sewer system has recently been installed throughout the county. C232I-Conch Key Affordable Housing Units Marr&Associates Appraisal Company,Inc. 16 Date Submitted: 2019-07-31 12:29:13.490 1 Form Key: 5343 DRAINAGE/FLOOD ZONE The site appears to have adequate drainage. No adverse conditions were noted at the time of inspection. According to the FEMA on line Flood Map,panel number 12087CI167K, the site is located in flood zone AE. AE is a 100 year flood hazard area. No adverse conditions were noted which would negatively affect the future marketability of the property. ZONING The site is zoned CFSD 16 (Commercial Fishing Special District 16). The CFSD 16 district is specific to Conch Key. The permitted uses include commercial fishing, accessory uses, mobile homes, detached dwellings, vacation rental use with special exception permit, collocations on existing antenna supporting structures and waste water nutrients serving less than 10 units. Minor Conditional uses include attached dwellings, retail and restaurants related to commercial fishing, light industrial use, marine repair and satellite stations. Major conditional uses include Marinas, restaurants, dive shops, new antenna-supporting structures and waste water treatment systems. SITE CONCLUSION The site is located on Conch Key at mile marker 63. The island is a mixture of mobile homes, site built homes and commercial business. The subject's size, topography and zoning conform to the surrounding land uses. C232I-Conch Key Affordable Housing Units Marr&Associates Appraisal Company,Inc. 17 Date Submitted: 2019-07-31 12:29:13.490 1 Form Key: 5343 RCnisJN3V4d01:IA3Q 311S AINno:,)-0N NO <, d wIn t}1)w�i iIi At"; , i• 4 01 1 $ s i 31 sS { { I — 'll u, v � r w r 1 .. r c s, +s ,,,,�a ( h sir 11% } 1 f �aas� t � i } om P1 s rs ttl�n t � ;,'irf, 1 s,9 ? s ` m i The site plan includes 3 units on the adjacent property that are not part of this assignment PROPOSED SITE PLAN C232I-Conch Key Affordable Housing Units Marr&Associates Appraisal Company,Inc. 18 Date Submitted: 2019-07-31 12:29:13.490 1 Form Key: 5343 HIGHEST AND BEST USE Highest and best use is defined as: Highest and best use is defined as follows: "The reasonably probable use of property that results in the highest value. The four criteria that the highest and best use must meet are legal permissibility,physical possibility, financial feasibility, and maximum productivity"4 AS VACANT PHYSICALLY POSSIBLE USES Physically possible uses are those uses which are physically possible on the site. These uses change with the size, shape and terrain of the property in which development is to take place. The site totals 16,120 square feet. Physically, the site could be developed with many types of possible uses, including residential, commercial, industrial, etc. LEGALLY PERMISSIBLE USES Legally permissible uses are those uses which are legally permissible on the site. These uses vary with the type of zoning, building codes and deed restrictions pertaining to the property being appraised. The site is zoned CFSD 16 (Commercial Fishing Special District 16). The CFSD 16 district is specific to Conch Key. The permitted uses include commercial fishing, accessory uses, mobile homes, detached dwellings, vacation rental use with special exception permit, collocations on existing antenna supporting structures and waste water nutrients serving less than 10 units. Minor Conditional uses include attached dwellings, retail and restaurants related to commercial fishing, light industrial use, marine repair and satellite stations. Major conditional uses include Marinas, restaurants, dive shops, new antenna-supporting structures and waste water treatment systems. FINANCIALLY FEASIBLE For any use to be the highest and best use of a site, it must be financially feasible. That is, it must produce a return (profit) after construction which exceeds the total cost of construction and total development by such an amount that it would induce a developer/investor into undertaking the project. The surrounding area is developed with a balanced mixture of residential and commercial properties. Financially feasible would include residential apartments, affordable housing or light commercial. MAXIMALLY PRODUCTIVE USE Of the financially feasible uses, that use that produces the highest value, assuming similar risk factors and similar rate of return. As discussed previously the surrounding area is a mixture of residential and commercial. Based on the zoning and a density of 12 units per acre the site has an allocated density of I (I.11)residential unit and a maximum density of 3 (3.45)residential units. In general, sales of vacant non-water front commercial sites are selling similar to sales of vacant non- water front multi-family residential sites. Thus, if vacant the highest and best use would be for commercial development or multi-family development. 4 The Dictionary of Real Estate Appraisal,6"'Edition,Page 109 C232I-Conch Key Affordable Housing Units Marr&Associates Appraisal Company,Inc. 19 Date Submitted: 2019-07-31 12:29:13.490 1 Form Key: 5343 AS IMPROVED PHYSICALLY POSSIBLE USES Physically possible uses are those uses which are physically possible on the site. These uses change with the size, shape and terrain of the property in which development is to take place. The site totals 16,120 square feet and is being sold with 12 ROGO exempt residential units. The site is non- conforming in density and most likely could not be developed with its current density. The proposed site plans allows for 8 units, with the remaining 4 units transferred off site. LEGALLY PERMISSIBLE USES Legally permissible uses are those uses which are legally permissible on the site. These uses vary with the type of zoning, building codes and deed restrictions pertaining to the property being appraised. The site is zoned CFSD 16 (Commercial Fishing Special District 16). The CFSD 16 district is specific to Conch Key. The permitted uses include commercial fishing, accessory uses, mobile homes, detached dwellings, collocations on existing antenna supporting structures and waste water nutrients serving less than 10 units. Minor Conditional uses include attached dwellings, retail and restaurants related to commercial fishing, light industrial use, marine repair and satellite stations. Major conditional uses include Marinas, restaurants, dive shops, new antenna-supporting structures and waste water treatment systems. Legally the mobile homes could be removed and the site re- developed with a commercial building, I residential unit or 3 multi-family units. It may also be possible to re-develop the site with the current proposed development. FINANCIALLY FEASIBLE For any use to be the highest and best use of a site, it must be financially feasible. That is, it must produce a return (profit) after construction which exceeds the total cost of construction and total development by such an amount that it would induce a developer/investor into undertaking the project. The surrounding area is developed with a balanced mixture of residential and commercial properties. Financially feasible would include the continued use or any of the legally permissible uses. MAXIMALLY PRODUCTIVE USE Of the financially feasible uses, that use that produces the highest value, assuming similar risk factors and similar rate of return. The site is being sold with 12 ROGO exempt units, and as being sold exceeds the allowable density. The site is improved with dated and dilapidated mobile homes. Any existing mobile homes are at the end of their economic life. Thus, the highest and best use is to re- develop as proposed and sell or transfer the 4 ROGO exempt building rights to an alternative site. C232I-Conch Key Affordable Housing Units Marr&Associates Appraisal Company,Inc. 20 Date Submitted: 2019-07-31 12:29:13.490 1 Form Key: 5343 THE SALES COMPARISON APPROACH There are three common approaches to value, consisting of the cost approach, income approach and sales comparison approach. The sales comparison approach is considered the most reliable for vacant properties. Thus, this was the approach used in this report. The sales comparison approach is based on the principle of substitution. The principle of substitution holds that the value of property tends to be set by the cost of acquiring a substitute or alternative property of similar utility and desirability within a reasonable amount of time.5 The principle of balance relates to the tendency of the market to constantly strive for an equilibrium between supply and demand. "To apply the sales comparison approach, an appraiser follows a systematic procedure: 1. Research the market to obtain information on sales transactions, listings, and offers to purchase or sell properties that are similar to the subject property in terms of characteristics such as property type, date of sale, size, location, and zoning. 2. Verify the information by confirming that the data obtained are factually accurate and that the transactions reflect arm's-length market considerations. 3. Select relevant units of comparison (e.g., income multipliers or dollars per acre or per square foot) and develop a comparative analysis for each unit. 4. Compare comparable sale properties with the subject property using the elements of comparison and adjust the sale price of each comparable appropriately to the subject property or eliminate the property as a comparable. 5. Reconcile the various value indications produced from the analysis of comparables into a single value indication or a range of values. In an imprecise market subject to varying occupancies and economies, a range of values may be a better conclusion than a single value estimate. " The site consists of 16,120 square feet and is grandfathered for 12 housing units (plus 5 RV). The proposed site plan allows for 8 affordable residential units, leaving 4 ROGO exempt building rights. There were a few affordable housing sales in the county along with a pending contract and these comparables were used to value the proposed project. Several sales of building rights were available and were used to value the 4 ROGO exempt building rights. The sales used in this report were the most similar available and were considered good indicators of value. The following pages supply the sales that were considered most comparable to the subject, followed by a sales map, summary page of the sales, adjustment chart, and explanation of adjustments and conclusion of value. 5 The Appraisal of Real Estate 1411'Edition,2013,page 379 C232I-Conch Key Affordable Housing Units Marr&Associates Appraisal Company,Inc. 21 Date Submitted: 2019-07-31 12:29:13.490 Form Key: 5343 SALE ONE 20 r � _ 32 PROPERTY TYPE: Affordable housing development SALE PRICE: $270,000 DATE OF SALE December 2018 LOCATION: MM 49.50, Marathon GRANTOR: Habitat of Humanity of the Middle Keys, Inc. GRANTEE: Monroe County Comprehensive Plan Land Authority RECORDED: OR Book 2939, Page 1829, Monroe County, Florida RE NUMBER: 00325410-000000 WATER FRONT: No SIZE: 17,732 square feet ZONING: RM (Residential Medium) VEGETATION: None INTENDED USE: Affordable housing NUMBER OF UNITS: 4 DENSITY: 10 units per acre TERMS OF SALE: Cash to seller UNIT VALUE INDICATION: $15.23 per square foot $67,500 per unit COMMENTS: This site was improved with 4 dilapidated mobile homes. There were two prior sales. The agent purchased the site in September 2016 for $225,000 or $56,250 per unit. The property re-sold to the Habitat of Humanity in August 2018 for $299,000 or $74,750 per unit. Monroe County purchased the site from Habitat based on an appraisal of$270,000 or $67,500 per unit. The mobile homes have been razed and the site is going to be re-developed with 4 affordable housing units. C232I-Conch Key Affordable Housing Units Marr&Associates Appraisal Company,Inc. 22 Date Submitted: 2019-07-31 12:29:13.490 Form Key: 5343 SALE TWO 0 P` sir s PROPERTY TYPE: Affordable housing development SALE PRICE: $1,500,000 DATE OF SALE April 2018 LOCATION: MM 84.7 Windley Key GRANTOR: Joseph J. Janas GRANTEE: Islamorada Village of Islands RECORDED: OR Book 2901, Page 492, Monroe County, Florida RE NUMBER: 00093980-000000 WATER FRONT: No SIZE: 47,875 square feet ZONING: TC (Tourist Commercial) VEGETATION: None INTENDED USE: Affordable housing NUMBER OF UNITS: 16 + 1,848 sf of retail space for a total of 18 units DENSITY: 15.5 units per acre (based on 18 units) TERMS OF SALE: Cash to seller UNIT VALUE INDICATION: $31.33 per square foot $83,500 per unit(rounded) COMMENTS: This project had permits and all plans approved and included prior to the closing. The site is located on Windley Key and was formerly used as a boat dealer. The affordable housing project was under construction at the time of the inspection. The project was approved for 16 affordable housing units and 1,848 square feet of retail space. The retail space was considered 2 units (for a total of 18) for price per unit and density. C232I-Conch Key Affordable Housing Units Marr&Associates Appraisal Company,Inc. 23 Date Submitted: 2019-07-31 12:29:13.490 Form Key: 5343 SALE THREE 11107 }006 s u m s ul' c { m "" �Yftti. i}�ffit e1%�a' it ti Uwtitil i� arsiqFS PROPERTY TYPE: Affordable housing development SALE PRICE: $1,000,000 (plus $400,000 for permits) DATE OF SALE June 2016 LOCATION: MM 30, Big Pine Key GRANTOR: Richard C. Beal GRANTEE: Tri-Star Affordable Development, LLC RECORDED: OR Book 2802, Page 1121, Monroe County, Florida RE NUMBER: 00111078-000000 WATER FRONT: No SIZE: 52,990 square feet ZONING: SC (Suburban Commercial) VEGETATION: None INTENDED USE: Affordable housing NUMBER OF UNITS: 16 DENSITY: 13 units per acre TERMS OF SALE: Cash to seller UNIT VALUE INDICATION: $26.42 per sf(based on $1,400,000 adjusted price) $87,500 per unit(based on $1,400,000 adjusted price) COMMENTS: This site was formerly used as a boat sales yard and has been developed with an affordable housing development. The site did not have building permits at the time of sale. The buyer indicated they purchased the building rights for $400,000 or $25,000 per unit subsequent to the sale. This sale is located in central Big Pine Key along the Ocean side (north) of Overseas Highway. C232I-Conch Key Affordable Housing Units Marr&Associates Appraisal Company,Inc. 24 Date Submitted: 2019-07-31 12:29:13.490 Form Key: 5343 SALE FOUR s, rg f u tF F s 1,r PROPERTY TYPE: Affordable housing development SALE PRICE: $850,000 (Contract) DATE OF SALE Pending Contract LOCATION: MM 32, Big Pine Key GRANTOR: Howard Haven, LLC GRANTEE: Monroe County RECORDED: Sale pending RE NUMBER: 00302670-000000, 00302680-000000 WATER FRONT: No SIZE: 20,000 square feet ZONING: IS (Improved Subdivision) VEGETATION: Tropical landscaping INTENDED USE: Affordable housing NUMBER OF UNITS: 13 DENSITY: 28 units per acre TERMS OF SALE: Cash to seller UNIT VALUE INDICATION: $42.50 per sf(based on $1,400,000 adjusted price) $65,500 per unit COMMENTS: The site has frontage and access from both Avenue C and 5th Street. Lots 1, 2 and 3 were developed with a 12 unit mobile home park and lot 4 was developed with 1 mobile home. The homes were destroyed by Hurricane Irma and the sites had been temporarily approved for 16 RV sites. These sites were being rented by FEMA for displaced families. The site is located in a Tier 1 designation and the Tier 1 designation does not permit re-development of the site with affordable housing. However the units are grand-fathered in and the site could be re-developed with the 13 mobile homes that were previously on the site. C232I-Conch Key Affordable Housing Units Marr&Associates Appraisal Company,Inc. 25 Date Submitted: 2019-07-31 12:29:13.490 Form Key: 5343 jiv d T. `* � k ' d 5; kfl t t ' tf r C F t rq � A „, �s �rr- d Uj **SS tv ' ryaUvG �9 !,�y� L r r,. LU If rQ AF km IV Vy a i gA 8331 r, v. C ';. ; W, KEY y ' [8s � 5?P ll, Uj woo jr4-1 IU L-mg ; IT Z ® x 4j y� C4LA ? wn ry xi 9' u w COMPARABLE SALES MAP C232I-Conch Key Affordable Housing Units Marr&Associates Appraisal Company,Inc. 26 Date Submitted: 2019-07-31 12:29:13.490 1 Form Key: 5343 SALES COMPARISON APPROACH The following chart summarizes the sales found that were considered similar to the subject. Refer to the previous write up for detailed information on the sales along with an aerial photograph. SUMMARY OF SALES Subject Sale 1 Sale 2 Sale 3 Sale 4 Mobile/ Mobile/ Retail/ Affordable Affordable Affordable Affordable Affordable Property Type housing housing Housing Housing Housing Location Conch Key Marathon Windley Key Big Pine Big Pine Sales Price $270,000 $1,500,000 $1,400,000* $850,000 Sales Date 12-18 4-18 6-16 Pending Affordable Affordable Affordable Affordable Intended Use 13 units Housing Housing Housing Housing # of Units/Site 8 4 18 16 13 Permits/Rogo Yes Yes Yes Yes Yes Exempt Size 16,120 sf 17,732 sf 47,875 sf 52,990 sf 20,000 sf Zoning CFSD 16 RM TC SC IS Density / 22 10 16 13 28 Units per acre $/Unit $67,500 $83,500 $87,500 $65,500 $/SF $15.23 $31.33 $26.42 $42.50 adjusted for permits The following chart summarizes the major differences between the subject and the comparables. Due to the lack of sufficient sales, an exact dollar amount of an adjustment could not be supported and would be unreliable. Therefore, each comparable was given either a negative,positive or equal sign in order to compare it to the subject. If the comparable was inferior to the subject it required an upward adjustment, thus, a plus sign was used. If the comparable was superior to the subject it required a downward adjustment, thus a negative sign was used. An equal sign required no adjustment. C232I-Conch Key Affordable Housing Units Marr&Associates Appraisal Company,Inc. 27 Date Submitted: 2019-07-31 12:29:13.490 Form Key: 5343 Adjustment Chart Sale I Sale 2 Sale 3 Sale 4 Market Conditions Conditions of Sale Property Type - Location Zoning ROGO Exempt/Permits Density - - - + Net Adjustments - - - - - _ UNIT OF COMPARISON The sales ranged from $270,000 to $1,500,000 with a sales price per unit ranging from $65,500 to $87,500. Typically affordable housing sites are purchased on a price per unit basis. The price per unit had the narrower range and was used to value the subject. FINANCING All of the sales sold for cash. Therefore, no adjustments were required for financing. MARKET CONDITIONS Market condition refers to the appreciation or depreciation in a property over a period of time. The sales occurred from June 2016 to December 2018 and a pending sale. Sale 3 occurred in 2016 and is somewhat dated. However, the price per square foot is within the range of the comparables and no adjustment was indicated. CONDITIONS OF SALE Adjustments for conditions of sale usually reflect the motivation of the buyer and seller. A sale may be transacted at a below market price if the seller needs cash in a hurry. A financial business or family relationship between the parties may also affect the price of a property. Although conditions of sale are often perceived as applying only to sales that are not arm's-length transactions, some arms- length sales may reflect atypical motivation or sales conditions due to unusual tax considerations, sale at legal auction, lack of exposure to the open market or eminent domain proceedings. All of the sales were arms length transactions and no adjustments were required. LOCATION The subject is located on Conch Key. Sale I is located in Marathon and sale 2 is located within incorporated Islamorada. All of these locations bring higher prices than Conch Key and were considered superior requiring downward adjustments. Sales 3 and 4 are located on Big Pine Key and Big Pine Key was considered similar to Conch Key, thus sales 3 and 4 required no adjustments. C232I-Conch Key Affordable Housing Units Marr&Associates Appraisal Company,Inc. 28 Date Submitted: 2019-07-31 12:29:13.490 1 Form Key: 5343 ZONING The subject is zoned CFSD 16. All of the sales were analyzed on a price per unit basis, thus, the zoning is irrelevant and no adjustments were made. PERMIT /ROGO EXEMPT The subject is improved with 12 mobile homes and could be re-developed. All of the sales were ROGO exempt and required no adjustments. DENSITY The subject has a density of 22 units per acre. Sales 1 —3's density ranged from 10 to 16 and were superior to the subject, thus, requiring downward adjustments. Sale 4 had a density of 28 units per acre and was inferior, thus, requiring an upward adjustment. CONCLUSION OF VALUE Summary of Adjustments Sale 1 Sale 2 Sale 3 Sale 4 Net Adjustment - - - - - _ Price /Unit $67,500 $83,500 $87,500 $65,500 The sales ranged from $270,000 to $1,500,000 with price per units ranging from $65,500 to $87,500. The contract price for the subject for all 12 units is $83,333 per unit and although it is at the upper range it is within the range of the sales. Thus, after analysis of the sales and with emphasis also placed on the subject's current contract the market value of the land and 8 units proposed for the site was estimated at $83,500 per unit. The market value of the site and 8 proposed units is summarized as follows. 8 units X $83,500 /Unit= $ 668,000 TRANSFER OF BUILDING RIGHTS As discussed previously, the subject has a total of 12 units, however, it would be difficult to conform to current codes and re-develop the site with 12 units. The site is planned for 8 units. The remaining 4 units could be transferred to an alternate site or sites. Therefore, the value of the remaining building rights was derived by similar building right sales. There were very few sales in the unincorporated county; therefore, sales search was expanded to incorporated Marathon and Islamorada. I also analyzed sales on Duck Key with permits and without permits. The building right sales are summarized on the following page. C232I-Conch Key Affordable Housing Units Marr&Associates Appraisal Company,Inc. 29 Date Submitted: 2019-07-31 12:29:13.490 1 Form Key: 5343 BUILDING RIGHTS VALUATION Date of sale # of Rights Sales Price $/Right Location 11-15 9 $765,000 $85,000 Islamorada Pending 1 $ 80,000 $80,000 Monroe County 1-19 3 $201,000 $67,000 Marathon 2-19 1 $ 65,000 $65,000 Marathon 3-19 1 $ 71,000 $71,000 Marathon The Marathon sales actual price ranged from $38,000 to $44,000. However, this does not include a transfer fee of$20,000 and closing cost of$7,000 which was applied to each sale for an adjusted price for the Marathon sales ranging from $65,000 to $71,000. A local private land use planner indicated that they have sold two recent building rights within the Islamorada for $100,000 and $125,000. More detailed information was not available on these building rights as of this report date. There are more building rights sold and transferred within the City of Marathon, therefore, they are considered to reflect the lower range. Duck Key Sales Parcel# Street Date Price Permits 00383340-000000 Seaview 10-18 $120,000 Yes 00383150-000200 Seaview 6-18 $120,000 Yes 00383190-000000 Seaview 6-17 $71,500 No 00385580-000000 Seaview 5-17 $73,500 No 00383400-000000 Seaview 12-17 $82,500 No The permitted sales sold for$120,000 per lot and the non-permitted sales ranged from $71,500 to $82,500, indicating a premium for the permit ranging from $37,500 to $48,500. Note that this would be considered the low range of building rights, because additional costs and time would be involved if it was even possible to transfer one of theses. Conclusion of Building Rights The building right sales in Marathon ranged from $65,000 to $71,000, the Islamorada right was $85,000 and the Monroe County right was pending at $80,000. The premium for the permits ranged from $37,500 to $48,500. Based on the data, the subject's excess building rights assuming they could be transferred to any type property was estimated at$80,000 or $320,000 ($80,000 X 4 building rights). CONCLUSION OF VALUE The subject property consists of 16,120 square feet of land and is currently improved with dilapidated trailers and RVs. The site is being appraised with 12 building rights. The site is large enough to accommodate 8 building rights. The additional rights could be transferred to an alternative site, either water front or non-waterfront. The market value is summarized as follows. 8 developable units on site X $83,500 /Unit = $ 668,000 4 transferable building rights X $80,000 /Right = $ 320,000 Market Value Estimate $ 988,000 Date Submitted: 2019-07-31 12:29:13.490 1 Form Key: 5343 ADDENDA Date Submitted: 2019-07-31 12:29:13.490 1 Form Key: 5343 QUALIFICATIONS OF THE APPRAISER- TRENT MARR, MAI, SRPA LICENSE Licensed Real Estate Broker, State of Florida State-Certified General Appraiser RZ #000514 (Florida) Certified General Real Property Appraiser 341275 (Georgia) OFFICE LOCATIONS 81800 Overseas Highway, Islamorada, Florida 33036 2669 Aucilla Road, Monticello, Florida 32344 AFFILIATIONS Member Appraisal Institute, MAI Designation#9353 Member Society of Real Estate Appraiser, SRPA Designation Board of Directors, Appraisal Institute 1991 - 1994 Member of the Board of Realtors for Florida Keys, Marathon, Key West, Tallahassee APPRAISAL EXPERIENCE 1991-Present Marr&Associates Appraisal Company, Inc., President 1988-Present Marr Properties, Key Largo, FL- Vice President, Broker 1991-President American Caribbean Real Estate, Islamorada, Florida, Broker 1988- Matonis, DeAngelis, MacDermott, Inc. 1986-1987 -AmeriFirst Appraisal Company, Maitland, FL- Commercial Appraiser 1985-1986- Thomas H. Overstreet, Winter Park, FL- Residential Appraiser GENERAL EDUCATION Bachelor of Science in Business &Administration, Major in Real Estate, Florida State University, Tallahassee, Florida(1985) PROFESSIONAL EDUCATION All Courses and classes for both SRPA and MAI designations. Partial List of Seminars and Continuing Education for the Appraisal Institute. Supporting Adjustments - 2018 USFLA(Uniform Standards for Federal Land Acquisitions) - 2017 USPAP—2018, 2016, 2014, 2012, 2010, 2008, 2006, 2004, 2002, 2000 Florida Law—2018, 2016, 2014, 2012, 2010 Forest Valuation-2015 Business Ethics - 2015 Appraisal of Self Storage Facilities 2014 The Cost Approach 2014 Mortgage Fraud-2014 Fundamentals of Business Valuation 2012 Business Practices and Ethics - 2011 Curriculum Overview -2010 Analyzing Distressed Properties—2010 Supervisory Appraisal- 2010 Core Law—2008, 2006, 2004, 2002, 2000, 1997, 1994 Valuation of Conservation Easements - 2008 Valuation of Wetlands, etc. /SFWMD —2007, 2006, 2003, 2002, 2001 Residential Design and Functional Utility - 2006 Analyzing Distressed Real Estate- 2006 Date Submitted: 2019-07-31 12:29:13.490 1 Form Key: 5343 QUALIFICATIONS OF APPRAISER—CONTINUED "PLAM"Public Land Acquisition& Management Partnership Conference- 2006 Litigation Skills - 1997 Appraising Rural Properties in SE FL- 1997 Internet& The Appraiser- 1996 Standards of Professional Practice/Part A - 1996 Professional Standards USPAP/Law - 1996 The Appraiser as Expert Witness - 1995 Standards of Professional Practice/Part B - 1995 Wetland, Mitigation& Severable Rights - 1995 Understanding Limited Appraisals - 1994 Blue Print Reading for Appraisers - 1994 Appraising Complex Residential Properties - 1993 Standards of Professional Practice/Part A - 1992 Appraisal Review - 1992 Rates, Ratios & Reasonableness - 1992 Appraising Troubled Properties - 1992 Legal Liabilities - 1992 Non-Residential Demonstration Report Writing - 1990 CLIENTS SERVED Attorneys, Bank, Savings & Loans, Mortgage Companies, Florida Department of Transportation, Department of Natural Resources, Department of Environmental Protection,Nature Conservancy, Trust for Public Lands, Monroe County Land Authority,National Park Service, Fish and Game Commission, RTC, FDIC, Federal Home Loan Bank Board, Federal Savings & Loans, Insurance Companies, various national corporations, estates and individuals. TYPES OF PROPERTIES Single Family Homes, Condominiums, Two to Four Family Dwellings, Office Buildings,Nursing Homes, Industrial Warehouses, Shopping Centers, Apartment Complexes, Subdivision Developments, Marinas, Planned Unit Developments, Environmentally Sensitive Land, Hotels, Office Condominiums, Undeveloped Land, Mobile Home Parks, RV Parks, Fishhouses, Restaurants and Mixed Use Properties. GENERAL EXPERIENCE Mr. Marr has been appraising real estate property since 1985. He has been qualified as an expert witness in both Dade and Monroe County. His extensive appraisal experience includes wetlands and environmental land for both the Department of Environmental Protection,Nature Conservancy, The Conservation Fund, Freshwater Fish and Game, Big Cypress National Park Service and Monroe County Land Authority. Mr. Marr received his SRPA designation in 1990 and his MAI designation in 1992. He served on the board of directors of the Appraisal Institute 1991-1994. The Appraisal Institute conducts a program of continuing education for designated members. Designated members who meet the minimum standards of this program are awarded periodic educational certification. Mr. Marr is currently certified under this program. Date Submitted: 2019-07-31 12:29:13.490 1 Form Key: 5343 FIRST AMENDMENT TO OPTION AGREEMENT FOR THE PURCHASE OF LANDS THIS FIRST AMENDMENT modifies that certain Option Agreement for the Purchase of Lands (hereinafter "Agreement") between Howard's Haven, LLC (hereinafter "Seller(s)") and Monroe County, Florida, (hereinafter"COUNTY"), dated December 19, 2018. The parties hereby mutually agree as follows: 1. The COUNTY'S remedy for default on the part of the Seller(s) includes or is specific performance. 2. The expiration date of the Option Period is hereby extended from December 26, 2019 at 5:00 pm to March 31, 2020 at 5:00 pm. 3. The consideration for said extension to the Option Period shall be $2,500.00, shall be paid by the COUNTY to the escrow agent within thirty business days of the COUNTY'S execution of this First Amendment, and shall be otherwise governed by the same terms as the Option Payment in the Agreement. 4. The COUNTY will use the subject property for the provision of affordable housing. The COUNTY may use the subject property as temporary relocation housing only for the current residents of Howard's Haven while permanent housing is being built. The COUNTY will not use the subject property as a Recreational Vehicle park. 5. All other provisions of the Agreement shall remain in effect. IN WITNESS WHEREOF, the parties have hereunto signed their 'names and affixed their respective seals. Seller/ Howard's Haven LLC By: Luther S. Ackiss, Manager �f C rn Ca C->: n ure Date . MONROE COUNTY, FLORIDA acting by and through its MAYOR, has executed t412 Agreerrpf-: on behalf of MONROE COUNTY, FLORIDA this IV& day of d- 2019. Buyer/ COUNTY: MONROE COUNTY, FLORIDA KEVIN MADOK, CPA, Clerk ep lerk Sylvia J. Murphy, Mayor MONROE OOUN a APPOg0yF0 TMAMRNEY _ _ TO F ow. D ate �•`i6 �� E^ IELI� •• ou GER,JR. EY Da 20 9-07-�1 1 9:1 .490 Form Key: 5343 o:• (evin laok, CPA •:a Jam• �b �~ '' Clerk of the Circuit Court& Comptroller—Monroe County, Florida 'Pac co�� DATE: December 21, 2018 TO: Kathy Peters, CP County Attorney's Office FROM: Pamela G. Hanco*.C. SUBJECT: December 19`h BOCC Meeting Attached are electronic copies of the following items for your handling: D3 Contract with Howard's Haven, LLC to purchase Block 22, Lots 1 through 4, Sands, Big Pine Key for affordable housing. P6 Contract with Robert Ceppaluni for purchase of a lot described as Block 4, Lot 18, Plantation Island (PB 5-82) with parcel number 00383380-000000 for density reduction purposes. P7 Contract with Robert Ceppaluni for purchase of a lot described as Block 4, Lot 19, Plantation Island (PB 5-82) with parcel number 00383390-000000 for density reduction purposes. Should you have any questions, please feel free to contact me at(305) 292-3550. Thank you. cc: Finance File KEY WEST MARATHON PLANTATION KEY PK/ROTH BUILDING 500 Whitehead Street 3117 Overseas Highway 88820 Overseas Highway 50 High Point Road Key West,Florida 33040 Marathon,Florida 33050 Plantation Key,Florida 33070 Plantation Key,Florida 330' 305-294-4641 305-289-6027 305-852-7145 305-852-7145 Date Submitted: 2019-07-31 12:29:13.490 1 Form Key: 5343 OPTION AGREEMENT FOR THE PURCHASE OF LANDS THIS AGREEMENT is made and entered into this day of �`J9-�� , 2018, by and between Howard's Haven, LLC (hereinafter "Seller(s)"), for themselves, their heirs, executors, administrators, successors and assigns, and MONROE COUNTY, FLORIDA (hereinafter "COUNTY"). WITNESSETH: 1. The Seller(s) hereby grant to the COUNTY the exclusive option to purchase certain lands upon the terms and conditions hereinafter set forth, for all of the lands and other interests, which lands shall include all tenements, hereditaments, together with all water and other rights, easements, appurtenances, and any and all of the Seller's rights in or arising by reason of ownership thereunto belonging, owned by them, situate and lying in the County of Monroe, State of Florida, more particularly described as follows; to-wit: Block 22, Lots 1, 2, 3, and 4, Sands (PB 1-65) RE# 00302670-000000 and 00302680-000000 The rights being conveyed in this transaction include the rights to 13 residential dwelling units and 100 square feet of nonresidential floor area exempt from the ROGO and NROGO permit allocation systems referenced in the December 14, 2017 and July 27, 2018 letters from the Monroe County Planning and Environmental Resources Department to Luther Ackiss. The consideration for the option granted by this Agreement is $10,000.00 (hereinafter "Option Payment"). Within five business days of execution of this Agreement by the COUNTY, the COUNTY shall issue a check in the amount of the Option Payment and forward same to the escrow agent to hold for the benefit of the Seller(s). The period covered by the option shall commence on December 27, 2018 and shall expire on December 26, 2019 at 5:00 pm (hereinafter "Option Period"). The COUNTY shall have the right to exercise the option by providing the Seller(s) written notice (hereinafter "Option Notice") and to close the real estate transaction at any time within the Option Period after the expiration or termination of the existing lease between the Seller(s) and the Federal Emergency Management Agency or any extension of said lease. If the COUNTY does not exercise its option within the Option Period, then the escrow agent is directed to release and disburse the Option Payment to Seller(s) the day after the Option Period expires. If the COUNTY does timely exercise its option, then the escrow agent shall credit the Option Payment toward the purchase price paid by the COUNTY at closing. 2. The Seller(s) agree that they have full right, power and authority to convey, and that they will convey to the COUNTY the fee simple title together with legal and practical access thereto clear, free and unencumbered, except subject to the following easements or reservations: Existing easements for canals, ditches, flumes, pipelines, railroads, public highways and roads, telephone, telegraph, power transmission lines and public utilities. The COUNTY, at the COUNTY'S expense, within the time allowed to deliver evidence of title and to examine same, may have the real property surveyed and certified by a registered Florida surveyor. If the survey discloses encroachments on the real property or that improvements located thereon encroach on setback lines, easements, lands of others, or violate any restrictions, 1 - bate Submitted: 2019-07-31 12:29:13.490 1 Form Key: 5343 contract covenants, or applicable governmental regulations, the same shall constitute a title defect. Seller(s) shall convey a marketable title subject only to the aforementioned liens, encumbrances, exceptions or qualification set forth herein. Marketable title shall be determined according to applicable title standards adopted by authority of the Florida Bar and in accordance with law. The COUNTY shall have sixty (60) days from the date of Option Notice in which to examine title. If title is found defective, the COUNTY shall, within this specified time period, notify Seller(s) in writing specifying defect(s). If the defect(s) render title unmarketable the Seller(s) will have one hundred twenty (120) days from receipt of notice within which to remove the defect(s). The Seller(s) will use diligent effort to correct defect(s) in title within the time provided therefore, including the bringing of necessary suits, failing which the COUNTY shall have the option of either accepting the title as it then is or rescinding the Agreement herein. 3. The Seller(s) further agree not to do, or suffer others to do, any act by which the value or title to said lands may be diminished or encumbered while this Agreement is pending. It is further agreed that any loss or damage occurring prior to the vesting of satisfactory title in the COUNTY by reasons of the unauthorized cutting or removal of products therefrom, or because of fire, shall be borne by the Seller(s); and that, in the event any such loss or damage occurs, the COUNTY may, without liability, refuse to accept conveyance of said lands. 4. The Seller(s) further agree that during the period covered by this instrument officers and accredited agents of the COUNTY shall have at all reasonable times the unrestricted right and privilege to enter upon said lands for all proper and lawful purposes, including examination of said lands and the resources upon them. The Seller(s) hereby waive their rights to any and all claims against the COUNTY, Monroe County, or the State of Florida associated with, or arising from ownership of, said lands and this waiver shall survive closing. 5. The Seller(s) will execute and deliver upon demand of the proper officials and agents of the COUNTY a good and sufficient deed of warranty conveying to the COUNTY a marketable title to the said lands of such character as to be satisfactory to the legal counsel of the COUNTY and said deed shall provide that the use, occupation and operation of the rights-of-way, easements and reservations retained therein, shall be subordinate to and subject to such rules and regulations as may be prescribed by the COUNTY governing the use, occupation, protection and administration of lands. 6. The purchase price for said lands and other interests, subject to adjustments and prorations, is $850,000.00. The COUNTY further agrees that, after credit for the Option Payment, after the preparation, execution, and delivery of the deed, and after the legal counsel of the COUNTY shall have approved the title thus vested in the COUNTY, it will cause to be paid to the Seller(s) the balance of the purchase price. The COUNTY shall pay the following expenses associated with the conveyance of the property: deed recording fees, settlement fees, abstract fees, title examination fees, the Buyer's attorney's fees, and title insurance, as well as the prorata share of prepaid real property taxes allocable to the period subsequent to the vesting of title in the COUNTY, or the effective date of possession of such real property by the same, whichever is earlier. The Seller(s) shall pay the expenses of documentary stamps to be affixed to the deed and real estate commissions, if any. Full possession of the premises shall pass to the COUNTY as of the date payment is made to the Seller(s) subject only to the reservations stated in Section 2 above. 7. It is mutually agreed that an abstract, title insurance policy or other evidence of title to the property herein contracted to be sold, satisfactory to the legal counsel of the COUNTY will be obtained by 2 Date Submitted: 2019-07-31 12:29:13.490 1 Form Key: 5343 the COUNTY at its expense. The Seller(s) expressly agree herein to furnish to the COUNTY any documents in Seller(s)'s possession establishing evidence of title including, but not limited to, abstracts, title commitments, title policies and opinions of title. 8. It shall be the obligation of the Seller(s) to pay all taxes and assessments outstanding as liens at the date title vests of record in the COUNTY, whether or not such taxes and assessments are then due and payable. 9. It is mutually understood and agreed that notice of acceptance of this Agreement shall be given to the Seller(s) by mail addressed to the Seller(s) at the following address: PO Box 430271 Big Pine Key, FL 33043 and shall be effective upon date of mailing and shall be binding upon all of the Seller(s) without sending a separate notice to each, except as such obligation may be affected by the provisions of paragraph 6 hereof. 10. It is mutually understood and agreed that the COUNTY may assign this Agreement. 11.. Unless waived by the COUNTY as to one or more existing tenants, the property shall be delivered at closing free of any tenant or occupancy. 12. Seller(s) shall close any open building permits or code enforcement proceedings prior to closing and provide proof of same to the COUNTY. 13. The effective date of this Agreement shall be that date when the last one of the Seller(s) and the COUNTY has signed this Agreement. 14. If the Seller(s) wish to proceed with this transaction, the Seller(s) have until December 4, 2018 to sign and return this Agreement to the COUNTY. This, Agreement may be executed in counterparts. [The remainder of this page is intentionally blank.] 3 0 ' 1 Date Submitted: 2019-07-31 12:29:13.490 1 Form Key: 5343 15. In the event the transaction is not closed within the Option Period, at any time thereafter both the COUNTY and the Seller(s) shall each have the right to terminate this Agreement by providing written notice, at which point both parties shall be released of all further obligations under this Agreement. IN WITNESS WHEREOF, the parties have hereunto signed their names and affixed their respective seals. Seller/ Howard's Haven, LLC By: Luther S. Ackiss, Manager Signature Da a Phone Number MONROE COUNTY, FLORIDA acting by and through its MAYOR, has executed this Agreement on behalf of MONROE COUNTY, FLORIDA this 19.t day of 4"-1Z4A/ , 2018. Buyer/ COUNTY: MONROE COUNTY, FLORIDA KEVIN MADOK, CPA, Clerk 3 By: V✓N a c- De bu�v-C erk Sylvi J. Murphy, Mayor � � r`nn - � Date: .z. 11 20 Lrn -LL MONROE COUNTY ATTORNEY APPRO FOR EEVT ._I-IILLINC3>=R,JR. rT Date Submitted: 2019-07-31 12:29:13.490 1 Form Key: 5343 Appraisal for the Following Site(s): 31535 Avenue C, Big Pine Key Date Submitted: 2019-07-31 12:29:13.490 1 Form Key: 5343 AN APPRAISAL OF SEVEN OWNERSHIP PARCELS LOCATED ON KEY LARGO, WINDLEY KEY, CONCH KEY, SCOUT KEY, BIG PINE KEY AND STOCK ISLAND MONROE COUNTY, FLORIDA PREPARED FOR CHARLES G. PATTISON MONROE COUNTY LAND AUTHORITY 1200 TRUMAN AVENUE, SUITE 207 KEY WEST, FLORIDA 33040 EFFECTIVE DATE OF VALUATION DECEMBER 8 & 9, 2017 PREPARED BY TRENT MARK, MAI, SRPA STATE-CERTIFIEED GENERAL REAL ESATE APPRAISER # RZ 514 MARR & ASSOCIATES APPRAISAL COMPANY, INC N4wmc Ass tcs,4=rai Company, Inc. Date Submittecr=77-4r T� ,. Trent Marr,MAI, SRPA Phone 850-342-1114 State-Certified General Real Estate Appraiser 4 RZ 514 2665 Aucilla Road,Monticello,Florida 32344 trentmarrA.embargmail.com 81800 Overseas Highway,Islamorada,Florida 33036 January 30, 2018 Charles G. Pattison Monroe County Land Authority 1200 Truman Avenue, Suite 207 Key West, Florida 33040 Re: An appraisal of seven ownership parcels on Key Largo, Windley Key, Conch Key, Scout Key, Big Pine Key and Stock Island, Monroe County, Florida. Dear Mr. Pattison: At your request, the investigations and analyses necessary to form an opinion of the market value of the fee simple estate in the above referenced properties has been conducted. The subject consists of seven ownership parcels. The Pisces 62, LLC parcel consists of an RV park and is located in Key Largo near mile marker 101.6. The Joseph J. Janas parcel is developed with a dilapidated retail building and is located on Windley Key near mile marker 84. The JDLC, Inc. parcel consists of a mobile/RV park and is located near mile marker 63 on Conch Key. The Howards Haven, LLC, parcel consists of a former mobile home park and is located on Big Pine Key. The Castaways RV Park Inc.,parcel consists of a mixed use residential/RV Park and is located on Big Pine Key. The South Florida Boy Scouts of America parcel consists of a 10.14 acre site and is improved with a single family home and bath facilities and is used as a retreat. The Stock Island Holdings, LLC, parcel consists of a mobile home park and is located on Stock Island To the best of my ability, the analysis, opinions, and conclusions were developed and this report was prepared in accordance with the standards and reporting requirements of the Appraisal Institute and Uniform Standards of Professional Appraisal Practice (USPAP). Based upon a personal inspection of the subject property, the subject neighborhood and all comparable data, as well as upon the investigations and analyses undertaken, I have formed the opinion that, as of December 8 and 9, 2017, subject to the assumptions and limiting conditions set forth in this report, the market value of the subject sites are: Ownership Market Value Estimate Pisces 62, LLC $3,000,000 Joseph J. Janas $1,500,000 JDLC, Inc $1,015,000 Howards Haven, LLC $ 847,000 Castaways, RV Park, Inc. $2,250,000 South Florida Boy Scouts of America $1,500,000 Stock Island Holdings, LLC Stock Island $1,875,000 Respectfully Submitted, Marr& Associates Appraisal Company, Inc. Trent Marr, MAI, SRPA State-Certified General Real Estate Appraiser 4 RZ 514 Date Submitted: 2019-07-31 12:29:13.490 1 Form Key: 53f-)\BLE OF CONTENTS Title Page Letter of Transmittal Table of Contents INTRODUCTION LocationMap.................................................................................................................................................1 Certification...................................................................................................................................................2 Assumptions and Limiting Conditions..........................................................................................................3 Scopeof Work...........................................................................................................................................4-5 PropertyIdentification...................................................................................................................................5 Intended User and Use of the Report.............................................................................................................6 HypotheticalCondition.................................................................................................................................6 Definitionof Market Value...........................................................................................................................6 PropertyRights Appraised............................................................................................................................6 Dateof Value.................................................................................................................................................6 Purposeof the Report....................................................................................................................................7 Statement of Conformation...........................................................................................................................7 ReasonableExposure Time...........................................................................................................................7 TierSystem....................................................................................................................................................7 MonroeCounty Data................................................................................................................................. 8-9 SALES COMPARISON APPROACH Definition of sales comparison approach ...................................................................................................10 Comparablesales................................................................................................................................... 11-21 Comparable sales location map...................................................................................................................22 PROPERTY SPECIFIC DATA AND VALUATION CampersCove Pisces 61, LLC..............................................................................................................23-38 JosephJ. Janas....................................................................................................................................... 39-57 JDLC, Inc. .............................................................................................................................................58-72 HowardsHaven..................................................................................................................................... 73-88 CastawaysRV Park, Inc...................................................................................................................... 89-104 South Florida Council Boy Scouts of America................................................................................. 105-126 Stock Island Holdings........................................................................................................................ 127-142 ADDENDA Qualifications of the Appraiser C2278—7 Owner shi Parcels Ke Lar o to Stock Island Monroe Count Florida Man•&Associates Appraisal Com an Inc. 1 Date Submitted: - - ormKey: SUBJECT SITES — LOCATION MAP 9 0"° : 'I q 0 rtf " r l- ' III his fi. 5• '' Al a + ijuU s CL cry*s `= v UR o 13 OL If gag1s, r rU ` cS k+ E" < „ {ems Ly ��il;61AN KEY pm 0 4P,r� �. I',' 1,k LL v _ " Zvi i` LL s �✓ 5a +�. i d C2278—I Ownershi Parcels Key Largo to Stock Island Monroe Count Florida Marr&Associates Appraisal Company,Inc.2 Date Submitte : - - ormKey: CERTIFICATE OF VALUE The undersigned does hereby certify that, to the best of my knowledge and belief that: The statements of fact contained in this appraisal report,upon which the analysis,opinions and conclusions expressed herein are based, are true and correct. The reported analysis, opinions and conclusions are limited only by the reported assumptions and limiting conditions, and are my personal,unbiased professional analyses, opinions, and conclusions. I have no present or prospective interest in the property that is the subject of this report. I have no personal interest or bias with respect to the parties involved. My compensation is not contingent upon the reporting of a predetermined value or direction in value that favors the cause of the client, the amount of the value estimate, the attainment of a stipulated result,or the occurrence of a subsequent event. This appraisal assignment was not based upon a requested minimum value, a specific value, or the approval of a loan. The reports and 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 Practice of the Appraisal Institute - the State of Florida requirements for state-certified appraisers - Uniform Standards of Professional Appraisal Practice (USPAP, (January 2016-2017) 1 have complied with the USPAP competency provision. This appraisal report sets forth all of the limiting conditions imposed by the terms of this assignment or by the undersigned affecting the analyses, opinions and conclusions contained in this report. No one provided significant professional assistance to the persons signing this report,unless specifically noted herein. Mary Marr provided professional assistance in reviewing the report for grammatical and typographical errors as well as consistency throughout the report. I have performed no services, as an appraiser or in any other capacity,regarding the property that is the subject of this report within the three-year period immediately preceding acceptance of this assignment. The use of this report is subject to the requirements of the Appraisal Institute relating to review by its duly authorized representatives. Additionally,it is subject to review by the State of Florida relating to review by the Real Estate Appraisal Subcommittee of the Florida Real Estate Commission. As of the date of this report, Trent Marr has completed the requirements of the continuing education program of the Appraisal Institute. January 30, 2018 ------------------------------------ -------------- Trent Marr, MAI, SRPA Date State-Certified General Real Estate Appraiser 4 RZ 514 C2278—7 Owner shi Parcels Ke Lar o to Stock Island Monroe Count Florida Man•&Associates Appraisal Com an Inc.3 Date Submitted: - - ormKey: ASSUMPTIONS AND LIMITING CONDITIONS The legal description used in this report is assumed to be correct. No survey of the properties has been made by the appraiser and no responsibility is assumed in connection with such matters. Sketches in this report are included only to assist the reader in visualizing the properties. No responsibility is assumed for matters of legal nature affecting title to the properties nor is an opinion of title rendered. The title is assumed to be good and marketable. Information and data furnished by others is usually assumed to be true, correct and reliable. When such information and data appears to be dubious and when it is critical to the appraisal, a reasonable effort has been made to verify all such information. No responsibility for the accuracy of any information furnished by others to the appraiser is assumed by the appraiser. All mortgages, liens, encumbrances, leases, and servitude have been disregarded unless so specified within the report. The property is appraised as though under responsible ownership and competent management. It is assumed that there are no hidden or unapparent conditions of the properties, subsoil, or structures which would render it more or less valuable. No responsibility is assumed for such conditions or for engineering which may be required to discover them. Unless noted, all mechanical components are assumed to be in operable condition and status standard for properties of the subject type. Conditions of heating, cooling, ventilating, electrical, and plumbing equipment is considered to be commensurate with the condition of the balance of the improvements unless otherwise stated. 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. It is assumed that all applicable zoning and use regulations and restrictions have been complied with, unless a non-conformity has been stated, defined and considered in the appraisal report. It is assumed that all required licenses, consents or other legislative or administrative authority from any local, state, or national governmental 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. It is assumed that the utilization of the land and improvements is within the boundaries or properties lines of the properties described and that there is not encroachment or trespass unless noted within the report. The appraiser will not be required to give testimony or appear in court because of having made this appraisal, with reference to the properties in question, unless arrangements have been previously made thereto. C2278—7 Owner shi Parcels Ke Lar o to Stock Island Monroe Count Florida Man•&Associates Appraisal Com an Inc.4 Date Submitted: - - ormKey: SCOPE OF WORK The scope of the appraisal included the inspection of the subject properties, comparable sales and subject neighborhoods. The subject consists of seven ownership parcels located from Key Largo to Stock Island. The sites were inspected on December 8 and 9, 2017. The Campers Cove site is located in the Upper Keys near mile marker 101 and is owned by Pisces 62, LLC. This parcel has 1.53 acres of uplands and .24 acres of submerged lands and is improved with 30 RV sites and 2 residential units. My assistant and I inspected this site on December 9, 2017. The Windley Key site is located in the Upper Keys near mile marker 84 and owned by Joseph J. Janas. The site is 47,875 square feet and is developed with a dated commercial building being leased to a boat sales and repair shop. The site is proposed with a 16 unit affordable housing project and retail space and is currently under contract with the Habitat for Humanity for $1,500,000. The tenants were present during my inspection on December 8, 2017. Conch Key Trailer Village is located in the Middle Keys near mile marker 63 and is owned by JDLC, Inc. This site totals 16,210 square feet and is improved with 5 RV sites and 12 mobile home sites. My assistant and I inspected this site on December 9, 2017. There are three ownerships located in the Lower Keys on Big Pine Key. Howard's Haven is under the ownership of Howards Haven, LLC. This site is located on 5th Street and Avenue C and consists of 4 lots totaling 20,000 square feet. The lots are currently improved with 16 RV sites, however,prior to Hurricane Irma and permitted by the county, 3 of the lots were improved with 12 mobile homes and I lot was improved with one mobile home. The RV's currently on the site are being leased by FEMA to house displaced families. The current density is only temporary and would have to return to its prior use. The owner accompanied us on the inspection on December 8, 2017. Castaways is located at Avenue B, C and Father Tony Way. This site totals 20,000 square feet and is improved with 7 mobile homes and 39 RV Sites. Castaways is under the ownership of Castaways RV Park, Inc. The owner accompanied us on the inspection on December 8, 2017. The Camp Sawyer(Boy Scouts)parcel is located immediately before the entrance to Big Pine Key and is referred to as Scout Key. This parcel is under the ownership of the South Florida Council Boy Scouts of America. This parcel totals 10.14 acres and is improved with a modular single family home, restroom building and covered recreational room. The site is used for weekend re-treats. The parcel is subject to a conservation easement protecting native vegetation and wetlands. Additionally, there is a reverter clause that if this property is not used by the Boy Scouts it reverts back to Monroe County. I have based my market value estimate on the Hypothetical Condition that the reversion clause does not exist and have appraised the site assuming fee simple ownership. A representative for the Boy Scouts accompanied us on the inspection on December 8, 2017. The Sunny Isle parcel is owned by Stock Island Holdings, LLC. The site totals 37,500 square feet and is developed with 16 mobile homes. This site is located on Stock Island with frontage along 5th Street, 5th Avenue and 3rd Avenue. The property manager accompanied us on the inspection on December 8, 2017. C2278—7 Owner shi Parcels Ke Lar o to Stock Island Monroe Count Florida Man•&Associates Appraisal Com an Inc.5 Date Submitted: - - ormKey: The parcels varied significantly with density, use, size, location, condition, etc. The sales used in this report for the multi-family properties ranged from mobile homes sites, to RV sites, motel sites and residential sites. Sales for the Boy Scouts site consisted of improved and vacant acreage sites. Although the income approach may be applicable for some of the properties, typically this approach is significantly less than the sales comparison approach. Buyers in the market typically purchase based on sales, rather than income. Therefore, the income approach has been omitted. Most of the properties are all dated and are legal non-conforming uses, therefore, the cost approach has also been omitted. The sales comparison approach is considered the best approach to value for the subject parcels and was therefore, the only approach used in this report. Numerous sales were researched and those most comparable were used in this report. In developing the sales comparison approach, market data was collected from the local MLS, Loopnet and online public records. All of the properties were legal non-conforming uses in regard to use, size, density, etc. with some of the properties having dated dilapidated structures. We were provided with information from the county in regards to the sites grand-fathered use, however, re-development of each site would vary on the type of development proposed. For instance, affordable housing is more desirable by the county than market rate housing; therefore, concessions may be made by the county for the type of development desired. There is also the possibility of zoning or Tier changes to the sites that may allow a higher density or alternative uses. Any type of re-development would require development plans and could take several years. Therefore, although each site could possibly be developed with an alternative use, without submitting development plans there is no way of knowing what could be approved with the site. Most of the comparable sales were legal non-conforming uses and varied significantly in price per unit and price per square foot. Based on the data and the lack of knowing exactly what could be re-developed on the site, most of the multi-family parcels were compared to the subject on a price per square foot basis. The Boy Scout(Scout Key)parcel is improved with a residential home and bath house and based on the zoning could be developed with 2 homes. The value of Scout Key was based on improved acreage water front sites and vacant acreage tracts. Howards Haven Mobile Home Park was a mixture of 12 mobile homes on 3 lots and I mobile home on I lot. All of the mobiles were destroyed by Hurricane Irma and have temporarily been replaced with 16 RV sites. The Howards Haven 12 units were based on the multi-family sales and the I lot unit was based on single family permitted lot sales. After assembling and analyzing the data, the data was compared to the subject sites and an estimated value was indicated by the sales. PROPERTY IDENTIFICATION The seven ownerships being appraised, size, island and mile marker are summarized on the following chart. Ownership Island—Key Mile Marker Waterfront Pisces 62, LLC Key Largo 101.7 Bay Front Joseph J. Janas Windley Key 84.7 No JDLC, Inc Conch Key 63 No Howards Haven, LLC Big Pine Key 33 No Castaways, RV Park, Inc. Big Pine Key 33 No South Florida Council Boy Scouts of America Big Pine Key 34 Ocean Front Stock Island Holdings, LLC Stock Island 0 No C2278—7 Owner shi Parcels Ke Lar o to Stock Island Monroe Count Florida Man•&Associates A raisal Com an hic.6 Date Submitted: - - ormKey: INTENDED USER(S)AND USE OF THE REPORT The intended user of this report is the Monroe County Land Authority. The intended use is to establish an offering price. HYPOTHETICAL CONDITION A Hypothetical Condition is a condition that is presumed to be true when it is known to be false or a condition directly related to a specific assignment, which is contrary to what is known by the appraiser to exist on the effective date of the assignment results, but is used for the purpose of analysis. The Boy Scout Site is subject to a reverter clause. The reverter clause states that if this property is not used by the Boy Scouts it reverts back to Monroe County. I have based this market value on the Hypothetical Condition that the reversion clause does not exist and have appraised the site assuming fee simple ownership. PROPERTY RIGHTS APPRAISED The property rights being appraised are the fee simple estate defined as: "Absolute ownership unencumbered by any other interest or estate, subject only to the limitation imposed by the governmental powers of taxation, eminent domain,police power, and escheat." DEFINITION OF MARKET VALUE The most probable price which a property should bring in a competitive and open market under all conditions requisite to a fair sale, the buyer and seller each acting prudently and knowledgeably, and assuming the price is not affected by undue stimulus. Implicit in this definition is the consummation of a sale as of a specified date and the passing of title from seller to buyer under the following conditions: I. 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 . DATE OF VALUE ESTIMATE The date of inspection and value estimate is December 8, and 9, 2017. The date of the report is January 30, 2018. 1 Supplemental Appraisal Standards for Board of Trustees Land,Division of State Lands,(2010),Page 7 C2278—7 Owner shi Parcels Ke Lar o to Stock Island Monroe Count Florida Man•&Associates Appraisal Com an Inc.7 Date Submitted: - - ormKey: PURPOSE OF THE REPORT The purpose of the report is to estimate the market value of the fee simple interest of the subject property. STATEMENT OF CONFORMATION To the best of my knowledge, this appraisal conforms to: The Uniform Standards of Professional Appraisal Practice (USPAP) adopted by the Appraisal Foundation; Federal regulations as stipulated by The Office of the Comptroller of the Currency, the Federal Deposit Insurance Corporation, and other regulatory requirements that may apply, specifically 12 CFR Part 34 (Title XI of FIRREA); the Code of Professional Ethics and the Standards of Professional Practice of the Appraisal Institute; and the competency provision of USPAP. REASONABLE EXPOSURE TIME Reasonable Exposure Time is always presumed to precede the effective date of the appraisal. Reasonable Exposure Time is the estimated length of time the property being appraised would have been offered on the market prior to a hypothetical sale at Market Value on the effective date of the appraisal. The actual exposure time may differ from Reasonable Exposure Time. Reasonable Exposure Time varies by type of real estate. A property may be exposed to the market for an extended period of time if it is overpriced. This analysis considers Reasonable Exposure Time at a market related price such as the estimated Market Values in this report. The subject sites are all developed tracts. The market has been on the rise the last 12 months. Even with the aftermath of Hurricane Irma the price and demand for most types of properties have been increasing. A reasonable exposure time for these parcels would be 12-24 months. TIER SYSTEM/ROGO POINTS The Tier system is currently used in awarding building permits. The Tier system categorizes properties based on their suitability for development and assigns ROGO points to each Tier category. Permits are issued on a quarterly basis. For unincorporated areas except for Big Pine Key and No Name Key, the Tier System has 3 basic classifications: Tier 1 Natural Area, Tier 3A Special Protection Area, and Tier 3 Infill Area. The ROGO points awarded for each classification are Tier 1 = 10 points, Tier 3A= 20 points, and Tier 3 = 30 points. Generally speaking additional points may be available by combining multiple lots, donating land or land acquisition funding to the County, building affordable housing, building in an area to be served by a central wastewater treatment facility, and based on the number of years the application has been competing for a ROGO allocation. Negative points are assigned for building in a"V" flood zone. On Big Pine Key and No Name Key the Tier System has 3 basic classifications: Tier 1 Natural Area, Tier 2 Transition and Sprawl Area, and Tier 3 Infill Area. The ROGO points awarded for each classification are Tier 1 = 0 points, Tier 2 = 10 points, Tier 3 =20 points. Additional positive and negative points can be obtained as indicated above. There are also additional negative points for development on No Name Key, development in Marsh Rabbit habitat or buffer areas, and development in Key Deer movement corridors. The sites are located in the Tier 1, 3A or 3 designations. The designation for each site is discussed in the site description sections for each parcel. C2278—7 Owner shi Parcels Ke Lar o to Stock Island Monroe Count Florida Man•&Associates Appraisal Com an Inc.8 Date Submitted: - - ormKey: MONROE COUNTY SUMMARY INTRODUCTION Monroe County is the southernmost county in the State of Florida. It is bounded by Dade County to the north, the Atlantic Ocean to the east and the Gulf of Mexico (Florida Bay) to the west. Monroe County contains a total of 1,144,791 acres of which 60,656 acres are included in planning areas with the remaining dedicated to conservation,parks and recreational areas. The primary attraction of Monroe County is the tropical climate allowing year round diving, fishing and numerous outdoor recreational activities. The maximum average temperature rarely exceeds 89 degrees while the minimum average temperature rarely drops below 65 degrees. Permanent residents are primarily retired or locally employed in tourist related activities. The Florida Keys are comprised of four distinct areas. These areas consist of the Upper Keys, Middle Keys, Lower Keys and Key West. Until recently most of the areas, except Key West were operating under the county. Marathon and Islamorada incorporated in the 90's and are no longer under county regulations. POPULATION Monroe County is the 39th largest of the 67 counties located in the State of Florida. The last several years has seen an exodus of population until 2012. In 2005 and 2006 this was due to the significant rise in the real estate market, allowing property owners to experience significant profits, and seek residence is significantly less costly metropolitan areas. In the following years the recession and lack of tourism has caused increased unemployment rates and a continued decrease in population. Based on the US Census Bureau the population of Monroe County in 2009 was 73,165 and 2012 was 74,809, indicating the first increase in population since 2005. The estimated 2014 population was 77,136. EMPLOYMENT The unemployment rate for Monroe County was 3% in April 2016 while at the same time the unemployment rate for the State of Florida was 4.8% and 5.5% for the US. The unemployment rate for Monroe County has remained lower than the State of Florida every year since 1998. According to the BEBR (Bureau of Economic and Business Research) online, the total work force for Monroe County as of 2012 is 48,521. No geographical figures were available for the different areas of the Keys; however, local statistics indicate that the lowest unemployment figures in Monroe County are in Key West and Key Largo, where the tourism industry is the strongest. According to the City Data online, Monroe County had a 2014 median family income of$66,098 which is higher than the State's average of$42,737. According to the Sperling's online web site, the 2016 Florida price index in Monroe County is 145 versus the state index of 100. The high price index for Monroe County is due to its southernmost location in the state and the majority of products are shipped or hauled in over the dozens of bridges throughout the Florida Keys. These trucks and ships make the return trip empty, which further increases the costs of goods. C2278—7 Owner shi Parcels Ke Lar o to Stock Island Monroe Count Florida Man•&Associates Appraisal Com an Inc.9 Date Submitted: - - ormKey: CONSTRUCTION INDUSTRY Monroe County and the Florida Keys are located within an Area of Critical State Concern and the Florida Keys have one of the only living coral reefs in the United States. Therefore, state as well as national building restrictions have been placed on the county, limiting and restricting development. These restrictions are expected to increase in anticipation of decreased permit availability in the future; development is taking place while it is still possible. Since the implementation of the Rate of Growth Ordinance (ROGO) in 1992, there has been an increase in renovations because of the difficulty in obtaining building permits for new buildings. RECREATIONAL FACILITIES The Florida Keys have excellent water recreational activities. Thousands of visitors come each year to dive and fish the coral reefs throughout the Florida Keys. Although primarily limited to water recreation, the county also has two golf courses, and movie theaters. Monroe County also has a free public library system with three branches located throughout the county. TRANSPORTATION Overseas Highway is the main thoroughfare entering and exiting the Florida Keys. In Monroe County U.S. 1 begins at Mile Marker 112 and runs approximately 112 miles to Key West. Access is also provided by SR 905 and SR 905 A, commonly called Card Sound Road. SR 905A begins along the south side of Florida City and extends 16 +miles in a southeasterly direction towards a private development referred to as Ocean Reef. From the intersection of SR 905 and 905A, SR 905 extends in a southerly direction approximately 9 miles were it terminates at Overseas Highway. There are two public airports located in Monroe County. Key West and Marathon airports are located at miles markers 1 and 50 respectively. The Miami International Airport is located 60 miles north of Key Largo and is the major airport used by residents in the Upper Keys. Transportation services are limited to taxi services and the Greyhound Bus. SUMMARY Monroe County is the southernmost county in the United States. The major draw to this area is the mild climate,pristine waters and water related activities. The tourist industry is the dominating market for revenues generated in the county. Monroe County reached its real estate market height in 2005 and early 2006 and declined for several years thereafter. The market has been increasing within the last few years with demand and prices increasing for most types of properties. Despite the aftermath of Hurricane Irma and because of the lack of developable land, as well as stringent and lengthy permitting process, developed and developable sites are expected to continue to increase in demand and price. C2278-7 Owner shi Parcels Ke Lar o to Stock Island Monroe Count Florida Man•&Associates Appraisal Com an hic. 10 Date Submitted: - - ormKey: THE SALES COMPARISON APPROACH There are three common approaches to value, consisting of the cost approach, income approach and sales comparison approach. The sales comparison approach is considered the most reliable for vacant properties. Thus, this was the approach used in this report. The sales comparison approach is based on the principles of supply and demand, substitution, balance and externalities, all of which affect the sales price of a property. The relationship between the supply of a type of property to its level of demand is a determining factor in its selling price. The principle of balance relates to the tendency of the market to constantly strive for an equilibrium between supply and demand. "To apply the sales comparison approach, an appraiser follows a systematic procedure: I. Research the market to obtain information on sales transactions, listings, and offers to purchase or sell properties that are similar to the subject property in terms of characteristics such as property type, date of sale, size, location, and zoning. 2. Verify the information by confirming that the data obtained are factually accurate and that the transactions reflect arm's-length market considerations. 3. Select relevant units of comparison (e.g., income multipliers or dollars per acre or per square foot) and develop a comparative analysis for each unit. 4. Compare comparable sale properties with the subject property using the elements of comparison and adjust the sale price of each comparable appropriately to the subject property or eliminate the property as a comparable. 5. Reconcile the various value indications produced from the analysis of comparables into a single value indication or a range of values. In an imprecise market subject to varying occupancies and economies, a range of values may be a better conclusion than a single value estimate.2i The sites are located from Key Largo to Stock Island and range from a vacant residential lot to mobile home parks and RV parks and a Boy Scout Retreat. The following sales were located in the Upper, Middle and Lower Keys and ranged from mobile home and RV parks to vacant sites, improved sites and affordable housing sites. The following pages summarize the sales that were used to value the sites along with a location map. 2 Appraisal histitute,The Appraisal of Real Estate,IOth Edition(Chicago:Appraisal histitute,1992)Page 371 C2278—7 Owner shi Parcels Ke Lar o to Stock Island Monroe Count Florida Man•&Associates Appraisal Com an Inc. 11 Date Submitted: - - ormKey: SALE ONE 1 PROPERTY TYPE: Mobile Home Park/Residential re-development SALE PRICE: $2,945,000 DATE OF SALE July 2016 LOCATION: MM 84.7, Plantation Key, Florida GRANTOR: William E. Bosely GRANTEE: Allen Wood &Peaceful Palms of Islamorada, LLC RECORDED: OR Book 2805, Page 707 & 709, Monroe County RE NUMBER: 00093940-000000 WATER FRONT: Atlantic Ocean SIZE: 49,785 sf(1.1429 acre), .92 acre of bay bottom ZONING: MH (Mobile Home) to MF (Multi-Family) INTENDED USE: Re-development NUMBER OF UNITS: 15 (mobile homes) DENSITY: 13 units per acre AMENITIES: Beach, concrete dock/retaining wall, boat docks TERMS OF SALE: Cash UNIT VALUE INDICATORS: $59.05 per square foot(uplands) $196,500 per unit(rounded) COMMENTS: The buyer indicated the property was purchased for re-development. The site was zoned MH at the time of sale and improved with 15 mobile homes. Subsequent to the sale the buyers obtain a planner to re-zone the site to MF and obtain permits for 15 residential market rate homes. The total cost associated with the re-zoning was $7,500 and it took approximately 1 year. Amenities/site improvements include beach area, concrete retaining wall, boat docks and basin. This parcel is currently listed for sale at $4,900,000. There were several multiple offers on this property at the same time and the buyers agreed to pay the seller a 3% of all profits from the sale proceeds for the re-development. C2278—7 Owner shi Parcels Ke Lar o to Stock Island Monroe Count Florida Man•&Associates Appraisal Com an Inc. 12 Date Submitted: - - ormKey: SALE TWO .hF , 4 i PROPERTY TYPE: Mobile Home/Residential re-development SALE PRICE: $1,400,000 DATE OF SALE August 2017 LOCATION: MM 82.5, Islamorada, Florida GRANTOR: Marteena Renee Rodriquez, Trustee/Dale Fisher Inc. GRANTEE: ST Coral Cove, LLC RECORDED: OR Book 2875, Page 2496, Monroe County RE NUMBER: 00399270-000000 WATER FRONT: Florida Bay SIZE: 31,363 sf(.72 acres), .05 acres bay bottom ZONING: VC (Village Center) INTENDED USE: Re-development NUMBER OF UNITS: 17 mobile homes, re-develop with 9 site built homes DENSITY: 24 units/acre at time of sale/12.5 units/acre proposed AMENITIES: Concrete dock/retaining wall, boat dockage TERMS OF SALE: Conventional UNIT VALUE INDICATORS: $44.63 per square foot(uplands) $82,500 per unit(based on 17 units, (rounded)) $155,500 per unit(based on 9 units (rounded)) COMMENTS: The parcel was purchased by a local real estate agent in Key West. The site was improved and approved for 17 market rate units; however the buyer intends to re-develop the site with 9 market rate homes. The remaining units can be sold separately as TRE's (Transfer of Residential Equivalency) and transferred to an alternative site. Amenities/site improvements include boat basin, concrete retaining wall and boat dockage. C2278—7 Owner shi Parcels Ke Lar o to Stock Island Monroe Count Florida Man•&Associates Appraisal Com an Inc. 13 Date Submitted: - - ormKey: SALE THREE I t 1 i� r+ � r r 1t t PROPERTY TYPE:TYPE: Mobile Home Park SALE PRICE: $8,500,000 DATE OF SALE January 2018 LOCATION: 5700 Laurel Avenue, Stock Island, Florida GRANTOR: Water's Edge Colony, Inc. GRANTEE: Wreckers Cay Apartments at Stock Island, LLC RECORDED: OR Book 2887, Page 1867 RE NUMBER: 00124540-000000 WATER FRONT: Boca Chica Channel SIZE: 141,105 sf(.3.23 acres), 3.34 acres of bay bottom ZONING: UR(Urban Residential) INTENDED USE: Mobile home park future development NUMBER OF UNITS: 53 mobile homes and 8 transient(RV)units DENSITY: 19 units per acre AMENITIES: None TERMS OF SALE: 3rd party financing UNIT VALUE INDICATORS: $60.24 per square foot(uplands) $139,500 per unit COMMENTS: This comparable is located on Stock Island near Key West. Most of the sites are non-water front and lease for$910 per month. The higher priced spaces lease for up to $1,400 per month and are for water front sites and trailers owned by the park or RV spaces. This is an older complex with mobile homes up to 40 plus years in age. Many of the mobiles are in poor condition and have been razed or are in a dilapidated state. The buyer had no plans in the immediate future for re- development and plan on continuing operating the park as is. This sale took place after Hurricane Irma and closed after the date of the subject's inspection. C2278—7 Owner shi Parcels Ke Lar o to Stock Island Monroe Count Florida Man•&Associates Appraisal Com an Inc. 14 Date Submitted: - - ormKey: SALE FOUR , s auk Y tYa s { r E; � F s- PROPERTY TYPE: Dilapidated motel(Seaward Motel) SALE PRICE: $6,000,000 DATE OF SALE November 2016 LOCATION: 8700 Overseas Highway, Marathon, Florida GRANTOR: Seaward, LLC GRANTEE: Seaward Properties, LLC RECORDED: OR Book 2826, Page 2361 RE NUMBER: 00101050-000000 & 00101050-000100 WATER FRONT: Gulf of Mexico SIZE: 203,584 sf(4.67 acres), .35 acres of bay bottom ZONING: MU(Mixed Use) INTENDED USE: 45 affordable housing units/ 10 market rate units NUMBER OF UNITS: 39 transient motel units at time of sale DENSITY: 8.35 units/acre at time of sale, 12 as proposed AMENITIES: Boat basin and dockage TERMS OF SALE: Conventional financing UNIT VALUE INDICATORS: $29.47 per square foot(uplands) $154,000 per unit(based on 39 units) $109,000 per unit(based on 55 units) COMMENTS: This comparable is within incorporated Marathon and was developed with a dilapidated motel. According to the seller/broker the sale consisted of the site and 39 transient units. However, the buyer plans on developing the site with 45 affordable housing units and 10 market rate units. The transient units can be transferred off site or sold for future use. C2278—7 Owner shi Parcels Ke Lar o to Stock Island Monroe Count Florida Man•&Associates Appraisal Com an Inc. 15 Date Submitted: - - ormKey: SALE FIVE J t. 4 11 yl t�t Ir., yam, T S k r1,1 k {�Sit Pot!& R ,yA4r,r PROPERTY TYPE: Affordable housing development SALE PRICE: $1,000,000 DATE OF SALE June 2016 LOCATION: MM 30, Big Pine Key GRANTOR: Richard C. Beal GRANTEE: Tri-Star Affordable Development, LLC RECORDED: OR Book 2802, Page 1121, Monroe County, Florida RE NUMBER: 00111078-000000 WATER FRONT: No SIZE: 52,990 square feet ZONING: SC (Suburban Commercial) VEGETATION: None INTENDED USE: Affordable housing NUMBER OF UNITS: 16 DENSITY: 13 units per acre TERMS OF SALE: Cash to seller UNIT VALUE INDICATION: $18.87 per square foot $62,500 per unit COMMENTS: This site was formerly used as a boat sales yard and is currently under construction with an affordable housing development. The site did not have building permits at the time of sale. The buyer indicated they purchased the building rights for $400,000 or $25,000 per unit subsequent to the sale. This sale is located in central Big Pine along the Ocean side(north) of Overseas Highway. C2278—7 Owner shi Parcels Ke Lar o to Stock Island Monroe Count Florida Man•&Associates Appraisal Com an Inc. 16 Date Submitted: - - ormKey: SALE SIX 4 fn» i u r PROPERTY TYPE: Single family lot SALE PRICE: $82,000 DATE OF SALE February 2016 LOCATION: MM 31, Big Pine Key GRANTOR: Robert Charles Mongelli, Trustee GRANTEE: Pierre Boumerhi & Holly Boumerhi RECORDED: OR Book 2782, Page 505, Monroe County, Florida RE NUMBER: 00303440-000000 SIZE: 5,000 square feet WATER FRONT: No ZONING: URM (Urban Residential Mobile) INTENDED USE: Single family # OF UNITS: I TERMS OF SALE: PMM/ Seller in the amount of$62,000. UNIT VALUE INDICATION: $16.40 per square foot $82,000 per lot LEGAL DESCRIPTION: Lot 10, Block 27, Sands Subdivision, Plat Book 1, Page 65, Monroe County, Florida. COMMENTS: This lot is located on a corner site and was ROGO exempt. Since the sale it has been developed with a single family home. C2278—7 Owner shi Parcels Ke Lar o to Stock Island Monroe Count Florida Man•&Associates Appraisal Com an Inc. 17 Date Submitted: - - ormKey: SALE SEVEN 1� 1 � 1 z �4 ti PROPERTY TYPE: Single family lot SALE PRICE: $95,000 DATE OF SALE November 2017 LOCATION: MM 31.5, Big Pine Key GRANTOR: Richard T. and Deborah G. Hawkins GRANTEE: KWSOUTH, LLC RECORDED: OR Book 2881, Page 1440, Monroe County, Florida RE NUMBER: 00308500-000000 SIZE: 5,000 square feet WATER FRONT: No ZONING: IS (Improved Subdivision) INTENDED USE: Single family # OF UNITS: I TERMS OF SALE: Cash UNIT VALUE INDICATION: $19.00 per square foot $95,000 per lot LEGAL DESCRIPTION: Lot 12, Block 22, Big Pine Cove Plat Book 3, Page 131, Monroe County, Florida. COMMENTS: This lot was improved with a mobile home that was subsequently removed. The lot is located one block from the water and a stilt home may have a partial water view. C2278—7 Owner shi Parcels Ke Lar o to Stock Island Monroe Count Florida Man•&Associates Appraisal Com an Inc. 18 Date Submitted: - - ormKey: SALE EIGHT AM ys, s ' r r its k PROPERTY TYPE: Single family lot SALE PRICE: $98,000 DATE OF SALE November 2017 LOCATION: MM 31, Big Pine Key GRANTOR: Charles D. Lafferty GRANTEE: KWSOUTH, LLC RECORDED: OR Book 2880, Page 1586, Monroe County, Florida RE NUMBER: 00306660-000000 SIZE: 5,000 square feet WATER FRONT: No ZONING: IS (Improved Subdivision) INTENDED USE: Single family # OF UNITS: 1 TERMS OF SALE: Cash UNIT VALUE INDICATION: $19.60 per square foot $98,000 per lot LEGAL DESCRIPTION: Lot 18, Block 46, Sands Subdivision, Plat Book 1, Page 65, Monroe County, Florida. COMMENTS: This is a corner lot and was ROGO exempt. The lot is across the street from a county owned park in Big Pine Key. C2278—7 Owner shi Parcels Ke Lar o to Stock Island Monroe Count Florida Man•&Associates Appraisal Com an Inc. 19 Date Submitted: - - ormKey: SALE NINE i t tai >;•�i ✓ttt � �� s t� i° TWO t go I 1 {{' PROPERTY TYPE: Single family home SALE PRICE: $1,200,000 DATE OF SALE June 2017 LOCATION: MM 29, Big Pine Key GRANTOR: Richard Lightner, as Personal Representative GRANTEE: Sundowners Fishing Camp, LLC RECORDED: OR Book 2860, Page 1687, Monroe County, Florida RE NUMBER: 20 parcel numbers, see legal below. FINISHED AREA: 1,740 square feet YEAR BUILT/CONDITION: 1968/Average SIZE: 3.25 acres (141,533 square feet) WATER FRONT: Pine Channel ZONING: IS (Improved Subdivision) INTENDED USE: Single family TERMS OF SALE: Cash UNIT VALUE INDICATION: $369,000/upland acre (rounded) $1,200,000 per dwelling unit LEGAL DESCRIPTION: Lots 1-10, Block 79, all Block 78 and lots 1,2,3,4,7,8,9,10, 11 and 12, Block 71 Second Addition to Port Pine Heights, Plat Book 4, Page 67, Monroe County, Florida. COMMENTS: This sale consisted of twenty lots. Although there are 21 lots, the lots are designated Tier 1 and are difficult to develop. The buyer purchased the site assuming the remaining lots were not developable. C2278—7 Owner shi Parcels Ke Lar o to Stock Island Monroe Count Florida Man•&Associates Appraisal Com an Inc.20 Date Submitted: - - ormKey: SALE TEN 3 f �1 4 {�� (� t� • fir; M Li t; PROPERTY TYPE: Single family home SALE PRICE: $850,000 DATE OF SALE March 2017 LOCATION: MM 30.5, Big Pine Key GRANTOR: The Estate of William H. McAlpine GRANTEE: Doug & Karen Hendricks RECORDED: OR Book 2847, Page 1242, Monroe County, Florida RE NUMBER: 00312330-000000 FINISHED AREA: 1,488 square feet YEAR BUILT/CONDITION: 1963/Average SIZE: 1.26 acres (55,000 square feet) WATER FRONT: Bogie Channel ZONING: IS (Improved Subdivision) INTENDED USE: Single family TERMS OF SALE: Cash UNIT VALUE INDICATION: $675,000 per acre (rounded) $850,000 per dwelling unit LEGAL DESCRIPTION: Lot 32, Block 7, Doctors Arm Subdivision, Plat Book 4, Page 149, Monroe County, Florida. COMMENTS: This site is improved with a dated single family home. Since the sale, the electric was upgraded, new windows were installed and the roof was replaced. The home is two stories with the living area on the second floor, screen porch, garage and boat house on the ground floor. C2278—7 Owner shi Parcels Ke Lar o to Stock Island Monroe Count Florida Man•&Associates Appraisal Com an Inc.21 Date Submitted: - - ormKey: SALE ELEVEN 1 t , � � PROPERTY TYPE: Single family home SALE PRICE: $800,000 DATE OF SALE November 2017 LOCATION: MM 30.5, Big Pine Key GRANTOR: Jerry L. and Beverly Al. Trabue GRANTEE: Scott A. Marr& Keithy L. Gross RECORDED: OR Book 2880, Page 108, Monroe County, Florida RE NUMBER: 00285970-000000 FINISHED AREA: 2,774 square feet YEAR BUILT/CONDITION: 1962/Average-Good SIZE: 3.55 acres (154,633 square feet) WATER FRONT: Bogie Channel ZONING: IS (Improved Subdivision) INTENDED USE: Single family TERMS OF SALE: Cash UNIT VALUE INDICATION: $225,500 per acre (rounded) $800,000 per dwelling unit LEGAL DESCRIPTION: Lot 44 of Whispering Pines, PB 4, Page 37 and Parcel AJ, Plat of`Wickfield Estates, OR Book 584, Page 189, Monroe County, Florida. COMMENTS: This site is improved with a dated single family home. The home is ground level and consists of 3 bedrooms and 3 and t/2 baths, concrete swimming pool,private canal and boat basin. The home has been updated since it was originally built and in average to good condition. The sale included the improved water front site and an adjacent non-waterfront site. C2278—7 Owner shi Parcels Ke Lar o to Stock Island Monroe Count Florida Man•&Associates Appraisal Com an Inc.22 Date Submitted: - - ormKey: SALES LOCATION MAP relrz49 f le IV a h d r.� a� k � 1 k �Vku,,d vj d nt _ c t� € pq, a € Al 14 Al u ff(}P. • �y �l t LL ,� '�t"b Wryp IN.'=,E '4L t� �' c" ' iL NVA 9 I, RI 11�•f 5 ��'"��" V k � ., yid L� S. kit F IV 14 ,'�F , Il ,+�`Aft� t5 tiffs t t IT K SAS ist I Me k f t €.' e C2278—7 Owner shi Parcels Ke Lar o to Stock Island Monroe Count Florida Man•&Associates Appraisal Com an Inc.23 Date Submitted: - - ormKey: CAMPERS COVE PISCES 62, LLC - OWNERSHIP C2278—7 Owner shi Parcels Ke Lar o to Stock Island Monroe Count Florida Man•&Associates Appraisal Com an Inc.24 Date Submitted: - - ormKey: EXECUTIVE SUMMARY PROPERTY TYPE: RV Resort/ Campers Cove LOCATION: 101620 Overseas Highway, Key Largo, Florida. OWNER OF RECORD: Pisces 62 LLC 2590 County Road 2690 Alvord, TX 76225 PARCEL IDENTIFICATION: 00492750-000100 APPRAISER: Trent Marr, MAI, SRPA ASSESSED VALUE/TAXES: $1,479,520 / $13,753.09 Taxes assume early payment and do not include waste water of$1,983.83. DATE OF VALUE/REPORT: December 9, 2017 /January 30, 2018 INTEREST APPRAISED: Fee Simple PARCEL SIZE: 1.53 acres of uplands and .24 acres of submerged lands OWNERSHIP HISTORY: There was a previous sale of the subject in October 2014 for $1,868,000. This indicates a price of$28.02 per square foot or $58,375 per unit. To my knowledge the subject is not listed for sale. PARCEL ACCESS: Access is via an easement from the adjacent property. IMPROVEMENTS: The site is improved with a 3 story single family home built in 1964 and totaling 1,992 square feet, camp building built in 1964 totaling 300 finished square feet and a warehouse marina building built in 1989 and totaling 1,200 finished square feet. In addition to the permanent structures there are 30 RV sites. ZONING/LAND USE: URM (Urban Residential Mobile) FLOOD INFORMATION: The site is located within a 100 year flood zone. MARKET VALUE ESTIMATE: $3,000,000 C2278—7 Owner shi Parcels Ke Lar o to Stock Island Monroe Count Florida Man•&Associates Appraisal Com an Inc.25 Date Submitted: - - ormKey: Subject Photographs s� Entrance to subject from Overseas Highway 1k�b4 " �n s _- Main entrance from Overseas Highway c iYrit i } Northeasterly street looking towards Florida Bay A fi At> Typical Unit/Pad C2278—7 Owner shi Parcels Ke Lar o to Stock Island Monroe Count Florida Man•&Associates Appraisal Com an Inc.26 Date Submitted: - - ormKey: Subject Photographs s fr I x t s � ,. � Multi-family units $4 Water front tiki but Er i' Water front boat ramp area t�3; Westerly road looking towards Overseas Highway C2278—7 Owner shi Parcels Ke Lar o to Stock Island Monroe Count Florida Man•&Associates Appraisal Com an Inc.27 Date Submitted: - - ormKey: E i' AERIAL PHOTOGRAPH r, 01 q a.<< u s y" e t �:. A�4�y" .fie. d� 5' aI 11 y w o' dor TAX PARCEL MAP C2278—7 Owner shi Parcels Ke Lar o to Stock Island Monroe Count Florida Man•&Associates Appraisal Com an Inc.28 Date Submitted: - - ormKey: I oaf Large Its { am rsalh k y ,III00 A 5 6I L VDEH 0, , AMA ANIoc CAW Bit k � s N,V °A I " I rhh' , M alp of F-6'CNrid,ei C2278—7 Owner shi Parcels Ke Lar o to Stock Island Monroe Count Florida Man•&Associates Appraisal Com an Inc.29 Date Submitted: - - ormKey: NEIGHBOHROOD DESCRIPTION The subject property is located in Key Largo near mile marker 101.6. Key Largo is located along the southern tip of south Florida, approximately 60 miles south of Downtown Miami and is the first major development south of Florida City (located 20 miles north). Key Largo is the largest (in square miles)Island in the Florida Keys. Key Largo begins at Jewfish Creek(mile marker 108) and ends in Tavernier, and is approximately 30 miles long. The widest portion of Key Largo is approximately 3 miles. Jewfish Creek is located at mile marker 108 and starts the beginning of Key Largo, therefore, this is considered the neighborhoods northern boundary. Mile marker 100 is the main commercial section of Key Largo and is considered the subject's southern boundary line. The Atlantic Ocean and Florida Bay are located to the east and west of the subject neighborhood respectively and are considered the east and west neighborhood boundary lines. DEVELOPMENT TRENDS The subject is located in central Key Largo and is within walking distance to area shopping and employment. The main shopping area for Key Largo is located at mile marker 102 and 100 and are the most developed areas of Key Largo. The Port Largo area is located a few miles south of the subject at mile marker 100 and has several hotels and motels in the area. The larger hotels, consists of Holiday Inn, Marriot Courtyard Inn, Best Western, Marina Del Mar and Bayside Resort. There are numerous owner operated motels in the area with less than 15 units. Waldorf Plaza is located in downtown Key Largo and consists of a 55,880 square foot shopping center. Anchor tenants consist of Divers Direct and Office Depot. Several other specialty shops are located within this center. Several other shopping centers within the neighborhood include Central Plaza, Pink Plaza, Plaza 106 and 106 Plaza. Tradewinds Shopping Center is the largest shopping center in Key Largo and is located a few miles north of the subject near mile marker 101. This center consists of approximately 160,000 square feet of gross lease-able area with K- Mart and Publix as anchor tenants. RECREATIONAL ACTIVITIES The major attraction of the Florida Keys as well as Key Largo, is the mild climate, fishing, diving and water activities. One of the major attractions of Key Largo is John Pennekamp State Park. John Pennekamp State Park attracts in excess of I million visitors by land and sea each year. John Pennekamp Park is approximately 78 square miles and is one of the few living reefs along Americas shoreline. Key Largo offers excellent fishing and diving activities and is one of the primary attractions to the area. EDUCATION There is one private and one public high school in the Upper Keys. Island Christian is a private school teaching grades kindergarten-12 and is located at mile marker 83. Coral Shores High is the only public high school for the Upper Keys and is located at mile marker 90. Key Largo Elementary and Middle School is located in Upper Key Largo at mile marker 105. Also located in Coral Shores High School are classes held for Florida Keys Community College. Churches of numerous denominations are located within the neighborhood, including Baptist, Methodist, Church of Christ, Catholic, etc. C2278—7 Owner shi Parcels Ke Lar o to Stock Island Monroe Count Florida Man•&Associates Appraisal Com an Inc.30 Date Submitted: - - ormKey: ACCESS The subject is accessible via a private drive from Overseas Highway. Overseas Highway is the main thoroughfare for all of Monroe County, extending approximately 120 miles from Key West, mile marker 0 to South Dade County. Overseas Highway varies in 2 -4 lanes; however, through all of Key Largo it is 4 lanes. The site has water frontage along the Florida Bay and is also accessible by water. SUMMARY Overall, the Keys' mild climate, living reefs and excellent fishing make it one of the major tourist attractions in America. As with most of the US economy, Monroe County reached its real estate market height in the mid 2000's and declined for several years thereafter. The market slowly gained strength since 2010 and has rebounded significantly since 2016 with prices similar to the mid 2000's. In spite of Hurricane Irma, the market has seen a significant increase in demand and prices the last few years. The lack of available buildable land and strict building guidelines should insure strong demand and prices in the foreseeable future. C2278—7 Owner shi Parcels Ke Lar o to Stock Island Monroe Count Florida Man•&Associates Appraisal Com an Inc.31 Date Submitted: - - ormKey: SITE SPECIFIC DATA LOCATION The subject property is located along the bay side of Overseas Highway near mile marker 101.6, Key Largo, Florida. The site does not have direct frontage along Overseas Highway and is accessible via an easement from the adjacent property along Overseas Highway. OWNER OF RECORD Pisces 62 LLC 2590 County Road 2690 Alvord, TX 76225 LEGAL DESCRIPTION Lengthy metes and bounds legal description. Based on the property record card the subject's legal is Lot 10, less the southeasterly 100 feet and the northwesterly adjacent bay bottom, Tarpon Acres, Plat Book 2, Page 109, Monroe County, Florida. HISTORY OF SUBJECT There was a previous sale of the subject in October 2014 for $1,868,000. This indicates a price of $28.02 per square foot or $58,375 per unit. To my knowledge the subject is not listed for sale. ASSESSMENT AND TAXES The subject is located in unincorporated Monroe County. The 2017 taxes and assessed values are summarized as follows. RE Number Assessed Value Taxes 00492750-000100 $1,479,520 $13,753.09 Taxes assume early payment and do not include waste water of$1,983.83. DIMENSIONS, SIZE AND SHAPE I was not provided with a survey. Based on the online tax map, the site is mostly rectangular with 660.15 feet along the northerly and southerly sides, 100 feet along Overseas Highway and Florida Bay. The submerged lands extend an additional 110 + feet in to the Florida Bay. Based on the property record card the site totals 1.53 acres of uplands and .24 acres of submerged lands. TOPOGRAPHY AND VEGETATION The site is basically cleared of all vegetation and is developed with an RV park. The site slopes down from the easterly side near Overseas Highway to the west as you near the Florida Bay. C2278—7 Owner shi Parcels Ke Lar o to Stock Island Monroe Count Florida Man•&Associates Appraisal Com an Inc.32 Date Submitted: - - ormKey: TIER DESIGNATION The site is located within a Tier 3 designation. The Tier 3 designation typically consists of developed sites. ACCESS The site has access from an easement through the adjacent property which has frontage along Overseas Highway. The site is located on the Florida Bay and is also accessible by water. WATERFRONT The site has 100 feet of frontage along the Florida Bay. EASEMENTS, RESTRICTIONS AND ENCROACHMENTS No adverse encroachments or easements noted at the time of inspection. UTILITIES Utilities are available to the site and include telephone service, trash services, sewage, water, and electricity. A central sewer system has recently been installed throughout the county. DRAINAGE/FLOOD ZONE The sites appear to have adequate drainage. No adverse site conditions were noted at the time of inspection. According to the FEMA on line Flood Map,panel number 12087CO931K, the site is located in flood zone AE. Based on the flood map, the easterly portion near Overseas Highway may be in an X zone. A survey would be required to verify the different flood zones. ZONING The site is zoned URM (Urban Residential Mobile). The URM was designed to accommodate existing mobile home and RV parks. In addition to mobile homes, the URM allows site built single family homes. More intense uses are also permitted through either a minor or major conditional use. Based on the land size of 1.53 acres, the URM zoning would allow the site to be developed with 8 mobile homes. SITE CONCLUSION The site is located in central Key Largo near mile marker 101.6. The site is rectangular with frontage along the Florida Bay and street access from Overseas Highway or water access from the Florida Bay. The site is zoned URM and the surrounding area is developed with mobile homes and RV's, single family homes and commercial properties. The site and zoning conform to the surrounding area. IMPROVEMENTS The site improved with a 3 story duplex built in 1964 and totaling 1,992 square feet, camp building built in 1964 totaling 300 finished square feet and a warehouse marina building built in 1989 and totaling 1,200 finished square feet. In addition to the permanent structures there are 30 RV sites. C2278—7 Owner shi Parcels Ke Lar o to Stock Island Monroe Count Florida Man•&Associates Appraisal Com an Inc.33 Date Submitted: - - ormKey: HIGHEST AND BEST USE The forces that affect the market value of a property also influence the property's highest and best use. In all valuation assignments, value estimates are based upon use. The highest and best use of a property to be appraised provides the foundation for a thorough investigation of the competitive positions of market participants. Consequently, highest and best use can be described as the foundation upon which market value rests. Highest and best use is defined as: "The reasonably probable and legal use of vacant land or an improved property, which is physically possible, appropriately supported, financially feasible, and that results in the highest value".3 There are essentially four stages in analyzing the highest and best use of a property. These are legally permissible uses,physically possible uses, financially feasible uses and maximally productive use or the most profitable use. AS VACANT PHYSICALLY POSSIBLE USES Physically possible uses are those uses which are physically possible on the site. These uses change with the size, shape and terrain of the property in which development is to take place. The site totals 1.53 acres of uplands and .24 acres of submerged lands. Physically the site could be developed with a variety of property types including residential, retail, motels, office, etc. LEGALLY PERMISSIBLE USES Legally permissible uses are those uses which are legally permissible on the site. The site is zoned URM (Urban Residential Mobile). The URM district was intended for existing mobile home parks. Permitted uses in the URM zoning are mobile homes, RV sites and single family homes. Additional uses are permitted as a minor or major conditional use. The density for URM is I dwelling unit per site or 5 units per acre. The sites size of 1.54 acres would permit 8 mobile or single family homes. RV's or Transient units are permitted, however, they can not be converted to a residential unit. FINANCIALLY FEASIBLE USES For any use to be the highest and best use of a site, it must be financially feasible. That is, it must produce a return (profit) after construction which exceeds the total cost of construction and total development by such an amount that it would induce a developer/investor into undertaking the project. The surrounding area consists of a mixture of residential, retail, restaurants, hotels and other tourist related business. The current URM zoning was intended for existing mobile home parks, thus, if vacant the current zoning would not apply. As with most of the Florida Keys the neighborhoods have a wide range of property types and are typically intermixed with residential and commercial. Based on the current zoning or assuming a similar residential zoning the highest and best use if vacant would be for 8 residential homes. 3 Dictionary of Real Estate Appraiser,published by the Appraisal Institute, 1993,page 171 C2278—7 Owner shi Parcels Ke Lar o to Stock Island Monroe Count Florida Man•&Associates Appraisal Com an Inc.34 Date Submitted: - - ormKey: MAXIMALLY PRODUCTIVE USES Maximally productive use pertains to the feasible uses which produces the highest rate of return or value to the subject property, which is its highest and best use. Thus, based on the subject size and surrounding properties, the highest and best use if vacant would be for residential development with 8 residential homes. AS IMROVED PHYSICALLY POSSIBLE USES Physically possible uses are those uses which are physically possible on the site. These uses change with the size, shape and terrain of the property in which development is to take place. The site totals 1.53 acres of uplands and .24 acres of submerged lands. The site is basically developed to maximum density and can not be expanded. It would be physically possible to re- develop the site with an alternative use. LEGALLY PERMISSIBLE USES Legally permissible uses are those uses which are legally permissible on the site. The site is zoned URM (Urban Residential Mobile) and is improved with RV sites and a single family home. These uses are legally permitted uses on the site. The surrounding area consists of a mixture of residential, retail, restaurants, hotels and other tourist related business. The current URM zoning was intended for existing mobile home and RV parks, thus, if vacant the current zoning would not apply. As with most of the Florida Keys the neighborhoods have a wide range of property types and are typically intermixed with residential and commercial. Based on the current zoning or assuming a similar residential zoning the highest and best use if vacant would be for residential development. FINANCIALLY FEASIBLE USES For any use to be the highest and best use of a site, it must be financially feasible. That is, it must produce a return (profit) after construction which exceeds the total cost of construction and total development by such an amount that it would induce a developer/investor into undertaking the project. The site is improved with 32 units. It would be financially feasible to continue the current use, re-develop the site with affordable housing or market rate housing with less density. MAXIMALLY PRODUCTIVE USES Maximally productive use pertains to the feasible uses which produces the highest rate of return or value to the subject property, which is its highest and best use. Thus, based on the subject size and surrounding properties, the highest and best use if vacant would be for residential development. The site totals 1.53 acres of uplands and is developed with 32 units. The current zoning permits 5 units per acre, thus, the site does not conform to density requirements and therefore, could not be re-built as existing with residential or mobile homes. The sites could be re-developed with RV sites or park model RV's on the site and rented nightly similar to motels/hotels. The subject' current density maximizes the use of the site and is considered the site's highest and best use. C2278—7 Owner shi Parcels Ke Lar o to Stock Island Monroe Count Florida Man•&Associates Appraisal Com an Inc.35 Date Submitted: - - ormKey: SALES COMPARISON APPROACH The following chart summarizes the sales found that were considered similar to the subject. Refer to the previous write up for detailed information on the sales along with an aerial photograph. SUMMARY OF SALES Subject Sale 1 Sale 2 Sale 3 Sale 4 Sale 5 Property T Mobile Home Mobile Home Mobile Home Dilapidated Affordable p y Type RV Park at time of sale Park Park Park Motel housing Location Key Largo PlantationKey Islamorada Stock Island Marathon Big Pine Sales Price $2,945,000 $1,400,000 $8,500,000 $6,000,000 $1,000,000 Sales Date 7-16 8-17 1-18 11-16 6-16 Affordable & SF Homes SF Homes Mobile Market Rate Affordable Intended Use Homes Park Housing Housing 39 transient at time of 32 Total 17 as purchase 30 RV # of Units 2 residential 15 purchased 9 as 61 approval for 16 units proposed 45 affordable and 10 sf homes Permits/Rogo Yes Yes Yes Yes Yes No Exempt Size 66,647 sf 49,785 sf 31,363 sf 141,105 sf 203,584 sf 52,990 sf Zoning URM MH change to VC UR MU Sc MF 24 as 8.35 as Density / purchased 19 purchased 13 21 13 Units per acre 12.5 as 12 as proposed proposed Water Front Florida Bay Ocean Florida Bay Boca Chica Ocean None Boat dockage Beach, &ramp, Dock, Boat Basin& Amenities retaining wall, None None retaining wall, dock retaining wall Dockage tiki but $/Unit/Site $196,500 $82,500/ 17 $139,500 $154,000/39 $155,500/9 $109,000/55 $62,500 $/SF $59.05 $44.63 $60.24 $29.47 $18.87 C2278—7 Owner shi Parcels Ke Lar o to Stock Island Monroe Count Florida Man•&Associates Appraisal Com an Inc.36 Date Submitted: - - ormKey: The following chart summarizes the major differences between the subject and the comparables. Due to the lack of sufficient sales, an exact dollar amount of an adjustment could not be supported and would be unreliable. Therefore, each comparable was given either a negative,positive or equal sign in order to compare it to the subject. If the comparable was inferior to the subject it required an upward adjustment, thus, a plus sign was used. If the comparable was superior to the subject it required a downward adjustment, thus a negative sign was used. An equal sign required no adjustment. Adjustment Chart Sale I Sale 2 Sale 3 Sale 4 Sale 5 Market Conditions = _ Conditions of Sale = _ Location = _ + Zoning = _ ROGO Exempt/Permits Density - - - - _ - - - - Water Front = _ _ _ ++ Amenities = _ ++ _ ++ Net Adjustments UNIT OF COMPARISON The sales ranged from $1,000,000 to $8,500,000 with a sales price per square foot of$18.87 to $60.24 and a price per unit of$62,500 to $196,500. Typically RV/Mobile Home parks are purchased on a price per unit basis rather than a price per square foot. However, the comparables vary significantly in land size, number of units, location, amenities and other factors and the price per unit had a wider range than the price per square foot. Therefore, all sales were analyzed and compared to the subject on a price per square foot basis with secondary emphasis given to the price per unit. FINANCING All of the sales sold for cash. Therefore, no adjustments were required for financing. MARKET CONDITIONS Market condition refers to the appreciation or depreciation in a property over a period of time. The sales occurred from June 2016 to January 2018. All sales were considered recent and considered to reflect current market prices, thus no adjustments were made. C2278—7 Owner shi Parcels Ke Lar o to Stock Island Monroe Count Florida Man•&Associates Appraisal Com an Inc.37 Date Submitted: - - ormKey: CONDITIONS OF SALE Adjustments for conditions of sale usually reflect the motivation of the buyer and seller. A sale may be transacted at a below market price if the seller needs cash in a hurry. A financial business or family relationship between the parties may also affect the price of a property. Although conditions of sale are often perceived as applying only to sales that are not arm's-length transactions, some arms-length sales may reflect atypical motivation or sales conditions due to unusual tax considerations, sale at legal auction, lack of exposure to the open market or eminent domain proceedings. All of the sales were arms length transactions and no adjustments were required. LOCATION The subject is located in central Key Largo, near mile marker 101.6. Sales I and 2 are located within incorporated Islamorada and sale 4 is located within incorporated Marathon. Overall, Islamorada and Marathon have similar land values of Key Largo and these sales required no adjustments. Stock Island is adjacent to Key West and typically brings higher prices than Key Largo and the Upper Keys. Thus, sale 3 was considered superior and required downward adjustments. Sale 5 is located on Big Pine Key. Big Pine Key historically has brought lower prices than the Upper and Middle Keys. Therefore, sale 5 was considered inferior in location and required upward adjustments ZONING The subject is zoned URM. The sales range from MH to VC, UR, MU and SC and are developed with multi-unit properties. Although the zonings are not equivalent, because of the wide range of values and property types, there was no correlation between zoning and price. Therefore, no adjustments were made. PERMIT /ROGO EXEMPT The subject is improved with 30 RV sites and a duplex. Sales 1, 2, 3 and 4 are improved with dated structures and are ROGO exempt and could be re-developed without having to go through the building allocation process (ROGO). Therefore, sales 1, 2, 3 and 4 required no adjustments. Sale 5 was a vacant site and was not ROGO exempt nor did it have permits for the 16 units. Thus, sale 5 required upward adjustments. DENSITY The subject has a density of 21 units per acre and was similar to sale 3 at 19 units per acre, thus, sale 3 required no adjustments. The remaining sales had superior densities ranging from 8.3 to 13 units per acre, thus, requiring downward adjustments. WATERFRONT The subject and sale 2 are located on the Florida Bay and have similar bay front locations. Sales I and 4 are located on the Atlantic Ocean. Overall, the Florida Bay and Atlantic Ocean have similar desirability to typical buyers. Thus, sales 1, 2 and 4 required no adjustments. Sale 3 has water frontage along Boca Chica Channel. Typically Boca Chica Channel would be considered inferior to a view of the Florida Bay or Atlantic Ocean, however, sale 3 is located on Stock Island C2278—7 Owner shi Parcels Ke Lar o to Stock Island Monroe Count Florida Man•&Associates Appraisal Com an Inc.38 Date Submitted: - - ormKey: and because Stock Island is a superior location to the other sales, the water front location is less significant. Thus, sales 1, 2, 3 and 4 were considered similar in water frontage and required no adjustments. Sale 5 is located on a non-water front site in Big Pine Key and is inferior, thus requiring upward adjustments. AMENITIES The subject site has water frontage with boat dockage and boat ramp, retaining wall and tiki hut. Sales 1, 2 and 4 were considered similar in amenities and required no adjustments. Sales 3 and 5 had no amenities and were inferior requiring upward adjustments. CONCLUSION OF VALUE Summary of Adjustments Sale I Sale 2 Sale 3 Sale 4 Sale 5 Net Adjustment Price / SF $59.05 $44.63 $60.24 $29.47 $18.87 Price/Unit :[ 196,500 $82,500/ 17 $139,500 $154,000/39 $62,500$ $155,500/9 $109,000/55 The sales ranged from $1,000,000 to $8,500,000 with a sales price per square foot of$18.87 to $60.24 and a price per unit of$62,500 to $196,500. Most weight was given to the price per square foot with secondary weight placed on the price per unit basis. Sales I and 2 were most similar in water front and were located in the Upper Keys, however, they had a lower density and overall were superior to the subject. Sale 3 was most similar in density; however, it was located in a superior island near Key West. Thus, sale 3 was also considered superior. The majority of the subject units are RV sites. RV sites are considered transient units, thus, sale 4 is most similar in type of units at the time of sale. However, sale 4 is being developed with affordable and market rate housing, therefore, the type of unit is irrelevant. Sale 5 is located on a non-water front site on Big Pine Key and overall is inferior to the subject. Excluding the high and low per square foot sales, the price range narrowed to $29.47 to $59.05 and from $82,500 to $155,500 per unit. With most weight placed on the price per square foot, a value in the middle of the range was considered reasonable, say $45.00. The market value of the subject is summarized as follows. 66,647 square feet X $45.00 per square foot = $2,999,115 Rounded to $3,000,000 This indicates a per unit price of$93,750 and is reasonable based on the sales. C2278—7 Owner shi Parcels Ke Lar o to Stock Island Monroe Count Florida Man•&Associates Appraisal Com an Inc.39 Date Submitted: - - ormKey: 84771 OVERSEAS HIGHWAY JOSEPH J. JANAS - OWNERSHIP C2278—7 Owner shi Parcels Ke Lar o to Stock Island Monroe Count Florida Man•&Associates Appraisal Com an Inc.40 Date Submitted: - - ormKey: EXECUTIVE SUMMARY PROPERTY TYPE: Commercial retail/proposed affordable housing LOCATION: 84771 Overseas Highway, Windley Key, Florida. OWNER OF RECORD: Joseph J. Janas 180 Iroquois Drive Islamorada, Florida 33036 PARCEL IDENTIFICATION: 00093980-000000 APPRAISER: Trent Marr, MAI, SRPA ASSESSED VALUE/TAXES: $896,969 / $8,634.49 Taxes do not include waste water of$1,507.20. DATE OF VALUE/REPORT: December 9, 2017 /January 30, 2018 INTEREST APPRAISED: Fee Simple PARCEL SIZE: 47,875 square feet OWNERSHIP HISTORY: Based on the public records there have been no sales of the subject sites within the past 5 years. The Habitat for Humanity has a contract on the site for$1,500,000. This indicates a price of$31.33 per square foot or $93,750 per unit and based on the sales is reasonable. PARCEL ACCESS: Access is via an easement from the adjacent property. IMPROVEMENTS: The subject is improved with a dated commercial building containing 2,197 square feet. Proposed improvements include 16 affordable housing units and 1,848 square feet of retail space. ZONING/LAND USE: TC (Tourist Commercial) FLOOD INFORMATION: The site is located within a 100 year flood zone. MARKET VALUE ESTIMATE: $1,500,000 C2278—7 Owner shi Parcels Ke Lar o to Stock Island Monroe Count Florida Man•&Associates Appraisal Com an Inc.41 Date Submitted: - - ormKey: Subject Photographs , Front view of improvements ,i a Overseas Highway looking northbound r Overseas Highway looking southbound i I v I n .=T �� ,_ View of Subject from Old Highway(SR 4A) C2278—7 Owner shi Parcels Ke Lar o to Stock Island Monroe Count Florida Man•&Associates Appraisal Com an Inc.42 Date Submitted: - - ormKey: Subject Photographs w x -r Old State Road 4A looking south, subject on right k A, 3 - '. Old State Road 4A looking north, subject on left r� Interior view of site tfi Interior view of improvements C2278—7 Owner shi Parcels Ke Lar o to Stock Island Monroe Count Florida Man•&Associates Appraisal Com an Inc.43 Date Submitted: - - ormKey: f l ly - ji4 r tiih` 1 l y d'1` Civil+r AERIAL PHOTOGRAPH r duf'1� A. , �. W TAX PARCEL MAP C2278—7 Owner shi Parcels Ke Lar o to Stock Island Monroe Count Florida Man&Associates Appraisal Com an Inc.44 Date Submitted: - - ormKey: sk t f Is1�r��r� •. udj P'n � r O',i,+' Map of the Florida Keys FLOR�0 N taTeI an t _ P Beads , ring.% l*,k%dn 111 r Iit „ hbn t t A R t 0 c rkgr� "am �a� �lhi;�d Gib ldYp�Jtr Pawl 51 u* ostnna 06 'Is flando..` `Ave ca Iaw Ocuo d�r� Dad o0ty k,.k� �ts d�waatlu�o� � s 1. ko %' Oro WWII Fort p"1 k 'w P411pri,Beach M a � r 0, Woo Ia Irds 9 t r�. rri t _ 70 ..`vew11. �, iYla�a k IF ; p' Y ocape Owd", < Fit.�V r� r� ud dal "« r I" �Yk�GrA�+`t�I"I�Yt�y IFICrsd Evevqka RA4,z rpr Une a8 5 S uTe,c apitak Malo-1'I own Map of Florida C2278—7 Owner shi Parcels Ke Lar o to Stock Island Monroe Count Florida Man•&Associates Appraisal Com an Inc.45 Date Submitted: - - ormKey: NEIGHBORHOOD DESCRIPTION/ISLAMORADA Islamorada is located in the Upper Keys and is approximately 77 miles south of Central Miami and 80 miles north of Key West. The entire incorporated Islamorada area extends from Plantation Key, mile marker 91 to Lower Matecumbe Key, mile marker 75.5. Overseas Highway is the main thoroughfare through Islamorada, as well as all of Monroe County. LOCATION The site is located within Incorporated Islamorada, "Village of Islands" on the southerly side of Windley Key, at mile marker 84.7, Monroe County, Florida. Islamorada is located in the Upper Keys and is approximately 77 miles south of Central Miami and 80 miles north of Key West. The Post Card Inn Resort is located within walking distance and is one of the Largest resorts in the Florida Keys, with several hotels, bars, restaurants, and a large marina. The resort is located on the Atlantic Ocean and Whale Harbor Channel. The resort suffered significant damage from Hurricane Irma and is currently closed while repairs and or renovations are being completed. The neighborhood boundaries for the subject range from mile marker 80 to mile marker 87. Summer Seas Condominiums are located north of the subject and is considered to be the beginning of the subject neighborhood. Teatable Relief Channel is located at mile marker 80, approximately 4.7 miles south of the site and is the beginning of Lower Matecumbe Key. DEVELOPMENT TRENDS Development within Islamorada ranges from single family dwellings to numerous motels, hotels, restaurants, convenience stores and mixed use properties. The majority of commercial development is located along Overseas Highway and is centrally located near mile markers 82 - 84.5. World Wide Sportsman is centrally located in Islamorada and is one of the major shopping draws to the area. Plantation Key is also heavily developed, but less than Central Islamorada, with residential homes, motels, marinas and small commercial buildings. Lower Matecumbe Key is sparsely developed with the majority of development consisting of residential homes and a few scattered commercial properties. The immediate neighborhood for the subject consists of Ocean View Motel and Vacant land to the northwest, Coconut Cove Motel and residential homes to the east and south and Theater of the Sea, a dolphin tourist attraction to the southwest. Additional properties located on Windley Key consist of Anglers Resort Condominiums, Drop Anchor Motel, a mobile home park, Smugglers Cove, Hog Heaven Sports Bar and the Pelican Cove Resort. The residential homes range in price from $350,000 to over $5,000,000. The higher priced homes are the homes located on the Florida Bay or the Atlantic Ocean. There are also several condominium developments along the east side of the Old Highway, and the west side of Overseas Highway. The condominiums range in price from $350,000 to over $1,000,000. C2278—7 Owner shi Parcels Ke Lar o to Stock Island Monroe Count Florida Man•&Associates Appraisal Com an Inc.46 Date Submitted: - - ormKey: RECREATIONAL ACTIVITIES The major attraction of the Florida Keys as well as Islamorada, is the mild climate, fishing, diving and water activities. One of the major attractions of the Upper Keys is John Pennekamp State Park. Each year John Pennekamp State Park attracts in excess of one million visitors. John Pennekamp Park is approximately 78 square miles and is one of the few living reefs along Americas shoreline. Islamorada offers excellent fishing and diving activities and is one of the primary attractions to the area. EDUCATION There is one private and one public high school in the Upper Keys. Island Christian is a private school teaching grades kindergarten-12 and is located at mile marker 83. Coral Shores High is the only public high school for the Upper Keys and is located at mile marker 90. Plantation Key Middle and Elementary Schools are also located at mile marker 90. Also located in Coral Shores High School are classes held for Florida Keys Community College. Churches of numerous denominations are located within the neighborhood, including Baptist, Methodist, Church of Christ, Catholic, etc. ACCESS The site has frontage on Overseas Highway and Old State Road 4A which run along the northerly and southerly sides of the site respectively. Access to the site is from either of these roads. Old State Road 4A extends from Snake Creek Bridge south to the Post Card Inn. Overseas Highway is the major thoroughfare for Islamorada and the Florida Keys. Overseas Highway begins in Key West at mile marker 0 and extends north over 120 miles to South Dade County. The subject has convenient access to the neighborhood and throughout the Upper Keys. CONCLUSION The subject is centrally located within the City of Islamorada and has excellent access throughout the Upper Keys. Islamorada incorporated in 1997 annexing out of the county. Thus, adopting their own land use plan and building regulations. Both commercial and residential construction is strictly regulated, thus, slowing the growth and increasing the demand for the area. In spite of Hurricane Irma, the market has seen a significant increase in demand and prices the last few years. The lack of available buildable land and strict building guidelines should insure strong demand and prices in the foreseeable future. C2278—7 Owner shi Parcels Ke Lar o to Stock Island Monroe Count Florida Man•&Associates Appraisal Com an Inc.47 Date Submitted: - - ormKey: SITE SPECIFIC DATA LOCATION The subject property consists of an improved tract located at mile marker 84.8 within the median strip of Old State Road 4A and Overseas Highway, on Windley Key. Windley Key is within Incorporated Islamorada. OWNER OF RECORD Joseph J. Janas 180 Iroquois Drive Islamorada, Florida 33036 LEGAL DESCRIPTION The subject has a lengthy metes and bounds legal description. According to the property record card, the site is located in Part Lot 7 and part of the adjacent R-O-W, Windley Island, Plat Book 1, Page 50. Section 23, Township 63 South, Range 37 East, Monroe County, Florida. HISTORY OF SUBJECT Based on the public records there have been no sales of the subject sites within the past 5 years. The Habitat for Humanity has a contract on the site for $1,500,000. This indicates a price of $31.33 per square foot or $93,750 per unit and based on the sales is reasonable. ASSESSMENT AND TAXES The 2017 taxes and assessed values are summarized as follows. RE Number Assessed Value Taxes 00093980-000000 $896,969 $8,634.49 The taxes do not include waste water of$1,507.20. DIMENSIONS, SIZE AND SHAPE Based on the property appraisers' web site, the southerly side borders Old State Road 4A and has 437.2 feet. From the northeasterly corner of Old State Road 4A and Overseas Highway the side extends in a southwesterly direction approximately 362.80 feet. The westerly property line extends in a northerly direction from Old State Road 4A, approximately 294.87 lineal feet to Overseas Highway. Based on the public records the site totals 47,875 square feet. TOPOGRAPHY AND VEGETATION The site is at street grade along Overseas Highway and Old State Road 4A and has a gradual slope down from the streets to the center of the site. The soil appears to be coral rock which is typical in the Keys. While a soil study was not supplied to the appraiser, it is reasonable to assume that Monroe County took soil conditions into account prior to granting a building permit. Neither the subject improvements nor the surrounding improvements display any of the characteristics which would indicate adverse soil conditions. C2278—7 Owner shi Parcels Ke Lar o to Stock Island Monroe Count Florida Man•&Associates Appraisal Com an Inc.48 Date Submitted: - - ormKey: TIER DESIGNATION The site is located within incorporated Islamorada and is not subject to the county's Tier Designation. ACCESS The site has frontage on Overseas Highway and Old State Road 4A which run along the northerly and southerly side of the site respectively. Access to the site is from either of these roads. Overseas Highway is the major thoroughfare throughout the Florida Keys and extends from South Dade County to Key West. On Windley Key, Old State Road 4 A extends from Snake Creek Bridge south to the Post Card Inn. EASEMENTS, RESTRICTIONS AND ENCROACHMENTS No adverse encroachments or easements noted at the time of inspection. UTILITIES Utilities are available to the site and include telephone service, trash services, sewage, water, and electricity. A central sewer system has recently been installed throughout the county. DRAINAGE/FLOOD ZONE According to Community Panel Number 12087C 1003K, dated 2-05, of the Federal Emergency Management Agency's Flood Insurance Rate Map, the subject site is located in Zone AE, which is a 100 year flood prone area. No outside influences such as loud noise, odor, fog, smog, or undesirable land uses are present in the neighborhood which would have a detrimental effect upon the property. ZONING The site is zoned Tourist commercial (TC). The purpose of the tourist commercial (TC) zoning district is to accommodate existing tourist lodging, tourist attractions and supportive facilities. The following uses are permitted uses provided that they do not contain a drive-in or drive- through component. - Single family dwelling units of 25 dwelling units or less, except the conversion of existing hotels or motels to single-family dwelling units is not permitted; - Deed restricted affordable housing dwelling units of 25 dwelling units or less, except the conversion of existing hotels or motels to dwelling units is not permitted; - Hotels and motels with 25 rooms or less; - Recreational equipment rental; - Restaurants less than 1,500 square feet; - Brewpubs less than 1,500 square feet; and - Accessory uses and structures, excluding guesthouses. The following uses are reviewed as minor conditional uses provided that they do not contain a drive-in or drive-through component. C2278—7 Owner shi Parcels Ke Lar o to Stock Island Monroe Count Florida Man•&Associates Appraisal Com an Inc.49 Date Submitted: - - ormKey: - Any permitted residential use, greater than 25 dwelling units, except that motels and hotels shall not be considered a residential use; - Bars, taverns and drinking places less than 5,000 square feet; - Brewpubs of 1,500 to 3,000 square feet; - Commercial recreational facility less than 5,000 square feet; - Community pier or public dock; - Docking facility;Hotels or motels having more than 25 rooms and less than 50 rooms; - Infrastructure and municipal utility facilities; - Restaurants of 1,500 to 3,000 square feet; and - Attached wireless facility. Uses reviewed as a major conditional use. - Hotels or motels having 50 rooms or more; - Brewpubs of 3,001 to 5,000 square feet; - Commercial recreational uses of 5,000 square feet or greater; - Marina redevelopment; - Restaurants of 3,001 to 5,000 square feet; - Stealth wireless facility; - Outdoor storage and display areas pursuant to article VI, division 8 of this chapter; and Any use listed above as a permitted or minor conditional use, or a major conditional use listed herein, provided that the use contains a drive-in or drive-through component. Density: Up to six dwelling units per acre, or up to 12 dwelling units per acre with TDRs or affordable housing, or up to 15 affordable housing dwelling units per acre may be permitted if the proposed development provides for an increase of one Class in all required bufferyards; however, on commercially developed parcels of land, the density requirements for affordable housing provided herein shall not exceed 12 dwelling units per acre, notwithstanding any nonresidential floor area or FAR, or market rate residential dwelling units; except that on commercially developed parcels of land, the density requirements for affordable housing provided herein shall not exceed 15 dwelling units per acre, notwithstanding any nonresidential floor area or FAR, or market rate residential dwelling units, if the proposed development provides for an increase of one Class in all required bufferyards. SITE CONCLUSION The surrounding neighborhood ranges from single family homes, to motels, tourist attraction areas and other commercial properties. The site is being developed with 16 units and retail space. The proposed improvements conform to the zoning density and set back requirements. The site's size and zoning conforms to the surrounding neighborhood. C2278—7 Owner shi Parcels Ke Lar o to Stock Island Monroe Count Florida Man•&Associates Appraisal Com an Inc.50 Date Submitted: - - ormKey: DESCRIPTION OF THE IMPROVEMENTS AS IS The subject is improved with a commercial building containing 2,197 square feet. The building was built in 1958 and was originally CBS construction. Since it was originally built it has been expanded with wood frame additions and covered work areas, totaling 870 and 560 square feet. The dimensions and sizes of the improvements are based on measurements taken by me on a previous appraisal. Because the highest and best use is for development, any changes made from the prior appraisal are insignificant and would not affect value. The majority of the exterior of the building consists of CBS construction. The wood frame additions are located along the south and southeasterly side of the building. The roof consists of rolled type asphalt over the CBS portion and corrugated metal over the wood frame additions and the covered work areas. Windows along the front were fixed glass in aluminum frame and the side and rear were either awning or slide aluminum hung. SUMMARY The majority of the building is CBS with frame additions and covered awning/work areas. Overall, the structure appears sound, however, the improvements are dated, and overall contribute minimal to the overall property value. PROPOSED DEVELOPMENT The subject has permits for a 16 unit affordable housing project with 1,848 square feet of retail space. The retail space fronts Overseas Highway with the residential units along the rear and fronting Old State Road 4A. Based on the size, this indicates a density of 15 units per acre and is actually greater considering the commercial space; however, it is permitted by zoning. According to the representative for the Habitat for Humanity all permits and approvals are in place and the market value estimate is contingent on these approvals. C2278—7 Owner shi Parcels Ke Lar o to Stock Island Monroe Count Florida Man•&Associates Appraisal Com an Inc.51 Date Submitted: - - ormKey: HIGHEST AND BEST USE The forces that affect the market value of a property also influence the property's highest and best use. In all valuation assignments, value estimates are based upon use. The highest and best use of a property to be appraised provides the foundation for a thorough investigation of the competitive positions of market participants. Consequently, highest and best use can be described as the foundation upon which market value rests. Highest and best use is defined as: "The reasonably probable and legal use of vacant land or an improved property, which is physically possible, appropriately supported, financially feasible, and that results in the highest value".4 There are essentially four stages in analyzing the highest and best use of a property. These are legally permissible uses,physically possible uses, financially feasible uses and maximally productive use or the most profitable use. AS VACANT PHYSICALLY POSSIBLE USES Physically possible uses are those uses which are physically possible on the site. These uses change with the size, shape and terrain of the property in which development is to take place. The site consists of 47,875 square feet. The site is located within a 100 year flood plain and any improvements would have to conform to current building and FEMA guidelines. The site is slightly below street grade and is irregular. Although the site is irregular it is of sufficient size to accommodate a wide range of property types, including retail, office, single family or muti-family properties. LEGALLY PERMISSIBLE USES Legally permissible uses are those uses which are legally permissible on the site. These uses vary with the type of zoning, building codes and deed restrictions pertaining to the property being appraised. The subject site is zoned TC (Tourist Commercial) and the TC zoning allows numerous uses. Some of the uses include single family, affordable housing, retail, office, restaurants, etc. Refer to the zoning section of this report for all the allowable uses. 4 Dictionary of Real Estate Appraiser,published by the Appraisal Institute, 1993,page 171 C2278—7 Owner shi Parcels Ke Lar o to Stock Island Monroe Count Florida Man•&Associates Appraisal Com an Inc.52 Date Submitted: - - ormKey: FINANCIALLY FEASIBLE USES For any use to be the highest and best use of a site, it must be financially feasible. That is, it must produce a return (profit) after construction which exceeds the total cost of construction and total development by such an amount that it would induce a developer/investor into undertaking the project. The subject is located within the City of Islamorada. The site is zoned for commercial and commercial residential uses. All of the properties in the immediate area are primarily tourist oriented and consists of hotels/motel, restaurant, convenient store, and marinas. Thus, any of these discussed uses would be considered financially feasible. The site could also be developed with affordable housing units, and considering the high demand for affordable housing would be a financially feasible use. MAXIMALLY PRODUCTIVE USES Maximally productive use pertains to the feasible uses which produces the highest rate of return or value to the subject property, which is its highest and best use. Thus, based on the subject size and surrounding properties, the highest and best use would be commercial development, affordable housing or a combination of the two. ASIMPROVED PHYSICALLY POSSIBLE USES Physically possible uses are those uses which are physically possible on the site. These uses change with the size, shape and terrain of the property in which development is to take place. The site consists of 47,875 square feet and is improved with a commercial building. The site is located on Overseas Highway and Old State Road 4A. The site has utilities available, is level and is cleared. The site is located within a 100 year flood plain. It is physically possible to continue using the structure as is or to renovate the structure into alternative uses. The improvements could be razed and re-built with another structure; however the new structure would have to conform to new building codes. The site has excess land, however because of the strict limitations on new commercial construction or expansion it is very unlikely that the building could be expanded without having to be updated to current standards or building codes. LEGALLY PERMISSIBLE USES Legally permissible uses are those uses which are legally permissible on the site. These uses vary with the type of zoning, building codes and deed restrictions pertaining to the property being appraised. The subject site is zoned TC (Tourist Commercial) and the TC zoning allows numerous uses. Some of the uses include single family, affordable housing, retail, office, restaurants, etc. Refer to the zoning section of this report for all the allowable uses. C2278—7 Owner shi Parcels Ke Lar o to Stock Island Monroe Count Florida Man•&Associates Appraisal Com an Inc.53 Date Submitted: - - ormKey: FINANCIALLY FEASIBLE USES For any use to be the highest and best use of a site, it must be financially feasible. That is, it must produce a return (profit) after construction which exceeds the total cost of construction and total development by such an amount that it would induce a developer/investor into undertaking the project. The subject is located within the City of Islamorada. The site is zoned for commercial and commercial residential uses. All of the properties in the immediate area are primarily tourist oriented and consists of hotels/motel, restaurant, convenient store, and marinas. Thus, any of these discussed uses would be considered financially feasible. The site could also be developed with affordable housing units, and considering the high demand for affordable housing would be a financially feasible use. MAXIMALLY PRODUCTIVE USES Maximally productive use pertains to the feasible uses which produces the highest rate of return or value to the subject property, which is its highest and best use. As improved, the site is developed with a 2,197 square foot commercial building, with 1,430 square feet of covered awnings and additions. Excluding the awnings and additions, the indicated land to building ratio is 17.78:1. The site is too small for hotel/motel development. Thus, based on the subject size and surrounding properties, the highest and best use would be commercial development, affordable housing or a combination of the two. C2278—7 Owner shi Parcels Ke Lar o to Stock Island Monroe Count Florida Man•&Associates Appraisal Com an Inc.54 Date Submitted: - - ormKey: SALES COMPARISON APPROACH The following chart summarizes the sales found that were considered similar to the subject. Refer to the previous write up for detailed information on the sales along with an aerial photograph. SUMMARY OF SALES Subject Sale 1 Sale 2 Sale 3 Sale 4 Sale 5 Property Type Dilapidated Mobile Home Mobile Home Mobile Home Dilapidated Affordable at time of sale Retail Park Park Park Motel housing Plantation Location Islamorada Stock Island Marathon Big Pine Windley Key Key Sales Price $1500,000 $2,945,000 $1,400,000 $8,500,000 $6,000,000 $1,000,000 Sales Date Pending 7-16 8-17 1-18 11-16 6-16 Affordable Mobile Affordable & Affordable Intended Use SF Homes SF Homes Market Rate housing Homes Park Housing Housing 39 transient at time of 16 Affordable 17 as purchase # of Units housing and 15 purchased 9 as 61 approval for 16 retail space proposed 45 affordable and 10 sf homes Permits/Rogo Yes Yes Yes Yes Yes No Exempt Size 47,875 sf 49,785 sf 31,363 sf 141,105 sf 203,584 sf 52,990 sf Zoning TC MH change to VC UR MU Sc MF 24 as 8.35 as Density / purchased 19 purchased 13 15 13 Units per acre 12.5 as 12 as proposed proposed Water Front None Ocean Florida Bay Boca Chica Ocean None Beach, Dock, Boat Basin& Amenities None retaining wall, None None retaining wall Dockage dock $/Unit/Site $93.750 $196,500 $82,500/ 17 $139,500 $154,000/39 $62,500 $155,500/9 $109,000/55 $/SF $31.33 $59.05 $44.63 $60.24 $29.47 $18.87 C2278—7 Owner shi Parcels Ke Lar o to Stock Island Monroe Count Florida Man•&Associates Appraisal Com an Inc.55 Date Submitted: - - ormKey: The following chart summarizes the major differences between the subject and the comparables. Due to the lack of sufficient sales, an exact dollar amount of an adjustment could not be supported and would be unreliable. Therefore, each comparable was given either a negative,positive or equal sign in order to compare it to the subject. If the comparable was inferior to the subject it required an upward adjustment, thus, a plus sign was used. If the comparable was superior to the subject it required a downward adjustment, thus a negative sign was used. An equal sign required no adjustment. Adjustment Chart Sale I Sale 2 Sale 3 Sale 4 Sale 5 Market Conditions = _ Conditions of Sale = _ Location = _ + Zoning = _ ROGO Exempt/Permits Density Water Front Amenities Net Adjustments - - - - - - - - - - - - - - - - +++ UNIT OF COMPARISON The sales ranged from $1,000,000 to $8,500,000 with a sales price per square foot of$18.87 to $60.24 and a price per unit of$62,500 to $196,500. Typically Affordable housing sites along with RV/Mobile Home parks are purchased on a price per unit basis rather than a price per square foot. However, the comparables vary significantly in land size, number of units, location, amenities and other factors and the price per unit had a wider range than the price per square foot. Therefore, all sales were analyzed and compared to the subject on a price per square foot basis with secondary emphasis given to the price per unit. FINANCING All of the sales sold for cash. Therefore, no adjustments were required for financing. MARKET CONDITIONS Market condition refers to the appreciation or depreciation in a property over a period of time. The sales occurred from June 2016 to January 2018. All sales were considered recent and considered to reflect current market prices, thus no adjustments were made. C2278—7 Owner shi Parcels Ke Lar o to Stock Island Monroe Count Florida Man•&Associates Appraisal Com an Inc.56 Date Submitted: - - ormKey: CONDITIONS OF SALE Adjustments for conditions of sale usually reflect the motivation of the buyer and seller. A sale may be transacted at a below market price if the seller needs cash in a hurry. A financial business or family relationship between the parties may also affect the price of a property. Although conditions of sale are often perceived as applying only to sales that are not arm's-length transactions, some arms-length sales may reflect atypical motivation or sales conditions due to unusual tax considerations, sale at legal auction, lack of exposure to the open market or eminent domain proceedings. All of the sales were arms length transactions and no adjustments were required. LOCATION The subject is located on Windley Key in Islamorada. Sales 1 and 2 are located within incorporated Islamorada and sale 4 is located within incorporated Marathon. Overall, Islamorada has similar values as Marathon and these sales required no adjustments. Stock Island is adjacent to Key West and typically brings higher prices than Islamorada and the Upper Keys. Thus, sale 3 was considered superior and required downward adjustments. Sale 5 is located on Big Pine Key. Big Pine Key historically has brought lower prices than the Upper and Middle Keys. Therefore, sale 5 was considered inferior in location and required upward adjustments ZONING The subject is zoned TC. The sales range from MH to VC, UR, MU and SC and are developed with multi-unit properties. Although the zonings are not equivalent, because of the wide range of values and property types, there was no correlation between zoning and price. Therefore, no adjustments were made. PERMIT /ROGO EXEMPT The subject is proposed with 16 affordable housing units with all permits in place. Sales 1, 2, 3 and 4 are improved with dated structures and are ROGO exempt and could be re-developed without having to go through the building allocation process (ROGO). Therefore, sales 1, 2, 3 and 4 required no adjustments. Sale 5 was a vacant site and was not ROGO exempt nor did it have permits for the 16 units. Thus, sale 5 required upward adjustments. DENSITY The subject has a density of 15 units per acre. The sales range from 8.35 to 19, with the subject being in the middle of the range. Overall the densities were considered similar and no adjustments were made. WATER FRONT The subject is located on a non-water front site and is similar to sale 5, thus, sale 5 required no adjustments. The remaining sales are located on the water and were considered superior, thus requiring downward adjustments. C2278—7 Owner shi Parcels Ke Lar o to Stock Island Monroe Count Florida Man•&Associates Appraisal Com an Inc.57 Date Submitted: - - ormKey: AMENITIES The subject has no amenities and was similar to sales 3 and 5, thus, these sales required no adjustments. The remaining sales had water frontage with boat dockage and boat ramp, retaining wall and tiki but and therefore considered superior, requiring downward adjustments. CONCLUSION OF VALUE Summary of Adjustments Sale 1 Sale 2 Sale 3 Sale 4 Sale 5 Net Adjustment - - - - - - - - - - - - - - - - +++ Price / SF $59.05 $44.63 $60.24 $29.47 $18.87 Price/Unit :[ $82,500/ 17 $154,000/39 $196,500 $139,500 $62,500 $155,500/9 $109,000/55 The sales ranged from $1,000,000 to $8,500,000 with a sales price per square foot of$18.87 to $60.23 and a price per unit of$62,500 to $196,500. Most weight was given to the price per square foot with secondary weight placed on the price per unit basis. Sales 1 and 2 were most similar in their Upper Keys location; however, they had water frontage and were superior in amenities. Sale 3 was similar in density, however, it was superior in water frontage and location. Thus, sales 1, 2 and 3 were considered to reflect the upper range. Sale 4 is located within incorporated Marathon and although it is superior in water frontage it is being developed with a similar affordable housing project, thus, considered a good indicator of value. Sale 5 was purchased for an affordable housing project and overall is most similar to the subject. However, sale 5 did not have permits and is located On an inferior island. The buyer of sale 5 paid an additional $25,000 per unit for the permits, indicating an adjusted price per square foot of $26.42 and an adjusted price per unit of$87,500. Even with the upward adjustment for permits the subject is superior in location, therefore, the subject would be greater than the $26.42 per square foot and $87,500 per unit price adjusted price of sale 5. The subject has a pending contract for $1,500,000. Based on the size and price the unit indicators are $31.33 per square foot and $93,750 per unit. Using the adjusted price of sale 5, the range is $26.42 to $60.23 per square foot. The subject contract price is within the low to middle range of the sales, however, considering it is non-water front is reasonable. Thus, based on the sales and supported by the subject's contract price the market value assuming permits was estimated at $1,500,000. C2278—7 Owner shi Parcels Ke Lar o to Stock Island Monroe Count Florida Man•&Associates Appraisal Com an Inc.58 Date Submitted: - - ormKey: CONCH KEY TRAILER PARK JDLC, INC. - OWNERSHIP C2278—7 Owner shi Parcels Ke Lar o to Stock Island Monroe Count Florida Man•&Associates Appraisal Com an Inc.59 Date Submitted: - - ormKey: EXECUTIVE SUMMARY PROPERTY TYPE: RV/Mobile home park LOCATION: 2 N. Conch Avenue, Conch Key, Florida. OWNER OF RECORD: JDLC Inc. 1241 Route 9P Saratoga Springs,NY 12866 PARCEL IDENTIFICATION: 00385780-000000 APPRAISER: Trent Marr, MAI, SRPA ASSESSED VALUE/TAXES: $672,657 / $6,365.68 Taxes do not include waste water of$386 DATE OF VALUE/REPORT: December 9, 2017 /January 30, 2018 INTEREST APPRAISED: Fee Simple PARCEL SIZE: 16,210 square feet OWNERSHIP HISTORY: The subject sold along with the adjacent motel in December 2016 for $4,200,000. This sale is recorded in OR Book 2833, Page 1027 of the public records of Monroe County, Florida. PARCEL ACCESS: N. and S. Conch Avenue IMPROVEMENTS: The site is improved with 5 transient RV sites and 12 mobile home sites. ZONING/LAND USE: CFSD 16 (Commercial Fishing District) FLOOD INFORMATION: The site is located within a 100 year flood zone. MARKET VALUE ESTIMATE: $1,015,000 C2278—7 Owner shi Parcels Ke Lar o to Stock Island Monroe Count Florida Man•&Associates Appraisal Com an Inc.60 Date Submitted: - - ormKey: Subject Photographs nk P KVh, View of park on right Ik Overseas Highway looking northbound I �w m 4 �4 Overseas Highway looking southbound I` qq Al �# t Y { h � - Typical unit and space in park C2278—7 Owner shi Parcels Ke Lar o to Stock Island Monroe Count Florida Man•&Associates Appraisal Com an Inc.61 Date Submitted: - - ormKey: Subject Photographs i g' s North Conch Avenue looking east, subject on left North Conch Avenue looking west, subject on right f South Conch Avenue looking east, subject right 4 Corner of North and South Conch Avenue access to Overseas Highway C2278—7 Owner shi Parcels Ke Lar o to Stock Island Monroe Count Florida Man•&Associates Appraisal Com an Inc.62 Date Submitted: - - ormKey: t � cd 5 ,j�4 A � A tit'-"u�:�"� _k Y._,} i 1 i,7•�� C' � I .t k', 4 Je: a t AERIAL PHOTOGRAPH R 3,48 496 TAX PARCEL MAP C2278—7 Owner shi Parcels Ke Lar o to Stock Island Monroe Count Florida Man•&Associates Appraisal Com an Inc.63 Date Submitted: - - ormKey: XAV L#w Mq) of the, Florida 1�eys u�r i �'�^�PRre.� �'.I�f� `�9 �.""�•A �"�k��r.�4q�,a,}r,,€��,��;�� ;..�,ar;;p } tck� ar� ➢fit' �r � � d � ��r� "� � �G "� �, • '�s IMM, ,9 LAW,, � t '� N 0 N 1 C� R Alt CAIN 4 k , LAW,Ws e "fly '1,Li r l ys 0, MOIN i C2278—7 Owner shi Parcels Ke Lar o to Stock Island Monroe Count Florida Man•&Associates Appraisal Com an Inc.64 Date Submitted: - - ormKey: NEIGHBORHOOD The subject is located on Conch Key at mile marker 63. Conch Key is located in unincorporated Monroe County and is centrally located between Incorporated Islamorada to the north and Incorporated Marathon to the south. Conch Key is approximately 63 miles north of Key West and 125 +miles south of Downtown Miami. Conch Key is located on the Gulf side of Overseas Highway. DEVELOMENT Development on Conch Key consists of mainly single family homes and mobile homes. Most of the homes are less than $500,000 with open water front homes more. There is a motel, commercial fishing businesses and the Monroe County Fire Station. Exclusive Duck Key is located a few miles south bound on Overseas Highway. The majority of development, shopping and employment is located south in Marathon and north in Islamorada. Development within both these incorporated areas ranges from condominiums to single family dwellings, marinas, apartments, warehouses, shopping centers and retail buildings. Marathon has a an airport with daily commercial flights. Most of the commercial activities are developed along Overseas Highway, with residential along the secondary streets in the interior of the subdivisions. Commercial development throughout Marathon consists of retail strip centers, banks, restaurants, resorts, marinas and professional offices. Marathon has several neighborhood shopping centers. One center is anchored by Winn Dixie and K-Mart and Publix along with a Home Depot. Islamorada has similar offices and retail buildings, along with a Bass Pro Shop and a Publix Super Market under construction. The office and retail space in the neighborhood is typically located in single tenant freestanding buildings or retail strip centers. RECREATION Marathon is the center of the Florida Keys National Marine Sanctuary, which encompasses the third largest coral reef in the world. Marathon is also home to the only county marine sanctuary in the United States, the Marathon Marine Sanctuary. These sanctuaries offer excellent fishing and diving and are two of the primary attractions to the area. One of the major attractions of the Upper Keys and Islamorada is John Pennekamp State Park. Each year John Pennekamp State Park attracts in excess of one million visitors. John Pennekamp Park is approximately 78 square miles and is one of the few living reefs along Americas shoreline. Islamorada offers excellent fishing and diving activities and is one of the primary attractions to the area. EDUCATION There are no public or private schools on Conch Key. Public Schools are available in both the Upper and Middle Keys. Marathon has two public elementary schools and one public High School, three parochial schools covering nursery through grade 12. The Florida Keys Community College holds classes in the Marathon High School. Most of the major religions are represented, either within the neighborhood or in close proximity. There is one private and one public high school in the Upper Keys. Island Christian is a private school teaching grades kindergarten-12 and is located at mile marker 83. Coral Shores High School is the only public high school for the Upper Keys and is located at mile marker 90. Plantation Key Middle and Elementary Schools are also located at mile marker 90. C2278—7 Owner shi Parcels Ke Lar o to Stock Island Monroe Count Florida Man•&Associates Appraisal Com an Inc.65 Date Submitted: - - ormKey: SUMMARY Overall, Conch Key's mild climate, living reefs and excellent fishing make it one of the major tourist attractions in America. The market appears to be on the rise with an increase in demand for prices for most types of properties. In spite of Hurricane Irma, the market has seen a significant increase in demand and prices the last few years. The lack of available buildable land and strict building guidelines should insure strong demand and prices in the foreseeable future. SITE SPECIFIC DATA LOCATION The subject is located at mile marker 63 on Conch Key. Conch Key is located within Unincorporated Monroe County and is centrally located between Marathon and Islamorada. The street address is 2 N. Conch Avenue, Conch Key, Florida. The site is improved with 5 transient RV sites and 12 mobile home sites OWNER OF RECORD JDLC Inc. 1241 Route 9P Saratoga Springs,NY 12866 LEGAL DESCRIPTION Based on the property record card the legal is lot 13 and the easterly 30 feet of lot 14 and the easterly 39 feet of lot 30 and all of lot 31 Conch Key, Plat Book 2, Page 130, of the public records of Monroe County, Florida. HISTORY OF SUBJECT The subject sold along with the adjacent motel in December 2016 for $4,200,000. This sale is recorded in OR Book 2833, Page 1027 of the public records of Monroe County, Florida. ASSESSMENT AND TAXES The subject is located in unincorporated Monroe County. The 2017 taxes and assessed values are summarized as follows. RE Number Assessed Value Taxes 00385780-000000 $672,657 $6,365.68 The taxes do not include solid waste in the amount of$386. DIMENSIONS, SIZE AND SHAPE The site is irregular. Based on the tax map the site has 190.93 and 88.82 feet of frontage along the easterly side adjacent to S. Conch Avenue and 131.95 feet along N. Conch Avenue. Based on the property record card the site totals 16,210 square feet. Refer to the previous tax parcel map for a depiction of the site. C2278—7 Owner shi Parcels Ke Lar o to Stock Island Monroe Count Florida Man•&Associates Appraisal Com an Inc.66 Date Submitted: - - ormKey: TOPOGRAPHY AND VEGETATION The site is generally level and is at street grade along the northerly and southerly sides of Conch Avenue. The easterly side of Conch Avenue toward Overseas Highway is slightly below street grade. The site is basically cleared with a few palm trees. TIER DESIGNATION The site is located within a Tier 3 designation. The Tier 3 designation typically consists of developed or scarified sites. ACCESS The site has frontage along N. and S. Conch Avenue. Conch Avenue is a poorly paved street that circles the small island of Conch Key. Main access to the site is via Overseas Highway. EASEMENTS, RESTRICTIONS AND ENCROACHMENTS Other than zoning, no restrictions were noted. I was not provided with a survey, however, based on a visual inspection there were no adverse easements or encroachments noted. UTILITIES Utilities are available to the site and include telephone service, trash services, sewage, water, and electricity. A central sewer system has recently been installed throughout the county. DRAINAGE/FLOOD ZONE The site appears to have adequate drainage. At the time of inspection there was standing water in the street from heavy rains occurring at that time. No adverse conditions were noted at the time of inspection. According to the FEMA on line Flood Map,panel number 12087CI167K, the site is located in flood zone AE. AE is a 100 year flood hazard area. No adverse conditions were noted which would negatively affect the future marketability of the property. ZONING The site is zoned CFSD 16 (Commercial Fishing Special District 16). The CFSD 16 district is specific to Conch Key. The permitted uses include commercial fishing, accessory uses, mobile homes, detached dwellings, vacation rental use with special exception permit, collocations on existing antenna supporting structures and waste water nutrients serving less than 10 units. Minor Conditional uses include attached dwellings, retail and restaurants related to commercial fishing, light industrial use, marine repair and satellite stations. Major conditional uses include Marinas, restaurants, dive shops, new antenna-supporting structures and waste water treatment systems. SITE CONCLUSION The site is located on Conch Key at mile marker 63. The island is a mixture of mobile homes, site built home and commercial business. The subject's size, topography and zoning conform to the surrounding land uses. C2278—7 Owner shi Parcels Ke Lar o to Stock Island Monroe Count Florida Man•&Associates Appraisal Com an hic.67 Date Submitted: - - ormKey: HIGHEST AND BEST USE Highest and best use is defined as: "The reasonably probable and legal use of vacant land or an improved property, which is physically possible, appropriately supported, financially feasible, and that results in the highest value. The four criteria the highest and best use must meet are legal permissibility,physical possibility, financial feasibility and maximum productivity"5. AS VACANT PHYSICALLY POSSIBLE USES Physically possible uses are those uses which are physically possible on the site. These uses change with the size, shape and terrain of the property in which development is to take place. The site totals 16,120 square feet. Physically, the site could be developed with many types of possible uses, including residential, commercial, industrial, etc. LEGALLY PERMISSIBLE USES Legally permissible uses are those uses which are legally permissible on the site. These uses vary with the type of zoning, building codes and deed restrictions pertaining to the property being appraised. The site is zoned CFSD 16 (Commercial Fishing Special District 16). The CFSD 16 district is specific to Conch Key. The permitted uses include commercial fishing, accessory uses, mobile homes, detached dwellings, vacation rental use with special exception permit, collocations on existing antenna supporting structures and waste water nutrients serving less than 10 units. Minor Conditional uses include attached dwellings, retail and restaurants related to commercial fishing, light industrial use, marine repair and satellite stations. Major conditional uses include Marinas, restaurants, dive shops, new antenna-supporting structures and waste water treatment systems. FINANCIALLY FEASIBLE For any use to be the highest and best use of a site, it must be financially feasible. That is, it must produce a return (profit) after construction which exceeds the total cost of construction and total development by such an amount that it would induce a developer/investor into undertaking the project. The surrounding area is developed with a balanced mixture of residential and commercial properties. Financially feasible would include residential apartments, affordable housing or light commercial. MAXIMALLY PRODUCTIVE USE Of the financially feasible uses, that use that produces the highest value, assuming similar risk factors and similar rate of return. As discussed previously the surrounding area is a mixture of residential and commercial. Based on the zoning and a density of 12 units per acre the site has an allocated density of 1 (1.11)residential unit and a maximum density of 3 (3.45)residential units. 4 The Dictionary of Real Estate Appraisal,by the Appraisal histitute(3rd addition,1993),page 171 C2278—7 Owner shi Parcels Ke Lar o to Stock Island Monroe Count Florida Man•&Associates Appraisal Com an Inc.68 Date Submitted: - - ormKey: In general, sales of vacant non-water front commercial sites are selling similar to sales of vacant non-water front multi-family residential sites. Thus, if vacant the highest and best use would be for commercial development or multi-family development. AS IMRPOVED PHYSICALLY POSSIBLE USES Physically possible uses are those uses which are physically possible on the site. These uses change with the size, shape and terrain of the property in which development is to take place. The site totals 16,120 square feet and is improved with 5 transient RV sites and 12 mobile home sites. The site is non-conforming in density; however, because the development was built prior to 1996 it is a legal non-conforming use. The site could be re-developed the same 12 mobile homes, however, because the transient units are not permitted per the zoning, they would not be a permitted use. "As Is"without removing the RV sites, the sites are limited to the same foot print, however, they could be updated with new pads, landscaping, etc. LEGALLY PERMISSIBLE USES Legally permissible uses are those uses which are legally permissible on the site. These uses vary with the type of zoning, building codes and deed restrictions pertaining to the property being appraised. The site is zoned CFSD 16 (Commercial Fishing Special District 16). The CFSD 16 district is specific to Conch Key. The permitted uses include commercial fishing, accessory uses, mobile homes, detached dwellings, collocations on existing antenna supporting structures and waste water nutrients serving less than 10 units. Minor Conditional uses include attached dwellings, retail and restaurants related to commercial fishing, light industrial use, marine repair and satellite stations. Major conditional uses include Marinas, restaurants, dive shops, new antenna-supporting structures and waste water treatment systems. Legally the sites could be removed and the site re-developed with a commercial building, 1 residential unit or 3 multi- family units. FINANCIALLY FEASIBLE For any use to be the highest and best use of a site, it must be financially feasible. That is, it must produce a return (profit) after construction which exceeds the total cost of construction and total development by such an amount that it would induce a developer/investor into undertaking the project. The surrounding area is developed with a balanced mixture of residential and commercial properties. Financially feasible would include the continued use or any of the legally permissible uses. MAXIMALLY PRODUCTIVE USE Of the financially feasible uses, that use that produces the highest value, assuming similar risk factors and similar rate of return. The site is currently improved with 17 units and exceeds the maximum density. The site could be re-developed with 12 mobile homes/residential units and the RV sites or transient units could be transferred to an alternative site. The RV sites could also he- re-developed on the site; however, they would have to be on the same foot print. Without a development plan and cost estimates it is impossible to determine the maximally productive use between over re-development or as is. However, the mobile homes are near the end of their economic life and re-development would most likely be required in the near future. Thus, he highest and best use is for re-development. C2278—7 Owner shi Parcels Ke Lar o to Stock Island Monroe Count Florida Man•&Associates Appraisal Com an Inc.69 Date Submitted: - - ormKey: SALES COMPARISON APPROACH The following chart summarizes the sales found that were considered similar to the subject. Refer to the previous write up for detailed information on the sales along with an aerial photograph. SUMMARY OF SALES Subject Sale 1 Sale 2 Sale 3 Sale 4 Sale 5 Property Type Mobile home/ Mobile Home Mobile Home Mobile Home Dilapidated Affordable at time of sale RV Park Park Park Park Motel housing Plantation Location Islamorada Stock Island Marathon Big Pine Conch Key Key Sales Price $2,945,000 $1,400,000 $8,500,000 $6,000,000 $1,000,000 Sales Date 7-16 8-17 1-18 11-16 6-16 Mobile home Mobile Affordable & Affordable Intended Use SF Homes SF Homes Market Rate &RV park Homes Park Housing Housing 39 transient at time of 5 RV 17 as purchase # of Units 12 mobile 15 purchased 9 as 61 approval for 16 homes proposed 45 affordable and 10 sf homes Permits/Rogo Yes Yes Yes Yes Yes No Exempt Size 16,120 sf 49,785 sf 31,363 sf 141,105 sf 203,584 sf 52,990 sf Zoning CFSD 16 MH change to VC UR MU Sc MF 24 as 8.35 as Density / purchased 19 purchased 13 46 13 Units per acre 12.5 as 12 as proposed proposed Water Front None Ocean Florida Bay Boca Chica Ocean None Beach, Dock, Boat Basin& Amenities None retaining wall, None None retaining wall Dockage dock $/Unit/Site $196,500 $82,500/ 17 $139,500 $154,000/39 $155,500/9 $109,000/55 $62,500 $/SF $59.05 $44.63 $60.24 $29.47 $18.87 C2278—7 Owner shi Parcels Ke Lar o to Stock Island Monroe Count Florida Man•&Associates Appraisal Com an Inc.70 Date Submitted: - - ormKey: The following chart summarizes the major differences between the subject and the comparables. Due to the lack of sufficient sales, an exact dollar amount of an adjustment could not be supported and would be unreliable. Therefore, each comparable was given either a negative,positive or equal sign in order to compare it to the subject. If the comparable was inferior to the subject it required an upward adjustment, thus, a plus sign was used. If the comparable was superior to the subject it required a downward adjustment, thus a negative sign was used. An equal sign required no adjustment. Adjustment Chart Sale I Sale 2 Sale 3 Sale 4 Sale 5 Market Conditions Conditions of Sale Location Zoning ROGO Exempt/Permits Density - - - - - - - - - - Water Front Amenities Net Adjustments - - - - - - - - - - - - - - - - - - - - - - - - - - - _ UNIT OF COMPARISON The sales ranged from $1,000,000 to $8,500,000 with a sales price per square foot of$18.87 to $60.23 and a price per unit of$62,500 to $196,500. Typically Affordable housing sites along with RV/Mobile Home parks are purchased on a price per unit basis within secondary consideration given to the price per square foot. The subject has a very high density in comparison to the comparables, therefore, both unit of comparisons were in the analysis. FINANCING All of the sales sold for cash. Therefore, no adjustments were required for financing. MARKET CONDITIONS Market condition refers to the appreciation or depreciation in a property over a period of time. The sales occurred from June 2016 to January 2018. All sales were considered recent and considered to reflect current market prices, thus no adjustments were made. C2278—7 Owner shi Parcels Ke Lar o to Stock Island Monroe Count Florida Man•&Associates Appraisal Com an Inc.71 Date Submitted: - - ormKey: CONDITIONS OF SALE Adjustments for conditions of sale usually reflect the motivation of the buyer and seller. A sale may be transacted at a below market price if the seller needs cash in a hurry. A financial business or family relationship between the parties may also affect the price of a property. Although conditions of sale are often perceived as applying only to sales that are not arm's-length transactions, some arms-length sales may reflect atypical motivation or sales conditions due to unusual tax considerations, sale at legal auction, lack of exposure to the open market or eminent domain proceedings. All of the sales were arms length transactions and no adjustments were required. LOCATION The subject is located on Conch Key. Sales I and 2 are located within incorporated Islamorada, sale 3 is located on Stock Island and sale 4 is located within incorporated Marathon. All of these locations bring higher prices than Conch Key and were considered superior requiring downward adjustments. Sale 5 is located on Big Pine Key and Big Pine Key was considered similar to Conch Key, thus sale 5 required no adjustments. ZONING The subject is zoned CFSD 16. The sales range from MH to VC, UR, MU and SC and are developed with multi-unit properties. Although the zonings are not equivalent, because of the wide range of values and property types, there was no correlation between zoning and price. Therefore, no adjustments were made. PERMIT /ROGO EXEMPT The subject is improved with 12 mobile homes and 5 RV sites and could be re-developed. Sales 1, 2, 3 and 4 are improved with dated structures and are ROGO exempt and could be re-developed without having to go through the building allocation process (ROGO). Therefore, sales 1, 2, 3 and 4 required no adjustments. Sale 5 was a vacant site and was not ROGO exempt nor did it have permits for the 16 units. Thus, sale 5 required upward adjustments. DENSITY The subject has a density of 46 units per acre. The sales range from 8.35 to 19 and were superior to the subject. Therefore, all sales required downward adjustments. WATERFRONT The subject is located on a non-water front site and is similar to sale 5, thus, sale 5 required no adjustments. The remaining sales are located on the water and were considered superior, thus requiring downward adjustments. AMENITIES The subject has no amenities and was similar to sales 3 and 5, thus, these sales required no adjustments. The remaining sales had water frontage with boat dockage and boat ramp, retaining wall and tiki but and therefore considered superior, requiring downward adjustments. C2278—7 Owner shi Parcels Ke Lar o to Stock Island Monroe Count Florida Man•&Associates Appraisal Com an Inc.72 Date Submitted: - - ormKey: CONCLUSION OF VALUE Summary of Adjustments Sale 1 Sale 2 Sale 3 Sale 4 Sale 5 Net Adjustment - - - - - - - - - - - - - - - - - - - - - - - - - - - Price / SF $59.05 $44.63 $60.24 $29.47 $18.87 Price/Unit $82,500/ 17 $154,000/39 $196,500 $139,500 $62,500 $155,500/9 $109,000/55 The sales ranged from $1,000,000 to $8,500,000 with a sales price per square foot of$18.87 to $60.24 and a price per unit of$62,500 to $196,500. Most weight was given to the price per unit with secondary weight placed on the price per square foot. Sales 1 and 2 are located in Islamorada, sale 3 is located on Stock Island and Sale 4 is located in Marathon; all of these locations are superior to the subject's and these sales were considered to reflect the upper range. Sale 5 is located on Big Pine Key. Big Pine Key is considered similar to the subject's island of Conch Key. Sale 5 did not have permits and is therefore inferior; however, the lack of permits is offset by sale 5's superior density. Thus, because of the subject's high density and most weight placed on sale 5 the subject's market value was estimated at the lower per unit range of$62,500 or$1,062,500. On a square foot basis the price per square foot would be inversely related and would reflect the upper range, say $60.00 per square foot or $967,000. The market value based on the two scenarios are summarized as follows. 17 units X $62,500 per unit = $1,062,500 16,120 sfX $60 per square foot = $ 967,000 Based on the sales the subject market value on a per unit price was estimated at $1,062,500 and the price per square foot indicated a value of$967,000. Because of the lack of good similar data, both approaches were considered reasonable and the subject's market value was estimated at $1,015,000. C2278—7 Owner shi Parcels Ke Lar o to Stock Island Monroe Count Florida Man•&Associates Appraisal Com an Inc.73 Date Submitted: - - ormKey: HOWARDS HAVEN HOWARDS HAVEN LLC - OWNERSHIP C2278—7 Owner shi Parcels Ke Lar o to Stock Island Monroe Count Florida Man•&Associates Appraisal Com an Inc.74 Date Submitted: - - ormKey: EXECUTIVE SUMMARY PROPERTY TYPE: Mobile home park (Howard's Haven) LOCATION: 31535 Avenue C, Big Pine Key, Florida. OWNER OF RECORD: Howards Haven, LLC P.O. Box 430271 Big Pine Key, Florida 33043-0271 PARCEL IDENTIFICATION: 00302680-000000 and 000302670-000000 APPRAISER: Trent Marr, MAI, SRPA ASSESSED VALUE/TAXES: $482,397.00 / $4,463.35 & $561.142 / $5,157.85 DATE OF VALUE/REPORT: December 8, 2017 /January 30, 2018 INTEREST APPRAISED: Fee Simple PARCEL SIZE: 20,000 square feet OWNERSHIP HISTORY: Based on the public records there have been no sales of the subject sites within the past 5 years. PARCEL ACCESS: The sites have frontage and access from both Avenue C and 5th Street. IMPROVEMENTS: Lots 1, 2 and 3 was developed with a 12 unit mobile home park and lot 4 was developed with 1 mobile home. The homes were destroyed by Hurricane Irma and the sites have been temporarily approved for 16 RV sites. These sites are being rented by FEMA for displaced families. ZONING/LAND USE: IS (Improved Subdivision) FLOOD INFORMATION: The site is located within a 100 year flood zone. MARKET VALUE ESTIMATE: Lots 1, 2 and 3 $750,000 Lot 4 $ 97,000 Total $847,000 C2278—7 Owner shi Parcels Ke Lar o to Stock Island Monroe Count Florida Man•&Associates Appraisal Com an Inc.75 Date Submitted: - - ormKey: Subject Photographs 4 �1 Front view of park s 1��y Typical units in park k _1 �€ � 111M 3� rt li} i i�ii s �d4k i �£U ri 1 Avenue C looking easterly, subject left 5th Street lookingnorth, subject on right J g C2278—7 Owner shi Parcels Ke Lar o to Stock Island Monroe Count Florida Man•&Associates Appraisal Com an Inc.76 Date Submitted: - - ormKey: i � r �0 l e N � IC } AERIAL PHOTOGRAPH co M co 13 g 2z2 CD� . TAX PARCEL MAP C2278—7 Owner shi Parcels Ke Lar o to Stock Island Monroe Count Florida Man•&Associates Appraisal Com an Inc.77 Date Submitted: - - ormKey: I �Urr `OWN offt"' N" °+ �4� Wo' d� o A-I. ax; A. i 339 � g$ 3 k5,4�'Mi�D t� Imr p Ma`&' r . 54,, A��1W .l N m � Mi9l �an 4=2a� 4aG; o-oro ww Fn o v"I p P ",wok € W ili. `t d Aj S ISMApr I's Wn I.. l,�site... .. C2278—7 Owner shi Parcels Ke Lar o to Stock Island Monroe Count Florida Man•&Associates Appraisal Com an Inc.78 Date Submitted: - - ormKey: NEIGHBORHOOD DESCRIPTION LOCATION The subject site is located in the Lower Keys on the Island of Big Pine Key. The neighborhoods are a mixture of residential homes, vacant lots, acreage tracts and commercial. The "Lower Keys", is approximately 30 miles north of Key West. For the purpose of this report the Lower Keys comprises Bahia Honda Key to Sugarloaf Key and is considered the subject's neighborhood. Overseas Highway is the main thoroughfare via the Lower Keys, as well as all of Monroe County. The Gulf of Mexico is located along the north side of Oversea Highway and the Atlantic Ocean is along the southerly side. Big Pine Key is home to the native Key Deer. The Key Deer are protected as well as the majority of vacant land in the area. The US Government along with state, county and private organizations are purchasing vacant land to protect the native Key Deer. DEVELOPMENT TRENDS Due to implementation of Monroe County's Rate of Growth Ordinance construction is currently limited. Additionally, the current economy has significantly decreased construction of new commercial and residential properties. The main commercial areas of the Lower Keys are Sugarloaf, Cudjoe, Summerland and Big Pine Keys. These areas have several strip centers and small commercial buildings. Big Pine Key has one shopping center with Winn Dixie as its anchor tenant. This is the only shopping center in the Lower Keys. Therefore, all the neighboring islands go there or Key West to shop. Marathon, located on Vaca Key between mile markers 48 to 54, and also provides local shopping. Development on Big Pine Key consists of primarily a few large single and multi-tenant buildings, including Overseas Lumber, Ace Hardware and smaller single tenant retail buildings and office buildings. The Big Pine Key Flea Market is located along the southerly side of Overseas Highway and causes traffic congestion throughout Big Pine Key on Saturdays and Sundays. Residential homes consist of open water, canal front or non-waterfront sites and range from site built homes to manufactured homes and mobile home parks. In general, the Lower Keys area is mixed with numerous types of development, consisting of motels, restaurants, marinas, light industrial, retail and office buildings, and tourist related industries. Residential developments consist of both site built housing and mobile homes. There is virtually no condominium development in the Lower Keys. Big Pine Key is home to the native Key Deer. The Key Deer are a diminutive subspecies of the Virginia white-tailed deer. The Key Deer are the smallest white-tailed deer and are found nowhere else in the world. The deer are a protected species and all of Big Pine Key, No Name Key, the Torch Keys, Ramrod Key and Summerland Key are included in the National Key Deer Refuge. These islands are inhabited as well as located along US 1. Islands to the north of those above are also included in the deer refuge. Because of the endangered Key Deer, construction of single family homes on Big Pine is limited to 8 per year. C2278—7 Owner shi Parcels Ke Lar o to Stock Island Monroe Count Florida Man•&Associates Appraisal Com an Inc.79 Date Submitted: - - ormKey: The Great White Heron National Wildlife Refuge is also located in this area. Boundaries extend westward to Key West and eastward to Key Vaca(Marathon). This refuge excludes most of the inhabited land along US 1 but includes the islands, sand flats and banks between the Gulf of Mexico and US 1. Approximately half of the Key Deer Refuge is within the boundaries of the Heron Refuge. This refuge provides nesting area for wading birds. A sub-species of the Lower Keys Marsh Rabbit, Sylvilagus Palustris Hefneri, is found on Sugarloaf and other nearby Keys. Research funds to study this rabbit were provided by the Playboy Foundation and the sub-species is named after Playboy magazine founder Hugh Hefner. EDUCATION There are no public high schools located on Big Pine Key,No Name Key or the immediate area. High school students are bused north to Marathon. The middle school is located on Sugarloaf Key at mile marker 19. There is an elementary school on Big Pine Key. ACCESS The site has access from Avenue C and 5th Street. Main access throughout the Florida Keys is by Overseas Highway extending from South Dade County to Key West. SUMMARY Overall, the Keys' mild climate, living reefs and excellent fishing make it one of the major tourist attractions in America. As with most of the US economy, Monroe County reached its real estate market height in the mid 2000's and declined for several years thereafter. The market slowly gained strength since 2010 and has rebounded significantly since 2016 with prices similar to the mid 2000's. In spite of Hurricane Irma, the market has seen a significant increase in demand and prices the last few years. The lack of available buildable land and strict building guidelines should insure strong demand and prices in the foreseeable future. C2278—7 Owner shi Parcels Ke Lam o to Stock Island Monroe Count Florida Man•&Associates A raisal Com an hic.80 Date Submitted: - - ormKey: SITE SPECIFIC DATA LOCATION The site is located on the southwest corner of 5th Street and Avenue C, near mile marker 32 Big Pine Key, Florida. OWNER OF RECORD Howards Haven, LLC P.O. Box 430271 Big Pine Key, Florida 33043-0271 LEGAL DESCRIPTION Lots 1, 2, 3 and 4, Block 22, Sands Subdivision,Plat Book 1, Page 65, Monroe County, Florida. HISTORY OF SUBJECT Based on the public records there have been no sales of the subject site within the past 5 years. To my knowledge the property is not listed for sale. ASSESSMENT AND TAXES The subject is located in unincorporated Monroe County. The 2017 taxes and assessed values are summarized as follows. RE Number Assessed Value Acreage Accessed Taxes 00302670-000000 $448,803 .34 $4,077.35 00302680-000000 *$112,339 .11478 $910.61 Total $561,142.00 0.45478 $4,987.96 *improved with mobile home prior to Hurricane Irma Taxes assume early payment. Taxes due not include waste water in the amount of$386 for lot 4. DIMENSIONS, SHAPE AND SIZE The site is mostly rectangular. Based on the tax map the site has 200 feet along Avenue C and 100 feet along 5t Street. Based on the dimensions the site totals 20,000 square feet or .46 acres. ACCESS The site has frontage and access from both Avenue C and 5th Street. Both are 2 lane paved residential streets. Overseas Highway is located a few blocks to the east and is the main thoroughfare for Monroe County. TOPOGRAPHY AND VEGETATION The site is generally level with street grade and is landscaped with native palm trees. C2278—7 Owner shi Parcels Ke Lar o to Stock Island Monroe Count Florida Man•&Associates Appraisal Com an Inc.81 Date Submitted: - - ormKey: TIER DESIGNATION The site is located in a Tier I designation. The Tier I designation is the most difficult to develop and does not permit re-development of the site with affordable housing. However it could be re- developed with the 13 mobile homes that were previously on the site. EASEMENTS, RESTRICTIONS AND ENCROACHMENTS With the exception of zoning there were no other restrictions noted. I was not provided with a survey, based on a physical inspection there did not appear to be any adverse encroachments or easements noted. UTILITIES Utilities are available to the site and include telephone service, trash services, sewage, water, and electricity. A central sewer system has recently been installed throughout the county. DRAINAGE/FLOOD ZONE The site appeared to have adequate drainage. No adverse conditions were noted at the time of inspection. According to the FEMA on line Flood Map,panel number 12087CI337K, the site is located in flood zone AE. AE is a 100 year flood hazard area. Flood zones are common in the Keys with no adverse effects on value. ZONING IS (Improved Subdivision) The purpose of the IS district is to accommodate the legally vested residential development rights of the owners of lots in subdivisions that were lawfully established and improved prior to the adoption of this ordinance. The following uses are permitted as of right: detached dwellings of all types, home occupations, and accessory uses. The following uses are permitted as minor conditional uses: parks and community parks,public parks, and schools. Permitted as major conditional uses are commercial retail of low and medium intensity and office uses or any combination thereof of less than 2,500 square feet of floor area. This district is meant primarily for residential uses with limited conditional commercial use. The maximum allocated density for single family residential detached dwellings is one unit per lot and lots may not be subdivided. Minimum Yards Front Side Rear All Construction 25 10115 20 SITE CONCLUSION The site is located on Big Pine Key at mile marker 31. The surrounding area consists of residential homes, vacant lots and vacant acreage tracts of land. The lot's size, topography and zoning conform to the surrounding land uses. No adverse conditions noted that would negatively affect the future marketability of the property. C2278—7 Owner shi Parcels Ke Lar o to Stock Island Monroe Count Florida Man•&Associates Appraisal Com an hic.82 Date Submitted: - - ormKey: IMPROVEMENTS Prior to Hurricane Irma lots 1, 2 and 3 were improved with 12 mobile homes and lot 4 with 1 single mobile home. Post Irma, the site has temporary approval for 16 RV sites and are being used as temporary housing for displaced Irma victims. HIGHEST AND BEST USE Highest and best use is defined as: "The reasonably probable and legal use of vacant land or an improved property, which is physically possible, appropriately supported, financially feasible, and that results in the highest value. The four criteria the highest and best use must meet are legal permissibility,physical possibility, financial feasibility and maximum productivity"6. AS VACANT PHYSICALLY POSSIBLE USES Physically possible uses are those uses which are physically possible on the site. These uses change with the size, shape and terrain of the property in which development is to take place. The site consists of 4 lots and totals 20,000 square feet. Physically, the site could be developed with many types of possible uses, including residential, commercial, industrial, etc. LEGALLY PERMISSIBLE USES Legally permissible uses are those uses which are legally permissible on the site. These uses vary with the type of zoning, building codes and deed restrictions pertaining to the property being appraised. The site is zoned IS (Improved Subdivision). IS is primarily a residential zoning; however it does allow some commercial uses as a conditional use. However, because the immediate surrounding properties are residential it is highly unlikely that a commercial use would be permitted. FINANCIALLY FEASIBLE For any use to be the highest and best use of a site, it must be financially feasible. That is, it must produce a return (profit) after construction which exceeds the total cost of construction and total development by such an amount that it would induce a developer/investor into undertaking the project. The immediate surrounding area is developed with residential homes. a balanced mixture of residential and commercial properties. Financially feasible would include residential apartments or affordable housing. 4 The Dictionary of Real Estate Appraisal,by the Appraisal histitute(3rd addition,1993),page 171 C2278—7 Owner shi Parcels Ke Lar o to Stock Island Monroe Count Florida Man•&Associates Appraisal Com an Inc.83 Date Submitted: - - ormKey: MAXIMALLY PRODUCTIVE USE Of the financially feasible uses, that use that produces the highest value, assuming similar risk factors and similar rate of return. As discussed previously the surrounding area is a mixture of residential and commercial. It is highly unlikely that a conditional use would be granted to commercial. Based on the zoning, the sites are limited to 1 residential unit per lot. Thus the highest and best use if vacant would be for 4 single family homes. AS IMRPOVED PHYSICALLY POSSIBLE USES Physically possible uses are those uses which are physically possible on the site. These uses change with the size, shape and terrain of the property in which development is to take place. The sites total 20,000 square feet. Prior to Hurricane Irma lots 1, 2 and 3 were improved with 12 mobile homes and lot 4 with 1 single mobile home. Post Irma, the site has temporary approval for 16 RV sites and are being used as temporary housing for displaced Irma victims. Physically possible uses include the continued use as an RV park, conversion back to mobile and single family homes or raze the current improvements and re-develop the site with a commercial use. LEGALLY PERMISSIBLE USES Legally permissible uses are those uses which are legally permissible on the site. These uses vary with the type of zoning, building codes and deed restrictions pertaining to the property being appraised. The site is zoned IS. IS is primarily a residential zoning, however, it does allow commercial as a conditional use. The immediate area is residential and it is highly unlikely that a conditional use would be granted to commercial. As discussed previously the site is temporary approved for 16 RV sites, however, legally the site was permitted for 12 mobile homes and 1 single family home. All of the prior improvements were destroyed from Hurricane Irma and the site could be re-developed as it was prior to Irma or as permitted by zoning for 4 single family homes. FINANCIALLY FEASIBLE For any use to be the highest and best use of a site, it must be financially feasible. That is, it must produce a return (profit) after construction which exceeds the total cost of construction and total development by such an amount that it would induce a developer/investor into undertaking the project. The surrounding area is developed with a balanced mixture of residential and commercial properties. Financially feasible would include the current legal non-conforming use of 13 mobile mobile homes or 4 single family homes. MAXIMALLY PRODUCTIVE USE Of the financially feasible uses, that use that produces the highest value, assuming similar risk factors and similar rate of return. The site was originally developed with 12 mobile homes and 1 single family home. The site could be re-developed as it was originally permitted or it could be developed with 4 single family homes. Based on the sales, the highest and best use as improved is to re-develop the site with 13 mobile homes. C2278—7 Owner shi Parcels Ke Lar o to Stock Island Monroe Count Florida Man•&Associates Appraisal Com an Inc.84 Date Submitted: - - ormKey: SALES COMPARISON APPROACH The subject consists of 3 lots permitted for 12 mobile homes and I lot permitted for a single mobile home. The following chart summarizes the sales found that were considered similar to the subject's 12 mobile homes. The single family home lot was valued separately. Refer to the previous write up for detailed information on the sales along with an aerial photograph. SUMMARY OF SALES Subject Sale 1 Sale 2 Sale 3 Sale 4 Sale 5 Property Type Mobile home/ Mobile Home Mobile Home Mobile Home Dilapidated Affordable at time of sale RV Park Park Park Park Motel housing Plantation Location Islamorada Stock Island Marathon Big Pine Big Pine Key Key Sales Price $2,945,000 $1,400,000 $8,500,000 $6,000,000 $1,000,000 Sales Date 7-16 8-17 1-18 11-16 6-16 Mobile Home Mobile Affordable & Affordable Intended Use park SF Homes SF Homes Homes Park Market Rate Housing Housing 39 transient at time of 12 Mobile 17 as purchase # of Units homes 15 purchased 9 as 61 approval for 16 proposed 45 affordable and 10 sf homes Permits/Rogo Yes Yes Yes Yes Yes No Exempt Size 15,000 sf 49,785 sf 31,363 sf 141,105 sf 203,584 sf 52,990 sf Zoning IS MH to MF VC UR MU Sc 24 as 8.35 as Density / purchased 19 purchased 13 35 13 Units per acre 12.5 as 12 as proposed proposed Water Front None Ocean Florida Bay Boca Chica Ocean None Beach, Dock, Boat Basin& Amenities None retaining wall, None None retaining wall Dockage dock $/Unit/Site $196,500 $82,500/ 17 $139,500 $154,000/39 $155,500/9 $109,000/55 $62,500 $/SF $59.05 $44.63 $60.24 $29.47 $18.87 C2278—7 Owner shi Parcels Ke Lar o to Stock Island Monroe Count Florida Man•&Associates Appraisal Com an Inc.85 Date Submitted: - - ormKey: The following chart summarizes the major differences between the subject and the comparables. Due to the lack of sufficient sales, an exact dollar amount of an adjustment could not be supported and would be unreliable. Therefore, each comparable was given either a negative,positive or equal sign in order to compare it to the subject. If the comparable was inferior to the subject it required an upward adjustment, thus, a plus sign was used. If the comparable was superior to the subject it required a downward adjustment, thus a negative sign was used. An equal sign required no adjustment. Adjustment Chart Sale I Sale 2 Sale 3 Sale 4 Sale 5 Market Conditions Conditions of Sale Location Zoning ROGO Exempt/Permits Density - - - - - - - - - Water Front Amenities Net Adjustments - - - - - - - - - - - - - - - - - - - - - - - - - - _ UNIT OF COMPARISON The sales ranged from $1,000,000 to $8,500,000 with a sales price per square foot of$18.87 to $60.24 and a price per unit of$62,500 to $196,500. Typically Affordable housing sites along with RV/Mobile Home parks are purchased on a price per unit basis within secondary consideration given to the price per square foot. The subject has a very high density in comparison to the comparables, therefore, both unit of comparisons were in the analysis. FINANCING All of the sales sold for cash. Therefore, no adjustments were required for financing. MARKET CONDITIONS Market condition refers to the appreciation or depreciation in a property over a period of time. The sales occurred from June 2016 to January 2018. All sales were considered recent and considered to reflect current market prices, thus no adjustments were made. C2278—7 Owner shi Parcels Ke Lar o to Stock Island Monroe Count Florida Man•&Associates Appraisal Com an Inc.86 Date Submitted: - - ormKey: CONDITIONS OF SALE Adjustments for conditions of sale usually reflect the motivation of the buyer and seller. A sale may be transacted at a below market price if the seller needs cash in a hurry. A financial business or family relationship between the parties may also affect the price of a property. Although conditions of sale are often perceived as applying only to sales that are not arm's-length transactions, some arms-length sales may reflect atypical motivation or sales conditions due to unusual tax considerations, sale at legal auction, lack of exposure to the open market or eminent domain proceedings. All of the sales were arms length transactions and no adjustments were required. LOCATION The subject is located on Big Pine Key. Sales I and 2 are located within incorporated Islamorada, sale 3 is located on Stock Island and sale 4 is located within incorporated Marathon. All of these locations bring higher prices than Big Pine Key and were considered superior requiring downward adjustments. Sale 5 is located on Big Pine Key and required no adjustments. ZONING The subject is zoned IS. The sales range from MH to VC, UR, MU and SC and are developed with multi-unit properties. All of these zoning are superior to IS, however, the subject's is developed/approved for 12 mobile homes, therefore the IS zoning is irrelevant and no adjustments were made. PERMIT /ROGO EXEMPT The subject is approved (grandfathered) for 12 mobile homes sites and could be re-developed. Sales 1, 2, 3 and 4 are improved with dated structures and are ROGO exempt and could be re- developed without having to go through the building allocation process (ROGO). Therefore, sales 1, 2, 3 and 4 required no adjustments. Sale 5 was a vacant site and was not ROGO exempt nor did it have permits for the 16 units. Thus, sale 5 required upward adjustments. DENSITY The subject has a density of 35 units per acre. The sales range from 8.35 to 19 and were superior to the subject. Therefore, all sales required downward adjustments. WATER FRONT The subject is located on a non-water front site and is similar to sale 5, thus, sale 5 required no adjustments. The remaining sales are located on the water and were considered superior, thus requiring downward adjustments. AMENITIES The subject has no amenities and was similar to sales 3 and 5, thus, these sales required no adjustments. The remaining sales had water frontage with boat dockage and ramp, retaining wall and tiki but and therefore considered superior, requiring downward adjustments. C2278—7 Owner shi Parcels Ke Lar o to Stock Island Monroe Count Florida Man•&Associates Appraisal Com an Inc.87 Date Submitted: - - ormKey: CONCLUSION OF VALUE — MULTI FAMILY SITE Summary of Adjustments Sale 1 Sale 2 Sale 3 Sale 4 Sale 5 Net Adjustment - - - - - - - - - - - - - - - - - - - - - - - - - - Price / SF $59.05 $44.63 $60.24 $29.47 $18.87 Price/Unit $82,500/ 17 $154,000/39 $196,500 $139,500 $62,500 $155,500/9 $109,000/55 The sales ranged from $1,000,000 to $8,500,000 with a sales price per square foot of$18.87 to $60.24 and a price per unit of$62,500 to $196,500. Most weight was given to the price per unit with secondary weight placed on the price per square foot. Sales 1 and 2 are located in Islamorada, sale 3 is located on Stock Island and Sale 4 is located in Marathon; all of these locations are superior to the subject's and these sales were considered to reflect the upper range. Sale 5 is located on the same island as the subject and was considered the best indicator of value. Sale 5 did not have permits and is therefore inferior; however, the lack of permits is offset by sale 5's superior density. Thus, with most weight placed on sale 5 the subject's market value was estimated at$62,500 per unit. This indicates a price of$50.00 per square foot and is within the middle range of the sales. The market value of lots 1, 2 and 3 with 12 mobile home site is summarized as follows 12 units X $62,500 = $750,000 Prior to Hurricane Irma lot 4 was improved with a single mobile home. The chart on the following page summarizes the sales that were used to value lot 4. Refer to the previous write-up for detailed information along with a location map of the subject and comparables. C2278—7 Owner shi Parcels Ke Lar o to Stock Island Monroe Count Florida Man•&Associates Appraisal Com an Inc.88 Date Submitted: - - ormKey: SUMMARY OF RESIDENTIAL LOT SALES Subject Sale 6 Sale 7 Sale 8 Price $82,000 $95,000 $98,000 Date 2-16 11-17 11-17 Intended Use SF Home SF Home SF Home Avenue D and Sands Road and Street Avenue C st Avenue C 1 Street Avenue H Island Big Pine Big Pine Big Pine Big Pine Size 5,000 sf 5,000 sf 5,000 sf 5,000 sf Corner Lot No Yes No Yes Zoning IS IS IS IS $/Site $82,000 $95,000 $98,000 $/SF $16.40 $19.00 $19.60 CONCLUSION OF VALUE—SINGLE FAMILY LOT The sales ranged from $82,000 to $98,000 per site and from $16.40 to $19.60 per square foot. Most residential sites are purchased on a site basis with secondary consideration given to a price per square foot. Thus, the price per site was considered the best indicator of value. All sales were arms length transactions, were permitted and were within a few blocks of the subject site. Sales 2 and 3 occurred in November 2017 and are the most recent sales; thus these sales were given most weight. The market value of the vacant site was estimated at $97,000. CONCLUSION OF VALUE The subject consist of three lots improved/approved for 12 mobile home sites and on site improved/approved for single family home. The market value of the subject is summarized as follows. Lots 1, 2 and 3 $750,000 Lot 4 $ 97,000 Total $847,000 C2278—7 Owner shi Parcels Ke Lar o to Stock Island Monroe Count Florida Man•&Associates Appraisal Com an Inc.89 Date Submitted: - - ormKey: CASTAWAYS CASTAWAYS RV PARK, INC - OWNERSHIP C2278—7 Owner shi Parcels Ke Lar o to Stock Island Monroe Count Florida Man•&Associates Appraisal Com an Inc.90 Date Submitted: - - ormKey: EXECUTIVE SUMMARY PROPERTY TYPE: Mobile home and RV park (Castaways) LOCATION: 70 Father Tony Way, Big Pine Key, Florida. OWNER OF RECORD: Castaways RV Park, Inc. 1276 Industrial Road, Suite E Big Pine Key, Florida 33043 PARCEL IDENTIFICATION: 00302090-000000 APPRAISER: Trent Marr, MAI, SRPA ASSESSED VALUE/TAXES: $896,855 / $8487.37 DATE OF VALUE/REPORT: December 8, 2017 /January 30, 2018 INTEREST APPRAISED: Fee Simple PARCEL SIZE: 50,000 square feet OWNERSHIP HISTORY: Based on the public records there have been no sales of the subject sites within the past 5 years. PARCEL ACCESS: The site has frontage and access from Avenue B, C and Father Tony Way. IMPROVEMENTS: The site is improved with 7 mobile home sites and 29 transient/RV sites. ZONING/LAND USE: IS (Improved Subdivision) FLOOD INFORMATION: The site is located within a 100 year flood zone. MARKET VALUE ESTIMATE: $2,250,000 C2278—7 Owner shi Parcels Ke Lar o to Stock Island Monroe Count Florida Man•&Associates Appraisal Com an Inc.91 Date Submitted: - - ormKey: Subject Photographs Arl �S xtmiS � t Front view of park s gill Vi Father Tony Way looking south, subject on right i r rt�1S,4;•,. }t� �,u i, r r{t � ,;, Si y R i 3 _ s f 1 - Si Father Tony Way looking north, subject left � � r �titi grfiS �r �t�r3' a Its NY � " i` ,I tt View of Park along south side of Avenue C C2278—7 Owner shi Parcels Ke Lar o to Stock Island Monroe Count Florida Man•&Associates Appraisal Com an Inc.92 Date Submitted: - - ormKey: Subject Photographs t Typical unit space in park •� �v Wig- �f �U West boundary line of park looking southerly �n z` � � 4 ra: Avenue B looking west, subject on right fi �') m' I S - �dv{ t Avenue B looking west, subject on right C2278—7 Owner shi Parcels Ke Lar o to Stock Island Monroe Count Florida Man•&Associates Appraisal Com an Inc.93 Date Submitted: - - ormKey: t. sib. 4 V t;y�tsY„1 r,.,, �, • it p , r t � � AERIAL PHOTOGRAPH 50 1 50 r; 10, 18 CD a� d '; ; 250 TAX PARCEL MAP C2278—7 Owner shi Parcels Kg,Lam o to Stock Island Monroe Count Florida Man•&Associates Appraisal Com an Inc.94 Date Submitted: - - ormKey: klk i � I, a Mm fttR &`ePMW gym'.- rm my L' z-m Ztly g,m'i. 1",L r,-' AN;„•R,. ) o " h,c Florida Kcars ... sun Him I Wk ,ram FI�,, 4 re ,t PIN '. , t z *k*s IN a NOW ,.d;�'a�P�. Wasps Fm y PI k & 4'X in v� �6V,-mr hl' PIN WjWqW, n,,f4v Rvf v,41cm qW,W �I Maly ofFlorlda C2278—7 Owner shi Parcels Ke Lar o to Stock Island Monroe Count Florida Man•&Associates Appraisal Com an Inc.95 Date Submitted: - - ormKey: NEIGHBORHOOD DESCRIPTION LOCATION The subject site is located in the Lower Keys on the Island of Big Pine Key. The neighborhoods are a mixture of residential homes, vacant lots, acreage tracts and commercial. The "Lower Keys", is approximately 30 miles north of Key West. For the purpose of this report the Lower Keys comprises Bahia Honda Key to Sugarloaf Key and is considered the subject's neighborhood. Overseas Highway is the main thoroughfare via the Lower Keys, as well as all of Monroe County. The Gulf of Mexico is located along the north side of Oversea Highway and the Atlantic Ocean is along the southerly side. Big Pine Key is home to the native Key Deer. The Key Deer are protected as well as the majority of vacant land in the area. The US Government along with state, county and private organizations are purchasing vacant land to protect the native Key Deer. DEVELOPMENT TRENDS Due to implementation of Monroe County's Rate of Growth Ordinance construction is currently limited. Additionally, the current economy has significantly decreased construction of new commercial and residential properties. The main commercial areas of the Lower Keys are Sugarloaf, Cudjoe, Summerland and Big Pine Keys. These areas have several strip centers and small commercial buildings. Big Pine Key has one shopping center with Winn Dixie as its anchor tenant. This is the only shopping center in the Lower Keys. Therefore, all the neighboring islands go there or Key West to shop. Marathon, located on Vaca Key between mile markers 48 to 54, and also provides local shopping. Development on Big Pine Key consists of primarily a few large single and multi-tenant buildings, including Overseas Lumber, Ace Hardware and smaller single tenant retail buildings and office buildings. The Big Pine Key Flea Market is located along the southerly side of Overseas Highway and causes traffic congestion throughout Big Pine Key on Saturdays and Sundays. Residential homes consist of open water, canal front or non-waterfront sites and range from site built homes to manufactured homes and mobile home parks. In general, the Lower Keys area is mixed with numerous types of development, consisting of motels, restaurants, marinas, light industrial, retail and office buildings, and tourist related industries. Residential developments consist of both site built housing and mobile homes. There is virtually no condominium development in the Lower Keys. Big Pine Key is home to the native Key Deer. The Key Deer are a diminutive subspecies of the Virginia white-tailed deer. The Key Deer are the smallest white-tailed deer and are found nowhere else in the world. The deer are a protected species and all of Big Pine Key, No Name Key, the Torch Keys, Ramrod Key and Summerland Key are included in the National Key Deer Refuge. These islands are inhabited as well as located along US 1. Islands to the north of those above are also included in the deer refuge. Because of the endangered Key Deer, construction of single family homes on Big Pine is limited to 8 per year. C2278—7 Owner shi Parcels Ke Lar o to Stock Island Monroe Count Florida Man•&Associates Appraisal Com an Inc.96 Date Submitted: - - ormKey: The Great White Heron National Wildlife Refuge is also located in this area. Boundaries extend westward to Key West and eastward to Key Vaca(Marathon). This refuge excludes most of the inhabited land along US 1 but includes the islands, sand flats and banks between the Gulf of Mexico and US 1. Approximately half of the Key Deer Refuge is within the boundaries of the Heron Refuge. This refuge provides nesting area for wading birds. A sub-species of the Lower Keys Marsh Rabbit, Sylvilagus Palustris Hefneri, is found on Sugarloaf and other nearby Keys. Research funds to study this rabbit were provided by the Playboy Foundation and the sub-species is named after Playboy magazine founder Hugh Hefner. EDUCATION There are no public high schools located on Big Pine Key,No Name Key or the immediate area. High school students are bused north to Marathon. The middle school is located on Sugarloaf Key at mile marker 19. There is an elementary school on Big Pine Key. ACCESS The site has access from Avenue B and C and Father Tony Way. Main access throughout the Florida Keys is by Overseas Highway extending from South Dade County to Key West. SUMMARY Overall, the Keys' mild climate, living reefs and excellent fishing make it one of the major tourist attractions in America. As with most of the US economy, Monroe County reached its real estate market height in the mid 2000's and declined for several years thereafter. The market slowly gained strength since 2010 and has rebounded significantly since 2016 with prices similar to the mid 2000's. In spite of Hurricane Irma, the market has seen a significant increase in demand and prices the last few years. The lack of available buildable land and strict building guidelines should insure strong demand and prices in the foreseeable future. C2278—7 Owner shi Parcels Ke Lar o to Stock Island Monroe Count Florida Man•&Associates Appraisal Com an Inc.97 Date Submitted: - - ormKey: SITE SPECIFIC DATA LOCATION The site is located on the west side of Father Tony Way, the south side of Avenue C and the north side of Avenue B, near marker 32 Big Pine Key, Florida. The street address is 70 Father Tony's Way, Big Pine Key, Florida. OWNER OF RECORD Castaways RV Park, Inc. 1276 Industrial Road, Suite E Big Pine Key, Florida 33043 LEGAL DESCRIPTION Lots 4— 13, Block 18 Sands Subdivision,Plat Book 1, Page 65, Monroe County, Florida. HISTORY OF SUBJECT Based on the public records there have been no sales of the subject site within the past 5 years. To my knowledge the property is not listed for sale. ASSESSMENT AND TAXES The subject is located in unincorporated Monroe County. The 2017 taxes and assessed values are summarized as follows. RE Number Assessed Value Acreage Accessed Taxes 00302090-000000 $896,855 1.15 $8,487.37 Taxes assume early payment and do not include was waste water of$3,351.13. DIMENSIONS, SHAPE AND SIZE The site is mostly rectangular. Based on the tax map the site has 250 feet along Avenue C and B and 200 feet along Father Tony Way. Based on the dimensions the site totals 50,000 square feet or 1.1478 acres. ACCESS The site has frontage and access from Avenue B, C and Father Tony Way. All three streets are 2 lane paved residential streets. Overseas Highway is located a few blocks to the east and is the main thoroughfare for Monroe County. TOPOGRAPHY AND VEGETATION The site is generally level with street grade and is landscaped with native trees. Most of the vegetation was damaged by Hurricane Irma; however, it was in a re-growth stage. C2278—7 Owner shi Parcels Ke Lar o to Stock Island Monroe Count Florida Man•&Associates Appraisal Com an Inc.98 Date Submitted: - - ormKey: EASEMENTS, RESTRICTIONS AND ENCROACHMENTS With the exception of zoning there were no other restrictions noted. I was not provided with a survey, based on a physical inspection there did not appear to be any adverse encroachments or easements noted. UTILITIES Utilities are available to the site and include telephone service, trash services, sewage, water, and electricity. A central sewer system has recently been installed throughout the county. DRAINAGE/FLOOD ZONE The site appeared to have adequate drainage. No adverse conditions were noted at the time of inspection. According to the FEMA on line Flood Map,panel number 12087CI336K, the site is located in flood zone AE. AE is a 100 year flood hazard area. Flood zones are common in the Keys with no adverse effects on value. ZONING IS (Improved Subdivision) The purpose of the IS district is to accommodate the legally vested residential development rights of the owners of lots in subdivisions that were lawfully established and improved prior to the adoption of this ordinance. The following uses are permitted as of right: detached dwellings of all types, home occupations, and accessory uses. The following uses are permitted as minor conditional uses: parks and community parks,public parks, and schools. Permitted as major conditional uses are commercial retail of low and medium intensity and office uses or any combination thereof of less than 2,500 square feet of floor area. This district is meant primarily for residential uses with limited conditional commercial use. The maximum allocated density for single family residential detached dwellings is one unit per lot and lots may not be subdivided. Minimum Yards Front Side Rear All Construction 25 10/15 20 SITE CONCLUSION The site is located on Big Pine Key at mile marker 32. The surrounding area consists of residential homes, vacant lots and vacant acreage tracts of land. The lot's size, topography and zoning conform to the surrounding land uses. Although the subject consists of 10 lots, the 10 lots have been combined and are being used as one parcel. The site is improved with 7 mobile homes (residential units) and 29 transient/RV units. The RV units are not permitted in the IS zoning and are allowed as a legal non-confirming use. If the site was re-developed the RVsites would have to have the same foot print. The site could also be re-developed with 7 residential site built or modular homes and the remaining 29 transient units could be transferred to an alternative site. C2278—7 Owner shi Parcels Ke Lar o to Stock Island Monroe Count Florida Man•&Associates Appraisal Com an hic.99 Date Submitted: - - ormKey: IMPROVEMENTS The site is permitted/improved with 7 residential units (mobile home sites) and 29 transient/RV sites. Many of the homes were destroyed by Hurricane Irma; however, the owner indicated the tenants are still paying rent on their space. The improvements are a legal non-conforming use and assuming they do not alter the locations of the units in the site, the non-conforming use can continue. HIGHEST AND BEST USE Highest and best use is defined as: "The reasonably probable and legal use of vacant land or an improved property, which is physically possible, appropriately supported, financially feasible, and that results in the highest value. The four criteria the highest and best use must meet are legal permissibility,physical possibility, financial feasibility and maximum productivity"7. AS VACANT PHYSICALLY POSSIBLE USES Physically possible uses are those uses which are physically possible on the site. These uses change with the size, shape and terrain of the property in which development is to take place. The site totals 50,000 square feet. Physically, the site could be developed with many types of possible uses, including residential, commercial, industrial, etc. LEGALLY PERMISSIBLE USES Legally permissible uses are those uses which are legally permissible on the site. These uses vary with the type of zoning, building codes and deed restrictions pertaining to the property being appraised. The site is zoned IS (Improved Subdivision). IS is primarily a residential zoning; however it does allow some commercial uses as a conditional use. The adjacent properties are all developed with residential properties, therefore, it is highly unlikely that a conditional use to commercial would be granted. The legally permissible uses are limited to residential. FINANCIALLY FEASIBLE For any use to be the highest and best use of a site, it must be financially feasible. That is, it must produce a return (profit) after construction which exceeds the total cost of construction and total development by such an amount that it would induce a developer/investor into undertaking the project. The immediate surrounding area is developed with residential homes, and it is it is highly unlikely that a commercial would be allowed. Thus, the only financially feasible use would be for residential development. 4 The Dictionary of Real Estate Appraisal,by the Appraisal histitute(3rd addition,1993),page 171 C2278—7 Owner shi Parcels Ke Lar o to Stock Island Monroe Count Florida Man•&Associates Appraisal Com an Inc. 100 Date Submitted: - - ormKey: MAXIMALLY PRODUCTIVE USE Of the financially feasible uses, that use that produces the highest value, assuming similar risk factors and similar rate of return. As discussed previously the surrounding area is a mixture of residential and commercial. The site consists of 10 lots and although commercial use is allowed as a conditional use, it is highly unlikely that the site could be developed with a commercial use. Because the lots have been combined, they are limited to one dwelling units. Thus, the highest and best use would be for I residential home. AS IMRPOVED PHYSICALLY POSSIBLE USES Physically possible uses are those uses which are physically possible on the site. These uses change with the size, shape and terrain of the property in which development is to take place. The site totals 50,000 square feet and is permitted/improved with 7 residential units (mobile home sites) and 29 transient/RV sites. The site could be re-developed with 7 residential units, however, the RV sites are non-conforming and could only be re-developed on the same foot print. The RV sites could be sold or transferred to an alternative site. LEGALLY PERMISSIBLE USES Legally permissible uses are those uses which are legally permissible on the site. These uses vary with the type of zoning, building codes and deed restrictions pertaining to the property being appraised. The site is zoned IS. IS is primarily a residential zoning, however, it does allow commercial as a conditional use. The immediate area is residential and it is highly unlikely that a conditional use would be granted to commercial. The site is currently approved/or permitted for 7 mobile home sites and 39 RV sites. It is legally permissible to continue the current use or to re- develop the site with 7 single family homes and assuming the same foot print the RV's could still be retained on the site. FINANCIALLY FEASIBLE For any use to be the highest and best use of a site, it must be financially feasible. That is, it must produce a return (profit) after construction which exceeds the total cost of construction and total development by such an amount that it would induce a developer/investor into undertaking the project. The surrounding area is developed with a balanced mixture of residential and commercial properties. Financially feasible uses would include the continued use or re-develop the site. MAXIMALLY PRODUCTIVE USE Of the financially feasible uses, that use that produces the highest value, assuming similar risk factors and similar rate of return. The site exceeds maximum density requirement with 7 mobile homes and 39 RV sites presently on the site. It would not be feasible to raze the improvements and re-develop the site with an alternative use. C2278—7 Owner shi Parcels Ke Lar o to Stock Island Monroe Count Florida Man•&Associates Appraisal Com an Inc. 101 Date Submitted: - - ormKey: SALES COMPARISON APPROACH The following chart summarizes the sales found that were considered similar to the subject. Refer to the previous write up for detailed information on the sales along with an aerial photograph. SUMMARY OF SALES Subject Sale 1 Sale 2 Sale 3 Sale 4 Sale 5 Property Type Mobile home/ Mobile Home Mobile Home Mobile Home Dilapidated Affordable at time of sale RV Park Park Park Park Motel housing Plantation Location Islamorada Stock Island Marathon Big Pine Big Pine Key Key Sales Price $2,945,000 $1,400,000 $8,500,000 $6,000,000 $1,000,000 Sales Date 7-16 8-17 1-18 11-16 6-16 Mobile Home Affordable & Park&RV SF Homes SF Homes Mobile Market Rate Affordable Intended Use Homes Park Housing Sites Housing 39 transient at time of 7 Mobile 17 as purchase # of Units homes &29 15 purchased 9 as 61 approval for 16 RV Sites proposed 45 affordable and 10 sf homes Permits/Rogo Yes Yes Yes Yes Yes No Exempt Size 50,000 sf 49,785 sf 31,363 sf 141,105 sf 203,584 sf 52,990 sf Zoning IS MH change to VC UR MU Sc MF 24 as 8.35 as Density / purchased 19 purchased 13 31 13 Units per acre 12.5 as 12 as proposed proposed Water Front None Ocean Florida Bay Boca Chica Ocean None Beach, Dock, Boat Basin& Amenities None retaining wall, None None retaining wall Dockage dock $/Unit/Site $196,500 $82,500/ 17 $139,500 $154,000/39 $155,500/9 $109,000/55 $62,500 $/SF $59.05 $44.63 $60.24 $29.47 $18.87 C2278—7 Owner shi Parcels Ke Lar o to Stock Island Monroe Count Florida Man•&Associates Appraisal Com an Inc. 102 Date Submitted: - - ormKey: The following chart summarizes the major differences between the subject and the comparables. Due to the lack of sufficient sales, an exact dollar amount of an adjustment could not be supported and would be unreliable. Therefore, each comparable was given either a negative,positive or equal sign in order to compare it to the subject. If the comparable was inferior to the subject it required an upward adjustment, thus, a plus sign was used. If the comparable was superior to the subject it required a downward adjustment, thus a negative sign was used. An equal sign required no adjustment. Adjustment Chart Sale I Sale 2 Sale 3 Sale 4 Sale 5 Market Conditions Conditions of Sale Location Zoning ROGO Exempt/Permits Density - - - - - - - - - Water Front Amenities Net Adjustments - - - - - - - - - - - - - - - - - - - - - - - - - _ UNIT OF COMPARISON The sales ranged from $1,000,000 to $8,500,000 with a sales price per square foot of$18.87 to $60.24 and a price per unit of$62,500 to $196,500. Typically Affordable housing sites along with RV/Mobile Home parks are purchased on a price per unit basis within secondary consideration given to the price per square foot. The subject has a very high density in comparison to the comparables, therefore, both unit of comparisons were in the analysis. FINANCING All of the sales sold for cash. Therefore, no adjustments were required for financing. MARKET CONDITIONS Market condition refers to the appreciation or depreciation in a property over a period of time. The sales occurred from June 2016 to January 2018. All sales were considered recent and considered to reflect current market prices, thus no adjustments were made. C2278—7 Owner shi Parcels Ke Lar o to Stock Island Monroe Count Florida Man•&Associates Appraisal Com an Inc. 103 Date Submitted: - - ormKey: CONDITIONS OF SALE Adjustments for conditions of sale usually reflect the motivation of the buyer and seller. A sale may be transacted at a below market price if the seller needs cash in a hurry. A financial business or family relationship between the parties may also affect the price of a property. Although conditions of sale are often perceived as applying only to sales that are not arm's-length transactions, some arms-length sales may reflect atypical motivation or sales conditions due to unusual tax considerations, sale at legal auction, lack of exposure to the open market or eminent domain proceedings. All of the sales were arms length transactions and no adjustments were required. LOCATION The subject is located on Big Pine Key. Sales I and 2 are located within incorporated Islamorada, sale 3 is located on Stock Island and sale 4 is located within incorporated Marathon. All of these locations bring higher prices than Big Pine Key and were considered superior requiring downward adjustments. Sale 5 is located on Big Pine Key and required no adjustments. PERMIT /ROGO EXEMPT The subject is improved with 7 mobile homes and 29 RV sites and could be re-developed with 7 modular or site built homes. The remaining 29 RV sites could be sold or transferred to an alternative site. Sales 1, 2, 3 and 4 are improved with dated structures and are ROGO exempt and could be re-developed without having to go through the building allocation process (ROGO). Therefore, sales 1, 2, 3 and 4 required no adjustments. Sale 5 was a vacant site and was not ROGO exempt nor did it have permits for the 16 units. Thus, sale 5 required upward adjustments. ZONING The subject is zoned IS. The sales range from MH to VC, UR, MU and SC and are developed with multi-unit properties. All of these zoning are superior to IS, however, the subject's is developed/approved for 7 mobile homes and 29 RV sites, therefore the IS zoning is irrelevant and no adjustments were made. DENSITY The subject has a density of 31 units per acre. The sales range from 8.35 to 19 and were superior to the subject. Therefore, all sales required downward adjustments. WATERFRONT The subject is located on a non-water front site and is similar to sale 5, thus, sale 5 required no adjustments. The remaining sales are located on the water and were considered superior, thus requiring downward adjustments. AMENITIES The subject has no amenities and was similar to sales 3 and 5, thus, these sales required no adjustments. The remaining sales had water frontage with boat dockage and ramp, retaining wall and tiki but and therefore considered superior, requiring downward adjustments. C2278—7 Owner shi Parcels Ke Lar o to Stock Island Monroe Count Florida Man•&Associates Appraisal Com an Inc. 104 Date Submitted: - - ormKey: CONCLUSION OF VALUE — MULTI FAMILY SITE Summary of Adjustments Sale 1 Sale 2 Sale 3 Sale 4 Sale 5 Net Adjustment - - - - - - - - - - - - - - - - - - - - - - - - - Price / SF $59.05 $44.63 $60.24 $29.47 $18.87 Price/Unit $82,500/ 17 $154,000/39 $196,500 $139,500 $62,500 $155,500/9 $109,000/55 The sales ranged from $1,000,000 to $8,500,000 with a sales price per square foot of$18.87 to $60.24 and a price per unit of$62,500 to $196,500. Most weight was given to the price per unit with secondary weight placed on the price per square foot. Sales 1 and 2 are located in Islamorada, sale 3 is located on Stock Island and Sale 4 is located in Marathon; all of these locations are superior to the subject's and these sales were considered to reflect the upper range. Sale 5 is located on the same island as the subject and was considered the best indicator of value. Sale 5 did not have permits and is therefore inferior; however, the lack of permits is offset by sale 5's superior density. Thus, with most weight placed on sale 5 the subject's market value was estimated at$62,500 per unit. This indicates a price of$50.00 per square foot and is within the middle range of the sales. The market value is summarized as follows 36 units X $62,500 = $2,250,000 C2278—7 Owner shi Parcels Ke Lar o to Stock Island Monroe Count Florida Man•&Associates Appraisal Com an Inc. 105 Date Submitted: - - ormKey: CAMP SAWYER SOUTH FLORIDA COUNCIL BOY SCOUTS OF AMERICA - OWNERSHIP C2278—7 Owner shi Parcels Ke Lar o to Stock Island Monroe Count Florida Man•&Associates Appraisal Com an Inc. 106 Date Submitted: - - ormKey: EXECUTIVE SUMMARY PROPERTY TYPE: Boy Scout Retreat/Ocean Front Residence LOCATION: Mile marker 34, Big Pine Key, Florida. OWNER OF RECORD: South Florida Council Boy Scouts of America 15255 N W 82nd Avenue Hialeah, FL 33016 PARCEL IDENTIFICATION: 00106030-000000 APPRAISER: Trent Marr, MAI, SRPA ASSESSED VALUE/TAXES: $2,288,136 / $0 The owners are a not for profit and therefore, not taxed DATE OF VALUE/REPORT: December 8, 2017 /January 30, 2018 INTEREST APPRAISED: Fee Simple PARCEL SIZE: 10.14 gross acres, consisting of 4.18 acres of uplands and the remaining area either wetlands or transitional lands. OWNERSHIP HISTORY: Based on the public records there have been no sales of the subject sites within the past 5 years. PARCEL ACCESS: The site has frontage and access from Overseas Highway. The site has frontage along the ocean and is also accessible by boat. IMPROVEMENTS: The site is improved with a single family modular home and restroom building. ZONING/LAND USE: SS (Sparsely Settled) FLOOD INFORMATION: The site is located within a 100 year flood zone. MARKET VALUE ESTIMATE: $1,500,000 COMMENTS The subject has a restriction that the property would revert back to Monroe County should the Boy Scouts no longer use the property. At the request of the client, I have assumed this reverter clause does not exist and appraised the site under fee simple ownership by the Boy Scouts. The site is also subject to a conservation easement between the South Florida Council, Boy Scouts of America and the South Florida Water Management District. The purpose of the conservation easement is to retain land or water in their natural, vegetative, hydrologic, scenic, open, agriculture or wooded condition and to retain such areas as suitable habitat for fish,plants or wildlife. C2278—7 Owner shi Parcels Ke Lar o to Stock Island Monroe Count Florida Man•&Associates Appraisal Com an Inc. 107 Date Submitted: - - ormKey: Subject Photographs P, £ I r ' I �i Front Entrance from Overseas Highway 1 + �jt�`LI--�� , �� View of Overseas Highway looking northbound subject on left \� 1 �4•1o�V�,iµ��'� istyt`��s� s .. ,. View looking towards ocean t si I . � � rA, r�s�, Beach area C2278—7 Owner shi Parcels Ke Lar o to Stock Island Monroe Count Florida Man•&Associates Appraisal Com an Inc. 108 Date Submitted: - - ormKey: Subject Photographs Est Beach area r� a+ > View of dilapidated dock -r +n•iT1cf!�;stT(`3� TtyYS—t View of single family home on left and restrooms/shower building on right t u yrl { YS �t T �7 Entertaining area for scouts C2278—7 Owner shi Parcels Ke Lar o to Stock Island Monroe Count Florida Man•&Associates Appraisal Com an Inc. 109 Date Submitted: - - ormKey: Subject Photographs tlf$u r� ��S4'tstti is tt> ittts5€ View of parking area outdoor activity area t f t 7 �rI I 1 k 1tF l6 Sewage system a I �G �t r� �y C Single family home i Typical bathroom in bath/shower building C2278—7 Owner shi Parcels Ke Lar o to Stock Island Monroe Count Florida Man•&Associates Appraisal Com an Inc. 110 Date Submitted: - - ormKey: Subject Photographs i 4' Typical shower if restroom/shower building - - t Um e t� Interior view of single family home , tt{rt}t x t 0 511iJt. Interior view of single family home ly yet f�' tt{7 �44, View of deferred maintenance in floor of single family home C2278—7 Owner shi Parcels Ke Lar o to Stock Island Monroe Count Florida Man•&Associates Appraisal Com an Inc. l l l Date Submitted: - - ormKey: - )1 r, i �ri4 r W� - �y AERIAL PHOTOGRAPH pF _ TAX PARCEL MAP C2278—7 Owner shi Parcels Ke Lar o to Stock Island Monroe Count Florida Man•&Associates Appraisal Com an Inc. 112 Date Submitted: - - ormKey: i Mc .a , m� ali 44 tt tr' 4S } t IV - 1ti�4 iI"k *Col ( 1 C� c �� ' IabnD� - g - h $Al 4ti ul` ,u lr r kttlfr' �rt1 ! f r� 1 J - ,, � ,l� r F` r �f is - , ' !'k t 1 , Z�� ,y it , r • �4 i i; ' rs�4 r rt��rr i 4 ## h yn 111111's r trd,r �(� r! 4 iAl R vhJ I„P rateaasawsYE „ 0 75, 3.f3G3 W.83AY€Ut u.5.ltlhiNMN4Yf MM ' �, Ml4ihtf LAR�t$.✓G.rtiM'Pd 4*Ik IJMMkAP!.4&P# NG K2'Y,!'4: ,..,..'W �..,•'••,A,•. �• - EXISTING ENVIRONMENTAL DELMEATI£'lNS VEGETATION MAP C2278—7 Owner shi Parcels Ke Lar o to Stock Island Monroe Count Florida Man•&Associates Appraisal Com an Inc. 113 Date Submitted: - - ormKey: w U1,. u �, 9, 5 r , P �. I t d 0- rpMa7d. A��w �^6ngf7 ZLir19E as, kcdcd an 2}9Sig� #ei 3 is a X 0 dry ryryry''' Bay Scouts bf ArMefficd, wg " Sa ar r WoM Su rmdrlo#a Kam, Florida Kff F,ladda Don st,ala: w` 1 N�� N`Iaei P1 qn gyp: F'.I�N3. — — ISLAND Hit _ ... ,ni4ii�4, fi,71 Fade.° 'bl `33-02,37 ' $l 1 r Migc I n,1 K*y Wask, o1 '��}�+C hd ��nhmvl$+"r •i:%�1r� i'`1 � ,�,r®owa�rl 'cr, 6 'y a9i5'a�'ly'4� T 7p[1 T1 N 111118-14 Page. 27 of11 CONSERVATION EASMENT AREA C2278—7 Owner shi Parcels Ke Lar o to Stock Island Monroe Count Florida Man•&Associates Appraisal Com an Inc. 114 Date Submitted: - - ormKey: pp}} w= � Rid .,. , k � Lard DMIRN P 1S9=„o"M L-W., 9�n�z; a9 r 1 ) of the 14or-Rda Ke vs oil \B.�Rr R.eRa g'M A i p N " d JA � M ' `Madam FR Y }q "Mnk- AFI IRt PI s S ;Ri€ ar 'Are 'Ar:"iY� t) uw ' m� RAW � r st!vow kbw, 1°;M��• i3��'swq �� ° �t�k R41-,14pp,W �'-r.�N•�u�1 it®+ sue, Map of Florida, C2278—7 Owner shi Parcels Ke Lar o to Stock Island Monroe Count Florida Man•&Associates Appraisal Com an Inc. 115 Date Submitted: - - ormKey: NEIGHBORHOOD DESCRIPTION LOCATION The subject site is located in the Lower Keys on the Island of Big Pine Key near mile marker 34. The neighborhoods are a mixture of residential homes, vacant lots, acreage tracts and commercial. The "Lower Keys", is approximately 30 miles north of Key West. For the purpose of this report the Lower Keys comprises Bahia Honda Key to Sugarloaf Key and is considered the subject's neighborhood. Overseas Highway is the main thoroughfare via the Lower Keys, as well as all of Monroe County. The Gulf of Mexico is located along the north side of Oversea Highway and the Atlantic Ocean is along the southerly side. Big Pine Key is home to the native Key Deer. The Key Deer are protected as well as the majority of vacant land in the area. The US Government along with state, county and private organizations are purchasing vacant land to protect the native Key Deer. DEVELOPMENT TRENDS Due to implementation of Monroe County's Rate of Growth Ordinance construction is currently limited. Additionally, the current economy has significantly decreased construction of new commercial and residential properties. The main commercial areas of the Lower Keys are Sugarloaf, Cudjoe, Summerland and Big Pine Keys. These areas have several strip centers and small commercial buildings. Big Pine Key has one shopping center with Winn Dixie as its anchor tenant. This is the only shopping center in the Lower Keys. Therefore, all the neighboring islands go there or Key West to shop. Marathon, located on Vaca Key between mile markers 48 to 54, and also provides local shopping. Development on Big Pine Key consists of primarily a few large single and multi-tenant buildings, including Overseas Lumber, Ace Hardware and smaller single tenant retail buildings and office buildings. The Big Pine Key Flea Market is located along the southerly side of Overseas Highway and causes traffic congestion throughout Big Pine Key on Saturdays and Sundays. Residential homes consist of open water, canal front or non-waterfront sites and range from site built homes to manufactured homes and mobile home parks. In general, the Lower Keys area is mixed with numerous types of development, consisting of motels, restaurants, marinas, light industrial, retail and office buildings, and tourist related industries. Residential developments consist of both site built housing and mobile homes. There is virtually no condominium development in the Lower Keys. Big Pine Key is home to the native Key Deer. The Key Deer are a diminutive subspecies of the Virginia white-tailed deer. The Key Deer are the smallest white-tailed deer and are found nowhere else in the world. The deer are a protected species and all of Big Pine Key,No Name Key, the Torch Keys, Ramrod Key and Summerland Key are included in the National Key Deer Refuge. These islands are inhabited as well as located along US 1. Islands to the north of those above are also included in the deer refuge. Because of the endangered Key Deer, construction of single family homes on Big Pine is limited to 8 per year. C2278—7 Owner shi Parcels Ke Lar o to Stock Island Monroe Count Florida Man•&Associates Appraisal Com an Inc. 116 Date Submitted: - - ormKey: The Great White Heron National Wildlife Refuge is also located in this area. Boundaries extend westward to Key West and eastward to Key Vaca(Marathon). This refuge excludes most of the inhabited land along US I but includes the islands, sand flats and banks between the Gulf of Mexico and US 1. Approximately half of the Key Deer Refuge is within the boundaries of the Heron Refuge. This refuge provides nesting area for wading birds. A sub-species of the Lower Keys Marsh Rabbit, Sylvilagus Palustris Hefneri, is found on Sugarloaf and other nearby Keys. Research funds to study this rabbit were provided by the Playboy Foundation and the sub-species is named after Playboy magazine founder Hugh Hefner. EDUCATION There are no public high schools located on Big Pine Key,No Name Key or the immediate area. High school students are bused north to Marathon. The middle school is located on Sugarloaf Key at mile marker 19. There is an elementary school on Big Pine Key. ACCESS The site has frontage along Overseas Highway. Overseas Highway is the main thoroughfare for the Florida Keys extending from South Dade County to Key West. SUMMARY Overall, the Keys' mild climate, living reefs and excellent fishing make it one of the major tourist attractions in America. As with most of the US economy, Monroe County reached its real estate market height in the mid 2000's and declined for several years thereafter. The market slowly gained strength since 2010 and has rebounded significantly since 2016 with prices similar to the mid 2000's. In spite of Hurricane Irma, the market has seen a significant increase in demand and prices the last few years. The lack of available buildable land and strict building guidelines should insure strong demand and prices in the foreseeable future. C2278—7 Owner shi Parcels Ke Lar o to Stock Island Monroe Count Florida Man•&Associates Appraisal Com an Inc. 117 Date Submitted: - - ormKey: SITE SPECIFIC DATA LOCATION The subject site is located on the Atlantic Ocean near mile marker 34, Big Pine Key Florida. OWNER OF RECORD South Florida Council Boy Scouts of America 15255 N W 82nd Avenue Hialeah, FL 33016 LEGAL DESCRIPTION Lengthy metes and bonds legal. The subject is located in part of Government Lot 2, Section 32, Township 66 South, Range 30 East, West Summerland Key, Monroe County, Florida. HISTORY OF SUBJECT Based on the public records there have been no sales of the subject site within the past 5 years. ASSESSMENT AND TAXES The subject is located in unincorporated Monroe County. The 2017 taxes and assessed values are summarized as follows. RE Number Assessed Value Acreage Accessed Taxes 00106030-000000 $2,288,136 15.3 $0 The owner is a not for profit and is not taxed. DIMENSIONS AND SHAPE The site is irregular. Based on the property appraisers web site the site has approximately 653 feet along the north side adjacent to Overseas Highway, 154 feet along the northwest side and 665 feet along the east side. The ocean frontage curves and has 696 feet along the west side and 485 feet along the south side. ACCESS The site has access from Overseas Highway. Overseas Highway is the main thoroughfare for Monroe County and extends 120 miles from Florida City to Key West. The site has frontage along the Atlantic Ocean and is also accessible by boat. TIER DESIGNATION The site is located within a tier 3A designation. C2278—7 Owner shi Parcels Ke Lar o to Stock Island Monroe Count Florida Man•&Associates Appraisal Com an Inc. 118 Date Submitted: - - ormKey: EASEMENTS, RESTRICTIONS AND ENCROACHMENTS No adverse encroachments were noted at the time of inspection. The subject has a restriction that the property would revert back to Monroe County should the Boy Scouts no longer use the property. As the request of the client, I have assumed this reverter clause does not exist and appraised the site under fee simple ownership by the Boy Scouts. The site is also subject to a conservation easement between the South Florida Council Boy Scouts of America and the South Florida Water Management District. The purpose of the conservation easement is to retain land or water in their natural, vegetative, hydrologic, scenic, open, agriculture or wooded condition and to retain such areas as suitable habitat for fish, plants or wildlife. TOPOGRAPHY VEGETATION & SIZE The site slopes down from Overseas Highway towards the Atlantic Ocean. Habitat Acres Square Feet Disturbed Uplands 4.14 180,253 Disturbed with Saltmarsh and Buttonwood 2.42 123,143 Salt Marsh Wetlands 2.83 123,143 Mangroves .51 22,259 Wetland Restoration .20 8,727 Upland Preservation .04 1,807 Total 10.14 441,750 The property record card as well as other documents provided by the county differs slightly in sizes. However, basically based on all the size, the site can only be developed with 2 residential units and therefore, any slight size differences would not affect value. SITE IMPROVEMENTS The site is improved with a dilapidated dock, covered outdoor recreational area,parking area, landscaping and sewer treatment plant. The dock was destroyed from Hurricane Irma and I am assuming can be re-built. The water does not appear to have sufficient depth for outboard motors or larger boats, however, is capable of canoes, kayaks, sail boats, and possibly small outboard motors. The representative for the boy scouts indicated the bay bottom at the end of the dock was dredged and has a depth of 12 feet. However, the depth beyond this area appears shallow and boating access would be limited. UTILITIES Utilities are available to the site and include telephone service, trash services, sewage, water, and electricity. The site has its own sewer system. TIER DESIGNATION The site is located in a Tier 3A designation. C2278—7 Owner shi Parcels Ke Lar o to Stock Island Monroe Count Florida Man•&Associates Appraisal Com an Inc. 119 Date Submitted: - - ormKey: DRAINAGE/FLOOD ZONE The site appeared to have adequate drainage. No adverse conditions were noted at the time of inspection. According to the FEMA on line Flood Map,panel numbers 12087C1339K and C12087CI345K. The site is located in flood zones AE and VE. AE is a 100 year flood hazard area. The V zone is a flood zone with velocity. No adverse conditions were noted which would negatively affect the future marketability of the property. ZONING The site is zoned sparsely settled residential district(SS). The purpose of the SS district is to establish areas of low-density residential development where the predominant character is native or open space lands. (a) The following uses are permitted as of right in the sparsely settled residential district: (1) Detached residential dwellings; (2) Beekeeping; (3) Home occupations—Special use permit required; (4) Accessory uses; (5) Tourist housing uses, including vacation rental uses are prohibited; (6) Collocations on existing antenna-supporting structures,pursuant to section 146-5(3); (7) Satellite earth stations less than two meters in diameter, as accessory uses, pursuant to section 146-5(6); and (8) Wastewater nutrient reduction cluster systems that serve less than ten residences. (b) The following uses are permitted as minor conditional uses; (1)Attached residential dwelling units,provided that(number of units does not exceed 4) (2) Public or private community tennis courts and swimming pools (3) Public buildings and uses (4) Parks and community parks (5) Stealth wireless communications facilities, as accessory uses (6) Satellite earth stations greater than or equal to two meters in diameter. (c) The following uses are permitted as major conditional uses: (1) Attached residential dwelling units (2) Marinas (3) Agricultural uses (4) Solid waste facility (5) Communications towers The above is a partial list of zoning requirements. Refer to the zoning code for a list of all the allowable uses and restrictions. SITE CONCLUSION The site is located on Big Pine Key Near mile marker 34. The surrounding area consists of residential homes, commercial properties, RV parks, vacant lots and vacant acreage tracts of land. The lot's size, topography and zoning conform to the surrounding land uses. There were no adverse conditions noted that would negatively affect the future marketability of the property. C2278—7 Owner shi Parcels Ke Lar o to Stock Island Monroe Count Florida Man•&Associates Appraisal Com an Inc. 120 Date Submitted: - - ormKey: IMPROVEMENTS The site is improved with a single family home and bathroom facilities. The single family home is occupied by the caretaker of the Boy Scouts and the restrooms facilities are used by the boy scouts during troop outings and events. The single family home is wood frame and built on stilts. The home totals 1,188 square feet, is modular in design and was erected on the site in 2014. There are 3 bedrooms and 2 bathrooms, kitchen, living room and dining area. The building suffered damage from Hurricane Irma and needs repair. The restroom facilities were built in 2012 and are concrete block construction with a metal roof. The building is two stories, with maintenance and storage rooms at grade and the restrooms on the second level. Access to the second level is via two sets of stairs or elevator. There are 11 restrooms and 11 showers. Refer to the photographs at the beginning of this section of the report for a visual depiction of the improvements. The ground level storage area suffered damage from Hurricane Irma along with the elevator and sewer system. SUMMARY OF IMPROVEMENTS The site is being used as a special use property and is improved with single family home and restroom facility. The residential home is an under improvement for the site. Overall the improvements are adequate for their current use; however, the highest and best use is to develop the site with one or two single family estate style homes. The improvements did suffer damage from Hurricane Irma and need repair. C2278—7 Owner shi Parcels Ke Lar o to Stock Island Monroe Count Florida Man•&Associates Appraisal Com an hic. 121 Date Submitted: - - ormKey: HIGHEST AND BEST USE Highest and best use is defined as: "The reasonably probable and legal use of vacant land or an improved property, which is physically possible, appropriately supported, financially feasible, and that results in the highest value. The four criteria the highest and best use must meet are legal permissibility,physical possibility, financial feasibility and maximum productivity"g. AS VACANT PHYSICALLY POSSIBLE USES Physically possible uses are those uses which are physically possible on the site. These uses change with the size, shape and terrain of the property in which development is to take place. The site totals 4.18 acres of uplands and with the remaining 5.96 acres consisting of transitional or wetlands. Physically the site could be developed with many types of possible uses, including residential, commercial, industrial, etc and larger scaled development if the wetlands could be filled. LEGALLY PERMISSIBLE USES Legally permissible uses are those uses which are legally permissible on the site. These uses vary with the type of zoning, building codes and deed restrictions pertaining to the property being appraised. The site is zoned SS. The SS zoning allows primarily residential at one unit per two acres. The SS zoning also permits major and minor conditional uses, consisting of public buildings to attached residential dwellings and marinas provided certain conditions are met. FINANCIALLY FEASIBLE For any use to be the highest and best use of a site, it must be financially feasible. That is, it must produce a return (profit) after construction which exceeds the total cost of construction and total development by such an amount that it would induce a developer/investor into undertaking the project. The surrounding area is mixed use with both commercial and residential properties along with undeveloped acreage tracts. Because of the conservation easement, it is highly unlikely that the site could obtain a minor or major conditional use. The only financially feasible use would be for residential development. MAXIMALLY PRODUCTIVE USE Of the financially feasible uses, that use that produces the highest value, assuming similar risk factors and similar rate of return. As discussed previously the surrounding area is a mixture of residential and commercial, however, a conditional use to commercial is highly unlikely. The highest and best use would be for residential development. 4 The Dictionary of Real Estate Appraisal,by the Appraisal histitute(3rd addition,1993),page 171 C2278—7 Owner shi Parcels Ke Lar o to Stock Island Monroe Count Florida Man•&Associates Appraisal Com an Inc. 122 Date Submitted: - - ormKey: AS IMPROVED PHYSICALLY POSSIBLE USES Physically possible uses are those uses which are physically possible on the site. These uses change with the size, shape and terrain of the property in which development is to take place. The site totals 4.18 acres of uplands and is improved with a modular single family home and bath house. Currently the site is being used by the Boy Scouts for retreats. The improvements suffered damage from Hurricane Irma and needs repair. The home appears livable, however it has damaged to the floors. Physically the improvements could be repaired or they could be razed and the site could be re-developed with 2 residential homes. LEGALLY PERMISSIBLE USES Legally permissible uses are those uses which are legally permissible on the site. These uses vary with the type of zoning, building codes and deed restrictions pertaining to the property being appraised. The site is zoned SS. The SS zoning allows primarily residential at one unit per two acres. It would be legally permissible to repair the structures and continue their current use. It is also legally permissible to re-develop the site with 2 single family homes. FINANCIALLY FEASIBLE For any use to be the highest and best use of a site, it must be financially feasible. That is, it must produce a return (profit) after construction which exceeds the total cost of construction and total development by such an amount that it would induce a developer/investor into undertaking the project. The Boy Scouts are a not for profit organization, and although not for profit they receive funding through donations, membership fees, fees for retreats, etc. Thus, the continued use as a Boy Scout retreat is a financially feasible use. It would also be financially feasible to re-develop the site with 2 residential homes. MAXIMALLY PRODUCTIVE USE Of the financially feasible uses, that use that produces the highest value, assuming similar risk factors and similar rate of return. Based on the two financially feasible uses, the highest and best use would be to develop the site with 2 residential homes. C2278—7 Owner shi Parcels Ke Lar o to Stock Island Monroe Count Florida Man•&Associates Appraisal Com an Inc. 123 Date Submitted: - - ormKey: SALES COMPARISON APPROACH The following chart summarizes the sales found that were considered similar to the subject. Refer to the previous write up for detailed information on the sales along with an aerial photograph. SUMMARY OF SALES Subject Sale 9 Sale 10 Sale 11 Residential Residential Residential Residential Property Type Home Home Home Home Location Big Pine Key Big Pine Key Big Pine Key Big Pine Key Sales Price $1,200,000 $850,000 $800,000 Sales Date 6-17 3-17 11-17 Intended Use SF Home SF Home SF Home # of Units 1 1 1 1 Units Permitted by Zoning 2 1 1 1 10.14 acres 3.25 acres 1.26 acres 4.16 acres Size Uplands 4.18 acres 3.25 acres 1.26 acres 3.55 acres Wetlands & Transitional 5.96 acres .61 acres Water Front Ocean Pine Chanel Bogie Channel Bogie Channel Zoning SS IS IS IS Size SF Home 1,188 sf 1,740 sf 1,488 2,775 Year Built 2012 1968 1963 1962 Condition <Average <Average <Average Avg-Good Retaining Entertainment Retaining wall boat Pool, private Amenities canal, boat Building wall, dockage house, garage, basin basin $/Dwelling $1,200,000 $850,000 $800,000 $/Upland Acre (rd) $369,000 $675,000 $225,500 The following chart summarizes the major differences between the subject and the comparables. Due to the lack of sufficient sales, an exact dollar amount of an adjustment could not be supported and would be unreliable. Therefore, each comparable was given either a negative,positive or equal sign in order to compare it to the subject. If the comparable was inferior to the subject it required an upward adjustment, thus, a plus sign was used. If the comparable was superior to the subject it required a downward adjustment, thus a negative sign was used. An equal sign required no adjustment. C2278—7 Owner shi Parcels Ke Lar o to Stock Island Monroe Count Florida Man•&Associates Appraisal Com an Inc. 124 Date Submitted: - - ormKey: Adjustment Chart Sale 1 Sale 2 Sale 3 Market Conditions Conditions of Sale Location Land Size ++ ++ ++ # of Units ++ ++ ++ Water Front Zoning Dwelling Size& Condition - Amenities - - - Net Adjustments ++ + ++ + ++ UNIT OF COMPARISON The sales ranged from $800,000 to $1,200,000 with a sales price per acre ranging from from $225,000 to $675,000. Typically residential homes are purchased on a per dwelling or per site basis. Thus, all sales were compared to the subject on a per site basis and supported by the per acre price. FINANCING All of the sales sold for cash. Therefore, no adjustments were required for financing. MARKET CONDITIONS Market condition refers to the appreciation or depreciation in a property over a period of time. The sales occurred in 2017 and were considered recent. Thus no adjustments were made. CONDITIONS OF SALE Adjustments for conditions of sale usually reflect the motivation of the buyer and seller. A sale may be transacted at a below market price if the seller needs cash in a hurry. A financial business or family relationship between the parties may also affect the price of a property. Although conditions of sale are often perceived as applying only to sales that are not arm's-length transactions, some arms-length sales may reflect atypical motivation or sales conditions due to unusual tax considerations, sale at legal auction, lack of exposure to the open market or eminent domain proceedings. All of the sales were arms length transactions and no adjustments were required. C2278—7 Owner shi Parcels Ke Lar o to Stock Island Monroe Count Florida Man•&Associates Appraisal Com an Inc. 125 Date Submitted: - - ormKey: LOCATION All of the sales are located on Big Pine Key within a mile of the subject property. Therefore, no adjustments were required. LAND SIZE The subject consists of 4.18 upland acres and 10.14 gross acres. The sales range from 1.26 to 4.16 acres and were inferior to the subject, thus, all sales were adjusted up. NUMBER OF UNITS The subject site is improved with one dwelling unit; however, based on the zoning an additional unit could be developed on the site. All of the sales are limited to 1 dwelling unit and are inferior, thus, requiring upward adjustments. WATERFRONT The subject has frontage along the Atlantic Ocean with an unobstructed view. The sales are located on large bodies of water and are somewhat protected from storm winds, surges, etc. Overall, the water frontage was considered similar and no adjustments were made. ZONING The subject is zoned SS and allows 2 dwelling units. The sales are zoned IS and allow 1 dwelling unit per site. Based on the sales, the IS zoning is inferior, however, this adjustment was addressed previously in the number of units permitted. Thus, no adjustments were made. DWELLING SIZE & CONDITION The subject site is improved with a 1,188 square foot modular single family home. The home was built or erected in 2014 and although relatively new, because of Hurricane Irma is in below average condition. Sales 1 and 2 are developed with dated single family homes that are similar in size and condition to the subject, thus, these sales required no adjustments. Sale 3 is improved with a dated home, however, the home has been updated, is larger and is overall superior to the subject, thus; sale 3 required a downward adjustment. AMENITIES The subject has a dilapidated dock and covered entertainment building. The sales had concrete dock, retaining walls, boat basin,pools, etc. and were considered superior to the subject. Thus, all sales required downward adjustments. C2278—7 Owner shi Parcels Ke Lar o to Stock Island Monroe Count Florida Man•&Associates Appraisal Com an Inc. 126 Date Submitted: - - ormKey: CONCLUSION OF VALUE Summary of Adjustments Sale 9 Sale 10 Sale 11 Net Adjustment ++ + ++ + ++ Price/Dwelling Unit $1,200,000 $850,000 $800,000 Price/Upland Acre $369,000 $675,000 $225,500 CONCLUSION OF VALUE - CONTINUED The sales ranged from $800,000 to $1,200,000 per dwelling and from $225,500 to $675,000 per upland acre. The subject was superior to all of the sales in upland acre and far superior in gross acres. Therefore, based on the sales, the subject's market value was estimated at the upper range at $1,200,000. Although there was an adjustment made of the additional unit allowed on the site, this previous value estimate did not include the contributory value of the additional unit. Three sales were obtained from the Lower Keys that were used to estimate the value of the additional unit. All of the sales are located on the open water and were the most similar vacant land sales found. The following chart summarizes the information on each sale. Summary of Open Water Front Vacant Land Sales Parcel# Street Island Price Date Size 00313060-000000 Sunrise Drive Big Pine $300,000 2-16 .65 acres 00112920-000100 Catherine Street Big Torch $300,000 12-15 1.65 acres 00173640-000000 Sawyer Drive Cudjoe $315,000 6-15 .22 acres The previously summarized vacant lot sales were $300,000 and $315,000 per site. The three sites have a narrow range and a value of$300,000 for the additional unit was estimated for the subject. The market value is summarized as follows. Market Value of 10.14 acre area as improved $1,200,000 Value of Additional Unit $ 300,000 Market Value of site $1,500,000 C2278—7 Owner shi Parcels Ke Lar o to Stock Island Monroe Count Florida Man•&Associates Appraisal Com an Inc. 127 Date Submitted: - - ormKey: SUNNY ISLE STOCK ISLAND HOLDINGS, LLC - OWNERSHIP C2278—7 Owner shi Parcels Ke Lar o to Stock Island Monroe Count Florida Man•&Associates Appraisal Com an Inc. 128 Date Submitted: - - ormKey: EXECUTIVE SUMMARY PROPERTY TYPE: Mobile home park (Sunny Isle) LOCATION: 5350 3rd Avenue, Stock Island, Florida OWNER OF RECORD: Stock Island Holdings 138 Simonton Street Key West, Florida 33040 PARCEL IDENTIFICATION: 00126770-000000 APPRAISER: Trent Marr, MAI, SRPA ASSESSED VALUE/TAXES: $1,160,596 / $10,983.30 DATE OF VALUE/REPORT: December 8, 2017 /January 29, 2018 INTEREST APPRAISED: Fee Simple PARCEL SIZE: 37,500 square feet OWNERSHIP HISTORY: Based on the public records there have been no sales of the subject sites within the past 5 years. PARCEL ACCESS: The site has frontage and access from 5th Street, 5th Avenue and 3rd Avenue. IMPROVEMENTS: The site is improved with 16 mobile homes. ZONING/LAND USE: MU(Mixed Use) FLOOD INFORMATION: The site is located within a 100 year flood zone. MARKET VALUE ESTIMATE: $1,875,000 C2278—7 Owner shi Parcels Ke Lar o to Stock Island Monroe Count Florida Man•&Associates Appraisal Com an Inc. 129 Date Submitted: - - ormKey: Subject Photographs s� rd th 3 Avenue& 5 Street looking north on 5 Street t. g t • �� lid j.�, r t t< titi,s �a //, lirrarir 3rd Avenue looking west I r 't 4- 'rVrat 1 1 r i» �}1i 1 - 1 � i View of park along 3rd Avenue and 5th Street � �5 1 tY+b r� AN Npll{i'4V ii'EE i4.'t rat,�� .,r.,• t. �. Interior view of park C2278—7 Owner shi Parcels Ke Lar o to Stock Island Monroe Count Florida Man•&Associates Appraisal Com an Inc. 130 Date Submitted: - - ormKey: Subject Photographs t � ft» _ 1 t� 5th Street looking south 'II ty th 5 Street looking north, subject on left l ' SE corner of 5th Avenue and 5th Street E View of typical unit C2278—7 Owner shi Parcels Ke Lar o to Stock Island Monroe Count Florida Man•&Associates Appraisal Com an Inc. 131 Date Submitted: - - ormKey: 1 7 i t � yh �,� �i,, f�t��•, ,i ,� t , 1�t1 ��. � �� t_ �t r� d 1 78, 22 ' i f'i�rt�,b;� � •� (f 3 ,g AERIAL PHOTOGRAPH 50 10 .k•.� � ., , 1441 ,... , k 1 14 to :�� 6 17 8 �r°� r 1 Do 5019 -4s"I m '13, �F 46 -1 - " qtq huh 7g F . TAX PARCEL MAP C2278—7 Owner shi Parcels Ke Lar o to Stock Island Monroe Count Florida Man•&Associates Appraisal Com an Inc. 132 Date Submitted: - - ormKey: It 9m`d, 5At" li* 5f tiv @B y zSd t Map afihe Flarida Korey +mini �Adgib 41 J � 64 w`e �.• 5. r�i � �� ` v. i w i", 44,",form f: ) of Florida C2278—7 Owner shi Parcels Ke Lar o to Stock Island Monroe Count Florida Man•&Associates Appraisal Com an Inc. 133 Date Submitted: - - ormKey: NEIGHBORHOOD DESCRIPTION The subject property is in an area known as "Stock Island". Stock Island is unincorporated and is located less than a mile from the City of Key West. The island varies significantly in property types. The south side ranges from single family to multi-family, industrial properties, marinas and commercial properties. The north side is incorporated and is part of the City of Key West. The north side is developed with the county hospital, community college, elementary school and the Key West Golf Course. DEVELOPMENT TRENDS Stock Island is a mixed use neighborhood. Development consists of affordable/apartment complexes, retail stores, commercial and industrial buildings, fishing and boat storage marinas, restaurants, governmental offices, golf course, school, etc. residential, commercial and industrial begin at Overseas Highway and extend south to 5th Avenue. From 5th Avenue south the majority of the sites are improved with marinas or mariculture use properties. The area has numerous dilapidated buildings of which many are being renovated. The US Navy Base's airport is located few miles northeast of the subject's neighborhood on Boca Chica. The neighborhood is in its gentrification phase of its life cycle. The immediate neighborhood of the subject consists of vacant land to the west, the harbor and marina to the east, marina to the north and the Atlantic Ocean to the south. Stock Island is unincorporated and is located less than a mile from the City of Key West. The island varies significantly in property types. The south side ranges from single family to multi- family, Industrial Properties, marinas and commercial properties. The north side is incorporated and is part of the City of Key West. The north side is developed with the county hospital, community college, elementary school and the Key West Golf Course. Housing within the entire city of Key West is in high demand with short supply. Most of the homes located in the "Old Town Section" of Key West were built in the early 1900's and even late 1800's. Many of the homes are wood frame construction on small, almost zero lot line sites. The condition of the homes vary significantly from totally renovated to a few non-livable. Because of the short supply even the homes that are in poor condition bring prices in excess of $500,000. The median single family home value in 2014 was $509,000 and the median value for condominiums was $390,000. RECREATIONAL ACTIVITIES The main draw to the Florida Keys is the mild climate and water related activities. Key West is known for its street shopping and sunset celebration at Mallory Square. The Florida Keys has the only living reef along America's Shoreline. Stock Island is predominately business oriented and caters to Key West. Because of the high demand for tourism in Key West most of the non tourism businesses have relocated to Stock Island. EDUCATION Public and private schools for all ages are available in Key West or Stock Island. Most of the major religions are represented, either within the neighborhood or within the City of Key West. Key West has 2 elementary, 1 middle school and 1 public high school, Florida Keys Community College and May Sands Exceptional School. The city's hospital, Lower Florida Keys Health C2278—7 Owner shi Parcels Ke Lar o to Stock Island Monroe Count Florida Man•&Associates Appraisal Com an Inc. 134 Date Submitted: - - ormKey: System,provides comprehensive medical and surgical care. Key West also provides ambulance service, fire, and police service. There are more than 40 churches, synagogues, reading rooms, or meeting houses, representing almost every religion found in the United States. ACCESS The site has frontage along 5th Street, 5th Avenue and 3rd Avenue. All three streets are two lane paved streets that serve both residential and commercial properties. 5th Street is the main access from Overseas Highway. Overseas Highway divides the north and south side of Stock Island and is the major thoroughfare for Monroe County. SUMMARY Key West's principal industry is tourism due primarily to it's good weather and tropical atmosphere. This tourist industry has been growing steadily since 1912 and has seen substantial growth over the past ten years. The peak of the real estate market occurred in 2004, 2005 and early 2006. The market declined for several years. However, according to local realtors as well as the sales in the area demand is strong and prices have been on the rise and are near the mid 2000 prices. Key West has been built out for years and despite the damage caused by Hurricane Irma and the lack of available developable vacant land the market appears to always rebound and this rebound is forecasted for the next several years. C2278—7 Owner shi Parcels Ke Lar o to Stock Island Monroe Count Florida Man•&Associates Appraisal Com an Inc. 135 Date Submitted: - - ormKey: SITE SPECIFIC DATA LOCATION The site is improved with 16 mobile home sites and is located along 5th Street, 5th Avenue and 3rd Avenue, Stock Island, Florida. OWNER OF RECORD Stock Island Holdings 138 Simonton Street Key West, Florida 33040 LEGAL DESCRIPTION Lots, 19-23, Block 53, Plat Book 1, Page 55, Maloney Subdivision, Monroe County, Florida. HISTORY OF SUBJECT Based on the public records there have been no sales of the subject site within the past 5 years. ASSESSMENT AND TAXES The subject is located in unincorporated Monroe County. The 2017 taxes and assessed values are summarized as follows. RE Number Assessed Value Acreage Accessed Taxes 00126770-000000 $1,160,596 .86 acres $10,983.30 Assessed value does not include solid waste in the amount of$4,632. DIMENSIONS AND SHAPE The site is flag shape. Based on the county web site, the site has 300 feet of frontage along 5th Street, 150 feet of frontage along 5th Avenue and 100 feet of frontage along 3rd Avenue. ACCESS The site has frontage and access from 5th Street, 5th Avenue and 3rd Avenue. Main access to the site is via 5th Street which accesses Overseas Highway. Overseas Highway is the main thoroughfare for Monroe County and extends 120 miles from Florida City to Key West. EASEMENTS, RESTRICTIONS AND ENCROACHMENTS No adverse encroachments or easements were noted at the time of inspection. C2278—7 Owner shi Parcels Ke Lar o to Stock Island Monroe Count Florida Man•&Associates Appraisal Com an Inc. 136 Date Submitted: - - ormKey: TOPOGRAPHY VEGETATION & SIZE The site is generally level with street grade and totals 37,500 square feet. Landscaping consists of various native trees and shrubs. UTILITIES Utilities are available to the site and include telephone service, trash services, sewage, water, and electricity. A central sewer system has recently been installed throughout the county. DRAINAGE/FLOOD ZONE The site appears to have adequate drainage. No adverse conditions were noted at the time of inspection. According to the FEMA on line Flood Map,panel number 12087CI528K, the site is located in flood zone AE. AE is a 100 year flood hazard area. No adverse conditions were noted which would negatively affect the future marketability of the property. ZONING The site is zoned MU(Mixed Use). The purpose of the MU district is to establish or conserve areas of mixed uses, including commercial fishing, resorts, residential, institutional and commercial uses, and preserve these as areas representative of the character, economy and cultural history of the Florida Keys. The MU zoning allows numerous uses. Some of the uses include. - Detached residential dwellings; - Commercial retail, low- and medium-intensity and office uses, less than 2,500 square feet - Institutional residential uses, involving less than ten dwelling units or rooms - Commercial apartments involving less than six dwelling units - Commercial recreational uses - Commercial fishing - Institutional uses & accessory residential uses involving less than ten units or rooms; - Public buildings and uses There are numerous other used permitted as well as minor and major conditional uses that are also allowed. Refer to the zoning code for all the allowable uses. SITE CONCLUSION The site is located on Stock Island within a few miles of downtown Key West. The surrounding area consists of residential homes, retail and office building, industrial, marinas and a wide range of other commercial and residential uses. The site's size, topography and zoning conform to the surrounding land uses. There was no adverse conditions noted that would negatively affect the future marketability of the property. IMPROVEMENTS The site is improved with 16 mobile homes. C2278—7 Owner shi Parcels Ke Lar o to Stock Island Monroe Count Florida Man•&Associates Appraisal Com an hic. 137 Date Submitted: - - ormKey: HIGHEST AND BEST USE Highest and best use is defined as: "The reasonably probable and legal use of vacant land or an improved property, which is physically possible, appropriately supported, financially feasible, and that results in the highest value. The four criteria the highest and best use must meet are legal permissibility,physical possibility, financial feasibility and maximum productivity"9. AS VACANT PHYSICALLY POSSIBLE USES Physically possible uses are those uses which are physically possible on the site. These uses change with the size, shape and terrain of the property in which development is to take place. The site totals 37,500 square feet. Physically the site could be developed with many types of possible uses, including residential, commercial, industrial, etc. LEGALLY PERMISSIBLE USES Legally permissible uses are those uses which are legally permissible on the site. These uses vary with the type of zoning, building codes and deed restrictions pertaining to the property being appraised. The site is zoned MU(Mixed Use). Allowable uses in this district include a wide variety of residential and commercial uses. Allocated residential units are limited to 1 unit per acre with a maximum net density of 12 units per acre. Refer to the zoning section of this report for all the allowable uses permitted in the MU zoning. FINANCIALLY FEASIBLE For any use to be the highest and best use of a site, it must be financially feasible. That is, it must produce a return (profit) after construction which exceeds the total cost of construction and total development by such an amount that it would induce a developer/investor into undertaking the project. The immediate surrounding area is mixed use with both commercial and residential properties. There is strong demand for all types of properties on Stock Island and both residential and commercial would be financially feasible. 4 The Dictionary of Real Estate Appraisal,by the Appraisal histitute(3rd addition,1993),page 171 C2278—7 Owner shi Parcels Ke Lar o to Stock Island Monroe Count Florida Man•&Associates Appraisal Com an Inc. 138 Date Submitted: - - ormKey: MAXIMALLY PRODUCTIVE USE Of the financially feasible uses, that use that produces the highest value, assuming similar risk factors and similar rate of return. As discussed previously the surrounding area is a mixture of residential and commercial. There is high demand for virtually all types of properties on Stock Island. The subject's immediate areas consists of residential, thus if vacant the highest and best use would be for residential development. AS IMRPOVED PHYSICALLY POSSIBLE USES Physically possible uses are those uses which are physically possible on the site. These uses change with the size, shape and terrain of the property in which development is to take place. The site totals 37,500 square feet(.86 acres) and is improved with 16 mobile homes, thus exceeding the maximum density requirements. The mobile homes are in average condition however, it would be physically possible to renovate or update each unit or to reduce the density of the park. LEGALLY PERMISSIBLE USES Legally permissible uses are those uses which are legally permissible on the site. These uses vary with the type of zoning, building codes and deed restrictions pertaining to the property being appraised. The site is zoned MU. MU is a mixed use zoning allowing both residential and commercial properties. The immediate area is residential. It is legally permissible to continue the current use or to re-develop the site with 12 units. FINANCIALLY FEASIBLE For any use to be the highest and best use of a site, it must be financially feasible. That is, it must produce a return (profit) after construction which exceeds the total cost of construction and total development by such an amount that it would induce a developer/investor into undertaking the project. The surrounding area is developed with a balanced mixture of residential and commercial properties. Financially feasible uses would include the continued use or re-develop the site with 12 units. MAXIMALLY PRODUCTIVE USE Of the financially feasible uses, that use that produces the highest value, assuming similar risk factors and similar rate of return. The subject's density exceeds that allowed by zoning. It would not be feasible to re-develop the site with an alternative use, thus the highest and best use is as improved. C2278—7 Owner shi Parcels Ke Lar o to Stock Island Monroe Count Florida Man•&Associates Appraisal Com an Inc. 139 Date Submitted: - - ormKey: SALES COMPARISON APPROACH The following chart summarizes the sales found that were considered similar to the subject. Refer to the previous write up for detailed information on the sales along with an aerial photograph. SUMMARY OF SALES Subject Sale I Sale 2 Sale 3 Sale 4 Sale 5 Property Type Mobile home/ Mobile Home Mobile Home Mobile Home Dilapidated Affordable at time of sale RV Park Park Park Park Motel housing Plantation Location Islamorada Stock Island Marathon Big Pine Stock Island Key Sales Price $2,945,000 $1,400,000 $8,500,000 $6,000,000 $1,000,000 Sales Date 7-16 8-17 1-18 11-16 6-16 Mobile Home Mobile Affordable & Affordable Intended Use park SF Homes SF Homes Homes Park Market Rate Housing Housing 39 transient at time of 16 Mobile 17 as purchase # of Units homes 15 purchased 9 as 61 approval for 16 proposed 45 affordable and 10 sf homes Permits/Rogo Yes Yes Yes Yes Yes No Exempt Size 37,500 sf 49,785 sf 31,363 sf 141,105 sf 203,584 sf 52,990 sf Zoning MU MH change to VC UR MU Sc MF 24 as 8.35 as Density / purchased 19 purchased 13 18.5 13 Units per acre 12.5 as 12 as proposed proposed Water Front None Ocean Florida Bay Boca Chica Ocean None Beach, Dock, Boat Basin& Amenities None retaining wall, None None retaining wall Dockage dock $/Unit/Site $196,500 $82,500/ 17 $139,500 $154,000/39 $62,500 $155,500/9 $109,000/55 $/SF $59.05 $44.63 $60.24 $29.47 $18.87 C2278—7 Owner shi Parcels Ke Lar o to Stock Island Monroe Count Florida Man•&Associates Appraisal Com an Inc. 140 Date Submitted: - - ormKey: The following chart summarizes the major differences between the subject and the comparables. Due to the lack of sufficient sales, an exact dollar amount of an adjustment could not be supported and would be unreliable. Therefore, each comparable was given either a negative,positive or equal sign in order to compare it to the subject. If the comparable was inferior to the subject it required an upward adjustment, thus, a plus sign was used. If the comparable was superior to the subject it required a downward adjustment, thus a negative sign was used. An equal sign required no adjustment. Adjustment Chart Sale I Sale 2 Sale 3 Sale 4 Sale 5 Market Conditions Conditions of Sale Location + + _ + ++ Zoning ROGO Exempt/Permits Density Water Front Amenities Net Adjustments - - - - - - - - - - - ++++ UNIT OF COMPARISON The sales ranged from $1,000,000 to $8,500,000 with a sales price per square foot of$18.87 to $60.23 and a price per unit of$62,500 to $196,500. Typically Affordable housing sites along with RV/Mobile Home parks are purchased on a price per unit basis rather than a price per square foot. However, the comparables vary significantly in land size, number of units, location, amenities and other factors and the price per unit had a wider range than the price per square foot. Therefore, all sales were analyzed and compared to the subject on a price per square foot basis with secondary emphasis given to the price per unit. FINANCING All of the sales sold for cash. Therefore, no adjustments were required for financing. MARKET CONDITIONS Market condition refers to the appreciation or depreciation in a property over a period of time. The sales occurred from June 2016 to January 2018. All sales were considered recent and considered to reflect current market prices, thus no adjustments were made. C2278—7 Owner shi Parcels Ke Lar o to Stock Island Monroe Count Florida Man•&Associates Appraisal Com an Inc. 141 Date Submitted: - - ormKey: CONDITIONS OF SALE Adjustments for conditions of sale usually reflect the motivation of the buyer and seller. A sale may be transacted at a below market price if the seller needs cash in a hurry. A financial business or family relationship between the parties may also affect the price of a property. Although conditions of sale are often perceived as applying only to sales that are not arm's-length transactions, some arms-length sales may reflect atypical motivation or sales conditions due to unusual tax considerations, sale at legal auction, lack of exposure to the open market or eminent domain proceedings. All of the sales were arms length transactions and no adjustments were required. LOCATION Sales I and 2 are located in Islamorada, sale 4 is located in Marathon and sale 5 is located on Big Pine Key. The subject is located on Stock Island, within a few miles of Old Town Key West. Stock Island is a bedroom community to Key West and brings higher prices than the Lower, Upper and Middle Keys. Thus, sales 1, 2 , 4 and 5 were adjusted up for inferior location. Sale 3 is located on Stock Island, within few blocks of the subject and required no adjustments. ZONING The subject is zoned MU. The sales range from MH to VC, UR, MU and SC and are developed with multi-unit properties. All of the zonings are similar and no adjustments were required. PERMIT /ROGO EXEMPT The subject is improved with 16 mobile homes and could be re-developed. Sales 1, 2, 3 and 4 are improved with dated structures and are ROGO exempt and could be re-developed without having to go through the building allocation process (ROGO). Therefore, sales 1, 2, 3 and 4 required no adjustments. Sale 5 was a vacant site and was not ROGO exempt nor did it have permits for the 16 units. Thus, sale 5 required upward adjustments. DENSITY The subject has a density of 18.5 units per acre. The sales range from 8.35 to 19, the subject was in the range of the sales and no adjustments were indicated. WATERFRONT The subject is located on a non-water front site and is similar to sale 5, thus, sale 5 required no adjustments. The remaining sales are located on the water and were considered superior, thus requiring downward adjustments. AMENITIES The subject has no amenities and was similar to sales 3 and 5, thus, these sales required no adjustments. The remaining sales had water frontage with boat dockage and ramp, retaining wall and tiki but and therefore considered superior, requiring downward adjustments. C2278—7 Owner shi Parcels Ke Lar o to Stock Island Monroe Count Florida Man•&Associates Appraisal Com an Inc. 142 Date Submitted: - - ormKey: CONCLUSION OF VALUE Summary of Adjustments Sale 1 Sale 2 Sale 3 Sale 4 Sale 5 Net Adjustment - - - - - - - - - - - ++++ Price / SF $59.05 $44.63 $60.24 $29.47 $18.87 Price/Unit $82,500/ 17 $154,000/39 $196,500 $139,500 $62,500 $155,500/9 $109,000/55 The sales ranged from $1,000,000 to $8,500,000 with a sales price per square foot of$18.87 to $60.24 and a price per unit of$62,500 to $196,500. Most weight was given to the price per square foot with secondary weight placed on the price per unit. Sales 1 and 2 were located in the Upper Keys and were inferior in location; however, this was somewhat offset by the superior water frontage and superior amenities. Sale 3 is located on Stock Island and is most similar in location, however, because it has water frontage it was considered superior and reflected the upper range. Sale 4 is located in Marathon and is significantly larger in land size and had significantly more units than the subject, thus, based on the law of diminishing returns would reflect the lower range. Sale 5 was purchased for an affordable housing project and overall is most similar to the subject. However, sale 5 did not have permits and is located in an inferior island. The buyer of sale 5 paid an additional $25,000 per unit for the permits, indicating an adjusted price per square foot of $26.42 and an adjusted price per unit of$87,500. Even with the upward adjustment for permits the subject is superior in location, therefore, the subject would be greater than the $26.42 per square foot and $87,500 per unit price adjusted prices of sale 5. Excluding the high and low per square foot sales, the price range narrowed to $29.47 to $59.00. There is a pending contract on a 47,875 square foot site on Windley Key that is being purchased by Habitat for Humanity for $1,500,000. This site has been approved for 16 affordable housing units and a small amount of retail space. Based on the size and price the unit indicators are $31.33 per square foot and $93,750 per unit. This sale is a similar non-water front property; however, the Windley Key location is inferior to Stock Island. Thus, the subject would be greater than $31.33 per square foot or $93,750 per unit. Overall, although sale 3 has water frontage it is most similar to the subject, therefore, with most weigh placed on sale 3 the subject's market value was estimated at $50 per square foot. This indicates a per unit value of$117,000 and is within the range of the sales. The market value is summarized as follows. 37,500 square feet X $50 / square foot = $1,875,000 Date Submitted: 2019-07-31 12:29:13.490 1 Form Key: 5343 ADDENDA Date Submitted: 2aQUUV13IIFFII TX4NSJ GFrrTi yASB AISER- TRENT MARR, MAI, SRPA LICENSE Licensed Real Estate Broker, State of Florida State-Certified General Appraiser RZ #000514 (Florida) Certified General Real Property Appraiser 341275 (Georgia) OFFICE LOCATIONS 81800 Overseas Highway, Islamorada, Florida 33036 2665 Aucilla Road, Monticello, Florida 32344 AFFILIATIONS Member Appraisal Institute, MAI Designation#9353 Member Society of Real Estate Appraiser, SRPA Designation Board of Directors, Appraisal Institute 1991 - 1994 Member of the Board of Realtors for Florida Keys, Marathon, Key West, Tallahassee APPRAISAL EXPERIENCE 1991-Present Marr&Associates Appraisal Company, Inc., President 1988-Present Marr Properties, Key Largo, FL- Vice President, Broker 1991-Present American Caribbean Real Estate, Islamorada, Florida, Broker 1988- Matonis, DeAngelis, MacDermott, Inc. 1986-1987 -AmeriFirst Appraisal Company, Maitland, FL- Commercial Appraiser 1985-1986- Thomas H. Overstreet, Winter Park, FL- Residential Appraiser GENERAL EDUCATION Bachelor of Science in Business &Administration, Major in Real Estate, Florida State University, Tallahassee, Florida(1985) PROFESSIONAL EDUCATION All Courses and classes for both SRPA and MAI designations. Partial List of Seminars and Continuing Education for the Appraisal Institute. UASFLA(Uniform Appraisal Standards for Federal Land Acquisitions) - 2017 USPAP —2016, 2014, 2012, 2010, 2008, 2006, 2004, 2002, 2000 Florida Law—2016, 2014, 2012, 2010 Forest Valuation-2015 Business Ethics - 2015 Appraisal of Self Storage Facilities 2014 The Cost Approach 2014 Mortgage Fraud-2014 Fundamentals of Business Valuation 2012 Business Practices and Ethics - 2011 Curriculum Overview -2010 Analyzing Distressed Properties —2010 Supervisory Appraisal - 2010 Core Law—2008, 2006, 2004, 2002, 2000, 1997, 1994 Valuation of Conservation Easements - 2008 Valuation of Wetlands, etc. /SFWMD —2007, 2006, 2003, 2002, 2001 Residential Design and Functional Utility - 2006 Analyzing Distressed Real Estate- 2006 Business Practices and Ethics - 2006 Date Submitted: 2aQUUV131F1I TX4NSj G&ARP"VER—CONTINUED "PLAM"Public Land Acquisition & Management Partnership Conference- 2006 Timberland Valuation - 2004 Standards of Professional Appraisal Practice, Part C - 2001 Sovereign Lands - 2000 Lease Abstraction and Analysis - 1999 Appraisal Office Management- 1998 Litigation Skills - 1997 Appraising Rural Properties in SE FL- 1997 Internet& The Appraiser- 1996 Standards of Professional Practice/Part A - 1996 Professional Standards USPAP/Law - 1996 The Appraiser as Expert Witness - 1995 Standards of Professional Practice/Part B - 1995 Wetland, Mitigation& Severable Rights - 1995 Understanding Limited Appraisals - 1994 Blue Print Reading for Appraisers - 1994 Appraising Complex Residential Properties - 1993 Standards of Professional Practice/Part A - 1992 Appraisal Review - 1992 Rates, Ratios & Reasonableness - 1992 Appraising Troubled Properties - 1992 Legal Liabilities - 1992 Non-Residential Demonstration Report Writing - 1990 CLIENTS SERVED Attorneys, Bank, Savings & Loans, Mortgage Companies, Florida Department of Transportation, Department of Natural Resources, Department of Environmental Protection,Nature Conservancy, Trust for Public Lands, Monroe County Land Authority, National Park Service, Fish and Game Commission, RTC, FDIC, Federal Home Loan Bank Board, Federal Savings & Loans, Insurance Companies, various national corporations, estates and individuals. TYPES OF PROPERTIES Single Family Homes, Condominiums, Two to Four Family Dwellings, Office Buildings, Nursing Homes, Industrial Warehouses, Shopping Centers, Apartment Complexes, Subdivision Developments, Marinas, Planned Unit Developments, Environmentally Sensitive Land, Hotels, Office Condominiums, Undeveloped Land, Mobile Home Parks, RV Parks, Fishhouses, Restaurants and Mixed Use Properties. GENERAL EXPERIENCE Mr. Marr has been appraising real estate property since 1985. He has been qualified as an expert witness in both Dade and Monroe County. His extensive appraisal experience includes wetlands and environmental land for both the Department of Environmental Protection,Nature Conservancy, The Conservation Fund, Freshwater Fish and Game, Big Cypress National Park Service and Monroe County Land Authority. Mr. Marr received his SRPA designation in 1990 and his MAI designation in 1992. He served on the board of directors of the Appraisal Institute 1991-1994. The Appraisal Institute conducts a program of continuing education for designated members. Designated members who meet the minimum standards of this program are awarded periodic educational certification. Mr. Marr is currently certified under this program. Page 1 of 3 Date Submitted: 2019-07-31 12:29:13.490 1 Form Key: 5343 Doc# 2174167 06/19/2018 2:15PM Filed $ Recorded in Official Records of MONROE COUNTY KEVIN Mi1DOK 06/19/2018 2:15PM DEED DOC STAMP CL: Krys $1,155.00 Prepared By-Return To: True Title Agency,Inc. 9 Ships Way Big Pine Key,FL 33043 Doc# 2174167 Bk# 2912 Pg# 1219 Order No.: 2018-270 Property Appraiser's Parcel I.D.(folio)Number: 00385780-000400 WARRANTY DEED �� " THIS WARRANTY DEED dated the l +~day of.Tune, 2018, by Arthur Monahan and Andrea L.Van Buren as Trustee of the Andrea L.Van Buren Revocable Living Trust dated November 28,2017 and Linda Monahan,whose post office address is 375 Connecticut Street,FT Myers Beach,Florida 33931 (the"Grantor"),to Monroe County, a political subdivision of the State of Florida, whose post office address is I100 Simonton Street,Key West,Florida 33040(the"Grantee"). (Wherever used herein the terms "Grantor" and "Grantee" include all the parties to this instrument and the heirs, legal representatives and assigns of individuals,and the successors and assigns of corporations) WITNESSETH: That the grantor,for and in consideration of the sum of Ten And No/100 Dollars(SI0.00)and other valuable consideration,receipt whereof is hereby acknowledged,hereby grants,bargains,sells,aliens,remises, releases,conveys,and confirms unto the grantee,all the certain land situated in County of Monroe,State of Florida, viz: The West 70 feet of Lot 14,CONCH KEY SUBDIVISION,according to the Plat thereof,recorded in Plat Book 2,Page 130,of the Public Records of Monroe County,Florida.Said parcel of land being more particularly described as follows,to wit: At the Point of Beginning commence at a point on the North Right-of-Way line of South Conch Avenue and the Southwest corner of Lot 14,Conch Key Subdivision, according to the Plat thereof as recorded in Plat Book 2, Page 130, of the Public Records of Monroe County, Florida; thence run in a Northerly direction along the West boundary line of Lot 14 for a distance of 70 feet to the Northwest corner of said Lot 14;thence proceed at a right angle along the Northern lot line of Lot 14 for a distance of 70 feet to a point; thence at a right angle and running parallel with the East lot line of Lot 14,run a distance of 70 feet to a point on the South lot line of Lot 14,and on the North Right-of-way line of South Conch Avenue said point being 70 feet from the Point of Beginning;thence at a right angle proceed in a Westerly direction along the South lot line of Lot 14 a distance of 70 feet back to the Point of Beginning. Grantor warrants that at the time of this conveyance,the subject property is not the Grantor's homestead within the meaning set forth in the constitution of the state of Florida,nor is it contiguous to or a part of homestead property. Subject to easements,restrictions,reservations and limitations of record,if any. TOGETHER with all the tenements, hereditaments and appurtenances thereto belonging or in any wise appertaining. Warranty Deed Pagel https://or.monroe-clerk.com/LandmarkWeb//Document/GetDocumentForPrintPNG/?request... 7/9/2019 Page 2 of 3 Date Submitted: 2019-07-31 12:29:13.490 1 Form Key: 5343 Dock 2174167 Bka 2912 Pya 1220 TO HAVE AND TO HOLD the same in Fee Simple forever. AND the grantor hereby covenants with said grantee that the grantor is lawfully seized of said land in fee simple;that the grantor has good right and lawful authority to sell and convey said land;that the grantor hereby fully warrants the title to said land and will defend the same against the lawful claims of all persons whomsoever;and that said land is free of all encumbrances,except taxes accruing subsequent to: 2017. IN WITNESS WHEREOF, the said grantor has signed and sealed these presents the day and year first above written. Signed,sealed and delivered in presence of: itness Signatur, Linda Monahan inted Name of Fi; W itness tress Signature Cos,64aco-_IN,JLS Printed Name of Second Witness STATE OF FLORIDA COUNTY OF MONROE The foregoing instrument as acknowledged before me this day of June,2018 by Linda Monahan who[ ]is personally known or[ has produced a driver's licensZNotary tification. ublic [Notary Seal] :•,°��Ett,?o2��cN. s Printed.Name: y #GG 105754 e m�5; Q My Commission Expires: q yA°nded it,N .,•�� — Uadel'. �O�Q Wan anty Deed Page 12 https://or.monroe-clerk.com/LandmarkWeb//Document/GetDocumentForPrintPNG/?request... 7/9/2019 Page 3 of 3 Date Submitted: 2019-07-31 12:29:13.490 1 Form Key: 5343 Doop 2174167 Bkp 2912 P9p 1221 TO HAVE AND TO HOLD the same in Fee Simple forever. AND the grantor hereby covenants with said grantee that the grantor is lawfully seized of said land in fee simple;that the grantor has good right and lawful authority to sell and convey said land;that the grantor hereby fully warrants the title to said land and will defend the same against the lawful claims of all persons whomsoever;and that said land is free of all encumbrances,except taxes accruing subsequent to: 2017. IN WITNESS WHEREOF, the said grantor has signed and sealed these presents the day and year first above written. Signed,sealed and delivered in presence of: ur onahan Witne.��Sign'ature Andrea L.Van Buren as Trustee of the Andrea L.Van Buren Revocable Living Trust dated November 28,2017 Printed Name of First Witness /J� B 4 C1A Andrea L.Van Buren Witness Signature Trustee L i Yl e �►1�t 1 Printed Name of Second Witness STATE OF FLORIDA COUNTY OF The foregoing instrument was acknowledged before me this�—day of June,2018 by Arthur Monahan, and Andrea L.Van Buren,who[ ]are personally known or[ have produced a driver's nse as identification. l � tary ublic [Notary Seal] Printed Name: � f PY �' S IENNIFERLBRIGG5 My Commission Expires: D f Notary Public-State OfFlorida Commission t GG 135229 +u> o� xpiresAug16,2021My Comm. .•�;` '•` Bonded thm.'A nn.hafiaral Notary A ocrtv,. + Warranty Deed Page12 MONROE COUNTY OFFICIAL RECORDS https://or.monroe-clerk.com/LandmarkWeb//Document/GetDocumentForPrintPNG/?request... 7/9/2019 Date Submitted: 2019-07-31 12:29:13.490 1 Form Key: 5343 AGREEMENT FOR THE PURCHASE OF LANDS .,. O: THIS AGREEMENT is made and entered into this r day of A1111 ,20 by and between Arthur Monahan, Linda Monahan, and Andrea Van Buren hereinafter style the Seller(s), for themselves, their heirs, executors, administrators, successors and assigns, and MONROE COUNTY, FLORIDA(hereinafter, "COUNTY"). ITNSSTH: 1. In consideration of Ten Dollars ($10.00) in hand, paid by the COUNTY, the receipt of which is hereby acknowledged,the Seller(s)agree to sell to the COUNTY certain lands upon the terms and conditions hereinafter set forth, and for the price of $165,000.00 for all of the lands and other interests, which lands shall include all tenements, hereditaments, together with all water and other rights, easements, appurtenances, and any and all of the Seller's rights in or arising by reason of ownership thereunto belonging, owned by them, situate and lying in the County of Monroe, State of Florida, more particularly described as follows;to-wit: The West 70 feet of Lot 1 , Conch Key Subdivision (PB 2-1 ), more particularly described In Exhibit A. The rights in conveyed in this transaction include the rights to three residential dwelling units exempt from the Rate of Growth Ordinance referenced In the August 7, 2006 1 er shown as Exhibit B. 00385780-000400 The Seller(s) agree that they have full right, power and authority to convey, and that they will convey to the COUNTY the fee simple title together with legal and practical access thereto clear, free and unencumbered, except subject to the following easements or reservations: Existing easements for canals, ditches, flumes, pipelines, railroads, public highways and roads, telephone,telegraph, power transmission lines and public utilities. The COUNTY, at the COUNTY'S expense, within the time allowed to deliver evidence of title and to examine same, may have the real property surveyed and certified by a registered Florida -surveyor. If the .survey discloses encroachments on the real property or that improvements located thereon encroach on setback lines, easements, lands of others, or violate any restrictions, contract covenants, or applicable governmental regulations, the same shall constitute a title defect. Seller(s) shall convey a marketable title subject only to the aforementioned liens, encumbrances, exceptions or qualification set forth herein. Marketable title shall be determined according to applicable.title standards adopted by,authority of the Florida Bar and in accordance with.law. The COUNTY shall have sixty ( 0) days from the effective date of this Agreement in which to examine title. if title is found defective, the COUNTY shall, within this specified time period, notify Seller(s) in writing specifying defect(s). If the defect(s) render title unmarketable the Seller(s) will have one hundred twenty (120) days from receipt of notice within which to remove the defect(s). The Seller(s) will use diligent effort to correct defect(s) in title within the time provided therefore, including the bringing of necessary suits, failing which the COUNTY shall have the option of either accepting the title as it then-is or rescinding the Agreement herein. 1 1 a Date'Submitted: 2019-07-31 12:29:13.490 Form Key: 5343 3. The Seller(s) further agree not to do, or suffer others to do, any act by which the value or title to said lands may be diminished or encumbered while this Agreement is pending. It is further agreed that any loss or damage occurring prior to the vesting of satisfactory title in the COUNTY by reasons of the unauthorized cutting or removal of products therefrom, or because of fire, shall be borne by the Seller(s); and that, in the event any such loss or damage occurs, the COUNTY may, without liability, refuse to accept conveyance of said lands. 4. The Seller(s) further agree that during the period covered by this instrument 'officers and accredited agents of the COUNTY shall have at all reasonable times the unrestricted right and privilege to enter upon said lands for all proper and lawful purposes, including examination of said lands and the resources upon them. The Seller(s) hereby waive their rights to any and all claims against the COUNTY or the State of Florida associated with, or arising from ownership of, said lands and this waiver shall survive closing. 5. The Seller(s) will execute and deliver upon demand of the proper officials and agents of the COUNTY a good and sufficient deed of warranty conveying to the COUNTY a marketable title to the said lands of such character as to be satisfactory to the legal counsel of the COUNTY and said deed shall provide that the use, occupation and operation of the rights-of-way, easements and reservations retained therein, shall be subordinate to and subject to such rules and regulations as may be prescribed by the COUNTY governing the use, occupation,.protection and.administration of lands. 6. In consideration whereof the COUNTY.agrees that it will purchase all of said lands and other interests at the price of 16 , . . The COUNTY further agrees that, after the preparation, execution, and delivery of the deed, and after the legal counsel of the COUNTY shall have approved the title thus vested in the COUNTY, it will cause to -paid to the Seller(s)the purchase price. The COUNTY shall pay the following expenses associated with the conveyance of the property: deed recording fees, settlement fees, abstract fees, title examination fees, the Buyer's aorney's fees, and title insurance, as well as the prorata share of prepaid real property taxes allocable to the period subsequent to the vesting of title in the COUNTY, or the effective date of possession of such real property by the same, whichever is earlier. The Seller(s) shall pay the expenses of documentary stamps to be affixed to the deed and the removal of trash, debris, and structures from the property, if any, and real estate commissions, if any. Full possession of the premises shall pass to the COUNTY as of the date payment is made to the Seller(s) subject only to the reservations stated in Section 2 above. 7. It is mutually agreed that an abstract,title insurance policy or other evidence of title to the property herein contracted to be sold, satisfactory to the legal counsel of the COUNTY will be obtained by the COUNTY at its expense. The Seller(s) expressly agree herein to furnish to the COUNTY any documents in Seller(s)'s possession establishing evidence of title including, but not limited to, abstracts, title commitments,title policies and opinions of title. 8. It shall be the obligation of the Seller(s)to pay all taxes and assessments outstanding as liens at the date title vests of record in the COUNTY,whether or not such taxes and assessments are then due and payable. 9. it is mutually understood and agreed that notice of acceptance of this Agreement shall be given to the Seller(s) by mail addressed to the Seller(s) at the following address: 376 Connecticut Street t. Myers Beach, FL 33931 2 Date Submitted: 2019-07-31 12:29:13.490 1 Form Key: 5343 and shall be effective upon date of mailing and shall be binding upon all of the Seller(s) without sending a separate notice to each, except as such obligation may be affected by the provisions of paragraph 6 hereof. 10. The property shall be delivered at closing free of any tenant or occupancy whatsoever. 11. The effective date of this Agreement shall be that date when the last one of the Seller(s) and the COUNTY has signed this Agreement. 12. If the Seller(s)wish to proceed With this transaction, the Seller(s) have until April 3, 2018 to sign and return this Agreement to the COUNTY. This Agreement may be executed in counterparts. The parties agree to exercise reasonable and good faith efforts to close the transaction by June 19, 2018. If the transaction has not closed by June IS,- 2018, either party may terminate this Agreement at any time thereafter by providing written notice, at which point the parties shall release one another of all further obligations under this Agreement. Notwithstanding any provision of this Agreement to the contrary, the closing of this transaction is contingent upon approval by the Monroe County Board of County Commissioners, failing which the COUNTY and the Seller(s) shall release one another of all further obligations under this Agreement. IN WITNESS WHEREOF, the Seller(s) have hereunto signed their names and affixed their respective seals on the day first above written and therefore the Seller(s) for and in consideration of the Ten Dollars ($10-00) hereinabove acknowledge as received, have and do hereby grant unto the COUNTY or its authorized representative, or any other office or agent of the COUNTY authorized to purchase said lands, the option and right to enter into this Agreement for Purchase within sixty (60) days from the execution thereof by the Seller(s), and to purchase said lands as herein provided. Seller/ Arthu Monahan V k oy - 01 S6WO—re Date Phone Number 0 X Seller/ Linda Monahan C Sigrfiture Da#e Phone Number ju ju r", Seller/ Andrea Van Buren W qqj Signatur6 Date Phone Number 3 WE B NTY MONROE COUNTY, FLORIDA CK,\�,,',-ZR-KEVIN Ab,6 PA, Clerk CZ(- � C-- 40e02 el-3�By -- -- - C:)C- P Deputy Clerk David Rice, or CZ M, (Seal) Date: -n C) V 3 Date Submitted: 2019-07-31 12:29:13.490 1 Form Key: 5343 EXHIBIT A e West 70 feet of Lot 1 , CONCH KEY SUBDIVISION, according tote Plat thereof,, recorded in Plato ,Page , of the Public Records of Monroe County, Florida. Said parcel. .land i ore particularly describedas follows,to wit: t the Point of Beginningcommence at a pointRight-of-Way line of South ConchAvenue and the Southwest corner of Lot 14, Conch Key Subdivision, according to the Plat thereof as recorded in Plat Book 2, Page , of the Public Records f Monroe County, Florida; thence run In o l direction along the West boundary lie of Lot 14 -for a distance70 feet tote Northwest corner of said of ; thence proceed at a right angle along the Northern lot line of Lot 14 for distance 70 feet to a point; thence at a right anglea running arle with the East lot line of Lot 1 , run a distance of 70 feet to a pointt eSouth lot line of Lot , and on the North Right-of-way line of Southc ve e said o' 7 feet from the Point of Beginning; thence t o right angle proceed in a Westerly direction l out lot line of Lot 14 a distance of 70 feet back to the Point of Beginning. i s Date Submitted: 2019-07-31 12:29:1.3.490 Form Key: 5343 EXMIT County of Monroe Ptannina Deaartment Board of County Commissioners 2798 Overseas Highway Mayor Charles McCoy,Dist.3 Sulte 400 Mayor Pro Tem Dixie Spehar,Dist.1 Marathon,Florida 33050 - Comm.George Neugent,Dist.2 Voice:(305)289 2500 Vacant,Dist.4 FAX: (305)289 2536 • Comm.Murray Nelson,Dist.5 we strive to be caring,professional and fair August 7,2006 Arthur Monahan 375 Connecticut Street Ft.Myers Beach,FL 33931 31 S. Y1Aw RE:Lot 14,Conch Key(RE:00385780.000400) y� Mr.Monahan, You requested a determination as to whether three(3)residential dwelling units may be rebuilt and exempt from the Residential Rate of Growth Ordinance(ROGO)on the above-described premises. A review of the records has determined: The property is located In a Commercial Fishing Special District(CFSD-16). Detached dwellings and mobile homes are permitted as a matter of right. Attached dwellings are permitted,provided that the total floor area of residential uses does not exceed twenty-five(25)percent of the land area within the Commercial Fishing Area District. Prior to 1986,the property was within a BU-2,Medium Business District. o A site visit was conducted by a,Monroe County Planner,Joseph Haberman,on August 3,2006. One(1)single-family detached dwelling and two(2)mobile homes were observed on the property. There was electric and water service to each of the units. The Monroe County Property Appraiser's records show that a residential unit has existed on the tax roll from 1982 to present. Currently,there are three(3)residential buildings being assessed on the property,with years built of 1982(Building 1—768 ftz detached dwelling),1975(Building 2—192 ft2 mobile home)and 1975(Building 3—320 ft2 mobile home). The property received a homestead exemption from 1982 to 2005. Archived records from the Property Appraiser indicate that there were two(2)mobile homes on the property in 1977 and include photographs. The two mobile homes present on the property in 1977 appear to be the same mobile homes currently on the property. • Aerial photography indicates that there were three(3)structures on the site in 1984 and 1989. The following Building Permits were found for the property: Permit Number Date issued Description 052-6740 12/14/2005 Hook up sewer line from unit 952-0957 08/29/1995 Re-roof existing buildin B-6902 03/04/1981 Construction of single-family residence B-3803 01/12/1979 Replace existing trailer 10640 01/26/1966 Install patio Lot 14,Conch Key(RE:00385760.000400) Page 1 of 2 Date Submitted: 2019-07-31 12:29:13.490 1 Form Key: 5343 • Florida Keys Energy Electric Cooperative records indicate that 31 Conch Avenue had two(2) separate meter accounts on the property from 1975 to 1981. In 1981,a new account was initiated to service all units on the property and currently remains active. Based on our review of the records,,once all existing structures are�demolished,three(3).residential' units maybe rebuilt conforming to all currentMonroe County Codes without going through,ROGO;, Pursuant to Monroe County Code Section 9.5-43 you are entitled to rely upon the representations set forth in this letter as accurate under the regulations currently in effect. Please feel free to contact the Planning Department at(305)289-2500 if you have any questions. J Sincerely, Heather Beckmann Aref Joulani Principal Planner Senior Director of Planning&Environmental Resources i Lot 14,Conch Key(RE:00385780.000400) Page 2 of 2 E' t Date Submitted: 2019-07-31 12:29:13.490 1 Form Key: 5343 Appraisal for the Following Site(s): 31 S. Conch Ave, Conch Key Date Submitted: 2019-07-31 12:29:13.490 Form Key: 5343 �f' l i I � ♦'�7�I,. i �� P P R A I S A L P.O. BOX 501524 MARATHON, FL 33050-1524 Telephone: 305-289-7220 E-mail Address: keysappr@amail.com March 18, 2018 Mr. Mark Rosch - Monroe County Land Authority RE: Valuation of: 31 S Conch Avenue, Conch Key, FL AND 77 S Conch Avenue, Conch Key, FL This valuation was completed to determine market value as of the date of inspection on March 12, 2018 of the two vacant lots above. The use of this valuation is for an inter-office decision making transaction within Monroe County Land Authority. The subject properties were personally inspected by me.There are two separate parcels on the island of Conch Key, both are designated Tier 3 by Monroe County. This island is located at mile marker 62.9 off the Overseas Highway, bayside of the highway. The entire island is zoned Commercial Fishing Special District #16. There are about 125 non-waterfront, canal front and open water front properties on the island. The entire island is mostly built up with single family homes, multi-family and commercial establishments. At least 50% of the island's actual use is associated with the commercial fishing zoning designation. See site maps, aerial maps and photos in the addendum to the report for each subject. Prior Prior Downer Address Size RE# View Sales Price Sale Date Monahan 31 S Conch Ave 4,900 00385780-000400 Dry $396,000 5J1f2005 Seashime,LLC 77 S Conch rive 3,500 00385830-000000 Dry $95,000 7J112010 31 S Conch Avenue This property is now a vacant, non-waterfront lot with 4,900 sf. The lot is cleared, has 70' of frontage along South Conch Avenue and 70' depth. Monroe County states it includes three building rights. A stilted single-family home was demo'd in January 2018, after Hurricane Irma and two other mobile homes were demo'd in 201 1-2012. The prior sale was at the top of the market in 05/2005 for$396,000. This property is not currently listed forsale but was listed forsale from 05/2017 to 11/30/2017; mis#575777, the list price was $325,000 and spent 183 days on the market with no activity. 77 S Conch Avenue This property is a vacant, non-waterfront lot with 3,500 sf. The lot is cleared, has 50' of frontage along South Conch Avenue and 70' depth. According to Monroe County there are two building rights inherent with this lot. The prior sale was in 2010 for$95,000. It is currently listed for sale in the local MLS, #578654. List date was 02/07/2018 with a list price of $179,000 or$51.14/sf with 39 days on the market. Census Tract 9710.02 Flood Map 12087 C 1 167K - AE Zone - Dated 02/18/2005 Date Submitted: 2019-07-31 12:29:13.490 1 Form Key: 5343 Page 2, Conch Key vacant lots, Mark Rosch, 03/18/2018 Valuation Brandvold Appraisal was asked to determine an estimated market value for each of the two properties listed on the prior page. Conch Key contains about 15 acres and is surrounded by FL Bay on three sides with the Overseas Highway bordering the island on the east. As stated before there are only about 125 properties on the island and many of them are less than 5,000 sf.Sales take place, but they are few and far between.The island is all Commercial Fishing zoning. There are very few areas in the FL Keys with this commercial designation where commercial businesses are adjacent to residential properties. In addition, the boat access is ideal since there is immediate access to FL Bay and the Atlantic Ocean. There are areas on Stock Island with similar characteristics, but the proximity to Key West makes that area not comparable.There are a few streets on Summerland Key with both commercial fishing zoning and residential influences, but no sales found of non-waterfront lots. In Marathon, there are two areas that contain commercial fishing areas. Fishermen's Pointe in Old Town Marathon contain non- waterfront lots, all with deeded docks and very few, if any residential influence. The other area in Marathon with fishing related zoning is the main artery off Coco Plum Drive; however, all lots are waterfront and not comparable. The most reliable way to estimate land value is by sales comparison.This appraisal technique is dependent upon utilizing truly comparable market or sales data which have occurred near enough in time to reflect market conditions relative to the time-period of the appraisal. When few sales are available other procedures may be used to value land. There are seven procedures that can be used to obtain land value indications: 1. Sales comparison - Sales of similar, vacant parcels are analyzed, compared, and adjusted to provide a value indication for the land being appraised. 2. Proportional Relationship - Relating a site to a known standard site. The difference can be expressed as a percentage.This procedure can be used when there is little value evidence in existence. 3. Land Residual Technique - It is assumed that the land is improved to its highest and best use. All operating expenses and the return attributable to other agents of production are deducted, and the net income imputed to the land is capitalized to derive an estimate of land value. 4. Allocation - Sales of improved properties are analyzed, and the prices paid are allocated between the land and the improvement portions. 5. Extraction - Land value is estimated by subtracting the estimated value of the depreciated improvements from the known sale price of the property. 6. Ground Rent Capitalization - This procedure is used when land rental and capitalization rates are readily available, as in well-developed areas. Net ground rent, the net amount paid for the right to use and occupy the land, is estimated and divided by a land capitalization rate. 7. Subdivision Development-With this approach land value is estimated as if the land were serviced with infrastructure and available for sale in smaller parcels. All costs including infrastructure and carrying charges are subtracted from the estimated proceeds of sale, and the net income projection is discounted over the estimated period required for market absorption of the sites. Date Submitted: 2019-07-31 12:29:13.490 1 Form Key: 5343 Page 3, Conch Key vacant lots, Mark Rosch, 03/18/2018 With the appraisal process and these several possible approaches to value understood, it is appropriate to considerwhich methods and procedures should be used to analyze and interpret the land data. The choice is based upon what data is available, its reliability and usefulness in making a value estimate. At this time, the only other available method to determine a market value for these vacant lots would be through EXTRACTION. Even though this method is not the most reliable because the depreciated value is estimated, at least a reasonable amount can be deduced. I must stay in Conch Key and use the two vacant lot sales and take the other improved, non-waterfront sales and extract the value of the improvements. Sales Activity in Conch Key 2015 - 2018 There has been one sale in 2018 and that was a canal front home with open waterviews, which is not comparable in any way to the two subject lots.There is a pending sale at 71 S Conch Avenue on a dry lot that will be analyzed later in this discussion. The only other active listing is 77 S Conch Ave, one of the two subject lots, listed at $179,000 with 39 days on the market. In 2017, only one sale was found in the county records and none in MLS. 92 N Conch Avenue, a vacant dry lot, sold in May and will also be discussed in the sales analysis of this report. Two sales were found in 2016, one improved, non-waterfront and another on open water. In 2015, seven sales were found on the island, both non-waterfront and waterfront. The non-waterfront sales will be used to help determine a value in this report. In recap, five closed sales were found and one pending sale over the past three years. One non- waterfront lot in 2015, plus two non-waterfront improved sales. In 2016, one non-waterfront improved sale. In 2017, one non-waterfront lot and there is one pending sale in 2018 of an improved, non- waterfront property. The 4 improved, non-waterfront properties will have the improvements "extracted" to arrive at the value of the land, including building rights. There are four comparable sales with improvements, the Extraction Method will be applied below.The two vacant land sales will also be included in date order. Conch Key Sales 2015 - 2018 Price Sales Sales Price Per SP Prior Prior Seller-Buyer BlocklLot Date Price Size Per SP Just Land RE# Condition Sales Price Sale Date 1.Lloyd to Franzen 51 S Conch Five 5a1f2015 $113,500 3,500 $ 32.43 S 32.43 00386800-000100 vacant $0 n�a 2. Maino to Walker 81 S Conch Ave 5/1/2015 $200,000 3,500 $ 5714 $ 28.86 00385810-000000 improved 370.000 12A/2011 3.111 W Conch to Wiatt 111 W Conch Ave 8/V2015 $100,000 4,113 $ 24.31 $ 17..58 00305850-000000 improved $92,000 31r2001 4 Beck to Borman 81 S Conch Ave 8T2018 $290,000 1500 $ HE S 53,05 000385840-000000 improved $339,1OO 111/2005 5 Montalongo to Buxton 92 N Conch Ave 5f1r2017 $50,000 4.113 $ 1216 $ 1216 00385860-000000 vacant $47,000 1V27r2001 5.Marcello 71 S Conch Ave Pending $260.000 3,500 $ 74.29 $ 43.61 00385820-000000 improved $154,900 12il/2014 Average of all sales $ 47.20 $ 31.29 $34.62 Low and High Removed Date Submitted: 2019-07-31 12:29:13.490 1 Form Key: 5343 Page 4, Conch Key vacant lots, Mark Rosch, 03/18/2018 Description of Sales Sale #1 -vacant 51 S Conch Ave, Conch Key Sold: 05/05/2015 Sales Price: $1 13,500 or$32.43/sf Land Size: 3,500 sf Building Rights: one This property sold in May 2015 with a building that was later demo'd, it now has a new custom home on the site built in 2017. Sale #2 g+ I k 61 S Conch Avenue, Conch Key Sold: 05/17/2015 Sales Price: $200,000 Land Size: 3,500 SF Building Size: 660 SF Building Rights: one 660 SF x$200/SF = $132,000 25% depreciation - 33 000 Depreciated value of building: $99,000 Total sales price $200,000 Minus Depreciated value of Building - 99 000 Value to Land $101,000 - 3,500 SF = $28.86/sf This sale was of a little, conch house in relatively good condition for it's age. I estimated the building to be 25% depreciated. This sale took place without a realtor but was an arm's length transaction. Date Submitted: 2019-07-31 12:29:13.490 1 Form Key: 5343 Page 5, Conch Key vacant lots, Mark Rosch, 03/18/2018 Description of Sales- continued Sale #3 7 � r f' lr f t r 111 W. Conch Avenue, Conch Key Sold: 08/24/2015 Sales Price: $100,000 Land Size: 4,113 SF Building Size: 554 SF Building Rights: one 554 SF x$200/SF = $110,800 75% depreciation - 83 100 Depreciated value of building: $27,700 Total sales price $100,000 Minus Depreciated value of Building - 27 700 Value to Land $72,300 -4,113 SF = $17.58/SF This sale also included a tiny, conch home built in 1948. The home needed extensive work, several of the parties were friends, no realtor was involved, and the buyer owns the motel across the street. After extracting out the building, the value to the land is low. Date Submitted: 2019-07-31 12:29:13.490 1 Form Key: 5343 Page 6, Conch Key vacant lots, Mark Rosch, 03/18/2018 Description of Sales - continued Sale #4 1 81 S. Conch Avenue, Conch Key Sold: 08/23/2016 Sales Price: $290,000 Land Size: 3,500 SF Building Size: 652 SF Building Right: one 652 SF x$200/S F = $130,400 20% depreciation - 26 080 Depreciated value of building: $104,320 Total sales price $290,000 Minus Depreciated value of Building - 104 320 Value to Land $185,680 - 3,500 SF = $53.05/SF This sale included an older home that had been very nicely updated. I spoke to Wanda Brock the listing and selling realtor and she confirmed there was only one building right associated with this lot. This is by far the highest price per square foot for the home and for the land with the home extracted. The realtor did mention the sale included seller financing at a favorable rate. Conch Key is typically difficult to obtain financing for single family homes because of the commercial zoning and lack of sales. So, the higher price has been influenced by the owner financing. Date Submitted: 2019-07-31 12:29:13.490 1 Form Key: 5343 Page 7, Conch Key vacant lots, Mark Rosch, 03/18/2018 Description of Sales Sale #5 - vacant 92 N Conch Ave, Conch Key Sold: 05/24/2017 Sales Price: $50,000 or$12.16/sf Land Size: 4,113 sf Building Right: one This sale was of the vacant lot with one building right from a structure that was demo'd in 2008. There was no realtor involved in the sale and the seller Montelongo has owned many parcels on Conch Key over the years; in fact, he was one of the sellers in the LLC that sold Sale #3 to Wiatt. Date Submitted: 2019-07-31 12:29:13.490 1 Form Key: 5343 Page 8, Conch Key vacant lots, Mark Rosch, 03/18/2018 Description of Sales - continued Pending Sale #6 71 S. Conch Avenue, Conch Key Sold: Pending 03/1 1/2018 Sales Price: $260,000 (contract price) Land Size: 3,500 SF Building Size: 649 SF Building Right: one 649 SF x$200/SF = $129,800 25% depreciation - 32 450 Depreciated value of building: $97,350 Total sales price $260,000 Needs $10,000 to finish -$10,000 Minus Depreciated value of Building - 97 350 Value to Land $152,650 - 3,500 SF = $43.61/SF This comp is a current pending sale. The list price is $279,000 but according to the listing realtor, Amy Puto, the contract price is $260,000. The house is not finished, still needing counter tops, back splash and the floors need replacing or refinishing. Puto estimates that $10,000 will be needed to finish. The house was built in 1953 and has been updated, but it is still a 65-year-old house, so I deducted 25% for depreciation to extract the building value. Date Submitted: 2019-07-31 12:29:13.490 1 Form Key: 5343 Page 9, Conch Key vacant lots, Mark Rosch, 03/18/2018 Conclusion I found five closed sales and one pending sale, all on Conch Key, all non-waterfront properties. I extracted the building values out of the improved properties to get down to a land value. The price range of the land only ranged from $12.16/sf to $53.05/sf. Likely the most similar sale is Sale #1 at 51 S Conch Avenue with a price per square foot of vacant land with one building right at $32.43/sf. Surprisingly, the average of the six comps, after Extraction calculates to $31 .29/sf. If I take out the low and the high, the average calculates to $30.62/sf. In my opinion, this market is stable and has shown no signs of appreciation or decline in the past three, so no adjustment will be made to the older sa les. I found three sales from Key Largo to Big Coppitt in 2017-2018, of small, non-waterfront commercial vacant lots with a range in sales price of $24 to $27/sf, with no inherent building rights. These fall essentially in line with the six sales above but somewhat lower since no building rights were included. I will estimate the market value of the vacant lots at$30/sf. 31 S Conch Ave 4,900 sf 4,900 sf x$30/sf = $147,000 77 S Conch Ave 3,500 sf 3,500 sf x$30/sf = $105,000 None of the comparables included additional building rights, like both subjects. No sales of "only" building rights have taken place on Conch Key, that I could find in MLS or county records. Building rights can be purchased on the open market in Monroe County and in the City of Marathon. Current sales of building rights are in the $30,000 to $40,000 range in the past six months. When that building right is purchased, and it is moved to a different location, a transport fee of $20,000 is usually charged by the municipality where the property is located, and the building right can not be transported to other municipalities. The additional building rights associated with the two subject lots will likely stay with these lots and a small duplex or even smaller tri-plex would be built on these lots. All the lots on Conch Key have at least one inherent right since there are few if any lots with no building rights in place. In my opinion, the additional building rights have a value of $10,000 each. The price per square foot of the vacant land with one building right has been determined to be $30/sf, now the additional $10,000 per right will be added. Valuation Calculation 31 S Conch Ave $147,000 + $20,000 = $167,000 77 S Conch Ave $105,000 + $10,000 = $115,000 Date Submitted: 2019-07-31 12:29:13.490 1 Form Key: 5343 Page 10, Conch Key vacant lots, Mark Rosch, 03/18/2018 Conditions I hereby certify that I have no present or contemplated interest in the captioned property and that neither my employment nor compensation for this Limited Evaluation Analysis is contingent upon the amount of valuation reported. I hereby certify that this evaluation was not based on a requested minimum valuation, a specific valuation or approval of loan. The Intended User of this appraisal report is the Monroe County Land Authority for inter-office decision making transaction. No additional Intended Users are identified by the appraiser. Please feel free to call me if you desire additional supporting information that may not have been incorporated in the report. All research materials, maps, notes, comparable sales information are retained in the office of the appraiser and have not been incorporated into this report. It has been a pleasure to be of professional service. Respectfully submitted, 9 Maria Brandvold Real Estate Appraiser, Florida Certified General #RZ2054 Date Submitted: 2019-07-31 12:29:13.490 1 Form Key: 5343 ADDENDUM Date Submitted: 2019-07-31 12:29:13.490 1 Form Key: 5343 31 SConch Avenue,Conch Key,FL 3.3050 - SUBJECT . Brand—Id kpF'ai-I_f the FL Key. 31 &CcrviAvsnue,Scnch Key,FL IMM - SU2J-ECT Fi I.N- case Nc „�„'rttttt`ittrttt ncr.A— C,, Ccnch Key Si'-u Nfcnrce S"7z FL LD C. .-._ '-39Fi7�. u rv?e�u ors klanxoa Gcumty Land Auih ity 7 ( ,�"i';idi," Ida iu„sum,}:m fS mfS mfS`-,mr mfSSmfS�mfS`-,L fS`-,m fS mfS mf r . 31 S^.cr ch A— b3+i2?�'�13 ,1 4 k �; �� Q �� 3��rfrri jfgtlh#}r�st{t1y1Sl'V�1�1Sy1t1{��r,� m1„ k to r r 5 j��'s� 1��'•rf�. i�w rp t�� '�"" �.,) � � a t°� I�t�E {��sn�K�l �-& 11f i1 �tINI S'trfet view facing south f kg t=ht {iII(r kS?, lyt5�'p. i �� yt - Street Vie; faring north t �S'i ai t i r y I r �) 1" rr �t 31 S Conch Avenue, Conch Key Date Submitted: 2019-07-31 12:29:13.490 Form Key: 5343 gsencivalaAppraissl of the FL Keys File Pose=. Ku4 Case No. I* Cb 6 —B,arE: Fist Pat.SF - 21 S C,-,n&,Awenu>e EELt: serial r �n f s "11 t ti �§ u I � t Date Submitted: 2019-07-31 12:29:13.490 1 Form Key: 5343 77 S Conch Avenue,conch Key,FL 33050 - SUBJECT 3Tand:mDld appraisal of the FL Keys 1 7 S Car.ch A^enu-e,Cench Kgy,FL'3305a - SUBJECT File ND. K94IN 3rn?R'4' N,A 31 S,Crneh.Ave and 75 10,Gnch Ave v 'Gvnch KgV Sta'�= FL Zof`,;— K-054 n ILfnn—C..r.ty Land.Auth-ity .�„>tffif�rii,oii,6u�u'fii; ,4u uti;fiu'fii;1 U Ufli�u ii u��Ui�Ui�ui�iiiiuis U �k7, 77 SCvnch Ave �aY t$, Str-et vi w facing s uth $€• fll)3 I tft � �1c �`(t ii: f ff s��t (t4 (£( frr f �1 - f rt r £ j11sj ))??�ltllf i 4$a ti3��12tiN{1 a iftr\sl�ilstit� R} tr t �Tfj'f N R"f 5, ,j�L t s fry lttri}tt� �i1 f�t.SS fu StTeetviPwfacirg rrvetrth r?j'`�Ia.LLUIa�;£;j:f`Gr�la'i£t`r!i t � a" 1} i f T 77 S Conch Avenue, Conch Key Date Submitted: 2019-07-31 12:29:13.490 Form Key: 5343 Earncivuld-ppraisaI-af the FL Ksya File-Ra. M—KfA Case N,-G so Cb 60 o so f, "I:b ABOVE: Plat I'dap- 77S Con chAvenus EE:L'J'W sTial �k Y k 4 YF'` 4 nn i fy �i• i �# YSP�� i � , Date Submitted: 2019-07-31 12:29:13.490 1 Form Key: 5343 Bran dvGldApp:sissI f the FL Keys AERIAL PLAT VIEW FileRc. f:s4�a Pr_d_t?x ta_:..vs 3'! B uan ch.ave sr. `"5cn:: ,'v�e rrsct Key, ,r Yelcnrae 5=<at>F FL Z,D_..xrs 52953 to r.�., nd A1�nr e a unty Lsn�Ruth city A s,i t yi ni^Fr41T4irs�10f4irt�ti�4irs ItiA4irt Iti�4irt Iti�iYirt Iti�4irt Iti�Yrtrt Iti)rirs Iti��l:; ik S r,}( (}[q\)1)}}(7 '•1 = I � '�' "<�"ram ill�)i}+j 44s r)- �s Date Submitted: 2019-07-31 12:29:13.490 1 Form Key: 5343 ®;rand4,.cIaAppTa ism I clthe FL Kr=ya FLOOD MAPADDENCsUM Fil-Nz K54C- Case Na. u ncia.;ve an-:d F S Gan&.Ax C, Inch Key tf rkzrr C L. 51=- rL Z,Co6e a3lo 50 P>rlcna-ceC.auntyLar,-d,4uthc,ity° ,q:� s +,k1li€)a€'ii€V'S3u54�iu4ku4kuUuku�kk€�iu�)kuUuUu)kuU€��,)ku�u)kuU�u)k '�, 'iep:ari+d Pur:51aridvu1J Apjpai�;at As;u=ia{ea. InterFlood ,".,• ,r r.gas,., 1 8 Cnnch Ave 4:nnr.h Key,F :M 11-0-M I 1 a } t� ® F } ( � t 1 NIA NIAP DATA NIAP L_:Gr-ND F_PdAEpacg-a1 9wd HazardAr-,a:Yea �Nzaa inurd:aXd h ,--kg-�vu #la:ding �:% Pr7tec:eJ 8mf3!-; MOP NU-now,1208-TC1157K pra.,m AF O fir--a,in urCl,7!"by 1C-U _'a'flood inn � HO XIWay Ma la ,a:m.Fehruisry 12,2006 I I v..r, iay H -.a,,t { 4i l iwo 1.'wpm hIH�'a:1L11�� Real Estate Appraisal License Date Submitted: 2019-07-31 12:29:13.490 1 Form Key: 5343 RICK SCOTT,GOVERNOR KEN LAWSON,SECRETARY STATE OF FLORIDA DEPARTMENT OF BUSINESS AND PROFESSIONAL REGULATION d k#y FLORIDA REAL ESTATE APPRAISAL BIB ro- The CERTIFIED GENERALAPPRA6SER Named below IS CERT[FIE[ Under the provisions of Chapter 475 F . Expiration date. NOV 30, 2018 i BRANDVOL> ARIAA - #,�I MAN Q-WAR RD MARATHON FL 11660 9 r {S IJEb M0612016 ",,, DISPLAY AS REQUIRED BY LAW SEQ# L1610IJ60001627 Date Submitted: 2019'07'31 12:29:13.490 1 Form Key: 5343 Certification and Limiting Conditions Date Submitted: 2019-07-31 12:29:13.490 1 Form Key: 5343 Certification and Limiting Conditions Brand—I d.Appraisal of the FL keys. File IV.u,. it".54?t4 Casa,tfu kt ,�,Le LLI�I I I I I iUe:l,' APPRAISEWS,CiERTIFIl AT1ON: I certify that,to,tha usst uF mykno-Isags and belief: 1.The reppets:sna.ly^ses.cpini:.ns,and ccndusirsns sae:limited arly dy the re:pcned assumptions and limiting can:di'ti:ns,and are m per.—I,impartial,and unbiased ps..fersaic:na.l and:lysas dpihi—n and cu nd usians. e 10 have, [X]have nu paerss:nt ur prrvspsotive interest in thee,property that is the subjsct of this:report j]have Ekj'have nv pers—al interest+.frith r—pact t.the p,aetic-s in—Wed. S.1 F_I have perfar—ff]have-nut perfarmed sc_:n;ices.as an appraiser ar in any ether u2p2dty,regarding the propsxty that is the subject rf this re:V-rt within the three-year pwri4"d immediately preceding ary ptance'sf this assignment 4.1 have n.bias Mth respect t.the prcpaaty that is the subject of this rspurt-t.the pasties involved x ith this assighm"&Mt °= My engagement in this assignmsm suds nut contingent upun develcping w reporting predetsrm:i—I results. ?I 11,y—pensatian fuT cumplsling this assignment is nut contingent upon the dal—ItIpment ZT reporting of a pr determined value rot airsetiun in valuethatfam.rsthe ca:useofthisdism,thsa-dumt fthe valueupinicn theattainmentufastipulatsdfadull arthe—nence df a.subsepuent Event directly related to the intended use:of this appraisal. 7.forty a nalyses..pini.ns,and oundusicns.v✓sxe de:m-elvped,and this reps=rt hss been psepsred,in ccnfesm-ity.Mth ywumr�tanrJ3rrAc of ProfedLiagal Apprata 'Peastfee A I I- have[� have not made.a pers..na.l inspe:cti.n.f the:pr.:party that is the sutaject c#this sap-t. E Unless cth—ire noted,no one has provided significant real prapevty a-.Ppra.isa.1 assistarce to the person signing this csnification. SUPERVISORY APPRAISERS CERTIFICATIONd: Th.SuperU-i—yAppra.i--,tiff—and agreeathat: 1 1 directly suparvis®d th.e appraiser fur this appraisal assignment,hays read the appraisal rsport,and ag—,ith the sppra:i—'s a n elysis,oPini.—.statements,—Ausi-cons,and the a:pp,aisers—tificati.n. 2 1 a pt full responsibility far the contents of this appraisal report including,but nut limited tu,the app-iser's analysis,upini.ns, statements,ccndusians,and the appraiser's.certification. 3.The.appraiser identified in this appraisal report is eithers sub-contractor.'an em..pl.ye.df the supervisory appraises tus th:e appraisal firma,is qualified to perfarm this appraisal,and is acceptable to perform this appraisal under,the applicable state lax^. 4.This spprsi-I-part mpli—,ith.the Unif—S,tands.ds.f Professional Appraisal F actica:that eua,e ad.pted and promulgated by the.ppaai.sa1 Standaeds Board of ThApp—issl Faundatian and that a—in place at the time this appraisal repwrt"as p-pared. C.If this appraisal span,vas transmittal as an'5alaclsani—t-fd"'containing my"Electrunicsigna:tune;"as then terms are. defined in a:ppli; bla federal snd`ur state laxus lexdu-duinrg sudid.and video retard-inrgs).ur a.facsimile t"ansm:issian sf this appraise:repprt cd-ma.imng a copy ur repsesentatian❑f my sign..sturs,the appraisal depot shall be as Effective.enfurceable and valid as if a papa,veasian aF this appraisal,sp.rt•v=_sa:delivered containing my e,iginal hand-itt=_n rig—tu— APPRAISER SUPERVISORYAFPRAISER 1,ONLY IF R.E IJIR:E:LIS R 5 ig nature _ __ Signature flame fits is Bvandv-Id _ lTamt Cumpsny.—B—dvuh'Appra,isal.f the FL kpys Campanyleiarn. tlLy�„ "e 4tt�It�tl Iytll le It rn:rl exit jy:jp Company A. reBc _g9u4- Company `t-.+Jdtr-ss lia_ath n FL.SM tl it < 'r7 rt trf ij£7 T air=phan atJum a g� 8v- �g T"alepF.n etSurrrb r f�7 fit,i,�r�„1 st,_��}4 1y +1��TT�: Email,gddcess veY Pp'•,r.99—il—m Email Address lit i I to U It i4 r£{sytu#Sire IIats of Sig nature and�R p,rt 4'r'18 L915 Cate of Signafurs � �tl t 7tt t � ti�y '��%er. E$sctiva Cataafspprai-1, StatECsrtifics.ti.n# Stet C rtificatt n#f R= 4 State Lir_er 4£y -�{ }IA i-411£t tj s i S roar State License# p;iti �!�+ t r t£ rj'. ; s r r State cr Other(desaite) � t tJk{�ftit�£p if, States+: Expt ati.n Cate.fCarttftcsai..n✓rLtr�nse s1)tl,o.rj,f a ltl`i, State. FL Expiration Gate cf Gsrtifi motion ar Li can e'111M,2:t718 SUB.tEC.T FROFERTY ADDRESS OF PROPERTY APPRAISED 31 S Canute A—and T7 S Crunch.fvs: [M Did not inspect subject prcperry. 'Conch key,FL�'3.}`Elio �'�,Cid inspect exterior of sudjsat praparty Isom..street Cats srflnspe�iun� ��,��5[y�,t f,jv;:C�,111�,31-�i APPRAISED VALUE OF SUBJECT PROPERTY:,t �r. -itj:!�f„,,,; [UOid inspect inte'riaf and extexiar cfsubject property CLIE14T Catsuflnspsctian Cantar_t <��1"£rt'rte£.�tsl ��s� ,Sti l^i„tti t e.7 ' Ihiitt,titt tY tit iittiittiitr,y ii ClisntName A1unaca Craw my Land A.tn city COMPARABLE SALES Clisntkddrs4 F,I"�".tP t 1e �l., bit o-ct inspR=d extescu uF r>.m..pa-€a bl dal-es from street w 4 jAcb tit !t ,� _>�s Did inspect exte,icr of campasa.ble..91�farm strat Bmail Address 1 1,4(,,1t ,:t,,: ' Page 1 of 2 Date Submitted: 2019-07-31 12:29:13.490 1 Form Key: 5343 MONROE COUNTY FILE #1 4. :3 4 9 Z ' OFFICIAL RECORDS BK#Z `3 E3 7 PG#9 6 0 THIS INSTRUMENT PREPARED BY AND RETURN TO: R C D Mar 26 2004 0 1 : 1 6 P M Larry Erskine,Esq. DANNY L KOLHAGE, CLERK 1200 Truman Avenue Suite 207 Key West,Florida 33040 Property Appraisers Parcel Identification(Folio)Number:00453440-0011000 DEED DOC STAM 150 .00 03/26/2004 DEP CLK SPACE ABOVE TINS LINE FOR RECORDING DATA N THIS WARRANTY DEED,made the 2y of February,2004,by COCONUT GROVE BANK,AS TRUSTEE, whose post office address is 2701 South Bayshore Drive, Miami, FL 33133 herein called the grantor, to MONROE COUNTY BOARD OF COUNTY COMMISSIONERS, whose post office address is 500 Whitehead Street,Key West,FL 33040,hereinafter called the Grantee: (Wherever used herein the terms "grantor" and 'grantee" include all the parties to this instrument and the heirs, legal representatives and assigns of individuals,and the successors and assigns of corporations) W I T N E S S E T H:That the grantor,for and in consideration of the sum of TEN AND 00/100'S(S 10.00)Dollars and other valuable considerations,receipt whereof is hereby acknowledged,hereby grants, bargains, sells, aliens, remises,releases,conveys and confirms unto the grantee all that certain land situate in MONROE County,State of Florida,viz.: SEE EXHIBIT"A",ATTACHED HERETO. Subject to easements, restrictions and reservations of record and taxes for the year 2004 and thereafter. THE PROPERTY CONVEYED HEREIN IS NEITHER THE DOMICILE NOR THE HOMESTEAD OF THE GRANTOR HEREIN NOR HIS/HER SPOUSE NOR ANY OF HIS/HER IMMEDIATE HOUSEHOLD AS DEFINED BY THE LAWS OF THE STATE OF FLORIDA. TOGETHER, with all the tenements, hereditaments and appurtenances thereto belonging or in anywise appertaining. TO HAVE AND TO HOLD,the same in fee simple forever. AND,the grantor hereby covenants with said grantee that the grantor is lawfully seized of said land in fee simple; that the grantor has good right and lawful authority to sell and convey said land,and hereby warrants the title to said land and will defend the same against the lawful claims of all persons whomsoever;and that said land is free of all encumbrances,except taxes accruing subsequent to December 31,2003. IN WITNESS WHEREOF,the said grantor has signed and sealed these presents the day and year first above written. Signed, d and delivered in the presence of: Witness#1 Signature— C0 ut Grove Ba y as Trustee A J e J-�A itnes 1 Pr' ted n RONALD FRVW SEMOIC VICE PRESIDENT AND SENIOR TRUS Tr ICER glynduillie Witness 2 Printed Name STATE OF FLORIDA COUNTY OF DADE The foregoing instrument was acknowledged before me this 25"day of February,2004 by Ronald Frith, who is personally known to me or has produced as identification. SEAL Mr CO ti Ms-z x � ��—r •A0 Sd- EXPM:0c6,2D07 Notary Public bbr ^^ � :' eamnwa.rrywreuirraa. �Z�d P�� /�c�l .� w; ✓ ,. f `" -= '"' = Printed Notary Name �`- I�yC;b�irlafssioriExpires:��1` fo,?�p'3 File No.:04007 https://or.monroe-clerk.com/LandmarkWeb//Document/GetDocumentForPrintPNG/?request... 7/9/2019 Page 2 of 2 Date Submitted: 2019-07-31 12:29:13.490 1 Form Key: 5343 FILE # 1 4 3 3 4 9 2 BK#1 9 8 7 PG#9 E 1 F.70ilB1T "A" A parcel of land lying in Tract "E" of PORT LARGO. a Subdivision in soctiou 33, Townahip 51, Range 39 East on Key Largo, according to the Plat thereof, as recorded is plat gook 5, at Page 3, of the public Records of Monroe County, Florida. being more particularly described as follows# Conmence at the point of intersection of the Northeasterly prolongation of the Northwesterly 'Right of Way line of Homestead Avenue vith the Northeasterly Right of Way line of Atlantic Boulevard; thence run Northeasterly along said prolongation for 218.27 feet to the point of intersection with a line parallel to and 218.27 feet Northeasterly of, as measured at right angles to the said Northeasterly Right of Way line of Atlantic Boulevard; thence deflect 90 degrees right and run Southeasterly along said parallel Lim sac! the Southwesterly line of Ca6t0 Develapa"t Corp. for 50.00 feet to the point of Beginning of the herein described parcel; from said Point of Beginning. continue Southeasterly along the aforamsntinn.ed course for 200.00 feet to a point intersecting the Northwesterly Right of Way line of St. Croix place; thence deflect 90 degrees right and run Southwesterly along acid NarthV&6t-erl7 Right of Way line for 218.27 feet; thence deflect 90 degrees right sad run Northeasterly along the Northeasterly line of Atlantic Boulevard for 200.Ob feet to a point on the Southeasterly night of flay lint of Romstead Avenue; thence deflect 90 degrees right and run Aorthanaterly along Paid proloagatiaa for 218_27 feet to the Point of Beginning. KONROE COUNTY OFFICIAL RECORDS https://or.monroe-clerk.com/LandmarkWeb//Document/GetDocumentForPrintPNG/?request... 7/9/2019 : 'f yin1 aduk9,0CFAorm Key: 5343 Clerk of the Cir�uit Cour & Comp#rclIer—Monroe County, Hatida DATE: July 25,201 9 TO: Cheryl Cioffari, Acting Senior director Planning& Environmental Resouroes ATTN: Juanita Jones Dousing Recovery Administrator FROM: Pamela Hancock, r).(Zop SUlRJFCT: July 17", BOCG mooning Atlachc.d is 1n electronic copies or die fallo�king items i t Dr YOUT Iiandling: D4 Ground Lease between the Monroe County BCCC anal the Monroe County Housing Authtarity for develupmmt of25 affordable housing units at sites currently owned or under contract for purchase, including Howard's Haven'Trailer Park at 31535 Avenue C~,Big Fine Ivey; Conch Key Trailer Park at 31 S. Conch Avcriuc and 2 N. Crunch Avenue, Conch Key; and it Kcy Lurgo cite via Atlantic Bouluvard, required under the terms of the competitive Request for Appllicetion isgued �y the Florida Howing FinanLv Corporation(FHFC,) for land acquisition and new cxrnstruction of affordable workforce rental hour*util2zirig Community Duvelopm ant Block Grant-Disaster Recovery funding and approval for County Adrninistratur or his designee to finalise wording of lease to meet FHFC Request for Applications (?,FA) requirements because of 1-FA response deadline and the expected issuance date of the final RFA. SIr0�,ld Y011 E AVC -Ou:y rlutstians, la]easc [V_el lrec to contact.Ile at 1 )) 292-'3:j6. Cc- Land Auihority wfcertified copy County Attorney Finance File KEY WEST IVAHATHON PI-ANW1014 KEY PK iPOTH BUILDING EMWhitehead Steot 3117 aver*as Highway 888K0 ayerseas Hirohway 54 High PcINFbad Key%%si,FIWd s 33040 N raftm,Florida 33050 Plantatioc Key,fl)r'da 33070 Plantatiort Key,Florida&M70 305-294-4641 305-289-6027 305-852-7145 Date Submitted: 2019-07-31 12;29.13.490 1 Form Key: 5343 LEASE BETWEEN THE]BOARD OF COUNTY COMMISSIOXER,S OF MONROE COUX-I'Y, FLORIDA " YSSOR" AND THE MONROE COUNTY HOUSrNG AUTHORITY "LF EE" FOR PROPEWIV LOCATED ON SIG PINE KEY, CONCH KEY, AND KEY LARGO, 11 ONROF COUNTY, FLORIDA DATED_ July 1 7 7 2019 Page 1 6f 49 Date Submitted: 2019-07-31 12:29:13.490 1 Form Key: 5343 Table of Contents Ar LLk--' Ti#le Page No. 1 Definitions 4 11 Demised Premises 7 III Term 7 IV Rent 8 V Ikon-8ubordivation .9 V1 Payment of Taxes and Utilities .9 V11 Mechanics' Liens 11 VIII Governing Law, Cumulative remedies 13 Ix Indemnification of Lessor 13 x Insurance 14 XI Insurance Premiums 1.8 XII AssignmentiTransfer 19 11I Candorn nat ion 20 x1v Construction 21 xV Mortgage Financing 24 xvi Default 2-7 XiIT1 Repair Obligations 29 XVIiI Additional Covenants of Lessee/Le&sor 90 Xfx Representations,Warranties of Title and Quist l;nao}'Ment and No Unlawful or lmmGral Purpose or Use 32 Xx Miscellaneous 32 Page 2 of 49 Date Submitted: 2019-07-31 12:29:13.490 1 Form Key: 5343 OO LTPAIVU4' RET IEIVT Ai1TD GR U LEASE J'RIS Agreement and Lease made and entered into on this . day of 2--Ot9 by and between the BOARD OF COUNTY COMMISSIONERS OF MONROE OUN'rY, FLORIDA (referred to as the "Lessor" or "ChMer", or 'County" or "Monroe County"), a political subdivision of the State of Florida organized and existing under the laws of the State of Florida, and THE MO R E COUNTY HOUSING AUTHORITY (referred to as the "Les-.ee" or "Initial Lessee", or "Contractor" or ——_--_ —"aid\ j 1 7-.- "e fA - 1, u )j �auy, e i rdi n a PcA A c,creaied and organ ze(I Fu r9uau t to and inaccordance%ALhtheprovisionsof Housing Authorities Law,coclifiodpursuanttoChapter 421, NoTida Statutes. RtITALS WHEREAS, Lessor is the owner in fee simple of that certain property located at what i5 now known as 31 S. Conch Avenuu, Conch Key (bearing Property 1clentifivatiort Number 00385780-000400) and located on Atlantic Boulevard, Key Largo (bearing F rope rty Identification Number()G453440-Gotxoo), and is the owner of an option to Bold land in fee simple Iocated at what is now known aw 315 5 Avenue C, Big Pine Key (bearing Property Identification Number 00302 76-a00000 and ouSu2.68 u-000 Goo),and located at 2- N. Conch Avenue, Conch Key (bearing Propcz y Identification Number 003857 o- 000000), Monroe County,Florida,said four properties(hereinafter cumulatively referred to as the"FropeTty") being more particularly legally described as per the attadhcd incorporated Exhibit "A."; and WHIM REAS, Lessee desires to devJ-pp the Property for rental use of 25 affordable workforce housing units pu-n-mart to the FHFC RF'A 2oig-1oi l)3G-DR in Monroe County for qualified tenant occupants; and WHEREAS, L s e desires to use the Property For mntnI use of 25 future housing unit% for qualified tenant occupants as workforce housing (as defined iu the above- referenced FHFC RFA 2-n 19-1 o1); and WHERF.A , in order to preserve the affordability of the dwelling unit(s) to be developed, used, and occupied on the Property, L s`or desires to lease the Property to Lessee for ninety-nine (99) years,subject to the FHFC CDB -Dit program Restrictions as yet forth and further defined herein; and WHER-A. , the Lessor and Lessee agree that the Lesscc shall develop the Property in acLurdap with a]I requirements of the Community Development Block Grant- Disaster Renovery ("CDB - DR") Program; and WHEREAS, Lemor and Lessee desire and hereby enter into this 99-year lease to insure and preserve affordability in pc.rpPtuity of the Property and all dweliing units thereon; and WHIEPLEAS1.Lesgoi,and Lessee mutually agree te,the Property Management process Page 3 of 49 Date Submitted: 2019-07-31 12:29:13.490 1 Form Key: 5343 and guidelines as yet forth more fully below and attached incorporated Exhibit"S.''ta the extent allowed by the Florida Dc pa rtment of Eccnomic Opp❑rturiity an d Florida I I ous ing Finance Corperatiou; NOW THE R.EFOI>�r in consiJerat ion of the mutual wvenants and ❑bligations contained herein,the receipt and sufficiency oaf which are hereby acknowledged,the parties agree as-follows: The foregoing recitals are true and correct ai)d are hereby iac-orporated as if fully slated herein, and all exhibits attached hereto are true and correct, have been agreed to by Lessor and Lessee, and are hereby incorporated as if fully stated herein. ARTICLE F Definitions "FHFC"shall mean the"Florida Housing Finatice Cr41rf,oration." "CDBG-DR" shall mean the Florida Department of Economic Opportunity's "Community Developmc:nt 13 o&Grant-Disaster Recovery" iriitiativelpmgmm_ 'Vorkfurce Ilousiag Restriction" shall mean a dwelling unit wficae monthly rent meets the requ i re mtmts ❑fthe State and Federal Government requiruinents of the grans awarded;or,upon the parties' inutua l written agrep.-mant,"VArorkforce Housing Restriction" may alternatively mean a d-iArelling unit whose occupancy is 5ubjed to-a maxi Murn income limit as allowed by the FHFC and/or the U.S. Department of Housing and urban Development (HUD). Tourist housing use or vacation rental use of any Unit(s) ate prohibited. Said restriction shall encumber the PropeM for the term of the ni cety-nitre(9g) year lease. Pvc-Terence shall be grairtud to qualified Bill-time employees of Lessor, and to qualified full-time employees of Lessee. The legal effective riess anal onfereeability 0f sueh preference is contingent upon -appruvRl of the Florida Department of Fxonornic Opportuiiity, Florida Hausl-ng Firiatice Corporation, and United States Department of t Inuring a,nd Urban Oevelopment. Moreover, Lessor in ay establish in thn fereg❑ing Workforce):-lousing Restrictions) 'F means"or"4issets" c.riturla than limit potential rental pools,as allowed bythr F 111a C and,f or the HLID. Any such arnendinerit shall not increase Initial Lessee's respetisibilities as set forth herein. It is the intent and purpose and shall be the effect of this Lease and the Workforce Dousing Rest6aicn(s) herein, to ensure: that the I-Vorkfurce housing units' affordability of the dwelling unit and dedicated real property uponw"Aich they.•are.l-Meated is ma.:ntained and enforced such t}iat arty administrative rule, poury, or [rite rpretation thereof, made by Lessor or its designees Mating to the maximum total amount of consideration and cost perntitted to be in any wsy involveii in a purchase transaction (including, but riot 11mited to, purchase price, lease assignment fear, rents, c)r any other c:ompemsation gi-ven cr received in or"outside"of a related trar�sacticin)shall never exceed the wo rktorce housing criteria establis zed by FI LFC for the dwelling unit i nvc)lved. In every case,the core stnzction an d interpretation of term-i,cA)nriitirpns,aznd restr:Lctions imposed ley -Page 4 of 49 Date Submitted: 2019-07-31 12:29:13.490 1 Form Key: 5343 this tease and the fowgoing Warkfor-rv. Mousing Restricticn(s) shall be made in favor of ensuring that luug,terrn worldurce housing benefibi for the respective housing resources inure to the benefit of Monruc County. `lwo rkforce I{ousing UDit"means the dwelling unit to bu located uri the ProperLy in aceardauce and in compliance with this Lease, including the Workforce Housing RestTiction. Preference shall be granted to tlualifced full-titrti-iernpluye e_s of i,essar and�or Lessee. The legal effectiveriess and €:nfurccahility of such preference is contingent upon apprm,-al of the Florida Department of Economic Opportunity, Florida IIuusing Finance Corporation, and Unitcd States Department of Housing and Urban devOQpmeDt. 'rhp parties each agre-e that 2-5 such unitb, all Subieet to the above-defined WDrkforcc Howing Restriction, shall be developed on the P- operty. "Commence ment Date"shall [ilea ri the date when Initial Le; receives a Certificate of Occupancy for the Workforcr' Housinng Unit. 'Demised Premises" shall nrean the property leased pursuant to this [.case for development of the Workforce Housing Unit(s), more particularly legally described nn attached Exhibit"A."Lessee and Lessor agree that,with respect to the Key largo(Atiantic Boulevard)port icon of th-P:Demh ed Premises,no me re than one-half of the land area legally described for that panel shal l be subject Le this lea�sP,aad that Lessor shall retain the right to more specifically delineate a lesser or greater area of that partl(s)to he leased.to J.xssee by a later a me ndment tv this lease, 0 ernised Premises,where the context requircs and the. construction is most approptiate,shall also mean portions ofthe Demised Premises and any iruprevements develuped thereon, "Effective Date" shall mean the date this Lease is fully exce-utcxl and deliver-A by all parties and the date that the Lessee shall be entitled to begirt to occupy the Demised Premises for purposes of development and construction of the Project and property managemant. "Initial Lessee" ineans the Monroe County Housing Authu rity. "Lease" shall mean this lease for the,-'reatiun of 6e Workforce Housing Units) on the Demised ?remises, as maybe amended from time to tirne by the parties, It is expressly contemplated aril intended by Lessor, as fee title holder to the Dernised Premise'g, and agreed to and accepted by Lessm(s), that any limitations, restrictions andfor other coveriants of any nature, whether established purstiant to this base or by the Workforce Housing; Restri c don Cs), be given the full force and affect of enforceable onve i ants runi-ting with the land,equitable se r6tudes and all other cognizabl-e legal and equitable real property cci nventions se as to €:nsii rr the overall publi c workforce housing purposes intenduck to be seiired, including appropriate applicativa of cumulative enfDmemeat theories. "Lease Year" shall mean the Lwclve (12) month period beginning on the Ce m rnenwment Date and each twelve(1?)rnanth period thereafter throughout thr-Term of this Lease. Page 5 of 4.9 Date Submitted: 2019-07-31 12:29:13.490 1 Form Key: 5343 'T ssar"rnr ens the BOARD OF COUNTY COM-MYSSIONERS OF Iw ONROE COUNTY, FLORIDA, or its assigns or designees. Where the context requires, "Lessor" may be ounsLrucxl mean an agency or pam desigrnated by the Less-or. "Lessee" means the Initial Lessee and its successors and assigns, including any I.essor-authorized Association(s) created by Initial Lessee fur Lhe Unit tenants, if any, as well-as the individual Unit tenants. "Project" shall mean the required development of the Demiswd Premises for workforce housing units for qualif ed tenan L accupa nts,primarily the requiredconstruction of such kinits as set for[h.in Articla X1 V,but also including related infrastructure,securing of required development approvals and permits, financing for the Clrnstructinn of the Workforce Housing Uriit(s), and marketing of the Workforw I iousing Uuit(s). 'Related Agreements"shall mean any purchase and sale vz-other agreement entered into with Monroe county conternporaneously and in con]unetinn with this Lease. "Rent" shall mean any sum of money due to the Lessor under this Lase for any rvasan.The term"Rent"as used herek,shall not be misconstrued as authnrizing any rental use other than that descriptively authorized within the body of this lease, and shall not be misconstrued to preclude definition and distinguishing of rent,rental rates,and other such terms as may be pz-vvided for in Subleases. "Sublease°° shall mean any combination of instruments that grant, convey or other-6se tran%fer a possessory use and/or posses~sur�y interest to any portion of the Dernised Premises,inr`ludirig,upc ri Lessor's subsequent expre,,Lq atrth orizati-on of rental use and rental-occupancy of the Workfaree Housing Unit(s), such authtui7.e(d) rental agreement(s) with tenants or renters of a Warkforr a l-iotisi rig Uuit(s)(which may lie More particularly discussed herein ar in the Workf'vrue Housing R.e.strictinn(s).The title or exact nornenclature useel to describe such instruments may vary to snit particular uircumstRmes and shall lie within Initial fx_ss-ea's reasonable discretion and still remain within the meaning herein intended. It is intended that the term Sublease: encxyrupasses such instruments that cffeatuate qua.l ifaed end-user, possession, and/or use of Workforce Housing Unit developed on Lhe Demi.wd Premises. "Sublessee" or shall be broadly and liberally construed so as to mean an individual Workforce I loosing Unit tenant v hij, as of the date such person acquires or renffi�,s his/her interest in the Workforce H-ousing Iinit,autl qualifies,as applicable, under the Warkforee Housing kestrictien. "Term" shall mean the Corutnencement Date, and continuing for ninety-nine (9g) years thereafter, plus any agreed upon extension of this Lease, and unles4s othem ise permitted by Lessur, H11 Subleases and rights or interests granted thereunder shall terminate at the end of the Term. Page fi of 49 Date Submitted: 2019-07-31 12:29:13.490 1 Form Key: 5343 ART]CLE ti Demised Premises SYctian 2;ol Lenb?s-Demise.Upon ih€: terms and conditions hereinafter set forthr and in r~onsideraticu of the payment of'the Rents and the prompt and full performance by the Initial Lessee of these cavertants and the terms and €conditions of any belated reernem,-;,to be kept and performed by the Initial Lessee,the Lz�5,jer dues lease,let,and dcmisc to the Initial lessee (and permitted successor Lessees) and the 'Initial Lessee" hereby Leases from the Lessor,the following,described premise-,, situate,lying and being in Monroe County, Florida: See attached Exhibit "A." Lessee and Lessor agre'r- that, with respect to the Key Largo (Atlantic Boulevard) portion (if the Demised Premises, no more than one-lialf of the land area legally described far that parcel shall be snbieet to this lca�e, and that Les8or shalt retain the right to more specifically delineate a lesseror greater area of a parcel to be leased to Lessee by a later aineadment to this lease, Section a,o2 Conditions. Thy domise, is likewise made subject to the followir : (al Conditions, r striclions and limitations, if any, now appearing of record; N The Menroe County Camprehensivc Plan,the.Monroe County Code of OrdioaTi�% and Monroe County Land Development Cade, and any other 41`A Ablu governmental body now exi5ting or which may hcreafter exist by reason of any legal authority during the Term of this Lease; and fe The groper perrurmance by the lessee of all of the terms and conditions contained in this Lease, the Workforce Housing Restriaion(5) and Related Agreements, if any. ARTTCLE III Terra Section .0i Term.To have end to hu Id the ])emised Premises for a term of ninety- nine (9g) years commencing on the Commencement Date, and ending ninety-nine (go) }'CH1:5 thereafter,both dates iiuclusive,unless sooner terminated,or extended,as heminafter provided(the"Termination Date'). I.esge�.shall be given possession an the Effective Date and the terms arad conditloas set forth herein shall be binding on the parties as of the Effective Date, Lessee shall have the right to rrocupy the Demised Premises as of the Effective Date i n order to allow Lessee to commence construction,as well as other ar:tivitiP5 related to the develop merit and cAm truction of the project, As hereia set forth, the Term will not commence until the Workforce Dousing Unit(s)is�arc completed and a Certificate of O upancy has been is!wed for said tlnit(s). ctinn&O R, ne3 I i in So long as Lessee is not then in default under this Lease, Lessee skull have the option to renew this Lease for an additia nal ninety-nine - -Page 7 of 49 Date Submitted: 2019-07-31 12:29:13.490 1 Form Key: 5343 (99) year period by p rovidi ng%witten notice of its election to renew this Fuse to Las-,-air no less than three (; ) months pflorto Termination Date.The terms, conditions,and conditions of the renewal term shall be the same as under this Luse. ARTICLE EV Rent Section 4.oi Annual lase- Rent. Lessee cove-riarits arid agrees to pay to Lessor promptly when-due, without noti'De' -vr demand, and without deduction or offset, Annual Base Rent throughout the Term of this Lease beginning on the Commencement Date,in the amount of'Fe.n Do]Iars- ( to_oo) per Lease Year or partial Lease Year. Lessee shall pay to Landlord said Annual Ease Re L upon Com men cement of the lease and c n the first day of the second month of each Luse Year throughout the term of this Lease. Sectiun 4.o2. All amounts payable under Section 4.01 hereof, as well as all other arncjunt5 }payable by to Timor under the terms of this Lease, Shall be payable irk 1 awful money of the United States wh ich shall be Iegal tender in payment of al l debts and dues,pub]iG and private, at the time of payment each payment to be paid to lessor at the address set forth herein or at such other place within the continental limits of the united States as Lessor shall from time to tune designate by notiop to Lessee. incept for any inoome tax payabl e by the Lesser, lessee shall pay any and all taxes, incindirig any local surcharge or othertax, on the bent payable pursoant to this I,vase 1L addition to the sums otherwise set forth herein, Section 4.03.it is intended that the Rent shall be absolutely net to Lessor throughout the'Perm,free of any tames, costs,util ities, i nsurance expenses,liabilities,charges or other deductions whatsoever, with rc-spect to the Demised Premises andjor the ownership, leasiug, operation, maintenance, repair, rebuilding, use or ou-cupation thereof. Section 4.cA All amounts payableby Lessee to Lessor under any of the provisions of this, Lease, if not paid when due as prodded for in this Lease, shall Near interest at the highest ratuallowablv ttr,dcr Florida law from the time they become due until paid in full by Lessee. In addition, Lessee shall pair a late fee in the amount of ten (10 ) percent of any amou nt due from Lessee. to I,esaor which is net paid within ten 0 ) dad;,, of the payment due date for any sums due for tent anal Tivithin thirty(10)days for any other sums;due fronn Lessee pursuant to this Luse; provided, however, such payment shall not excuse or cure any default by Lessee under this Lease. It is agreed by the parties hereto that Lessee skull reimburse Lessor for Collection Charges i ncurred as a result of the overdue Rent which may zrtclude but shall not be limited to related attorneys' fees, regardlem of whether suit is brought. Such late fee shall be in addition to any interest payable by Lessee as set forth herein from Lessee's failure to pay any Rent due heremidcr. In thn-Pvcnt that any check, }park draft, order for pdymcut or negotiable instrument given to Lessor fur any payment under this Lease shall be dishonored for any rea.gon wh atsoevar riot attributable to Lessor, I.c.Ssor,shall be mititled to charge Lessee an administrative charge for dishonored chucks pursuant to law. In addition,Lessor shall he reirnbursed by Lest for any costs incurred by Lesser as a result of a payment lmtruraeut being dishonored(e.g.,legal fms). Page 8 of 49 Date Submitted: 2019-07-31 12:29:13.490 1 Form Key: 5343 ARTICLE V Non-Subard ination Section&chi Non-Subordination. Nomithstanding anything to the €ontraiy contained in this Lease, the fee :sirnple interest in the Demised Preinis shall Dok bL- subnrdinato-ii to any leasehold mortgage,lien or encumbrance Df any nature without%Witten permission of the Lessor and LPs9ee_ F urt hrrrn❑re,the Lessor's right to TL-,VC.iVV.payment ur performance Under the terms of this Ie;Rw or adhererLce to any of its conditior).5 or to the Workfor-re Restrictions)(c r performance under or adherence to the terms of any sublease or related instrument)shall not be subordinated to any debt or egUity. financing,leasehold mortgage,lien,a neumbrance or obligation of any nature without written pertnisg!on of the r,essor and Lessee. ARTICLE VI Z}ay►ment of Taxes and J tilities Setion .�1 'snlr` Yi . From the Effuetive Date-tv the ��rtltnerlrnerit Date acid as additional Rent during the Term of the Lease, the Lessee shall pay and discharge, as they becorrLe due, promptly and hPfnre delinquency, all taxes, assessrueats, water and sewer rents}gates and ehargeq, transit takes,ehargas for public utilities, nxcises, levies, lice-rises and permit fees and other governmental charges (annual easement fee), general and special, ordinary-and a traordinary,urtforeseen and foreseen,of any kind and nature whatsomer,which at any tiro a during the Terns of this Lease may be assessed,levied, confirmed, imposed upon, or grog or become due and payable out of or in respect of, or become a lien on,the Demised Premises, or otherwise arise out of tho revenues received by the Lessee from the sale or rental of the Wcrkforce Housing Units to Sublessees, or be associated iAth any docurnent (to w ich the Lessee is a party) creating or transferring an into-rest❑r c: tare in the Demised Preinises.With regard to special assemmc-nts, if the right is given to pay either in one surn or in installments, Lessee may elect either made of payment and Lessee's election shall be hindiag❑n Lcssar. The Lessor shall establish an operating deficit reserve accountthat shall be fitrided by 20 of the annui,l cash floe{of the project,as dote rnti nod by the annual audit.All payments required for uperationai expenses shall be made from the project operating amount for the CDBG-DR project. If at any time the re.reiaining balance of paid acc!uunt is ur will he insufficient to meet the payables due, the Lessee shali use the operating deficit reserve a=untto zkver all expenditures,At such future time as the project operating account has surplus cash flow,the project operating deficit resen a account shall be replenished in the exalt arriouat it was reduced to cover the,-,ithdravyals made from this account. �.f..off Obligati6ns Altered. Nothing herein shall. rcq-aire the Lessee to pay municipal, state, or federal income taxes assessed against the Lessor, municipal, state, or federal capital levy, estate, gift, succession, inheritance or transfer faxes of the Lessor, Ur Lessor's legal representative,corpe rate franchise taxes imp used upon any corporate owner afthe fee of the Demised Frumisus; l;ruvi-Lied.,huwc-vur,that if at any titae during,the to-vra of pzLge-9 of 49 Date Submitted: 2019-07-31 12:29:13.490 1 Form Key: 5343 this Lease the methods of taxation prevailing at the comnieiicument of the term hereof shall be altered sa as to cause the whole or any part of'the taxes, assessments,levies,impositions or charges now levied, assessed and imposed, whutly or partially as a capital levy, or otherwise, on the gents recehzci therefrom, or of any tax, corporation franchise tax, assessments, levy (including, but not limited to any mur,iei pal} state or federal levy), imposition or charge, or any part thereof,shall be measured by or based in whole or in part upon the Demised Premises and shall be imposed upon the Fp-�sor, tbeu all suvh taxes, a9,9U55mtnts,levy es,i;npc)sitiutis or charges,or the part thereof sa measured orbased,shalt be paid and discharged by the Lessee. All rebates on account of any taxes, rates, lei ies, charges or assessments required to be paid shall belong to Lessee. 'Section'6.o8 Mode-of Payment. The a-ss€:e(an€1 any Sublessee, as to their specific interests in the Demise..Premises)shall pay the taxes and other eharg en-urn erated iu this Article VI and shall deliver official receipts evidencing such payment to the Lesser (Sublessees shall only deliver receipts as maybe requir-ud by the Housing Restriction(s)), which payment c f taxe.5 shall be made and the receipts delivered, at least thirty (3o) days before the tax,, itself, -would become delinquent in acx:vrdaDv�c with the law then in force governing the payment of such tax or taxes. If, however, the Lessee dvssires to contest the validity of any tax or tax claim, the Lessee may du su without being in default hereunder, p rovided the Lessee gives the Lessor notice of the Lessees intention to do so and furnishes the Lessor or the applicable gove.rnmoatal agency with a lend with a surety made by a surety company qualified to da business in the State of Florida or pays cash to a recognized osO-r w agerit ire Knume Cc nty,crie and one half(1 1h)times the a mount cif the tax item or items intended to be contested} wriditioned to pay such tax or tax items when [he validi ty tb eTeo-Fshall have been determined, and which written notice and band or equivalent cash shall be given by the Lessee to the Lessor, not later than sixty(6o) days before,the tax item or items proposed to be contested would otherwise become delinquent. Section 6. l s e' I f ul . tftb o a'essee shall fail,refuse ar neglect la make any of the payments required in this Article,then the Lessr r may,btit shall not be required to,pay the same uyid the araoun t ur amounts of money so paid,including reasonable atta rneys'fees and expenses which might be reasonably incurred because of or in connection %-,iLh suul paygments, together with interest on all such amounts, at the hight-st rate allowed by law shall be repaidby the Lessee to the Lessor,upon the demand ofthe Lessor,and the payment thereof may be collected or enforced by the Lessor in the same manner as thou such amount were an installment cf Rent specifically required by the terms of this IR-ase to be paid by the Lessee to the Lasaor,upon the day when the Lessor dernands repaymerit thereof or reirnbursernent therefor of and from thk! Lessee; but the election of the Lessor to pay such taxes shalt not waive the default thus committed by the Lessee, Notwif).Standizig the foregoing, Lessee shall have the right to wntest any taxes and assessments levied against Lessee in accordarice with SecdiOn 6-04,above; and provided Le sce files the appropriate documentation to contest said tax or assessment,I.Pssee,shall not be in default of this U-ase or obligated to pay: any interest or other penalties to Lessor. Nothing herein shall be construed to prevent or inhibit the assessment Measures and collection remedies lawfully available to any taxing authority. _ Section 6.a6 ublessee's Default.If a Sublessee shall fail, refuse or neglect to make Pie 10 of 49 Date Submitted: 2019-07-31 12:29:13.490 1 Form Key: 5343 any of the payrrrents required in this Article, then the Lessor may,but shal I not be required to, pay the same, and the amount or arnounts of rrloTiey sc paid, including reasonable attorneys' fw� and expenses which might -he reasonahly incurred because Of or in connection wvith such payments,together with avLterest on al] Such amounts, at the ilighvst rate all ravved kv lawn shall he repaid by the Sublessee to the Lessor, upon the dernand ofthe Lessor, and the payment thereof may be collected or enforce)by the Lessor in the same manner as though such amount were an iasLallrnent of Roth specifically required lay the terms of this Lease to be paid by the Sublessee to the Less ar,upon the day when the Lessor demands repayment thereof ar reimbursement therefor of and from the Sublessee;but the electioxi of the Lessor to gay such taxes shall not waive the default thus committed by the Sublessee. Notwitlistanding the foregoing, Sublessee shall have the might to contest any taxes and assessments levied against Sublessee; and previdud Sublessee files the appropriate doeumentation to contest said tax or assessment, Suhlessee shall not be in default of this Lease ur obligated to pay arjy interest yr other penalties to Lessor. NUthing h-erefn shall be congtrued to prevent or i1fthibit the assessment measures and collection remedies lawfully available to any taxing authority. Section 6.o6 -Proratiorn. The foregoing not%ilhstanding, the parties hereto understazi d and agree that the taxes for the first year(hegi nning on the I,ffective Date)and the last year of the Term shall be prorated proportionately between the Lessor and the Lessee. Section 6.07 ApP-raiser to Respect EfFeet of A€fordal le Workforce Housing Restrictions. It is the intent oftbL-parties that.any appraisal of any portion of the Demised Premises far taxation,public assess tneltt or utility se rvi�e purposes fully re.firx:t the effect of this Lease and the affordable -Workforee Restrictions on the laAfully realizable valve of relevant portion(s) nppraised, or where permissible by state law, "income approack" or other method of calculation. ARTICLE VII Seetian 7.o 1 N,o Lien. Neither the l essee near any Sublessee shall have the power to subject the interest of the Lessor in the Demised Premises to any rneebani c's or materialmen's lien of any kind wh ether or not the improvements are made with the consent of the lesson. Try aixorrlance with the applicable pmkisions of the Florida Mechanic's Dien Law and specifically Mori& Statutes, SeeLlOn 71.3-10, no interest of the Lessor in the. Demised Premises or irk the underlying land shall be subject to liens fur improverents made by Lessee, anct Lessee shall notify any Lontractors, rnaterialmen,subcontractors and other persons working on such improvements of this provision. Neither the Lessee nor any Sublessee shall permit or suffer to be filed or claimed against the interest of the Lessor in Lhe DeniiSVd Prvmhws ciuring the coiltinuan{v: of this Lpasc: any lien car claim of any kind, and if such lien be claimed or filed, it shall be the duty of the Lessee, or the Sublessee, to which the lien or claim is attributable, or both,-svithin thirty (30) days-.fterthe or Sublessee shall have been given written notice of such a e7iaim,either by payment or lay the pasting of ibund or by the payment to a rc)urt of competent jurisdiction of the amount Page 11 of 49 Date Submitted: 2019-07-31 12:29:13.490 1 Form Key: 5343 necessary to relieve and release the. relevant portion of the Demised Premises from such claim,or in any inaimcr which, as a matter of law, v ill result, within such period of thirty (3n)days,in releasing the Lt=ssor and the title of the I eSunr from such claim;and the I.esspp covenants and.agrees,i4 ith respect to any lien or claim attributable to it,vrithin such period of thirty (3o) days, so as to cause the afYented portion of the Demised Promises acd the Lemor's interest therein to be released from the legal effect of such claim. Section 7.o2 Repose af.Lien. Neither the Lessee nor any Sublessee shall permit or suffer to be filed or claimed against the interest of the Lesser in the Demised Premises during the continuance of this Lease any lien or claim of auy !find, aad if.5"ch lien be claimed or filed, it shall be the duty of the i essee, or the Sublessee, to v,,hich the lien or claim is attributable,orboth o i,,ithin thirty(3o)days after the 1,emee or Sublessee sh all have heen given written notice of such a claim having peen filed,to cause the respective.p❑rtio P of the Dernised Premises to be released from such claim, either by payment ar by the posting of bond or by the payment to a court of competent jurisdiction of the amount nemssary to relieve and release the relevant portion of the Demised Premises from such claim, or in any other manner which, as a riiatLcr of Iu w, will result,within such period of thirty(3o)days,in releasing the LeEsor and the title of the Lessor from such 0, J M;and the Lessee covenants and agrees,with respect to any lien or claim attributable to it,vVithin such period of tbirLy(30) days,so as to cause the affected porticnn of the Demised Premises and the Lessor's interest therein to be rnleast-d from the legal effect of such claim. Section 7.!Q-i Unsee'j Flr fault. if-the Lessee shall fail,refuse,or neglect try perform its Obligations as required in this Article,then the Lessur may,but shall not be requiredto,pay any sums requir<A to c'1t1se the Demised Premises and the Lessor's interest therein to be released from the legal effect of such d, airn and the amount or amounts of money so paid, including reasonable attorneys' fees and expenses whieh might he reasonably incurred because of ter in cane ectiori N%ith such payrrmcnt5,together��ith interest on all such amounts at the highest rate allowed by law, shall be repaid by the Lessee to the Lessor, upon the d,errtand of the Lesson and the pk,,Tn cot thereof may be collected or enforced by the Lessor in the same manner as lhough such amoa t were an installrneut of Rent specifically. .required by the terms of this Lease to be paid by the Lcsse r to the Lessor, Ripon the day when the: Lessor deman& rnpaiyrnent thereof or reimbursement therefor of and from the Lessee; but the election of the Lessor to pay such amount shall not waive the default thus ccrnmitted by the Lessor_ Section 7.04 Stlblessee°s Default. If the Suhle_ssen shall fail, refuse, or negleet to perform its Obligatiuns as required in this Article, then the Lessor may, but shall not he required to,pay any sums requi red to cause the Demised P remises and the Lessor's in#etwt therein to be released from the legal cifcct -of such elairn and the amount or amounts of money- so paid, including reasonable attorneys' fees and expenses .which might be reasonably incurred because of or in connection with such payments,togethorwitb interest on all such amounts at the highest raw allowed lay laiv,shali be repaid by the Sublessee to the L.mer, upon the dornand of the Lessor, and the payment tliereaf may be wtlectud or enforced by the Lessor in the same manner as though sxir:h amount were an installment of ,teat specifically. require! by the terms of this Lease to be paid by the Sublessee to the: Lessor, upon the day when the Lessor demands repayment thereof or reimbursement Page} i?-of 49 Date Submitted: 2019-07-31 12:29:13.490 1 Form Key: 5343 therefor of and from thn uhlessee; but the election of the Lessor to pay sueh amount shall not wraiVe the default thus cornmitted by the Sublessee. A RTICL>N V 1I i Governing Law,Cumulative-Remedies SeCtio -&Q L Governing Law.All of the rights and remedies ofib e respective parties relating to or arising-ender this instrument and any related documents shall be governed by and construed under the laws of the State of Florida,and the FI 1 FC RFA and development agreement. Section 8.02 Cum tjUtive Rernediel. Ali rights and remedies accruing to the LP—,; car shall be assignable in whole or in part and be cumulative; that is, the Lessor may pur§ue such rights as the Iaw and this Lease afford to it in whatever order the Lessor desires and the law permits. tRssor's resort to any one remedy i n advance of any gather skull not resu It ire waiver or cornpromise of any other remedy, ARTICLE IX Incicainirivatiun of Lessor Iinn i'indemn3fient o_n h -Lam Miri rrg the Term of the 14a5e,and from the Effective Date to the Commencement Date during which Lessee shall be entitled and ebbgatod tfa rnainttain site; coutrol c)f and lusurarine fear the Demised Prurnises fear cons tructin n of the Workforce Housing Unit(s), Lessee shall indemnify, defend, and h-Uld and save harm ess the Lessor against any -and all claim, debt, demands ar ub4atiens which may be made against the L�.ssor❑r against the Lussor's title in thn DcrnLsud Prturilsas, arising out of,or in connection ivith,or in any way related to the Demised Premises, except for any el airns,deht_s,duman ds,err qbl i&atio ns which maybe caused hythe grnss negligenee or willful misennduct of Lesson. If it becomes necessary for the Lessor to respond to any claim,demand or unianticipated matter or to defend any action seeking to impose any such liability not caused by the gross uciglig-once tar willful ml�sc❑nd-Lict cif Lessor,the pay the Lessor all costs and reasonahIe attorneys' fees incurred by the Lessor i-n effecting and preparing fe r such response or defense in addition to any otlier reasonable sums which the lessor may be called upr}n to pair byr(_-ason of the litigation,adversarial.administrative proceedings,or entry of a judgment against the Lessc r in any case or matter i n which such claim is asserted. Lesser shall not be liable to Lcs--�,ct;, trr t€) Lessee's assignees or Sublessees or their employees, agents, contractors, guests, or invitees, for any death, injury, or damage to person or property in, about or relating to the [lemised Premises, ].A-ssee, on its and it~s asgignces' and their successors in interests' behalves, including any future Sublessees, or grantees or licensees of the Initial Les—see, or any guezu;, }nvitees or tenants c4 any of the foregoing, hereby assumes and covenants for its uiAn and their oivn aweptance of sole responsibility and Iiability to all P.rscan.; fcar dcath, injcir-v or darnagc rvlatexi tra or arising farm the possessiaa, cwnership, occupancy and for use of any portion of the Demised Page 13 of 49 Date Submitted: 2019-07-31 12:29:13.490 1 Form Key: 5343 Preinisews, and alba, for all such future owupauLs, owners, Lessee, Sublessues, tenants, guests,invitees and licensees,waives and releases forever all claims,denlands and causes of actirin against L�.ssor and its officers, employecs, gents,sue`Cmsors, assigns, CDritractol-R and representatives for loss of life or i ni ury to person or property, of whatever nature. 8eCNGir!9.02 Ink rahkg. On the Effective Date the Lessee shall cause to be in,ritten anri put in full force'and effect a pulley or policies of irI:stirancc a_9 noted in Artiele X insuring the Lessee against any and all claims and dernnds made by any person or persons whnmsoevcr for death, injuries or damages received in connection with the possegsinn, operation and maintenance of the Demised Premises. All such policies shall name the Lessee and the Lessor(and any lender holding a m ortgage on the:fee sire pie or leasehold of the Demised Premises), as their respective interests may appear,a.�tLe perscxs insured by such policies.Any loss adjustment shall require the%written consent afboth th e Lessor and Lessee. .r,tiwn 9,0.0v1 icy._La MI,t ha gr ,The pofiry]imim for the cc mprehensive liability insurance may be re-lewed 'by Lessor every five (5) years and adjusted upward, if, ixi the reasonabl a discretion of Lessor Stich increase in coverage is prudent or if Similar projects have: begun to require greater insurance coverage. ART LIE,x io�u�aztee 8,e&i6h,io.dz Vrol)_ 'ty,Ws� Y.rurn and after the Effective pate,the Lessee will keep insured any and all-buildings and improveme ntg upo n the Deriiised Pmmises against all lo&-, or damage by fire, flood and windstorm, together Nvith "all ris"' "extended c-overage," wbi,2h said insurance will be m:iintainud in an amount 5tifficieut to preNTnt any party in interest from being or burning a co-insurer on any part of the risk,which amount shall not b C.aV,sS than the full replhcement eft value ofthe relevant parfions of the Demised Premises, aryl all of such policies of in-surance skull include the name of the lessor as an additional insured and loss payee and shall fully protect both the Lessor and the. lA Ssee aS their respective interos#s' may appear. to the event of destruction of buildings or improvements by fire, flood, windstorm or other casualty frr which inmrance, shall be payable axtd as often as such insurance money sliall have been paid to the Lessor and the Lessux_-,said sums so paid shall be dep❑site.d in n joint account cf the Lessor and the Lessee in abank rnatually designstedbythe Lessorand t&st;ee and heated in_Monroe CoLrity,and mfly he made available to the 1 pssee for the construction ar repair (including any Laodif cation to the improventents sought by the Lessee and approved in Nvziting by the Lessor), as the ease may be, of any huilding or buildings damaged or destroyed by fire, flood,wi r dstorrn or other casualty for which insuranee m«ncy shall be Payable and maybe paid out by the lessor and the IRzse e, from said joint account from time to tirhe on the estim ate of a nv reliable architect licensed i n the State of li io rida nfficiHIlyovo.rseei ng of such reconstrufitiorl and repair, eertif�ing that the amount of such estimate is being applied to the payment of the reconAruction or repair and at a reasonable,east therefor; provided, however,that the total almoura of n c7ey necessary for the reconstruction or repair of any building or buildings destroyed or damaged has been prcMdcd by the Lessee for such Page 14-of 49 Date Submitted: 2019-07-31 12:29:13.490 1 Form Key: 5343 purpose ar d its application for Mich purpose assured. Miile the project, or any repIacerrient thereof, is in the course of construction, and w3}enever appropriate wEile any alterations are in the euLirsG of lichig made, the a cresaA fire and extended coverage insurance shall he carried by Lessee in builder's risk form wriittcn on a cornpleted wilue basis. In the eve-tit of the dcitructt'on or damage of the impr❑vements. located en the Demised Premises, or any part thereof, and as often as any portion of Said Dernised Premises shall be destroyed or damaged lhy firer flood, v4'indstoTrn or other casualty, the Lessee shall,within fifteen(15)months for menty-four(24) months for a substantially tutul loss) from the date cif such ciarnage or destruction, rebuild and repair the sarne in such manner that the buildings or imp-mvoinents sc rebuilt and repaired, grid the personal property so replaced or r-Eq)aired, shall be of the same or of a value higher than were the b uildirtgS or zrz)provurnents and the per mnal property prior to suc11 damage or destruction, and Lessee shall diligent]y prosecute the revoristrucCon or repairs with-out delay and have the same rebuilt and ready for occupancy as*onn as reasonably possible after the time when the lass r)r destruction occurred. The 15-month period (cr twenty-four(24) month period for a sul-Gtautially tutaI lets) for reconstruction shall be enlarged by delays caused without fault or neglect an the pa rt of the Lessee,by act of God,strikes,laelcouts,or othex 00nditions (other t1lan matters of refirancirig the property) beyond the. Lessee's eotztrol. Notwithstanding the foregoing, and only with respect to i nsu ranee pro-eeeds,the pr vis'']ore" of any Iraschuld mortgage substantially comforting with customary institutional leading industry standards a-nd the foregoing Lessor's i:nterc-sts shall control as to the use and disbursement of insurance funds for reconstrneti❑ri ref the improvements inthe event ofany ease-la lty or da rziage to Stich i mproverrimits, .\Qtw-ithstarrding any ii ng tc the co ntrary in the Immediately precedi cg paragraph, in arse of destruction of all of the imlirovernents on the Derrniscd premises front any cause so as to make the Work force Hotrsirrg L:nit iintpna ntal)le occurring during the last ten(to) years of the:Terrn cif this Lease, I.x'..sseea if nut then in default under this 1,case and if there is no en[:umbraiwe on the i x-ssee's interest in the Demisecl Pre rises, may elect to terminate this Lease by written notice to Lesser ,�ilbiri thirty (3o) days after the oecurre.nrE-- of the destruction. to the event of termination,there shall be n❑obligation on the part of Lessee to restore or repairthe improvements on the Demised Promises,nu r ariy right of the I.Rsseeto receive,any precis collected tinder any lns=tnee policies covering the ixnpr€ vurne.n ts.If Lesser elr,cLs not to terminate this; Lease in the event of destrileti un dirring the last ten(1c) years Ithis Lease,the proceeds ref all insurance covering the impr❑venients shall be made, available to Lessee for repairs, and le.,,sce shall be obligated to repair as wt f❑rth above. Sep i n to.o2 Commercial Gencral Li:abili insurdrice. The Initial I-Pssee shall maintain Commercial Cwmeral Liability Insurance beginning can the Effective I?ate artd continuing during the entire Terra of this Icasc with minimum limits of$1,000,oao per occurrence. The Commercial General Liability Insurance Shall cover those sources of Liability which would he covered by the latest editioI] Of the standard Cornett-Term General Liability Coverage Force [i80 F urrri CG Do-oi] as filed for use in Piorida %Nithaut the attach me-it of restrictive endorsements utter th:ari the clirnilattion of medical payments and Page xS of 49 Date Submitted: 2019-07-31 12:29:13.490 1 Form Key: 5343 fire damagr legal liability. Gencral Aggregate $1,000,000 [For bodily injury, personal injury, and property damage] Products/Completed Operations $1,000,000 [cr verage for one (x)year after project completion] Each Occurrence $1,000,000 Contractual Liability $1,00o' oo Additional Named Insured: Lessor,or its assign5 or designeus,-as from time to time designated by�vrittan notice to Lessee,shall be.included as an additional insured and shall be rnarnM a5 a lo�,-q payee.for Cum inercial General Liability. Lessee, at I,emee.'s exp-:nit,, shall maintain the insurance required by the Lease. Section io.0 -Environmental Impairrt►ent Res]�onslbft The Lessee and/or its c�unt—Aetcrs acknowledge' tha"ir the 'perfurman€:P of this Lease is, or may be, subject to Federal, State and local laws and regulalions enacted for the purlm9r. of Protecting, ?rese�rAg nr restming the e nvimnil�c'rat_ I'he I�ssee shall,at the sale cyst QE the Lessee or it<s camtractorR, be responsible for full ccmpliance with any such laws ❑r regulations, 5ino�� ]rrsuratxe. Isee shall maintain such other insurance and in such amounts as may fro-ni time to time be reasonably required by the La."or against Other insurable hazards which at the time are commonly insured agahist ht the case of WMtrtl titan Of lanildings ar,d/or in the ea_�e of premisezdrailarly situated,due regard being or to be given to the location, construction, use and Occupancy. 1n the event the I.essco believes the Lessor's requirement for such additional insurance is unreasonable the reasorla}�ler<ess t�i I .��-or's request shall he determiners h� mociiation ac�rdirag to tlrne ztiiles of, at Lessor's election, the Sixteenth Judicial Circuit In Monrue County, Florida. Such determiriatinn as to the require-ment of onverage and the proper and reasonable limits for such insurance then to be carried shall be binding on the parties and such insuranco.shalt he carried kith the lirnits as thus Clete rini ned until such limits shall again be ehanged pursuant to the pm,,!6ons crf this Section,The expezrscs of such deterininatian shall be borne equally by the partiuq. ee iipa1 - Damages; Ins ranee gar a Abseut circurmtances reasonably excused underthe conditions set forthin painraph 14.03,in the rase.nf the lessee prat entering inl€a the rer-mistr€ ction❑r repair off the WildiTig or hvildings within a period of six (6) inauths from the date of payment of the lass, after damage gar de.gru€.rtiun vueasinnod by fire,win(h4orm,flood or other cause,and diligently prosecuting the same Mth such dispatch as maybe necessary to complete the same in as s hort a Nriod of tiara as is ieasmiahle ender the after the omur. er)ce of such damage or destruction, then the amount se collected, or the balancat, thereu(remaining in the joint account,as the case may be,shall be paid to the lessor and it;vill be at the Lessor's option ?age 16 of 4-9 Date Submitted: 2019-07-31 12:29:13.490 1 Form Key: 5343 to terminate the I-easc5 unless termiziated by r.csse,�- within the last ton 0a) Y-oars of the Lease as set forth above, and retain such amount as liquidated and agreed upon damages resulting from the,failure of Lbc! Lessee to pro mptly, with iu the time 5peci€ied, complete. such work of reconstruction and repair, gection io.c6 Proceeds Payable to 1Vtdrtgazee. If any mortgagee holding a lawful mortgage lawHly crr�ated pursuayit to the provisions of Article XV elects, in accordance with the terms of such mortgage, to require that the proceeds of any casualty insurance he held by and paid cut bythe wortgagee,then such payment tuay be made,but in such event, it shall still be abligafory upon the Lessee to create the complete fund wiIli the leasehold mortgagee in the manner set forth in this Article to a-ssure ci)rnplPte, payment forthe work of reconstruction and repair.Any mortgagee holding insurance proceeds shall require that such proceeds art-properly users to ensure repairs,but any rortgagee.9l3all mot be liable for misuse of funds by Sublessee or Lessee. Section -i�.m DarnaW,, lwumnce Acrpvat, Any excess of money receiveif from insurance rein aining in the joint bank account after tihe rx am%truction or repair of such buiIding or buildings, if the Le.5see, is net in default, shall be paid to the Lessec.Absent circumstances reasamably excused u nder the conditions Sct forth in Section 14.o.3,in the case of the Lessee not entering into the reconstruction or repair of the building or buildings within a period of six (6) months from the cLtr of payment of the loss, after damage or destniction occasioned by fire,windstorm, flood or other cause, and diligently prosecuting the same with such dispatch as may be necessary to earnplete the same in as she rt a period of time as is reasonable under the c:i reu m stanms after the,owurkence of such damage or destruction,then the amount so collected, ar the balance therenf rernaining in the jtjint acc❑unt,as the ea.�e may lies,shall be paid tr)the Lessor and it will be at the Lessor's option to terminate the Lease,unless tei,rninated by Lemke within the last ten (10)years of the Leasc as -set forth above, and rplifia such amount as liquidated and agreed upon damages resulting frorn Lhe failure} of the Lessee to promptly, mithin the time specified, complete such Nvcrk of reconstruction and repair. Section 10.0$ Direct Repayment. The foregoing notwithstanding, in the event the insurance proceeds are the suM of ortebundmd thcixsand dollars (sloo,aoo.00) or less, then such prou-eds shal l be paid directly to the Lessee without the necessity of creating the joint bank account, and Lessee shall use suer•, funds to make the replxcumeuts or repairs. Lessee shall pr❑%ide proof satisfactory to Lessor that repairs are completed as requited 1"ithi n iiftc-€.n (i5) months from the date 0�se6 darnage or d truction,unless said period is enlarged by delays caused without fault or neglect on the part of f-h-0 snetiwi IC.d2 G! rneral Jr:Qtlir�trrqats.All in in anr❑to be pru%ided by Lessee under• this Lease shall be effected under valid and enforceable pulicius in such farms, issued by i nsurcrs cf rQ.cvgn!znd f nancial respnnsibility qualified to do-business in Florida which have been approved by Lessor.All policies of insurance: providud for irk this Artieip shall, to the extent cbtainabie,ccntairn clauses or endorsements to the effect that(i)no actor negligerice of Lcssce or anyone actin, for Lessee or for any Sublessee or iwciipant of the Demised Freinises which might otherv�rise result in a forfeiture of such ins urance or any purt'them)f shall in any way affect the validity or cnforwability of such insurance,ins far a.5 Lessor,and Page 17 of 49 Date Submitted: 2019-07-31 12:29:13.490 1 Form Key: 5343 that(ii) such pokey of insurance shall not be changed or cancelled without at least thirty (go) days written notice to the Lessor, and that(iii) the Lessor shall not be liable fur any premiums thereon or subject to any amcssments thereunder. etkn 1010SlIbSMUe11t_I. sIOOS. Assi a s._21abL65Wes _ and -Grantees. Nob%itbstanding anything contained herein to the contrary, if app liwble, in the event an aut17 odz A-.4,soclation ehoosc s not to obtain insurance coverage to protect against less or damage by fire, flood and windstorm for the indM dual Workforce I Tousiag Units and therefore does not charge,the Sublessees fur said coverage as part of the Assoc iatitvn foes to be paid by the individual Unit Oii mers (if this project is expressly authorized as, a borne- avmersh ip project); then, in aurh event Sublessees shall secure the above-deseribed insurance coverage for their individual Workfe we Housing inn its.'rhurefore,Lessor shall be entitled to require replacement cost and other customary and reasomble irnsuranm coverages) at least but only to the fLdl replacement value of any sublessees' and/or any governing Association's insurable interest in the Demised- Premises, Any parties who subsequently hece me holders of any title or possessory interest to a portion of the Detn!i d prernises,shall upon request provide, in a form satisfacto ry to i,essor,proof of customary and reasonable insurance adequate and sufficient to cnver and protect all interests of the Lessor as set forth in this Artielc X. at toast to the extent and value of that subsequent interest holder's insurable interest. The same or similar procedvres for the Lase and application of insurance proc cods as set foA above may be required for subsequent interest holders and the same remedies availalAv-to Lesser fov Initial Lessee's failure to comply with such in5u ranee requirements shall be available to Les r with respect to any future 1nterut holders.Future interest holdem(including all Sublessees)shall narne Lessor as-an additional ins,ired and as a loss payee on any required insuranm policies. Section 1o.a Additional Insured and Loss Payee. Lessor shall be named as an additional irrsuria and as a toss payee on all policies issued to satisfy the above requirements of Article X. ARTICLE XI lu!!uMpue Premiums ctiun L1.ol Insurance Premiums. The Lessee shall pay premiums for all of the insurance policies whiA the I-essee is obQated to carry under the terms of this Lcase, In the event Lessee fails to obtain and pay for the necessary insurance, Lessor shall have the right,but-jut tie obl igatiou,with out notice to Lessee,to procum such insurance and f or pay the premiums of such insurance,in wLich case Lessee shall repay Less❑rimmediately upon demand by Lessor as additional Rent.The Lessor shall have the same rights and rarnedies with respect to procurement of such insurance. seer f gar payment of such insurance premiums in the event a future subsequent partial interest holder (e.&, Sublessee, Association (if applicable)) fails to obtain and pay for the necessary insurance. Page 18 of 49 Date Submitted: 2019-07-31 12:29:13.490 1 Form Key: 5343 ART]CLE XtI A--;sigftmerit/Tretn ' r kUtiott I0-pi Assignment by Initial Lessee. itbaut the written cun8e nt of Lesstir, Initial Lessee shall not assign ❑r qublet any portion of the Demised Premises, or change mauage-ment of the Dernised Premises} except as ctherwise expressly provided herein. .Notwithstanding the foregoing, L.t�.r)r ackt owledges and agrees that the affordable Workforce Housing Unit(s) is/are to be developed as a unit(a)for worVurcehousiug. Any Lessor-authorized assignment or sublet, must contain the provisions for the Workfarce housing Restridion(s), as-,et f❑rth in this Lcase. Section 1.2.62 Iiriiasl Lessee] Initial-Affordable Workfar&. HdWiug Ri;Aal, Initial Lessee shall be atithori7,ed to rent the Workforce HousitYg Unit to iridividuals qualified to renttheWo rkfertx!Housing Unit and subject to all other CDBG-DR program requirements. Notwithstandi-ng ar ything contained herein to the contrary,-a11 Subleswes and occupants of ,%uch WnrkforcL-UaLLdn,g Uriil(s)shall meet the requirements tinder the Workforce Rousing Restriction(s) and all other CD13G-J)R p�vgrarn requirements,adjusted for family si zo,and any other applicable w-arkfbrco housing restrictions. Initial Lessee shall upon Lessor's mquest provide verification in the same form and manner as required by the FI IFC on an annual basis that sublessees and ten-ants forthv Warkfurcc Housi ug Unit meet and satisfy the requirements herein. Ction r2.n.3 Assignment f Vanafer by 1.essee.At such time as any Lessee desires to sell or otherwise transfer their interests in the Workforcc Housing Unit,and(if applicable) where Lessor, subsequent to the effective date of this L,ease7 expressly and in wriLing consents to the assignment, rental, rental use, rental owupancy, or subletting of the Workforce Housing Unit(s) or interests, such Lessee shall be required to follow the prumdures se[ forth herein and any procedure that may be set forth in the Work-force Housing Re{striction(s), and any conveyance, transfer or ether disposition and the acceptance of such transfe rs shall be automatically deernee xn agreement to the U)nrlition.s. set forth herein. Section 1�,64&1 Uired•INplice of l stn ti ns.Any conveyance,lease, assignment, grant or other disposition of any interest made ivith respeet to any portion of the Demised Premises,including but not lirn�tedto any recorded governing documents,shall contain the fallowing requi red Matice of Restrictio nS in a conspicuous loeatian on the upper one-Ulf-of the first page of the relevant. instrument 0,ffectua.ting the, i ritere�St in bald capital typed letters greater than or equal to iq-point form: NOTICE OF RESTRICTIONS ANY IN S'I'IILTMENT OF CONVEYANCE, L A.SE,ANSIGNM ENT,GRAFT OR OTHER D ISPOSIT ON ()�' ANY I NTI?REST IN ()R To ANY PoR'1 I()N () THE DHrMISED I}1 M1SES OIL TO ANY IMPROVEMENTS ERECTED THEREON WILL BE SUBJECT Y0 CERTAIM PSiSTRICl IONS I NCLUDING BUT Page 19 of 49 Date Submitted: 2019-07-31 12:29:13.490 1 Form Key: 5343 NOT LIMITED TO RIGHI OF r IRST REFUSAL,USE,OCCUPANCY,INCOME, MEANS, RESALE PRICE, RENTAL AND MORTGAGE LIMITATIONS, INCLUDING BUT ITT(YF LIMITED TO THOSE SV I' )FORTH IN OPFICLOLL RF-COEWS UOOK —t PAGE OF THE PUBLIC RECORDS OF MONROE COUNTY, FLORIDA. TLe- hook and page numbers of the first recorded page of this LRAse and the first recorded page of any other recorded dc. mmentg affecting the respuctive portion of the Demi&ed Premises shall beset forth in the Notice of Restriction. Any instrument -of zonveyance, lerse, assignment or other dis pasitio n made %vithout follovAng the notice procedures set forth herein shall be void and confer no rights upon any third-person., though such instruments may in same eases be valfdated by fully eorreeti rag them acwrding to procedurr�� a4talblished by Lessor, as determined in Lessor's sole discretion, so as to ensure compliance with the public affordability purposes furthered by this Lease and the Workforce IIousing Restri Won(s). Any rental agreement shall enntairn the following warning prominently set forth in writing BY SIGNING THIS RENTAL AGREEMENT THE TENANT AGREES THAT UPON SURF.ENDRR OR ARANDON)6RMf', AS DETIN 1-4) KV CHAPTER 83 FLORIDA STATLTTES, THE LESSOR SHALL NOT BE LIABLE OR RESPONSIBLE FOR STORAGE OR DISPOSITION OF THE LESSEE'S PERSONAL PROPERTY. Section 12.E 9.011aling.0 uatifi�d-T' naatss If fusee cannot find a suitable sub- leswecar qualified tenant for the Workforce Housing Unit(,), Lessee shall riotif},Lessor%6u may provide Lessee NAth a qualified person. Section ig,65 Assignment by Lessor. This Lease shall 'bc freely amignaWe_ by the Lessor, and upon sudi assignment, the Lessor's liability shall cease and Lessor shall be released from arty further liability. fti the-ovem the uwuer5s ip of the land Cowprisirxg the Lna&nd Premises is conveyed or transferred(whether voluntarily or involuntarily)by Lesser to any other person or entity, this Lease shall not cease, but shall remain binding and unaffeetedL ARTICLE- XIII f'�nd�rtli�2Lt1aR Section 13.Qi Hmi-new If,at any time during the continua-nee of this ause;� the Derr l d Premises or any portion thereof is taken, appropriated or condemned by reason of eminent(lomain,them shall be such division of the proceeds aDd awards in such condemnation proceedings and such abatement cf the Rent and other adjustments made as,hail be just and equitable iinderthe drcu mstafiees, If the I.emcr and the Lessee are unable to agree upon what division, annual abatement of Rent or other adjustments as are just and equitable, within thirty (LIe) days after such award has been Page as of 49 Date Submitted: 2019-07-31 12:29:13.490 1 Form Key: 5343 made, then the matters in dispute shall be determined in accordance o6th mediation according to the rules of the iW.Judicial Circuit in Monroe County. Such determination made by the mediation shall be binding cn the parties. If the legal title to the entire Demised Premises be wholly taken by condemnation, the Crease shall be cancelled. S.Qtian 1-4.a2-A126E091.Mcdt.Although the title to the building and improvements placed by the Lessee upon the Demised Premises will on the,Termination Date remain with and Jor pass to the Lessor,neverthelam,for purpose of condemnation,the deprivation of the Lessee's rise (and atiy use of a Sublessee) of such b- ildings aDd improvements shall, together with the Term of the Lease remaining,be an item of damage 1ri tletorminirig the portion of the candem-nation award to which the Lessee is entitled. In general, it is the intent of this Section that, upon cond-i�innatlon, the parties hereto shall share in their awards to the extent that their interests, respectively, are depreciated, slam aged, ar destroyed by the exercise of the right of eminent domain. In this ccnnecticn, if the candem nation is total,the parties agree that the condemnation award shall lea a llneat€:d s() that the then value of the property, as though it were unimproved property, shall be alIocated to the Lessor, and the then value of the building or buildings thereon shall be allocated between the Lessor and Lessee after giving due consideration to t13e r,umbQr of years remaining irk the Term of this Lease and the condition of the buildings at the time of condern nation. ARTICI.F XIV QOnAturzitm ,SeWOn 11}.o-i Mgnlremeatt4 Cvnstrucfi Project. a) Lessee shill com mence ccnstruction cf the Workforoe Housing Unit-,nn the cum.merncern a nt elate of this lease.All improvements depicted on the.attached Exhibits shall he mmpletod. All itnpronvcmAnt-S shall be made with the required and appropriate building permits and tathe standards❑f the Florida Building Code. The foregoing limitation, of time for the commencement or completion of the Project maybe exiendedbywritte n agreement between the part ies bereto, Lessee is responsible for all environmental remediation on thv Properlyand in the biiilding(s)situated thereon using appropriately licensed contractors,whether disclosed in the envirournental sits a essn�ent, if any, prepared for the Property,or not disclosed,whether known or unknown,now or in the future. Lessee specifically agrees that the indemnification provisions of this l-ease.extend tn and apply to this provision- (bJ Daring the course rf con stracti❑n of the snik joct prqa rut, I-ossee s hall prop ide to the Lessor written status reports on said project upon request by the Lnssnr.The Lessor and Lessee}and the Lessees s agents ar)d contractors,shall allow and permit reasonable access to, and inspection of, all documents, papers, letters, or other materials in their possession or under their control where such records are subject to public disclosure under tb e prn k sions of Chapter i ig, Florida Statutes, or suece-mar or supplemental statutes. Page 9-1 of 49 Date Submitted: 2019-07-31 12:29:13.490 1 Form Key: 5343 Lessee(s) (bait not indhridual sub-lessees) shall maintain all records directly pertinent to performance under this lease in accordance -6�ith Chapter 11g, H.S., and in amc)rdance with generally accepted accountiug principles consistently applied. The County Clerk, Stale Auditux, or a designee of said officials to The County Clerk, State Auditor, or a designee of said officials or -af thn Lessor, shall, during the term of this Agreement and for a period of five (5) y va m from the elate of termination of this Agreement, nave access to and the right to examine and au6it any Records cf the Lessee i-avolving transactions related to this Agreement. The Project shall be constructed in accordance -iAtli the requirements of all lava, ordinances, dries, orders, rules and regulations of all gov-�!,ryimevtal entities having iLirisdiction f,]vrr the Project, (e) The Lessee shall apply for aid prosecute, with reasonable diligenc-Re, all necessary approvals, permits and lir:enses Toquired by applicable govern mental authorities for the construct ion,development,zoning,use and occupation of the subject project_ Ncthing i n this lease is intended to or ARR be construed to obviate or lessen any requirements for customary dowel opment apprcn�als from any permitting authority,i rLO—uding the I or's. _ Nothing iu this lease shall be constmcd as 1-essor's delegation or abdication of its 7.nning or eomFn?he)Rsive planning autliorAy or pry%very klud-Do mrikng or comprelicnsive planning approval that Lessee may require to complete its performance under this lease has been or shall be deemed agreed to, prorniscd for, or contmated for, under this lease. fD Constri Lion of the Project on the Dcrniscd Premises prior to and during the Term of this l xase s had hP pt-rformed in a good and workman like manner, pursuant to written contracts with licensed contractors and in ae-ordance with any and all requirements of Iocal ordinances and with all rules, regulations and requirements of all departments, board,;, officials and authorities having jurisdiction thereof. It is Tanderstood and agreed that the flans and specifications for all construction shall be prepared by ,filly qualified architects/engineer$ licensed in the State of Mcrida. At all times and fur aI1 purposes hereunder, the Lessee is an independent co ntractor/lessee and is nest an employee of Lessc r or uny cif agencies or departments. No stalement in this lease shall be construed to find the Lessee or any of its Employees, contractors, servants, or agents to be employees of the Lessor, and they shall be entitled to none of the rights, prl-ileges or hr-nefit<q of County employees. No euvcna,nt or agreement contained. herein shall be deemed to be a covenant or agreement of any mcrnb�,,r, officer, agent, or employee of the CAaanty or of the 2,essee in his or 'her individual capacity, and no member, officer, went, or employee Qfthe County or of the Lessee shall{ be liabie personally in anyway in connection -with, arising out of, or related to this lease or be subject to arry ptrsonal Page 22 Of 49 Date Submitted: 2019-07-31 12:29:13.490 1 Form Key: 5343 liability or acoc untabil ity by reason of this lease's execution. Initial Le-ssee agrees that it will not discxirninate against any employees, applicants for employment, prowpective Sublesaees or other _Prospective future subinterest folders or against persons for any other benefit or service under this Lease because of their race,color,religion,sex,sexual orientation, national origin,or physical €ir mental handicap Acre the handicap does not affect the ab ility of an individual to perform in a position of employment,and to abide by all federal and state laws regarding non-discrimination. Lessee shall be entitled during the full term of this Lease to inake alterations to the Demised Premises in accordaTice-kvitb the requirements set forth in the eight sub-paragraph 5 immediately above.(i.e.,sub-paragraphs,(a)tbmugh(i), inclusive). 14-.02 Amass 1p the�Pro!ect.and InspecfioA.Tli€: Lesser or its duly-appointed arents shall have the right,at all reasonabl a times upon the furnishing of reasonable notice under the rireumstancros (except in iin emergen€:y, when nc) n❑tiee shall be neeessaiT), t€a enter upon the common area of the Leased Premises to examine and inspect said area to the extent Oat such aecrss and inspection are. wzsnuah]y justified to protect and further the Cessor's Porntianing inlerest in the ❑atirised Premises,a:&determined in I-ssar'�,,- rt:asnaable. discretion. Lessor's designees,fo r purposes of this Article and Section 14.02, shall include city, county or State code or building inspectors, and the like} --vithout limitation. Initial Lessee shall permit building and code inspectors'aeoess customary to the performanm,of their duti-es related to projects of the nature.contemplated herein,said notice requirements notwithstanding, l�4.a'i >{orced.Ve-lay iu Perfarmancg. Notwithstanding any other provisions of this Luse to the; contrary, flie Initial 'Lessee shall not be deemed to lie in default under this Lease where delay in the construction or performance ❑f the obligations imposed by tills Lease are caused by war,mniclution,labor strikes}lockouts,riots,Rpods,eartliquahes,fires, casualties, acts of God, labor disputes, governmental restrictions, -emhargoe_s, litigation (excluding litigation between the Lessor and the Initial Lessee), tornadoes, hurricanes, tropical stnrm,,; or other severe weather ment5, or in-ability to obtain -or secure necessary [Hb arc materials or tools, delays of any contrarWr, subountractor, or supplier, or unreasonable acts or failures to act by the Lessor, or any other causes beyond the rca,sonablc control of the Initial Lessee, except financing 6clays or delays caused by e€,Dn€smic conditions.The time of perform a nc-c herc lu-nder shtall he extended for the period of any forced delay or delays caused or resulting from any of the foregoing causes. 14.04 Easements. Lessee shall be authorized to grant reasonable and necessary casements for aces and utilities customary for similar land uses and carts-truation projects in Monroe County subject to Lessor's. attorneys review and approval for substance and form of casement instruments.Notinzthstanding the foregoing, Lessor shall not be obligated to execute any contracts or easements for Ltilities. Date Submitted: 2019-07-31 12:29:13.490 1 Form Key: 5343 ARTICLF. XV M=aaLe Financing Semi-Qn .icy_ Financing By 111i lal Lessee_ . Initial Lessee shall have the right to rnoftage its iriCenests in the Demised Premises. (a) The Lessee shall have the right to encumber by mortgage or other paper instrument Lessee's interest udder this Lease,such as buildings and improvements placed by Lesser:on th c Demised promises, a Federal or State Savings&Loan Association, Bank arTrust Company,Insurance Company,Perisicati Fund or Tru:l(or to another private lender so long as the terms and conditions of the financing from private lender are an stihs-ta ntial3y similar terms to those then existing by the other lea aers referred to in this Secti.an),or to similar lending institutions authratized to mare leasehold mortgage loans in the State of Florida, or to any gulalic or quasi-public lender. (b) Uutil the time any leasehold murtgage(s) shall be satisfied of re nrd, W�en giving notiee to the Lessee Ivith respect to any default under the provisions of this Lease, the Lessor sball also serve a copy of such notitrL upon the I.r 9.w :'s i easeh old m ortgagee(s) at addreszqes for notice set forth in the mortgage instrument(s) (including assignments thereon as recorded in the ❑fficial Rwords of Monroe County, Florida. No such notice to the Lessee shall be d eemed to have been given uriless a c apy cif stieh notice has been mailed trj such leasehold rnortgagee(s), which notice rnii-st specify the nature of each sur`h default. Lessee shall provide Lessor with written notice' of the bo41k and page number of the Official Records of Monroe County, Florida for eanh mortgage by which it unc-trnbers the Demised Premises, inclAing modifications and assignments thereof. (c) Ira ease the Initial rRssee shall default tinder any of the provisions of this Lease, the Initial Lessee's leasehold mortgagm(s) shall have the right to cure sucli default whether the same consists of the failure to pay Rent or the failure to perform amy rather matter ur thing which the Initial Lesbee is required to do or perform and the Messer shall accept such performance on the part of the leaseW d ruortgagee(s)as though the same hart br:en dune or performed by the Initial Lessee. The leasehold martgagec(s), upon the date of mail i rig by Les8ur ofthe nodoe rekrred W in subparagraph(b)of this Section 15.(r t shall have,in addition to any period of grace extended to the.I nitial Ixssee under the terms ao d cc rid iti om;of this Lease fora oon-monetary default,a period of sixty (60) days within +whieh to cure any riorn-monetary default or r_ause the same to be cured or to commence to cure such default with diligence and continuity;provided,huwev€:r,that as to any default of the rnitial Lessee for failure to pay Rent, or failure to pay any amount ctherwise rNuired under the terms of this Lease(e.g.,including, but not limited to,taxes or assessments),the leasehold.mortgagees) shall have thirty (3o) days from the date the notice of default%vas mailed to the mortgag,ee(s) within which to cure such default. (d) in the event of the termination of this Lease with Initial Lessee for defaults de-scribed in this Article XV, or of any succeeding Lease made pursuant to the provisions of this Section ib.oi(d) prior tothe cure provisions set forth in Section 15.oi(c) above, the Lessor will enter into a new Lease of the Demised Premises with the Initial Lessee's leasehold mortgagee(s), or, at the request of such leasehold niu tgagee(s), to a Page.24 of 49 Date Submitted: 2019-07-31 12:29:13.490 1 Form Key: 5343 corporation or other legal entity formed by or on behalf of such leasehold martgagee(s)or -by or on behalf of the hoIcter of the note accured by the leasehold murtpgc., for the remainder of the terra, effective on the date of such termination,at the Rent and upon the coveuantFi,agreements,term.5,pnovisic11A aOEM itati❑ns contained in this Vase,provided that Birch leasehold mortgagee(s) make written request and executer acknowledge and deliver to the Lessor surh new Leaw within thirty (30) days from the, date of a116 termiriation and such%Titte n request and such new Lease is accompanied by payment to the Lessor of all amounts then due to the Lessor, including reaseria,ble couus-el fees, court nnst,q and di8hursements incurred by the Lessor,in connection with any such default and termination as well as in connection with the execution, delivery and recordation cif such new Lease,Iess the net income collected by the Lessor subsequent:to the date ofterrriination of this lease and prior to the exwutiun and delivery of the new LA ase, and any excess of such net income over the aforesaid slims and expenses to be applied in pa. 7ineut of the Rent thereafter becoming diie under such new Lease. Any new Lease referred to in this ,Section 15.n1(d) shall not require any execution, avkncawlQd&cment car d<livcry by the Lester in order to becurne effective as against the Lessee(or arty Sublessees)and the Lessee(and any Sublessees)shall be det--rned to have. exm-4m , avknuwludged and dcliwerud any such new Lease immediately upon receipt by the Lessor; and such new Lease shall he accompanied by (ij payment to the Lesser of all amounts then dire to the Lessor of which the leasehold mortgagee(s) shall theretoforn have to elved written nctiee; and h an agreement by the leasehold rn-ortgagee(s) to pays all ether amounts then due to the Lessor of which the leasehold mortgagee(s) shall not theretofore have received written notice. In addition, immediately upon receipt by the Lessor such new Lease,as provided in this Section 15.o i(d),the Lessor, where appropriate to the circumstances,shall be deemed to have executed?acknowledged and delivered to the leasehold mortgagcc(s) an assignment of all Subleases Covering the Demised Premises which theretofore may have}seen assigned the 145,50V and all Subleases under which Sublessees shall be required to attorn to the Lessor purstiartt to the terms and conditions of such Subleases car this L.caoe.S uch assigument bythe Lessor shall be deemed to be-Kithout recourse as against the Lessor. Within ten (10) d ys after a written roque,9t thcrcfvre by the leasehold mottgagee(s),such assignment or assignments shall he reduced to a writing in record-able form and cxecutcd,aeknowledgcd arO delivered by the lessor to the leasehold mortgagee(s). (e) The Lessee's leasehold mortgagee(s) may beco me the legal owner and 'holder of this Lease by foreclosure of its(their)mortgage(s)or as a result of the assignment of this Itvase in lieu of fc;r€:clusu re,which shall nat r quire Ixsscr's consent,whereupon such leasehold mortgagce(s) shall irrrrmediately become,, and remain liable under this Lease as provided in Section 15.oi(f)below. (f) In the event that a leasehold m artgagee(s)shall beam c the envner nr holder of the l,es.sw'�interest by fiire lusure of it; (their)murtgage(s)or by assignment of this lease in lieu of foreclostre or othemise, all terms used herein tc refer to the Les9m in this lease, means only We owner or holder of this signatory Lessee's interest for the time period that s tied leasehold mortgagee(s)is(are)the owner or holder c)f the Lx sce's interest, Accordingly, in the event of a sale, assignment, or other disposition of the Initial Lessee's Page 25 of 49 Date Submitted: 2019-07-31 12:29:13.490 1 Form Key: 5343 interest in this Lease bythe leasehold martgagee(s),where leasehold mortgagees)took title or oi.%, ership of or to any or all of the Initial Lemsw's inter t in the Leaso and/or any portion of the Demised Premx ses as a result of foreclosure or acceptance of an assignment in lieu thereof, it shall lie deerr€cd and construed, with-Uut further agreement betw"n the Lessor and the mortgagee(s),or between the Lesser,the mortgagee(s)and the mortgagees' purchaser(s)a assignee(s) ai any sUth sale ar ilpon as!5ignnrent of Initial Ise:55ce s irjtnrest by the leasehold mortgagee(s), that the rnortgagee(s), purchaser(s), or assig nec(s) of the Initiai T�essee's interest has/have ds5iiined ao6 agreod to carry out any and all covenants and obligations of initial Lessee contempl ated herein.I n no anent shall anything under this Lease be construed to permit aventual use of the Demised Premises for purposes inu3nsistent Frith this LcasL! or the Workforce flossing Restriction(s). (g) Reference in this Lease to the Initial Lessee's Ieaseh-o7d nmrtgagee(s) shall be deemed to refer where ritL�umslance% require t❑ t1w lva.w6o d mnrtgagee(s)'s assignee(s),provided that such assignee(s)shall record proper assignment instruments in the Official Rewrds of Monroe County, Florida,togr:ther with w�ritterl aotice setting forth the narne and address of the assignee(s). (h) Reference in this Lease to acquisition-afthe Ini!ti al 1.essee's interests in this Lease by the 1 ea-sehold mortgagee(s) shall be deemed to refer, where cim-umstarlces require,to acquis ition ofthe Initial ldpssr e'�interest in this Lease by any purchaser at a sale of foreclosure by the leasehold mcrtgagee(s) aiid pr❑visivns applicable to the leasehold mortgagee(s)in su€b instance or instances shall also be applicable to any such parchaser(s). (i) So l ong as the Lessee's interest in th is lase shal l be mm tgaged to a leasehold rnurtgagee(s),the parties agrp that they shall riotsurreuder or accept a surrender of this Lease or any part of it, nor shall they cancel, Aridge tar other;�.ise tnodifv this Lease or-ucoept waterial prepayments of installments of Rent to become due without the prior written consent of such mortgagees) it, each instance. 0) So long as the I nitial lessee's interest in this L"asc shal I b c mt;rtga6uAT to a leasehold mortgagee(s),the parties ag ree that the I,egsor shall tat sell,grant or convey to the Initial Lessee all or any portion of the Lessor's fee simple title to the Demi.wd Premises%-ithout the prior written cons(i nt of such leasehold m ortgagee(s). In t ie event of any such sale, grant or cotrveyanee by Eae Lessor to the. Initial Lessee, the Lessor and the Lessee agree that nu such sale,grant or conveyance shall cxeatu a m€:rgvr❑fth is I Aease into a fpe-simple title to the. Demised Prpmlres. This subparagraph G) shall not be L'onatrued to prevent a sale, grant or conveyance of the Lessor's fee simple title by the Lessor to any person, firm or corporation other than the. Initial Lessee, its su�ce sors, legal represe€naLives and assigris, so long as this 1-p.ibe is not t€,rminated. (k) If applicable, in conjunction and contemporaneously with the sale or transfer of-each Workforce I Icusing Unit,leasehold morLgagee(s)shall make;rrrangement to ensure the release of any and all applicable portions of its (their) inortgage(s) on the entire Demised Premises so as to grant clear title to the Sublessee.The,details and release payment requiremcnt shall remain within the reasonable business discivti-on of the Initial Lessee and the leasehold mortgagee(s). Pages 26 of 49 Date Submitted: 2019-07-31 12:29:13.490 1 Form Key: 5343 (1) Lessor shall be entitled, in the event of auy of the, furegoitig circumstances or events set forth in this Paragraph 15.01, to elect to deal primarily or exclusively v�ith a mortgaguc whose position is primary or in first order of priority with respect to foreclosable interests or nights acvorditttg to th e laws of the State of Florida ar as contractually agree€1 by and arnong inuliiple mortgages, where there are such. ARTICLE XVI Default 5ogiga iG.pi NuLice of_Default. Lessee shall not be deemed to he. in default under this Luse in the payment of Rent or the payment of any other monies as herein rezquired unless Lee,svr shall first give to Lessee and any mortgagees tesn (10) days written notice of such default and Lessee or any other party an its behalffails to cures such default within tell (10) 6ay-s of verifiab e recv-ipt of said notice. Excerpt as to the provisions or evcnt5 rcferrnd to in the preoMlng,paragraph of this Section, Lessee and Mortgagees shall nut-be deeinedto be in default underthis Lease unless 1.ossor shall first give to Lessee and. Mortgagees thirty (3o) days %tTitten not?�e of such default, and Lessee}fails to curt such default %,,ithin the immediate thirty (del) day period thercaftcr, or, if the default is of such a nature that it cannot be cured %N ithin thirty (ao) days, Lessee fails to cornm once to r.0 rep Such defau It%N ithi n such period of thirty(3u)days or fails thereafter to proceed to the caring of such default urith all passible diligence. Mor[Aagees shall be entitled to cure Lessee defaults on the same terms and conditions as the Lessee. Regardless of the notice and cure periods provided herein, in the event that inure rapid action is required to presence any right ear interest of the T essor in the Demised Pre mism due to any detrimental event or occurrence(such as,but not limited to,payment of insurance premiums,actions to pv�vcnt mmtruction ur judgrueynt lien forecl)su its or tax sales),thin the: IAessor is empowered to take such action and to request reimbursement or restoration from the Lessee as appropriate. Lessee shall ex3mply "n th all terms and conditions set forth in the Lease. Lessee horeby acknr)wlesdgess that a default of the lease shall be considered a default hereunder. Lessee herebv indemnifies and holds Lessor harmless in regard to any of the fees, costs, expern*,es, payments and liabilities rotated to this lease.In the event the lease is terminated due to Lessee's faiIure to oomph,with the teams of the lease, Lessee shall tndemiiify and hold Lessor harm:ess for any eats a expenses intern-ud by,.'Le,9scjr to obtain approvaI of a new Ipmw, or any damages resulting from terming-tion of said lease. �Pcti on 16,o2 Q Qfault. In the eve tit of any material breach of this Lease by'Lossee, and after the necessary notice and cures opportuniky pruvirled to initial Lessee and other parties, Lessor shall have the immediate right to terminate this Lease as permitted by appl Lcablc law. In any action by Lessor asserting a violation of the Workforce f ow;ing Restrictian(s), Lessee shall havc the burden of proof witli respect to eaeli such matter. Te-rrnination of the Lease, under such eireumstances, shall constitute effective, fall acid Page 27 of 4-9 Date Submitted: 2019-07-31 12:29:13.490 1 Form Key: 5343 irnm,diate conveyance and assignment to Lessor of all of the Demised Pre:rnisesr impro Ferments and inarerials and redevelopment rights to and associated with the Demised Premises and the Project. Furthermore, in the event of any'�reach of this Lease by Lessee, Lessor, in additivri to the other rights or remedies it may have, shall have the immediate right of re-entry (as may he lawhilly nonditioned per application of Chapter 83, Florida Statutes,as arnended)and may remove all persons and personal property from the-affected portions of the Demised Premises. Such property may be removed and stared in a public warehouse or eis YY ere at the eukst (if and for the acmiint of Lu_ssee:, OF where statutory abandonment or Unclaimed property law permits,disposml of in any reasonable manner by Tp_ssor without liability or any accounting therefore. Included i n this right of reentry,and subject to Initial Lessee's rights,if any,shall be any instance wherein a Sublessee renounces the Lease or a Sublease or abandons all or any portion of the Demised Premises,in which ease Lessur may,at its option, �n an appropriate case and subject to any rights of a moi#gage holder, obtain possession of the abandoned property in any manner allowed or provided by law, and may, at its option, re-iat the repossessed property for the whole or any part of the then unexpired term, receive and culloct all Rent payable by virtue of such reletting, and hold Sublessee Iiahle for any difference between the Rent that would have been payable under,this Lease and the net Rent for such period realized by Lessor,by means of such reletting. However,such Lessor rights shall not abmgate a m artgagee°s rights tax the extent those right,,do rift conflir:t with or injure Lessor's interests as established under this Lease. Personal property left on the prernises by a Sublessee may be stored,sold, or disposed of by Lessor, and Lessor accepts no responsibility other than that i rnposed by law- Should Lessor elect to re-enter,as herein provided,or shculd Lessor take possession pursuant to legal proceedings cr pursuant to aay notice provided for by law, Lessor may either terminate th is Lease or it may from tine to time, without terminating this Lease:,re- lit the Demised Premises or ariv part thereof for such terin or terms (which may be for a term extending beyand the Terre of this l.case)and at aueh Rent or Rents and on such other terms and conditions as Lessor in its sole reasonable discretion, may deem advisable with the right to make alterations and repairs to the Demised Premises.On each such re4etting lessee;skull be immediately liable to pay to Lessor, in addition to any indebtedness rather than Rent due under this Lease,the expenses of such red ettir g and of suet alterations and repairs,incurred by Lessor,and the amount, 1fany,by which the Rent reserved in this Lease for the period of suab re-letting (tip to bat not he:yon d the terra of this Lease) exei-_eds d1L, amount agreed to be paid as Rent for the Demised Premises for sucli period of such re-letting. Nomithstanding any such re-letting withe}ut termination, Lessor may at anytime thereafter elect to terminate this Lr,rrme for such proviotis-breach, Should Lesso r at anytime term inate this Lease for any breach, in addition to any other remedy it may have, Lessor may meover from Lessee al i damages incurred by reason of such breach,including the-Past of recovering the Dernised Premises,which amounts shall be immediately due and Payable from Lessee to Lessor. Section, 1 .�� L ss t"s. Right i!p.Perfo z�n..In the ,vent that Lessee, by failing or Page 28 Of 49 Date Submitted: 2019-07-31 12:29:13.490 1 Form Key: 5343 neglee.ti ng to da or perform any act or thing herein provided by it to be done or performed, shall be in defatilt under this Lease and such failure shall continue for a period of thirty(3o) days €tfter recrript of written native from Lr-gsCIr sprcifying the rkature of the,set 07 thing to be dyne or performed, then Lessor may,but shall not be required to,do or perform or cause to be done or performed such act or thing (entering on the Demised. Premises for such purposes,with notice,if L&ssor shall so elect),and Lessor shall not be ur be held liable or in any way responsible far any loss, incon-venience or annoyance resulting to Lessee on ace mnt thersof, and Lussue shall repay to Lessor can clemxnd the ant ire expense thereof, ineluding wmperrsation to the agents and employces of Ix-ggor_ Any act or thing done by Lessor pu rsuant to the provisions o-f this section shall not be cDnstrued as a waive r of any such default by ixssce, or as it i"iver-vf any covenant,terra or condition herein contained or the performance thereof, or of any other right or rern edy of Lessor, hcreunder or otberwi:5e. All amounts payable by Lessee to Lessor under any of the provisions of this Lease, if not paid when the amounts her-arne due as pro%nded in this Lease, shall bear interest from the date they become due until paid at the highest rate alloyed by law. Lnsor shall have the same rights set forth i,n this Section with respect to any future subinterest holder's respective portion of the Dernised Premises. Section i6.0a Default Peried. All default and grad, periods shall be deemed to run concurrently and not consecutively. Section i6.o5.Warkfarce Ijausink_IRestricdans,.In the event the Lessee ar sublessee fails to oomplyv-th the Workforce Housing Restrietian(s) at any given tune or any portion of the.Demised Prcin ise_s is used fur pi-irprj other than Workforce Housing in accordance with the Workforce Housing Restriction(s) bar an interest holder of such portion, as they pertain to t[ eir resppetive it3terests in or portions of the Dernised Prerni5es, such an owurrerice %,,ill be eottsidered a material defai-ilt by the affendiug party. Should the foregoing type of use default occur with respect to only one or mare subteriants'portions) of the Da-mised Premises, then the default termination provisions provided for is this subsection, shall apply only to those subtenants) and subleases) in default. In the foregoing evant-, I cssor(or the Ir itial a see(or its assigns)in the event of and with inspect only to a default by a particular Sublessee) may terminate the subleases and ienanrae-'; involved. Lessee 'iereby agrees that all occupants shaill w5e the Leaped Premises and Improvements for Workforce Housing residential purpose-q only and any 4ividentaal activities related to tht- residential use a5 well as any other uses that are permitted by applicable z-aning law and approved in writing by Lessor. 5Qctiazi.16,o6. The Lessee,or its property management enti ty-agent(tLat has1eea duly-approved in writing by Lessa r), shalt dry everything within its power to ensure that there is T,o month of negative cash flow. ARTICLE XVII Repair Obligati Section 17..ot Repair 015URatiODS. During the continuance of this Lease the Lessee, and every Sublessee with respect U) their based portions of the Demised Premises, shall Page 29 of 49 Date Submitted: 2019-07-31 12:29:13.490 1 Form Key: 5343 kcop in good state of repair any and all buildings, furnishings, fixtures, landscaping and egtriprnent vvhi€,h are brought car comAructed car placed upon the Demised Promises,and the Lessee shall not suffer or permit any material strip,waste or neglect of any building ar other property to be romrnitted,except for that of normal woar and tear?.The Lessee will(orshall cati,so Sublessee to) repair, replace and renovate such property as often as it may be necessary in order t❑ keep tha buildings and other property which is the subject matter of this lease in fir�;L class repair and condition. Additionally, Les*or shall not be required Lo furnish any services or facilities, including but not limited to heat, electricity, air vonditioning or water or La make any repairs to the premisesor to the Workforce Housing unit. ARTICLE XATM Addi<ticnal Covenanfs.ofLessee&wsor- gection Lessee covenants and agrees with the Lesser that the remised Premises will be rased exclusively for the ec nstruction and operation-of Workforce I Tou sing dwelling unit(s) and fc)r no other purposes whatsoever vdthout Lessor's %Titten �xmscnt. 'SectimA$.u T� UP on termination of this Lease,the Lessee-Mil peaceably and quietly deliver possession of the Demised Pternisc s, tjnles5 the ],ease is extended as pru-vided herein, 'llerefom, Lessee shall surrender the improvements together with the lvascd prernrseA. Ownership of se m e c7 r all improvements shall thereupon revert to Lessor. Section.l .40 .vgr of Litigation Exj3ense. In the event of any suit, action or proceeding,at law❑r in equity,by either of the parties hereto againstthe other,or any other person haring, claiming or possessing any alleged interest in [he Demised Pra-misus, by reason of any matter or thing arising c ut of or relatingto this Lease,including any eviction proceeding, the prevailing Party shall recover riot only its legal casts, but reasonable attorneys'fees including appellate,bankruptcy and post-judgment collection prcc eedirigs fur the maintena,troc nr deforvic cif said aetiuia or suit, as the case may be. Any judgment re iidered In connection vvitb any litigation arising out cf this Lease shai I bear interest at the highest rate aliuw-e!d by law- Lessor may recover reasonable legal and professional fees at(rilrutalA c to adrninis Lration, end'orcurncnt and p reparatic n for litigation relati:ug to this Lease or to the Workforce I lousing Restriction(s) from any person or persons from ur to whom a dernand or enforcr:rr ent request is inade,regardless of actual initiation of an auion Or prr�eectlin . Section i8ig,4 lay Lessee agrees to accept Lhe rernised Premises in its presently existing condition "as is' It is understood and agreed that the Lessee has determined that the Itemised Premises are acceptable for its purposes and hereby certifies sarrie to Lessor. Lessee,at Ets sole cost and exp en se,shall bring or cause tc he brought to the I emiwd Prerm adequate connections for watei-, eleetricai power, telephone,stormwater and sewage and shall arrange with the appr+ap crate utility c om pa axes fn r f irnls�ing s-uch se viws with no obl igation tb erefore on the gait of Lessor.The Lessor makes no express warranties and diselai rms all itmphed warranties. Lessee accept-s the Page 30 of 49 Date Submitted: 2019-07-31 12:29:13.490 1 Form Key: 5343 property in the condition hi which it currently is without repres!ntatiou or warranty, express or implied.,in fact yr by law,bytlie J.esaor,and without recourse to the Lessor as to the nature, condition or usability of the. Dernist.d Premises, or the uqe�; to which the Demised Premises may be put.The Lessor shall-not be resp omsible for any latent defect or change of contliticrtr in the irriprevfmrnts arld pr-t o-alty,of of titi C, And the:Rent he r.undezc shall not be I'Vithheld or dirainished on account of any defect in such title or property, any Aatigc in theeDnditiort thereof,any damage❑murring thereto,or the-existencewith respect thereto of any violations of the:lags or regulations of any governmental auffiurity. � i;oii 18.0.9 Hazardous Materiays. [Rssee, its Sublessees and assignees shall not permit the presence,handling,storage or transportation of hazardous or toxic materials or medical NNmste ["hazardous waste") in or about the Derals-ed Premises,. exrelrl in strict cc)mpliancc with all laws, ordinancm s, rules, regulations, orders and guidelines of any government agency having jurisdiction and the applicable boa►mil of i nsu ranae underwriters, In no event shall hazardous waste be disposed of in or about the Demised Premises. For purposes herein, the term hazardous materials or substanves shall mean any hazardous, toxic or radioactive substance material, matter or waste which is or becomes regulated by any federal, state or local law, ordinance, order, rule, regulation, code or any other governmental restriction or requirement and shall include petroleum,,products an d ashes" as w-ell as improper ur ex live storage or use of common household cleaning :gad landscaping chemicals, pesllcides, batteries and the like, and those materials defined as hazardous,substance or hazardous waste in the Carnpreherisiive Env ironmcntal Respon Compensation and r,lability Act andjor the Resouree Conservation and Recovery Act. Lessee shall notify Lessor immediately of any known discharge or di�scvveiry of any hazardous waste: at, upon, under or ,irithin the Dernised Premises. T-emee shall, at 1is Sole cost and expense,comply Nvith all remedial mmare5 r-eq'aired by any governmental agency hmring jurisdiction, unless such discharge is caused by Lessor or any of its agents or employees. Lessee bereby ackno-ixledges that Lessor shall not be liable for any hazardous tivaste that may be, lc Bated on the De rnised Pre raises at the tirne of execution of this Lease. Furthermore, Lessee hereby indemnifies and holds Lesgur harmless for any and all claims, liabilities, damages, COOS and expenSes related to the presence of hazardous waste after execution of this Lease. do 1$.� Rec r ,ion.Lessee,or LRssar at Lessee's cost, Within five(5)business days after Fxmution of this lease, shall rucard a complete, true and cGrrect Copy ❑f the Lease and any addenda or exhibits thereto in the {official Reuurds of Monroe County, Florida and shall proNzde Lessor with the -written Clerk's receipt of the hook aid page nuilaber w1jer'e recorded and the c rigi nal Lc ase and R-ol at�xI Agreement(s)after recordation. Page 31 of 49 Date Submitted: 2019-07-31 12:29:13.490 1 Form Key: 5343 a ad No Unla,, rful or I rnnioral PuMme or Use ctipn i .n�preserAgttions, Warranties bf Title and Quiet Enjhymeat. Lessee hereby acknowledges that Le�,sor i*merely acting-ma co-aduit to complete this transaction; therefore, T.essor does rrut make any representations or warranties with re!�peet to the ownership, operation or enx' onmentai condition of 11-ie Demised Premises or any part thereof, The Lessor and I.ssee covenarit and agree that so long as the Lessee keeps and porforrns all of the covenants and eonditions required by the Lessee to be kept arrd performed,the Lessee shall have quiet and undisturbed and continued possession of the Demised Prernis" from claims by Lessor. Se2tipn rg.o2 No Unlawful or Imrn ral-Purpose-or.Use.The Lessee, as long as it has any iuterest in or 6-,4 -a-By portion of the, Demised Psenlis'es, shall not Occupy or Ilse Loch portion for any unla%vfuI or innnoral purpose and will, at Lessee's sole cost and ex pe-nse- during such period of interest,conform to and obey any present or future ordinance and/or roles, regulaticyr<s, requirements and orders of governmental author ties cr agencies respecting the use and occupation of the Demised FrMiSes. AFUICLFI XX Miscellaneous Section 2u.or Cauenarits Dunning with Land. A11 covenants, proirifses, coftditians- and obligations contained herein cr implied by law are eovenants running Frith the land ar►d,except as othenAse proNided herein,shall attaQh and bind and inure to the benefiitof the Lessor and Lessee and their respective heirs, legal represeritatives, Successors and assigzr5, though this proAslon shall in no way alter the restrictions an assignment and subletting applicable to Lessee hereunder. The parties agree that all covenants, promises, conditions, terms, restrictions and obligations arising from or under this Lease and the Workforce Heiising Rest rietirjn(s)benefit and crihancethe communities and neighborhoods of Monroe County and th e p rivate and public lands thereof,and have been imp❑seal i B order to a.ssuw these benefits and enhancements for the full Term of this Lease. It is intended, �Aere appmpriate and to serve the puhlie purp«ge� to be furtherer] by this l,ease, that its pros isions be construed, interpreted, applied and enforced in the rn a nnCT of what iS commonly inferred to as a "deed restriction." Section 20.r)2 Na Waiver. Time is of the essence in the performanoe of the obligations of the parties hereto. No waiver of n breach cif any of the eDv€-rants in this I A-ase shall be construed to be a waiver of any succeeding breach of the same covenant. Section 0-o-.0 .Written Mc dificadans. No modification, release,discharge or waiver of any pro-Osions hereof sha11 be Of any foT e, effect or value unless in writing signed by both [lie Lessor and Lessee, acid signed alse by arry mUrtraFec Dr their di-ily authorizE-d agent, or attorneys, as long-as such mortgagee (if applicable) has both f i)filed in official Records of Monroe Courity, Florida, a "Gertificate of Notice'of their iritrrest 1ri this Lease Page 32 of 49 Date Submitted: 2019-07-31 12:29:13.490 1 Form Key: 5343 anal or the Demised Premiscls, paid certrflczte setting forth complete and cucreat contact information, the real estate parcel number assigned to the Dernised Premises and the 0 R. Ru,Ar€ s 2ook and Page Nurnbc.r of they first Teenrded page of this Lease,and i i p rovidud a rope of the recorded certificate to the Lessor at its notice acidress(es)-da U.S. Postal Sei%ice wrtif ed mail, return €evnipt Tr-queNtecl, Xotwithstartding the foregoing,the Monroe County Adm inistrator,or leis aut-Wrized designee, may make certain modifications to this lease v�ithout requiring an antacedent affirmative vote by Lessor's Biaard of County Commissioners.rEhe circumstances in which such administrative modificat lon(s) may be made are limited to, Amend this lease by delineating lesser€ar greater area,of the overall Property being leased Lo Lessor(presently identified herein at Exhibit 'A."), and to fLal Amend this lease to comply iNlth any application requirements oftk�Y HFC R A 2019-101 CDBG-DR in Monroe urrty. Either administrative lease amendment type must he rr-ode in writing and atherw-ise be in acrottianee With t�j*5jLbSCrt1411. judtiub 20,04 Entire Agreement.This Leaso, i ncluding its prefatory recitals and any written adde-nda and attacked exhib is (all of which are expru-ssly inmvpumted herein by this ireference)shall cc nstitute the entire agreernentbetween the parties vvith respeet to this instrarnotit ns of this date. No prior written lua!ie or prior or contemporaneous oral proinises or representations shall be binding. Section 20.o&Notices. If Lessee desires to gyre metier to Lest r in ccnrreetion with and/or according to the terms of Chis TA2asv, such riotice shall '�e given by certified mail return receipt requested or by national overnight trar.kQd and delivery-receipt courier service,, and unless otherwise required to be "received", it shall he deemed given when deposited in the t sited States mails or with tC e couri er sendce v+rith postage or eoliri crfee5 prepaid. Not ificati(:n to Lessor shall be as set forth herein, unless a different method is later directed as prescribed heroin or lay the Workforce Housing Restriction(s): County Administrate r Monroe County Gate Building lino Simonton Street Key West , FL 5304D with a copy tor: Munrue County Attorney tIII tt€h Street, Suite 408 Ivey West, Flarida 33040 Tel- 3-05-292-31-70 f,cssee: Monroe County Hcusing Authority_ Page 33 of 49 Date Submitted: 2019-07-31 12:29:13.490 1 Form Key: 5343 Attru Executive Director 1400 Kennedy Di ive Key West, �rL 0 Section ao.ah Joint UabiljW, If the parties upon ekber side (Lessor or Lessee) consist of more than one person, such persons shall Ix-jointly and severally liable on the covenants of this Lease, Section 2a.p7 Public-Access and ]Public Rceorids Cam W 1lgm�e. The Lessee must comply with all Florida public reusrds laws, including but not limited to Chapter rig, Florida Statutes and Section 24, Article I. of the Florida Constitution. ]e.ssor and zA-ssee shall allow and permit reasonable aeccm for and inspection of, all documents, records, papers, letters, or other "public record" niaterials in itq possession or under its control subject to the provisions, of Chapter iig, Florida Statutes, and additional Florida legal authorities governing confidential and/or con fidcntial and exempt public records, and made or received by the Lessor or Lessee in conjunction ;%ith azid in connection virith this Lease and related to Lease performance. Failure of the Lessee to abide by the terms of this provision shall entitle Lessor to, at its option, de- r!m such fail ure a material b reach of this agreement, and Lessor may enforce the public records law term,,; of this provision in the form of a court proceeding. This pro vislori shall, sij rvive any termination or expiration of this Lease, The Lessee is encouraged to consult with its ad1,i9ors about Flo-rida's public records laws in order to comply with this provision, Fursuantta Section iig.o7oi, ]Florida Statutes, and the terms and conditions of this agreement, the Lessee is required to: 1) Keep and maintain public records, that would be required by the Lessor to perform 'rts service and duties under this agreement. Upon receipt froin the Lessor's custe dian of records,provide the.T.cssor with a copy of the re guested records or allow the rccords to be inspected or copied within a reasonable time at a cost that does not exceed the cruet provided in this pra�gsioa and Chapter fig, Florida Statutes or as otherwise provided by law. Ensure that public records that are exempt or CuRfah-m i 1 arrd exempt from public records disclosure rcquirernents are not disclosed except as authorized by taw'or the duration of the lease terra aril 1611owing Qompletion of the lease if the Lessee does not transfer the records to the Lessor. Upon completion of the lease, tr-ansfer, at no cost, to the Lesser all public records in possession of the Les!iec ter l£ecp und maintain public records that would be required by the i,essor to perform its service and duties Under this agreement. If the Lessee transfers all public. records to the Lessor upon r-ompletion of the lease tb,-l.es�see shall destroy any dupl irate public.wxurd.s that are exempt or confidential and exempt from public records disclesurr requirements.If the Lm,ce beeps and maintains publiere=d5upun eumpletioa of the lease,the Lessee shall meet all applicable requirements for retaining public r rds. All records stored electronically must be pn)x ided to the Lesser upon request from Lessor's custodian of records, in a format that its compatible with the,infurmatiou technology systems of the Lessor. Lzil A request tc inspect or espy Public records relating to an agreerriont or cO ntraCt With [A'-S%ar ruust be made directly to the Lessor, but if the Lessor does Page 34 of 49 Date Submitted: 2019-07-31 12:29:13.490 1 Form Key: 5343 not poetess the requested reuurds,the Lessor shall immediately notify the Lessee of the request,arirl the Lcss�rn ust pr lde the MOO ras t)the Lessor err allaw the rec or-ls to be inspected or copied within a reasonable time. if the lxsge-e-dices no!_wmply with the Lessor's iequest for records, the 1x-q r may enforce this agreement's rnairitenance of records apdf or public access provisions, notwitlhstan€iing hcssor's option and right to treat suO-h as a material breach. Lessee's failure to provide ovide public records to the Lessor ar pursuant to a valid public records request within a reasonable Lucre inayhe subject to penalties under Section iiq-io, Florida Statutes. The Lessee shall not transfer custody, release, alter,destroy or otherMse dispose of any public records unless provided for in this provision or as otherwise provided by law. IF THE CONTRACTOR HAS QUESTIONS REGARDING THE APPLICATION OF CHAPTER 119, FLORIIDA STATUMS,TO THE CONTRACTOR'S DUTY'TO-PROVIDE PL BUC CORDS RIKLATING TO THIS CONTRAC ' CO TACT THE LESSOR'S CUSTODIAN OF PUBLIC RECORDS:)L V YA_ _N EOADLEY AT PHONE#-35-292-3-47-0. BRADLEY MONROE COUNTY AT'TORNEY'S OFFICV, 111112TH Street SUITE ()5.. KEY ES'T. FL mo.4o. Sentinn ga.og Liability Cantinned; Lessor Lial !14.All reference-s to the]yes c5r anci 1,Fsse:e, Mean t1le persons who, frum time to time, occupy the positions, respectively, of Lesson and Lcgsee. In the evimt of an msignment of this Lease by the Iaessor, except for liabilities that tray have been incurred prior to the date of the assignment o r as specifically dealt with differently herein, the L or's liability under this Lease shall terminate upon such assigritnent. In addilloa,the Icas(-�,zlnless specifically dealt with differently herein, shall be at all tinier limited to the Lessor's 1- terust in the Dunn iced F rim i ses_ Sectit}n am Captions. The captluns used in this lease are for convenience of referee ce only and in n o-way define, limit or describe the sce pe or i n'tent of or in any ways affect this lease. Sectiuti :2o.10 Table -uf CUntents. The inclux prLwuding this I.A asQ undur the sable: cove• is for the purpose of the convenience of reference only and is riot to he deemed or construed in airy �vay as part (if this Loa se,, nor as supplemental themto or arcendator thereof. Section .ii GoNerning I;a v,Venue, This Agreement shall be wustrued under the Iaws of the State of Florida, anti the venue fc)r any legal prrxx cdirig to enforce or determine the terms and conditions of this Lease shall be in Circuit Court for the 161h.Judi cial Circuit, Page 35 of 49 Date Submitted: 2019-07-31 12:29:13.490 1 Form Key: 5343 ,Wonror- Colln-�y, Florida,This 1045e, and any agreernent made pursuant to this lease,shall not be subject to arbitration. Mediation proceedings initiated and conducted pursuant to this lease shall he in ae'c-ordariee with the Florida Rules of Civil Procedure and usual and customary procedures requited by the circuit count of Monroe County, Florida. $ettion 2 .r2 Holding fiver.Any holding o 'er after the eknirftti6n of the'rerm of this Lease,with consent of Lessor,shall be construed to be a tenancyfrcin month to manth,at twice the rnotithly Rent as required Lobe paid by Les-see for thr.period heir odiately pricrto the expiration of the Terre her-Bof, --a-acl shall otherwise be an the terms and conditions herein speci#ie!d, so far as applicable. 11 ,3g�diongg.il Broker. Lessor and Lessee covenant, warrant and represe nt that no broker was. instrumental in consurninating this Lease, and that no COnVerNations €fir negotiations -%vere had %ith any broker concerning the renting of the Demised Premises. Lessee and Lessor agree to Mold one another harmless from and against, and agree to defend at its own expense,any and all cla irns far a byDkerage commission by either of them with any brokers. section Via.i�. Sv�r "1't{; f P3rtial_f n_v_aiidit . If an7 pra �isFan of this Lease or the application thereof to any person or circumstance shall at ari v ti me or to any extent be held invalid or unenforceable,the remainder of this Lease or the application of-such pr-revision to persons car eireurnstances other than thmw as to Aich it is held invalid or unenforceable- shall not be affected thereby.The Lewor and Lessee agret:to reform the lease tQ replue any sLric:ken piuvision with a valid provision that u)mes as close as possible to the intent of the strlckeu provi-sion. Seetic)n 20.rZi Force Mal eurc. .If either party shall he delayed,hindered or prevented from tho pvrf-ormalncx, ❑f any act required hereunder by reason of strikLsa IC}ekcautS, labor trouble,inability to procure material, failure;of power,ruts,insurrection,severe tropical or other severe weather events, war or other reasons of like nature-eat the fault of the party delayed, in performing work ❑r doing acts required under this Lea.e, the period for the performance of any such act sliall be extanded fora reasonable period.Economic hardship or economic conditions shall not be considered a basis for such exteu.5jum Sdcti�n �.iG L ssdrf Lessee Relatiansl�ip,_Non-Reliar� e'byTliir Fard�,s.This Lease creates a lessor/lessee relationship, and no ether rel2-ticnship., bets. etm thE. part irs_ 'Mis Lease is for the sole benefit oftl'ie parties hereto and,except for assignments or Suble-ase-� permitted hereunder and to the limited extent themof, no other person or entity shall be a third party beneficiary hereunder. Except as expressly provided under this Lease or under the affordable Worlcforce H ousing Restfidions,no person or entity shall he antitled to rely upDn thn forms, ter any of them, of this Lase to enforce or attempt to enforce any third- party claim or entitlement to or benefit of any service or program contemplated hereunder, and tlic U-ssor aria the, agree that neither the Lessor nor the Lessee or any agent, officer, or employee of either shall have the authority to inform, rouesel, or otherwise indicate that any partic-ular ii-A ridtial or group of individuals: entity or entities, have entitlements or benefits tinder this Lease separat-e and apart, i nferior tO, or su perior to the Ccmmtrnity in general or for thr.purp4as-es cuLtern pl ated in this Lase. Page S6 of 49 Date Submitted: 2019-07-31 12:29:13.490 1 Form Key: 5343 Sectim 20.1 .F.ad(jn 6as Notif't ation. Radon is a naturally omurring radioactive gas that,when it has accumulated i n a building in sufficient quantities,may loose health risks to persons who are ex Wed to it over tirne. Levels of radon that exceed federal and state guidelines have been found in buildings.Additional information regarding radon and radon testing may be obtained from your munty. health unit. Lessor shall not be respc nsible for radon testing for any persons purchasing,leasing or accupy ing any portion of the Demised Prern ice,and all owners, Lessees and Sublessees shall hold Lessorharrnless and indernnify Lessor for damages or claims related theiTto and release Lessor farm same. 3gMmnz_9_()-ta Mold Disclosure. Mold is a naturally occurring phenornation that, when it has accumulated in a builditig in stiffmient quantltles, may pose health risks to persons who are exposed to it over thne. Mold has been found in buildings in. uainuarporated avaa5 n f the et}unty 4s Nvc;11 as in incorporated.a eas of the county.There are no measures that can guarantee against mold,lbt1t additional infurrnation regarding inold and mind pmventioa aa-d health effects may be obtained froin your county health unit or the EPA or CDC. Lessee and Sublesscxs apEept rcsponsibiiity to inspect for mold and take measures to reduce rnold. Lessor shall n❑t be responsible for mold testing for any persons purchasing, leasing or racoupying any portion of the Demised Premises, and all owners, Lessees and Sublessees shall hold Lessor harmless and indemnify Lessor for damages or clai ms related t he reto and release Lessor from same. 80ction 20:1q 00 Lead-Based paint Disclosure, Lczim-e acknowledges receipt and signing of the attached form LBP'-18 f 96 relating to the pessibility of lead.-based paintin houses constructed before a978 and a copy of the rids associated therewith and a c:opyUf the EPA Protect Your Family In The Horne. Lessee %%ill abide, by notice requirements relating to lead-based paint for all srtb-lessees, Section 2C. 0 SubsEquent. Chatige� in IAA-or RPkitlati-Pn. Where a change can reasonably he applied to benefit, enhance or support Lessor's affordable Workforce Housing goals,objective and policies,Le5,-,Crr shall have ilia right to claim lire beneft fro m any subsequent change to any applicable state or federal law or .regifttior.that might in any way affect this Le amo, the Workforce Housing Restriction(s), any Related Agreements or their respective application and enforceability, without limitation. In such instance, this fA-ase shall be corkstrued or, where necessary, may be reformed to give effect to this pro��Sion. S_Ktion 2-a.2-i Claims fdr Pedoral-and -or State Aid.Lessor aTid LL*sce agree that each skull be, Dad is,empQi-vered to apply for,seek,and obtain ft<leral and state fronds to further the purpose of this lease; provided that all applications, requests, grant propusals, and finding solicitations shall be approved by eacli side prior to submission_ ' cjc)ja g-0.2-2-'Government Purpose. Lessor, through this Lease and the affordable Workforce Restrictions), furthers a'governrnent housing purpose, and, in doing ',, expressly reserves and in no way shall be deerned to have waived, for itself or its assigns, saccussors, empltryet�s, officers, agents and represe-ntatives any sovereign, qumi- gacerumental and any other similar defense, immunity, exemption or protection against any Sail, CaLisc ❑fail 1URr demand or liability. Notwithstanding the provisions DfSectiort Page 37 of 49 Date Submitted: 2019-07-31 12:29:13.490 1 Form Key: 5343 766.28, 'Florida Statutes,the participraticn of the Lessee and the I-essor in this agreement and the a UISitiGn of any insurance coverage whatsoever shall not be deemed a Waiver of iMMULity to the extent of such coverage (liability coverage or otheix"rise), nor shall any cow-rict entered into by the Lessor be required to-contain any pro AEiou for wah er. All of the privileges and immunities from liability, exemptions from laws,ordiztances,and rules and pensions and relief,disability,workers'compensation,and other benefits which apple to the arCNAY of officers, agents, or employees of any public agents or employees of the. I essor or Lnm c, when perf{ rming their respective functions under this lease within the territorial limits of the county shall apple to the same degre-e and extent to the p-erforrnance of such functions and duties of such officers, agents, volunteers, or crap),Dyees outside the territorial limits of the county.-No covenant or agrmm cut 17,untained herein shall be deemed to be a cuvern ant or agreement of any member, off L.cr, agent or employee of Lessor or Lessee in his or her individual perscnal capacity, and no such member, officer, agent or empl oyce of Lessor or lessee shall be liable persona lly under this lease or be subject to arty personal Iiability or accountability by reason of the execulio-i of th.18-,greement, Section R .mig oat f the parties agree that any remedyavailable for any breach under this Lease shall be earn uiative-ly or selectively available at Le-mo is complete discretion, with any alectian to avail itself or proceed under any particular reme-di-al mechanism in no wav to be construed as a i4miver or relinquishment of Lessor's right to proceed under auy oilier mechanism at any time-or in any particular sequenrA}. Section'2 0.24"_plerneatal Administr tine Enforcement. Lc%anr,or its appropri ate agency,may establish tinder tto Wotlt€bree.11-ousiag strietloa(s),as amended frarn time to time, during the Term of this Lease, such rules, procedures, administrative forms of nionitoring, property audjor tenancy management, proceedings, and such evidentiary standards, as deerned reasonable within Less ar's prerogative,to irepl ement enforcement of the terra*of this Lease and similarleases and the Workforce Housing Restriction(s). Such forms may includo but in rto way be limited try use of D)de Enforcement prowdum-, pursuant to Chapter A2, Florida Statutes, to determine, for and cmly by N�-ay cf one example, and not a5 any limitation, the facts and legal effect of ari allegedly unauthorized {"af#'er to rent,'° ❑r, for another example, an unauthorized " .c-iipancy." However, notldrig herein shall be deemed to Amit Lessor fr€ rn access to an appropriate. court of competent jurisdiction where the resolution of any dispute wc)u;d be beycnd the cc;mpetecicc or lawful jurisdiction of any administrative proceeding. Sectiort_2o.nrk Exceptions to Leaslf � hihition, The Workforce Noosing Unit(s) are to be developed as a dwelling unit for q alified rental and gmalified rental- occupancy for affordable Workforce iiousing. Transient use, vacati oil rental use, u�vner- € cuup�incy, and any other form of use or em2paricy other than affordable Wur'kfurce Housing is hereby expressly prchibite<.absent express written authorization and consent liy lessor. Lessor or its designee, m its sole discretion, shall have the right to adopt as park of future affordable workfoi-ce Horsing Reskrietiun(s) provisions to allow Sublesmea the limited privilege to rent or lease their �Vorlkforce Housing Unit to qualified persons. Ruquests for 5i4eh approval shall be made in actor-dalicc with such pm oedures I-je&srir may i n the fixture choose to adapt. It is enritemplated, though riot promised or required, that Page 38 Of 49 Date Submitted: 2019-07-31 12:29:13.490 1 Form Key: 5343 certain limited rental provisions may be adopted in the future far circu nstances such as,for example, b .i%ithout limitation: (a) A Sublessee's required absence froin the local area fer official rnilitary duty. (h) A&)c.um anted ill nr ss that legitirn-Rtcly requires a SlLblessee to be hospitalized for an extended period. (r) A farnily erne rgcncy legitimately requiring a Sublessee to leave the Keys for a period longer than thirty (3o) days. SectiDn 20.26 Drafting of Lease. The parties acknowlodgo that they ,jointly participated in the drafting of this Lease with the benefit of counsel,or had the np1x)rtunity to receive such benefit of couwel, and that no temn or prcwision of this Lease shall be construed in favor of or against either party based solely On the drafting of this Lease, ,ierAinn.2o.27 Lessor's D&to Cooperate.Where required unduw thits Leaser Le.ssar shall, to ensure the implementation of the public affordability purpose furthered by this Luse, cooperate �&ith reasonable requests of rnitial Lessee, Sublessees, mortgagees, title insurers,closing agents,government agencies and the lik!regarding any relevaut terms and conditions contained herein. Section a<2.:1B Tic lotion in Counterparts.This lease may be executed in any nu mber of counterparts, each of which shall he reBearded as a n original, all of wWeh taken together shall constitute care and the same instrument and at-Ly of the parties hereto may execute this It-asp by siguing any such counterpart. IN WITNESS WHEPEOP, the Lessor and the Lessee have hereunto set their hands and seals, as of the play and year above writ-ten, FOR LESSOR BOARD OF COUNTY COMMIS [�N S OF MOIL ROE COUNTY, FLORIDA By: .�� c-- C* 7 By- MONROE COUNTY ATTORNEY Deputy Clerk APPROVED AS TO FORM � nA lit I4�unrue Caunly Attarrn-}' PETER MORRfS nlrj3r'C;V t(j FqM I ASTSTANT CO A RNEY dale: Page 39 of 49 Date Submitted: 2019-07-31 12:29:13.490 1 Form Key: 5343 Monrce qo4nty Housing Authority By: W/ noel Castillo, &P-cutive Director -77 zlf WITNESSES: v Witness No. i (Frisk Nara ) Witness No. 1 (SisnattITA i2OLACI-qkz 4 witncss irnt Name) Wit ess No. nature.) STATE OF COUNTY OF � 'Ilse foregoing inskrument, Lease: between Board of County Carnmissioners of Monroe Cou tnty, Florida, and the Mwirae Cou uty Housing Authority,was acknowledged before me this 1 day of Z!N%NY . 201-9,by Manuel Castillo,as Executive Direetot of the Monme County lousing Authority, who is 1jeaonally known to nic or produced as ptcaf of identification and did take an oath, . Lr COMM610M t no z q%.+►C'% a- y(x A6 u a: +a aoxa Notary Public (Print Name and Notary No,) <vw Notary Publir. (Signature) Page 40 cf 49 Date Submitted: 2019-07-31 12:29:13.490 1 Form Key: 5343 EXHIBU"'A" LEGAL DESCRIPTION 31 S. Conch Avenue, Conch Key(bearing Property Identification Number 00385780- 310400): The West 71)feet of Lot 14,CONCIJ KEY St. RDIVISION,accordiug to cite Plat thersuf, rmrdvd In plat Back 2,Page 131),of 111e Public Records of Monroe Cowity,Florida. Said parwl of laud beilrg marK particalarly described as follows,to wit: At Vie Point of Ileginning commence at ■ paint on tht. North Hight-ar-Way line of,Somh C GntIt Meow And ih-v Southwest turner of Lot 14, Conch Kay Subdiivislall, accurdln; to tl.o Ptat thermf as rerurded in 'P ,mf Bfl0k 1, Page iM, of the Publir Rrca'rds of Monroe County, Ftarlda,- thence run in a northerly direction slang the West boundary lime of Lot 14 far u distance of70 fectta the Norfhyrest corner of ssld Lu# 14; thence praceed at a right angle ahtrig the N-Mrlhcrn jet itne of L-ct 14 for a distance af70 Ittt I a paint; thence ist lo right anglo sad -running parallel with tilt £net lac 11ne of Lot 14, run a distarnec of 70 feut I a pe1Mt a the South Lat line of Lot 14, and car+ the N-011h IRfglit-or--way lent of south Cvneh Avenue suid p4it,t heing 70 legit from The Paint of Mglnning; thanee of a right angic prPeted N a Wcsterly dfrectioh along the South lac line of Lot 14 a rMtonee of 70 feet Miele to the Point of Beginning. The property lQv.-hted Qri AtIantiQ"Boulevard, Kay Largo (bearing Property Identification Nurnher D0453440_0011-00): 1 it;e7. of la1 d jyjnS Li4 Tract '".Z'' of FM LAXM r a Suhd tFSaiM lu See t ioo 331 Te�rs►�tti,P. . Sl ge . Feat t�. 7 Las. 1P asveordfn� to irtt Plat then 1 as Yafiarded i PlarL 8#4 a1~ a . . 0� Cite pobiic Racarda qt 1 ',C c4unzyp llatiuiar 1a lug zvt.a partituay dtlre as f11owa t C.(=I;ltCC- -at t 1 p i»C f Intersavtfell Of the »cirth.gApterty prolmlotita of the 1pr l:buef>s l:er1T g t +�f jjVq li" ei l estos4 hveo ua vitb 6& Nouhauterly Lt of 1 ai lip o Atie�►t:;i,e. 11�ujevdiria; thmcs run t a> 4.30 along IR Pralt} entilDa far 2 84127 f ai~ � i<i perk v2 t4raectian tldth a time rallel ro and 110.27 feet t�tdr chess �C 1 r da tit AL%Uxad-.Itt r jght. AWed to the f> KcatheaMterly JMFkt of Vd$ 11aa of djI*lp�stio Ukd9*40rd; the dOltot 90 dtrgrets rLAt tMA M SOUCheastOrly -along MuLd parauel lim fl0.4. tine t:kMtorlr aria of cmgko Vorap t rorp. f-De 50.,66: tart l~v 1t1e point of Elegi"Ing of the herelA dfltscrLbed pazzall frola odd Point #i: g■ ooaik > tr as c a16ag: the efor&M=ttr�n#d ewe for t?�.8 f*o W a point inteseacfiaS t ¢>rt t17 Thai of Way Une of Sr.. droU place; t2lp=e gfLilect 10 dek&x&&a right~ run So�hwo*rar%y ■fang aaid 140T 1 0terly hl � Way jiT& for 21$,27 f4*t* tbVq "fUct 90 dagraoS right trod rain Vorthw6 terlp eleatl; Una of Atlmtld DO"Isv rd fc-r 200,66 f4st t-a sL poiAt a* zhc 5prttb0 !Cly Right of Vq XJ+ of .H=strAd *va*> P tie defUet 90 dtg-Vsoa right and rtm R&rtheaarAil#r alma �'ld vroloi►,tatl,m far 2I0.,27 f*�pt co the 1`vittt of Segf>�1�g. .31535 Avenue C, Big Fine Ivey [bearing Property Identification Number Qo3D26/o- woo oo and oo3o26go-0000ao)- '81ark'2l, 1,ots 1,2,3, and 4, Sands SUbdivisiOn, aCtvrdilkg to the Plat thereof as recorded in Plat Book 1, Page 65,of the Offichd Records of Munroe County, Florida. Page 42.of 49 Date Submitted: 2019-07-31 12:29:13.490 1 Form Key: 5343 ;a N. Concfi Avenue, €:oneb Xey (bearing Property Identification Number GD38.57$0, 000000): Alit of Gat 13,the Easterly 31 feet of Lot 14,the J�sstaqy 39 i et of Got 30 and Alt of Lai 31 &(CONCH KEY, beings combin$tion of tht belle ving twa Farcou of Land; A Part of Lutz 13 and M and All of Lot 31 of CONCH KEY, as rmor-ded in Plot ltook 1, 'Page 13c, A th a )suhlir Rom rids of Moarae Cou nty, Tlorlds, and being more particularly described by metes acid ha uaadt as follows:Comrnencli%g at th a ForthuA Lora-er of Lot 31,said corn-or to be known bs the Point of Begiuoing of the Tray[ of Land hereinafter described, bear Nerdy 66' 45 Welt, along the Southerly Right-of-Way lint of North Conch Aveaue,131-95 fact; Mence bea r Sbutb 73# IT We4 743 feet; thence bear North 56' 45' West,, 39 feet; thence be&r Soatb 33`° IV West, 70 feet t4 the Narthaalsterly REght-of-Wary line of Sor1tt C-DaIcA AVenme; tltcocc hear South 65' 45' East,36,l;f2 feet to the Noraerly fight-ofWay Itot Df US, Highway IN& ]; theuax Lear !earth 69° C5' EEO, along the Nortborly Right-of-Way line of 10.S. Highway No. 1, 19t}_93 feet; thence �n a Furtherly dicectioza, 7.45 Batt, back to the Palm of ReginniagANIDA Parcel of Land is a Part of Lots 13 and 14 of CONCH nY, as rccorded in flat look 2, Page 130. of the Public recards of MoDree Counry, r1oridat, anti being morL particularly drscsihed lav cRrtrs and bouads ns follows: Commtarling at the$outhwest corner of Lot 14, hear South "'49' Est,along the Northerly Mght-OMY lone of Soutk Comb Avenue,70 feet too-the Feint al F&ginning of the Parcel of Lard hereinafter described; from said Part el Rtgjoaiag,bLar Borth 23' 15' Last,76 feet; 6610tt beer South-66°45`Last,5Z feet; thence bear South 23, 15, West,70 feet to the Northerly Ngh t-of-Way lin t e f souib Comb Avemme; thence bearlNorat dd°45"Vr md,alojig the Northerly Righl-uf Wny line of South Coo¢b Aver uz, 52 feet, boa to the Pclnt of 33 glon Lug. I'age 42 Of 49 Date Submitted: 2019-07-31 12:29:13.490 1 Form Key: 5343 COMPOSYFE EXHI131T '13111 1. MANAGka14 EN Ii'AGRIEM ENT: A. Introduction: '!;he Lessor and Lessee to this lease mutually agree that the Property, shall he developed, used, -arid ocrnnpied scj as to ensure af-ordAility in perpetuity in con nectic n v4th the Property and the dw elling units to be c anstrueted therein as set forth in th is 1 ease, The L.essur and i-assee to this lease mutually agree that housing and occupancy preference shall be granted to qualified full-tir€ E! employees of Lessor, and to qualified full-time employees of Lessee. "Qualified,"as used heiuiii, means those cmployces(if Lessor and Lessee whn satisfy all regid rements of the affordable Workfarce F lousing Restriction applicable to a anit that is available for use and occupaney, sand means thuse employees of Lessor and Lessee who satisfy all r_quirements of the affordable Workforce Horsing Restriction appli€:ahle to a unit that is available fur use,and occupancy. The legal effectiveness and enforceability of stick, preference is Contingent Wan approval of the Florida Departrnentof Economic Oppertunity, 1~lurida Housing Finance Corporation, and Uriitd $tatc-s Department of liousirig and Urban Development. B Program Des iptionr The Monroe County award of County mmissioll�rs {"Lessor") continues to examine the affordahle workforce Dousing crisis%ithin the county and seep to deternar ne best raeti c�luticcm,tej mitigate this ,dwatir n. 'rho Monroe Cminty'Employee Rental Housing Program eructed under this lease is one such solution. A central conmrn of the Program is the enormous financial pressure on the Lesssor`s and on the Lessee's e.mployoc is connection with the affordability of housing opportunities near their jobs. This prognm, as applied under th is 1 Pw9e, grants employee preference tc,qualified full-tune employees of the Lessor and to qualified full-time employees of the Lessee. G. Ma:qqgpment and AArninistration of the Waiting List-and Luse Housing Peeferenees: Under M onroe County Land Development Code Section 139-i(f)(8), the Monroe County Planning Director may authorize"[t]he county housing auth rity" and "other public entities established to provide affordable housing" to administer i he eligib�ity, qualification, re- uali lea%.un, and c❑mpliancA- require.mants otherwise ordannrlly administored by the County's Planning Department pursuant to a written agreement. The Board of County Commissioners of Monroe County's approval of this lease has approved this lease in conjunction with the Plarrriillg Dime-tor's approval for Lkssec to administer the eligibility, qualification, re- qualification, and compliance requirements under this Icaw, as authorized under Monroe Count}! Land Dclxloprnent Cade Section 139-(OC8). Rage 43 of 49 Date Submitted: 2019-07-31 12:29:13.490 1 Form Key: 5343 As such, Lessee agrees that it will comply-Mth all qualification, re-qualification, and ccmpliaii ce requirements applicable imder this lease and as applicable under the Monroe County Code[s). Lessee shall provide an annual report to the Mortroe Courity Planning& EnviroumeMal Resaurees Department showing all income qualif radars. all income re-qualificatIL)ns, and rents. If any other duearrients, Ord-, car i eformation is required by Lessor, Lessee shall p rovid-:it to Lessor. Lessee may not authorize a third-party to assume or undertake this delegation of authority m+ thout Lessor's prig r express tNTi Ren approval. All records held by Lessee ,tnd Lessee's authorized agents may be considered prune records under Chapter 119, Florida Statutes, and it shall be Lossee's so1P responsli lity.to inaintain anci abide by al] requirements applicable to proper maintenance and disclosure of such records under Cha pter i 19, Aorida Statutes. It&ball be the Lessee's policy that each applicant shall be assigned an appropriate plain on a waiting list.Applicants shall be listc-d in a sequence based upon date and time a complete, legally sufficient application is rueeive-cf, the size and type of unit the applicant has requested, and faeters of preference or priority. In filling an aettAal or anticipated Vacancy, the Lessee shall offer the dwelling unit to an applicant in the appropriate sequence, with tote goal of acc oMF1is'hing complete caeeupa,nCy of all a nits by qualif led 6 all-ti m c employees of Lessor and L€-;s ee, Uy maintaining an accurate waiting list, the Lessee will be able to perform the activities which ens-ure that an adequate pool of qualified applicants %+Ill be available to fi I un it vacancies in a timely ma nn�r, Rased upon the Lessee's turnover and the availability of apprnpriately-sized units, groups of families will be selected from the waiting list to form a final eligibility pool. Selection frorn the pool will be based upon completion of verification of all docunients aril information provided. The Lessee shall administer its waiting list as required by 24 C.F.R. Part h, Dart 94, and.9ba, Subparts A and B. The waiting list will be maintained in accordance with the foilov ing guidelines: 'lie,application iAl be a liermauvu t file. All applicants in the pool "rill be maintained i-n order of this le-ase's prluritization of housing applicants Ao are qualified fullAimc ern pleyees of Lessor and Lesme_ Applications equal in p:wnfc.ronre will be maintained by date and time seciuence. All applicants must meet all applicable eligibility rorltrirernents as established by law. The Lessee, at its discretion, may restrict application, suspend application intake, and clase a waiting list in whole or in part, and will publicly announee its decision to do so by posting such decision ir. all of its offices. Sueb decision to (,lase the waiting list shall be based upon the number❑f applicatious available for a particular size and type of unit, and the ability of the Lesser to house an applicant in ari appropriate u T&-v►Zthin a reasutia}ble pe ripd of t irne. Page 44 of 49 Date Submitted: 2019-07-31 12:29:13.490 1 Form Key: 5343 �Vhcrn the Lessee =Pens the waiting list, it will advertise this in a ziewspaper of gerieral paid circulation in Monroe?(~aunty. They notke-6s!]I be made in accessible format if requested aricl will contain: Thu €fatps,tunes, and locations where families, may apply. The applicable progra-m(s)for which applications vdll be taken A brief description of the applicable program(s), A statement that Section 8 part[cifia,nts must submit a separate application if they wish to apply foe available housing. Limitations nu who may be eligible to apply. Eligibility req uire!m cuts. Availability of local prefere-nees, During the period in Nvhrch th-n waiting list is cickwd, the Lessee v+-ll not maintain a list of individnal,;%v�iu wish to be notified of when the waiting list is re-uperled, The open pe-riod shall be long enough to ar-hieve a waiting list adetivate to cover projected turriuvesr over the next P-4 months. WVen the period for accepting applicatin vs is over,the L�sc,c will add to the new applicants to the list hy- Ulait size, this lea 's stated prefercnc,e for qualified full-time employees of Lessor and Lessee, and the date and time of application receipt. When appli cants consist of t vo families living together (for example, such as a mother and father} and a daughter Mth her awn huss and and children), -and they apply as ime famtlu-urAt,they}frill be cuiisidered as one family unit. A preference dons not guarantee adrnissiun to the progra rn/approval of a housing application. Preferences are used to establish the order of plaeernent on the Wilting list. Vvery applicant musk meet all of the lxssce's Selection Criteria as defined in this policy pursuant to the rcquxrements of thi*lease permitted by law, Applicants who reacli the top of the waiting list wil] be PD-utacted by the: Lessee to verify their pn--fere.rwe and, if verified, the Lessee mill mm plete the application foz vucupaucy. Applicants must complete the application for occupancy and continue through the application processing and may not retain their place on the waiting list if they refuse Lo complete their proces,;iTig when con tauted by the Lessee. Aniony,applicants mt th equal preforene.c status, the waiting list gill be Or&'Iniced by date and time, The rnaxirr.urn possible numerical paint total for an dppliration is 10o. Priority preferc.n pursuant to this lease is providgA to eligibl e employees of- Z,essor and Lesser on the kvaiting list. A properly noticed public,meeting was held befor-e this lease was adopted. The fullowring preference is used: Page 4,9 of 49 Date Submitted: 2019-07-31 12:29:13.490 1 Form Key: 5343 Residency f Lessor and Lessee Employee Preferenee: liar apphc4nts who are current full-three employees of Lessor aril Lessee wbo�vurk iri Monroe County and satisfy the Workforce Housing Restricti❑n applicahle to a given linit. In order to verify that an applicant so satisfies the-ic given requireinents, the Lvssec"ill regWre a rninimilm of one (i) of the followring d0eument�; Verification in the form of an employment reCord(s) provi(led by tbe. Munroe County Human Resources Department or Lessee's equivalent human reonurces office, other employor or agency i—ocord,s, driver's licenses, voter's registration mcor6s, credit reports,statement(s) from household with wh❑m the family is residing, rent recei , leases, schucl records, utility bills, etc. Preference Point systern; Local Preference F16jnt D criptioa Nint Value, Full-Titne Employee of L.egsor Fu11-Time Monroe County Yon 130CC FrnpIoyee Full-Time Employee of L.essP4! Full-Terre Monroe County 100 Housing Authority Employee T16)ro applying its preference system, the Lcs,-iee-vill first match the characteristics of the available,unit to the applicant(q) available on the waiting list. By snatching unit and family ❑haracteristics and qual i r ations for a.foregoing preference, it is possible that families wb-a are lower on the waiting list may rcce,lvu an offer of huusiug ahead of families with an earlier date and tirne of application. The Lessee will verlfy, all preference claims at the time they are made. The Lessee will re-verify a preference claim, if the lessee feels the appliear t'8 ❑r faiw1ily's ciretlmstances laave changed, at the time of wlection from the waiting list. If the preference verification indicates that an applicant does not qualify for the prefcmn.*E�, tk a applicant ik ill be returned to the waltLig list and ranked withuUt that preference and given are appartunity for a review. Cbanges in are applicant's circumstances wUle ca the waiting list m iy affect the applicant's or his f her farnily's entitlement to a preference. Applicants are rvgilired to notify the Lessee in writing when their oirrumstances cliange. When an applicant claims a preferer,i--e, he nr she Neill be placed Oil the waiting list in the proper order of their newly claimed preference. If the, I see denies a preference, the applicant will be placed on the waiting list v4thout [lie berieFit ❑f the preference.The Lessee v ill noti6r an applicant in ,,NTitirig of the reasons Ay the preference was domed and offer the applicant an opportunity frcjr an inforrnal rneetirng,The applicant�%2lI have io business days to, in writing, regiiest that meeting, If the applicant does not request a rii cut and Page 46 of 49 Date Submitted: 2019-07-31 12:29:13.490 1 Form Key: 5343 if the preferenee denial is sustained/upheld as a result of such meeting, the applicant-;%ill bc�placers np the waiting list withoutbenefit of the preference. if the applima falsifies documents or makes false statements iu order to qualify for any preference, they will be removed frorn the waiting list %with notification to the applicant and/or the family on the appiieatiwi. The wadting list will be purged at least anuually by a mailing to all applicants to ensure that the waiting list is current and accurate. The mailing will make a request for c urrenL and/or updated information and confirmation of the applicant's continued interest. if the applicant fails to respond to such mailing within 14 calendar days, he/sh a %, ill be retnoved from the waiting list. If the i4lh day falls on a Saturday, Sunday, or o ioial designated federal or Mate holiday, the ' h day shall be wnsidered the-nearest next business clay. if a letter is returned by the post office without a forwarding address, the applicant will he removed from the list,�%Fitbout further notice and the envelope and letter will be maintained in the file. IIa later is returned Mth a forwarding address, it%ill be re-mailed to the address indicated. When as applicant rejects tie final vyiii offer by the Lessee, the will: Remuve the upplicant's name from the waiting list, Remove from the waiting list means: The applivatit tnuzit re-apply. Applicants must accept a unit offer within is business days of the date the offer is madou. Offers made ever the telephone will lb(, caffirmed by letter. If�irtable to contact the appl im rat by telephone, the Lessee will send a certified letter. Lessco must proNride each applicanl(s) app roved to occupy a Workforce T lousing Unit(s) with a Letter of Acknowledgment conforming to Exhibit"C." to this lease, and eadi applicants) trust retLirn saui better to Lessee properly executed and aotarN - Page Date Submitted: 2019-07-31 12:29:13.490 1 Form Key: 5343 LETTER OF ACKNOWLEDGE MUNT TO: Initial Lessce}, or its assigns Address of I nilial Lessee, or its assigns DATE: This litter 1S giVVIn to ,...,rnitlal LeSsee.... as an acknowledgement in regard to the affordable Workforce Housing Unit that l am renting. I hereby acknowledge the f��l?raw-i ng; ■ 'i"h A I meet the reyuirerme}nts set forth in the Lease and Workforce. Ilousing Restrictions for this property}to rent an affordable Workfarce Housing Unit. I understand that the unit I an'i renting is being rented to me at a price restricted below fair market value for rny, future similarly situated per�ris and Monroe County's benefits. + That the WorVorec Housing Unit that I am renting is suhjeet to a 99-year ground lease by and betwcen Munmr: County, a political subdIV is ion of the. State of Florida, and _..� (hereinafter That my legal counsels - . leas explained to me the ti:rrns and conditions of the LeasCj in(f iAug v i tout lirnitaticn the trieareing of the terms "Workforce Housing Resdrie.lions" and other legal docurnents that are part of this transaction. If I have nct had legal -muasel, Z state here that I have had an opportunity to have obtain such Counsel, understand its importance, and have knowingly pro<,ev.ded without it. ■ `rhat 1 understand the terms of the lx:asc: and Workforce Housing R"trieticns and how the terms and conditions set forth therein will affect nay rights, now and in the future. That I agree to abide by the Lease and Workforce Ilousing Restrictions, as defined ire the 1,ease3, and I understand acid agrEm for myself and my successors in interest that Monroe Count}? and State of Fiarida swe agencies may change some of the VVorkfor p I Rousing Restrictions over they .99-yea r term of the Lease and that I will be expected to abide by any such L,ha r1F'e}s. That I understand and agree that cue of the goals of the Lease is to keep the Workforre IIouaing unit affordable and ex-Ou%Ively used for said purposes and I support thN.goal. * I rn ust cc mply with the requirerrien is see forth 1 ri the Lease. o I am prohibited from severing the irnpruvemani.,; fruM the real property. That my fAmily and I must occupy the Worldforce Housing Unit and that it cannot be rented tc third parties withatit the express written approval of the Lessor, Page 49 of 49 Date Submitted: 2019-07-31 12:29:13.490 1 Form Key: 5343 • That I have reviewed the teams of the Lease.and Workforce rkforce Housing Rcstrictionsr and that I co resider said terms fair and necessary to preserve the Workforce H otisiug Unit. Siguatory (Printed Natne.0 Signatory (Printed Name) ._._..., Signatu y(Signature)- Signatory (Signature) 61rNrE OF UNTY OF The foregoing instrument, Letter of Acknowledgment,Ewa,;attesled before methis day of T 20 a -by and by as who isfare pet-srtoally known to me or pr❑dueed a5 proof of identification and did take an oath. Notary Public(Print Name and Notary Nu.) Notary Public 5eai NwarMy Public (Signature) Page-4.9 of 49 Date Submitted: 2019-07-31 12:29:13.490 1 Form Key: 5343 Date Submitted: 2019-07-31 12:29:13.490 1 Form Key: 5343 FLORIDA HOUSING FINANCE CORPORATION LOCAL GOVERNMENT VERIFICATION THAT DEVELOPMENT IS CONSISTENT WITH ZONINGAND LAND USE REGULATIONS Nance of Development: Monroe Comity Scattered Sites Development Location: See Attachment A (At a minimums,prot,ide the address number,street same and city,and/or provide the street name,closest designated intersection and either the city (if located within a city)or county(if located in the unincorporated area of the county). The location of all Scattered Sites,if applicable,must also be included. Number of Units in the Development: 25 This number must be equal to or greater than the maunber of units stated by the Applicant im Exhibit A of the RFFa, The undersigned service provider confirms that. as of the date that this form was sighed, the above referenced Development's proposed number of units, density. and intended use are consistent with current land use regulations and zorting designation or,if the Development consists of rehabilitation,the intended use is allowed as a legally non_ conforn ing use. To the best of my knowledge.there are no hearings or approvals required to obtain the appropriate zoning classification. Assuming compliance with the applicable land use regulations,there are no known conditions that would preclude construction or rehabilitation of the referenced Development on the proposed site. CERTIFICATION I certify that the Ci Coarni of Acywoff„ has tested in me the authority to verify (Name of City/County) consistency with local land use regulations and zoning designation or, if the Development consists of rehabilitation, tine intended use is allowed as a "legally non-conforming use" and I further certify that the foregoing innforniation is tune and correct. In addition.if the proposed Development site is in the Florida Keys Area as defined in Mule Chapter 67-48 F'.A.C.. I fin-ther certify that the Applicant has obtained the necessary Rate of Growth Ordinance (ROGO) allocations from the Local Government. Signature Prut or Type Name l tw Date SWed Print or ype Title This certification must be signed by the applicable City`s or County's Director of Planning and zoning,appointed official(staff)responsible for determination of issues related to comprehensive planning and zoning,City Manager,or County ManageT/AAministratorlCoordinator. Signatures from local elected officials are not acceptable,nor are othff signatories. If there are alterations made to this form that change the meaning of the form,the forth will not be accepted. (Forum Ix'ev.8-18) Date Submitted: 2019-07-31 12:29:13.490 1 Form Key: 5343 Attachment A Address of Development Site Monroe County Scattered Sites 4 scattered sites all located in Unincorporated Monroe County: 31535 Avenue C, Big Pine Key (RE 00302670-000000) 31 S. Conch Ave, Conch Key (RE 00385780-000400) 2 N. Conch Ave, Conch Key (RE 00385780-000000) Atlantic Boulevard, Atlantic Boulevard and Homestead Avenue, Key Largo (RE 00453440- 001100) Date Submitted: 2019-07-31 12:29:13.490 1 Form Key: 5343 Date Submitted: 2019-07-31 12:29:13.490 1 Form Key: 5343 FLORIDA HOUSING FINANCE CORPORATION VERIFICATION OF AVAILABILITY OF INFRASTRUCTURE -ELECTRICITY Name of Development:Monroe County Scattered Sites Atlantic Boulevard,Atlantic Boulevard and Homestead Avenue,Key Largo(RE Development Location: 00453440-001100),Unicorporated Monroe County At a minimum,provide the address-number,street name and city and/or provide the street name,closest designated intersection and either the city (if located within a city)or county(if located in the unincorporated area of the county). The location of all Scattered Sites,if applicable,must also be included. The undersigned service provider confirms that,as of the date that this form was signed,the above referenced Development Location met the following: 1. Electricity is available to the proposed Development,subject to item 2 below. 2. To access such electric service, the Applicant may be required to pay hook-up, installation and other customary fees,comply with other routine administrative procedures,and install or construct line extensions and other equipment in connection with the construction of the Development. CERTIFICATION I cAlify that the foregoin information is true and correct. 7 /R;7: Florida Ker s Electric Cooperative ............................................... Sipature Name of Entity Providing Service Josh Ellsworth 91630 Overseas Hwy,Tavernier FL Print or Type Name Address(street address,city,state) Staking Technician 11 ------------------------ ............................................. Print or Type Title 07/17/2019 305-852-2431111111 ............... -- Date Signed Telephone Number(including area code) This certification may not be signed by the Applicant,by any related parties of the Applicant,or by any Principals or Financial Beneficiaries of the Applicant. In addition,signatures from local elected officials are not acceptable. If there are alterations made to this form that change the meaning of the form,the form will not be accepted. (Form Rev.8-18) VERMCATION OF AVAILABELITY OF FLOREDA HOUSING FINANCE CORIPORAMON Name of Development; o Sites Development Locatiow 31535 Avenue C,Bil Pine Key(RE 003026704MM), city anWorprovide the thee name.closest dempated inunectionantlenber the city (if located vathin a city)ar county(if located in the uniacceporated arm of the c ). 7he lomtaonofall Scatecred Sitm be inchideel. e undersigned service provider confirms that.as of the date that this form Was signed.the above referenced Development Location met the following: 1. Electricity is available to the proposed Development,subject to item lows. 2. To access such electric service, the Applicant may be required to pay h installation other customary fees.comply,%ith other routine administrative procedures.and install or constFUct line eXtCUSionS and other equipment in connection with the construction of the Development. CERTIMCATION 1 ccmi1`y that the fo ing infilrmationis true and correct. L=, J'�JD � Name oi E iA4&Providinge Print or Type Name Address(street address.city.state) Print or Type Tide ---A1--1A Date Signed Telephone Number(mrJuding area code) M Tin d' M V) N s.. O w 0 ri c� M O s uca may not be signed by the Applicant of the Applicant. c of eth �NApplicant In addracn,2ignataures fimut local clected offictals we not acceptable. Ifthere we ahesabous made to of the fum,the ibma will not be accepted. �i (Formm 9-1 H Date Submitted: 2019-07-31 12:29:13.490 1 Form Key: 5343 FLORIDA HOUSING FINANCE CORPORATION VERIFICATION OF AVAILABILITY OF INFRASTRUCTURE-ELECTMCITY Name of Development-,Monnue County Scattered Sites 31 S.Conch Ave,Conch Key(RE 00385780-000400)AND 2 N,Conch Ave,Conch Key(RE Development lxwatioir, 00385780-06WOO),13 ' � oratcd Monme Comry At a minixuatm,ptovide the adduen number,skftt name and city and/or izovide die West no=,ckt�deviguated unersechon and eidw the city (if kwated vathin a city)or county(if located m&a unincaq=ated am of the county)- The locaum of aH Scattered Sites,if appfimble,must ASO be included, The undersigned service provider confirms that,as of the date that this foraa was signed,the above referenced Development Location met the following: I, Electricity is available to the proposed Development,subject to item 2 below. 2. To access such electric service, the Applicant may be required t® pay hook-up, installation and other customary fees,comply with other routine administrative procedures,and install or construct line extensions and other equipment in connection with the construction of die Development. CERTIFICATION I certify ffist the foregoing informanon is true and correct. Florida Kevs11 tffio saeratsyssociation Si i re Name of Entity Providiikg Service Juanmormo 9 1630 Oveiscas M%N Print or Type Name Address(street address,city,state) Staldng Technician Tavenner.FL 33070 Print or Type,ritle 0W23/2019 305.852-2431 Date Signed Telephone Number(includingg area code) Thmonlificabouxuayno the signed cAppEcantby any related ranies of Appliemn,arby any PnncWab or Fmancud Beneficiazin ofthe Appliceat In ad&bm sagnatmes fiom Iced elected offwnk are not accepuble If we sherabons made to this fenn that change die umming of the fixon,ffie fixm vnn not be accepted, Q�mm Rcv-8-19) Date Submitted: 2019-07-31 12:29:13.490 1 Form Key: 5343 Date Submitted: 2019-07-31 12:29:13.490 1 Form Key: 5343 FLORIDA HOUSING MANCE CORPORATION VERIFICATION OF AVAILABILITY OF INFRASTRUCTURE-N ALTER Name of Development: Monroe County Scatt=d sites Development Location: 31535 Avenue C.Big Pine Key(RE 00302670-OOOOW).Cinicorporated Monroe County At a minimum pttn76e the address nUn4 ar,sheet name aM City tuxd/or provide the meet name,closest desianneed intersection and either the city (i€k—ted urthiA a city)of county(if located to the unincsKporated airs of the county)_ The location ofall Scattered Sites,if applicable,must also be included. Number of Units in the Development: 10 'Phis number must be equal to or greater than the number orunits stated by the Applicant m F Ja&A ofthe RFA Tine undersigned service prodder confirms that.as of the date that this form was signed,the above referenced Development Location met the following: _ i. Potable water is available to the proposed Development,subject to item.2 below. 2. To access such rater sett=ice,the Applicant may be required to pay hoof:-up,installation and other customary fees,comply with other routine administrative procedures,provide easements..and remove,relocate,install or construct line extensions and other equipment,including but not limited to pumping stations,in connection with the construction of the Development. Execution of this document does not guarantee that water service still be available to the:Applicant in the future and does not provide the applicant%iith any vested rights to receive inter service. The availability of Aater services is subject to the approval of all applicable governmental agencies having jurisdiction over these matters. CERTMCATION e t the foregoing information is true and correct. Florida Keys A uct Auth Signature Name of Entity Providing Service Mamie Walt=0n. 1100 Kennedy Drive Print or Type Name Address Cstreet address,city,state) UtilityDesitm Supervisor _ K r Nest.Florida 33040 .Print or Type Title ;:17i?fl19 305-295-2154 Date Si_=ed Telephone Number(including area code) This certification may not be signed by the Applicant,by any related patties ofthe Applicant,a by any Principals or Financial R=6ciaies of the Applicant In addition,-V=ues frocu IOC21 elected OMCW5 ate not acceptable. If there are alterations made to thin fcm that charge the meaning of the form,the form will not be accepted. (Faro Iles.8-18) Date Submitted: 2019-07-31 12:29:13.490 1 Form Key: 5343 FLORIDA HOUSING FINANCE CORPORATION VERIFICATION OF AVAILABILITY OF INFRASTRUCTURE-`VATER Name of Development: Monroe County Scattered Sites 31 S.Conch Ave.Conch Key(RE 00385780-000400)and 2 N.Conch Ave,Conch Key(RE Development Location: 00385780-000000),Unicotporated Monroe County At a�+++nimm provide the address number,sates name and city and/or provide the street name closest designated intersection and either the city (if located within a city)or county(if located in the unincorporated area of the county). The location of all Scaueted Sites,if applicable,must also be included. Number of Units in the Development: 10 This number must be equal to or greater than the number of unit stated by the Applicant in Exhibit A of the RFA. The undersigned service provider coafirrns that,as of the date that this form was signed, the above referenced Development Location met the following: 1. Potable inter is available to the proposed Development,subject to item 2 below. 2. To access such water service,the Applicant may be required to pay hook-up,installation and other customary fees,comply with other routine administrative procedures,provide easements,and remove,relocate,install or construct line extensions and other equipment,including but not limited to pumping stations,in connection v<rith the construction of the Development. Execution of this document does not guarantee that water service will be available to the Applicant in the future and does not provide the Applicant with any vested rights to receive water service. The availability of water services is subject to the approval of all applicable governmental agencies having jurisdiction over these matters. CERIEFICATION I certify t the foregoing information is true and correct. Florida_Keys Aqueduct Authority Signature Name of Entity Providing Service llatnie Walterson 100 Kcnaedy Drive Print or Type Name Address(street address,city, state) Utility Desijza Supervisor Key[Test.Florida 33040 Print or Type Title 7`17:72019 305-295-2154 Date Signed Telephone Number(including area code) This certification may not be signed by the Applicant,by any related parties of the Applicant.a by any Principals err Financial Beneficiaries of the Applicant In addition,signatures from local elected officials are not acceptable. If there are alterations made to this form that change the meaning of the far=the foam will not be accepted. (Form Rev.8-I8) Date Submitted: 2019-07-31 12:29:13.490 1 Form Key: 5343 FLORIDA HODS] G FINANCE CE CORPORATION VERIFICATION OF AVAILABILITY OF INFRASTRUCTURE -WATER Name of Development: Monroe County Scattered Sites Atlantic Boulevard,Atlantic Boulevard and Homestead Avenue,Key Largo(RE Development Location: 00453440-001100),Unicorporated Monroe County At a minimum provide the address number street name and city and/or provide the street name,closest designated iutersec .and either the city (if located within a city)or county(if located in the unincorporated area of the county). The location*fall Scattered Sites,if applicable,roust also beinchtded. Ntttiiliei ofiTuits ni&bevelopment: 5 _. This number must be equal to or greater than the number of units stated by the Applicant in I+,tdnsTtit Aaf the RFA. The ttadersigued service provider confirm that,as of the date that this form was signed,the above referenced Development Location met the following: 1. Potable water is available to the proposed Development,subject to item 2 below. 2. To access such water service,the Applicant may be required to pay hook-up,installation and other customary fees,comply with other routine administrative procedures,provide easements,and remove.relocate.install or construct line extensions and other equipment,including but not limited to pumping stations,in connection with the construction of the Development. Execution of this document does not guarantee that water service will be available to the Applicant in the future mid does not provide the Applicant with any vested rights to receive water service. The availability of water services is subject to the approval of all applicable governmental agencies having jurisdiction over these matters. CERTIFICATION I cetsifp that the f regoing information is true and correct. Florida Keys Authority Aqueduct Signature Name ofEntity Providing Service Vlamit WalEerson 1100 Kennedy Drive _ Print or Type Name Address(street address,city,state) Utility Deisng Supervisor _ _ Key West.Florida 33040 Print or Type Title 7r17/2019 305-295-2154 Date Signed Telephone Number(including area code) This certificatim may not be signed by the Applicant,by any related patties of the Applicant,or by any Principals ar Financial Beneficiaries of the Applicant. In addition,sigapttes from local elected officials arenot acceptable. If them arc alterations made to this form that change the meaning of the farm,the form will not be accepted. (Form Rev.9-18) Date Submitted: 2019-07-31 12:29:13.490 1 Form Key: 5343 I MIi=11m Loca Ili° ; 1.. a4zhm mar nv ispoll ui a Ipmmv tkua d6, A*, ''Nir 440 Awlko*v,FA! 1'u r1 s A. a t %mNix: earl; :v%;Gmy to,OL IM al'S 91 41101 45�rurlol` v&n-24n Ili lI',C I'`1 tIA"WlM l 14Ak" 1 t I SOIN t ir a alyOf ViaRSjk lon 11MJ; I rVei,zk I.= = �n I�� I°� `. `!��I;� ,l°�, l��,'+;�'� I � � 'i "i.,5 �•�"oI�'1�° i��II� „",�� ,` °ICI'" :� l.�®•4�® � pia C 1111%SqAz W iyuu 1 v*.j'L,#9k"114 dir 1 ' 1c AFIA�cmi d k7. ivalY °7 1SlJll,P ro ,,,, r"7'W' jt 3 I1' ,5" �Isti , r,Ak;N NN,um ®,cd a.ligor K1,*uicw iriQLAimp 6W Mai hwipai, i, F,o® P Mui .:.€ Pa P, I %W1 IN 9 I 4,ts I l 1C LIP 1I " I oL Vkjt rite sr .ti gkl_elai " r� jL,l zw 0, 3tumi ace 1f'3c ZYMIMWO no A,Aff"I Ix" :ram grox*,mac ark ��' I aas�a P „° l,Rx l aA ig;r%iir%i slu'l V al q'Is .l ,pffte-01-OwA loonciff,I w=q� p�lh rt ld daft 1 it f'Li P far ° l'i k.XA"M 6QK-LA,kL,`9 . G Aj1FhMX1J o 1'k Ital tt,unfio Lr,O 1A ON& dal"ftsaa1 I1! LL lad m *WWI,I ,I' Rt.d dM M "Sagami ks I'' ' mt ydz Ctmay it -: Uucd 1�$a1,° %tyx f ` , I : S' X VISI BC 1 k>g34� E a Till --A—c. A'lY °OMMV uk STVU hiii e', :czamr A rqp i Wvvr an I is iv.ail w pad, °.°,RM31 CAM OR I t' " 'fir i 'Jx °ue"lip MAMMM ygool� li Nam Mi ANY I®WM*4 4'.0'_. M AAL-cm,sivr xa l&%,z., %W a w ri cal M O O APO , 6 MAW.w4wpxsi "tUwsK',.J wiie ar' e r on&AEI #; M us IT AO FIN R:lip N H UFLO W"D A 11017,SING F'['%-'-*N(-,T C,ORPokl I,, V"MIT-1CA I ON"O F A VA 11,A,B- ]UT TV 0 14"' 1-VYRJLYTRU C117R�F. SEXIFER a CAPAC17W 11 U"KAGE T1,UU.'JLTX]LNT, OR SIF"PTI'C' NK AlIt"Ce-WaAw, Cwu 6 Roy�Rr;0'1.2 a!,-W-W.40X =,d 2 N.t',uc�.6-,k.,tw v,,m�oh"Key(IFF Ai MIZZ17 calm Nil' own"'VI I's kw ffam Ir w' 'i 4mmmod 5 mik"if 0wi4h'iV.-.MMINA di�m 4A L SH ZN',IM,MMIV DY VA IN V JW Man�Ucojwmwrosr 4 wM F,r AM &A I;," Xtwh LA:a f Uails,ir,I�= r,,�mwjaptjw,T, IP Poki d"M aza-Malbu cV'ur.M,cA-wJ byt-o Aoqhwoumlo A.Aw"U.". q44 1,;'I It,"oki4ft l flao-, ststliz dak i"�Aiisfwal wa%1iPNKr, A4 N"NikMIXIM, -.TM 3 3 1 Lvmi�. a ozid -.wc-fa I k ffM'I I-. Scwa,CM7fflzkV rnhAw,fmalmw ik I sr ist 101 kmuwtu.?ndih,�"im lu I's ill ti a W,F M%fqv I q tw%k N," 1N Moo or,a L,;Wwdalo M, =—w-as#%:Thc fmk Lysk r-10 IP�wjwport IN*bc Ic a4cru,WcAl Afg1kimr,Sisp kc. vrq RY sMA-11F, 11mi ,y Kai eammow,m, a4vpr A,,.mye. od,.,t7str, l cc j",-mmuq lim- cmialu"'IP'. Mvi voll-W eqmipait.a. id'elckAo to, trlt?I kp- zmuv,ml Nv,h jjt "m:Nopm ce"UM IC Ific JK M-dif1w Dtvl�rq M z-aw,.I.A%c=n6u afd , An'no(wa!k,#�W-1�VM,Wpoi LIM WMIC-IV;�4LLt%M4cC RAJ A'*IkIv!('*.0 p NIB lic U#j &�tj 11'j'I Jniaviic LIC Ap�,]kI "A' MXIY wv vx c,vc A,ONv, I-cn 13C eka vridw-itty isl,mi wit ii-rprk��%u:,* owlye J ad!w4k,Ad-. 1wrumma-A ap%mk%Il 0102-ki'.44 VACJOH,Ukr�]-K!h°r Mart=M 111M P-Jill-o W4*4 rAdian Mkisj43A Cm."'E"y-Lkc.A, l b"Itcly'W', Ito It*I I ro tte �cnd pmpn`r�;n W! worui vrano ix w1j,"i Ia:]ptc Erau.ccbmmm&U,wajokw—lop"FA MI h.� N;u;uzu dkcrnn savi d-vc iu clax"d o"0 Vom tAm kto Comn',v o o KI h: I'minj S:a M, dw 5111 W CHI Flip,"RV4, &A,DO Owl 1� 4CICT -Am-ma 0 1 ovn, f"z I I trul.0 d w t M N=zi:A C,74 Lrm',M F6 AF nI I,,4, ,I U 12 d d a W a6cir r"r-rkpli VA%noof Q I rf,Wel,"Ap,U McM nad ftptb&Lj�Md"M L MIA PW,rl III W-, (.1 ldlmwr r w crn,&N:,Aoi dw o&rum",.Fj utineTp Fk L- Kom 0 'IIAC,nf P,rh ii FIra 64T,�K or,)m kr) fly,A MT Me-Ab rea r=L.-"4A,m My,vmj�, KsV liwir,Fv-im i j,o4%-O Vkglt—k-,Ift4a ,�'d p Pq FLI O Pli ta&MZ) "d Im IfRtd qq k-qxrhmnim M vW's vp4ff km IA gum ad 6M ha a Date Submitted: 2019-07-31 12:29:13.490 1 Form Key: 5343 FLORIDA HOUSING FINANCE CORPORATION VERIFICATION OF AVAILABILITY OF INFRASTRUCTURE — SEWER CAPACITY, PACKAGE TREATMENT, OR SEPTIC TANK Monroe County Scattered Sites <anae of l7eve9opnaent. Atlantic boulevard_Atlantic Boulevard and Homestead Avenue, Key Larbo(lip Development Location: 00453440-001 100'.Un i neorpora€ted Monroe County At a inintmuam,provide the address number,street name and city aand'or provide the street nanie,densest designated intersection and either 114 ity (if loc aml w°itlnn a cnv)or county f il'lucated iav the unincorporated area of the county). The location of all Scattered Sites,if applicable,must also be inchadcd. N'uniber of Units in the Development: 5 'llus number roust he equal to or�zreaier tlttui the number of units stater!by the Applicant in Exhibit A of the hFA The undersigned service provider confirms that,as oCtlie date that this form was signed,the above referenced Development Location met the 1,6110wNing: I. ievver Capacity or Package 1 reaunent is available to the proposed I)cveloptnent; 1 g cr, pry . lt7rtrtitlfr To access such vvasic treatment service, the Applicant may be required to pay hook-up, installation and other customary fees, comply with other routine administrative procedures, provide easements, and/or remove, relocate, itislall or construct line extensions and other equipment, including but not limited to pumping stations, in connection vvith the construction of the Development. I°xccution of this document aloes not>uarantee that waste treatment sera ice will be av€ilable to the Applicant in the future and does not provide the :'applicant with any vested rights to receive waste treatment service. `ihe availability of waste treatment sere ices is subject to the approval of all applicable governmentaal agencies having jurisdiction over these matters. For projects located within Miami-Dade Count;,', the;Applicant is advised that the right to connect the relcrenced property tni the Department's sewer system is subject to the terms,covenantsand conditions set Birth in court orders,judgments,consent order,, consent decrees and the like entered into between the County and the United States, the State of Florida. andlor any other gov°ernmontail entity,including the Consent Decree entered on April 9,2014, in the Iinitcd States of America,State of Florida and State of Florida Departmentof 1°;mironmenl<nl Protection y. Iliaini-Dade Coumv, Case !6. 1:12aev-23400-F 119- aS vve;ll ais all other current,subsequent or future entorcerueint and reeulatoi actions and proceedings. C.'ERTIFICATION 1 certil'v that the lbregoin,. iniir nation is true and correct. Key Largo%Vastcvvatcr Ireatmc nt District Sianaiture Name oflntiry Providing Service _... Peter Rosasco 10335:i 0%er:seas I lk,b%%av,Kcv°Largo,FI, Print or Type Name Address(street address,city,state) KI-NN-11)General ivlanaaer Print or°Type Title 07/18!201.9 (305)45 1-4019 Date Siegned Telephone Number(including area code) This certification niay not be signed by the Applicant,by any rda€cd parties of the Applicant,or bt any Prmeipals or Financial Beneficiaries ofthe Applicant In.rddition,signatures fisrnt local elected ofliciul�arc.not arcccptrrble_ Ifthcic arc altcradons m<tdc f dus forth that change the rttcaining of the form,the lbrin vv°ill not be accepted_ (1 orin Rev. 1 S) Date Submitted: 2019-07-31 12:29:13.490 1 Form Key: 5343 Date Submitted: 2019-07-31 12:29:13.490 1 Form Key: 5343 FLORIDA HOUSING FINANCE CORPORATION VERIFICATION F AVAILABILITY OF INFRASTRUCTURE -ROADS Name of Development: Monroe County Scattered Sites Development Location: See Attaclurtent A At a nnina,mi: provide the address number,street name and city anchor provide the street name,closest designated intersection and either the city (if located within a city)or county(if located in the unincorporated area of the county) The location of all Scattered.Sites,if applicable,must also be included. The undersigned setwice provider-confirms that,as of the date that this forru was smiled,the above referenced Development Location suet the following: l. Existing paved roads provide access to the proposed Development or paved roads will be constructed as part of the proposed Development, 2. There are no impediments to the proposed Development using the roads other than payment of impact fees or providing curb crits, turir lanes, signalization, or securing required final approvals and petinits for the proposed Development;and 3. The execution of this verification is not a granting of traffic concrurency approval for the proposed Development. CERTIFICATION I certify that the foregoing information is true and correct. - — Monroe County Signature _Name of Entity Providing Service Cheryl C'ioffari Planiring&Enviroaurrental Resources Dept. Print or Type Name Actitma Sr.Dir.of Plariii sia&Envir.Resource 2798 Overseas 13ialiw ay.Maratlion FI 33050 Print or Type Title Address(street address,city, state) 7?17 l 9 305-289-2506 Date Signed Telephone Number(including area code) This certification ivay not be signed by the Applicant,by any related parties of the applicant,or by any Principals or Financial Beneficiaries of the Applicant. In addition,signatures from local elected officials are not:acceptable. If there are alterations made to this form that change the meaning of the form,the form will not be accepted. (Form Rev.8-18) Date Submitted: 2019-07-31 12:29:13.490 1 Form Key: 5343 Attachment A Address of Development Site Monroe County Scattered Sites 4 scattered sites all located in Unincorporated Monroe County: 31535 Avenue C, Big Pine Key (RE 00302670-000000) 31 S. Conch Ave, Conch Key (RE 00385780-000400) 2 N. Conch Ave, Conch Key (RE 00385780-000000) Atlantic Boulevard, Atlantic Boulevard and Homestead Avenue, Key Largo (RE 00453440- 001100) Date Submitted: 2019-07-31 12:29:13.490 1 Form Key: 5343 Date Submitted: 2019-07-31 12:29:13.490 1 Form Key: 5343 Date Submitted: 2019-07-31 12:29:13.490 1 Form Key: 5343 Date Submitted: 2019-07-31 12:29:13.490 1 Form Key: 5343 Attachment 13 Monroe County Scattered Sites Attached please find a list of all occupied mobile home and recreational vehicle (RV) households along with their self-executed income certifications. Please note that several households declined to fill out the income certifications. Also note that it is currently unclear if all households are eligible under the Uniform Relocation Act (URA). The application requests that "(t)he income of persons and households who are currently occupying a unit that will receive CDBG-DR assistance must be provided to determine whether they are income eligible."The "units" on the two occupied sites are mobile homes and RV's so the "units" will not directly receive CDBG-DR assistance; however, the residents of these "units" will be impacted by the re-development of the two sites so their information is included in this application. In addition, the application also states "(f)or all occupied units, provide a summary list of all residents and income certifications for those residents in occupied units that will be CDBG-DR- Assisted Units." Since the RV's and mobile homes will not be considered "CDBG-DR Assisted Units," this list is not-applicable. Because of the complexity of the situation, Monroe County has engaged outside legal counsel experienced with the URA. Outside counsel will assist Monroe County to ensure that existing residents of the two sites are treated fairly and as required by the Uniform Relocation Act. Date Submitted: 2019-07-31 12:29:13.490 1 Form Key: 5343 Attachment 13 Monroe County Scattered Sites 2 N. Conch Ave, Conch Key (RE 00385780-000000) Household Household Type of Lot Status of Form Composition Income Residence 1 Did not respond Wilbur Kilbourne N/A Mobile home (Park owned) 1A N/A Unoccupied N/A Mobile home (Park owned) 1B Did not respond Derrick Spence N/A RV (Park owned) 2 N/A Vacant N/A RV (Park owned) 2A Completed form Jack Emerick $14,000 RV Rachael Duryea (Park owned) William Decker(child) Dakota Emerick(child) 2B N/A Unoccupied N/A Vacant 2C Completed form Lucio Morales $42,000 RV (Resident owned) 2D Completed form Oliva Ramirez $33,600 RV Odalys Gonzalez $10,100 (Park owned) 3 N/A Unoccupied N/A Vacant 4 Completed form Eric Wink $50,000 Mobile home Kaylee Turner $30,000 (Resident owned) 5 Completed form Nora Cifuentes $15,000 5th Wheel Darinel Ramirez $42,000 (Park owned) 6 Completed form Julian Lami $34,000 RV Samatha Bragan (Park owned) Robert Bragan(child) 7 N/A Unoccupied N/A Vacant 8 N/A Unoccupied N/A Vacant 9 N/A Unoccupied N/A Vacant 10 N/A Unoccupied N/A Vacant 11 N/A Unoccupied N/A Vacant 12 Completed form Gary Lee Atkin $49,400 RV Carolyn Hamm $9,600 (Park owned) James Dunavant(uncle) $13,200 Devin L.Atkins(child) Teaira Atkins(child) Talia Atkins(child) Date Submitted: 2019-07-31 12:29:13.490 F r INC®1 C�A Ajj HOUSEHOLD COMPOSITION: List all persons \vho will he in Four household, listing the head of household first. Name— —. — i Y-, 3. j - ---- Address: .—__ Type of residence: ❑ Mobile Home or Park Model Recreational Vehicle (RV) or Camper or 5"' /heel or Vehicle How many months of the year do you live at this residence? If you live elsewhere part of the year, what is that other address? Other Address: HOUSEHOLD INCOME.- List all monies earned or received by everyone in your household. this includes wages, self-employment, child support, family support, social security, SSI, pensions, VA benefits, workmen's comp, AFDC unemployment, alimony, etc. Name � Amount ---� i 1 I 1 certify that the information presented in this affidavit is true and accurate to the best of niv knowledge.. �Xl Print Name Signature Date Print Name ---- Signature Date PERSONAL INCOME DECLARATION HOUSEHOLD COMPOSITION: List all persons who will be in your household, listing the head of household first. Name 1. 2. 3. 4. Address: Type of residence: ❑ Mobile Home or Park Model Recreational Vehicle (RV) or Camper or 51h Wheel or Vehicle How many months of the year do you live at this residence? If you live elsewhere part of the year, what is that other address? Other Address: L04 1 di-Vhe.✓ :�6e-s vlo�- Lvu to ►'�� HOUSEHOLD INCOME: List all monies earned or received by everyone in your household. this includes wages, self-employment, child support, family support, social security, SSI, pensions, VA benefits, workmen's comp, AFDC unemployment, alimony, etc. Name Amount M d' M N I certify that the information presented in this affidavit is true and accurate to the best of my �o knowledge, 0 ri Print Name Signature Date N M O o Print Name Signature Date N H I* zA PERSONAL INCOME DECLARATION HOUSEHOLD COMPOSITION: List all persons who will be in your household, listing the head of household first. Name 1. '� 2. RG 3. t C,w. l `�Q.� s � Address: Type of residence: ❑ Mobile Home or Park Model ET—Recreational Vehicle (RV) or Camper or 5`h Wheel or Vehicle How many months of the year do you live at this residence? ho If you live elsewhere part of the year, what is that other address? y Other Address: / )� HOUSEHOLD INCOME: List all monies earned or received by everyone in your household. this includes wages, self-employment, child support, family support, social security, SSI, pensions, VA benefits, workmen's comp, AFDC unemployment, alimony, etc. Name Amount M d' M V) N 1 certify that the information presented in this affidavit is true and accurate to the best of my w knowledge. 0 N Print Name Signature Date N M O o Print Name Signature Date N H PERSONAL INCOME DECLARATION HOUSEHOLD COMPOSITION: List all persons who will be in your household, listing the head of household first. Name 1.4 ; c�, 2. 3. 4. Address: v,. 2- Type of residence: Mobile Home or Park Model IV/Recreational Vehicle (RV) or Camper or 5`"Wheel or Vehicle How many months of the year do you live at this residence? If you live elsewhere part of the year, what is that other address? Other Address: (A HOUSEHOLD INCOME: List all monies earned or received by everyone in your household. this includes wages, self-employment, child support, family support, social security, SSI, pensions, VA benefits, workmen's comp, AFDC unemployment, alimony, etc. Name Amount r M d' M V) N I certify that the information presented in this affidavit ' Irue and accurate to the best of my w knowledge. ACA(' va, 0 Print Name Signature D to N d )011 a o Print Na de Sign ture Date N H PERSONAL INCOME DECLARATION HOUSEHOLD COMPOSITION: List all persons who will be in your household, listing the head of household first. Name } C. CN'- 2. 3. 4. Address: c�) �O�IC �C , L& q 1 VOA-w V Type of residence: O&Mobile Home or Park Model ❑ Recreational Vehicle (RV) or Camper or 5`h Wheel or Vehicle How many months of the year do you live at this residence? 1� If you live elsewhere part of the year, what is that other address? Other Address: 'n °n 1�—, HOUSEHOLD INCOME: List all monies earned or received by everyone in your household. this includes wages, self-employment, child support, family support, social security, SSI, pensions, VA benefits, workmen's comp, AFDC unemployment, alimony, etc. Name Amount e e I Uy- r- 30 o �Sfir des M d' M V) ' N I certify that the information presented in this affidavit is true and accurate to the best of my w knowledge. 0 Print NArie Signatur4 Date N M O o Print Name Signature Date N H �f PERSONAL INCOME DECLARATION HOUSEHOLD COMPOSITION: List all persons who will be in your household, listing the head of household first. Name 1. / — 2. 3. 4. Address: Type of residence: 4Mobile Home or Park Model E Recreational Vehicle (RV) or Camper o 5`h Wheel r Vehicle How many months of the year do you live at this residence? If you live elsewhere part of the year, what is that other address? Other Address: � [�' jt> / � /� yz HOUSEHOLD INCOME: List all monies earned or received by everyone in your household. this includes wages, self-employment, child support, family support, social security, SSI, pensions, VA benefits, workmen's comp, AFDC unemployment, alimony, etc. Name Amount r1 r OoC� M kn d' M N I certify that the information resented in this affidavit is true and accurate to the best of m � Y P Y w knowledge. 0 N Print Name Signature Date N M o Print Name Signature Date N H PERSONAL INCOME DECLARATION HOUSEHOLD COMPOSITION: List all persons who will be in your household, listing the head of household first. Name 1. 2. C 3. 4. Address: _® � .4 o Type of residence: El Mobile Home or Park Model Recreational Vehicle (RV) or Camper or 5`h Wheel or Vehicle How many months of the year do you live at this residence? If you live elsewhere part of the year, what is that other address? Other Address: HOUSEHOLD INCOME: List all monies earned or received by everyone in your household. this includes wages, self-employment, child support, family support, social security, SSI, pensions, VA benefits, workmen's comp, AFDC unemployment, alimony, etc. Name Amount vL M d' M V) N 1 certify that the information resented in this affidavit is true and accurate to the best of m � Y P Y w knowledge. N Print Name gnature Date N 0 o Print Name r Si nature Date N H PERSONAL INCOME DECLARATION HOUSEHOLD COMPOSITION: List all persons who will be in your household, listing the head of household first. Name l. Of Le 2. COL( f� R 3. ^ krcj, klllffls �WO, Address: ou. C,cnc 0—an6 `` \ d Type of residence: Mobile Home or Park Model I/ Recreational Vehicle (RV) or Camper or 51h Wheel or Vehicle How many months of the year do you live at this residence? �v ` - ,)YYW ig +m an If you live elsewhere part of the year, what is that other address? Other Address: HOUSEHOLD INCOME: List all monies earned or received by everyone in your household. this includes wages, self-employment, child support, family support, social security, SSI, pensions, VA benefits, workmen's comp, AFDC unemployment, alimony, etc. Name Amount �0.me--O)(AANVOA- eeS CC .51,1c)© YY\,�n, aw Lee_ A ; rn �f qd�' a, ` ea�- M d' M V) N I certify that the information presented in this affidavit is true and accurate to the best of my w knowledge. N Print Name Signature D to N M O o Print Name Signature Date N H Date Submitted: 2019-07-31 12:29:13.490 1 Form Key: 5343 Attachment 13 Monroe County Scattered Sites 31535 Avenue C, Big Pine Key (RE 00302670-000000) Household Household Type of Unit Status of Form Composition Income Residence 1 Completed Jason D.Voris $1800/wk net RV (Resident owned) 2 Completed John Wilcher $48000/yr RV Kimberly Hensley (Resident owned) 3 Completed James A. DiPrimio $50,000/yr RV Bridgette J. DiPrimio $30,000/yr (Resident owned) 4 Vacant 5 Declined RV (Resident owned) 6 Declined RV (Resident owned) 7 Declined RV (Resident owned) 8 Completed Pshantel Vernigue Scott $25,000/yr RV (Resident owned) 9 Completed Ruby Burttram $25,925/yr RV (Resident owned) 10 Vacant 11 Completed Shannon Visser $24960/yr RV (Resident owned) 12 Vacant 13 Completed Brandin White $31,200 RV Angelica Becerra (Resident owned) Anthony Becerra (child) 14 Completed James Sapp $37,200 RV Marcia Hake (Resident owned) James Sapp,Jr. (child) 15 Declined RV (Resident owned) 16 Declined RV (Resident owned) Jul 18 19,09:13a p.2 PERSONAL INCOME DECLARATION HOUSEHOLD COMPOSITION: List all persons who will be in your household,listing the head of household first. Name 1. ; 2. 3. 4 Address: Type of residence: ❑ Mobile Home or Park Model ❑`recreational Vehicle (RV) or Camper or 5`h Wheel or Vehicle How many months of the year do you live at this residence? I g If you live elsewhere part of the year, what is that other address? Other Address: 31 S-3 5 AV P -C- (it,-,14- i q R Of— HOUSEHOLD lei r I-� S 3 y L4 3 INCOME: List all monies earned or received by everyone in your household. this includes wages, self-employment, child support, family support, social security, SSI,pensions, VA benefits, workmen's comp, AFDC unemployment, alimony, etc. Name Amount M � I M V) N 1 certify that the information presented in this affidavit is true and accurate to the best of my w knowledge. 0 —Z,1, OA N Print Name Signatur Date N M O Print Name Signature Date 0 c� H Jul 18 19,09:13a p.3 PERSONAL INCOME DECLARATION HOUSEHOLD COMPOSITION: List all persons who will be in your household, listing the head of household first. Name 2. 1 4. .Address: Type of residence: ❑ M tle Home or Park Model ecreational Vehicle (RV) or Camper or 51h Wheel or Vehicle How many months of the year do you live at this residence? —Z Z If you live elsewhere part of the year,what is that other address? Other Address:ats _ ,31 C, Pry 33643 HOUSEHOLD INCOME: List all monies earned or received by everyone in your household. this includes wages, self-employment, child support, family support, social security, SSI,pensions, VA benefits, workmen's comp, AFDC unemployment, alimony, etc. Name Amount M d' M , V) t N 1 certify that the information presented in this affidavit is true and accurate to the best of my w° knowledge. 0 tq rrnt Name Signature Date M O oPrint Name Signature Date N H Jul 18 19,09:13a p.4 PERSONAL INCOME DECLARATION HOUSEHOLD COMPOSITION: List all persons who will be in your household, listing the head of household first. Name Ft. 3. 4. , Address: Type of residence: ❑l Mobile Home or Park Model Q Recreational Vehicle (RV) or Camper or 5"'Wheel or Vehicle How many months of the year do you live at this residence? f If you live elsewhere part of the year,what is that other address? Other Address: 3{53 f . [ �'.-� .}- iCa �r r'{' Les-i �--L 73W43 HOUSEHOLD INCOME: List all monies earned or received by everyone in your household. this includes wages, self-employment, child support, family support, social security, SSI,pensions, VA benefits, workmen's comp,AFDC unemployment, alimony, etc. Name Amount j f` �C"� p r 5; M d' M V) N I certify that the information presented in this affidavit is true and accurate to the best of my w knowledge, Print Name i gnature Date M O O1 Print Name Signature Date 0 c� H Jul 18 19,09:13a p.5 PERSONAL INCONIE DECLARATION HOUSEHOLD COMPOSITION: List all persons who will be in your household, listing the head of household first. } Name 1.2. i 3. 4. Address: Type of residence: ❑ Mobile Home or Park Model DI Recreational Vehicle (RV) or Camper or 51h Wheel or Vehicle How many months of the year do you live at this residence? /-�— If you live elsewhere part of the year, what is that other address? Other Address: M I 3 B rj A re V--CIA 33043 HOUSEHOLD INCOME: List all monies earned or received by everyone in your household. this includes wages, self-employment, child support, family support, social security, SSI,pensions, VA benefits, workmen's comp, AFDC unemployment, alimony, etc. Name Amount f M _ d' M V) N E I certify that the information presented in this affidavit is true and accurate to the best of my w° knowledge. 0 N Print Name ignature Date N oPrint Name -Signako erer r� Date N H Jul 22 19,02:42p p.2 PERSONAL INCOME DECLARATION HOUSEHOLD COMPOSITION: List all persons who will be in your household, listing the head of household first. Name i 1. .�}�► [ :�� 4. Address: 53 • V Type of residence. ❑l Mobile Home or Park Model 12'Recreational Vehicle (RV) or Camper or 5`h Wheel or Vehicle How many months of the year do you live at this residence? If you live elsewhere part of the year, what is that other address? Other Address: HOUSEHOLD INCOME: List all monies earned or received by everyone in your household. this includes wages, self-employment, child support, family support, social security, SSI,pensions, VA benefits, workmen's camp,AFDC unemployment, alimony, etc. Nam�e,, / Amount / I t -- M V) N I certify that the information presented in this affidavit is true and accurate to the best of my w knowledge. -77—f9 _ o Uc/\4N lv\&(� ZaI44n N Print Name Signature Date Print Name SiguaLUW Date 0 c� r\ Jul22 19,02:43p p.3 PERSONAL INCOME DECLARATION HOUSEHOLD COMPOSITION: List all persons who will be in your household; listing the head of household first. Name 3. 4. Address: 3/ Ame G U,i i Type of residence: ❑ Mobile Home or Park Model P-I&reational Vehicle (RV) or Camper or J`h Wheel or Vehicle How many months of the year do you live at this residence? I*�-- If you live elsewhere part of the year,what is that other address? Other Address: HOUSEHOLD INCOME: List all monies earned or received by everyone in your household. this includes wages, self-employment, child support, family support, social security, SSI,pensions, VA benefits, workmen's comp, AFDC unemployment, alimony, etc. Name Amount :JAGS -<�a lef l dor, '* moo„ M d' M V) N I certify that the information presented in this affidavit is true and accurate to the best of my w knowledge. 0 N Print Name Sib re Date M O Print Name Signature Date 0 c� H Jul 22 19,02:43p p.4 PERSONAL INCOME DECLARATION HOUSEHOLD COMPOSITION: List all persons who will be in your household, listing the head of household first. Name 2. t �2 h r I-le K 3. 4. Address: Type of residence: 1 Mobile Home or Park Model 2-f ecreational Vehicle (RV) or Camper or 51h Wheel or Vehicle How many months of the year do you live at this residence? 12 If you live elsewhere part of the year, what is that other address? Other Address: 3 1 S 37.5 4 v'r- C ct l T P:1� HOUSEHOLD INCOME: List'all monies earned or received by everyone in your household. this includes wages, self-employment, child support, family support, social security, SSI,pensions, VA benefits,workmen's comp, AFDC unemployment, alimony, etc. Name Amount d' M V) N I certifv that the information presented in this affidavit is true and accurate to the best of my w knowledge, o N Print Name tgnature Date 0 Pr nt Name Signature Date 0 c� H Jul 22 19,02:43p p.5 PERSONAL INCOME DECLARATION HOUSEHOLD COMPOSITION: List all persons who will be in your household, listing the head of household first. i Name 4. Address: ti.�J_ A\l C, L i Type of residence: ❑ Mobile Horne or Park Model E&I recreational Vehicle (RV) or Camper or 51h Wheel or Vehicle How many months of the year do you live at this residence? 1 2— If you live elsewhere part of the year, what is that other address? Other Address: HOUSEHOLD INCOME: List all monies earned or received by everyone in your household. this includes wages, self-employment, child support, family support, social security, SSI,pensions,VA benefits, workmen's comp, AFDC unemployment, alimony, etc. Name Amount Zr- M � - d' M V) N 1 certify that the information presented in this affidavit is true and accurate to the best of my w knowledge. 0 zixl N Print Name Signature. Date M O Print Name Signature Date 0 c� H Date Submitted: 2019-07-31 12:29:13.490 1 Form Key: 5343 Date Submitted: 2019-07-31 12:29:13.490 1 Form Key: 5343 Attachment 14 Monroe County Scattered Sites The Monroe County Scattered Sites development will meet all CDBG-DR set-aside requirements as outlined in this application. Because of the complexity of the situation with existing households, it is unclear as this time if all households are eligible under the Uniform Relocation Act. Existing, eligible residents at the sites will be offered a newly constructed unit when they are built. If it is determined that existing residents are eligible for permanent relocation under the Uniform Relocation Act, and it is needed to meet the set-aside commitments, adequate funding has been allocated in the development budget to assist those households. Date Submitted: 2019-07-31 12:29:13.490 1 Form Key: 5343 Date Submitted: 2019-07-31 12:29:13.490 1 Form Key: 5343 Attachment 15 Monroe County Scattered Sites The development/capital budget has allocated funding to a line item to assist with any permanent or temporary relocation of existing, eligible residents as mandated under the Uniform Relocation Act (URA). All eligible costs of any required relocation under the URA will be borne by the Land Owner or the Applicant. For the two parcels that are currently occupied by recreational vehicles (RV's) and mobile homes, the developer is planning to do a phased unit development to allow existing, eligible residents to move into the newly constructed units as they are built. All eligible moving costs will be covered. The newly constructed units will consist of single-family rentals and the parcels currently have vacant areas where several units can be built without disturbing existing residents. When complete, eligible residents can then move into the permanent housing and new units can be constructed on the areas of the parcels that have been vacated. It is estimated that construction of all new units can be completed in two or three phases. Currently it is unclear if all residents are considered eligible for relocation benefits under the URA. If it is determined that these households are eligible under the URA for relocation assistance, funding is available in the development budget to assist these households with eligible expenses. Date Submitted: 2019-07-31 12:29:13.490 1 Form Key: 5343 Date Submitted: 2019-07-31 12:29:13.490 1 Form Key: 5343 Attachment 16 Monroe County Scattered Sites Monroe County, the Land Owner, currently owns two out of the four scattered site properties submitted for funding in this application: Atlantic Boulevard, Atlantic Boulevard and Homestead Avenue, Key Largo (RE 00453440- 001100) -This property was purchased by Monroe County in 2004. It was acquired from Coconut Grove Bank as a vacant parcel with no improvements and has remained vacant since that time. 31 S. Conch Ave, Conch Key (RE 00385780-000400)—This property was acquired by Monroe County in June 2018. It was a voluntary transaction with willing sellers consisting of three individuals. The property was a vacant parcel with no improvements at the time of purchase and has remained vacant. Monroe County Housing Authority, the Applicant, has entered into a 99-year lease with Monroe County, to develop, own and manage the improvements for the Land Owner as required by this application.The lease has been approved by both the Monroe County Housing Authority Board of Commissioners and the Monroe County Board of County Commissioners. Date Submitted: 2019-07-31 12:29:13.490 1 Form Key: 5343 Date Submitted: 2019-07-31 12:29:13.490 1 Form Key: 5343 Date Submitted: 2019-07-31 12:29:13.490 1 Form Key: 5343 MONROE COUNTY BOARD OF County of Monroe 23 r COUNTY COMMISSIONERS The Flo da, Keys � � Mayor Sylvia J.Murphy,District 5 r Mayor Pro Tenn Danny L.Kolhage,District 1 Michelle Coldiron.District 2 oHeather Carruthers,District 3 David Rice,District 4 ¢y;4 +`h� VOLUNTARY SALES DISCLOSURE NOTICE OF INTEREST AND DETERMINATION OF FAIR MARKET VALUE ATE: July 13, 2019 T : Luther S. Ackiss, Manager, on behalf of Howard's Haven, LLC (hereinafter "Seller") FROM: Juanita R. Jones, Monroe County Housing Recovery Administrator, on behalf of the Board of County Commissioners of Monroe County, Florida (hereinafter "Buyer") RE: Acquisition of Real Property AL PROPERTY'S LOCATION: Block 22, Lots 1-4, Sands (PB 1-65) (Currently also known as 31535 Avenue C, Big Pine Key and RE 00302670-000000; formerly known as 31535 and 31553 Avenue C, Big Pine Key and RE 00302670-000000 and 00302680-000000) As federal funding may be in part or in whole utilized to acquire the above-referenced subject property(ies) (hereinafter the "subject property" or, where context indicates,the -property"). this letter constitutes notice of the following: M V) This conveyance is voluntary; • This is an arm's length dealing between a willing Buyer and a willing Seller; The Buyer has the power of eminent domain but is not exercising said power in this land acquisition 0 transaction. As such, Buyer's unexercised power of eminent domain 1 does not form a material part of this land acquisition transaction. and a determination of the property's market value does not form a material requirement of this notice; N ® The Buyer will make every reasonable effort to acquire the subject property expeditiously through _ negotiations only; M O a Stated otherwise,Buyer has waived its power of eminent domain for purposes of negotiating with and achieving agreement with c~ov Seller for sale and acquisition of the subject property. B Page 1 of 2 H • The negotiations may result in a purchase price that equals, exceeds, or is less than the property's Estimated Market Value; • If these negotiations fail to result in agreement by and between the Buyer and the Seller to mutuality of obligation to transact and convey the property to the Buyer, the property shall not be acquired by the Buyer; • No specific site or other property needs to be acquired as part of an intended,planned, or designated project area where all or substantially all of the properties in the area need to be acquired within a specific timeframe; and • If Buyer wishes to purchase more than one property in the general geographic area, all owners shall be treated similarly. Buyer has determined that the Estimated Market Value of the property is $847,000, based upon a third-party appraisal of the subject property. In the event a need to provide additional information arises, Buyer may supplement this notice with additional updates. If you have any questions regarding the foregoing or any questions regarding the subject matter to which it relates,please contact Juanita R. Jones, Monroe County Housing Recovery Administrator, at 305-289-2560 or at the Marathon Government Center, 2798 Overseas Highway, Marathon, FL 33050. ACCEPTED BY: SELLER (Print Name) (Signature) r Official Tit e(Print) M d' M V) N w [The remainder of this page has been intentionally left blank.] 0 M N N M O cv Applicable only if Seller is a Business Entity owner. Page 2 of 2 H Yl p ® ;. MONROE COUNTY BOARD OF County Of Monroe � � �� COUNTY COMMISSIONERS The Florida, Keys Mayor Sylvia J.Murphy,District 5 Y Mayor Pro Tern Danny L.Kolhage,District l Michelle Coldiron,District 2 ; Heather Carruthers,District 3 �x David Rice,District 4 q5 El VOLUNTARY SALES DISCLOSURE NOTICE OF INTEREST AND DETERMINATION OF FAIR MARKET VALUE DATE: July 12, 2019 TO: . Jeff Olson, President, on behalf of JDLC, Inc. (hereinafter "Seller") FROM: Juanita R. Jones, Monroe County Housing Recovery Administrator, on behalf of the Board of County Commissioners of Monroe County, Florida (hereinafter "Buyer") RE: Acquisition of Real Property REAL PROPERTY'S LOCATION: 2 North Conch Avenue, Conch Key (RE 00385780-000000) As federal funding may be in part or in whole utilized to acquire the above-referenced subject property(ies) (hereinafter the "subject property" or, where context indicates, the "property"), this letter constitutes notice of the following: a This conveyance is voluntary; • This is an arm's length dealing between a willing Buyer and a willing Seller; • The Buyer has the power of eminent domain but is not exercising said power in this land acquisition transaction. As such, Buyer's unexercised power of eminent domain' does not form a material part of this land acquisition transaction, and a determination of the property's market value does not form a material requirement of this notice; w • The Buyer will make every reasonable effort to acquire the subject property expeditiously through 0 negotiations only; 9 The negotiations may result in a purchase price that equals, exceeds, or is less than the property's Estimated Market Value; N • If these negotiations fail to result in agreement by and between the Buyer and the Seller to mutuality of obligation to transact and convey the property to the Buyer, the property shall not be acquired by the Buyer; o a, o Stated otherwise, Buyer has waived its power of eminent domain for purposes of negotiating with and achieving agreement with Seller for sale and acquisition of the subject property. Page I of 2 H • No specific site or other property needs to be acquired as part of an intended, planned, or designated project area where all or substantially all of the properties in the area need to be acquired within a specific timeframe; and • If Buyer wishes to purchase more than one property in the general geographic area, all owners shall be treated similarly. Buyer has determined that the Estimated Market Value of the property is $988,000, based upon a third-party appraisal of the subject property. In the event a need to provide additional information arises, Buyer may supplement this notice with additional updates. If you have any questions regarding the foregoing or any questions regarding the subject matter to which it relates, please contact Juanita R. Jones, Monroe County Housing Recovery Administrator, at 305-289-2560 or at the Marathon Government Center, 2798 Overseas Highway, Marathon, FL 33050. ACCEPTED BY: SELLER l r �!n (Print ame) /' '/ ,gnature) -h L� Official title (Print)2 [The remainder of this page has been intentionally left blank.] M d' M V) N s., O w 0 ri N M r` O O N 7� Applicable only if Seller is a Business Entity owner. Page 2 of 2 H