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07/17/2019 Grant
Date Submitted: 2019-07-31 11:47:14.277 1 Form Key: 5342 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 II 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 I, II or III? Priority I Application If a Priority I or Priority II, 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 Housing Authority 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 10 :�y_V►A11i9'3031 Date Submitted: 2019-07-31 11:47:14.277 1 Form Key: 5342 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? HE 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. 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 10 :�y_V►A11i9'3031 Date Submitted: 2019-07-31 11:47:14.277 1 Form Key: 5342 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. 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. 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. 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 Kennedv Drive City: Key West State: Florida 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 10 :�y_V►AI1iOBVIII Date Submitted: 2019-07-31 11:47:14.277 1 Form Key: 5342 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 Lower Keys 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 12 scattered sites all located in Unincorporated Monroe County: 31423 Avenue G, Big Pine Key; 31441 Avenue G, Big Pine Key; 30 Sands Road, Big Pine Key; 31235 Avenue E, Big Pine Key; 31059 Avenue G, Big Pine Key; 301 County Road, Big Pine Key; 31481 Avenue C, Big Pine Key; 31566 Avenue B, Big Pine Key; 31067 Avenue G, Big Pine Key; 31063 Avenue E, Big Pine Key; 31247 Avenue G, Big Pine Key; AND 28279 Julia Avenue, Little Torch Key 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 10 :�y_fA11i01103i1 Date Submitted: 2019-07-31 11:47:14.277 1 Form Key: 5342 Exhibit A as modified on 7-19-19 Latitude in decimal degrees, rounded to at least the sixth decimal place 24.673700 Longitude in decimal degrees, rounded to at least the sixth decimal place (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: 24.673697 -81.342175 24.670268 -81.348223 24.672420 -81.344725 24.673752 -81.347113 24.673661 -81.349336 24.671072 -81.341282 24.670031 -81.340244 24.673750 -81.346957 24.672451 -81.346983 24.673716 -81.344554 24.679496 -81.392229 6. Number of Building and Units a. Total number of units in the proposed Development: 12 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 Page 5 of 10 :�y_V►A11i9'3031 Date Submitted: 2019-07-31 11:47:14.277 1 Form Key: 5342 Exhibit A as modified on 7-19-19 Number of Bedrooms/Bathrooms per Unit Number of Units per Bedroom Type Number of Units that are ELI Set -Aside Units 2 Bedrooms/1 Bathroom 12 2 LIM -I C,Ls �.s. E ��N, �,N, E ��N, (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? 0 (3) How many two -bedroom units are described in the unit mix chart? 12 (4) How many three -bedroom units are described in the unit mix chart? 0 (5) How many four -bedroom units are described in the unit mix chart? 0 d. Number of Buildings Number of anticipated residential buildings: 12 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. Page 6 of 10 :iW AVAI IN031 Date Submitted: 2019-07-31 11:47:14.277 1 Form Key: 5342 8. 9. Exhibit A as modified on 7-19-19 (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. (5) Provide the required documentation to demonstrate availability of roads as Attachment 11. 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) 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 RFA 2019-101 Page 7 of 10 Date Submitted: 2019-07-31 11:47:14.277 1 Form Key: 5342 Exhibit A as modified on 7-19-19 (1) Development Funding available to all Applicants (a) Development Funding Request Amount: $ 3,342,602 (b) Land Acquisition Program Funding Request Amount: $ 1,353,989 The Maximum Funding Request amounts are provided in Section Four A.10. of the RFA. (2) Other Corporation Funding (a) If a PLP loan has been awarded for this Development, provide the following information: Corporation File # Amount of Funding C, t,c ne e'o e;��tt. . X' $ C, r c hm (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. $ Er Lr HOME -Rental Ent(n He No. $ aL o. MMRB E; t(n H No. $ E;-lit'` E i o. EHCL E; t(n H No. $ E;-lit'` E i o. 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 Page 8 of 10 :iW AVA1390031 Date Submitted: 2019-07-31 11:47:14.277 1 Form Key: 5342 Exhibit A as modified on 7-19-19 11. Uniform Relocation Act a. Are there any units occupied? No If "Yes" — Go to question b. below. If "No" — Go to question c. below. b. Tenant Relocation Information for Existing Properties: (1) How many total units now exist in the development? Click ears to enter text, (2) How many units are occupied? Click ears to eater text. (3) Based on the income information of each tenant, is permanent relocation (displacement) anticipated during or after the construction period? Choose are item. If "Yes", how many units are affected? Click ears to eater text. (4) Will temporary relocation of any tenants be required? Choose are item. If "Yes", how many tenants will require temporary relocation? Click here to enter text, (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? M If "Yes" - Provide a narrative regarding the acquisition as Attachment 16 and skip questions (2) through (4) below. Page 9 of 10 :�y_V►AIMB031 Date Submitted: 2019-07-31 11:47:14.277 1 Form Key: 5342 Exhibit A as modified on 7-19-19 If "No" - Answer question (2) below. (2) Is the Applicant or Land Owner a private company? IM 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? No 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. Click here to eater text, Page 10 of 10 :�y_V►AIMB031 Date Submitted: 2019-07-31 11:47:14.277 1 Form Key: 5342 (Page 1 of 7) NOTES: (1) Develope rfee may not exceed the limits established in Rule Chapter 67A8, 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 67A8, 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: Indicate the number of total units in the proposed Development: 1 ENTER TOTAL COSTS IN THIS COLUMN DEVELOPMENT COSTS Actual Construction Costs Accessory Buildings Demolition New Construction (wl or w/o Acquisition) 12 Units 3 TOTAL COSTS New Rental Units 1,915,000 1,915,000 *Off -Site Work (explain in detail) Recreational Amenities Site Work 71,970 71,970 *Other (explain in detail) A1.1. Actual Construction Cost $ 1,986,970 $ 1,986,970 A1.2. General Contractor Fee see N11(3) (Max. 14% of A1.1., column 3) $ 271,000 $ 271,000 A1.3. TOTAL ACTUAL CONSTRUCTION COSTS $ 2,257,970 $ 2,257,970 A1.4. HARD COST CONTINGENCY 11,N1e(4) $ 112,550 $ 112,550 Date Submitted: 2019-07-31 11:47:14.277 1 Form Key: 5342 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 15,000 15,000 Architect's Fee - Site/Building Design 50,000 50,000 Architect's Fee - Supervision 25,000 25,000 Builder's Risk Insurance 12,500 12,500 Building Permit Capital Needs Assessment Engineering Fees 25,000 25,000 Environmental Report 30,000 30,000 FHFC Administrative Fee See Note (2) FHFC Application Fee See Note (2) 1,500 1,500 FHFC Compliance Fee See Note (2) FHFC PRL/CreditUnderwriting 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 10,000 10,000 Marketing/Advertising Property Taxes Soil Test Report 25,000 25,000 Survey 40,,000 40,000 Tenant Relocation Costs Title Insurance & Recording Fees 15,000 15,000 Utility Connection Fee 54,000 54,000 *Other (explain in detail) A2.1. TOTAL GENERAL DEVELOPMENT COST $ 488,082 $ 488,082 A2.2. SOFT COST CONTINGENCY See Note (4) $ 24,000 $ 24,000 Date Submitted: 2019-07-31 11:47:14.277 1 Form Key: 5342 RFA 2019-101 DEVELOPMENT COST PRO FORMA 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 (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 D. TOTAL DEVELOPER FEE E. OPERATING DEFICIT RESERVES see Note(5) F. TOTAL LAND COST G. TOTAL DEVELOPMENT COST see Note(6) (C+D+E+F) (Page 3 of 7) 1 3 ENTER TOTAL TOTAL COSTS IN THIS COSTS COLUMN $ $ $ 2,882,602 $ 2,882,602 460,000 460,000 $ 460,000 $ 460,000 $ $ $ 1,353,989 $ 1,353,989 $ 4,696,591 $ 4,696,591 Date Submitted: 2019-07-31 11:47:14.277 1 Form Key: 5342 RFA 2019-101 DEVELOPMENT COST PRO FORMA 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. (Page 4 of 7) Date Submitted: 2019-07-31 11:47:14.277 1 Form Key: 5342 RFA 2019-101 DEVELOPMENT COST PRO FORMA CONSTRUCTION ANALYSIS AMOUNT LENDERITYPE OF FUNDS A. Total Development Costs $ 4,696,591.00 B. Construction Funding Sources: 1. First Mortgage Financing $ 4,696,591.00 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 $ 4,696,591.00 (Page 5 of 7) 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 11:47:14.277 1 Form Key: 5342 RFA 2019-101 DEVELOPMENT COST PRO FORMA (Page 6 of 7) PERMANENT ANALYSIS AMOUNT LENDERITYPE OF FUNDS A. Total Development Costs $ 4,696,591.00 B. Permanent Funding Sources: 1. First Mortgage Financing $ 4,696,591.00 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 $ 4,696,591.00 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 11:47:14.277 1 Form Key: 5342 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 In which county is the proposed Development to be located? You have indicated above on row 32 that the Development Category of the Proposed Development is ........................ What is the proposed Development's Development Type? Does the proposed Development qualify as Enhanced Structural Systems Construction (ESSC)? Not in South Florida, New Construction, Garden, ESSC. The TDC PU Base Limitation for the above defined Development is. Monroe (Small County) New Construction (w/ or w/o Acquisition) Garden Yes $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 ................... (b) Requesting HOME funds from FHFC Add -On..... (c) Requesting CDBG-DR funds from FHFC Add -On 2. Tax -Exempt Bond Add -On 3. (a) North Florida Keys Area Multiplier (b) South Florida Keys Area Multiplier 4. (a) Persons with Developmental Disabilities Multiplier (b) Persons with a Disabling Condition Multiplier....... (c) Persons with Special Needs Multiplier ................ (d) Homelss Demographic Multiplier ....................... 5. Elderly ALF Multiplier Yes ii i i i ii i i i ii i i i elect one or no i/i/ ,, i/i/ ,, ,, aa option, as applicablelf Yes (Select it applicable) No (Select one option it Yes applicable) (Select one or no option, as applicable) (Select it applicable) 6. (a) Less than 51 units Multiplier' ;'%'% '%'%;'%'% '%'%;'%'% '%'%?'Select one option it .............................................. (b) More than 50 units, but less than 81 units Multiplier* , , ,,;, ,;, „ , ,,;, ,;, „ , ,;, ,;, applicable) *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.. $506,000.00 Derivation of the TDC PU of the proposed Development for Limitation purposes: Total Development Costs (Line G., column 3) $4,696,591.00 Less Land Costs (Line F., column 3) $1,353,989.00 Less Operating Deficit Reserves (Line E., column 3) $0.00 Less Demolition and Relocation Costs, if applicable $0.00 TDC of the proposed Development for Limitation Purposes: $3,342,602.00 TDC PU of the proposed Development for Limitation Purposes: $278,550.17 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 11:47:14.277 1 Form Key: 5342 i------------------------------------------------------------------------------------------------------------------------ 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 Housin 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 11:47:14.277 1 Form Key: 5342 ------------------------------------------------------------------------------------------------------------------------ Principal Disclosures for the Developer APPROVED forNON-HOUSING CREDITS FHFCAdvance Review 7.11.19 --------------------------------------------------------------- ------------------------------� How many Developers are part of this Application structure? 1 Select the organizational structure for the Developer entity: The Developer is a: Public Housing Autho Provide the name of the Developer Public Housing Authority: Monroe CountV Housin First Principal Disclosure Level: Monroe County Housing Authority Click here for Assistance with Com letin the Entries for the First Level Princi al Disclosure for a Developer 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 11:47:14.277 1 Form Key: 5342 Attachment Date Submitted: 2019-07-31 11:47:14.277 1 Form Key: 5342 1. 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 for the fundinQ oVered. 011. The Applicant certifies that the proposed Development can be completed and operating within the Development schedule and budget submitted to the Corporation. 4. The Applicant acknowledges and certifies that it will abide by all commitments, requirements, and due dates outlined in the RFA, 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. 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. 8. The success of an Applicant in being selected for funding is not an indication that the Applican 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 performan record, financial capacity, and any and all other matters relating to the Development Team (which consists of Developer, management company, General Contractor, architect, attorney 111153MITOW Date Submitted: 2019-07-31 11:47:14.277 1 Form Key: 5342 9. The Applicant's commitments will be included in ( a Land Use Restriction Agreement(s) and (H) an Extended Use Agreement, if applicable, and must be maintained in order for the Development to remain in comphance, unless the Board approves a change. 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 a proposed in this Application. The Applicant has reviewed the third party information included WsAppficat�on 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. I 14. The Appficant understands and agrees to cooperate with any audits conducted in accordance with the provisions set forth in Section 20,055(5), F.S. Date Submitted: 2019-07-31 11:47:14.277 1 Form Key: 5342 15. The undersigned is authorized truthfulness and cornpIleteness of the Application. Eder the ra lti s of perjury, I declare and certify that I have read the foregoing and that the irofssr true, correct rid complete. J. Manuel Castillo, Sr. 7gh"ature of Authorized Principal Representative Nears (typed or printed) Executive Director r Elm Date Submitted: 2019-07-31 11:47:14.277 1 Form Key: 5342 io,l 1 11 WW T-11MIF VEM—Milk, =7 7919101N M-1t, kill MIMITIM, ITTAT141y 1=1 It, Lower Keys Scattered Sites 2. The legal description or the address of the land that is the subject of the proposed Development "the Land" including all scattered sites, if applicable. If additional space is needed, provide attachments to this form: —,JM'fj1:JM'1 rTo ZL 1111�11 ....... ..... 28279 Julia Avenue, Little Torch Key 3. The following type of entity holds or will hold 100 percent ownership in the Land identified in above, and therefore can be considered the "Land Owner" for purposes of this Application: A Local Government A Public Housing Authority Land Authority Community Land Trust 4. If this Application for the proposed Development described above is selected for funding, the Land Owner identified ln 3. above vVill hold the Land identified in 2. above and maintain the affordability requirernents of the Land identified in 2. above in Perpetuity. For purposes of this RFA, Perpetuity an 99 years or more. Date Submitted: 2019-07-31 11:47:14.277 1 Form Key: 5342 9. The Land Owner acknowledges that any funding preliminarily secured by the Land Owner is expressly conditioned upon any independent «»®� 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. 10. The Land Owner understands and agrees to cooperate with any audits conducted in accordance with the provisions set forth in Section 20.055(5), ES. 11. The undersigned is authorized to bind the Land Owner entity to this certification and warranty of truthfulness and completeness of the Application. W-117111 d in ect ancomplete. 79 J. Manuel Castillo. Sr. Sig6" of Authorized Land Owner Representative Name (typed or printed) ExeLmtive Director Date Submitted: 2019-07-31 11:47:14.277 1 Form Key: 5342 Attachment 2 Date Submitted: 2019-07-31 11:47:14.277 1 Form Key: 5342 Not App icab Date Submitted: 2019-07-31 11:47:14.277 1 Form Key: 5342 Attachment Date Submitted: 2019-07-31 11:47:14.277 1 Form Key: 5342 Not App icab Date Submitted: 2019-07-31 11:47:14.277 1 Form Key: 5342 Attachment C a: o . U M N _ m z N N C U > Q Ln l0 Q- N 41 E C f6 (0 6j CU L N C 0 L L C o a a E s o (ID V m 76 a� Q L U o W a� VI L m r'I �t �o �o z o E� o o W 0 U _ LU X a� U L M a)4- C 00 � w O rn M W o a s o H D N rn N ai i 0 = j- Q z z CL � C W S -o EW N 0 (L6 N D N O O G y1 0. = w = Q W 00 m W W 0 3 a> > � C d O qA L x C d U N= 0 0 0 wN O 'a U N ro fa 0 X W X== W W 0 o +� x ra x ra 0 ar O C C0 L Qm Q. •f.7 U J L.L J L.L J L.L J Ll J Ll N 1..1. ++ L N +;' +;' C C W i 0 (6 N N o N a +1 LU Q X > > > fa L fa L n V i G/ W U u wwwmm Y Y Y N 0 0 CL L 0 C M > N ate+ (6 'F a0i Q o 41 aCi CL C °' ra s oOc f6 Z Q O E u L ro 0 +: m Z O O� Q > N U L 'in C N O 0 C: N E (6 0 Q E Ln Q 1 Q Q z (6 a m N > w .� U > U 0 o O Y CC O Of fa I Lu 1 � Date Submitted: 2019-07-31 11:47:14.277 1 Form Key: 5342 Attachment 5 Date Submitted: 2019-07-31 11:47:14.277 1 Form Key: 5342 Not App icab Date Submitted: 2019-07-31 11:47:14.277 1 Form Key: 5342 Attachment 91 Date Submitted: 2019-07-31 11:47:14.277 1 Form Key: 5342 FLORIDA HOUSLNG FINANCE CORPORATION Site Control Certification Form As of the Application Deadfirte for flus RFA, the Applicant entity Monroe County Housing Authority has control of the Development site and all Scattered Sites, if appheable. Control of the site means that by.Application Deadline the Applicant can establish one or more of the following requirements that include the ter ms set forth in Section Four A.7.a. of the RFA-1 9 Eligible Contract * Deed or Certificate of Title To be considered complete, documents demonstrating that site control piustunit to the terms set forth in Section Four A.7.a, oft e RFA are attached. Under the penalties of per ury pursuant to Section 9-2,525, ES., .md of material misrepresentation pinsuant to Section 420.508(35), Fla.. Statutes, =d Fla. Admin. Code Section 67-21.003(6) and/or 67-48.004(2), 1 declare and certify that I have read the foregoing an.d that the infonnation is, true, correct and complete. I Manuel Castillo, Sr. Sig�n-a�ture of Authofized Principal Representative Name (typed or printed) Executive Director Title (typed or printed) This flom must be signed by the Authorized Principal. ReWesentative stated in Exhibit k (Fmwn Rev. 08-18) OPTION AGREEMENT FOR THE PURCHASE OF LANDS THIS AGREEMENT is made and entered into this day of V 4y 2019, by and between Monroe County Comprehensive Plan Land Authority (hereinafter "Seller(s)"), for themselves, their heirs, executors, administrators, successors and assigns, and MONROE COUNTY HOUSING AUTHORITY (hereinafter "HOUSING AUTHORITY"). WITNESSETH: The Seller(s) hereby grant to the HOUSING AUTHORITY 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: 12 subdivision lots on Big Pine Key and Little Torch Key, more particularly described in Exhibit A. The consideration for the option granted by this Agreement is $10.00 in hand, paid by the HOUSING AUTHORITY, the receipt of which is hereby acknowledged (hereinafter "Option Payment"). The period covered by the option shall commence on July 18, 2019 and shall expire on March 31, 2020 at 5:00 pm (hereinafter "Option Period"). The HOUSING AUTHORITY 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. 2. The Seller(s) agree that they have full right, power and authority to convey, and that they will convey to the HOUSING AUTHORITY 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. N The HOUSING AUTHORITY, at the HOUSING AUTHORITY'S expense, within the time allowed to M 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 w 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 HOUSING AUTHORITY shall have sixty (60) days from the date of Option Notice in which to examine title. If title is found defective, the HOUSING AUTHORITY 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 o the defect(s). The Seller(s) will use diligent effort to correct defect(s) in title within the time CIA provided therefore, including the bringing of necessary suits, failing which the HOUSING AUTHORITY 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 HOUSING AUTHORITY 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 HOUSING AUTHORITY 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 HOUSING AUTHORITY 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. 5. The Seller(s) will execute and deliver upon demand of the proper officials and agents of the HOUSING AUTHORITY a good and sufficient deed of warranty conveying to the HOUSING AUTHORITY a marketable title to the said lands of such character as to be satisfactory to the legal counsel of the HOUSING AUTHORITY 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 HOUSING AUTHORITY 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 $1,353,989.00. The HOUSING AUTHORITY 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 HOUSING AUTHORITY shall have approved the title thus vested in the HOUSING AUTHORITY, it will cause to be paid to the Seller(s) the balance of the purchase price. The HOUSING AUTHORITY 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 HOUSING AUTHORITY, or the effective date of possession of such real property by the same, whichever is earlier. Full possession of the premises shall pass to the HOUSING AUTHORITY 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 HOUSING AUTHORITY will be obtained by the HOUSING AUTHORITY at its expense. The Seller(s) expressly agree herein to furnish to the HOUSING AUTHORITY 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 HOUSING AUTHORITY, 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: 1200 Truman Avenue, Suite 207 Key West, FL 33040 2 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 HOUSING AUTHORITY may not assign this Agreement. 11. Unless waived by the HOUSING AUTHORITY as to one or more existing tenants, the property shall be delivered at closing free of any tenant or occupancy. 12. The effective date of this Agreement shall be that date when the last one of the Seller(s) and the HOUSING AUTHORITY has signed this Agreement. 13. If the Seller(s) wish to proceed with this transaction, the Seller(s) have until July 18, 2019 to sign and return this Agreement to the HOUSING AUTHORITY. This Agreement may be executed in counterparts. 14. In the event the transaction is not closed within the Option Period, at any time thereafter both the HOUSING AUTHORITY 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. 15. The HOUSING AUTHORITY'S remedy for default on the part of the Seller(s) includes or is specific performance. 16. The parties agree to impose a perpetual Use Restriction or other similar Restrictive Covenant in favor of the Seller(s) on the property title limiting use of the property to the provision of affordable housing for qualified persons whose income does not exceed 160 percent of Area Median Income. [The remainder of this page is intentionally blank.] 3 17. Notwithstanding any provision of this Agreement to the contrary, the closing of this transaction is contingent upon the HOUSING AUTHORITY'S receipt of Community Development Block Grant Disaster Relief (CDBG-DR) land acquisition funding in an amount of no less than $1,353,989.00, failing which the HOUSING AUTHORITY may 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. MONROE COUNTY COMPREHENSIVE PLAN LAND AUTHORITY, acting by and through its CHAIRMAN, has executed this Agreement on behalf of MONROE COUNTY COMPREHENSIVE PLAN LAND AUTHORITY this day of , 2019. Seller/ MONROE COUNTY COMPREHENSIVE PLAN LAND AUTHORITY ATTEST: Gil &-- P4-W,16AA Charles G. Pattison, Executive Director (Seal) Heather rru rman ..roerr�ewam se. -- MONROE COUNTY HOUSING AUTHORITY, acting by and through its EXECUTIVE DIRECTOR, has executed this Agreement on behalf of MONROE COUNTY HOUSING AUTHORITY this day of 2019. Buyer/ MONROE COUNTY HOUSING AUTHORITY J anuel Castillo, Executive Director Approved as to form /and legality: Adele V. Stones, Esquire 4 EXHIBIT A Property Number Address Legal Description Island RE Number 1 30 Sands Road Metes and bounds, NE 1/4 of S 26, T 66 S, R 29 E Big Pine Key 00111320-001500 2 31235 Avenue E Block 35, Lot 3, Sands (PB 1-65) Big Pine Key 00304810-000000 3 31059 Avenue G Block 46, Lot 6, Sands (PB 1-65) Big Pine Key 00306540-000000 4 301 County Road Block 2, Lot 10, Darios (PB 3-92) Big Pine Key 00300500-000000 5 31481 Avenue C Block 23, Lot 8, Sands (PB 1-65) Big Pine Key 00302780-000000 6 31566 Avenue B Block 10, Lot 11, Sands (PB 1-65) Big Pine Key 00300790-000000 7 31067 Avenue G Block 46, Lot 7, Sands (PB 1-65) Big Pine Key 00306550-000000 8 31423 Avenue G Metes and bounds, Sands (PB 1-65) Big Pine Key 00306000-000500 9 31441 Avenue G Metes and bounds, Sands (PB 1-65) Big Pine Key 00306000-000800 10 31247 Avenue G Block 44, Lot 4, Sands (PB 1-65) Big Pine Key 00306200-000000 11 28279 Julia Ave Block 1, Lot 10, Amended Plat of The Ladies Acre (PB 5-96) Little Torch Key 00222840-000000 12 31063 Avenue E Block 37, Lot 7, Sands (PB 1-65) Big Pine Key 00305170-000000 Date Submitted: 2019-07-31 11:47:14.277 1 Form Key: 5342 Appraisal for the Following Site(s): 31059 Avenue G, Big Pine Key Date Submitted: 2019-07-31 11:47:14.277 1 Form Key: 5342 A RESTRICTED APPRAISAL OF DZURNAK SITE PARCEL # 00306540-000000 LOCATED AT MILE MARKER 31, BIG PINE 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 NOVEMBER 26, 2018 TRENT MARK, MAI, SRPA STATE -CERTIFIED GENERAL REAL ESTATE APPRAISER # RZ 514 MARR & ASSOCIATES APPRAISAL COMPANY, INC Date Submitted: 2019-07-31 11:47:14.277 1 Form Key: 5342 TRENT MARK, MAI, SRPA State -Certified General Real Estate Appraiser # RZ 514 trentmarr(a,enibardmail.com November 26, 2018 Charles G. Pattison, Executive Director Monroe County Land Authority 1200 Truman Avenue, Suite 207 Key West, Florida 33040 Re: Dzurnak site, Parcel # 00306540-000000 Dear Mr. Pattison: Phone (850) 342-1114 2665 Aucilla Road, Monticello, FL 32344 81800 Overseas Highway, Islamorada, FL 33036 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 property have been conducted. The site consists of a 5,000 square foot non -water front lot. The lot is zoned IS (Improved Subdivision) and is designated Tier 1. The Tier 1 designation is assigned to the most environmentally sensitive land and is the most difficult to develop. However, the subject was developed with a mobile home. The site is improved with a dilapidated mobile home that will be removed prior to closing. This appraisal is based on the hypothetical condition that the mobile home has been removed. Because the site is improved the Tier 1 designation does not adversely affect development of the subject property. The site is located at mile marker 31, Big Pine Key, Monroe County, Florida. The address is 31059 Avenue G, Big Pine Key. To the best of my ability, the analysis, opinions, and conclusions were developed and this restricted appraisal report was prepared in accordance with the standards and reporting requirements of the Appraisal Institute, Uniform Standards of Professional Appraisal Practice, dated January 2018. The appraisal was prepared in a restricted format. The restrictive format provides only a synopsis of the appraiser's opinion and conclusions. This report omits detailed information on the subject property, sales data and reasoning which led to my conclusion. Supporting data is retained in my file. This appraisal was prepared for the specific use of the client and is invalid for any other user. The appraiser is not responsible for unauthorized use of this report. Based on the comparable sales in the areas, I have formed the opinion that, as of November 26, 2018, subject to the assumptions and limiting conditions set forth in this report the market value of the subject was estimated at: One Hundred Twenty Thousand Dollars ($120,000) Respectfully Submitted, Marr & Associates Appraisal Company, Inc. Trent Marr, MAI, SRPA State -Certified General Real Estate Appraiser # RZ 51 L1376 —Dzumak Site, Big Pine Key, Florida Man• & Associates Appraisal Company, hic. 1 Date Submitted: 2019-07-31 11:47:14.277 1 Form Key: 5342 PROJECT NAME: Dzurank-Site ADDRESS: The address is 31059 Avenue G, Big Pine Key, Florida OWNER OF RECORD: John Dzurnak PURPOSE OF THE REPORT: Estimate market value PARCEL IDENTIFICATION: 00306540-000000 DATE OF VALUE/REPORT: November 26, 2018 / November 26, 2018 INTEREST APPRAISED: Fee Simple ZONING/TIER: IS (Improved Subdivision) / Tier 1 WATER FRONT: No HIGHEST AND BEST USE: Develop with single family home INTENDED USER AND USE OF THE REPORT: The intended user of this report is the Monroe County Land Authority. The intended use is to establish a negotiating price. CLIENT Charles Pattison / Monroe County Land Authority HISTORY There have been no sales within the past several years. The subject was originally listed at $149,500 and was reduced to $114,000. The county has a pending contract for $110,000. Based on the MLS the site has been on the market for 220 days. Based on the sales used in this report, the contract price is below market. EXPOSURE TIME: CURRENT USE: RIGHTS APPRAISED: 6-9 months Vacant site / ROGO Exempt Fee simple estate PARCEL DESCRIPTION: The site consists of a 5,000 square foot non -water front site. The site is zoned IS (Improved Subdivision) and is located within a Tier 1 habitat designation. HYPOTHETICAL CONDITION(S) Mobile home has been removed. EXTRAORIDARY ASSUMPTION(S) None L1376 —Dzumak Site, Big Pine Key, Florida Man• & Associates Appraisal Company, hic. 2 Date Submitted: 2019-07-31 11:47:14.277 1 Form Key: 5342 ' _ T .r � F to tf-J, to r� k0 50r E. ""QD U0 M CD .; E Nl it IF IN TAX PARCEL MAP AERIAL PHOTOGRAPH - PRE HURRICANE IRMA L1376 —Dzumak Site, Big Pine Key, Florida Man• & Associates Appraisal Company, hic. 3 Date Submitted: 2019-07-31 11:47:14.277 1 Form Key: 5342 GOOGLE EARTH AERIALS - POST HURRICANE IRMA L1376 —Dzumak Site, Big Pine Key, Florida Man• & Associates Appraisal Company, hic. 4 Date Submitted: 2019-07-31 11:47:14.277 1 Form Key: 5342 SCOPE OF WORK At the request of the client, I did not physically inspect the subject property. Information about the subject was taken from the property record card, aerial photographs and information provided by the client. Additionally, I may or may not have inspected the comparable sales. Those sales that were inspected were done for prior appraisals. I reserve the right to alter my value conclusion if at a later date, an inspection would reveal information on the subject or comparables that was not available on the public records, client data and aerial photographs did not reveal. The information for the subject regarding size, habitat, zoning and tier designation were taken from the Monroe County web sites along with the information provided by the Monroe County Land Authority. The information obtained is assumed to be correct. The sales comparison is the most reliable approach for vacant land in the area and was the only approach used in this report. The market value assumes the mobile home has been removed and the site is vacant. The information on the sales was taken from either the local MLS or the Monroe County Property Appraisers web site. The sizes for the comparables were taken from the Monroe County Property Appraisers web site and were assumed to be correct. 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: Buyer and seller are typically motivated; Both parties are well informed or well advised, and acting in what they consider their own best interests; A reasonable time is allowed for exposure in the open market; Payment is made in terms of cash in United States dollars or in terms of financial arrangements comparable thereto; and 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. VALUATION OF THE SUBJECT The income and cost approach are not applicable for vacant land in the area, and have been omitted. The sales comparison is the most reliable approach for vacant land in the area and was the only approach used in this report. 2 Supplemental Appraisal Standards for Board of Trustees Land, Division of State Lands, (2012), Page 7 L1376 —Dzumak Site, Big Pine Key, Florida Man• & Associates Appraisal Company, hic. 5 Date Submitted: 2019-07-31 11:47:14.277 1 Form Key: 5342 VALUATION OF THE SUBJECT PROPERTY SUMMARY OF SALES Subject Sale 1 Sale 2 Sale 3 Sale 4 Location 31059 Avenue G Big Pine Key 31142 Avenue F Big Pine Key 31355 Avenue F Big Pine Key 31076 Avenue D Big Pine Key 31372 Avenue G Big Pine Key Parcel # 00306540 00305070 00305830 & 00305840 00303440 00305880 Sales Price $110,000 $118,000 $120,000 $120,000 $120,000 Sales Date Pending 5-18 5-18 4-18 3-18 Size SF 5,000 sf 5,000 sf 10,000 sf 5,000 sf 5,000 sf # of Lots One One Two One One Avg. Size 5,000 sf 5,000 sf 5,000 sf 5,000 sf 5,000 sf Zoning IS IS IS IS IS Tier 1 1 1 1 1 ROGO/Exempt Yes Yes Yes Yes Yes $/Site $110,000 $118,000 $120,000 $120,000 $120,000 CONCLUSION OF VALUE Sale 1 sold for $118,000 and sales 2, 3 and 4 sold for $120,000. All of the sales are located in the subject's subdivision and are excellent indicators of value. Sale 2 sold with two lots, however, is being developed with one single family home. Although two lots are preferred over one lot, based on matched pairs analysis amongst the sales there was no support indicated for an adjustment. Additionally, the buyer had to pay for the cost of removing the mobile home and site debris, which appears to have offset the value of the additional lot. The Monroe County Land Authority has a pending contracts on two similar vacant sites on Big Pine Key ( Lot 8, Block 23 & Lot 3, Block 35 Sand's Subdivision) for $120,000. Based on their current contracts and the four sales used in this report, a value of $120,000 is well supported. Thus, the market value of the subject was estimated at $120,000. L1376 —Dzumak Site, Big Pine Key, Florida Marr & Associates Appraisal Company, hic. 6 Date Submitted: 2019-07-31 11:47:14.277 1 Form Key: 5342 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 and 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. I did not personally inspect the subject property. Mary Marr provided professional assistance in the verification of comparable data and 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. 11-26-18 ------------------------------------ ------ Trent Marr, MAI, SRPA Date State -Certified General Real Estate Appraiser # RZ 514 L1376 —Dzumak Site, Big Pine Key, Florida Man• & Associates Appraisal Company, hic. 7 Date Submitted: 2019-07-31 11:47:14.277 1 Form Key: 5342 ASSUMPTIONS AND LIMITING CONDITIONS The legal description used in this report is assumed to be correct. The market value estimate assumes the site is buildable unless stated otherwise in this report. 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. 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. 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. L1376 —Dzurnak Site, Big Pine Key, Florida Marr & Associates Appraisal Company, hic. 8 Date Submitted: 2019-07-31 11:47:14.277 1 Form Key: 5342 Ebinning [7[ taf 4arssnt 2798 Overseas Highway Sulte410 Marathon, Florida 33050 Vojce. (305) 289 2500 FAX: (305) 289 2536 Mr. Jonathan Dzumak 31059 Ave G Dq Pi-te ie%, FL 33041 Co-unty of Monroe -A Re: Block 46. Lot 6 Sands Subdivision (RE # 00305540.000000) earM-- U r. zurnaK Gard of County Commi—inn— ayor Charles McCoy, Dist, 3 Mayor Pro Tem Murray Ne I son, Dist- 5 Comm- Dixie Spehar, Dist,,j Comm, George Neugent. Nit. 2 Comm, David P, Rice, Dist. 4 You requested a determinatlon as to whether a residential unit 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 the Improved Subdivision (IS) Land Use District, A detached residential dwelling is a permitted use in the IS Land Use District, • The Monroe County Property Record Card (,PRG) shows that a residential unit existed on the property from 1997 to present The property received a homestead exemption from 1997-2005. The year built is indicated as 1966. • Florida Keys Aqueduct Authority records indicate that service was activated on January 6, 1977 • The Monroe County 1988 mobile home st tudy indicates one residential unit existed on the property, • Aerial photography produced by the Real Estate Atlas indicates that there was a str'.,clure on the site in 1984 and 1989, . A site visit was conducted by a Monroe County Planning Technician, Timothy Richard, on .-,..Mwzb-16.-20-06..-..An-occupad—qmgie-famiiv.home was-piresent on-b=-operty- Based on the review of these records, one replacement residential unit may be rebuilt conforming to all current Monroe County Codes without going through ROGO, the structures on the property will need be demolished with a Building Permit, 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 (30 89-2500 if you have any questions. Sin rely, Arehoulani, Ronda tdorman. Director of Planning & Environmental Resources Acting Director of Growth Management Block 46; Lot 6 Sands Subdivision RE# 00306540.000000 Date Submitted: 2019-07-31 11:47:14.277 1 Form Key: 5342 Appraisal for the Following Site(s): 31235 Avenue E, Big Pine Key Date Submitted: 2019-07-31 11:47:14.277 1 Form Key: 5342 A RESTRICTED APPRAISAL OF PARCEL # 00304810-000000 LOCATED AT MILE MARKER 31, BIG PINE 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 OCTOBER 26, 2018 PREPARED BY TRENT MARK, MAI, SRPA STATE -CERTIFIED GENERAL REAL ESTATE APPRAISER # RZ 514 MARR & ASSOCIATES APPRAISAL COMPANY, INC Date Submitted: 2019-07-31 11:47:14.277 1 Form Key: 5342 TRENT MARR, MAI, SRPA State -Certified General Real Estate Appraiser # RZ 514 trentmarr(a,enibardmail.com November 1, 2018 Charles G. Pattison, Executive Director Monroe County Land Authority 1200 Truman Avenue, Suite 207 Key West, Florida 33040 Re: Parcel # 00304810-000000 Dear Mr. Pattison: Phone (850) 342-1114 2665 Aucilla Road, Monticello, FL 32344 81800 Overseas Highway, Islamorada, FL 33036 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 property have been conducted. The site consists of a 5,000 square foot non -water front lot. The lot is zoned IS (Improved Subdivision) and is designated Tier 1. The Tier 1 designation is assigned to the most environmentally sensitive land and is the most difficult to develop. However, the subject was developed with a mobile home. The mobile home has been razed and the site can be re -developed with a single family home. Therefore, the Tier 1 designation does not adversely affect the subject property. The site is located at mile marker 31, Big Pine Key, Monroe County, Florida. The address is 31235 Avenue E, Big Pine Key. To the best of my ability, the analysis, opinions, and conclusions were developed and this restricted appraisal report was prepared in accordance with the standards and reporting requirements of the Appraisal Institute, Uniform Standards of Professional Appraisal Practice, dated January 2018. The appraisal was prepared in a restricted format. The restrictive format provides only a synopsis of the appraiser's opinion and conclusions. This report omits detailed information on the subject property, sales data and reasoning which led to my conclusion. Supporting data is retained in my file. This appraisal was prepared for the specific use of the client and is invalid for any other user. The appraiser is not responsible for unauthorized use of this report. Based on the comparable sales in the areas, I have formed the opinion that, as of October 26, 2018, subject to the assumptions and limiting conditions set forth in this report the market value of the subject was estimated at: One Hundred Twenty Thousand Dollars ($120,000) Respectfully Submitted, Marr & Associates Appraisal Company, Inc. Trent Marr, MAI, SRPA State -Certified General Real Estate Appraiser # RZ 514 L1375 — 3125 Avenue E, Big Pine Key, Florida Main & Associates Appraisal Company, hic. 1 Date Submitted: 2019-07-31 11:47:14.277 1 Form Key: 5342 PROJECT NAME: Harnish-Carrier Site ADDRESS: The address is 31235 Avenue E, Big Pine Key, Florida OWNER OF RECORD: Dionne C. and Michael R. Harnish & Linda K. and Laurier R. Carrier PURPOSE OF THE REPORT: Estimate market value PARCEL IDENTIFICATION: 00304810-000000 DATE OF VALUE/REPORT: October 26, 2018 / November 1, 2018 INTEREST APPRAISED: Fee Simple ZONING/TIER: IS (Improved Subdivision) / Tier 1 WATER FRONT: No HIGHEST AND BEST USE: Develop with single family home INTENDED USER AND USE OF THE REPORT: The intended user of this report is the Monroe County Land Authority. The intended use is to establish a negotiating price. CLIENT Charles Pattison / Monroe County Land Authority HISTORY There have been no sales within the past several years. The subject is listed for sale by owner and have indicated they would sell the property to the Land Authority for the price of $120,000. EXPOSURE TIME: CURRENT USE: RIGHTS APPRAISED: 6-9 months Vacant site / ROGO Exempt Fee simple estate PARCEL DESCRIPTION: The site consists of a 5,000 square foot non -water front site. The site is zoned IS (Improved Subdivision) and is located within a Tier 1 habitat designation. HYPOTHETICAL CONDITION(S) None EXTRAORIDARY ASSUMPTION(S) None L1375 —3125 Avenue E, Big Pine Key, Florida Main & Associates Appraisal Company, hic. 2 Date Submitted: 2019-07-31 11:47:14.277 1 Form Key: 5342 7 so, '14 9 35' 50 W :303W, 7s' 30,4,010 100 303950 FSla, iT 4 31 1 30 50 160 TAX PARCEL MAP AERIAL PHOTOGRAPH L1375 — 3125 Avenue E, Big Pine Key, Florida Main & Associates Appraisal Company, hic. 3 Date Submitted: 2019-07-31 11:47:14.277 1 Form Key: 5342 Aerial Photograph of Subject Property 31235 Avenue E Block 35, Lot 3, Sands Big Pine Key L1375 - 3125 Avenue E, Big Pine Key, Florida Main & Associates Appraisal Company, hic. 4 Date Submitted: 2019-07-31 11:47:14.277 1 Form Key: 5342 SCOPE OF WORK At the request of the client, I did not physically inspect the subject property. Information about the subject was taken from the property record card, aerial photographs and information provided by the client. Additionally, I may or may not have inspected the comparable sales. Those sales that were inspected were done for prior appraisals. I reserve the right to alter my value conclusion if at a later date, an inspection would reveal information on the subject or comparables that was not available on the public records, client data and aerial photographs did not reveal. The information for the subject regarding size, habitat, zoning and tier designation were taken from the Monroe County web sites along with the information provided by the Monroe County Land Authority. The information obtained is assumed to be correct. The sales comparison is the most reliable approach for vacant land in the area and was the only approach used in this report. The information on the sales was taken from either the local MLS or the Monroe County Property Appraisers web site. The sizes for the comparables were taken from the Monroe County Property Appraisers web site and were assumed to be correct. 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: Buyer and seller are typically motivated; Both parties are well informed or well advised, and acting in what they consider their own best interests; A reasonable time is allowed for exposure in the open market; Payment is made in terms of cash in United States dollars or in terms of financial arrangements comparable thereto; and 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. VALUATION OF THE SUBJECT The income and cost approach are not applicable for vacant land in the area, and have been omitted. The sales comparison is the most reliable approach for vacant land in the area and was the only approach used in this report. 2 Supplemental Appraisal Standards for Board of Trustees Land, Division of State Lands, (2012), Page 7 L1375 — 3125 Avenue E, Big Pine Key, Florida Main & Associates Appraisal Company, hic. 5 Date Submitted: 2019-07-31 11:47:14.277 1 Form Key: 5342 VALUATION OF THE SUBJECT PROPERTY SUMMARY OF SALES Subject Sale 1 Sale 2 Sale 3 Sale 4 Location 31235 Avenue E Big Pine Key 31142 Avenue F Big Pine Key 31355 Avenue F Big Pine Key 31076 Avenue D Big Pine Key 31372 Avenue G Big Pine Key Parcel # 00304810 00305070 00305830 & 00305840 00303440 00305880 Sales Price $118,000 $120,000 $120,000 $120,000 Sales Date 5-18 5-18 4-18 3-18 Size SF 5,000 sf 5,000 sf 10,000 sf 5,000 sf 5,000 sf # of Lots One One Two One One Avg. Size 5,000 sf 5,000 sf 5,000 sf 5,000 sf 5,000 sf Zoning IS IS IS IS IS Tier 1 1 1 1 1 ROGO/Exempt Yes Yes Yes Yes Yes $/Site $118,000 $120,000 $120,000 $120,000 CONCLUSION OF VALUE Sale 1 sold for $118,000 and sales 2, 3 and 4 sold for $120,000. All of the sales are located in the subject's subdivision and are excellent indicators of value. Sale 2 sold with two lots, however, is being developed with one single family home. Although two lots are preferred over one lot, based on matched pairs analysis amongst the sales there was no support indicated for an adjustment. Additionally, the buyer had to pay for the cost of removing the mobile home and site debris, which appears to have offset the value of the additional lot. The Monroe County Land Authority has a pending contract on Lot 8, Block 23, Sand's Subdivision for $120,000. Based on their current contract and the four sales used in this report, a value of $120,000 is well supported. Thus, the market value of the subject was estimated at $120,000. L1375 — 3125 Avenue E, Big Pine Key, Florida Main & Associates Appraisal Company, hic. 6 Date Submitted: 2019-07-31 11:47:14.277 1 Form Key: 5342 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 and 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 the verification of comparable data and 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. ------------------------------------ ------ Trent Marr, MAI, SRPA Date State -Certified General Real Estate Appraiser # RZ 514 L1375 — 3125 Avenue E, Big Pine Key, Florida Main & Associates Appraisal Company, hic. 7 Date Submitted: 2019-07-31 11:47:14.277 1 Form Key: 5342 ASSUMPTIONS AND LIMITING CONDITIONS The legal description used in this report is assumed to be correct. The market value estimate assumes the site is buildable unless stated otherwise in this report. 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. 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. 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. L1375 — 3125 Avenue E, Big Pine Key, Florida Main & Associates Appraisal Company, hic. 1 Date Submitted: 2019-07-31 11:47:14.277 1 Form Key: 5342 County of Monroe Planning & Environmental Resources Department 2798 Overseas Highway, Suite 410 District 5 Marathon, FL 33050 Voice: (305) 289-2500 FAX: (305) 289-2536 January 25, 2018 Dionne Harnish 414 Balido Terrace Key West, FL 33040 We strive to be caring, professional, and fair. ddcarrier@aol.com Board of Countv Commissioners Mayor David Rice, District 4 Mayor Pro Tern Sylvia J. Murphy, Danny L. Kolhage, District 1 George Neugent, District 2 Heather Carruthers, District 3 RE: ROGO Exemption Request (File #2018-11012) for property located at 31235 Avenue E, Big Pine Key, legally described as Lot 3, Block 35, Sands Subdivision, according to the plat of record in Plat Book 1, Page 65 of the Public Records of Monroe County, Florida, having Real Estate Number 00304810-000000 Mrs. Harnish: You requested a determination as to whether one (1) residential dwelling unit(s) is exempt from the Residential Rate of Growth Ordinance (ROGO) on the above -described premises. Pursuant to Section 138-22 of the Monroe County Land Development Code, the redevelopment, rehabilitation or replacement of any lawfully established dwelling unit or space that does not increase the number of dwelling units above that which existed on the site prior to the redevelopment, rehabilitation or replacement shall be exempt from the residential ROGO system. For dwelling units that were established prior to the effective date of the ROGO and therefore did not receive a ROGO allocation through the ROGO permit allocation system, the Monroe County Land Development Code requires a body of evidence to support the existence of the dwelling unit on or about July 13, 1992, the effective date of the original ROGO. Any Monroe County building permit(s) for the original construction of the structure confirming the existence of the dwelling unit and its use(s) on or about July 13, 1992 can stand as the only piece of evidence for a ROGO exemption. No building permit(s) or certificate of occupancy was provided by the applicant or found by staff in the County records confirming the existence of the dwelling unit and its use(s) on or about July 13, 1992. If there are no building permit(s) for the original construction of the structure, in order to grant an exemption, at least two of the following documents supporting the lawful existence of the dwelling unit must be found: L1375 — 3125 Avenue E, Big Pine Key, Florida Main & Associates Appraisal Company, hic. 2 Date Submitted: 2019-07-31 11:47:14.277 1 Form Key: 5342 Any other issued Monroe County building permit(s) supporting the existence of the structure(s) and its use(s) on or about July 13, 1992: The following table organizes relevant building permits by date issued: Permit No. Date Issued Description A17235 03-27-1987 Screening in patio and elevating floor to door level- site plan shows a `trailer' located on the subject property 89102189 10-24-1989 Upgrade electrical service to existing trailer County permits support the existence of the structure(s) and its residential use(s) on or about July 13, 1992. (1) Documentation from the Monroe County Property Appraiser's Office indicating residential use on or about July 13, 1992: The Property Appraiser currently assesses the property under a property classification code of 02- Mobile Home and their records indicate that a residential unit has been on the tax roll from 1982 to 2016. One (1) building, with a year built date of 1973, is currently attributed to the property. County Property Appraiser's documentation indicates residential use on or about July 13, 1992. (2) Aerial photographs (to confirm the number ofstructures, not the number or type ofdwelling units) and original dated photographs showing the structure(s) existed on or about July 13, 1992: Aerial photography from 1981 to 1998 confirms the continuous existence of a structure on the property. Due to vegetative coverage on the subject property in photography available post 1998, staff could not confirm the existence of a structure. As a note, aerial photography can only confirm the number of structures, not the number of dwelling units, in existence at any given time. (3) Residential county directory entries on or about July 13, 1992: Residential county directory entries were reviewed by Planning Department staff for the years 1991 and 1992. The directories reviewed did not have an entry for the subject property's address. (4) Rental, occupancy or lease records on or about July 13, 1992, indicating the number, type and term of the rental or occupancy: No occupancy or lease records were provided by the applicant for review. (5) State and/or county licenses on or about July 13, 1992, indicating the number and types of rental units: No state or county licenses were provided by the applicant for review. (6) Documentation from the utility providers indicating the type of service (commercial or residential) provided and the number of meters in existence on or about July 13, 1992: Documentation from the utility providers indicating the type of service (commercial or residential) and the number of meters in existence on or about July 13, 1992 was not provided for review. L1375 — 3125 Avenue E, Big Pine Key, Florida Main & Associates Appraisal Company, hic. 3 Date Submitted: 2019-07-31 11:47:14.277 1 Form Key: 5342 (7) Similar supporting documentation not listed above as determined suitable by the planning director: Land Use (Zoning) District: From 1986 to present, the property is located within the Improved Subdivision (IS) Land Use District, in which a detached residential dwelling unit is a permitted use. A mobile home is not a permitted or conditional use within this zoning district. 1988 Monroe County Mobile Home Study: The 1988 Monroe County Mobile Home Study records the existence of a mobile home on the property at that time as Mobile Home Non -Elevated with a Conventional Addition (MHNECA). Based on a review of the records, the Planning & Environmental Resources Department has determined that one (1) dwelling unit is lawfully -established on the subject property and its replacement would thereby be exempt from the ROGO permit allocation system. If the exempted dwelling units are replaced, all existing accessory structures must also be demolished unless written permission stating otherwise is provided by the Planning & Environmental Resources Department. This letter does not provide any vesting to existing regulations and the replacement dwelling units and any new accessory structures must be built in compliance with all applicable regulations of the Monroe County Code and Comprehensive Plan at the time of development approval. Furthermore, if the exempted dwelling units are not replaced, but substantially improved as defined in the Monroe County Code, they must be brought into compliance with all applicable regulations. If you have any questions regarding the contents of this letter or if I may further assist you, please feel free to contact the Planning & Environmental Resources Department at (305) 289-2500. Sincerely, d Devin Tolpin, Planner Date Submitted: 2019-07-31 11:47:14.277 1 Form Key: 5342 Appraisal for the Following Site(s): 28279 Julia Avenue, Little Torch Key Date Submitted: 2019-07-31 11:47:14.277 1 Form Key: 5342 A RESTRICTED APPRAISAL OF TWO OWNERSHIP SITES FREY- PARCEL # 00222840-000000 & FLORIDA KEYS LAND HOLDINGS, LLC PARCEL # 00111075-009000 LOCATED ON LITTLE TORCH KEY AND BIG PINE 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 MAY 8, 2019 PREPARED BY TRENT MARR, MAI, SRPA STATE -CERTIFIED GENERAL REAL ESTATE APPRAISER # RZ 514 MARR & ASSOCIATES APPRAISAL COMPANY, INC Date Submitted: 2019-07-31 11:47:14.277 1 Form Key: 5342 TRENT MARK, MAI, SRPA State -Certified General Real Estate Appraiser # RZ 514 trentmarr(a(embartlmail.eom May 8, 2019 Charles G. Pattison, Executive Director Monroe County Land Authority 1200 Truman Avenue, Suite 207 Key West, Florida 33040 Phone (850) 342-1114 2665 Aucilla Road, Monticello, FL 32344 81800 Overseas Highway, Islamorada, FL 33036 Re: Two ownership sites located on Little Torch Key and Big Pine Key, parcel #'s 00222840-000000 (Frey) and 00111075-009000 (Florida Keys Land Holdings, LLC) 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 Frey site consists of a 6,041 square foot non -water front lot and is located in a Tier 3 habitat classification. The Florida Keys Land Holdings, LLC site consists of a 41,500 square foot non -water front lot and is located in a Tier 1 habitat classification. The Frey site is zoned URM (Urban Residential Mobile) and the Florida Keys Land Holdings, LLC is zoned ACCC, both sites are located in an AE flood zone. The Tier 3 designation is assigned to developed areas and the Tier 1 designation is assigned to the most environmentally sensitive land and is the most difficult to develop. The Frey site is located at 28279 Julia Avenue, Little Torch Key and the Florida Keys Land Holdings, LLC site is located at 501 W Sandy Circle, Big Pine Key. Both the sites are ROGO exempt. To the best of my ability, the analysis, opinions, and conclusions were developed and this restricted appraisal report was prepared in accordance with the standards and reporting requirements of the Appraisal Institute, Uniform Standards of Professional Appraisal Practice, dated January 2018. The appraisal was prepared in a restricted format. The restrictive format provides only a synopsis of the appraiser's opinion and conclusions. This report omits detailed information on the subject property, sales data and reasoning which led to my conclusion. Supporting data is retained in my file. This appraisal was prepared for the specific use of the client and is invalid for any other user. The appraiser is not responsible for unauthorized use of this report. Based on the comparable sales in the area, I have formed the opinion that, as of May 8, 2019, subject to the assumptions and limiting conditions set forth in this report the market value of the subject properties were estimated as follows: Frey site $124,000 Florida Keys Land Holdings, LLC site $160,000 Respectfully Submitted, Marr & Associates Appraisal Company, Inc. Trent Marr, MAI, SRPA State -Certified General Real Estate Appraiser 4 RZ 514 L1383 Frey and Florida Keys Land Holdings Ownership, Little Torch and Big Pine Keys Marr & Associates Appraisal Company, Inc. 1 Date Submitted: 2019-07-31 11:47:14.277 1 Form Key: 5342 SCOPE OF WORK At the request of the client, I did not physically inspect the subject properties. Information about the properties was taken from the property record cards, aerial photographs, photographs provided by the client and information provided by the client. Additionally, I may or may not have inspected the comparable sales. Those sales that were inspected were done for prior appraisals. I reserve the right to alter my value conclusion if at a later date, an inspection would reveal information on the subject sites or comparables that was not available on the public records, client data and aerial photographs did not reveal. The information for the sites regarding size, habitat, zoning and tier designation were taken from the Monroe County web sites along with the information provided by the Monroe County Land Authority. The information obtained is assumed to be correct. The sales comparison approach is the most reliable approach for vacant land in the area and was the only approach used in this report. The market value assumes that both lots are ROGO exempt. The information on the sales was taken from either the local MLS or the Monroe County Property Appraisers web site. The sizes for the comparables were taken from the Monroe County Property Appraisers web site and were assumed to be correct. 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: Buyer and seller are typically motivated; Both parties are well informed or well advised, and acting in what they consider their own best interests; A reasonable time is allowed for exposure in the open market; Payment is made in terms of cash in United States dollars or in terms of financial arrangements comparable thereto; and 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. 2 Supplemental Appraisal Standards for Board of Trustees Land, Division of State Lands, (2012), Page 7 L1383 Frey and Florida Keys Land Holdings Ownership, Little Torch and Big Pine Keys Marr & Associates Appraisal Company, Inc. 2 Date Submitted: 2019-07-31 11:47:14.277 1 Form Key: 5342 PROJECT NAME: Frey Site ADDRESS: 28279 Julia Avenue, Little Torch Key, Florida OWNER OF RECORD: Diane Cynthia Frey PURPOSE OF THE REPORT: Estimate market value PARCEL IDENTIFICATION: 00222840-000000 DATE OF VALUE/REPORT: May 8, 2019 / May 8, 2019 INTEREST APPRAISED: Fee Simple ZONING/TIER: URM (Urban Residential Mobile) / Tier 3 WATER FRONT: No HIGHEST AND BEST USE: Develop with single family home INTENDED USER AND USE OF THE REPORT: The intended user of this report is the Monroe County Land Authority. The intended use is to establish a negotiating price. CLIENT Charles Pattison / Monroe County Land Authority HISTORY There have been no sales within the past several years. The site has a pending contract with the Monroe County Land Authority for $100,000. The subject was originally listed January 25, 2019 for $120,000 and was reduced to $100,000. The subject has been listed for less than 3 months and based on the sales could achieve a higher selling price if it was exposed to the market longer. EXPOSURE TIME: CURRENT USE: RIGHTS APPRAISED: 6-9 months Vacant site / ROGO Exempt Fee simple estate PARCEL DESCRIPTION: The site consists of a 6,041 square foot non -water front site. The site is zoned URM (Urban Residential Mobile) and is located within a Tier 3 habitat designation. HYPOTHETICAL CONDITION(S) None EXTRAORIDARY ASSUMPTION(S) None MARKET VALUE ESTIMATE: $124,000 L1383 Frey and Florida Keys Land Holdings Ownership, Little Torch and Big Pine Keys Marr & Associates Appraisal Company, Inc. 3 Date Submitted: 2019-07-31 11:47:14.277 1 Form Key: 5342 FREY SITE ss OA .......... _.._.................... 11 1175 TAX PARCEL MAP AERIAL PHOTOGRAPH L1383 Frey and Florida Keys Land Holdings Ownership, Little Torch and Big Pine Keys Marr & Associates Appraisal Company, Inc. 4 Date Submitted: 2019-07-31 11:47:14.277 1 Form Key: 5342 PHOTOGRAPHS - FREY SITE View from Street Interior view facing street L1383 Frey and Florida Keys Land Holdings Ownership, Little Torch and Big Pine Keys Marr & Associates Appraisal Company, Inc. 5 Date Submitted: 2019-07-31 11:47:14.277 1 Form Key: 5342 VALUATION OF THE SUBJECT — FREY SITE The income and cost approach are not applicable for vacant land in the area, and have been omitted. The sales comparison approach is the most reliable approach for vacant land in the area and was the only approach used in this report. VALUATION OF THE SUBJECT PROPERTY SUMMARY OF SALES Subject Sale 1 Sale 2 Sale 3 Sale 4 Key Little Torch Cudj oe Little Torch Summerland Big Pine Parcel# 00222840- 000000 00186410- 000000 00223070- 000000 00199720- 000000 00256500- 000000 Sales Price $100,000 $112,000 $124,000 $140,000 $125,000 Sales Date Pending 8-17 2-19 11-18 3-18 Size SF 6,041 sf 7,000 sf 7,814 sf 6,308 sf 7,730 sf Zoning URM IS URM SR IS Tier 3 3 3 1 1 ROGO/Exempt Yes Yes Yes Yes Yes $/Site $100,000 $112,000 $124,000 $140,000 $125,000 CONCLUSION OF VALUE The sales range from $112,000 to $140,000 with a pending contract on the subject of $100,000. Based on my research there have been no sales in the subject's market area within the past 2 years that sold for less than $110,000. Thus, the subject appears to be selling below market. Sale 2 is located on the same key or island as the subject and was the most recent, therefore, given most weight. Based on the sales, the market value for the site was estimated at $124,000. L1383 Frey and Florida Keys Land Holdings Ownership, Little Torch and Big Pine Keys Marr & Associates Appraisal Company, Inc. 6 Date Submitted: 2019-07-31 11:47:14.277 1 Form Key: 5342 PROJECT NAME: Florida Keys Land Holdings, LLC - Site ADDRESS: 501 W. Sandy Circle, Big Pine Key, Florida OWNER OF RECORD: Florida Keys Land Holdings, LLC PURPOSE OF THE REPORT: Estimate market value PARCEL IDENTIFICATION: 00111075-009000 DATE OF VALUE/REPORT: May 8, 2019 / May 8, 2019 INTEREST APPRAISED: Fee Simple ZONING/TIER: ACCC (Area of County Critical Concern) / Tier 1 WATER FRONT: No HIGHEST AND BEST USE: Develop with single family home INTENDED USER AND USE OF THE REPORT: The intended user of this report is the Monroe County Land Authority. The intended use is to establish a negotiating price. CLIENT Charles Pattison / Monroe County Land Authority HISTORY This property sold in 2015 for $62,500 and was improved with a dilapidated structure. The structure was been razed subsequent to the sale. Based on the MLS the property is listed for sale for $295,000. Based on the sales, the price is above market. EXPOSURE TIME: CURRENT USE: RIGHTS APPRAISED: 6-9 months Vacant site / ROGO Exempt Fee simple estate PARCEL DESCRIPTION: The site consists of a 41,500 square foot non -water front site. The site is zoned ACCC (Area of Critical County Concern) and is located within a Tier 1 habitat designation. HYPOTHETICAL CONDITION(S) None EXTRAORIDARY ASSUMPTION(S) None MARKET VALUE ESTIMATE: $160,000 L1383 Frey and Florida Keys Land Holdings Ownership, Little Torch and Big Pine Keys Marr & Associates Appraisal Company, Inc. 7 Date Submitted: 2019-07-31 11:47:14.277 1 Form Key: 5342 FLORIDA KEYS HOLDING, LLC SITE HUNWE 3 SK .TA 200 111075.009 R, 1110,7&027 M sl 'S' J TT31 2,00 200 250591' 250591 2'50591 2,505gi 250501 250-591 25,10591 25 05E" ,0014. 0016- -0016 001,7', (,()1,8 , _001,9 �j 0020 25,0591 0 021 W Sir 0022, 14 '16 20 p 21 22 TAX PARCEL MAP AERIAL PHOTOGRAPH L1383 Frey and Florida Keys Land Holdings Ownership, Little Torch and Big Pine Keys Marr & Associates Appraisal Company, Inc. 8 Date Submitted: 2019-07-31 11:47:14.277 1 Form Key: 5342 PHOTOGRAPHS - FLORIDA KEYS HOLDINGS, LLC SITE Looking west from northwest corner of Sandy Circle (gate is on adjoining parcel) Interior View L1383 Frey and Florida Keys Land Holdings Ownership, Little Torch and Big Pine Keys Marr & Associates Appraisal Company, Inc. 9 Date Submitted: 2019-07-31 11:47:14.277 1 Form Key: 5342 VALUATION OF THE SUBJECT — FLORIDA KEYS HOLDING SITE The income and cost approach are not applicable for vacant land in the area, and have been omitted. The sales comparison approach is the most reliable approach for vacant land in the area and was the only approach used in this report. VALUATION OF THE SUBJECT PROPERTY SUMMARY OF SALES Subject Sale 1 Sale 2 Sale 3 Sale 4 Key Big Pine Big Pine Big Pine Big Pine Big Pine Key Parcel# 00111075- 009000 00302710- 000000 00250980- 000000 00305830- 000000 and 00305840- 000000 00111070- 035000 Sales Price $126,500 $151,000 $120,000 $225,000 Sales Date 4-19 1-18 5-18 4-18 Size SF 41,500 sf 10,000 sf 14,560 sf 10,000 sf 44,104 sf Zoning ACCC IS IS IS SR Tier 1 1 1 1 1 ROGO/Exempt Yes Yes Yes Yes Improved Improved No No No No 912 sf single family home $/Site $126,500 $151,000 $120,000 $225,000 Sales 1, 2 and 3 were vacant ROGO exempt sales and ranged from $120,000 to $151,000. Sale 4 is improved with single family home that was damaged from Hurricane Irma; the broker indicated that repairs ranged from $30,000 to $40,000. Sale 4 was most similar in land size, however, because of the improvements was considered to reflect the upper range. Sales 1, 2 and 3 were vacant and overall were considered most similar to the subject; however, the subject is significantly larger and these sales were considered to reflect the lower range. Based on the four sales, the subject's market value was estimated at $160,000. L1383 Frey and Florida Keys Land Holdings Ownership, Little Torch and Big Pine Keys Marr & Associates Appraisal Company, Inc. 10 Date Submitted: 2019-07-31 11:47:14.277 1 Form Key: 5342 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 and 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. I did not personally inspect the subject property. Mary Marr provided professional assistance in the verification of comparable data and 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. 5-8-19 ------------------------------------ ------ Trent Marr, MAI, SRPA Date State -Certified General Real Estate Appraiser # RZ 514 L1383 Frey and Florida Keys Land Holdings Ownership, Little Torch and Big Pine Keys Marr & Associates Appraisal Company, Inc. 11 Date Submitted: 2019-07-31 11:47:14.277 1 Form Key: 5342 ASSUMPTIONS AND LIMITING CONDITIONS The legal description used in this report is assumed to be correct. The market value estimate assumes the site is buildable unless stated otherwise in this report. 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. 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. 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. Date Submitted: 2019-07-31 11:47:14.277 1 Form Key: 5342 Appraisal for the Following Site(s): 31063 Avenue E, Big Pine Key 31247 Avenue G, Big Pine Key Date Submitted: 2019-07-31 11:47:14.277 1 Form Key: 5342 A RESTRICTED APPRAISAL OF TWO OWNERSHIP SITES MOORE and GOLDEN PARCEL # 00305170-000000 PASSIKA PARCEL # 00306200-000000 LOCATED ON BIG PINE 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 APRIL 7, 2019 PREPARED BY TRENT MARR, MAI, SRPA STATE -CERTIFIED GENERAL REAL ESTATE APPRAISER # RZ 514 MARR & ASSOCIATES APPRAISAL COMPANY, INC Date Submitted: 2019-07-31 11:47:14.277 1 Form Key: 5342 TRENT MARK, MAI, SRPA State -Certified General Real Estate Appraiser # RZ 514 trentmarr(a(embartlmail.eom April 8, 2019 Charles G. Pattison, Executive Director Monroe County Land Authority 1200 Truman Avenue, Suite 207 Key West, Florida 33040 Phone (850) 342-1114 2665 Aucilla Road, Monticello, FL 32344 81800 Overseas Highway, Islamorada, FL 33036 Re: Two ownership parcels located on Big Pine Key, parcel #'s 00305170-000000 (Moore (Moore & Golden)), 00306200-000000 (Passika). 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 Moore & Golden site consists of a 5,000 square foot non -water front lot and is located in a Tier 1 habitat classification. The Passika site consists of a 5,000 square foot non -water front lot and is located in a Tier 1 habitat classification. The lots are zoned IS (Improved Subdivision) and are located in an AE flood zone. The Tier 1 designation is assigned to the most environmentally sensitive land and is the most difficult to develop. The Moore & Golden site is located at 31063 Avenue E and the Passika site is located at 31247 Avenue G. Both the sites are ROGO exempt. To the best of my ability, the analysis, opinions, and conclusions were developed and this restricted appraisal report was prepared in accordance with the standards and reporting requirements of the Appraisal Institute, Uniform Standards of Professional Appraisal Practice, dated January 2018. The appraisal was prepared in a restricted format. The restrictive format provides only a synopsis of the appraiser's opinion and conclusions. This report omits detailed information on the subject property, sales data and reasoning which led to my conclusion. Supporting data is retained in my file. This appraisal was prepared for the specific use of the client and is invalid for any other user. The appraiser is not responsible for unauthorized use of this report. Based on the comparable sales in the area, I have formed the opinion that, as of April 7, 2019, subject to the assumptions and limiting conditions set forth in this report the market value of the subject properties were estimated as follows: Moore & Golden site $120,000 Passika site $120,000 Respectfully Submitted, Marr & Associates Appraisal Company, Inc. Trent Marr, MAI, SRPA State -Certified General Real Estate Appraiser 4 RZ 514 L1381 Two Ownership Lots, Big Pine Key, Florida Marr & Associates Appraisal Company, Inc. 1 Date Submitted: 2019-07-31 11:47:14.277 1 Form Key: 5342 PROJECT NAME: Moore and Golden -Site ADDRESS: The address is 31063 Avenue E, Big Pine Key, Florida OWNER OF RECORD: Nondus C. Moore (Moore & Golden) PURPOSE OF THE REPORT: Estimate market value PARCEL IDENTIFICATION: 00305170-000000 DATE OF VALUE/REPORT: April 7, 2019 / April 8, 2019 INTEREST APPRAISED: Fee Simple ZONING/TIER: IS (Improved Subdivision) / Tier 1 WATER FRONT: No HIGHEST AND BEST USE: Develop with single family home INTENDED USER AND USE OF THE REPORT: The intended user of this report is the Monroe County Land Authority. The intended use is to establish a negotiating price. CLIENT Charles Pattison / Monroe County Land Authority HISTORY There have been no sales within the past several years. The site is listed in MLS for $119,000 and is under contract with Monroe County Land Authority for $110,000. There have been numerous sales of permitted lots on Big Pine Key ranging from $110,000 to $125,000. The price is dependent on the motivation of the seller and negotiating skills of the buyer. The subject has been listed for less than 3 months and based on the sales could achieve a higher selling price if it was exposed to the market longer. EXPOSURE TIME: CURRENT USE: RIGHTS APPRAISED: 6-9 months Vacant site / ROGO Exempt Fee simple estate PARCEL DESCRIPTION: The site consists of a 5,000 square foot non -water front site. The site is zoned IS (Improved Subdivision) and is located within a Tier 1 habitat designation. HYPOTHETICAL CONDITION(S) None EXTRAORIDARY ASSUMPTION(S) None MARKET VALUE ESTIMATE: $120,000 L1381 Two Ownership Lots, Big Pine Key, Florida Marr & Associates Appraisal Company, Inc. 2 Date Submitted: 2019-07-31 11:47:14.277 1 Form Key: 5342 MOORE AND GOLDEN SITE 50 30524,10 365220 305� CD 16 15 14, 1'3,12 E a 0 .." � ., 16 alp q{'q� I'1 d. v, z 1 ALA %�fSi i, Ire. _ I 0 p9y'„1 7IIfl �D p :> T- y— yO C3 co M I fi .. Ifl _.. it atl tlt 3 "o 50 50 CD 303660 co X. I _ _ cql S' J M oadtia Nr.F CD ,, �j@ } `� 4 in f;n 13 II TAX PARCEL MAP AERIAL PHOTOGRAPH L1381 Two Ownership Lots, Big Pine Key, Florida Marr & Associates Appraisal Company, Inc. 3 Date Submitted: 2019-07-31 11:47:14.277 1 Form Key: 5342 MOORE AND GOLDEN SITE View from Street Interior view facing street L1381 Two Ownership Lots, Big Pine Key, Florida Marr & Associates Appraisal Company, Inc. 4 Date Submitted: 2019-07-31 11:47:14.277 1 Form Key: 5342 PROJECT NAME: Passika - Site ADDRESS: The address is 31247 Avenue G, Big Pine Key, Florida OWNER OF RECORD: John Passika PURPOSE OF THE REPORT: Estimate market value PARCEL IDENTIFICATION: 00306200-000000 DATE OF VALUE/REPORT: April 7, 2019 / April 8, 2019 INTEREST APPRAISED: Fee Simple ZONING/TIER: IS (Improved Subdivision) / Tier 1 WATER FRONT: No HIGHEST AND BEST USE: Develop with single family home INTENDED USER AND USE OF THE REPORT: The intended user of this report is the Monroe County Land Authority. The intended use is to establish a negotiating price. CLIENT Charles Pattison / Monroe County Land Authority HISTORY This property is under contract with Monroe County Land Authority for $110,000. There have been numerous sales of permitted lots on Big Pine Key ranging from $110,000 to $125,000. The price is dependent on the motivation of the seller and negotiating skills of the buyer. Based on the MLS and to my knowledge the subject was not actively listed for sale and based on the sales could achieve a higher selling price if it was exposed to the open market. EXPOSURE TIME: CURRENT USE: RIGHTS APPRAISED: 6-9 months Vacant site / ROGO Exempt Fee simple estate PARCEL DESCRIPTION: The site consists of a 5,000 square foot non -water front site. The site is zoned IS (Improved Subdivision) and is located within a Tier 1 habitat designation. HYPOTHETICAL CONDITION(S) None EXTRAORIDARY ASSUMPTION(S) None MARKET VALUE ESTIMATE: $120,000 L1381 Two Ownership Lots, Big Pine Key, Florida Marr & Associates Appraisal Company, Inc. 5 Date Submitted: 2019-07-31 11:47:14.277 1 Form Key: 5342 PASSIKA SITE CD co C 50 5 100 11 co co 4.4" TAX PARCEL MAP AERIAL PHOTOGRAPH 5 L1381 Two Ownership Lots, Big Pine Key, Florida Marr & Associates Appraisal Company, Inc. 6 Date Submitted: 2019-07-31 11:47:14.277 1 Form Key: 5342 PASSIKA SITE View facing from street View facing from street L1381 Two Ownership Lots, Big Pine Key, Florida Marr & Associates Appraisal Company, Inc. 7 Date Submitted: 2019-07-31 11:47:14.277 1 Form Key: 5342 SCOPE OF WORK At the request of the client, I did not physically inspect the subject properties. Information about the properties was taken from the property record cards, aerial photographs, photographs provided by the client and information provided by the client. Additionally, I may or may not have inspected the comparable sales. Those sales that were inspected were done for prior appraisals. I reserve the right to alter my value conclusion if at a later date, an inspection would reveal information on the subject sites or comparables that was not available on the public records, client data and aerial photographs did not reveal. The information for the sites regarding size, habitat, zoning and tier designation were taken from the Monroe County web sites along with the information provided by the Monroe County Land Authority. The information obtained is assumed to be correct. The sales comparison approach is the most reliable approach for vacant land in the area and was the only approach used in this report. The market value assumes that both lots are ROGO exempt. The information on the sales was taken from either the local MLS or the Monroe County Property Appraisers web site. The sizes for the comparables were taken from the Monroe County Property Appraisers web site and were assumed to be correct. 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: Buyer and seller are typically motivated; Both parties are well informed or well advised, and acting in what they consider their own best interests; A reasonable time is allowed for exposure in the open market; Payment is made in terms of cash in United States dollars or in terms of financial arrangements comparable thereto; and 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. VALUATION OF THE SUBJECT The income and cost approach are not applicable for vacant land in the area, and have been omitted. The sales comparison approach is the most reliable approach for vacant land in the area and was the only approach used in this report. 2 Supplemental Appraisal Standards for Board of Trustees Land, Division of State Lands, (2012), Page 7 L1381 Two Ownership Lots, Big Pine Key, Florida Marr & Associates Appraisal Company, Inc. 8 Date Submitted: 2019-07-31 11:47:14.277 1 Form Key: 5342 VALUATION OF THE SUBJECT PROPERTY SUMMARY OF SALES Subject Sale 1 Sale 2 Sale 3 Sale 4 Sale 5 Sale 6 31063 Avenue E 31481 31566 31441 31423 31067 31059 Location 31247 Avenue C Avenue B Avenue G Avenue G Avenue G Avenue G Avenue G 00305170 00306000- 00306000- Parcel4 00302780 00300790 00306550 00306540 00306200 000800 000500 Sales Price $120,000 $110,000 $120,000 $120,000 $110,000 $110,000 Sales Date 1-19 2-19 2-19 2-19 3-19 1-19 5,000 sf Size SF 5,000 sf 5,000 sf 6,750 sf 6,750 sf 5,000 sf 5,000 sf 5,000 sf Zoning IS IS IS IS IS IS IS Tier 1 1 1 3 3 1 1 ROGO/Exempt Yes Yes Yes Yes Yes Yes Yes $/Site $120,000 1 $110,000 1 $120,000 1 $120,000 1 $110,000 1 $110,000 Comparable sales 1 - 6 range from $110,000 to $120,000. All of the sales are located in the subject's subdivision and are excellent indicators of value. Supporting sales 7 - 11 are summarized on the following chart and range in price from $110,000 to $125,000. All of the sales and supporting sales are very similar with the price dependent on the motivation of the seller and negotiating skills of the buyer. SUMMARY OF SUPPORTING SALES Subject Sale 7 Sale 8 Sale 9 Sale 10 Sale 11 00305170 Parcel 00305070 00256500 00303440 00305880 00300500 00306200 $118,000 $125,000 $120,000 $120,000 $110,000 Sales Date 5-18 3-18 4-18 3-18 1-19 5,000 sf Size SF 51000 sf 7,730 sf 5,000 sf 5,000 sf 5,589 sf 5,000 sf CONCLUSION OF VALUE The sales range from $110,000 to $120,000 with the supporting sales ranging from $110,000 to $125,000. Based on the sales, the market value for the sites was estimated at $120,000 each. L1381 Two Ownership Lots, Big Pine Key, Florida Marr & Associates Appraisal Company, Inc. 9 Date Submitted: 2019-07-31 11:47:14.277 1 Form Key: 5342 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 and 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. I did not personally inspect the subject property. Mary Marr provided professional assistance in the verification of comparable data and 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. Trent Marr, MAI, SRPA Date State -Certified General Real Estate Appraiser # RZ 514 L1381 Two Ownership Lots, Big Pine Key, Florida Marr & Associates Appraisal Company, Inc. 10 Date Submitted: 2019-07-31 11:47:14.277 1 Form Key: 5342 ASSUMPTIONS AND LIMITING CONDITIONS The legal description used in this report is assumed to be correct. The market value estimate assumes the site is buildable unless stated otherwise in this report. 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. 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. 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. Date Submitted: 2019-07-31 11:47:14.277 1 Form Key: 5342 Appraisal for the Following Site(s): 30 Sands Road, Big Pine Key 31481 Avenue C, Big Pine Key Date Submitted: 2019-07-31 11:47:14.277 1 Form Key: 5342 Ji44, `%04Jhk6iy, ETTWr, SW NPI kex, Nova FT J-4141R hn: (5Wk) 922-211A G 11 V-Folfl . 0e00 ad�4 €w u1 Gi e iM M'�,a May 18, 2018 Mr. Charles G. Pattison, Executive Director Monroe County Land Authority 1200 Truman Avenue, Suite 207 Key West, Florida 33040 Subject: Appraisal Report: Subject Property: 7 Non -Contiguous Vacant Lots within Big Pine Key, Marathon and Little Torch Key Plus 1 Improved Residential Property Our File No.: 147-18 Dear Mr. Pattison; We have examined and appraised the subject properties for the purpose of reporting to you our opinion of the "As Is" Market Value of the Fee Simple Estate of the subject properties, as of May 7, 2018. Per the client's request, we have analyzed the seven lots and reported the individual values separately based upon the assumption that each property has a ROGO (Right of Growth Ordinance, Redevelopment Residential Right) exemption. The reader is advised to review the Scope of Work section within this report. Individual surveys were not provided. As a result, the appraisers have referenced the Monroe County Property Appraiser's Records for subject site sizes. No responsibility is taken by this office for the accuracy in regard to any questions on the nature of encumbrances or dissimilarities in measurement. If and when, a survey is made available for the subject properties, delineating a difference in the upland areas, the appraiser reserves the right to change the final value. The subject properties consist of five lots located within Big Pine Key plus one improved property in Big Pine Key, one lot in Little Torch Key and one lot in Marathon, Florida. The subject properties are summarized as the following: Date Submitted: 2019-07-31 11:47:14.277 1 Form Key: 5342 Mr. Charles G. Pattison, Executive Director Monroe County Land Authority October 12, 2018 Page 2 Subject Properties Subiect Properties Assessor's Parcel No. Key Lot Size: SF 1: 620 Ehm Avenue 00246470-000000 Big Pine Key 4,250 2: 119 FreedomLane 00111320-000400 Big Pine Key 4,100 3: 31481 Avenue C 00302780-000000 Big Pine Key 5,000 4: 30 Sands Road 00111320-001500 Big Pine Key 4,100 5: 50 (&60) Sands Road 00111320-001600 Big Pine Key 8,200 6: 31450 Avenue H 00306000-001200 Big Pine Key 5,688 7: 28141 Helen Avenue 00223280-000000 Little Torch Key 6,000 8: 349 A 27th Street 00321400-000000 Marathon 2500 39,838 Per the client's request, the analysis is based upon the subject properties being exempt from ROGO, as they have been damaged from Hurricane Irma, which made landfall September 10, 2017. However, 50 (and 60) Sands Road, Big Pine Key has been appraised "As Is" as it is improved with two mobile homes on a large parcel (consisting of two contiguous subdivision lots). In addition, the client has requested the valuation of this property based upon the extraordinary assumption that the site could be split in two with one mobile home on each of the subdivided lots. If this assumption is false; then the value would be negatively affected. Market Value is defined as the most probable price in cash (or its equivalency) for which the appraised property will sell in a competitive market under all conditions requisite to a fair sale. Market value assumes a normal or reasonable time for exposure on the open market. This report contains the results of my investigation and analysis made in order to furnish an estimate of the "As Is "Value of the Fee Simple Estate of the Subject Properties as described herein. The Fee Simple Estate is the unencumbered value of the subject property; basically, market rents and terms are considered without regard to existing leases and terms. The Leased Fee Interest is an ownership interest held by the landlord, who conveys the rights of use and occupancy to a tenant by lease. The landlord's rights include the right to receive rent and the right of possession at the end of the lease period. In the case at hand, there are no long-term leases encumbering the subj ect lots, a Leased Fee Valuation was not applicable. Date Submitted: 2019-07-31 11:47:14.277 1 Form Key: 5342 Mr. Charles G. Pattison, Executive Director Monroe County Land Authority October 12, 2018 Page 3 Based on our site visit and research, it is our opinion that the "As Is " Market Value of the Fee Simple Estate of the Subject Properties (vacant lots with ROGO entitlements), subjectto definitions, assumptions and limiting conditions, as of May 7, 2018 is: Subject Propedy Values Site Market Price/ Subject Property Size Zoning Value S .Ft. 1: 620 Elma Avenue, Big Pine Key 4,250 IS-M $150,000 $35.29 2: 119 Freedom Lane, Big Pine Key 4,100 URM $94,000 $22.93 3: 31481 Avenue C, Big Pine Key 5,000 IS $120,000 $24.00 4: 30 Sands Road, Big Pine Key 4,100 URM $98,000 $23.90 5: 50 ( &60) Sands Road, BPK (2 MH) 8,200 URM $185,000 $22.56 6: 31450 Avenue H, Big Pine Key 5,688 IS $125,000 $21.98 7: 28141 Helen Avenue, Little Torch Key 6,000 URM $115,000 $19.17 8: 349 A 27th Street, Marathon 2 500 RM $95,000 $38.00 39,838 In addition, it is our opinion, based on analysis of market data, and site visit of the subject property and research, that the "As Is" Market Value of the Fee Simple Interest of subject property, commonly known as 50 Sands Road, Big Pine Key, Monroe County, Florida, based upon the extraordinary assumption of the subj ect parcel being subdivided into two lots, subj ect to definitions, assumptions and limiting conditions, as of May 7, 2018 is: ONE HUNDRED TWENTY THOUSAND DOLLARS ($120,000) In addition, it is our opinion, based on analysis of market data, and site visit of the subject property and research, that the Market Value of the Fee Simple Interest of subject property, commonly known as 60 Sands Road, Big Pine Key, Monroe County, Florida, based upon the extraordinary assumption of the subject lot being subdivided, subject to definitions, assumptions and limiting conditions, as of May 7, 2018 is: ONE HUNDRED TWENTY THOUSAND DOLLARS ($120,000) The valuation herein does not consider any personal property. This Appraisal Report is intended to comply with the reporting requirements set forth under Standard Rule 2-2(a) of the Uniform Standards of Professional Appraisal Practice. As such, it may only present summary discussions of the data, reasoning, and analyses that were used in the appraisal process to develop the appraiser's opinion of value. Supporting documentation concerning Date Submitted: 2019-07-31 11:47:14.277 1 Form Key: 5342 Mr. Charles G. Pattison, Executive Director Monroe County Land Authority October 12, 2018 Page 4 the data, reasoning, and analyses is retained in the appraiser's file. The information contained in this report is specific to the needs of the intended user and for the intended use stated in this report. The appraiser is not responsible for unauthorized use of this report. This confidential reportis prepared forMr. Charles G. Pattison, Executive Director, Monroe County Land Authority and is based, in part, upon documents, writings, and information owned and possessed by the client Monroe County Land Authority. This report is provided for informational purposes only to third parties authorized to receive it. The appraiser -client relationship is with the Monroe County Land Authority, 1200 Truman Avenue, Suite 207, Key West, Florida 33040, as the client. This report should not be used for any purpose other than to understand the information available to the client concerning these properties. Appraisal Company of Key West assumes no responsibility if this report is used in any other manner. If you have any questions regarding this appraisal report, please feel free to contact us. Thank you for giving us the opportunity to provide this service for you. This transmittal letter must remain attached to the report, which contains 86 pages including related exhibits, in order for the value opinion set forth to be considered valid. Respectfully submitted, James E. Wilson, MRICS, President State -certified general real estate appraiser RZ 2164 email: ii (rzifla-ke® sa raisals.co Report Attached: R:\Apprs-18\ 147-18\Apprs-147-18.wpd Maria Virginia Wilson State -certified general real estate appraiser RZ 2686 email: aria(rzifla-ke® sa raisals.co Date APPRAISAL REPORT Properties Located at: 7 Non -Contiguous Vacant Lots within Big Pine Key, Marathon and Little Torch Key Plus 1 Improved Residential Property in Big Pine Key Property Type: Seven Unimproved Residential Lots Plus One Improved Lot Prepared For: MR. CHARLES G. PATTISON, EXECUTIVE DIRECTOR MONROE COUNTY LAND AUTHORITY 1200 TRUMAN AVENUE KEY WEST, FLORIDA 33040 Visitation Date: May 7, 2018 "As Is" Valuation Date: May 7, 2018 Prepared By: James E. Wilson, MRICS, President Maria Virginia Wilson State -certified general real estate appraiser State -certified general real estate appraiser RZ 2164 RZ 2686 APPRAISAL COMPANY OF KEY WEST 3144 Northside Drive, Suite 201 Key West, Florida 33040 Our File No.: 147-18 Date Submitted: 2019-07-31 11:47:14.277 1 Form Key: 5342 Appraisal Report 7 T�acaratParcels Plus Orae Improved Parcel.,Big Pirae Key, Marathon aradLittle Torch Key, FL SUMMARY OF FACTS AND CONCLUSIONS Subject Properties: Subject Properties Subject Properties Assessor's Parcel No. Key Lot Size: SF 1: 620 Ehm Avenue 00246470-000000 Big Pine Key 4,250 2: 119 Freedom Lane 00111320-000400 Big Pine Key 4,100 3: 31481 Avenue C 00302780-000000 Big Pine Key 5,000 4: 30 Sands Road 00111320-001500 Big Pine Key 4,100 5: 50 ( &60) Sands Road 00111320-001600 Big Pine Key 8,200 6: 31450 Avenue H 00306000-001200 Big Pine Key 5,688 7: 28141 Helen Avenue 00223280-000000 Little Torch Key 6,000 8: 349 A 27th Street 00321400-000000 Marathon 2,500 *Note: Subject Property Nos 9 & 10 is the potential split into two lots of No. 5. Owners: Subject Property No. 1: Pamela Ruth-Elease Eanes Subject Property No. 2: Barbara A. Papcun Subject Property No. 3: Lynn M. And Joseph O'Connor Subject Property No. 4: Jason and Christina McHutchi son Subject Property No. 5: Jason and Christina McHutchi son Subject Property No. 6: John and Louise Bellport Subject Property No. 7: Jason McHutchison and Susan Clara Rich Subject Property No. 8: Lori Rittel Property Type: Subject Properties 1, 2, 3, 4, 6, 7 and 8 Vacant Land (Assumed to Be ROGO Exempt) Subject Property No. 5: Improved Lot with Two Mobile Homes Flood Zone: Subject Properties 1: Map No.: 12087C1336K, 2/18/05: Zone VE, Elevation 10 feet Subject Properties 2, 4 and 5: Map No.: 12087C1336K, 2/18/05: Zone AE, Elevation 8 and 9 feet Appraisal Company of Key West Page I Date Submitted: 2019-07-31 11:47:14.277 1 Form Key: 5342 Appraisal Report 7 T�acaratParcels Plus Orae Improved Parcel.,Big Pirae Key, Marathon aradLittle Torch Key, FL Subject Property 3: Map No.: 12087C1337K, 2/18/05: Zone AE, Elevation 8 feet Subject Property 6: Map No.: 12087C1337K, 2/18/05: Zone AE, Elevation 9 feet Subject Property 7: Map No.: 12087C1317K, 2/18/05: Zone AE, Elevation 8 feet Subject Property 8: Map No.: 12087C1378K, 2/18/05: Zone AE, Elevation 7 feet Zoning: Subject Properties 3 and 6: IS, Improved Subdivision Subject Properties No. 1, 2, 4, 5 and 7: URM, Urban Residential - Mobile Home Subject Property 8: RM, Residential Medium Highest and Best Use: "As If Vacant" Develop each subject lot with a Single -Family Residential Dwelling "As Improved" Subject Property No. 5: Splitting of Lot if approved by Monroe County Redevelop each subject lot with a Single -Family Residential Dwelling Unit. Value Indications: Subject Property Values Site Market Price/ Subject Property Size Zoning Value S .Ft. 1: 620 Elma Avenue, Big Pine Key 4,250 IS-M $150,000 $35.29 2: 119 Freedom Lane, Big Pine Key 4,100 URM $94,000 $22.93 3: 31481 Avenue Q Big Pine Key 5,000 IS $120,000 $24.00 4: 30 Sands Road, Big Pine Key 4,100 URM $98,000 $23.90 5: 50 (&60) Sands Road, BPK (2 MH) 8,200 URM $185,000 $22.56 6: 31450 Avenue H, Big Pine Key 5,688 IS $125,000 $21.98 7: 28141 Helen Avenue, Little Torch Key 6,000 URM $115,000 $19.17 8: 349 A 27th Street, Marathon 2 500 RM $95,000 $38.00 39,838 9: 50 Sands Road, Big Pine Key: 2/1 MH 4,100 URM $120,000 $29.27 IQ 60 Sands Road, Big Pine Key: 2/1 MH 4,100 URM $120,000 $29.27 Date of On -site Visit: May 7, 2018 Appraisal Company of Key West Page 2 Date Submitted: 2019-07-31 11:47:14.277 1 Form Key: 5342 Appraisal Report 7 T�acaratParcels Plus Orae Improved Parcel.,Big Pirae Key, Marathon aradLittle Torch Key, FL "As Is" Valuation Date: May 7, 2018 Date of Report: October 12, 2018 Marketing Time: 3 to 9 Months or less based on a list price within 5 percent of appraised value. (see discussion within report). Exposure Time: 3 to 9 Months or less based on a list price within 5 percent of appraised value. Hypothetical Conditions: None Extraordinary Assumptions: Subject Property No. 5, 50 Sands Road, Big Pine Key has been appraised "As Is", a 8,200 square foot lot improved with two detached mobile homes. The subject property has also been analyzed based upon the extraordinary assumption that the site could be subdivided into two separate 4,100 sites improved with one mobile home on each lot. However, the approvals have not been completed. Furthermore, the subject property owner indicated that the secondary address would be 50 and 60 Sands Road, however, the Monroe County Property Appraiser's records only indicate 50 Sands Road as an address. Appraisal Company of Key West Page 3 Date Submitted: 2019-07-31 11:47:14.277 1 Form Key: 5342 Appraisal Report 7 T�acaratParcels Plus Orae Improved Parcel.,Big Pirae Key, Marathon aradLittle Torch Key, FL APPRAISAL REPORT This Appraisal Report is intended to comply with the reporting requirements set forth under Standard Rule 2-2(a) of the Uniform Standards of Professional Appraisal Practice. As such, it might not include full discussions of the data, reasoning, and analyses that were used in the appraisal process to develop the appraiser's opinion of value. Supporting documentation concerning the data, reasoning, and analyses is retained in the appraiser's file. The information contained in this report is specific to the needs of the client and for the intended use stated in this report. The appraiser is not responsible for unauthorized use of this report. The reader is referred to the Scope of Work section of this report. INTENDED USER/ CLIENT: Mr. Charles G. Pattison, Executive Director Monroe County Land Authority 1200 Truman Avenue, Suite 207 Key West, Florida 33040 OWNERS: Subject Property No. 1: Pamela Ruth-Elease Eanes Subject Property No. 2: Barbara A. Papcun Subject Property No. 3 : Lynn M. And Joseph O'Connor Subject Property No. 4: Jason and Christina McHutchi son Subject Property No. 5: Jason and Christina McHutchi son Subject Property No. 6: John and Louise Bellport Subject Property No. 7: Jason McHutchison and Susan Clara Rich Subject Property No. 8: Lori Rittel APPRAISERS: James E. Wilson, MRICS, President State -certified general real estate appraiser RZ 2164 Maria Virginia Wilson State -certified general real estate appraiser RZ 2686 Appraisal Company of Key West Page 4 Date Submitted: 2019-07-31 11:47:14.277 1 Form Key: 5342 Appraisal Report 7 T�acaratParcels Plus Orae Improved Parcel.,Big Pirae Key, Marathon aradLittle Torch Key, FL SUBJECT: SubiectProperties Subiect Properties Assessor's Parcel No. Key Lot Size: SF 1: 620 Ehm Avenue 00246470-000000 Big Pine Key 4,250 2: 119 Freedoml-ane 00111320-000400 Big Pine Key 4,100 3: 31481 Avenue C 00302780-000000 Big Pine Key 5,000 4: 30 Sands Road 00111320-001500 Big Pine Key 4,100 5: 50 (&60) Sands Road 00111320-001600 Big Pine Key 8,200 6: 31450 Avenue H 00306000-001200 Big Pine Key 5,688 7: 28141 Helen Avenue 00223280-000000 Little Torch Key 6,000 8: 349 A 27th Street 00321400-000000 Marathon 1500 39,838 PURPOSE AND INTENDED USE OF THE APPRAISAL The purpose of this appraisal is to estimate the "As Is " Market Value of the Fee Simple Estate of the subject properties described herein as of May 7, 2018. The intended use of this appraisal is to provide general information to assist with the possible purchase of the subject properties. The intended user of the appraisal report is the Mr. Charles G. Pattison, Executive Director, Monroe County Land Authority, 1200 Truman Avenue, Suite 207, Key West, Florida 33040. MARKET VALUE DEFINITION Market Value is defined by the regulatory agencies of federal financial institutions, as follows: "The most probable price which a property should bring in a competitive and open market under all conditions requisite to a fair sale, the buyer and seller, each acting prudently, knowledgeably and assuming the price is not affected by undue stimulus. Implicit in this definition is consummation of a sale as of a specified date and the passing of title from seller to buyer under conditions whereby: a) buyer and seller are typically motivated; b) both parties are well informed or well advised and each acting in what he considers his own best interest; c) a reasonable time is allowed for exposure in the open market; Appraisal Company of Key West Page 5 Date Submitted: 2019-07-31 11:47:14.277 1 Form Key: 5342 Appraisal Report 7 T�acaratParcels Plus Orae Improved Parcel.,Big Pirae Key, Marathon aradLittle Torch Key, FL d) payment is made in terms of cash in U.S. dollars or in terms of financial arrangements comparable thereto; and e) the price represents the normal consideration for the property sold unaffected by special or creative financing or sales concessions granted by anyone associated with the sale. Fee Simple Estate Definition: According to The Dictionary of Real Estate Appraisal, Sixth Edition, Fee Simple Estate is: "Absolute ownership unencumbered by any other interest or estate, subj ect only to the limitations imposed by the governmental powers of taxation, eminent domain, police power, and escheat." Extraction is a method of estimating land value where in the depreciated cost of the improvements on the improved property is estimated. The estimated depreciated value of the improvements is then deducted from the total sale price to arrive at an estimated sale price for the land. Leased Fee Interest: The ownership interest held by the lessor, which includes the right to receive the contract rent specified in the lease plus the reversionary right when the lease expires. PROPERTY RIGHTS APPRAISED This appraisal is made with the understanding that the present ownership of the property includes all the rights that may lawfully be held under a Fee Simple Estate. These rights are sometimes referred to in appraisal literature as the "bundle of rights." It includes the right to use, keep others from using, sell, rent or otherwise dispose of the property. The elements which have been included in this appraisal are the land and any existing improvements. This report contains the results of my investigation and analysis made in order to furnish an estimate of the "As Is " Market Value of the Fee Simple of the properties described herein, per the client's request. A Leased Fee valuation was not considered applicable as Subject Properties are not encumbered by long term leases. LEGAL DESCRIPTION We have prepared appraisal report with respect to the referenced subject properties. The legal descriptions are as follows: Appraisal Company of Key West Page 6 Date Submitted: 2019-07-31 11:47:14.277 1 Form Key: 5342 Appraisal Report 7 T�acaratParcels Plus Orae Improved Parcel.,Big Pirae Key, Marathon aradLittle Torch Key, FL Subject Property No. 1: Bk B PT Lt 6 and Pt of S 1/2 Lt 7 Piney Point Sub Subject Property No. 2: Big Pine Key Pt E'/z of NE 1/4 (Lot 6) Subject Property No. 3: Bk 23 Lt 8 Sands Sub Subject Property No. 4: Big Pine Key Pt E1/2 of NE 1/4 (Lot 14) Subject Property No. 5: Big Pine Key Pt E'/z of NE 1/4 (Lots 15 and 16) Subject Property No. 6: Sands Sub Big Pine key PB 1-65 Pt Govt Lots 1 & 2 Pt Lot 1 JIB Shape (Parcel 11-J) Subject Property No. 7: Bk 3 Lt 20 The Ladies Acre I't Addn Little Torch key Subject Property No. 8: Bk 1 N25 Ft of Lt 7 Sombrero Sub 4 SUBJECT'S MARKET AREA (NEIGHBORHOOD) ANALYSIS Subject Properties 1, 2, 4, 5 and 6: The subject parcels are located in a suburban area commonly known as Big Pine Key, Florida. It is located approximately twenty-five miles northeasterly from Key West, stretching across twenty-one bridges. It is located in a residential and commercial area providing all of the services necessary within a suburban area, surrounded by preserved wetlands and other native vegetation. Being part of the large unincorporated area of the Lower Keys, Big Pine Key offers much in terms of commerce, residential housing, and light industrial areas. This is an area of mixed zoning uses which service the demands and requirements of the Lower Keys market. Due to its location, Big Pine Key residents enjoy easy access to services provided in Key West and Marathon, as well as those provided by Monroe County. Key West airport is the largest airport in the area, with a smaller airport in Marathon as well. Police protection is provided by the Monroe County Sheriff s Department. A private, K-4 Charter school is also located in Big Pine Key. The closest public schools are currently located on Sugarloaf Key and on Marathon. Although a great deal of land has been set aside for preservation of the natural habitat on Big Pine Key, parks and recreation facilities are in short supply. Of course, water sports activities abound in the area since the island is surrounded by the Atlantic Ocean, the Gulf of Mexico, and the channels between islands. Public utilities available include electricity and water; sewerage treatment is provided by the Cudjoe Wastewater District. Appraisal Company of Key West Page 7 Date Submitted: 2019-07-31 11:47:14.277 1 Form Key: 5342 Appraisal Report 7 T�acaratParcels Plus Orae Improved Parcel.,Big Pirae Key, Marathon aradLittle Torch Key, FL This area has a concentration of commercial development with a large shopping center, strip shopping centers, professional offices, banks, and other commercial units including retail outlets, restaurants, warehouses, and other commercial properties which serve as a draw to the area. The Big Pine Key central shopping district is the only substantially sized shopping district between Key West and Marathon; thus, this shopping district is utilized by a large percentage of Lower Keys residents. The former Scotty's Hardware property was purchased by Walgreen's, the building was razed, construction completed and the store has opened adjacent to the CVS store, which is another indication of interest in the Big Pine Key shopping business. Publix's food store is negotiating for the purchase of the "flea market" site on the southerly side of the highway in very close proximity to the subject property. Subject Property 7: The subject parcel is located in a suburban area commonly known as Little Torch Key, Florida. It is located approximately twenty-three miles northeasterly from Key West, stretching across twenty bridges. The subject property is located just two miles westerly of Big Pine Key. Big Pine Key is a residential and commercial area providing all of the services necessary within a suburban area, surrounded by preserved wetlands and other native vegetation. Being part of the large unincorporated area of the Lower Keys, Big Pine Key offers much in terms of commerce, residential housing, and light industrial areas. This is an area of mixed zoning and uses which services the demands and requirements of the Lower Keys market. Due to its location, Little Torch Key residents enjoy easy access to services provided in Key West and Marathon, as well as those provided by Monroe County. The Key West airport is the largest airport in the area, with a smaller airport in Marathon as well. Police protection is provided by the Monroe County Sheriffs Department. The closest public schools are currently located on Sugarloaf Key and on Marathon. A great deal of land has been set aside for preservation of the natural habitat on Big Pine Key and much of the Torch Keys are environmentally sensitive wetlands that have been preserved. Of course, water sports activities abound in the area since the island is surrounded by the Atlantic Ocean, the Gulf of Mexico, and the channels between islands. Public utilities available include electricity and water. Sewage treatment is provided by private, on -site septic or aerobic systems, which are typical in the market area. However, the County is in the process of providing wastewater treatment to all the Lower Florida Keys. Subject Property 8: The Subject Property is located in an urban, area commonly known as the City of Marathon, Florida, incorporated November 30, 1999. It is located approximately at mile marker 50, and approximately 45 miles northeasterly from Key West, stretching across twenty-seven bridges. The properties are located in a residential and commercial area providing all of the services necessary within an urban area. Being a main population area of the Middle Keys, Marathon offers much in terms of commerce, residential housing and service as well as industrial areas. This is an area of mixed zoning and uses which service the demands and requirements of the Middle Keys market. Appraisal Company of Key West Page 8 Date Submitted: 2019-07-31 11:47:14.277 1 Form Key: 5342 Appraisal Report 7 T�acaratParcels Plus Orae Improved Parcel.,Big Pirae Key, Marathon aradLittle Torch Key, FL The commercial uses along U. S. Highway No. 1 include hotels, motels, restaurants, professional offices, hospital, retail shops and strip shopping centers, tourist -related businesses, service establishments, recreational and commercial marinas, marine related uses, and mobile home parks. The area within this neighborhood is mixed -uses; predominately offices, retail, service and other commercial uses with some multifamily and residential mixed in. The hospital, County and State office, library and schools are within three miles of the subject property. The Marathon Airport is located about one-half mile easterly from the subject property. Marathon Airport is used for privately owned airplanes, as well as for light commercial traffic which services the population area. The airport was upgraded with a new terminal about five years ago. Although the main commercial carrier at the Marathon Airport has ceased services, the City of Marathon and Monroe County are trying to attract a new carrier. Marathon also offers the only substantially sized shopping district for the Middle Keys community, having two large commercial shopping centers, as well as many smaller strip shopping centers, utility company offices, Monroe County offices, schools, etc. Throughout the Florida Keys, only Key West and Key Largo provide a similar variety of services. The subject property is located on the easterly side of the "uptown" Business District. Marathon has developed steadily over the past ten years; this development accelerated as a result of the conversion of the Overseas Highway from a two-lane to a four -lane highway in the late 1980's and early 1990's through Marathon. Marathon has recently opened a major Hyatt hotel with marina and restaurant. There is also a Courtyard Marriot Courtyard Hotel which recently opened, plus an Hampton Inn is under construction. Many older mom and pop motels are awaiting redevelopment. Hence, it is anticipated that within the next two years there well be more than 300 rooms added to the present inventory. IMPLEMENTATION OF R.O.G.O. (Residential) & Non Residential N.R.O.G.O. The Rate of Growth Ordinance (R.O.G.O.) Dwelling Units Allocation Ordinance was adopted February 28, 1992. The Non-residential Rate of Growth Ordinance (NROGO) was adopted January 4, 2001, immediately appealed, and has recently taken effect. The combination of growth management based on the limited infrastructure, service availability, environmental impact on the fragile environment, and the orderly and timely hurricane evacuation capability of the County, will place a huge burden on developers to prove project viability and compliance; it will severely restrict further growth. Alternatively, the 1992 Rate of Growth Ordinance provided for termination in the Year 2023, when it was expected that the County would be "Built Out" with all infrastructure and existing facilities at capacity. Therefore, no additional units will most likely be permitted; only existing units would be permitted to be redeveloped and/or replaced. This reality has resulted in the need for transferring of Appraisal Company of Key West Page 9 Date Submitted: 2019-07-31 11:47:14.277 1 Form Key: 5342 Appraisal Report 7 T�acaratParcels Plus Orae Improved Parcel.,Big Pirae Key, Marathon aradLittle Torch Key, FL density rights, other than the common TBR, Transferrable Building Right. A new TRE, Transferrable ROGO Exemption, has been included in the updated land use plan. This vehicle will be used for transferring of the density rights or units. However, once severed, the sending site would be rendered not developable for that use. MARKETING TIME The marketing time for the subject sites is conservatively estimated at 3 to 9 months, based on the days on market of the sales and active listings. This marketing time is based on an asking price within 5% of appraised value. The days on market of the lot sales ranged from 15 to 84 days for lots with no ROGO exemption or permits in place. The days on market of the improve comparables sales ranged from 0 to 190 days overall. It should be noted that the marketing time could be adversely affected by competition from similar use properties. EXPOSURE TIME Exposure time is the amount of time necessary to effect a sale of the subject properties on the valuation date. We estimate this to be the same as marketing times as noted for similar comparable sales. Therefore, we project a 3 to 9 month exposure time for the subject, based on a listing price within 5.0% of my appraised value. OWNERSHIP According to the Monroe County Property Appraiser's records, the subject properties are owned by: Subject Property No. 1: Pamela Ruth-Elease Eanes Subject Property No. 2: Barbara A. Papcun Subject Property No. 3: Lynn M. And Joseph O'Connor Subject Property No. 4: Jason and Christina McHutchi son Subject Property No. 5: Jason and Christina McHutchi son Subject Property No. 6: John and Louise Bellport Subject Property No. 7: Jason McHutchison and Susan Clara Rich Subject Property No. 8: Lori Rittel SALES HISTORY & CURRENT CONTRACTS According to the Key West Association of Realtors Multiple Listing Service Subject Property No. 5 is listed for sale. However, the listing considers the subdivision of the parcel into two lots including 50 and 60 Sands Road. The subdivision of the site has not yet been approved but already consists of two Appraisal Company of Key West Page 10 Date Submitted: 2019-07-31 11:47:14.277 1 Form Key: 5342 Appraisal Report 7 T�acaratParcels Plus Orae Improved Parcel.,Big Pirae Key, Marathon aradLittle Torch Key, FL subdivision lots. 50 Sands Road has been listed for $185,000 and has been on the market for approximately 38 days. 60 Sands Road has been listed for $175,000 and has been on the market for approximately 60 days. According to the Monroe County Appraiser's records, the subject property is only identified as 50 Sands Road. The remaining subject properties have not been listed for sale through the Key West Association of Realtors Multiple Listing Service. The following listings of waterfront vacant land was analyzed herein for Subject Property No. 1: Active Vacant Land Listings: Waterfront Asking Price Site SF S/SF r DOM Zoning j 1 31472 Avenue G, Big Pine Key $225,000 5,200 $43.27 153 IS 2 31464 Avenue G, Big Pine Key $199,900 5,023 $39.80 31 IS 3 31441 Avenue G, Big Pine Key $180,000 6,750 $26.67 90 IS 4 31490 Avenue F, Big Pine Key $165,000 3,586 $46.01 112 IS 5 Lot 3 Coral Way, Big Pine Key $80,000 7,825 $10.22 290 IS Mean $169,980 5,677 $33.19 135 Median $180,000 5,200 $39.80 112 Minimum $80,000 3,586 $10.22 31 Maximum $225,000 7,825 $46.01 290 These listings are ROGO exempt. The range of asking prices is from $80,000 to $225,000. The mean and median of the asking prices are $169,980 and $180,000, respectively. The price per square foot for the lots range from $10.22 to $46.01, with a mean and median of $33.19 and $39.80, respectively. The following listings of non -waterfront vacant residential lots were analyzed herein for Subject Properties 2, 3,4, 6, 7 and 8: Active Vacant Land Listings: Non -Waterfront Asking Price Site SF $/SF ; DOM Zoning 1 31447 Avenue E, Big Pine Key $130,000 5,000 $26.00 35 IS 2 Bk 14 Lt 2 Poinsettia Lane, Big Pine Key $135,000 5,023 $26.88 275 IS 3 31059 Avenue G, Big Pine Key $149,500 5,000 $29.90 27 IS 4 376 Father T ony Way, Big Pine Key $169,000 5,000 $33.80 78 IS 5 28110 Dorothy Avenue, Little Torch Key $156,000 7,814 $19.96 54 URM 6 Bk Lt 23 29th Street Ocean, Marathon $99,000 5,000 $19.80 63 RM 7 Bk M Lt 21 Calzada De Bouganvillea,Marath� $120,000 7,200 $16.67 30 RM 8 300 66th St. Ocean, Marathon $120,000 5,017 $23.92 492 RM Mean $134,813 5,632 $24.62 132 Median $132,500 5,009 $24.96 59 Minimum $99,000 5,000 $16.67 27 Maximum $169,000 7,814 $33.80 492 The listings represent listings of vacant land in various stages of development. Listings 1-5 are ROGO exempt. The range of asking prices is from $99,000 to $169,000. The mean and median of the asking prices are $134,813 and $132,500, respectively. The price per square foot for the lots range from $16.67 to $33.80, with a mean and median of $24.62 and $24.96, respectively. Appraisal Company of Key West Page 11 Date Submitted: 2019-07-31 11:47:14.277 1 Form Key: 5342 Appraisal Report 7 T�acarat Parcels Plus Orae Improved Parcel,Big Pirae Kev, Marathon arad Little Torch Kev FL ZONING According to the Monroe County Zoning Maps, Subject Properties No. 2,4,5 and 7 are located within the URM, Urban Residential -Mobile Home zoning district. The purpose of the URM district is to establish or conserve areas of predominantly mobile home and recreational vehicle uses. Additionally, the purpose of this district is to preserve these areas as representative of the character, economy and cultural history of the Florida Keys. No other change in zoning is anticipated in the foreseeable future. The subject parcels appear to be legal, conforming use within the URM. Sec. 130-99. - Urban residential —mobile home district (URM). (a) The following uses are permitted, as of right in the urban residential —mobile home district: (1) Mobile homes; (2) Detached residential dwellings; (3) Recreational vehicles as provided in F. S. ch. 513; (4) Home occupations —Special use permit required; (5) Accessory uses; (6) Tourist housing uses, including vacation rental uses, are prohibited except in gated communities that have: a. Controlled access; and b. A homeowner's or property owner's association that expressly regulates or manages vacation rental uses; (7) Collocations on existing antenna -supporting structures, pursuant to section 146-5(3); (8) Satellite earth stations less than two meters in diameter, as accessory uses, pursuant to section 146-5(6); and (9) Wastewater nutrient reduction cluster systems that serve less than ten residences. (b) The following are permitted as minor conditional uses in the urban residential —mobile home district (URM), subject to the standards and procedures set forth in chapter 110, article III: (1) Replacement of an existing antenna -supporting structure pursuant to section 146-5(2); (2) Stealth wireless communications facilities, as accessory uses, pursuant to section 146-5(5); and (3) Satellite earth stations greater than or equal to two meters in diameter, as accessory uses, pursuant to section 146-5(6). © The following uses are permitted as major conditional uses in the urban residential —mobile home district, subject to the standards and procedures set forth in chapter 110, article III: (1) Marinas, provided that: a. The parcel proposed for development has access to water at least four feet below mean sea level at mean low tide; b. The sale of goods and services is limited to fuel, food, boating, diving and sport fishing products; Appraisal Company of Key West Page 12 Date Submitte�s(7����47:14.2 7�7��ey���5� Orae Improved Parcel,Big Pirae Kev, Marathon arad Little Torch Kev FL C. Vessels docked or stored shall not be used for live -aboard purposes; and d. All outside storage areas are screened from adjacent uses by a solid fence, wall or hedge at least six feet in height; C. Each nonwaterside perimeter setback of the parcel proposed for development must have a class C bufferyard within a side yard setback of ten feet; (2) Commercial retail of low- and medium -intensity and office uses or any combination thereof of less than 2,500 square feet of floor area, provided that: a. The parcel of land on which the commercial retail use is to be located abuts the right-of-way of U.S. 1; b. The structure must be located within 200 feet of the centerline of U.S. 1; C. The commercial retail use does not involve the sale of petroleum products; d. The commercial retail use does not involve the outside storage or display of goods or merchandise; C. There is no direct access to U.S. I from the parcel of land on which the commercial retail use is to be located; f. The structure in which the commercial retail use is to be located is separated from the U.S. I right-of- way by a class C bufferyard; g. The structure in which the commercial retail use is to be located is separated from any existing residential structure by a class C bufferyard; and h. No signage other than one identification sign of no more than four square feet shall be placed in any yard or on the wall of the structure in which the commercial retail use is to be located except for the yard or wall that abuts the right-of-way for U.S. 1; (3) Parks and community parks; and (4) Land use overlays A, E, PF, subject to the provisions of article IV of this chapter. (d) The following lawfully established nonresidential uses in the urban residential —mobile home land use district, which were rendered nonconforming by the 2010 Comprehensive Plan, but listed as permitted uses in the land development regulations that were in effect immediately prior to the institution of the 2010 Comprehensive Plan (pre-2010 LDR's) and lawfully existed on such lands on January 4, 1996, which are damaged or destroyed may be permitted to be redeveloped, make substantial improvements, or be reestablished as an amendment to a major conditional use, subject to the standards and procedures set forth in chapter 110, article III: (1) Marinas, provided that: a. The parcel has access to water at least four feet below mean sea level at mean low tide; b. The sale of goods and services is limited to fuel, food, boating, diving, and sport fishing producers; C. Vessels docked or stored shall not be used for live -aboard purposes; d. All outside storage areas are screened from adjacent uses by a solid fence, wall or hedge at least six feet in height; and C. The use is limited in intensity, floor area, density and to the type of use that existed on January 4, 1996, or limited to the permitted uses and/or the provisions for minor or major conditional uses allowed in the pre-1996 LDR's for this district, whichever is more restrictive; (2) Commercial retail of low- and medium -intensity or office uses or any combination thereof of less than 2,500 square feet of floor area, provided that: a. The parcel of land on which the commercial retail use is to be located abuts the right-of-way of U. S. 1, or a dedicated right-of-way to serve as a frontage road for U.S. 1; b. The commercial retail use does not involve the sale of petroleum products; Appraisal Company of Key West Page 13 Date Submitted: 2019-07-31 11:47:14.277 1 Form Key: 5342 Appraisal Report 7 T�acarat Parcels Plus Orae Improved Parcel,Big Pirae Key, Marathon arad Little Torch Key, FL C. The commercial retail use does not involve the outside storage or display of goods or merchandise with the exception that outside sales and display for nurseries may be permitted with the stipulation that required open space and required bufferyards may not be used for display and sales; d. The structure in which the commercial retail use is to be located is separated from the U.S. 1 right-of- way by a class C bufferyard; C. The structure in which the commercial retail use is to be located is separated from any existing residential structure by a class C bufferyard; f. No signage other than one identification sign of no more than four square feet shall be placed in any yard or on the wall of the structure in which the commercial retail use is to be located except for the yard or wall that abuts the right-of-way for U.S. 1; and g. The use is limited in intensity, floor area, density and to the type of use that existed on January 4, 1996, or limited to the permitted uses and/or the provisions for minor or major conditional uses allowed in the pre-1996 LDR's for this district, whichever is more restrictive. (Code 1979, § 9.5-234; Ord. No. 33-1986, § 9-204; Ord. No. 40-1987, §§ 56, 57; Ord. No. 19-1989, § 1(PD66C); Ord. No. 4-1997, § 6; Ord. No. 28-1999, § 2; Ord. No. 53-2000, § 3; Ord. No. 27-2001, § 2; Ord. No. 33-2001, § 3; Ord. No. 018-2002, § 3; Ord. No. 007-2003, § 3; Ord. No. 034-2005, § 2; Ord. No. 037-2006, § 5) No change in the current zoning is expected in the foreseeable future. The reader should be aware that the County is under a Rate of Growth Ordinance which restricts the number of new residential dwelling units on an annual basis. This ordinance applies to all residential and commercial development in the Florida Keys. Subject Properties 3 and 6 are located within the IS, Improved Subdivision zoning district. Ser. 130-83. Improved Subdivision District (IS). (a) The following uses are permitted as of right in the improved subdivision district: (1) In those improved subdivision districts with no subdistrict indicator. detached dwellings of all types; (2) IS-M: In those improved subdivision districts with an M subdistrict indicator, only detached dwellings of masonry appearance; (3) IS-D: In those improved subdivision districts with a D subdistrict indicator: a. Detached dwellings; and b. Duplexes; (4) Home occupations —Special use permit required; (5) Accessory uses; (6) Collocations on existing antenna -supporting structures, pursuant to section 146-5©; Appraisal Company of Key West Page 14 Date Submitted: 2019-07-31 11:47:14.277 1 Form Key: 5342 Appraisal Report 7 T�acarat Parcels Plus Orae Improved Parcel,Big Pirae Key, Marathon arad Little Torch Key, FL (7) Satellite earth stations less than two meters in diameter, as accessory uses, pursuant to section 146-5(f); and (8) Wastewater nutrient reduction cluster systems that serve less than ten residences. (b) Vacation rental use is prohibited in all IS districts and subdistricts, except in: (1) IS-V districts (as set forth in section 130-84); and (2) In gated communities that have: a. Controlled access; and b. A homeowner's or property owner's association that expressly regulates or manages vacation rental uses. © The following uses are permitted as minor conditional uses in the improved subdivision district, subject to the standards and procedures set forth in chapter 110, article DI: (1) Parks; (2) Institutional uses limited to schools; and (3) Satellite earth stations greater than or equal to two meters in diameter. as accessory uses, pursuant to section 146-5(0). (d) The following uses are permitted as major conditional uses in the improved subdivision district, subject to the standards and procedures set forth in chapter 110, article In: (1) Stealth wireless communications facilities, as accessory uses, pursuant to section 1465(e); (2) Wastewater treatment facilities and wastewater treatment collection systems serving uses located in any land use district, provided that: a. The wastewater treatment facility and wastewater treatment collection systems are in compliance with all federal, state. and local requirements: b. The wastewater treatment facility. wastewater treatment collection systems and accessory uses shall be screened by structures designed to be architecturally consistent with the character of the surrounding community and shall minimize the impact of any outdoor storage. temporary or permanent; and c. In addition to any district boundary buffers set forth in chapter 114, article V. a planting bed. eight feet in width. to be measured perpendicular to the exterior of the screening structure shall be established with the following: 1. One native canopy tree for every 25 linear feet of screening structure; and one understory tree for every ten linear feet of screening structure; 2. The required trees shall be evenly distributed throughout the planting bed; 3. The planting bed shall be installed as set forth in chapter 114, article IV; and 4. A solid fence may be required upon determination by the planning director. Appraisal Company of Key West Page 15 Date Submitted: 2019-07-31 11:47:14.277 1 Form Key: 5342 Appraisal Report 7 T�acarat Parcels Plus Orae Improved Parcel,Big Pirae Key, Marathon arad Little Torch Key, FL (e) The following lawfully established nonresidential uses in the Improved Subdivision land use district. which were rendered nonconforming by the 2010 Comprehensive Plan. but listed as permitted uses in the land development regulations that were in effect immediately prior to the institution of the 2010 Comprehensive Plan (pre-2010 LDRs. Section 9-212) and lawfully existed on such lands on January 4. 1996. which are damaged or destroyed may be permitted to be redeveloped, make substantial improvements. or be reestablished as an amendment to a major conditional use, subject to the standards and procedures set forth in chapter 110, article III: (1) Commercial retail, office. or any combination thereof, of low and medium intensity, of less than 2,500 square feet of floor area. provided that: a. The parcel of land on which the commercial retail use is to be located abuts the right-of-way of U.S. 1. or a dedicated right-of-way to serve as a frontage road for U. S. 1; b. The structure must be located within 200 feet of the centerline of U.S. 1; c. The commercial retail use does not involve the sale of petroleum products; d. The commercial retail use does not involve the outside storage or display of goods or merchandise; e. There is no direct access to U.S. 1 from the parcel of land on which the commercial retail use is to be located; f. The structure in which the commercial retail use is to be located is separated from the U.S. I right-of-way by a class C bufferyard; g. The structure in which the commercial retail use is to be located is separated from any existing residential structure by a class C bufferyard: h. No signage other than one identification sign of no more than four square feet shall be placed in any yard or outer the wall of the structure in which the commercial retail use is to be located except for the yard or wall that abuts the right-of-way for U.S. 1; and L The use is limited in intensity. floor area, density and to the type of use that existed on January 4. 1996, or limited to the permitted uses and/or the provisions for minor or major conditional uses allowed in the pre-1996 LDRs for this district, whichever is more restrictive. (2) Marinas, provided that: a. The parcel proposed for development has continuous access to water of depths of at least four (4) feet below mean sea level at mean low tide; b. The use does not involve the sale of goods or services other than private clubs, sport fishing charters, boat dockage and storage; c. All boat storage is limited to surface storage on trailers or skids and no boat or other equipment is stored on any elevated rack, frame or structure; d. Vessels docked or stored shall not be used for live -aboard purposes; e. All outside storage areas are screened from adjacent uses by a solid fence, wall or hedge at least six (6) feet in height; and Appraisal Company of Key West Page 16 Date Submitted: 2019-07-31 11:47:14.277 1 Form Key: 5342 Appraisal Report 7 T�acarat Parcels Plus Orae Improved Parcel,Big Pirae Key, Marathon arad Little Torch Key, FL f. Each nonwaterside perimeter setback of the parcel proposed for development must have a class C bufferyard within a side yard setback of ten feet: and g. The use is limited in intensity. floor area, density and to the type of use that existed on January 4. 1996. or limited to the permitted uses and/or the provisions for minor or major conditional uses allowed in the pre-1996 LDRs for this district, whichever is more restrictive. Subject Property No. 1 is located in the IS-M, Improved Subdivision, Masonry which requires only detached dwellings of masonry appearance. Subject Property No. 8 is located in the Residential Medium (RM) zoning district. Residential Medium (RM) District: The RM District is intended to establish areas of low- to medium -density residential uses characterized principally by single-family detached and two-family dwellings, designated within the Residential Medium (RM) future land use category on the Future Land Use Map (FLUM). Appraisal Company of Key West Page 17 Date Submitted: 2019-07-31 11:47:14.277 1 Form Key: 5342 Appraisal Report 7 T�acarat Parcels Plus Orae Improved Parcel,Big Pirae Key, Marathon arad Little Torch Key, FL SUBJECT PROPERTIES- REAL ESTATE TAX AND ASSESSMENT Subject Property No. 1 620 Elma Avenue, Big Pine Key, Florida Parcel No. 00246470-000000 - Alternate Key 1316130 Building Msc. Total Just Total Tax Worm County County Cudjce Tax Tax Year Land hnrovements hare. Market Value Assessed Value Burden Solid Waste Assess. Outerlsland Burden Mfla2e 2017 $122,683 $182,951 $3,666 $309,300 $309,300 $2,927 $386 $310 $3,623 9.4635 Subject Property No. 2 119 Freedom Lane, Big Pine Key, Florida Parcel No. 00111320-000400 Alternate Key 1139441 Building Msc,Total Just Total Tax Worm County County Cudjce Tax Tax Year Land hnrovements hn re. Market Value Assessed Value Burden Solid Waste Assess. Outer Island Burden Mlla2e 2017 $64,451 $31,854 $3,290 $99,595 $76,725 $803 $386 $310 $1,499 9.4635 Subject Property No. 3 31481 Avenue C, Big Pine Key, Florida Parcel No. 00302780-000000 - Alternate Key 1374831 Building Msc. Total Just Total Tax Monroe County County Cudjo Tax Tax Year Land hn rose.M. trurvr Market Value Assessed Value Burden Solid Waste Assess. Outer Island Burden Mllage 2017 $76,250 $49,741 $8,511 $134,502 $134,502 $1,273 $386 $310 $1,969 9.4635 Subject Property No.4 30 Sands Road, Big Pine Key, Florida Parcel No. 00111320-001500 - Alternate Key 1139564 Building Msc,Total Just Total Tax Manse County County Cudjce Tax Tax Year Land hnrovements hn re. Market Value Assessed Value Burden Solid Waste Assess. Outer Island Burden Mlla2e 2017 $64,401 $17,393 $2,466 $84,260 $72,586 $726 $386 $310 $1,422 9.4635 Subject Property No.5 50 Sands Road, Big Pine Key, Florida (Includes 60 Sands Road) Parcel No, 00111320 001600 - Alternate Key 1139572 Building Msc. Total Just Total Tax Nburoe County County Cudjce Tax Tax Year. Land hnrorenuents bore Market Value Assessed Value Burden Solid Waste Assess, Outer Island Burden Mila2e 2017 $83,025 $30,188 $13,161 $126,374 $117,478 $1,142 $772 $621 $2,534 9.4635 Subject Property No.:6 31450 Avenue H, Big Pine Key, Florida Parcel No. 00306�000-001200 - Alternate Key 1378178 Building Msc. Total Just Total Tax Nburoe County County Cudjce Tax Tax Year. Land hnrorenuents bore Market Value Assessed Value Burden Solid Waste Assess, Outer Island Burden Mila2e 2017 $79,803 $21,307 $874 $101,984 $65,475 $742 $386 $0 $1,128 9.4635 Subject Property No. 7 28141 Helen Avenue, Big Pine Key, Florida Parcel No. 00223280-000000 Alternate Key 1290483 Building Msc. Total Just Total Tax Nbnrce County County Cudjce Tax Tax Year Land hn rosements Im m Market Value Assessed Value Burden Solid Waste Assess. Outer Island Burden Mllage 2017 $63,000 $4,539 $508 $68,047 $68,047 $644 $386 $310 $1,340 9.4635 Subject Property No. 8 349 A 27th Street, Marathon, Florida Parcel No. 00321400-000000 - Alternate Key 1395684 Building Msc. Total Just Total Tax Nburce County Nbcathon Marathon Tax Tax Year Land hn rovements Im m Market Value Assessed Value Burden Solid Waste Assess. Storm Water Wastewater Burden Mlla a 2017 $45,094 $94,969 $1,198 $141,261 $116,261 $943 $386 $120 $508 $1,957 9.4635 Appraisal Company of Key West Page 18 Date Submitted: 2019-07-31 11:47:14.277 1 Form Key: 5342 Appraisal Report 7 T�acarat Parcels Plus Orae Improved Parcel,Big Pirae Key, Marathon arad Little Torch Key, FL The assessed values consider the subject properties "as improved" properties at the time of assessment, prior to Hurricane Irma. Thus the assessments consider land, improvements and miscellaneous improvements. The analysis herein of the subject properties, except for Subject No. 5 is based upon vacant lots with the ROGO exemption due to the substantial Hurricane damage. According to the Tax Collector's office web site, there are no delinquent taxes owed for the subject parcels. A title search was not made for the subject parcels. DESCRIPTION OF THE SUBJECT PROPERTY Site Analysis: Subject Property No. 1, 620 Elma Avenue, Big Pine Key consists of a 4,250 square foot canal front site. This lot is located within the IS-M, Improved Subdivision Masonry zoning district. At the time of the site visit, the property was improved with a single family home, which sustained damage from Hurricane Irma. However, the scope of work herein is based upon the valuation of the subject property being ROGO exempt. Subj ect Property No. 2, 119 Freedom Lane, Big Pine Key consists of 4,100 square feet of site area. At the time of the inspection, the property was improved with a mobile home that had been substantially damaged by Hurricane Irma. The structure has essentially collapsed. The scope of work herein is based upon the valuation of the subject property being ROGO exempt. This dry lot is located within the URM, Urban Residential zoning district. Subject Property No. 3, 31481 Avenue C, Big Pine Key consists of a 5,000 square foot, dry lot located within the IS, Improved Subdivision zoning district. At the time of the site visit, the property was improved with a mobile home, which sustained damage from Hurricane Irma. However, the scope of work herein is based upon the valuation of the subject property being ROGO exempt. Subject Property No. 4, 30 Sands Road, Big Pine Key consists of a 4,100 square feet of site area. At the time of the inspection, the property was improved with a mobile home that had been substantially damaged by Hurricane Irma. It appears that a tree has fallen on top of the structure, which has not yet been removed. The scope of work herein is based upon the valuation of the subject property being ROGO exempt. This dry lot is located within the URM, Urban Residential zoning district. Subject Property No. 5, 50 Sands Road, Big Pine Key consists of an interior 8,200 square foot dry parcel improved with two, two bedroom/one bathroom mobile homes, consisting of 614 square feet and 672 square feet of gross building area. These two contiguous lots are located within the URM, Urban Residential zoning district. This subject property has been analyzed based upon two scenarios, per the client's request. The "As Is" analysis involves the entire 8,200 square foot site plus two detached manufactured homes. The second and third scenario consider the 8,200 site being subdivided into two 4,100 square foot lots with a mobile home on each, based upon a extraordinary Appraisal Company of Key West Page 19 Date Submitted: 2019-07-31 11:47:14.277 1 Form Key: 5342 Appraisal Report 7 T�acarat Parcels Plus Orae Improved Parcel,Big Pirae Key, Marathon arad Little Torch Key, FL assumption that the parcel can be subdivided. It does consist of Lots 15 and 16. However, this approval has not yet been obtained. Subject Property No. 6, 31450 Avenue H, Big Pine Key consists of a 5,688 square foot site. At the time of the site visit, the subject property was vacant. The home has been removed from the site. This dry lot is located within the IS, Improved Subdivision zoning district. Subject Property No. 7, 28141 Helen Avenue, Little Torch Key consists of a 6,000 square foot site. At the time of the inspection, the property was improved with a mobile home that had been substantially damaged by Hurricane Irma. The scope of work herein is based upon the valuation of the subject property being ROGO exempt. This dry lot is located within the URM, Urban Residential zoning district. Subject Property No. 8, 349 A 27th Street, Marathon consists of a 2,500 square foot site. At the time of the site visit, the property was improved with a single family home, which sustained damage from Hurricane Irma. However, the scope of work herein is based upon the valuation of the subject property being ROGO exempt. Individual surveys were not made available. Hence, the appraisers have utilized the Monroe County Property Appraiser's Records for site sizes. No responsibility is taken by this office for the accuracy in regard to any questions on the nature of encumbrances or dissimilarities in measurement. If and when, an updated survey is made available for the subject properties, delineating a difference in the upland areas, the appraiser reserves the right to amend the final value. Census Tract: According Mr. Jim Anderson of the Tallahassee Florida, Division of the United States Census Bureau, Monroe County is not divided into Census Tracts; but rather "Block Numbering Areas." Subject Property Nos. 1, 2, 3, 4, 5 and 6 are located within Block Number 9715, while Subject Property No. 7 is located within Block Number 9715 and Subject Property No. 8 is located within Block Number 9713. Flood Zone: The subject properties are located within a Special Flood Hazard Areas as defined by the Federal Emergency Management Agency, Flood Insurance Rate Maps of Monroe County, Florida. Subject Properties 1: Map No.: 12087C1336K, 2/18/05: Zone VE, Elevation 10 feet Subject Properties 2, 4 and 5: Map No.: 12087C1336K, 2/18/05: Zone AE, Elevation 8 and 9 feet Subject Property 3: Map No.: 12087C1337K, 2/18/05: Zone AE, Elevation 8 feet Subject Property 6: Map No.: 12087C1337K, 2/18/05: Zone AE, Elevation 9 feet Appraisal Company of Key West Page 20 Date Submitted: 2019-07-31 11:47:14.277 1 Form Key: 5342 Appraisal Report 7 T�acarat Parcels Plus Orae Improved Parcel,Big Pirae Key, Marathon arad Little Torch Key, FL Subject Property 7: Map No.: 12087C1317K, 2/18/05: Zone AE, Elevation 8 feet Subject Property 8: Map No.: 12087C1378K, 2/18/05: Zone AE, Elevation 7 feet Monroe County does participate in a National Flood Insurance Program and is covered by a regular program. Most of the Florida Keys are located within FEMA identified flood hazard areas. The reader should note that proposed insurance premium increases were tabled at the Federal Government level. However, it is inevitable that they will be revisited. Topographer Although a soil engineering report was not made available to us, it appears that the site and most of the properties in the immediate neighborhood show no signs of any subsurface instability. The subject sites appear to have adequate drainage. Easements/Encroachments: A survey made was not made available for any of the subject properties; therefore, the appraiser was not made aware of any easements or encroachment. No responsibility is taken by this office for accuracy or in regard to any questions on the nature of encroachments, encumbrances, or dissimilarities in measurement. The appraisers reserve the right to change the final indicated value herein, if a discrepancy is noted with respect to the subject's site size, building area, easements and/or encroachments. However, according the Monroe County Property Appraiser's records, there is an easement allowing access to Subject Property No. 1. Access: All of the subject properties are located on asphalt paved roads with adequate access. However, Subject Property No. 2 is located on a gravel road, however, with adequate access. They are all within proximity to the Overseas Highway. Utilities: Municipal services available include electricity, water and sewer collection system. Private utilities include solid waste removal, cable television, bottled propane and telephone service. Environmental Issues: An environmental site assessment for the subject properties were not provided. In this appraisal assignment, the existence of potentially hazardous material used in the construction or maintenance of the building, such as the presence of radon, asbestos insulation and/or existence of toxic waste, which may or may not be present on the subject property, has not been considered. The appraisers are not aware of any current environmental hazards on the subject properties; however, any environmental hazards or contamination could negatively impact the indicated values. ADA Compliance: Not Applicable Lot Coverage Ratio: Not Applicable Floor Area Ratio: Not Applicable Appraisal Company of Key West Page 21 Date Submitted: 2019-07-31 11:47:14.277 1 Form Key: 5342 Appraisal Report 7 T�acarat Parcels Plus Orae Improved Parcel,Big Pirae Key, Marathon arad Little Torch Key, FL HIGHEST AND BEST USE In order to estimate the Highest and Best Use of the subject properties, the appraiser has considered those uses that are physically possible, legally permissible, maximally productive, and financially feasible. "As If Vacant": The first major aspect of the Highest and Best Use analysis is considering the properties as if it were vacant and available for development. This assumption is made to determine whether the land alone is worth more than the existing property "as is," to determine whether the site is presently under utilized. Physically Possible Use - The physical aspects of the subject properties impose the first constraints on any possible use of the property. The subject properties consist of various lots. Six of the subject properties are located within Big Pine Key, one is located in Little Torch Key and the last subject property is located in Marathon. The subject parcels could be developed with residential uses. Legally Permissible Use - Subject Properties 2, 4, 5, and 7 are zoned URM, Urban Residential - Mobile Home District. The purpose of the URM district is to establish or conserve areas of predominantly mobile home and recreational vehicle uses. Additionally, the purpose of this district is to preserve these areas as representative of the character, economy and cultural history of the Florida Keys. Subject Properties No. 3 and 6 are located within the IS, Improved Subdivision district. 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 LDC. For the purpose of this section, improved lots are those that are served by a dedicated and accepted existing road of porous or nonporous material, that have an approved potable water supply, and that have sufficient uplands to accommodate the proposed use in accordance with the required setbacks. This district is not intended to be used for new land use districts of this classification within the county. Subject Property No. 1 is located within the IS- M, Improved Subdivision Masonry district which requires detached dwellings of masonry appearance. Subject Property No. 8 is located within the RM, Residential Medium district. Residential Medium (RM) District: The RM District is intended to establish areas of low- to medium -density residential uses characterized principally by single-family detached and two-family dwellings, designated within the Residential Medium (RM) future land use category on the Future Land Use Map (FLUM). Appraisal Company of Key West Page 22 Date Submitted: 2019-07-31 11:47:14.277 1 Form Key: 5342 Appraisal Report 7 T�acarat Parcels Plus Orae Improved Parcel,Big Pirae Key, Marathon arad Little Torch Key, FL Financially Feasible Use - The uses which meet the Legally Permissible and Physically Possible criteria are further analyzed to determine which uses are likely to produce an income or return in excess of construction costs, operating expenses, typical financial obligations and capital amortization. This criterion limits the uses to those which are financially feasible, and those which produce a positive net return to the land. For the subject properties, the financially feasible use would be for residential single-family development as permitted by zoning. Most Profitable Use - The final test of highest and best use of the site as though vacant is that the uses are maximally productive, yielding the highest value to the land. In the case of the subject properties "as if vacant", our analysis indicates that single-family residential development would be most appropriate given the subject properties' location, configuration and surrounding land uses. Conclusion: Highest and Best Use "As If Vacant": Based on the foregoing analysis, the Highest and Best Use of the subject properties is to develop the lots with single-family residential dwellings as permitted by zoning. "As Improved": Not Applicable as Subject Properties, except for Subject Property No. 5, which is improved with two mobile homes. Based upon the analysis herein, if approved the Highest and Best Use of Subject Property No. 5 is to subdivide the 8,200 square foot site into two 4,100 square foot sites, each improved with a mobile home. Appraisal Company of Key West Page 23 Date Submitted: 2019-07-31 11:47:14.277 1 Form Key: 5342 Appraisal Report 7 T�acarat Parcels Plus Orae Improved Parcel,Big Pirae Key, Marathon arad Little Torch Key, FL SCOPE OF WORK ANALYSIS, VALUATION AND CONCLUSIONS There are three typical approaches to value to consider in each appraisal assignment. The three traditional approaches to value are the Cost Approach, the Direct Sales Comparison Approach and the Income (Direct Capitalization and/or Discounted Cash Flow) Approach. The three approaches to value are not always applicable to the assignment; however, the three approaches to value are always considered. All appraisals begin by identifying the subject properties (property to be appraised) and the appraisal problem. Data relevant to the subject properties are obtained from various sources including but not limited to: the Monroe County Tax Assessor's Office, surveys, building plans and specifications and the property owner, depending on the scope of work. If possible, more than one source is utilized to confirm the information. Improvements, if applicable, are inspected and measured by the appraiser. If and when building plans or sketches are made available, the measurements are verified for accuracy. Land size is based on recorded plat maps, Monroe County public records, legal descrip- tions or surveys (when available). The local geographical market was researched and analyzed. The appraiser describes the building improvements in detail, if applicable; these descriptions are based on a physical inspection and/or plans and specifications. The appraisers are not contractors nor structural engineers; therefore, structure soundness or damage cannot be warranted. The appraiser will note any apparent or potential problems such as deferred maintenance, water damage or spalling. The Cost Approach consists of combining the estimated value of the land, based on comparable sales, with the depreciated value of the improvements. The vacant land sales are always inspected. The cost of the improvements is estimated by utilizing a cost service, Marshall and Swift, plus knowledge of costs to construct obtained from local contractors. Exterior site visits of the comparable improved sales are always made; interior walk-through visits are made when possible. Sales prices for the comparable sales are obtained from the public records. Prices are customarily confirmed with a party to the transaction, i.e., buyer, seller, closing agent/attorney, or real estate agent. The public records are researched for mortgage terms and information. The comparable sales are researched utilizing First America Real Estate Solution and Realist.com, (FARES), Loopnet.com and Flex, computerized MLS (Multiple Listing System). All sources use data from the Monroe County Property Appraiser's Office, as well as, from the public records. The data is verified and compiled into sale sheets located within the Addenda of this report. Additional data sources include: newspaper clippings and the National Multiple Listing Service. Real estate agents in the market area are interviewed for the most current information on sales and listings. All of the information is analyzed in preparing the report and is utilized in supporting the indicated value. Appraisal Company of Key West Page 24 Date Submitted: 2019-07-31 11:47:14.277 1 Form Key: 5342 Appraisal Report 7 T�acarat Parcels Plus Orae Improved Parcel,Big Pirae Key, Marathon arad Little Torch Key, FL The reader of the appraisal should be made aware that the valuation contained herein is based on a specific date. The value estimated on the specified valuation date will likely differ from the value one, two or three years in the future or in the past. The reader is advised to review the Assumptions and Limiting Conditions in Section, as well as, the Certificate of Value. Finally, the three indicated values developed by the approaches, are reconciled to produce the final estimate of value. A brief description of each of the approaches to value follows: THE COST APPROACH The Cost Approach is determined by taking the value of the land and adding to it the depreciated value of the present improvements. A separate land analysis is done to determine the value of the land. This approach is based on the Principle of Substitution, which states that a purchaser will not pay more for an existing property than the cost to reproduce it, in a similar area, assuming that it could be reproduced without delay. In the case at hand, Subject Property 5 is improved. However, due to the age of the structures, depreciation estimates become less reliable. As a result, this approach was not considered applicable. THE INCOME APPROACH: The Income Approach is based on the amount of income that the subject properties are capable of producing. The market is researched to determine the rental rates of comparable properties. The estimated net income is capitalized in accordance with prevailing rates of return on similar prop- erties or investments of comparable risk to indicate the price that a prudent and knowledgeable investor would be justified in paying for ownership of the real property. This approach has greatest application when the property being appraised is a type that purchasers buy for investment purposes. The Income Approach represents the value an investor may consider paying in order to gain the benefits and profits of the real estate. In the case at hand, this approach is not applicable as these residentially zoned parcels are typically not purchased for the income potential of a vacant site. THE SALES COMPARISON APPROACH This approach is also based on the Principle of Substitution. When applied, it states that when similar (comparable) properties in similar locations are adjusted for any dissimilarities, the value from these comparable properties can indicate an estimate of value. This approach was considered a reliable indicator of value for the subject properties. Appraisal Company of Key West Page 25 Date Submitted: 2019-07-31 11:47:14.277 1 Form Key: 5342 Appraisal Report 7 T�acarat Parcels Plus Orae Improved Parcel,Big Pirae Key, Marathon arad Little Torch Key, FL THE COST APPROACH The Cost Approach is determined by taking the value of the land and adding to it the depreciated value of the present improvements. A separate land analysis is considered to determine the land value. This approach is based on the fact that a purchaser will not pay more for an existing property than the cost to reproduce it in a similar area, assuming that it could be reproduced without delay. There can be complications in applying this approach, because identifying sales of vacant land to develop a value indication for the subject property can be difficult. Another problem in applying this approach arises if the building improvements are older, for accurately estimating the depreciation in older buildings is also difficult and unreliable. Since estimates of depreciation will have a significant impact on the resulting value estimate, the reliability of the Cost Approach diminishes when valuing older properties. Therefore, this approach is not applicable. THE INCOME APPROACH The Income Approach to value presumes that no prudent buyer will pay more for the subject property than the capitalized rental value attainable through ownership of the property. The Income Approach represents the value an owner may consider paying in order to gain the benefits and profits of the business as well as that of the real estate. The buyer will only be willing to pay the present value of what he considers those future benefits to be. This approach has greatest applica- tion when the property being appraised is a type that purchasers buy for investment purposes. In the case at hand, the subject property parcels are unimproved, vacant residentially zoned lots, except for Subject Property 5, which are not typically purchased for an income -producing property. As a result, this approach was not considered applicable. Appraisal Company of Key West Page 26 Date Submitted: 2019-07-31 11:47:14.277 1 Form Key: 5342 Appraisal Report 7 T�acarat Parcels Plus Orae Improved Parcel,Big Pirae Key, Marathon arad Little Torch Key, FL SALES COMPARISON APPROACH This approach to value is based upon the principal of substitution; that is, when a property is replaced in the market, its value tends to be set at the cost of acquiring an equally desirable substitute property, assuming no costly delays in making the substitution. The Sales Comparison Approach is an appraisal technique in which the market value estimate is based on the prices paid in actual market transactions and current listings. The actual transaction will fix the lower limits of value in a static or advancing market and higher limit in a declining market. It is a process of correlation and analysis of similar properties that recently sold in the subject's market area. The Sales Comparison Approach bases its value indication on sales of other similar properties in the market area. These sales are analyzed and compared to the subject property. The Sales Comparison Approach bases its value indication on recent sales that are pertinent to the value of the subject property. From these comparable sales, the appraiser must extract meaningful "common denomi- nators" to be applied to the subject property. Adjustments are made to the indicated sales price for differences between the sale and the subject. This approach considers similar commercial sales in order to estimate the market value for the subject property. Market Data for Subject Properties: Per the client's request, the subject properties, except for number 5, have been valued based upon the assumption that they are ROGO exempt. Subject Property No. 5 has been appraised "as is" improved with two mobile homes and based upon the extraordinary assumption that the lot has been subdivided into two lot, each improved with a mobile home. Appraisal Company of Key West Page 27 Date Submitted: 2019-07-31 11:47:14.277 1 Form Key: 5342 Appraisal Report 7 T�acarat Parcels Plus Orae Improved Parcel,Big Pirae Key, Marathon arad Little Torch Key, FL The following sales were utilized for Subject Property No. 1 as it is the only waterfront subject property. Sales Date Vacant Land Sales: Waterfront Sales Price Site SF ROGO Status $✓SF DOM Zoning ORBook/Page 1 31423 Avenue R Big Pine Key 03/30/18 $185,000 5,250 ROGOFxe"t $35.24 86 IS ORBk 2899/PaW 1899 2 31531 Avenue D, Big Pine Key 01/18/18 $145,000 4,263 ROGO E=Tt $34.01 38 IS ORBk 2888/ Page 834 3 31464 Avenue G, Big Pine Key 12/29/17 $170,000 5,200 ROGO F=Wt $32.69 7 IS ORBk 2886/PaW 493 Mean $166,667 4,904 $33.98 44 Medan $170,000 5,200 S34.01 38 Minimum $145,000 4,263 $32.69 7 Maximum $185,000 5,250 S35.24 86 COMP 1 Comp 3 Comp 2 These transactions are canal front ROGO exempt sales. The range of the sales is $145,000 to $185,000, with a mean and median of $166,667 and $170,000. Sale No. 2 was given the most weight as it was the most similar in site size to Subject Property No. 1. Appraisal Company of Key West Page 28 Date Submitted: 2019-07-31 11:47:14.277 1 Form Key: 5342 Appraisal Report 7 T�acarat Parcels Plus Orae Improved Parcel,Big Pirae Kev, Marathon arad Little Torch Kev FL Sales Comparable Map: Subject Property No. 1 Appraisal Company of Key West Page 29 Date Submitted: 2019-07-31 11:47:14.277 1 Form Key: 5342 Appraisal Report 7 T�acarat Parcels Plus Orae Improved Parcel,Big Pirae Kev, Marathon arad Little Torch Kev FL The following chart summarizes relevant units of measure for each of the comparable sales utilized for the subject properties, except for No. 1 and 5. The individual sales worksheets have been retained in the office file. Vacant Land Sales Sales Date Sales Price Site SIT '. ROGO Status $/SF DOM Zoning ORBook/Page 1 31076 Avenue D, Big Pine Key 04/18/17 $120,000 5,000 ROGO Exempt $24.00 4 URM OR Bk 2902/Page 1100 2 31372 Avenue G, Big Pine Key 03/29/18 $120,000 5,000 Building Allocation $24.00 3 IS OR Bk 2898/Page 2248 2 31142 Avenue F, Big Pine Key 03/19/18 $120,000 5,000 ROGO Exempt $24.00 17 IS Not Yet Recorded 3 30035 Linda Street, Big Pine Key 03/22/18 $125,000 7,730 ROGO Exempt $16.17 0 IS OR Bk 2897/Page 1594 4 31455 Avenue A, Big Pine Key 02/09/18 $117,000 5,000 ROGOExempt $23.40 10 IS OR Bk 2881/Page 1440 5 31538 Avenue A, Big Pine Key 11/30/17 $95,000 5,000 ROGOExempt $19.00 10 IS OR Bk 2881/Page 1440 6 31020 Avenue H, Big Pine Key 11/22/17 $98,000 5,000 ROGO Exempt $19.60 2 IS OR Bk 2880/Page 1586 7 28293 Helen Avenue, Little Torch Key 06/26/16 $80,000 6,000 ROGO Exempt $13.33 190 IS OR Bk 2804/Page 1341 Mean $109,375 5,466 $20.44 30 Median $118,500 5,000 $21.50 7 Minimum $80,000 5,000 $13.33 0 Maximum $125,000 7,730 $24.00 190 8 1048 82nd Street Ocean, Marathon 05/14/18 $140,000 5,000 Home Destroyed $28.00 52 RM Not Yet Recorded 9 560 105th Street Ocean, Marathon 04/16/18 $140,000 3,669 ROGO Exempt $38.16 0 RM Not Yet Recorded 10 500 E. 105th Street Ocean, Marathon 04/16/18 $140,000 3,669 ROGO Exempt $38.16 0 RM Not Yet Recorded 11 713 105th Street Ocean, Marathon 04/16/18 $140,000 3,669 ROGO Exempt $38.16 0 RM Not Yet Recorded 12 355 105th Street Ocean, Marathon 04/16/18 $140,000 3,669 ROGO Exempt $38.16 0 RM Not Yet Recorded Subject: Various Lots Big Pine Key Varies Lot in Marathon and Lot in Little Torch Key Varies Valuation Date: 05/072018 Mean $140,000 3,935 $36.13 10 DOM: Days on market Median $140,000 3,669 $38.16 0 Minimum $140,000 3,669 $28.00 0 Maximum $140,000 5,000 $38.16 52 Comp. No. 1 Comp. No. 3 Comp. No. 2 Comp. No. 4 Appraisal Company of Key West Page 30 Date Submitted: 2019-07-31 11:47:14.277 1 Form Key: 5342 Appraisal Report 7 T�acarat Parcels Plus Orae Improved Parcel,Big Pirae Kev, Marathon arad Little Torch Kev FL Comp. No. 5 Comp. No. 7 Comp. No. 9 Comp. No. 11 Comp. No. 6 Comp. No. 8 Comp. No. 10 Comp. No. 12 Sales 1 through 7 were utilized to analyze Subject properties 2, 3, 4, 6 and 7. These sales indicated a range from $80,000 $125,000, with a mean and media of $109,375 and $118,500, respectively. Most weight was placed on the most recent sales. Sales 8 thru 12 utilized to analyze Subject Property No. 8 are located within Marathon, similar to the subject. These sales indicated a mean sales price of $140,000. Appraisal Company of Key West Page 31 Date Submitted: 2019-07-31 11:47:14.277 1 Form Key: 5342 Appraisal Report 7 T�acarat Parcels Plus Orae Improved Parcel,Big Pirae Kev, Marathon arad Little Torch Kev FL Sales Comparable Map: Subject Properties No. 2-4 and No. 6 & 7 Appraisal Company of Key West Page 32 Date Submitted: 2019-07-31 11:47:14.277 1 Form Key: 5342 Appraisal Report 7 T�acarat Parcels Plus Orae Improved Parcel,Big Pirae Kev, Marathon arad Little Torch Kev FL Sales Comparable Map: Subject Property No. 8: 349 A 27t" Street, Marathon, FL Appraisal Company ofKey West Page 33 Date Submitted: 2019-07-31 11:47:14.277 1 Form Key: 5342 Appraisal Report 7 T�acarat Parcels Plus Orae Improved Parcel,Big Pirae Kev, Marathon arad Little Torch Kev FL The following sales grids have been utilized for the analysis of Subject Property No. 5: 50 Sands Road: CCi.ki mPiST rNAMt.,i ? i;Y`kC k.w Ric Am Key-- F L 330413 8 f efts km a k a Ldit To rzb y, F �XA2 ap,ar rt IM vivs " 2 06 k154a " r 1g r' ki E %51)NOt.. m is aWO y i'ivvzy, " INALS4 A `QI4 Records L&'A' � bhc Rer �HIvenIrana a N ;Cash s SbP IV ��i riirs f ah � 712& 17 dartQ 58 IVI7oI7,fom k ` 14 i t Rid F� g Y�� r F }` :Li Ile7�(h,,! Lp (Fee SiTpl � d a pie, ., .... 3 k t g Fs . -�� ow G, '2.,d 3 s 5 k coo A" ,� .�� y,,,, h arru%glurOd ..m Ma �1 9�� vhqlUr �Niamu. ,fin. er . riq! �.., i,YQRt^Q 8a+�,+d'iPM.R... Abm arm F T'awt $Ohi, 4 r(�xs Vp= 5 $ fN Rd sxm I Ai ls iM'k G9 r 9a +� Sq.1 .� . -12, k.7 4 ;a. _ .. ; ik#,k5�5 INfS 9 Ni.$+s.k°s G-AYfArt "Off Park <1':a1* 1 pac S IT 19Y� �'�r� 011 siteal Pa"A ; Y , E _ � d 38., I .. '1. '��Rtif �i�i f �� �-� a �kM��� �i � �� Ik40 Adk 155„ M r E ;r� a r .+f a �5': d� 3�,5 W S i . The "As Is" Market Value of Subject Property No. 5 as of May 7, 2018 is ................. $185,000 Appraisal Company of Key West Page 34 Date Submitted: 2019-07-31 11:47:14.277 1 Form Key: 5342 Appraisal Report 7 T�acarat Parcels Plus Orae Improved Parcel,Big Pirae Kev, Marathon arad Little Torch Kev FL Comparable No. 1: 29757 Henry Lane, Big Pine Key, FL 33043 Comparable No. 2: 28232 Dorothy Avenue, Little Torch Key, FL 33042 Comparable No. 3: 440 92°d Street Ocean, Marathon, FL 33050 Appraisal Company of Key West Page 35 Date Submitted: 2019-07-31 11:47:14.277 1 Form Key: 5342 Appraisal Report 7 T�acarat Parcels Plus Orae Improved Parcel,Big Pirae Kev, Marathon arad Little Torch Kev FL Sales Comparable Map: Subject Property No. 5: "As Is" Appraisal Company of Key West Page 36 Date Submitted: 2019-07-31 11:47:14.277 1 Form Key: 5342 Appraisal Report 7 T�acarat Parcels Plus Orae Improved Parcel,Big Pirae Kev, Marathon arad Little Torch Kev FL The following sales grids have been utilized for the analysis of Subject Property No. 5: 50 Sands Road Split: The Market Value of Subject Property No. 5 (50 Sands Road) Based Upon the Extraordinary Assumption that the Parcel can be Separated as 2 Lots as of May 7, 2018 is ................ $120,000 Appraisal Company ofKey West Page 37 Date Submitted: 2019-07-31 11:47:14.277 1 Form Key: 5342 Appraisal Report 7 T�acarat Parcels Plus Orae Improved Parcel,Big Pirae Kev, Marathon arad Little Torch Kev FL The following sales grids have been utilized for the analysis of Subject Property No. 5: 60 Sands Road Split: The Market Value of Subject Property No. 5 (60 Sands Road) Based Upon the Extraordinary assumption that the Lot can be Subdivided as of May 7, 2018 is .......................... $120,000 Appraisal Company of Key West Page 38 Date Submitted: 2019-07-31 11:47:14.277 1 Form Key: 5342 Appraisal Report 7 T�acarat Parcels Plus Orae Improved Parcel,Big Pirae Kev, Marathon arad Little Torch Kev FL Comparable No. 1: 31029 Avenue I, Big Pine Key, FL 33043 Comparable No. 2: 31244 Avenue I, Big Pine Key, FL 33043 Comparable No. 3: 31041 Avenue I, Big Pine Key, FL 33043 Appraisal Company of Key West Page 39 Date Submitted: 2019-07-31 11:47:14.277 1 Form Key: 5342 Appraisal Report 7 T�acarat Parcels Plus Orae Improved Parcel,Big Pirae Kev, Marathon arad Little Torch Kev FL Sales Comparable Map: Subject Property No. 5: Based Upon Split Appraisal Company of Key West Page 40 Date Submitted: 2019-07-31 11:47:14.277 1 Form Key: 5342 Appraisal Report 7 T�acarat Parcels Plus Orae Improved Parcel,Big Pirae Kev, Marathon arad Little Torch Kev FL Sales Comparable Map: Subject Property No. 5: Based Upon Split Appraisal Company of Key West Page 41 Date Submitted: 2019-07-31 11:47:14.277 1 Form Key: 5342 Appraisal Report 7 T�acarat Parcels Plus Orae Improved Parcel,Big Pirae Kev, Marathon arad Little Torch Kev FL The analysis of the improved sales are as is follows. Although the comparables sales are not identical in site size, there still considered the best sales available at this time. The sales data indicates that the larger sites, sell at a lower price per square foot basis, than the smaller sites. As a result, the appraisers have considered site size and location in the valuation. The following chart indicates the subject property valuations for the improved sales are as follows: Subject Propeily Values Site Market Price/ Subject Property Size Zoning Value SgFt. 1: 620 Elma Avenue, Big Pine Key 4,250 IS-M $150,000 $35.29 2: 119 Freedom Lane, Big Pine Key 4,100 URM $94,000 $22.93 3: 31481 Avenue C, Big Pine Key 5,000 IS $120,000 $24.00 4: 30 Sands Road, Big Pine Key 4,100 URM $98,000 $23.90 5: 50 (&60) Sands Road, BPK (2 MH) 8,200 URM $185,000 $22.56 6: 31450 Avenue H, Big Pine Key 5,688 IS $125,000 $21.98 7: 28141 Helen Avenue, Little Torch Key 6,000 URM $115,000 $19.17 8: 349 A 27th Street, Marathon 21500 RM $95,000 $38.00 39,838 9: 50 Sands Road, Big Pine Key: 211 MH 4,100 URM $120,000 $29.27 10: 60 Sands Road, Big Pine Key: 2/1 MH 4,100 URM $120,000 $29.27 Appraisal Company of Key West Page 42 Date Submitted: 2019-07-31 11:47:14.277 1 Form Key: 5342 Appraisal Report 7 T�acarat Parcels Plus Orae Improved Parcel,Big Pirae Kev, Marathon arad Little Torch Kev FL RECONCILIATION The following indications of property values have been developed in our analysis of market data. The greatest weight is given to that approach in which the appraiser has the highest degree of confidence. This implies a minimum of assumptions and a sufficient quantity of data. Based on analysis of the real estate market activity in the subject properties' market area, and after considering the applicability of each of the three value approaches, it is the appraiser's opinion that the Market Value of the Subject Properties is most accurately indicated by the Sales Comparison Approach which was totally weighted. Subject Propedy Values Site Market Price/ Subject Property Size Zoning Value Sq.Ft 1: 620 Elma Avenue, Big Pine Key 4,250 Is-M $150,000 $35.29 2: 119 Freedom Lane, Big Pine Key 4,100 URM $94,000 $22.93 3: 31481 Avenue C, Big Pine Key 5,000 Is $120,000 $24.00 4: 30 Sands Road, Big Pine Key 4,100 URM $98,000 $23.90 5: 50 ( &60) Sands Road, BPK (2 MH) 8,200 URM $185,000 $22.56 6: 31450 Avenue H, Big Pine Key 5,688 Is $125,000 $21.98 7: 28141 Helen Avenue, Little Torch Key 6,000 URM $115,000 $19.17 8: 349 A 27th Street, Marathon 22,500 RM $95,000 $38.00 39,838 9: 50 Sands Road, Big Pine Key: 2/1 MH 4,100 URM $120,000 $29.27 10: 60 Sands Road, Big Pine Key: 2/1 MH 4,100 URM $120,000 $29.27 In addition, it is our opinion, based on analysis of market data, and site visit of the subject property and research, that the Market Value of the Fee Simple Interest of subject property, commonly known as 50 Sands Road, Big Pine Key, Monroe County, Florida, based upon the extraordinary assumption of the subject parcel being separated (as subdivided Lot 15), subject to definitions, assumptions and limiting conditions, as of May 7, 2018 is: ONE HUNDRED TWENTY THOUSAND DOLLARS ($120,000) In addition, it is our opinion, based on analysis of market data, and site visit of the subject property and research, that the Market Value of the Fee Simple Interest of subject property, commonly known as 60 Sands Road, Big Pine Key, Monroe County, Florida, based upon the extraordinary assumption of the subject parcel (as subdivided Lot 16), being subdivided, subject to definitions, assumptions and limiting conditions, as of May 7, 2018 is: ONE HUNDRED TWENTY THOUSAND DOLLARS ($120,000) Appraisal Company of Key West Page 43 Date Submitted: 2019-07-31 11:47:14.277 1 Form Key: 5342 Appraisal Report 7 T�acarat Parcels Plus Orae Improved Parcel,Big Pirae Kev, Marathon arad Little Torch Kev FL CERTIFICATE OF APPRAISAL WE HEREBY CERTIFY THAT UPON APPLICATION FOR VALUATION BY: Mr. Charles G. Pattison, Executive Director Monroe County Land Authority 1200 Truman Avenue, Suite 207 Key West, Florida 33040 We have personally examined the following described properties. COMMONLY KNOWN AS: Subject Properties Subiect Properties Assessor's Parcel No. Key Lot Size: SF 1: 620 Elma Avenue 00246470-000000 Big Pine Key 4,250 2: 119 Freedom Lane 00111320-000400 Big Pine Key 4,100 3: 31481 Avenue C 00302780-000000 Big Pine Key 5,000 4: 30 Sands Road 00111320-001500 Big Pine Key 4,100 5: 50 (&60) Sands Road 00111320-001600 Big Pine Key 8,200 6: 31450 Avenue H 00306000-001200 Big Pine Key 5,688 7: 28141 Helen Avenue 00223280-000000 Little Torch Key 6,000 8: 349 A 27th Street 00321400-000000 Marathon 1500 39,838 Appraisal Company of Key West Page 44 Date Submitted: 2019-07-31 11:47:14.277 1 Form Key: 5342 Appraisal Report 7 T�acarat Parcels Plus Orae Improved Parcel,Big Pirae Kev, Marathon arad Little Torch Kev FL Based on our site visit and research, it is our opinion that the "As Is " Market Value of the Fee Simple Estate of the Subject Properties, subject to definitions, assumptions and limiting conditions, as of May 7, 2018 is: Subject Property Values Site Market Price/ Subject Property Size Zoning Value S Ft. 1: 620 Ehm Avenue, Big Pine Key 4,250 IS-M $150,000 $35.29 2: 119 FreedomLane, Big Pine Key 4,100 URM $94,000 $22.93 3: 31481 Avenue C,Big Pine Key 5,000 IS $120,000 $24.00 4: 30 Sands Road, Big Pine Key 4,100 URM $98,000 $23.90 5: 50 ( &60) Sands Road, BPK (2 MH) 8,200 URM $185,000 $22.56 6: 31450 Avenue H, Big Pine Key 5,688 IS $125,000 $21.98 7: 28141 Helen Avenue, Little Torch Key 6,000 URM $115,000 $19.17 8: 349 A 27th Street, Marathon 2500 RM $95,000 $38.00 39,838 9: 50 Sands Road, Big Pine Key: 2/1 MH 4,100 URM $120,000 $29.27 10: 60 Sands Road, Big Pine Key: 2/1 MH 4,100 URM $120,000 $29.27 In addition, it is our opinion, based on analysis of market data, and site visit of the subject property and research, that the Market Value of the Fee Simple Interest of subject property, commonly known as 50 Sands Road, Big Pine Key, Monroe County, Florida, based upon the extraordinary assumption of the subject parcel being separated (as subdivided Lot 15), subject to definitions, assumptions and limiting conditions, as of May 7, 2018 is: ONE HUNDRED TWENTY THOUSAND DOLLARS ($120,000) In addition, it is our opinion, based on analysis of market data, and site visit of the subject property and research, that the Market Value of the Fee Simple Interest of subject property, commonly known as 60 Sands Road, Big Pine Key, Monroe County, Florida, based upon the extraordinary assumption of the subject parcel being separated (as subdivided Lot 16), subject to definitions, assumptions and limiting conditions, as of May 7, 2018 is: ONE HUNDRED TWENTY THOUSAND DOLLARS ($120,000) The valuation herein does not consider any personal property. We ADDITIONALLY CERTIFY that, to the best of our knowledge and belief: o The statements of fact contained in this report are true and correct. Appraisal Company of Key West Page 45 Date Submitted: 2019-07-31 11:47:14.277 1 Form Key: 5342 Appraisal Report 7 T�acarat Parcels Plus Orae Improved Parcel,Big Pirae Kev, Marathon arad Little Torch Kev FL o The reported analyses, opinion, and conclusions are limited only by the reported assumptions and limiting conditions, and are my personal, impartial, and unbiased professional analyses, opinions and conclusions. o We have no bias with respect to the property that is the subject of this report or to the parties involved with this assignment. o Our engagement in this assignment was not contingent upon developing or reporting predetermined results. o Our compensation for completing this assignment is not contingent upon the development or reporting of a predetermined value or a direction in value that favors the cause of the client, the amount of the value opinion, the attainment of a stipulated result, or the occurrence of a subsequent event directly related to the intended use of this appraisal. o Our analyses, opinions, and conclusions were developed and this report has been prepared in conformity with the Uniform Standards of Professional Appraisal Practice. o Maria Virginia Wilson made a personal site visit of the property that is the subject of this report, James E. Wilson has made an external site visit. o We have performed no services, as appraisers 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. o No one has provided significant professional assistance to the persons signing this report. o The use of this report is subject to the requirements of the State of Florida relating to review by the Florida Real Estate Appraisal Board of the Department of Professional Regulations, Division of Real Estate. o The reported analyses, opinions and conclusions were developed, and this report has been prepared, in conformity with the requirements of the Code of Professional Ethics and the Standards of Professional Appraisal Practice of the Appraisal Institute. Appraisal Company of Key West Page 46 Date Submitted: 2019-07-31 11:47:14.277 1 Form Key: 5342 Appraisal Report 7 T�acarat Parcels Plus Orae Improved Parcel,Big Pirae Kev, Marathon arad Little Torch Kev FL o As of the date of this report, James E. Wilson has completed Standards and Ethics education program of the Appraisal Institute as required for Associate Members. APPRAISAL COMPANY OF KEY WEST S James E. Wilson, MRICS, President State -certified general real estate appraiser RZ 2164 Maria Virginia Wilson State -certified general real estate appraiser RZ 2686 Appraisal Company of Key West Page 47 Date Submitted: 2019-07-31 11:47:14.277 1 Form Key: 5342 Appraisal Report 7 T�acarat Parcels Plus Orae Improved Parcel,Big Pirae Kev, Marathon arad Little Torch Kev FL ASSUMPTIONS AND LIMITING CONDITIONS APPRAISAL DEVELOPMENT AND REPORTING PROCESS: In preparing this appraisal, the appraiser inspected the subject sites. Information on comparable land and improved sales were gathered, confirmed, and analyzed. This is an appraisal report which is intended to comply with the reporting requirements set forth under Standard Rule 2-2(a) the Uniform Standards of Professional Appraisal Practice. As such, it might not include full discussions of the data, reasoning, and analyses that were used in the appraisal process to develop the appraiser's opinion of value. Such discussion of the data would not change the appraiser's opinion of value. Supporting documentation concerning the data, reasoning, and analyses is retained in the appraiser's file. The information con- tained in this report is specific to the needs of the client and for the intended use stated in this report. The appraisers are not responsible for unauthorized use of this report. THIS VALUATION IS CONTINGENT UPON THE FOLLOWING CONDITIONS: This confidential report is prepared for Mr. Charles G. Pattison, Executive Director, Monroe County Land Authority and is based, in part, upon documents, writings, and information owned and possessed by the client Monroe County Land Authority. This report is provided for informational purposes only to third parties authorized to receive it. The appraiser -client relationship is with the Monroe County Land Authority, 1200 Truman Avenue, Suite 207, Key West, Florida 33040, as the client. This report should not be used for any purpose other than to understand the information available to the client concerning these properties. Appraisal Company of Key West assumes no responsibility if this report is used in any other manner. This appraisal is to be used in whole and not in part, in particular, no part of the contents of this report shall be conveyed to the public through advertising, public relations, news, sales or other media, without the written consent and approval of the authors, particularly as to valuation conclusions, the identity of the or firm with which they are connected. No responsibility is assumed by the Appraisers for matters which are of legal nature, nor is any opinion on the title rendered herewith. Good title is assumed. The properties have been appraised as though free of liens and encumbrances, except for leases as herein described. The management of the properties is assumed to be competent and the ownership in responsible hands. At the clients request, the subject lots have been valued separately and based upon a ROGO exemption status, except for Subject Property 5, which is currently improved with two detached mobile homes. Appraisal Company of Key West Page 48 Date Submitted: 2019-07-31 11:47:14.277 1 Form Key: 5342 Appraisal Report 7 T�acarat Parcels Plus Orae Improved Parcel,Big Pirae Kev, Marathon arad Little Torch Kev FL Subject Property No. 5, 50 Sands Road, Big Pine Key has been appraised "As Is", a 8,200 square foot lot improved with two detached mobile homes. The subject property has also been analyzed based upon the extraordinary assumption that the site could be subdivided into two separate 4,100 sites improved with one mobile home on each lot. However, the approvals have not been completed. Furthermore, the subject property owner indicated that the secondary address would be 50 and 60 Sands Road, however, the Monroe County Property Appraiser's records only indicate 50 Sands Road as an address. Individual land boundary surveys were not made available. Hence, the appraisers utilized the Monroe County Property Appraiser's Records to determine the subject site sizes. No responsibility is taken by this office for the accuracy in regard to any questions on the nature of encumbrances or dissimilarities in measurement. If and when, a survey is made available for the subject properties, delineating a difference in the areas, the appraiser reserves the right to amend the final value. The Appraisers assume that there are no hidden or unapparent conditions of the properties, subsoil, or structures, which would render it more or less valuable. The Appraiser assumes no responsibility for such conditions, or for engineering which might be required to discover such factors. Disclosure of the contents of the appraisal report is governed by the Bylaws and Regulations of the professional appraisal organizations with which the appraiser is affiliated. The undersigned Appraisers have no present or contemplated future interest in the properties and the compensation is in no manner contingent upon the value reported. Possession of this report does not carry with it the right of publication or advertisement of any of its conclusions, nor may any except the applicant use the same for any purpose without the previous written consent of the appraiser or the applicant. In this appraisal assignment, the existence of potentially hazardous material used in the construction or maintenance of the building, such as the presence of radon, asbestos insulation and/or existence of toxic waste, which may or may not be present on the property, has not been considered. The appraisers are not qualified to detect hazardous substances. An environmental survey for the subject properties was not made available. In this appraisal assignment, the existence of potentially hazardous material used in the construction or maintenance of the building, such as the presence of radon, asbestos insulation and/or existence of toxic waste, which may or may not be present on the subject property, has not been considered. The appraisers have assumed that there are no toxic or environmental hazards present. This appraisal report has been made in conformity with and is subject to the requirements of the Code of Professional Ethics and Standards of Professional Conduct of the appraisal organizations with which the Appraiser is affiliated. Appraisal Company of Key West Page 49 Date Submitted: 2019-07-31 11:47:14.277 1 Form Key: 5342 Appraisal Report 7 T�acarat Parcels Plus Orae Improved Parcel,Big Pirae Kev, Marathon arad Little Torch Kev FL The discovery of latent conditions is beyond the scope of this appraisal. Detection of latent conditions requires the expertise of qualified persons such as architects and engineers. Latent conditions include, among other things, non -apparent structural conditions; presence of prohibited hazardous wastes; presence of radon gas, methane gas, asbestos, lead, petroleum products and other air, soil, or water contaminants; and many other conditions too numerous to mention which may affect the value of the properties being appraised. The appraisers conducting this appraisal are not qualified to detect latent conditions and has conducted this appraisal upon the assumption that no latent conditions (including those mentioned above and others) exist on the properties covered by this appraisal. ACCORDINGLY NOTICE IS HEREBY GIVEN that neither the appraiser conducting this appraisal, nor the APPRAISAL COMPANY OF KEY WEST make any warranty, express or implied, to properties covered by this appraisal, and neither shall have any liability to any person for differences in the value of the appraised properties, or other damages, resulting from discovery of latent conditions (including those mentioned above and others) on, or in proximity to, the appraised lands. This appraisal report is in conformity with the Uniform Standards of Professional Appraisal Practices and this appraisal assignment was not based on a requested minimum valuation, a specific valuation, or the approval of a loan. We do hereby certify that to the best of our knowledge and belief the statements of fact contained in this report, upon which the analyses, opinions and conclusions expressed herein are based, are true and correct; also this report sets forth all the limiting conditions affecting the analyses, opinions and conclusions contained in this report; also this report has been made in conformity with the Appraisal Institute. Appraisal Company of Key West Page 50 Date Submitted: 2019-07-31 11:47:14.277 1 Form Key: 5342 Appraisal Report 7 T�acarat Parcels Plus Orae Improved Parcel,Big Pirae Kev, Marathon arad Little Torch Kev FL PROFESSIONAL QUALIFICATIONS JAMES E. WILSON, III, MRICS James E. Wilson has been a resident of South Florida since 1976. His education includes a Bachelor of Science in Business Administration with a Major in Economics from the University of Florida, 1987-1991. His experience in the real estate industry began in early 1992 as a residential real estate appraiser in Pompano Beach, Florida. He appraised a wide variety of single and multi -family residential properties in Dade, Broward, and Palm Beach counties over a two-year period. In the search of advancement and challenge, James Wilson moved to the City of Key West, Monroe County, Florida in order to obtain experience and practice commercial real estate appraisal valuation techniques in a demanding and somewhat unique market area. Over the past 25 years James has been exposed to a wide -range of appraisal projects, including highest and best use studies, complex property appraisals, and wetland and environmentally sensitive valuations including transferrable development rights. His appraisal experience includes financial and investment analysis, appraisal review, feasibility and planning analysis, as well as market research and analysis. James Wilson is a State Certified General Real Estate Appraiser (licensed to perform residential and commercial appraisals) and a General Associate Member of the Appraisal Institute. He is a member of RICS (Royal Institution of Chartered Surveyors), which is an international member organization for professionals in property, land, real estate, construction and related environmental issues. Jim is past President of the Key West Gator Club, 2013/2014 President of the Sunset Key West Rotary Club, member of Class VII Leadership Monroe, 2012 President of the Key West Chamber of Commerce, and has been elected to continue to serve on the Board of Directors of the Key West Chamber of Commerce. Jim is still an active member on the Board of Directors for the Key West Chamber of Commerce. Education: SOUTH BROWARD HIGH SCHOOL, Hollywood, FL, 1987. UNIVERSITY OF FLORIDA, Gainesville, Florida - Bachelor of Science in Business Administration - Major in Economics, 1987-1991. APPRAISAL INSTITUTE Appraisal Reporting of Complex Residential Properties, October, 1993. Persuasive Style in Narrative Appraisal Reports, May, 1994. ACE 1779 - "Special Purpose Properties - The Challenge of Real Estate Appraising in Limited Markets", September, 1996. 410 Standards of Professional Practice, Part A (USPAP), 8/97. 420 Standards of Professional Practice, Part B, August, 1997. 520 Highest & Best Use and Market Analysis, October, 1997. Non -Conforming Uses Seminar, January, 1998. 510 Advanced Income Capitalization, May, 1998. 530 Advanced Sales Comparison & Cost Approach, May, 1998. 540 Report Writing & Valuation Analysis, August, 1998. 550 Advanced Applications, February, 1999. Regression Analysis in Appraisal Practice: Concepts & Applications, Seminar, March, 2000. General Demonstration Appraisal Report Writing Seminar, March, 2000. 800 Separating Personal & Real Property from Intangible Business Assets, March, 2002. Successful Completion of the General Comprehensive Examination for the Appraisal Institute Uniform Appraisal Standards for Federal Land Requisitions, March, 2007 General Demonstration Appraisal Report Writing Seminar, August, 2007 Valuation of Conservation Easements, January, 2008. Appraising Distressed Commercial Real Estate, June, 2009 Oil Spills and Property Values, Webinar, August, 2010 Business Practices and Ethics, September, 2010 A Debate of the Allocation of Hotel Total Assets, October 26, 2010 Appraisal Institute Update, May 19, 2011 Appraisal Curriculum Overview (2-day General) May, 2011 Appraisal Company of Key West Page 51 Date Submitted: 2019-07-31 11:47:14.277 1 Form Key: 5342 Appraisal Report 7 T�acarat Parcels Plus Orae Improved Parcel,Big Pirae Kev, Marathon arad Little Torch Kev FL Professional Qualifications of James E. Wilson, III (Continued) APPRAISAL INSTITUTE Perspectives from Commercial Review Appraisers, July 20, 2011 Fundamentals of Separating Real Property, Personal Property, and Intangible Business Assets, 05/07/2012 - 05/08/2012 UAD-Up Close and Personal, November, 2014 Expert Witness Testimony: To Do or Not to Do, November, 2014 Analyze This! Applications of Appraisal Analysis, November, 2014 Florida Appraisal Laws and Regulations Update Reviewers Checklist, November, 2014 National USPAP Update Equivalent (2014-2015) , November, 2014 Purchase Price Allocations for Financial Report and Tax, April 16, 2014 Behind the Headlines, the New Real Estate Real Estate Economy, May 16, 2014 GOLD COAST SCHOOL OF REAL ESTATE Real Estate Principles, Practices, and Law - FREC Course I, May, 1992. Salesman Post -License Program, February, 1994. Mortgage Broker, Exam -Prep Program, September, 1992. AB I - Appraisal Board - Fundamentals of R.E. Appraising, 5/92. AB II - Appr. Board - Appraising Resid. & Income Properties, 2/94. AB IIb - Appraisal Board - Cert. Resid. Appraisal Course, 7/94. AB III - Appraisal Board - Certified General Appraisal Course (Income Capitalization Course), February, 1995. USPAP - Uniform Standards of Professional Appraisal Practice, 6/92. USPAP Course, September, 1995. A-102 - Plan Reading for Appraisers, September, 1995. National USPAP Update Course, June 2006 Techniques of Income Property Appraisal, June 2006 McKISSOCK DATA SYSTEMS Automated Valuation Models, October, 2000. Uniform Standards of Professional Appraisal Practice, October,2000. Factory Built Housing, October, 2000. Appraiser Liability, September, 2002. Appraising Nonconforming & Difficult Properties, September,2002. Appraiser Liability, USPAP, September, 2002. Appraising for the Secondary Market, October, 2004. Appraising High -Value Residential Properties, October, 2004. Florida Laws and Regulations, October, 2004. Limited Appraisals and the Scope of Work Decision, October, 2004. National USPAP Equivalent, October, 2004. Florida Laws and Regulations, September 2006. Disclosures and Disclaimer, September, 2006. Appraisal Trends, September 2006. National USPAP Update Equivalent(2008-2009), November, 2008. Introduction to Expert Witness Testimony, November 2008. Mortgage Fraud -Protect Yourself, November, 2008. Florida Appraisal Supervisor -Trainee Roles and Relationships, November, 2008. Florida Laws and Regulations, November, 2008. National USPAP Update Equivalent (2010-2011), August, 2010. Risky Business: Ways to Minimize Liability, August, 2010. Appraisal Company of Key West Page 52 Date Submitted: 2019-07-31 11:47:14.277 1 Form Key: 5342 Appraisal Report 7 T�acarat Parcels Plus Orae Improved Parcel,Big Pirae Kev, Marathon arad Little Torch Kev FL Professional Qualifications of James E. Wilson, III (Continued) Florida Laws and Regulations, August 2010. Florida Apprisal Supervisor -Trainee Roles and Relationships, August, 2010. The Changing World of FHA Appraising, August, 2010. Systems Built Housing: Advances in Housing for the New Millennium, October, 2012 Deriving and Supporting Adjustments, October, 2012 Introduction to Regression Analysis for Appraisers, October, 2012 Introduction to Residential Green Building for Appraisers, October, 2012 Florida Appraisal Laws and Regulations Update National USPAP Update Equivalent (2012-2013), October, 2012 Appraisal of Fast Food Facilities, November, 2016 2016-201 7-Hour National USPAP Update Course, November, 2016 Managing Appraiser Liability, November, 2016 Florida Appraisal Laws and Regulations, November, 2016 Advanced Hotel Appraising -Full Service Hotels, November, 2016 VALUE INFORMATION TECHNOLOGY, INC. "Perspectives on Appraisals" FREAB Course ACE# 1591, June, 1995. NORTH BROWARD BOARD OF REALTORS ACE 591 - Basics of Construction - How a Florida Home is Built II, January, 1994. Certification: State certified general real estate appraiser, as designated by the Department of Professional Regulation, State of Florida; Registration No. RZ 2164. Licensed Real Estate Salesperson, as designated by the Department of Professional Regulation, State of Florida, License No. SL 0589552 (currently inactive). Professional Associations: Key West Board of Realtors General Associate Member of the Appraisal Institute Member of RICS (Royal Institute of Chartered Surveyors), October, 2010 Member#1299389 Affiliations: Past President of the Key West Gator Club (Alumni Organization of the University of Florida Member of Class VIII, Leadership Monroe County Board Member of the Rotary Club of Sunset Key West, 2013/2014 President, 2009 Treasurer, 2010 Vice President, 2011 President-Elect,2012 President Board of Directors of the Key West Chamber of Commerce, Current Board Member Experience: WILCO VALUATIONS, P.A. d/b/a APPRAISAL COMPANY OF KEY WEST, James Wilson, President and his wife, Maria Virginia Wilson, also a State Certified General Real Estate Appraiser purchased the Appraisal Company of Key West from Mr. Richard Padron in April, 2004 APPRAISAL COMPANY OF KEY WEST, INC., Fee Commercial Real Estate Appraiser, April, 1994 to April, 2004. F.C.P. APPRAISAL SERVICES, INC., Senior Real Estate Appraiser and Trainer, May, 1992 to April, 1994. Appraisal Company of Key West Page 53 Date Submitted: 2019-07-31 11:47:14.277 1 Form Key: 5342 Appraisal Report 7 T�acarat Parcels Plus Orae Improved Parcel,Big Pirae Kev, Marathon arad Little Torch Kev FL Appraised various types of properties in the Florida Keys, including Retail Stores Commercial/Residential Condominiums Restaurants Full -Service Marinas/Boat Yards Strip Centers Environmentally Sensitive Acreage Office Buildings Industrial Uses Mixed -Use Properties Guest Houses /Hotels/Motels Service Stations Mobile Home and RV Parks Multi -family Projects Warehouse (including mini -storage) Proposed Developments Special -Use Properties including Schools Single-family Estates Seafood Processing Plants APPRAISER CERTIFICATION Era r.r OF SU,,Shk FLORIDA RE Wt SON, JAME5 E � r Y T FL � ys nE m xemu ',unit 1 N.i iL REGULATION OD 21 Appraisal Company of Key West Page 54 Date Submitted: 2019-07-31 11:47:14.277 1 Form Key: 5342 Appraisal Report 7 T�acarat Parcels Plus Orae Improved Parcel,Big Pirae Kev, Marathon arad Little Torch Kev FL Professional Qualifications Maria Virginia Wilson, State Certified General Real Estate Appraiser Maria Virginia Wilson has been a resident of Florida since 1973. Her education includes a Bachelor of Liberal Arts with a Major in French from the University of Florida, 1987-1992. Maria V. Wilson has a diverse background in banking and the real estate appraisal industry. Her experience in real estate appraising started as a State Registered Assistant Real Estate Appraiser. Over the past 17 years, Maria has acquired experience with a wide -range of residential and commercial appraisal projects. Maria has excelled in her education and successfully achieved her current designation of State Certified General Real Estate Appraiser. Education: SHORECREST PREPARATORY SCHOOL, St.Petersburg, Florida 1987 UNIVERSITY OF FLORIDA , Gainesville, Florida - Bachelor of Liberal Arts- Major in French, 1987-1992 GOLD COAST SCHOOL OF FLORIDA, Miami and Ft. Lauderdale, Florida Principles, Practices and Law - FREC Course 1, 1992 Successful Completion of ABI- Appraisal Board - Fundamentals of R.E. Appraising 6/94 Successful Completion of ABII- Appraising Resid. & Income Prop. 10/99 Successful Completion of ABTA- Certified General Appraisal Course III 07/03 Successful Completion of the Mortgage Broker Course - 06/03 McKISSOCK DATA SYSTEMS Automated Valuation Models, October, 2000. Uniform Standards of Professional Appraisal Practice, October,2000. Factory Built Housing, October, 2000. Appraiser Liability, September, 2002. Appraising Nonconforming & Difficult Properties, September,2002. Appraiser Liability, USPAP, September, 2002. Appraising for the Secondary Market, October, 2004. Appraising High -Value Residential Properties, October, 2004. Florida Laws and Regulations, October, 2004. Limited Appraisals and the Scope of Work Decision, October, 2004. National USPAP Equivalent, October, 2004. Florida Laws and Regulations, September 2006. Disclosures and Disclaimer, September, 2006. Appraisal Trends, September 2006. National USPAP Update Equivalent(2008-2009), November, 2008. Appraisal Company of Key West Page 55 Date Submitted: 2019-07-31 11:47:14.277 1 Form Key: 5342 Appraisal Report 7 T�acarat Parcels Plus Orae Improved Parcel,Big Pirae Kev, Marathon arad Little Torch Kev FL Introduction to Expert Witness Testimony, November 2008. Mortgage Fraud -Protect Yourself, November, 2008. Florida Appraisal Supervisor -Trainee Roles and Relationships, November, 2008. Florida Laws and Regulations, November, 2008. National USPAP Update Equivalent (2010-2011), August, 2010. Risky Business: Ways to Minimize Liability, August, 2010. Florida Laws and Regulations, August 2010. Florida Apprisal Supervisor -Trainee Roles and Relationships, August, 2010. The Changing World of FHA Appraising, August, 2010. Systems Built Housing: Advances in Housing for the New Millennium, October, 2012 Deriving and Supporting Adjustments, October, 2012 Introduction to Regression Analysis for Appraisers, October, 2012 Introduction to Residential Green Building for Appraisers, October, 2012 Florida Appraisal Laws and Regulations Update National USPAP Update Equivalent (2012-2013), October, 2012 Analyze This, Applications of Appraisal Analysis, November, 2014 Expert Testimony: To or Not to Do, November, 2014 UAD: Up Close and Personal, November, 2014 Reviewers Checklist, November, 2014 Florida Appraisal Laws and Regulations Update, November, 2014 National USPAP Update Equivalent (2014-2015), November, 2014 National USPAP Update Equivalent (2016-2017), November, 2016 Managing Appraiser Liability, November 2016 Appraisal of Owner -Occupied Commercial Properties, November 2016 Understanding Residential Construction, November 2016 Florida Appraisal Laws and Regulations, November 2016 Certification: State -Certified General Real Estate Appraiser, License No. RZ 0002686, (2003). Experience: WILCO VALUATIONS, P.A. d/b/a APPRAISAL COMPANY OF KEY WEST, James Wilson, President and his wife, Maria Virginia Wilson, also a State Certified General Real Estate Appraiser purchased the Appraisal Company of Key West from Mr. Richard Padron in April, 2004. Appraisal Company of Key West, Inc. ( 1997- 2004 ) Barnett Bank (1994-1997) Appraisal Company of Key West Page 56 Date Submitted: 2019-07-31 11:47:14.277 1 Form Key: 5342 Appraisal Report 7 T�acarat Parcels Plus Orae Improved Parcel,Big Pirae Kev, Marathon arad Little Torch Kev FL Area of Expertise: • Analysis and evaluation of many types of real estate • Types of properties appraised, evaluated, and analyzed: Single Family Homes Industrial Uses Multi -Family Dwellings Guest Houses Rental Analysis Vacant Land Office Buildings Motels Mixed -Use Property Strip Centers Commercial/Residential Condominiums Retail Stores APPRAISER CERTIFICATION a� -AL APPRAMER a edbetty�s C RTIFIE STATE Off' FILOR1ra SINESS AND PRQPr S4 AL fIEOULATION I'll ;ZPi AV A' Appraisal Company of Key West Page 57 Date Submitted: 2019-07-31 11:47:14.277 1 Form Key: 5342 Appraisal Report 7 T�acarat Parcels Plus Orae Improved Parcel,Big Pirae Kev, Marathon arad Little Torch Kev FL SUBJECT PROPERTY 620 ELMA STREET, BIG PINE KEY, FL Appraisal Company of Key West Page 58 Date Submitted: 2019-07-31 11:47:14.277 1 Form Key: 5342 Appraisal Report 7 T�acarat Parcels Plus Orae Improved Parcel,Big Pirae Kev, Marathon arad Little Torch Kev FL SUBJECT PROPERTY 119 FREEDOM LANE, BIG PINE KEY, FL Appraisal Company of Key West Page 59 Date Submitted: 2019-07-31 11:47:14.277 1 Form Key: 5342 Appraisal Report 7 T�acarat Parcels Plus Orae Improved Parcel,Big Pirae Kev, Marathon arad Little Torch Kev FL SUBJECT PROPERTY 31481 AVENUE C, BIG PINE KEY, FL Appraisal Company of Key West Page 60 Date Submitted: 2019-07-31 11:47:14.277 1 Form Key: 5342 Appraisal Report 7 T�acarat Parcels Plus Orae Improved Parcel,Big Pirae Kev, Marathon arad Little Torch Kev FL SUBJECT PROPERTY 30 SANDS ROAD, BIG PINE KEY, FL Appraisal Company of Key West Page 61 Date Submitted: 2019-07-31 11:47:14.277 1 Form Key: 5342 Appraisal Report 7 T�acarat Parcels Plus Orae Improved Parcel,Big Pirae Kev, Marathon arad Little Torch Kev FL SUBJECT PROPERTY 50 SANDS ROAD, BIG PINE KEY, FL Appraisal Company of Key West Page 62 Date Submitted: 2019-07-31 11:47:14.277 1 Form Key: 5342 Appraisal Report 7 T�acarat Parcels Plus Orae Improved Parcel,Big Pirae Kev, Marathon arad Little Torch Kev FL SUBJECT PROPERTY 50 SANDS ROAD, BIG PINE KEY, FL Appraisal Company of Key West Page 63 Date Submitted: 2019-07-31 11:47:14.277 1 Form Key: 5342 Appraisal Report 7 T�acarat Parcels Plus Orae Improved Parcel,Big Pirae Kev, Marathon arad Little Torch Kev FL SUBJECT PROPERTY 31450 HELEN AVENUE, LITTLE TORCH KEY, FL Appraisal Company of Key West Page 64 Date Submitted: 2019-07-31 11:47:14.277 1 Form Key: 5342 Appraisal Report 7 T�acarat Parcels Plus Orae Improved Parcel,Big Pirae Kev, Marathon arad Little Torch Kev FL SUBJECT PROPERTY 305 27TH STREET, MARATHON, FL Appraisal Company of Key West Page 65 Date Submitted: 2019-07-31 11:47:14.277 1 Form Key: 5342 Appraisal Report 7 T�acarat Parcels Plus Orae Improved Parcel,Big Pirae Kev, Marathon arad Little Torch Kev FL SUBJECT PROPERTY 305 27TH STREET, MARATHON, FL Appraisal Company of Key West Page 66 Date Submitted: 2019-07-31 11:47:14.277 1 Form Key: 5342 Appraisal Report 7 T�acarat Parcels Plus Orae Improved Parcel,Big Pirae Kev, Marathon arad Little Torch Kev FL TATE MAP Appraisal Company of Key West Page 67 Date Submitted: 2019-07-31 11:47:14.277 1 Form Key: 5342 Appraisal Report 7 T�acarat Parcels Plus Orae Improved Parcel,Big Pirae Kev, Marathon arad Little Torch Kev FL FLORIDA KEYS MAP F'#A, MMA NI R I-Y MM CI 9 rJau—Tadn �d F� r°e�rr�' ti.gLs°*�rlm• F;T a' �'6`li�'s b• des r Noy' or 1. 41, or, rp _Ilex R°M`°•tq �a-as � �vs r� - �� i •.���s. 40 ma Movy KM 40 W I,oj MR ga d cst:,,vl1.R m" p9'f Appraisal Company of Key West Page 68 Date Submitted: 2019-07-31 11:47:14.277 1 Form Key: 5342 Appraisal Report 7 T�acarat Parcels Plus Orae Improved Parcel,Big Pirae Kev, Marathon arad Little Torch Kev FL AERIAL MAP 620 ELMA AVENUE, BIG PINE KEY, FL ....... . . . �!AA P N" V11 "13 Appraisal Company of Key West Page 69 Date Submitted: 2019-07-31 11:47:14.277 1 Form Key: 5342 Appraisal Report 7 T�acarat Parcels Plus Orae Improved Parcel,Big Pirae Kev, Marathon arad Little Torch Kev FL AERIAL PLAT MAP 119 FREEDOM LANE, BIG PINE KEY Appraisal Company of Key West Page 70 Date Submitted: 2019-07-31 11:47:14.277 1 Form Key: 5342 Appraisal Report 7 T�acarat Parcels Plus Orae Improved Parcel,Big Pirae Kev, Marathon arad Little Torch Kev FL AERIAL PLAT MAP 31481 AVENUE C, BIG PINE KEY P �- ���'`1�Ni��;��t� o E 4 (0 i g 'h 4 4ti f Appraisal Company of Key West Page 71 Date Submitted: 2019-07-31 11:47:14.277 1 Form Key: 5342 Appraisal Report 7 T�acarat Parcels Plus Orae Improved Parcel,Big Pirae Kev, Marathon arad Little Torch Kev FL AERIAL PLAT MAP 30 SANDS ROAD, BIG PINE KEY �� S • t IS J F T' h "n i 11 (( a — If. w f f I)) y� n ry U u q. Appraisal Company of Key West Page 72 Date Submitted: 2019-07-31 11:47:14.277 1 Form Key: 5342 Appraisal Report 7 T�acarat Parcels Plus Orae Improved Parcel,Big Pirae Kev, Marathon arad Little Torch Kev FL AERIAL PLAT MAP 50 SANDS ROAD, BIG PINE KEY Appraisal Company ofKey West Page 73 Date Submitted: 2019-07-31 11:47:14.277 1 Form Key: 5342 Appraisal Report 7 T�acarat Parcels Plus Orae Improved Parcel,Big Pirae Kev, Marathon arad Little Torch Kev FL AERIAL PLAT MAP 31450 AVENUE H, BIG PINE KEY tr met' MonroeCounty,FL I . E r t' !-n i' W 1 FBuait. 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WU •ir`.a'�WgFLY) Ua,ITO Appraisal Company ofKey West Page 77 Date Submitted: 2019-07-31 11:47:14.277 1 Form Key: 5342 Appraisal Report 7 T�acarat Parcels Plus Orae Improved Parcel,Big Pirae Kev, Marathon arad Little Torch Kev FL 59 Un MMY TAX INFORMATION 119 FREEDOM LANE, BIG PINE KEY ssraIM-Eib 9N 4 IVUOM PI'Xu�r Uri MAAn k 141A I UUM A, PMACII AhAMA Lea,15b 7,."G FOP'L 04A SW, R wIwIIM3fuF,N 1 a$ i f) PIS fujlm a. t':r��EC1i AU MAMA �, 1%1 a rat 7i, MAEA4WILMLLMET iA'@:QEA.Wit —121j: .�;&�- ey �!f. 107YO4 MULJM �'QWLII,7'04&1F �J�v BAAEANA A w"1gFv WWANT MP dkh ��14 If I$IYII AOjd BY 1 ..path a k 2,014 d4 OPEN' lARM VUDs &. Ulm iC ;f+„ [Mi rdr 1QrNq.nq��tG;. Qw-9 wk, 0Q,�.QR492 'QR Y$0 910R WSsaki Appraisal Company of Key West Page 78 Date Submitted: 2019-07-31 11:47:14.277 1 Form Key: 5342 Appraisal Report 7 T�acarat Parcels Plus Orae Improved Parcel,Big Pirae Kev, Marathon arad Little Torch Kev FL TAX INFORMATION 31481 AVENUE C, BIG PINE KEY Appraisal Company of Key West Page 79 Date Submitted: 2019-07-31 11:47:14.277 1 Form Key: 5342 Appraisal Report 7 T�acarat Parcels Plus Orae Improved Parcel,Big Pirae Kev, Marathon arad Little Torch Kev FL TAX INFORMATION 30 SANDS ROAD, BIG PINE KEY Appraisal Company of Key West Page 80 Date Submitted: 2019-07-31 11:47:14.277 1 Form Key: 5342 Appraisal Report 7 T�acarat Parcels Plus Orae Improved Parcel,Big Pirae Kev, Marathon arad Little Torch Kev FL TAX INFORMATION 50 SANDS ROAD, BIG PINE KEY r } , v of 0. Ebil rAr. ;WI V 0-&0J R*,m Cfla !Hr.... s WY t1 .mAif Gtlo- .6 �,�ti1:' Wm§L.Apil*..Y YAF&. °WI I im"M I f'3 N9-�^'.�6b"6.6m' .••. ". Cs�,1MiafiS+dUT�, d'ii9. 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PRIX; x l r7A17 -a ee(rI tl• .I F..t "4 N(FP X,: � ;s' '-�::: Appraisal Company of Key West Page 81 Date Submitted: 2019-07-31 11:47:14.277 1 Form Key: 5342 Appraisal Report 7 T�acarat Parcels Plus Orae Improved Parcel,Big Pirae Kev, Marathon arad Little Torch Kev FL TAX INFORMATION 31450 AVENUE H, BIG PINE KEY CAC ......�....�, ._-:tee„ .......... " Im1 MANY li`[ MSLI RIOCKWPCOH tya 1kr �sC 11 i!N'3 P v 4 L. Xk v L,u S9TL'>`, P I CM, iLei W KJOL 5f.Afe wNy R NO 11MI IM U 10;" ?.a' wIM as VAV5 d N00 109 DW4 4 1UN,%'i M'IF,Rkr R i ,F4 N;MM n 00 05,IIt, 0 �L. A�S' L2 � 1V JkIATN ACILE 1 d rka 0�,ae. a. yR. IT�� G4 ON 1{A B4#@,","O,^^�?+' 17 Mwwl M� awc 0%qn a P%dr§ vd 44 j IW �,MCM ROAM FIATTIa.AL LAW ENY a MT F,5 rs1. a 6&An, n 4 M EL vArx,;R J� UM . 19 I `LA 66,4 U 6 a�� �.� # I 1En° �i4clo �ANts I r1A dY ,SAh USA ttiwi h W e_, 1 `AI4a �§tL ,iuB B44% ....... .�i$4^Ik.$S�L d Ia�E4 _... ._.'a 4. Is @` A 111. rdi .. 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A, 0Ea or, 04' i6 av'w' ' Yew Yv i l I gm" 6 #14: s AcO I rip 0k: w l M'A K - I�J��Iu�;�4°w19��s����i�rfAa�Gt�a�1N: Appraisal Company of Key West Page 83 Date Submitted: 2019-07-31 11:47:14.277 1 Form Key: 5342 Appraisal Report 7 T�acarat Parcels Plus Orae Improved Parcel,Big Pirae Kev, Marathon arad Little Torch Kev FL TAX INFORMATION 305 27TH STREET, MARATHON C.U. 41. lhiL LOWS rx— f ,n W ii I fJ 7 : 5 or, 4: �C pW,v;.l gufm R WF 5•6 0( " *IXTRI p wo I Ovo u]'' e0 �M.&6 a i1,4 'i 1Lcwd.3. B01"Ji:m, 1'!'dgl IbI off 115. ra tI' NI.: 'rV L,XWEftr AOL 0^ ja�r'EdlW, ! 0,5"1 yi pnle ',� 4KI'� P W ME"ft;#+k4id'UL 4.949B 1 1AW a%', to �i'"n 1'.. v Pa p�:. EDA Ny7i:Vn VU4Lp 10 LOU'.OL W -W I41 X'{ 4s� i#k}0 W4' M1 1, 11v PLO wA"1A1WC1 4 i elAD00 iJ I ' b 1,4I m'in V A1, �!$P 5AT 4 i.'T� it atu 10 W0 m'�w I' G BAS41 W 15fm I i to Q00 bR Jul $VU K U&J50 I. m K.UMS I N0L'!&WP92i?"L gLe']iF IwI 11 J'�4 wIE u I0'v MI an CSC emL:.in vuov.1f ��irearFia-,a'xnrW�,acAc�+;€��a P.LaTE1 LOW � WEAa'i,tid,1 ;. 60"T'R, rAw SO DO am Appraisal Company of Key West Page 84 Date Submitted: 2019-07-31 11:47:14.277 1 Form Key: 5342 Appraisal Report 7 T�acarat Parcels Plus Orae Improved Parcel,Big Pirae Kev, Marathon arad Little Torch Kev FL BUILDING SKETCH L2' 10, 10, 10, Bi. R— Fl—ila 330,43 AREA �CALCIQLATJONS- SUMMARY LJ11'4T,4GW ARtA BREA'KIDOWN Pi ss s. ri r. 6 &'Z 00 I�E,C-vc ID, GU z E.01G, an -00 Flo— 60. B_& .."no avf— Net ,LIVABLE Area qro urinLdfi 1286 4 Items {ro uncle d} 1286 Appraisal Company of Key West Page 85 Date Submitted: 2019-07-31 11:47:14.277 1 Form Key: 5342 Appraisal Report 7 T�acarat Parcels Plus Orae Improved Parcel,Big Pirae Kev, Marathon arad Little Torch Kev FL ENGAGEMENT LETTER f ,i �. d� ➢'5 :k+lt " �'X ',� °P 't�'[ �¢2fi6o ! 4 •¢ =xS 5 ., :r➢Ml �r ."I i"7 I p'.F , " 10' r. � i E .;u rC:s �a9 „d, rf'.d of ,, A i.. 3�,3 ., rA:x�. ,{uK..ta;lf o 9,-p, ¢ n ,.{d _ .# 18' �33xf � . #y 0., a a 40 F°.... . r A tl e v Appraisal Company of Key West Page 86 Date Submitted: 2019-07-31 11:47:14.277 1 Form Key: 5342 Appraisal for the Following Site(s): 301 County Road, Big Pine Key Date Submitted: 2019-07-31 11:47:14.277 1 Form Key: 5342 A RESTRICTED APPRAISAL OF SCHULZ SITE PARCEL # 00300500-000000 LOCATED AT MILE MARKER 31, BIG PINE 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 NOVEMBER 26, 2018 PREPARED BY TRENT MARK, MAI, SRPA STATE -CERTIFIED GENERAL REAL ESTATE APPRAISER # RZ 514 MARR & ASSOCIATES APPRAISAL COMPANY, INC Date Submitted: 2019-07-31 11:47:14.277 1 Form Key: 5342 TRENT MARR, MAI, SRPA State -Certified General Real Estate Appraiser # RZ 514 trentmarr(a,enibardmail.com November 26, 2018 Charles G. Pattison, Executive Director Monroe County Land Authority 1200 Truman Avenue, Suite 207 Key West, Florida 33040 Re: Schulz site, Parcel # 00300500-000000 Dear Mr. Pattison: Phone (850) 342-1114 2665 Aucilla Road, Monticello, FL 32344 81800 Overseas Highway, Islamorada, FL 33036 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 property have been conducted. The site consists of a 5,589 square foot non -water front lot. The lot is zoned IS (Improved Subdivision) and is designated Tier 1. The Tier 1 designation is assigned to the most environmentally sensitive land and is the most difficult to develop. However, the subject was developed with a mobile home. The mobile home has been razed and the site can be re -developed with a single family home. Therefore, the Tier 1 designation does not adversely affect the subject property. The site is located at mile marker 31, Big Pine Key, Monroe County, Florida. The address is 301 County Road, Big Pine Key. To the best of my ability, the analysis, opinions, and conclusions were developed and this restricted appraisal report was prepared in accordance with the standards and reporting requirements of the Appraisal Institute, Uniform Standards of Professional Appraisal Practice, dated January 2018. The appraisal was prepared in a restricted format. The restrictive format provides only a synopsis of the appraiser's opinion and conclusions. This report omits detailed information on the subject property, sales data and reasoning which led to my conclusion. Supporting data is retained in my file. This appraisal was prepared for the specific use of the client and is invalid for any other user. The appraiser is not responsible for unauthorized use of this report. Based on the comparable sales in the areas, I have formed the opinion that, as of November 26, 2018, subject to the assumptions and limiting conditions set forth in this report the market value of the subject was estimated at: One Hundred Twenty Thousand Dollars ($120,000) Respectfully Submitted, Marr & Associates Appraisal Company, Inc. Trent Marr, MAI, SRPA State -Certified General Real Estate Appraiser # RZ 51 L1377 —Shulz Site, Big Pine Key, Florida Man• & Associates Appraisal Company, hic. 1 Date Submitted: 2019-07-31 11:47:14.277 1 Form Key: 5342 PROJECT NAME: Schulz - Site ADDRESS: The address is 301 County Road, Big Pine Key, Florida OWNER OF RECORD: Henry C. and Donna M. Schulz PURPOSE OF THE REPORT: Estimate market value PARCEL IDENTIFICATION: 00300500-000000 DATE OF VALUE/REPORT: November 26, 2018 / November 26, 2018 INTEREST APPRAISED: Fee Simple ZONING/TIER: IS (Improved Subdivision) / Tier 1 WATER FRONT: No HIGHEST AND BEST USE: Develop with single family home INTENDED USER AND USE OF THE REPORT: The intended user of this report is the Monroe County Land Authority. The intended use is to establish a negotiating price. CLIENT Charles Pattison / Monroe County Land Authority HISTORY There have been no sales within the past several years. The subject is listed for sale in the MLS for $119,900 and is under contract with the county for $110,000. Based on the MLS the site has been on the market for 126 days and was originally listed for sale at $130,000. Based on the sales used in this report, the contract price is below market. EXPOSURE TIME: 7 CURRENT USE: RIGHTS APPRAISED: 6-9 months Vacant site / ROGO Exempt Fee simple estate PARCEL DESCRIPTION: The site consists of a 5,589 square foot non -water front site. The site is zoned IS (Improved Subdivision) and is located within a Tier 1 habitat designation. HYPOTHETICAL CONDITION(S) None EXTRAORIDARY ASSUMPTION(S) None L1377 —Shulz Site, Big Pine Key, Florida Man• & Associates Appraisal Company, hic. 2 Date Submitted: 2019-07-31 11:47:14.277 1 Form Key: 5342 5 01 2 a ` 510 �I R� TAX PARCEL MAP AERIAL PHOTOGRAPH - PRE HURRICANE IMRA L1377 —Shulz Site, Big Pine Key, Florida Man• & Associates Appraisal Company, hic. 3 Date Submitted: 2019-07-31 11:47:14.277 1 Form Key: 5342 GOOGLE EARTH AERIALS, POST HURRICANE IMRA L1377 —Shulz Site, Big Pine Key, Florida Man• & Associates Appraisal Company, hic. 4 Date Submitted: 2019-07-31 11:47:14.277 1 Form Key: 5342 SCOPE OF WORK At the request of the client, I did not physically inspect the subject property. Information about the subject was taken from the property record card, aerial photographs and information provided by the client. Additionally, I may or may not have inspected the comparable sales. Those sales that were inspected were done for prior appraisals. I reserve the right to alter my value conclusion if at a later date, an inspection would reveal information on the subject or comparables that was not available on the public records, client data and aerial photographs did not reveal. The information for the subject regarding size, habitat, zoning and tier designation were taken from the Monroe County web sites along with the information provided by the Monroe County Land Authority. The information obtained is assumed to be correct. The sales comparison is the most reliable approach for vacant land in the area and was the only approach used in this report. The information on the sales was taken from either the local MLS or the Monroe County Property Appraisers web site. The sizes for the comparables were taken from the Monroe County Property Appraisers web site and were assumed to be correct. 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: Buyer and seller are typically motivated; Both parties are well informed or well advised, and acting in what they consider their own best interests; A reasonable time is allowed for exposure in the open market; Payment is made in terms of cash in United States dollars or in terms of financial arrangements comparable thereto; and 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. VALUATION OF THE SUBJECT The income and cost approach are not applicable for vacant land in the area, and have been omitted. The sales comparison is the most reliable approach for vacant land in the area and was the only approach used in this report. 2 Supplemental Appraisal Standards for Board of Trustees Land, Division of State Lands, (2012), Page 7 L1377 —Shulz Site, Big Pine Key, Florida Man• & Associates Appraisal Company, hic. 5 Date Submitted: 2019-07-31 11:47:14.277 1 Form Key: 5342 VALUATION OF THE SUBJECT PROPERTY SUMMARY OF SALES Subject Sale 1 Sale 2 Sale 3 Sale 4 Location 301 County Road, Big Pine Key 31142 Avenue F Big Pine Key 31355 Avenue F Big Pine Key 31076 Avenue D Big Pine Key 31372 Avenue G Big Pine Key Parcel # 00300500 00305070 00305830 & 00305840 00303440 00305880 Sales Price $110,000 $118,000 $120,000 $120,000 $120,000 Sales Date Pending 5-18 5-18 4-18 3-18 Size SF 5,589 sf 5,000 sf 10,000 sf 5,000 sf 5,000 sf # of Lots One One Two One One Avg. Size 5,589 sf 5,000 sf 5,000 sf 5,000 sf 5,000 sf Zoning IS IS IS IS IS Tier 1 1 1 1 1 ROGO/Exempt Yes Yes Yes Yes Yes $/Site $110,000 $118,000 $120,000 $120,000 $120,000 CONCLUSION OF VALUE Sale 1 sold for $118,000 and sales 2, 3 and 4 sold for $120,000. All of the sales are located in the subject's area of the Lower Keys and are excellent indicators of value. Sale 2 sold with two lots, however, is being developed with one single family home. Although two lots are preferred over one lot, based on matched pairs analysis amongst the sales there was no support indicated for an adjustment. Additionally, the buyer had to pay for the cost of removing the mobile home and site debris, which appears to have offset the value of the additional lot. The Monroe County Land Authority has pending contracts on two similar vacant sites on Big Pine Key ( Lot 8, Block 23 & Lot 3, Block 35 Sand's Subdivision) for $120,000. Based on their current contracts and the four sales used in this report, a value of $120,000 is well supported. Thus, the market value of the subject was estimated at $120,000. L1377 —Shulz Site, Big Pine Key, Florida Marr & Associates Appraisal Company, hic. 6 Date Submitted: 2019-07-31 11:47:14.277 1 Form Key: 5342 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 and 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. I did not inspect the subject property. 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 the verification of comparable data and 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. 11-26-18 ------------------------------------ ------ Trent Marr, MAI, SRPA Date State -Certified General Real Estate Appraiser # RZ 514 L1377 —Shulz Site, Big Pine Key, Florida Man• & Associates Appraisal Company, hic. 7 Date Submitted: 2019-07-31 11:47:14.277 1 Form Key: 5342 ASSUMPTIONS AND LIMITING CONDITIONS The legal description used in this report is assumed to be correct. The market value estimate assumes the site is buildable unless stated otherwise in this report. 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. 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. 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. L1377 —Shulz Site, Big Pine Key, Florida Marr & Associates Appraisal Company, hic. Date Submitted: 2019-07-31 11:47:14.277 1 Form Key: 5342 ED% �Lrvnmcnulj 314.SQ, 7 9 ,i f) , g NEMISm FL ME` VO i c� c . 00.5) 289-15M FAX 005i 2R5253ri Coun-ty of Monroe Growth Managenietut. J..)ivision, BEW dul tad pun b ; �ck i v p W �wo m n WPM 5 A W I NOW N. f ki,v,or VTO kni, I loaNwr , 3 Kkn U jVw& IV, I Wql N"PML DO Wimb Whmaw DA l �.f'e I-ebruary 3. 2010 GNAM RcWiq Audrey RkNer 33b LIMA sueel Key Was A 33040 RE Exuarnion Request A 301 Chun, End, Big Pine Kev, We N41ker 31 Riock 2. Lot I f)5 Darr o,.-, Real [-.'nlatc Nurnbei- NA Rkhwr, You llave reqUC-Stcd a dnerj-]Linilioa as to "befhcr or no! one (1) residernia] (11,,N,e[Lng unit is exemp, Rom Wo HAMM Rw of (.)ix)vvl11, Qrditl�fflce (W)GO) on ihe above-desti-ibvd PN-ndses. 1'UTYUant 10 §132022 Df It Nkinl'oe, Coanty Code, the R()(Jo n,t),[ tlpp 1) redevetopment, 014111JI"Atation or replilacci--ne,nt of an) IWAI-esmblia;hed i,esiderai.,,A dveljjpag Ltilit that dovsziol increa-st L.hi nuinbor of dwellIng WIST]VIL e.ki-,LQ(j o]I trtt +jjt. -rheretbres owners of Jand shnH be entitled In one (1) dwelling unit aflcxadon. exen-,,r[ lir,rri tlio Ric)G(.) pemlit alkcaljan. syswn=t, fbieach dWhng M or�j -� gj�cm pl-opelt-y-'. AdAnktrallve ffiteq)ivi,a1Jcprt 03-108 prookies We criteri,a -[cj be. L,-,,,,cd 1-5y sjyff to detel-lujae whehe r or not a ckve I i l ng L:i n 'A a, s (a) A, permit or wOr ofnrial approwl 11oni Vie Division of CirorA,lh -N4anagonicnt far ifie chveUing unk 4-be 1611vving, table organ Izes hudding penibcs Q date issued: (b) If a Permit or wher otTiVal appwoval Rom the Division of GrovI[I Nlanagcnleint not available. be Wwizig inbunadon may he used to f0her suppuil or eslaNsh thaz a, dMing UQL was ]awhd1MMSN&hW- R(XIO F""'cill"Ption R.equ,,n;r f'or 30T, Coklwy Roand. Bit-�, Pint kv. N1 Ho Marke,i, 31 loge 1 of 2 R lo(A 2 Lo! 10- 1)aticr� su N1 i vi's jon. keai Biiiie N u1n1wr W 3(0500. 0001(,-10G, L1377 —Shulz Site, Big Pine Key, Florida Marr & Associates Appraisal Company, hic. Date Submitted: 2019-07-31 11:47:14.277 1 Form Key: 5342 Marc} Visit: A sRe vik Iva% conduclod to Bill AWL Ptarnwn on Jwmrory X 2W a, A nwAle hOrlw","as Observed on gird propetty Land U'sL, Disirice: 1-he propeny k localcd in am hriprcived Sul)di,vis �Q -striot �Oj=j Lan-C] U'. Di 0 Sj ill w h A a An g 24A HY dome i-j ed d w[ [i n e Ll 11 il i N a perl 11 i t ted USIL h o %ve ver- me "- mobi I Q homes am 1mr, pen, Ued hi we 15 EN who, Aerkol phanwrqp1' Aerial phoymph; Horn 1902 [a conCirn)s, 1hC Q0111i[]UjIml�' QW000 W'a Mobile hcwnc on We prop, nl - A's a rlou- aeria] P1 o10,)ra.Ph), Qan oii[y corifirn-ri, Me MAW orsinletnrLs. not the IUMACT Of Unit in eAstolce M my NhTn Sm. Aknme CAWY. �Iropeqv Rccord (,ewd: The ['Topeny AppmNer cunemb aswsses the: PMPMY UndCr a I)MIDW Ashneatimi code of (12.01obile tlonies,, Their mcords, fildictoe that a residentiat and has been on We ta\ ro[l fr()m 1982 to 2001 CMr (1) WE, with a %1L!-UTL h,unh dnitc of 1988uws auribz-Ac'd TO 1111;. pvjpen), Ad0ii0fUd]3-- 111K"property i,ecci4,cd a h0mc5 ead exenP-kiom Crorn 1982 through I c)91. thhl° reo-jrth-: Florida Keys ACILtoduct Audiorit), records jaidicate thatwazer service has boon rrivAded 1p [Ilock 2, Vor l 0 Darim, as eally as 1992. Whether the rcsakwia) u.ya! 1'o2dd Qw ban l,ndep 1he jnw- 1986 �unip�g: Prior to 1986, We NOW!- uts Whin ihe Sin,be Farnih- Residential District (RTJ-]:i in which a 1710birIe [ionic "-as a prohibited, aSQ, HMNVL2'�eT, vEuiancts 10 use QoWd have beenis%ed to Pumil a m0bike home in a RL-'-I Distrkt In ad&thn- the 1488 kianyu C'ownt)- -,I, , - VOI) jleflomle Shady hidiewes one non-eleAaied mobile Boone existed on tho prope-my at tha: 1L. t tin Bilsedi on, 2 revie%N of the records, the Planning J& Res,okzcvs f)eparrummL 11as doQTymined that one (1) dwelling Unit is on the snljQct propo-l�,. Itzho, exernpied ckveltimonii is rerNx,,ed. YN exhling ncwesson smuctures must also be d-teniolished n,jfles,,, "down penksMon stadng 011tWMe is rvovkled Q the Planning & Environo'nental Rena uxe Department. This ik�uer does non prcwido any ves[ing to eNistill,g regulaWs mid the roplamment dwdling LU11 and aq' acctS%Clrastr,.IcTure-s- must, be bUin, fil COO Plian.c0 with all applicable xgulmi" Of' the M0111-0e COL1111� Code and, Year 2010 Coniprehensivo flan Fit the nine of devel,cipl-00.1,.t Funlemiore, if the exernpwd dWing unk is not irplaced. but substantially imprm'ed, as defined in dw klonsoe (",oLinty Code - it nitist be brong�jhz An caqynce ", i1h <11P applivable regulations, If yuw have any (luestions MpTdinr- the corNeffls OC 64 latter or W "v may Rmhor asAt ym please ]`�el free io confact our offiec ut (305'j 289-2500, shrewly, Saw Bill Harbert. Planner ROCOWnpARepem MAP Cou.111=' R(m.,."aL f3i,, PilleKe�- NI O'cNiuka T Bhd 1 Lm 10, WAS SuhdNidura, R�sfl Esuale Date Submitted: 2019-07-31 11:47:14.277 1 Form Key: 5342 Appraisal for the Following Site(s): 31067 Avenue G, Big Pine Key Date Submitted: 2019-07-31 11:47:14.277 1 Form Key: 5342 A RESTRICTED APPRAISAL OF THE VEGA SITE LOT 46, BLOCK 7, SANDS SUBDIVISON PARCEL # 00306550-000000 LOCATED ON BIG PINE 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 JANUARY 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 11:47:14.277 1 Form Key: 5342 .00,12 OWE TRENT MARR, MAI, SRPA State -Certified General Real Estate Appraiser # RZ 514 trentmarr(a,enibardmail.com January 31, 2019 Charles G. Pattison, Executive Director Monroe County Land Authority 1200 Truman Avenue, Suite 207 Key West, Florida 33040 Phone (850) 342-1114 2665 Aucilla Road, Monticello, FL 32344 81800 Overseas Highway, Islamorada, FL 33036 Re: Parcel # 00306550-000000, located at 31067 Avenue G, Big Pine Key, 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 consists of 5,000 square feet and is improved with a 1963 mobile home. The home is to be removed prior to closing and this appraisal is based on the hypothetical condition that the site is vacant. The reader is warned the value may be impacted from the hypothetical condition. The site is within a Tier 1 designation, is zoned IS (Improved Subdivision) and is located in an AE flood zone. The Tier 1 designation is assigned to the most environmentally sensitive land and is the most difficult to develop. Because the site is improved, it is ROGO exempt. To the best of my ability, the analysis, opinions, and conclusions were developed and this restricted appraisal report was prepared in accordance with the standards and reporting requirements of the Appraisal Institute, Uniform Standards of Professional Appraisal Practice, dated January 2018. The appraisal was prepared in a restricted format. The restrictive format provides only a synopsis of the appraiser's opinion and conclusions. This report omits detailed information on the subject property, sales data and reasoning which led to my conclusion. Supporting data is retained in my file. This appraisal was prepared for the specific use of the client and is invalid for any other user. The appraiser is not responsible for unauthorized use of this report. Based on the comparable sales in the areas, I have formed the opinion that, as of January 30, 2019, subject to the assumptions and limiting conditions set forth in this report the market value of the subject property was were estimated as follows: ONE HUNDRED TWENTY THOUSAND DOLLARS ($120,000) Respectfully Submitted, Marr & Associates Appraisal Company, Inc. Trent Marr, MAI, SRPA State -Certified General Real Estate Appraiser # RZ 514 L1379 —Vega Ownership, Lot 7, Block 46 Sands Subdivision, Big Pine Key, Florida Man• & Associates Appraisal Company, hic. 1 Date Submitted: 2019-07-31 11:47:14.277 1 Form Key: 5342 PROJECT NAME: Vega -Site ADDRESS: The address is 31067 Avenue G, Big Pine Key, Florida OWNER OF RECORD: Angelica Vega PURPOSE OF THE REPORT: Estimate market value PARCEL IDENTIFICATION: 00306550-000000 DATE OF VALUE/REPORT: January 30, 2019 / January 31, 2019 INTEREST APPRAISED: Fee Simple ZONING/TIER: IS (Improved Subdivision) / Tier 1 WATER FRONT: No HIGHEST AND BEST USE: Develop with single family home INTENDED USER AND USE OF THE REPORT: The intended user of this report is the Monroe County Land Authority. The intended use is to establish a negotiating price. CLIENT Charles Pattison / Monroe County Land Authority HISTORY There have been no sales within the past several years. The site is under contract with the MCLA for $110,000. The site was not listed with a broker and is being sold by owner. EXPOSURE TIME: 6-9 months CURRENT USE: Improved with date mobile home RIGHTS APPRAISED: Fee simple estate PARCEL DESCRIPTION: The site consists of a 5,000 square foot non -water front site. The site is zoned IS (Improved Subdivision) and is located within a Tier 1 habitat designation. HYPOTHETICAL CONDITION(S) Assume the site is vacant EXTRAORIDARY ASSUMPTION(S) None L1379 —Vega Ownership, Lot 7, Block 46 Sands Subdivision, Big Pine Key, Florida Marr & Associates Appraisal Company, hic. 2 Date Submitted: 2019-07-31 11:47:14.277 1 Form Key: 5342 3 4' 7 8 9 01 <0 306620, 0 0) 00 co q0 to 16 '15" 1413 12 10 16 1 50 190 5"f) 50 50 16 0 vswres C5 c� CD M cn M 3' 4 6 9 50 50 50 150 CN NT 306410 0 4D Ln' 01 47� 0 C9 Lp 811 'j r Uf cn M cn C) M 1A 4- TAX PARCEL MAP AERIAL PHOTOGRAPH L1379 —Vega Ownership, Lot 7, Block 46 Sands Subdivision, Big Pine Key, Florida Man• & Associates Appraisal Company, hic. 3 Date Submitted: 2019-07-31 11:47:14.277 1 Form Key: 5342 SUBJECT PHOTOGRAPHS Front view Side yard view L1379 —Vega Ownership, Lot 7, Block 46 Sands Subdivision, Big Pine Key, Florida Man• & Associates Appraisal Company, hic. 4 Date Submitted: 2019-07-31 11:47:14.277 1 Form Key: 5342 SCOPE OF WORK At the request of the client, I did not physically inspect the subject property. Information about the property was taken from the property record cards, aerial photographs and information provided by the client. Additionally, I may or may not have inspected the comparable sales. Those sales that were inspected were done for prior appraisals. I reserve the right to alter my value conclusion if at a later date, an inspection would reveal information on the subject site or comparables that was not available on the public records, client data and aerial photographs did not reveal. The information for the site regarding size, habitat, zoning and tier designation was taken from the Monroe County web sites along with the information provided by the Monroe County Land Authority. The information obtained is assumed to be correct. The sales comparison approach is the most reliable approach for vacant land in the area and was the only approach used in this report. The market value assumes the lot is ROGO exempt. The information on the sales was taken from either the local MLS or the Monroe County Property Appraisers web site. The sizes for the comparables were taken from the Monroe County Property Appraisers web site and were assumed to be correct. 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: Buyer and seller are typically motivated; Both parties are well informed or well advised, and acting in what they consider their own best interests; A reasonable time is allowed for exposure in the open market; Payment is made in terms of cash in United States dollars or in terms of financial arrangements comparable thereto; and 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. VALUATION OF THE SUBJECT The income and cost approach are not applicable for vacant land in the area, and have been omitted. The sales comparison approach is the most reliable approach for vacant land in the area and was the only approach used in this report. 2 Supplemental Appraisal Standards for Board of Trustees Land, Division of State Lands, (2012), Page 7 L1379 —Vega Ownership, Lot 7, Block 46 Sands Subdivision, Big Pine Key, Florida Man• & Associates Appraisal Company, hic. 5 Date Submitted: 2019-07-31 11:47:14.277 1 Form Key: 5342 VALUATION OF THE SUBJECT PROPERTY SUMMARY OF SALES Subject Sale 1 Sale 2 Sale 3 Sale 4 Sale 5 Sale 6 Location 31067 Avenue G 31142 Avenue F 30035 Linda St. 31076 Avenue D 31372 Avenue G 31059 Avenue G 301 County Road Parcel# 00306550 00305070 00256500 00303440 00305880 00306540 00300500 Sales Price $110,000 $118,000 $125,000 $120,000 $120,000 $110,000 $110,000 Sales Date Pending 5-18 3-18 4-18 3-18 1-19 1-19 Size SF 5,000 sf 5,000 sf 7,730 sf 5,000 sf 5,000 sf 5,000 sf 5,589 sf Zoning IS IS IS IS IS IS IS Tier 1 1 1 1 1 1 1 ROGO/Exempt Assume vacant / Yes Yes Yes Yes Yes Yes Yes $/Site $118,000 $125,000 $120,000 $120,000 $110,000 $110,000 CONCLUSION OF VALUE The sales range from $110,000 to $125,000. All of the sales are located in the subject's subdivision and are excellent indicators of value. Sales 5 and 6 are the most recent sales and sold for the lowest price per lot; these sales were purchased by Monroe County. The county currently has a pending contract on a 5,000 sf lot located at 31481 Avenue C for $120,000. Based on the sales; the range of value for permitted lots are $110,000 to $125,000, with the price dependent on the motivation of the seller and negotiating skills of the buyer. Some of the sales are being sold and listed by real estate agents and others are being marketed and sold by owners. All of the sales are very similar and the marketing technique between real estate agents and owner may be affecting the sales price by the commission difference. Based on the sales, the range of value is $110,000 to $120,000. Sales 5 and 6 are the most recent sales and have the lowest price per lot. The market is not a downward trend, but has actually been increasing the last few years. Therefore, although sales 5 and 6 were the most recent sales, they were given least weight. Thus, the market value of the site was estimated at $120,000. L1379 —Vega Ownership, Lot 7, Block 46 Sands Subdivision, Big Pine Key, Florida Marr & Associates Appraisal Company, hic. 6 Date Submitted: 2019-07-31 11:47:14.277 1 Form Key: 5342 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 and 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. I did not personally inspect the subject property. Mary Marr provided professional assistance in the verification of comparable data and 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. 1-31-19 ------------------------------------ ------ Trent Marr, MAI, SRPA Date State -Certified General Real Estate Appraiser # RZ 514 L1379 —Vega Ownership, Lot 7, Block 46 Sands Subdivision, Big Pine Key, Florida Man• & Associates Appraisal Company, hic. 7 Date Submitted: 2019-07-31 11:47:14.277 1 Form Key: 5342 ASSUMPTIONS AND LIMITING CONDITIONS The legal description used in this report is assumed to be correct. The market value estimate assumes the site is buildable unless stated otherwise in this report. 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. 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. 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. Date Submitted: 2019-07-31 11:47:14.277 1 Form Key: 5342 Appraisal for the Following Site(s): 31423 Avenue G, Big Pine Key 31441 Avenue G, Big Pine Key 31566 Avenue B, Big Pine Key Date Submitted: 2019-07-31 11:47:14.277 1 Form Key: 5342 A RESTRICTED APPRAISAL OF THREE OWNERSHIP SITES MARK WEINBERG PARCEL # 00300790-000000 ROBERT J. SHERMAN PARCEL # 00306000-000800 JAYNE S. BIGELOW 00306000-000500 LOCATED ON BIG PINE 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 JANUARY 25, 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 11:47:14.277 1 Form Key: 5342 TRENT MARR, MAI, SRPA State -Certified General Real Estate Appraiser # RZ 514 trentmarr(a,enibardmail.com January 25, 2019 Charles G. Pattison, Executive Director Monroe County Land Authority 1200 Truman Avenue, Suite 207 Key West, Florida 33040 Phone (850) 342-1114 2665 Aucilla Road, Monticello, FL 32344 81800 Overseas Highway, Islamorada, FL 33036 Re: Three ownership parcels located on Big Pine Key, parcel #'s 00300790-000000 (Weinberg) , 0030600-000800 (Sherman) and 00306000-000500 (Bigelow) 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 Weinberg site consists of a 5,000 square foot non -water front lot and is located in a Tier 1 habitat classification. The Sherman site consists of a 6,750 square foot non -water front site and is located in a Tier 3 habitat classification. The Bigelow site consists of a 6,750 square foot non -water front site and is located in a Tier 3 habitat classification. Although non - waterfront, the Sherman and Bigelow sites has an easement through their sites to a boat ramp, allowing boating access. The lots are zoned IS (Improved Subdivision) and are located in an AE flood zone. The Tier 1 designation is assigned to the most environmentally sensitive land and is the most difficult to develop. The Weinberg site is within a Tier 1, however, it was once developed, therefore; the Tier 1 designation is irrelevant. The Weinberg site is located at 31566 Avenue B, the Sherman Site is located at 31441 Avenue G and the Bigelow site is located at 31423 Avenue G, all on Big Pine Key. All of the sites are ROGO exempt. To the best of my ability, the analysis, opinions, and conclusions were developed and this restricted appraisal report was prepared in accordance with the standards and reporting requirements of the Appraisal Institute, Uniform Standards of Professional Appraisal Practice, dated January 2018. The appraisal was prepared in a restricted format. The restrictive format provides only a synopsis of the appraiser's opinion and conclusions. This report omits detailed information on the subject property, sales data and reasoning which led to my conclusion. Supporting data is retained in my file. This appraisal was prepared for the specific use of the client and is invalid for any other user. The appraiser is not responsible for unauthorized use of this report. Based on the comparable sales in the areas, I have formed the opinion that, as of January 25, 2019, subject to the assumptions and limiting conditions set forth in this report the market value of the subject properties were estimated as follows: Weinberg $120,000 Sherman $125,000 Bigelow $125,000 Respectfully Submitted, Marr & Associates Appraisal Company, Inc. Trent Marr, MAI, SRPA State -Certified General Real Estate Appraiser # RZ 514 L1378 —Three Ownership Lots, Big Pine Key, Florida Main & Associates Appraisal Company, hic. 1 Date Submitted: 2019-07-31 11:47:14.277 1 Form Key: 5342 PROJECT NAME: Weinberg -Site ADDRESS: The address is 31566 Avenue B, Big Pine Key, Florida OWNER OF RECORD: Mark Weinberg PURPOSE OF THE REPORT: Estimate market value PARCEL IDENTIFICATION: 00300790-000000 DATE OF VALUE/REPORT: January 25, 2019 / January 25, 2019 INTEREST APPRAISED: Fee Simple ZONING/TIER: IS (Improved Subdivision) / Tier 1 WATER FRONT: No HIGHEST AND BEST USE: Develop with single family home INTENDED USER AND USE OF THE REPORT: The intended user of this report is the Monroe County Land Authority. The intended use is to establish a negotiating price. CLIENT Charles Pattison / Monroe County Land Authority HISTORY There have been no sales within the past several years. To my knowledge the subject is not currently listed for sale. EXPOSURE TIME: 6-9 months CURRENT USE: Vacant site / ROGO Exempt RIGHTS APPRAISED: Fee simple estate PARCEL DESCRIPTION: The site consists of a 5,000 square foot non -water front site. The site is zoned IS (Improved Subdivision) and is located within a Tier 1 habitat designation. HYPOTHETICAL CONDITION(S) None EXTRAORIDARY AS None L1378 —Three Ownership Lots, Big Pine Key, Florida Main & Associates Appraisal Company, hic. 2 Date Submitted: 2019-07-31 11:47:14.277 1 Form Key: 5342 WEINBERG SITE 50 UV DU N �5oo �n CNJ LO Q LO LO 0 (0 Lr) cN C)a M M cq CD M 2 3 4' 7 50 No 50 C� co 0 qp % ic co C9 C9 1 5 No 14 NN 13 1 0 12 Jol 10 110 7-51 M,0690 300,71,0 300730 3,qD,76,0 ce) 2 3 4 5 6 A 10 �75 50 TAX PARCEL MAP AERIAL PHOTOGRAPH L1378 —Three Ownership Lots, Big Pine Key, Florida Main & Associates Appraisal Company, hic. 3 Date Submitted: 2019-07-31 11:47:14.277 1 Form Key: 5342 WEINBERG SITE View from Street Interior view facing street L1378 —Three Ownership Lots, Big Pine Key, Florida Main & Associates Appraisal Company, hic. 4 Date Submitted: 2019-07-31 11:47:14.277 1 Form Key: 5342 PROJECT NAME: Sherman - Site ADDRESS: The address is 31441 Avenue G, Big Pine Key, Florida OWNER OF RECORD: Robert J. Sherman PURPOSE OF THE REPORT: Estimate market value PARCEL IDENTIFICATION: 00306000-000800 DATE OF VALUE/REPORT: January 25, 2019 / January 25, 2019 INTEREST APPRAISED: Fee Simple ZONING/TIER: IS (Improved Subdivision) / Tier 3 WATER FRONT: Easement to boat ramp HIGHEST AND BEST USE: Develop with single family home INTENDED USER AND USE OF THE REPORT: The intended user of this report is the Monroe County Land Authority. The intended use is to establish a negotiating price. CLIENT Charles Pattison / Monroe County Land Authority HISTORY There have been no sales within the past several years. The subject is currently listed for sale for $129,000. Based on the market value estimated in this report, the asking price is reasonable. EXPOSURE TIME: CURRENT USE: RIGHTS APPRAISED: 6-9 months Vacant site / ROGO Exempt Fee simple estate PARCEL DESCRIPTION: The site consists of a 6,750 square foot non -water front site. The site is zoned IS (Improved Subdivision) and is located within a Tier3 habitat designation. HYPOTHETICAL CONDITION(S) None EXTRAORIDARY ASSUMPTION(S) None L1378 —Three Ownership Lots, Big Pine Key, Florida Main & Associates Appraisal Company, hic. 5 Date Submitted: 2019-07-31 11:47:14.277 1 Form Key: 5342 SHERMAN SITE 81 1' i6 18 ..... ..... .. . ... .. 50 670 0") 65 TO v7 3'r X A CD CD '� Z" 21 lay s M +I ")J ". . . ............ . a, a I 'ko '0 OWE 3,WS" N '.g Gw'c'2 4Jtls61 50 10G co c 308 4,60 308440 29 in 8: .In 2, - z®; c3 12 91 65 - 42hk C3 TAX PARCEL MAP AERIAL PHOTOGRAPH L1378 —Three Ownership Lots, Big Pine Key, Florida Main & Associates Appraisal Company, hic. 6 Date Submitted: 2019-07-31 11:47:14.277 1 Form Key: 5342 SHERMAN SITE View facing from street View facing towards street Aerial view showing easement to boat ramp L1378 —Three Ownership Lots, Big Pine Key, Florida Main & Associates Appraisal Company, hic. 7 Date Submitted: 2019-07-31 11:47:14.277 1 Form Key: 5342 PROJECT NAME: Bigelow - Site ADDRESS: The address is 31423 Avenue G, Big Pine Key, Florida OWNER OF RECORD: Jayne S. Bigelow PURPOSE OF THE REPORT: Estimate market value PARCEL IDENTIFICATION: 00306000-000500 DATE OF VALUE/REPORT: January 25, 2019 / January 25, 2019 INTEREST APPRAISED: Fee Simple ZONING/TIER: IS (Improved Subdivision) / Tier 3 WATER FRONT: Easement to boat ramp HIGHEST AND BEST USE: Develop with single family home INTENDED USER AND USE OF THE REPORT: The intended user of this report is the Monroe County Land Authority. The intended use is to establish a negotiating price. CLIENT Charles Pattison / Monroe County Land Authority HISTORY There have been no sales within the past several years. The subject is currently listed for sale for $129,000. Based on the market value estimated in this report, the asking price is reasonable. EXPOSURE TIME: CURRENT USE: RIGHTS APPRAISED: 6-9 months Vacant site / ROGO Exempt Fee simple estate PARCEL DESCRIPTION: The site consists of a 6,750 square foot non -water front site. The site is zoned IS (Improved Subdivision) and is located within a Tier 3 habitat designation. HYPOTHETICAL CONDITION(S) None EXTRAORIDARY ASSUMPTION(S) None L1378 —Three Ownership Lots, Big Pine Key, Florida Main & Associates Appraisal Company, hic. 8 Date Submitted: 2019-07-31 11:47:14.277 1 Form Key: 5342 BIGELOW SITE e 0(130 cm1. 30600 It + (( L� .� 12, 06000 '3*(AM U21j, r . ,306070 11 4ja �,60 4 '5 14 �. 41 50' _DID 042 � TAX PARCEL MAP AERIAL PHOTOGRAPH L1378 —Three Ownership Lots, Big Pine Key, Florida Main & Associates Appraisal Company, hic. 9 Date Submitted: 2019-07-31 11:47:14.277 1 Form Key: 5342 BIGELOW SITE View facing from street View facing towards street Aerial view showing easement to boat ramp L1378 —Three Ownership Lots, Big Pine Key, Florida Main & Associates Appraisal Company, hic. 10 Date Submitted: 2019-07-31 11:47:14.277 1 Form Key: 5342 SCOPE OF WORK At the request of the client, I did not physically inspect the subject properties. Information about the properties was taken from the property record cards, aerial photographs and information provided by the client. Additionally, I may or may not have inspected the comparable sales. Those sales that were inspected were done for prior appraisals. I reserve the right to alter my value conclusion if at a later date, an inspection would reveal information on the subject sites or comparables that was not available on the public records, client data and aerial photographs did not reveal. The information for the sites regarding size, habitat, zoning and tier designation were taken from the Monroe County web sites along with the information provided by the Monroe County Land Authority. The information obtained is assumed to be correct. The sales comparison approach is the most reliable approach for vacant land in the area and was the only approach used in this report. The market value assumes that all three lots are ROGO exempt. The information on the sales was taken from either the local MLS or the Monroe County Property Appraisers web site. The sizes for the comparables were taken from the Monroe County Property Appraisers web site and were assumed to be correct. 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: Buyer and seller are typically motivated; Both parties are well informed or well advised, and acting in what they consider their own best interests; A reasonable time is allowed for exposure in the open market; Payment is made in terms of cash in United States dollars or in terms of financial arrangements comparable thereto; and 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. VALUATION OF THE SUBJECT The income and cost approach are not applicable for vacant land in the area, and have been omitted. The sales comparison approach is the most reliable approach for vacant land in the area and was the only approach used in this report. 2 Supplemental Appraisal Standards for Board of Trustees Land, Division of State Lands, (2012), Page 7 L1378 —Three Ownership Lots, Big Pine Key, Florida Main & Associates Appraisal Company, hic. 11 Date Submitted: 2019-07-31 11:47:14.277 1 Form Key: 5342 VALUATION OF THE SUBJECT PROPERTY SUMMARY OF SALES Subject Sale 1 Sale 2 Sale 3 Sale 4 Sale 5 Sale 6 31566 Avenue B 301 31441 31142 30035 31076 31372 31059 County Location Avenue G Avenue F Linda St. Avenue D Avenue G Avenue G Road 31423 Avenue G 00300790 0030600-8 Parcel# 00305070 00256500 00303440 00305880 00306540 00300500 0030600-5 Sales Price $118,000 $125,000 $120,000 $120,000 $110,000 $110,000 Sales Date 5-18 3-18 4-18 3-18 1-19 1-19 5,000 sf Size SF 6,750 sf 5,000 sf 7,730 sf 5,000 sf 5,000 sf 5,000 sf 5,589 sf 6,750 sf Zoning IS IS IS IS IS IS IS Tier 1, 3, 3 1 1 1 1 1 1 ROGO/Exem t Yes Yes Yes Yes Yes Yes Yes $/Site $118,000 $125,000 $120,000 $120,000 $110,000 $110,000 CONCLUSION OF VALUE The sales range from $110,000 to $125,000. All of the sales are located in the subject's subdivision and are excellent indicators of value. Sales 5 and 6 are the most recent sales and sold for the lowest price per lot; these sales were purchased by Monroe County. The county currently has a pending contract on a 5,000 sf lot located at 31481 Avenue C for $120,000. Based on the sales; the range of value for permitted lots are $110,000 to $125,000, with the price dependent on the motivation of the seller and negotiating skills of the buyer. The Weinberg site is 5,000 square feet; based on the sales, the range of value is $110,000 to $120,000. Sales 5 and 6 are the most recent sales and have the lowest price per lot. The market is not a downward trend, but has actually been increasing the last few years. Therefore, although sales 5 and 6 were the most recent sales, they were given least weight. Thus, the market value of Weinberg site was estimated at $120,000. The Sherman and Bigelow sites total 6,750 square feet and are larger than 4 out of the 5 sales. These sites have an easement to a boat ramp within a few hundred feet. The easement does allow for multiple properties, however, because of the subject sites proximity to the ramp they are superior to other lots. Because of their larger size and proximity to the boat ramp, the Sherman and Bigelow lots were estimated in the upper range at $125,000 per lot. L1378 —Three Ownership Lots, Big Pine Key, Florida Main & Associates Appraisal Company, hic. 12 Date Submitted: 2019-07-31 11:47:14.277 1 Form Key: 5342 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 and 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. I did not personally inspect the subject property. Mary Marr provided professional assistance in the verification of comparable data and 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. 1-25-19 ------------------------------------ ------ Trent Marr, MAI, SRPA Date State -Certified General Real Estate Appraiser # RZ 514 L1378 —Three Ownership Lots, Big Pine Key, Florida Main & Associates Appraisal Company, hic. 13 Date Submitted: 2019-07-31 11:47:14.277 1 Form Key: 5342 ASSUMPTIONS AND LIMITING CONDITIONS The legal description used in this report is assumed to be correct. The market value estimate assumes the site is buildable unless stated otherwise in this report. 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. 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. 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. Date Submitted: 2019-07-31 11:47:14.277 1 Form Key: 5342 Attachment 7 Date Submitted: 2019-07-31 11:47:14.277 1 Form Key: 5342 .Name of Development. Lower Keys Scattered Sites Development Location; See AttachrnentA (At a minimum, pro-6de the, address atunber, street mune and city, andfor provide the street name, closest designated intersection and either the city (if located within a city) or counry (if located in the unurzorporated area of the county). The location of all Scattered Site&, if applicable, most also be included. Number of Units in the Development: 12 This number must be equal to or greater than the uumber of units stated by the Applicant in Exhibit A of the RFA- The undersigned service provider confirms that. as of the date thtft this form was signed.. the above referenced Development's proposed number of units, density, and intended use are consistent with current latid, use regulations and zoning designation or, if the Development consists of rehabilitation, the intended use is allowed as a legally non- conforming use. To the best of ray knowledge, there are no hearings or approvals required to obtain the appropriate g zolain® classification, Assuining compliance with the applicable land use regulations, there are no knotvii conditions that would preclude construction or rellabilitation of the referenced Development oil the proposed site. I certify that the Ci f Mewne has vested in me die authority to verify ql��!nty (Marne of City/Couilty) consistency with local land use regulations and zoning desi� aiation or, if the Development consists of rehabilitation, the intended use is allowed as a "legally non -conforming use" and In-ther certify that the foregoing information is true and correct. Ira. addition, if the proposed Development site is in the Florida Keys Area as defined in Rule Chapter 67-48. F,AC- I fill-ther certify that the Applicant has obtained the necessary Rate of Gro,,vth Ordinance (ROGO) 2,11 care , 11,onot ,e Local Govei ml, Signa Print or T,,pe Name WAIN11 r. -VMeAY �\MVLht- &06 Date §i?lied Print' or Yype Title , , % k Crw% bAmek-Yc,\Df This certification must be signed by the applicable City's air County's Director of Planning and Zoning, appointed official (stift) responsible for detemamation of issues related to comprehensive planning and zoning, City Manager, or County ManageriAdministrator/Coordinator- Signatures from local elected officials are not acceptable, nor are otlier signatories. If there are altrTaticus made to this form that change the meaning of the form, the form -A,ill not be accepted - (Form Rev. 9- 18) Date Submitted: 2019-07-31 11:47:14.277 1 Form Key: 5342 Attachment A Address of Development Site Lower Keys Scattered Sites 12 scattered sites all located in Unincorporated Monroe County: 31423 Avenue G, Big Pine Key; 31441 Avenue G, Big Pine Key; 30 Sands Road, Big Pine Key; 31235 Avenue E, Big Pine Key; 31059 Avenue G, Big Pine Key; 301 County Road, Big Pine Key; 31481 Avenue C, Big Pine Key; 31566 Avenue B, Big Pine Key; 31067 Avenue G, Big Pine Key; 31063 Avenue E, Big Pine Key; 31247 Avenue G, Big Pine Key; AND 28279 Julia Avenue, Little Torch Key Date Submitted: 2019-07-31 11:47:14.277 1 Form Key: 5342 Attachment R., IMC to '11, ilk LTS411 W14VJ I" I WKS) a 10 a VIYM 141,41101 IN ZA M 0 JIMIIIJISJOSIV Name of Development: Lower Keys Scattered Sites Wevelopment Locatioz See Attad=Wt A I ark Y W Tie 1177MIC M.MIMM MWM.". MMMItz-fi'l Weveloptimut Location met the fo]JOWM4 Electricity is available to the proposed Development, subject to item 2 below. To access such electric service. the Applicant may be required to pay hook-up, installation and other custom fees. co=lv with other routine administrative Wredures, and 1 # # 1t line fwtensimT I 1its I IRKAJO 1"MI, MW TIMAIKI)[If NINJ fitJU, *POWIA14 toll) I rvj t i�J, Print r Type Title I Date ligned information is trim and correct. U Name ckEatt—ty eAice Address (street address, city, state) M MV 9, IME, ERR& R." R. PI "M 77 Am, A�� Date Submitted: 2019-07-31 11:47:14.277 1 Form Key: 5342 Attachment A Address of Development Site Lower Keys Scattered Sites 12 scattered sites all located in Unincorporated Monroe County: 31423 Avenue G, Big Pine Key; 31441 Avenue G, Big Pine Key; 30 Sands Road, Big Pine Key; 31235 Avenue E, Big Pine Key; 31059 Avenue G, Big Pine Key; 301 County Road, Big Pine Key; 31481 Avenue C, Big Pine Key; 31566 Avenue B, Big Pine Key; 31067 Avenue G, Big Pine Key; 31063 Avenue E, Big Pine Key; 31247 Avenue G, Big Pine Key; AND 28279 Julia Avenue, Little Torch Key Date Submitted: 2019-07-31 11:47:14.277 1 Form Key: 5342 Attachment r� EILORMA H OU SING F" I NAN (.% JP"ORK4,11 i I N V,A 1 ON W AINULAMME.1-rN Ov IN "'A (f ( I I "LIRII - w X'flb it PAWL '; rwh-!� 9A &MM& R�ijwwj' mwm awiw AAJ a rp �k-Ake R'K �"'-O -levm" "k.T�5mm-A Lval", M-Irl Ed QIM to U'� lum m nly U Mm" K -imslkldmzd N 4% IN ikiii'm d T'trf,,ib 6. dJ6- Dc 1 71j!w mwtn'-wswi b-naqwd C"�w pwsr, M &aMwe"m MMOKOY'"wm 6qA 144"'Rrsnk -ON ammupt'd wi"'kt pimijew ettCvitm thm", im,w40w 40V F INU)""O'rig tal, Jim'Umm fix sjlwmktr� F mmMm &wmr n mv mA kv w d w ya"y'- Ed Fk-m mhr�mmt i�dh,4 Kt !-p j nqp T tiqA p Lao, cmaldl 1"Al CAOU puQ" g+him1but pDOObfw*J, jA4vpj,e-, cm2kAil twi. w,mdxmmwcjc4 L-mull mrjtm& hac ckww 4.4 u'low Qq'mmm#l. it-Julmullm,ml, pqmtiphij; mvkxb� Sul:cumicclim, i *J-64is �ML&Actux. 1411-w MAgronc EmVed"I of M& dwauxuF (Nown-moi "oujpiwrr daivaim wanz Val 4 mmbtoc is ldhtr A0111,01,12 41 lu" murc arA 4nax nn,,7, ray.nutsl* A,� R.r.vu,i imitire 'rim ma rtjjr,-� m rwow wwte�f mmur Tit alawbill!'N :,f Malm 5,1mins Ls mixicl to (ra qy- ilt :.v Alikuh:50 pmMunmul C-E-R-ITFICAT50N Uw, rj-,i)qp u,njL i uTimmAu a 6 -xmc, A 'A' I'my I v J" L Fv it n Typt Mow A fWw'', f I bm'' W, I i ly. 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Date Submitted: 2019-07-31 11:47:14.277 1 Form Key: 5342 Attachment 11 Date Submitted: 2019-07-31 11:47:14.277 1 Form Key: 5342 MKII1,114 I Name of Development: Loaver Keys Scattered Sites Developnient Location: See Artacluntnt A At minimum, provide the address rnunber, street name and city and/of provide the street came, closest designated intffsection and either the city, (if located within a city) or county (if located m the unincorporated area of the county)- The location of all Scattered Sites, if applicable, must also be itichide& The undersigned service provider confirais that, as of the date that this form was signed. the above referenced Development Location met the following: 1 Existirig paved roads provide access to the proposed Development or paved roads will be constructed as part of the proposed Development, 2. Tliere are no inipedinients to the proposed Development using the roads other than payinent of impact fees or providing curb cuts, run lailes, signalization, or securing required final approvals and permits for the proposed De-,,-elopnient: and 3- The execution of this verification is not a granting of traffic concurrency approval for the proposed zn Development. WORM# I certify that file foregoing inform ation is true and correct, Si aattu Name of Eutih, Providing rvice Print or Ty �e Nanie d�"C. —91KA)f Ok -�\01)6W5 AM Print or Tqe Title Envitomenxas 'Ve5o6rce5 Date SLieh Address (street ad(h-ess. city. state) S . Telephone Number (includhig area code) This cerrification may not be signed by the Applicant, by any related pimies ofthe Applicam or by any Principals or Financial Beneficiaries of the Applicant. In addition- signatitres from local elected officials are not acceptable - If there, are alterations inade to this form That change the meaning of the form- the form will not be accepted. (Form Rev- 8-1 s) Date Submitted: 2019-07-31 11:47:14.277 1 Form Key: 5342 Attachment A Address of Development Site Lower Keys Scattered Sites 12 scattered sites all located in Unincorporated Monroe County: 31423 Avenue G, Big Pine Key; 31441 Avenue G, Big Pine Key; 30 Sands Road, Big Pine Key; 31235 Avenue E, Big Pine Key; 31059 Avenue G, Big Pine Key; 301 County Road, Big Pine Key; 31481 Avenue C, Big Pine Key; 31566 Avenue B, Big Pine Key; 31067 Avenue G, Big Pine Key; 31063 Avenue E, Big Pine Key; 31247 Avenue G, Big Pine Key; AND 28279 Julia Avenue, Little Torch Key Date Submitted: 2019-07-31 11:47:14.277 1 Form Key: 5342 Attachment 12 Date Submitted: 2019-07-31 11:47:14.277 1 Form Key: 5342 Not App icab Date Submitted: 2019-07-31 11:47:14.277 1 Form Key: 5342 Attachment 13 Date Submitted: 2019-07-31 11:47:14.277 1 Form Key: 5342 Not App icab Date Submitted: 2019-07-31 11:47:14.277 1 Form Key: 5342 Attachment 14 Date Submitted: 2019-07-31 11:47:14.277 1 Form Key: 5342 Not App icab Date Submitted: 2019-07-31 11:47:14.277 1 Form Key: 5342 Attachment 15 Date Submitted: 2019-07-31 11:47:14.277 1 Form Key: 5342 Not App icab Date Submitted: 2019-07-31 11:47:14.277 1 Form Key: 5342 Attachment 16 Date Submitted: 2019-07-31 11:47:14.277 1 Form Key: 5342 Not App icab Date Submitted: 2019-07-31 11:47:14.277 1 Form Key: 5342 Attachment 17 Date Submitted: 2019-07-31 11:47:14.277 1 Form Key: 5342 Not App icab Date Submitted: 2019-07-31 11:47:14.277 1 Form Key: 5342 Attachment 18 OE COUNTY OUSIN AUTHORITY 1400 KENNEDY DRIVE • KEY WEST, FLORIDA 33040 305 296-5621•T1-Y/Florida Relay Service(FRS 1-800 955-8771 Board of Commissioners Aaron Castillo Carey Goodman Patrick Labrada Ail ton Lopez Richard Toppino July 5, 2019 Executive Director J. Manuel Castillo, Sr. VOLUNTARY SALES DISCLOSURE NOTICE OF INTEREST AND DERERMINATION OF FAIR MARKET VALUE TO: Charles Pattison, Executive Director Monroe County Land Authority FROM: J. Manuel Castillo, Sr. Monroe County Housing Authority RE: Purchase of Real Properties as described in Attachment A Because federal funding may be utilized to purchase these properties, this letter is to inform you of the following: • This sale is voluntary • This sale is between a willing Buyer and a willing Seller • The Buyer does not have the power to eminent domain • The Buyer will make every reasonable effort to acquire the properties expeditiously through negotiation only • The negotiations may result in a purchase price that equals, exceeds, or is less than the Estimated Market Value • If these negotiations fail to reach an amicable agreement between the Buyer and the Seller, the property will not be acquired • No specific site or property needs to be acquired as part of an intended, planned, or designated project area where all or substantially all of properties in the area need to be acquired within a specific timeframe • If Buyer wishes to purchase more than one property in the general geographic area, all owners will be treated similarly Buyer believes that total estimated Market Value of all the properties is $1,432,000 based on third party appraisals of the market value of the properties. Accepted by: Charles Pattison, Executive Director Monroe County Land Authority 11 Attachment Address ofDevelopment Site Lower Keys Scattered Sites 12 scattered sites all located in Unincorporated Monroe County: 31423 Avenue G, Big Pine Key; 31441Avenue G,Big Pine Key; 38SnadsRoad, Big Pine Key; 31335Avenue E,Big Pine Key; 3lO59Avenue G,Big Pine Key; 3O1County Road, Big Pine Key; 31481Avenue {, Big Pine Key; 31566Avenue B, Big Pine Key; ]1O67Avenue G, Big Pine Key; 31063Avenue E, Big Pine Key; 31247Avenue G,Big Pine Key, AND 2D279Julia Avenue, Little Torch Key Date Submitted: 2019-07-31 11:47:14.277 1 Form Key: 5342 Attachment 18 Lower Keys Scattered Sites Appraisals — Please see Attachment 6 of this application for the required appraisals of the properties. Date Submitted: 2019-07-31 11:47:14.277 1 Form Key: 5342 OPTION AGREEMENT FOR THE PURCHASE OF LANDS THIS AGREEMENT is made and entered into this day of , 20197 by and between Monroe County Comprehensive Plan Land Authority (hereinafter "Seller(s)"), for themselves, their heirs, executors, administrators, successors and assigns, and MONROE COUNTY HOUSING AUTHORITY (hereinafter "HOUSING AUTHORITY"). WITNESSETH: The Seller(s) hereby grant to the HOUSING AUTHORITY 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: 12 subdivision lots on Big Pine Key and Little Torch Key, more particularly described in Exhibit A. The consideration for the option granted by this Agreement is $10.00 in hand, paid by the HOUSING AUTHORITY, the receipt of which is hereby acknowledged (hereinafter "Option Payment"). The period covered by the option shall commence on July 18, 2019 and shall expire on March 31, 2020 at 5:00 pm (hereinafter "Option Period"). The HOUSING AUTHORITY 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. 2. The Seller(s) agree that they have full right, power and authority to convey, and that they will convey to the HOUSING AUTHORITY 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 HOUSING AUTHORITY, at the HOUSING AUTHORITY'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 HOUSING AUTHORITY shall have sixty (60) days from the date of Option Notice in which to examine title. If title is found defective, the HOUSING AUTHORITY 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 HOUSING Date Submitted: 2019'07'31 11:47:14.277 1 Form Key: 5342 AUTHORITY shall have the option of either accepting the title as it then is or rescinding the Agreement herein. The Seller(s) further agree that during the period covered by this instrument officers and accredited agents of the HOUSING AUTHORITY 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. 5. The Seller(s) will execute and deliver upon demand of the proper officials and agents of the HOUSING AUTHORITY a good and sufficient deed of warranty conveying to the HOUSING AUTHORITY a marketable title to the said lands of such character as to be satisfactory to the legal counsel of the HOUSING AUTHORITY 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 HOUSING AUTHORITY governing the use, occupation, protection and administration of lands. 9,. The purchase price for said lands and other interests, subject to adjustments and prorations, is $1,363,989.00. The HOUSING AUTHORITY 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 HOUSING AUTHORITY shall have approved the title thus vested in the HOUSING AUTHORITY, it will cause to be paid to the Seller(s) the balance of the purchase price. The HOUSING AUTHORITY 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 HOUSING AUTHORITY, or the effective date of possession of such real property by the same, whichever is earlier. Full possession of the premises shall pass to the HOUSING AUTHORITY 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 prope herein contracted to be sold, satisfactory to the legal counsel of the HOUSING AUTHORITY be obtained by the HOUSING AUTHORITY at its expense. The Seller(s) expressly agree here to furnish to the HOUSING AUTHORITY any documents in Seller(s)'s possession establishir�t evidence of title including, but not limited to, abstracts, title commitments, title policies a opinions of title. 4. It shall be the obligation of the Seller(s) to pay all taxes and assessments outstanding as liens, the date title vests of record in the HOUSING AUTHORITY, whether or not such taxes a assessments are then due and payable. 9. It is mutually understood and agreed that notice of acceptance of this Agreement shall be given the Seller(s) by mail addressed to the Seller(s) at the following address: Key West, FL 33040 2 Date Submitted: 2019-07-31 11:47:14.277 1 Form Key: 5342 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 HOUSING AUTHORITY may not assign this Agreement. 11. Unless waived by the HOUSING AUTHORITY as to one or more existing tenants, the property shall be delivered at closing free of any tenant or occupancy. 12. The effective date of this Agreement shall be that date when the last one of the Seller(s) and the HOUSING AUTHORITY has signed this Agreement. 13. If the Seller(s) wish to proceed with this transaction, the Seller(s) have until July 18, 2019 to sign and return this Agreement to the HOUSING AUTHORITY. This Agreement may be executed in counterparts. 14. In the event the transaction is not closed within the Option Period, at any time thereafter both the HOUSING AUTHORITY 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. 15. The HOUSING AUTHORITY'S remedy for default on the part of the Seller(s) includes specific performance. 16. The parties agree to impose a perpetual Use Restriction or other similar Restrictive Covenant in favor of the Seller(s) on the property title limiting use of the property to the provision of affordable housing for qualified persons whose income does not exceed 160 percent of Area Median Income. [The remainder of this page is intentionally blank.] 3 Date Submitted: 2019-07-31 11:47:14.277 1 Form Key: 5342 17. Notwithstanding any provision of this Agreement to the contrary, the closing of this transaction is contingent upon the HOUSING AUTHORITY'S receipt of Community Development Block Grant Disaster Relief (CDBG-DR) land acquisition funding in an amount of no less than $1,353,989.00, failing which the HOUSING AUTHORITY may 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. MONROE COUNTY COMPREHENSIVE PLAN LAND AUTHORITY, acting by and through its CHAIRMAN, has executed this Agreement on behalf of MONROE COUNTY COMPREHENSIVE PLAN LAND AUTHORITY this day of 12019. Seller/ MONROE COUNTY COMPREHENSIVE PLAN LAND AUTHORITY ATTEST: Charles G. Pattison, Executive Director Heather Carruthers, Chairman (Seal) MONROE COUNTY HOUSING AUTHORITY, acting by and through its EXECUTIVE DIRECTOR, has executed this Agreement on behalf of MONROE COUNTY HOUSING AUTHORITY this k day Of , 2019. Buyer/ MONROE COUNTY HOUSING AUTHORITY Manuel Castillo, Executive Director 4 Date Submitted: 2019-07-31 11:47:14.277 1 Form Key: 5342 EXHIBIT A Property Number Address Legal DescOption island RE Number 1 30 Sands Road Metes and bounds, NE 1/4 of S 26, .1.66 Sa R 29 E Big Pine Key O13.11320-001500 2 3:1235 Avenue E Block 35, Lot 3, Sands (PB 1-65) Big Pine Key 00304810-000000 3 31059 Avenue G Bieck 46, Lot 6, Sands (P8 1-65'j, INS Pine Key 00306540-000000 4 301 County Road Block 2, Lot 10, Dados (P8 3-92) Big Pine Key W300500-000000 5 31481 Avenue C Block 23, Lot 8, Sands (PB 1-651 Big Pine Key 00302780-000000 6 31566 Avenue B Block .10, Lot 11, -Sands (PB 1-65) Big Pine Key 00300790-UKWjGO 7 31067 Avenue G Block 46, Lot 7, Sands (PB 1-65) Big Pine Key 00306550-000OW 8 31423 Avenue G Metes and bounds, Sands (PB 1-65) Big Pine Key 00306000-000500 9 31441 Avenue G Metes and bounds', Sands )P131.65) Big Pine Key 0030600O.-CO-3800 10 31247 Avenue G Block 44, Lot 4, Sands (PB 1-65) Big Pine Key 00306200-000000 11 2,9279.1ulia Ave Block 1, Lot 10, Amended Plat of The Ladies Acre (138 5-96) Little'rorch Key 00222840-000000 12 31063 Avenue E Block 37, Lot 7, San& (PS 1-65) Big Nne Key 00305170-000000