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Item N5
BOARD OF COUNTY COMMISSIONERS AGENDA ITEM SUMMARY Meeting Date: _August 21, 2013 Division: County Administrator Bulk Item: Yes _ No X Department: County Administrator Staff Contact/Phone#: Roman Gastesi/292-4441 AGENDA ITEM WORDING: Discussion and direction on the property formerly known as Rowell's Marina and to give the Administrator the authority to negotiate a purchase price. ITEM BACKGROUND: Two appraisals were attained: 1)Appraisal Co. of Key West 2) Callaway& price, Inc. PREVIOUS RELEVANT BOCC ACTION: March 20, 2013 —direction to Administrator to investigate projects benefitting Upper, Middle and Lower Keys. April 17, 2013 —Approval to obtain two appraisal of the property formerly known as Rowell's Marina. CONTRACT/AGREEMENT CHANGES: N/A STAFF RECOMMENDATIONS: N/A TOTAL COST: N/A INDIRECT COST: BUDGETED: Yes _No DIFFERENTIAL OF LOCAL PREFERENCE: COST TO COUNTY: SOURCE OF FUNDS: 304 REVENUE PRODUCING: Yes_ No AMOUNT PER MONTH Year APPROVED BY: County Atty_ OMB/Purchasing Risk Management DOCUMENTATION: Included Not Required DISPOSITION: AGENDA ITEM# Revised 7/09 APPRAISAL Cj 0 Key West,Florida 330 Ouite #101 OF KEY WEST Faxephone: (305)296-0493 Website: fla-keysappraisals.com Email: jim@fia-keysappraisals.com July 25, 2013 Mr. Roman Gastesi, County Administrator Monroe County 1100 Simonton Street Key West, Florida 33040 Phone:(305) 292-4644 Email: Gastesi-Roman@MonroeC ounty-FL.Gov Subject: The Former Rowell's Marina 104550 Overseas Highway Tracts 1 and 2, Highland Shores Subdivision, PB3-39, plus Adjoining Parcels "A" and "B" Key Largo, Florida 33037 Our File No.: 205-13 Dear Mr. Gatesi: I personally examined and appraised the above property for the purpose of reporting to you my opinion of the "As Is"Market Value of the Fee Simple Interest of the subject property, as of June 14, 2013. The assumptions and the real estate referenced above are more clearly defined in the general and extraordinary assumptions and limiting conditions,and in the property description section of this report. The attached summary appraisal report has been prepared to comply with my understanding of the requirements of the Uniform Standards of Professional Appraisal Practice. The subject property consists of two contiguous parcels, Tracts I and 2, which form a parallelogram- shaped site. Tract I encompasses 185,216 square feet,plus a breakwater peninsular,Parcel "A",which creates a boat basin that fronts on Blackwater Sound and contains 7,731 square feet. Tract 2 is comprised of 165,825 square feet of land, plus a rock jetty and land area, labeled as Parcel "B" that contains 5,596 square feet. As a result, the subject property contains a total of 364,369 square feet or 8.36 acres. However, it appears that approximately 14,357 square feet is actually submerged land, between the platted shoreline and the mean high water line at the concrete dock. Therefore, I have estimated that the subject has a total of 350,012 square feet or 8.03 acres of upland area. Tract 2 of the subject property is improved with a 2,507 square foot CBS/masonry one-story, former retail store/residential mixed-use building. In addition, there are dilapidated improvements such as: storage sheds,boat hoist and above ground fuel tank. The site improvements include chain link fencing around the perimeter and seawall/dock with riprap around the boat basin. This property was used for boat sales and service as well as a marina, formerly known as Rowell's Marina. The property has been vacant for about eight years and is in disrepair. Thus, the building and site improvements do not have significant contributory value if any due to their fair to poor condition. Mr. Roman Gastesi, County Administrator Monroe County July 25, 2013 Page No. 2 Interior access to the marina building was not available at the time of the recent site visit. The interior of the building was below average to average at best in May, 2005,when I made a prior site visit and walk-through of structure. The subject property was purchased in July, 2005 and was planned to be redeveloped into an upscale residential project and marina. The Seahorse RV Park in Big Pine was purchased in order to transfer the ROGO entitlements to the subject property via a 380 agreement or another method. As the real estate market slumped and development rights were not transferred, the project subsequently stalled and the lender foreclosed. Subsequently, the note was purchased by the current owners near the end of 2008. The Seahorse RV Park is not part of the subject property. The subject property is not encumbered by any long-term leases; thus, a Leased Fee valuation was not applicable. No details were provided in respect to any existing or potential submerged land leases. No personal property has been included in the valuation herein. Building area and dimensions, as well as, site area and dimensions were taken from a survey prepared by Lawrence P. Frank, Surveyors, Engineers, and Land Planners, 83266 Overseas Highway, Suite 500, Islamorada,Florida,33036,dated February 20,2006 with revision dates of June 15,2006 and September 20,2006. The submerged land along the concrete dock and shoreline within the boat basin was deducted from the total site area noted in the survey in order to estimate the total upland area.Any deviations from these sizes will likely result in a change in value. If and when, a more recent survey is made available for the subject property,noting changes from the original survey or the measurements used in this report, the appraiser reserves the right to change the final value. Market Value is defined as the most probable price in cash (or its equivalency)for which the appraised property will sell in a competitive market under all conditions requisite to a fair sale. Market value assumes a normal or reasonable time for exposure on the open market. Based on a site visit to the subject,research, and analysis of market data, it is my opinion that the "As Is" Market Value of the Fee Simple Interest of the Subject Property, The Former Rowell's Marina, 104550 Overseas Highway, Tracts 1 and 2, Highland Shores Subdivision, P133-39, plus Adjoining Parcels"A"and"B",Key Largo,Florida 33037,subject to definitions,assumptions and limiting condi- tions, as of June 14, 2013, is: FIVE MILLION DOLLARS ( $ 5,000,000 ) This confidential report was prepared for the sole use of and benefits of Monroe County and is based, in part, upon documents, writings, and information owned and possessed by the client. This report is provided for informational purposes only to third parties authorized to receive it. The appraiser-client relationship is with Monroe County, as the client. This report should not be used for any purpose other than to understand the information available to the Client concerning this property. Appraisal Company Mr. Roman Gastesi, County Administrator Monroe County July 25, 2013 Page No. 3 of Key West assumes no responsibility if this report is used in any other manner. If you have any questions regarding this appraisal report,please feel free to contact me. Thank you for giving me the opportunity to provide this service for you. This transmittal letter must remain attached to the report,which contains 84 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 Report Attached: R:ACoimn-13\205-13\Coinin-13-205.wpd APPRAISAL REPORT Summary Appraisal Report Property Commonly Known as: THE FORMER ROWELL'S MARINA 104550 OVERSEAS HIGHWAY TRACTS 1 AND 2, HIGHLAND SHORES SUBDIVISION, PB3-39, PLUS ADJOINING PARCELS "A" AND "B" KEY LARGO, FLORIDA 33037 Property Type: VACANT, UNIMPROVED COMMERCIAL LAND WITH BOAT BASIN Prepared For: MR. ROMAN GASTESI,COUNTY ADMINISTRATOR MONROE COUNTY 1100 SIMONTON STREET KEY WEST,FLORIDA 33040 Site-Visit&Valuation Date: June 14, 2013 Prepared By: James E. Wilson, MRICS, President State-certified general real estate appraiser RZ 2164 APPRAISAL COMPANY OF KEY WEST 3229 Flagler Avenue, Suite 101 Key West, Florida 33040 OUR FILE NO.: 205-13 Summary Appraisal Report 104550 Overseas Highway, Key Largo, FL SUMMARY OF FACTS AND CONCLUSIONS Subject Property Address: The Former Rowell's Marina 104550 Overseas Highway Tracts 1 and 2, Highland Shores Subdivision, P133-39, plus Adjoining Parcels "A" and "B" Key Largo, Florida 33037 Intended User: Mr. Roman Gastesi, County Administrator Monroe County 1100 Simonton Street Key West, Florida 33040 Phone:(305) 292-4644 Email: Gastesi-Roman@MonroeC ounty-FL.Gov Property Type: Vacant, Unimproved Commercial Land with Boat Basin Site Area: Total Total Area Area Subject Parcel Sa.Ft. Acres Tract 1 185,216 4.25 Tract 2 165,826 3.81 Parcel A 7,731 0.18 Parcel B 5,596 0.13 Total Site Area : 364,369 8.36 Less Submerged Land A x : -14,357 -0.33 Total UPI and Area : 350,012 8.03 Building Description: Tract 2 of the subject property is improved with a 2,507 square foot CBS/masonry one-story mixed-use building. In addition there are dilapidated ancillary structures and site improvements. The building and site improvements do not have significant contributory value if any due to their fair to poor condition. The property has been vacant for about eight years. Zoning: SC, Sub Urban Commercial District, Monroe County, Florida Future Land Use: MC, Mixed-Use Commercial District, Monroe County, Florida Highest and Best Use: As If Vacant, Commercial Development maximizing density and intensity. Hotel & Marina Development is a Major Conditional Use. Hotel development would likely require a transfer of redevelopment Appraisal Company of Key West Page I Summary Appraisal Report 104550 Overseas Highway, Key Largo, FL rights or entitlements from another property.An Alternate Use,Commu- nity Parks is a Minor Conditional Use. Value Indications: Subject Property 104550 Overseas Highway, Key Largo, Florida Fee Simple Valuation Method: "As Is"Market Value Cost Approach: Not Applicable Income Approach: Not Applicable Sales Comparison Approach: $5,000,000 "As Is"Market Value of the Subject Property as of June 14 2013 (Rounded): $5,000,000 Date of Valuation: June 14, 2013 Date of Inspection: June 14, 2013 Date of Report: July 25, 2013 Marketing Time: 12 to 18 months or less based on a list price within 5 percent of appraised value. Exposure Time: 12 to 18 months,based on a list price within 5 percent of appraised value. Special Assumptions: Interior access to the marina building was not available at the time of the recent site visit. The interior of the building was below average to average at best in May, 2005, when I made a prior site visit and walk- through of structure. The subject property was purchased in July, 2005 and was planned to be redeveloped into an upscale residential project and marina. The Seahorse RV Park in Big Pine was purchased in order to transfer the ROGO entitlements to the subject property via a 380 agreement or another method. As the real estate market slumped and development rights were not transferred,the project subsequently stalled and the lender foreclosed. Subsequently, the note was purchased by the current owners near the end of 2008. The Seahorse RV Park is not part of the subject property. Appraisal Company of Key West Page 2 Summary Appraisal Report 104550 Overseas Highway, Key Largo, FL A SUMMARY REPORT This is a summary report which is intended to comply with the reporting requirements set forth under Standard Rule 2-2(b) of the Uniform Standards of Professional Appraisal Practice for a summary appraisal report. As such,it might not include full discussions of the data,reasoning, and analyses that were used in the appraisal process to develop the appraisers' 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. CLIENT: Mr. Roman Gastesi, County Administrator Monroe County 1100 Simonton Street Key West, Florida 33040 Phone:(305) 292-4644 Email: Gastesi-Roman@MonroeC ounty-FL.Gov INTENDED USER(S): Monroe County & County Commissioners APPRAISER: James E. Wilson, MRICS, President State-certified general real estate appraiser RZ 2164 SUBJECT: The Former Rowell's Marina 104550 Overseas Highway Tracts 1 and 2, Highland Shores Subdivision, P133-39, plus Adjoining Parcels "A" and "B" Key Largo, Florida 33037 Appraisal Company of Key West Page 3 Summary Appraisal Report 104550 Overseas Highway, Key Largo, FL PURPOSE AND INTENDED USE OF THE APPRAISAL The purpose of this appraisal is to render my opinion of the "As Is" Market Value of the Former Rowell's Marina and vacant undeveloped commercial property, with the address of 104550 Overseas Highway, Key Largo, Florida 33037, in Fee Simple Estate, subject to definitions, assumptions and limiting conditions, as of June 14, 2013. The subject has been vacant for about 8 years; thus, there are no going-concern or significant business assets to value or allocated, in the case at hand. The intended use of this appraisal is to provide general information for the possible purchase of the subject property by Monroe County. The intended users of the appraisal report is Mr. Roman Gastesi, County Administrator, Monroe County Commissioners, and Monroe County. 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. LEGAL DESCRIPTION I have made an appraisal report with respect to the subject property with a lengthy metes and bounds legal description which was obtained from the previously mentioned survey. A copy of the legal description is located within the Addenda section of this report. Appraisal Company of Key West Page 4 Summary Appraisal Report 104550 Overseas Highway, Key Largo, FL DEFINITIONS 1. Appraisal is the act or process of estimating value; an estimate of value.' 2. Appraisal Report is the written or oral communication of an appraisal;the document transmitted to the client upon completion of an appraisal assignment. The reporting standards are set forth in the Standards Rules relating to Standards 2 and 5 of the Uniform Standards of Professional Appraisal Practice. 3. Cash Equivalency Analysis is a method in which the sales prices of comparable properties,which sold with atypical financing for the market area are adjusted to reflect typical market terms.3 4. Fee Simple Estate is absolute ownership unencumbered by any other interest,subject only to the governmental limitations including: eminent domain, escheat,police power, and taxation.4 5. Market Value is defined as follows: "The most probable price which a property should bring in a competitive and open market under all conditions requisite to fair sale, the buyer and seller each acting prudently, knowledgeably, and assuming the price is not affected by undue stimulus. Implicit in this definition is the consummation of a sale as of a specified date and the passing of title from seller to buyer under conditions whereby: 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; d) Payment is made in terms of cash in U.S. dollars or in terms of financial arrangements comparable thereto; e) The price represents the normal consideration for the property sold unaffected by special or creative financing or sale concessions granted by anyone associated with the sale."5 Appraisal Company of Key West Page 5 Summary Appraisal Report 104550 Overseas Highway, Key Largo, FL SUBJECT'S MARKET AREA (NEIGHBORHOOD)ANALYSIS The appraised property is located in incorporated area of Key Largo, Florida. The property fronts along the westerly or Bayside of Overseas Highway (AKA US Highway 41) at approximately mile marker 104.5 in Key Largo. The Florida Keys are a chain of islands, connected by 42 bridges and extending southerly from Miami.U.S.Highway 4l,the Overseas Highway,provides access to these various islands from the mainland. The approximate distance from Miami, Florida, to Key West, the Southernmost Point in the continental United States, is 150 miles. The Florida Keys and their location"in the sea"are well known throughout the United States and Canada as the Southernmost Point. The primary attraction for the tourist, second home dwellers or vacationers is the mild, stable climate ranging from an average of 73.0 degrees in the winter months to an average high of 88.9 degrees in August, the hottest of the summer months. Another important reason why visitors come to the Keys is the beautiful clear waters of the Gulf of Mexico and the Atlantic Ocean,and all their attractions such as: swimming, diving,yachting, fishing, etc. A well-developed air and ground transportation system links the Keys to the Miami metropolitan area and population centers throughout the United States, Canada, and the Caribbean. Accessibility to the Florida Keys by automobile has increased dramatically since the completion in 1983 of the replacement bridges and highway. The new Overseas Highway (U.S. Highway 1) has induced an overwhelming population to venture in the Florida Keys, seeking refuge from the climate and crowded metropolitan areas. Miami Airport, approximately 30 miles to the northeast is a major hub for most international airlines servicing the Miami-Dade area. Marathon Airport,is located about 53 miles southerly from the subject, lost its major airline; however, negotiations with the U.S. Customs Service for a new international processing center are underway.The airport had a$9 million renovation proj ect completed in 1998. Key West International Airport provides a wider variety of airlines and destinations.Key West International Airport is located about 100 miles southwesterly within the City of Key West. Key West International Airport is well-serviced by Delta, Continental Airlines, Southwest,US Air and American Eagle Airlines. These airlines provide numerous daily commuter flights to and from Miami,West Palm Beach, Fort Lauderdale, Orlando, and Tampa. The Greyhound bus services between Key West and Miami, and onto other major cities. Police protection is provided by the Monroe County Sheriffs Department and the Florida Highway Patrol. Fire protection is provided by volunteer Fire-fighters, with a station located within five miles of the subject parcel. A full service, non-profit medical and surgical hospital, is located just south of the subject property at mile marker 91. The hospital contains 35 medical/surgical beds, a three-bed pediatric unit, and a four- bed intensive care unit. the hospital. The facility was completed in 1995 and offers modern services as provided by its parent, Baptist Hospital of Miami. Public utilities include electric service provided by the Florida Keys Electric Co-op; potable water is furnished by the Florida Keys Aqueduct Authority. Solid waste collection is provided by a private firm. According to the Key Largo Wastewater District, municipal sewage service south of Mile Marker 101 Appraisal Company of Key West Page 6 Summary Appraisal Report 104550 Overseas Highway, Key Largo, FL is presently under construction. The subject property is presently serviced by an on-site septic system. The subject property does not appear to have been hooked-up into the central sewage system. With the increase of tourism over the past several years and increasing interest in preserving marina life and coral reefs,properties have steadily increased in value. The area is expected to experience continued growth with new developments and popularity with tourists,especially those who travel by automobile. The Upper Keys have been well-known for water sports and a relaxed atmosphere,being given some well-deserved titles including: "The Smiling Islands of America's Caribbean," "The Purple Isles of the Florida Keys," and probably best known as the "Sportfishing Capital of the World." The subject's neighborhood is bordered on the north by the Gulf of Mexico, on the west by the incorporated Key Largo, on the west by the Atlantic Ocean, and on the east by the boundary of Plantation Key,Monroe County and Dade County. Tavernier contains several residential subdivisions with commercial uses along the Overseas Highway and the main thoroughfares. Some areas have been sparsely developed and/or left vacant due to their being designated as environmentally sensitive zones. Most of the neighboring structures within the subject's general area are motels or commercial uses. Other adjacent uses in the subject's immediate area include multi-family and residential uses. The commercial-uses further northeasterly along U. S. Highway No. 1 include hotels, motels, office and storage areas,professional offices, Office shops and strip shopping centers, tourist-related businesses, and service establishments. Many institutional public/semi-public uses are concentrated within ten miles of the subject properties. The Plantation Key Convalescent Center contains 23,493 square feet of gross building area and 60 rooms, according to the Monroe County Tax Appraiser's records. The Plantation Key Government Center is located just northerly of the subject property, with frontage along High Point Road and U.S. Highway No.1. This public use complex consists of 4.78 acres improved with seven buildings with a total gross building area of 40,186 square feet housing the County Courthouse, Senior Citizen Services, Social Services, Tax Collector, Property Appraiser, Building/Zoning Departments, County Jail, Courtroom Facility, and the Children's Shelter. This area has become a hub of public services. In general, most of the neighboring structures on the highway within the subject's general area are commercial uses including a concentration of Office uses, plus offices, motels, and other services, including residential uses located behind the highway frontage parcels towards the Atlantic Ocean or Florida Bay. Suply and Demand The supply of commercial space is limited and new commercial construction has been restricted since 1996 due to a commercial building moratorium that had been in effect until the recently implemented commercial rate of growth ordinance (NROGO). Therefore, the current and ongoing regulations are expected to place upward pressure on price levels of existing commercial units. Appraisal Company of Key West Page 7 Summary Appraisal Report 104550 Overseas Highway, Key Largo, FL IMPLEMENTATION OF COMMERCIAL R.O.G.O. Sales of vacant, commercially zoned parcels within the Florida Keys have dwindled over the past few years due to a commercial building moratorium which existed until 2002,when the non-residential rate of growth ordinance NROGO went into effect. This system is similar to the residential R.O.G.O.system in that it awards building permits based on a point system. The Non-Residential Rate of Growth Ordinance (N.R.O.G.O.) was enacted with an effective date of January 1, 2002. Under the new regulations the maximum allowable square footage for new commercial development is 2,500 square feet and up to 10,000 square feet under the minor-conditional use provision.The ordinance does provide for Administrative Relief in the event that the applicant is not successful in obtaining an allocation award, a permit, within at least three of four consecutive annual allocation periods. The remedies for relief is to grant the applicant an allocation award, offer to purchase the property, or suggest such other relief as may be necessary and appropriate. While the Monroe County Comprehensive Plan has codified the process for transferring such rights,the regulations for transferring commercial/mixed-use development rights is in the final implementation stage. The transfer of development rights is very common in Monroe County due to the commercial moratorium and N.R.O.G.O. This analysis has been predicated upon the assumption that the existing residential rental square footage could be duplicated in its entirety. Conclusion: In summary,the subject property is located in the Upper Keys where there is a concentration of services, employment and shopping. Only Key West and Marathon offer a superior availability of services. Residential uses are located off the highway;these neighborhoods, as well as neighboring communities support the commercial businesses in the area. There are currently several residential development, redevelopment projects and recreational marina conversions from commercial fishing properties that were either online or in the development stages. However, a number of these projects have been postponed or canceled due to the national real estate slow down, credit crisis and recession. Many of these projects may not continue further development until the residential market starts to rebound. There has been a definite decline in the residential housing market, anywhere from 30% to 60%, depending on property type, price range and location. Also, the value of commercial properties have declined about 30% to 60% percent from the height in 2006/2007. However, property values both residential and commercial are expected to eventually rebound,but at a reduced rate,spurred by supply and demand forces within the Florida Keys, as new construction is severely limited. The residential market appears to be generally stabilizing. Tourism, the economic base of Key West and the Florida Keys, has experienced steady growth over the last decade with recent declines observed due to the national recession, the residential housing slump, the credit crisis and high fuel prices. Stabilization appears to begun late 2011.A falling gross national product figures and the fluctuating stock market over the past couple of years with a serious credit and mortgage money availability have spurred concerns of an extended recession. Due to the moratorium of new construction throughout Monroe County area caused by the State of Florida placing the area as an environmental "Area of Concern", the surrounding neighborhoods are Appraisal Company of Key West Page 8 Summary Appraisal Report 104550 Overseas Highway, Key Largo, FL going through gentrification. The considerable amount of automobile traffic along U.S. Highway No. 1 provides good exposure to this area. We anticipate continued improvement in the general quality of the neighborhood, particularly with the increased demand for existing properties due to building and environmental restriction placed on all properties in the Florida Keys. The following average daily two-way traffic data was provided by the State of Florida Department of Transportation: Average Daily Traffic Count (Both Directions) D.O.T. Station Location 2011 64 SR 5/US-1, 100' S TAVERNIER CREEK BRIDG 30,000 102 SR 5/US-1, 50'N SUNSET DR(KEY LARGO MM 99.85 24,000 In terms of demographic trends taking place within a 15 mile radius of Key Largo,Florida,the following data has been compiled by from the CM4 Site To Do Business: Appraisal Company of Key West Page 9 Summary Appraisal Report 104550 Overseas Highway, Key Largo, FL Lat„2873457.333903,Lon:-8966567.267790 Alan J.Toriello Ring. 15 miles radius Summary 2000 2010. 2015 Population 18,959 18,299 17,602 Households 8,518 7,977 7,646 Families 5,197 4,747 4,487 Average Household Slze 2,20 2.27 2.27 Owner Occupied Housing Units 5,994 5,554 5,347 Renter Occupied Housing Units 2,524 2,423 2,299 Median Age 44.3 48.1 49.7 Trends:2010-2015 Annual Rate Area .......State National Population 0.77-6 0.84% 0.76% Households -0.84% 0.83% 0.78 Families -i.12°! 0..64% 0.64% Owner Fills -0.75% 0189 1 0.82 Median Household Income 2.22% 2.34% 2.36% 2000 2010 2015 Households by Income Number percent Number Percent Number Percent <$15,000 1,172 13.7{ 824 10.3% 659 8.6% $15,000-$24,999 1,108 12.91t 748 9.41 582 7.6% $25,000-$34,999 1,240 14,5Q% 1,027 12.9% 779 1.0.2% $35,000-$49,999 1,419 16.69/b 1,210 15.2% 952 12.5% $50,000-$74,999 1,606 18.8% 1,690 21.2% 2,023 26.5% $75,000-$99,999 891 10.416 1,000 12.5% 924 12.1% $100,000-$149,999 646 7.5% 975 12.2% 1,163 15.2% $150,000-$199,999 153 1.5% 136 1.7% 163 2.1% $200,000+ 330 3.9% 367 4.6% 401 5.29% Median Household Income $41,598 $51,983 $58,015 Average Household Income $59,709 $70,654 $78,232 Per Capita Income $26,754 $30,985 $34,202 2000 2010..... 2015............... Population by Age Number Percent Number percent Number Percent 0-4 816 4.31A 737 4.0 1 673 3.8% 5-9 949 5.0°r 839 4.6% 775 4.4% 10-14 1,037 5.5% 886 4.8% 865 4.9% 15-19 980 5.2% 872 4.8% 815 4.6% 2D-24 648 3.4% 673 3.7% 625 3.61/ 25-34 1,859 9.8% 1,607 8.8% 1,601 9.1% 35-44 3,463 18.3% 2,442 13.3% 2,150 12.2 A 45-54 3,574 18.9% 3,684 20A% 3,080 17.5/o 55-64 2,538 13.44/0 3,337 18.2% 3,436 19.5 A 55-74 1,796 9.5% 1,908 10.4% 2,292 13.0°6 75-84 1,022 5.4% 951 5.2% 936 5.3% 85+ 277 1.5% 363 2..0% 354 2.0% 2000 2010 2019 Race and Ethnicity Number Percent Number Percent Number Percent White Alone 18,113 95.5% 17,253 94.3% 16,481 93.6% Black Alone 284 1.5% 304 1.7% 299 1.7% American Indian Alone so 0.3% 60 0.3-A 61 0.3 Asian Alone 93 0.516 139 0.81k 166 9.9% Pacific.[slander Alone 7 0.0% 8 0.0% 8 0.0.r Some Other Race Alone. 152 0.8°/ 201 1.1% 223 1.3% Two or More Races 260 1.4/0 334 1.8% 364 2.1% Hispanic Origin(Any Race) 2,487 13.1% 3,202. 17.5% 3,515 20.0% Data Note.:Incorne is expressed in current dollars Source:U.S.Bureau of the Census,2000 Census of Population and Housing.ESRI forecasts for 2010 and 2015. August 23,201.0 Made with ESR1 Business Analyst Appraisal Company of Key West Page 10 Summary Appraisal Report 104550 Overseas Highway, Key Largo, FL Demographic and Income Profile Lat:2873457.333903,Lon:-8966567.267790 Alan 1.Toriello Ring: 15 miles radius Trends 2D10-2015 2 u 1.s a` n 1 c ar 0.5 p 0 c ■Area ■State ■USA -1 Populahon Households Families Owner HHs Median HH Income Population by Age 20 18 16 14 e 12 10 a a 6 6 4 02010 2015 2 0 0-4 5-9 10-14 15-19 20-24 25-34 35-44 45-54 55-64 65-74 75-84 85+ 2010 Household Income 2010 Population by Race $JSK-$99N 90 S100K-3149K 80 12,2% {SDK-$74K 21.2% $150K-1199K 70 1.7% noN+ 60 4— N 50 N a 40 S15K 30 30,9% 20 $35K-15,21 ;15K-Sz4K 10 9.94a $25K-$34K w-, 61a[k Am.Ind. Asian —INc Other Two+ 12,9% 2010 Percent Hispanic Origin:17.5% Source:U.S.Bureau of the Census,2000 Census of Population and Housing.ESRI forecasts for 2010 and 2015. August 23,2010 Made with ESRI Business Analyst Appraisal Company of Key West Page 11 Summary Appraisal Report 104550 Overseas Highway, Key Largo, FL IMPLEMENTATION OF COMMERCIAL R.O.G.O. & COMMERCIAL BUILDING MORATORIUM Sales of vacant, commercially zoned parcels within the Florida Keys have dwindled over the past few years due to a commercial building restriction to building sizes as determined by the respective zoning districts and NROGO limitations. The county adopted a commercial R.O.G.O. (Rate of Growth Ordinance) on January 4, 1996. The N. R.O.G.O. (Non-Residential Rate of Growth Ordinance) is in effect and awards building permits based on a point system. According to Chad Meadows, Monroe County Planner, the plan was approved; however, the impetus for the formula computation of the amount of development(square feet)had been appealed. The present point system was enacted in order to provide the county with sufficient time to finalize the guidelines of the N.R.O.G.O. system. Mr.Meadows stated that an independent study of existing commercial-use structures has been in process in order to determine the existing character(ratio of residential to commercial square footage of existing building). The resulting ratio has provided a base"character"from which to assess a reasonable amount of allowable square footage to be awarded on an annual basis in each fiscal year. Property owners wishing to develop commercial parcels would be required to submit an application and be entered into the pool of applicants;however,the system lacks a form of"relief,"or maximum time period in which a land owner would be required to wait for a commercial building permit. The residential R.O.G.O. system allows for a four-year time period, after which the county must purchase the vacant land at market value or award a permit. MARKETING TIME The marketing time for the subject property is estimated at 12 to 18 months. This marketing time is based on an asking price within 5%of appraised value. 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 property on the valuation date. Therefore,I project a 12 to 18 month exposure time for the subject,based on a listing price within 5.0% of my appraised value. OWNERSHIP According to the Monroe County Tax Collector's, Property Appraiser's records and the County Public Records, the subject property is owned by: Largo Sun Vista Acquisition Co., LLC 550 SW 12" Avenue, Suite 550 Deerfield Beach, Florida 33442-3110 Appraisal Company of Key West Page 12 Summary Appraisal Report 104550 Overseas Highway, Key Largo, FL SALES HISTORY AND CURRENT CONTRACT FOR SALE AND PURCHASE According to the Monroe County Tax Assessor's records,the subj ect property has not transferred within the past five years. According to the Monroe County Property Appraiser's Records,Public Records,and a copy of a closing statement. The subject property was purchased on July 6, 2005 from Shirley A. Rowell,Personal Representative of the Estate of Charles Harold Rowell(Grantor/Seller)by Sun Vista Marine Group, LLC (Grantee/Buyer) for a reported sales price of$6.5 million. The buyer planned to redevelop the subject into an upscale residential project and marina. However,the redevelopment stalled due to the recession and lack of approvals. The Seahorse RV Park in Big Pine was purchased in a separate transaction in order to transfer the ROGO entitlements to the subject property via a 380 agreement or another method. As the real estate market slumped and development rights were not transferred,the project subsequently stalled and the lender foreclosed. A Final Summary Judgement of Foreclosure was filed on February 12,2009 with a total judgement sum of$6,069,969.13. The Plaintiff was SVMG Keys Acquisition Co., LLC. According to Mr. Jim Cohen, the note was purchased for $6,040,000 near the end of 2008. It appears that there were Quit Claim Deeds between parties. Upon review of the LLCs, it appears that registered agents are the same or related parties. Therefore, the transfers do not appear arm's length and the foreclosure and sale of the note reportedly include the Seahorse RV Park, which is not part of my appraisal assignment. A title search is recommended. Monroe County is interested in submitting an offer,but there is no Contract for Sale and Purchase. The seller has indicated that other parties are interested in purchasing the subject property in the $6 million range. The subject is not listed for sale in the local MLS system. ZONING According to the Monroe County Zoning Maps, the subject property is zoned SC - Suburban Commercial District. Sec. 130-43. Purpose of the suburban commercial district (SC). The purpose of the SC district is to establish areas for commercial uses designed and intended primarily to serve the needs of the immediate planning area in which they are located. This district should be established at locations convenient and accessible to residential areas without use of U.S. 1. (Code 1979, § 9.5-206; Ord.No.33-1986, § 9-106) Sec. 130-93. Suburban coimnercial district(SC). (a) The following uses are permitted as of right in the suburban commercial district: (1) Coimnercial retail,low-and ineditun-intensity and office uses or any combination thereof of less than 2,500 square feet of floor area; (2) Institutional residential uses,involving less than ten dwelling units or rooms; (3) Coimnercial apartments involving less than six dwelling units in; (4) Coimnercial recreational uses limited to: a. Bowling alleys; b. Tennis and racquetball courts; c. Miniature golf and driving ranges; d. Theaters; e. Health clubs; and Appraisal Company of Key West Page 13 Summary Appraisal Report 104550 Overseas Highway, Key Largo, FL f. Swirruning pools; (5) Institutional uses; (6) Public buildings and uses; (7) Accessory uses; (8) Storage areas, provided that the area does not exceed 25 percent of the gross area of the parcel proposed for development;if such areas exceed 25 percent,then approval must be obtained pursuant to subsection(b)(8)of this section; (9) Vacation rental use of nonconfonning detached and attached dwelling units,if a special vacation rental permit is obtained under the regulations established in section 134-1 (10)Collocations on existing antenna-supporting structures,pursuant to section 146-5(3); (II)Attached wireless communications facilities,as accessory uses,pursuant to section 146-5(4); (12)Replacement of an existing antenna-supporting structure pursuant to section 146-5(2); (13)Stealth wireless cormnunications facilities,as accessory uses,pursuant to section 146-5(5); (14)Satellite earth stations,as accessory uses,pursuant to section 146-5(6); (15)Attached and unattached residential dwellings involving less than six units, designated as employee housing as provided for in section 130-161; and (16)Wastewater nutrient reduction cluster systems that serve less than ten residences. (b) The following uses are permitted as minor conditional uses in the suburban commercial district,subject to the standards and procedures set forth in chapter 110, article III: (1) Cormnercial retail,low-and medium-intensity and office uses or any combination thereof of greater than 2,500 but less than 10,000 square feet of floor area,provided that access to U.S. 1 is by way of: a. An existing curb cut; b. A signalized intersection;or c. A curb cut that is separated from any other curb cut on the same side of U.S. 1 by at least 400 feet; (2) Cormnercial retail uses of high intensity of less than 2,500 square feet in floor area;provided that access to U.S. 1 is by way of: a. An existing curb cut; b. A signalized intersection;or c. A curb cut that is separated from any other curb cut on the same side of U.S. 1 by at least 400 feet; (3) Institutional residential uses involving ten to 20 dwelling units or rooms,provided that: a. The use is compatible with land use established in the immediate vicinity of the parcel proposed for development; b. Access to U.S. 1 is byway of: 1. An existing curb cut; 2. A signalized intersection;or 3. A curb cut that is separated from another curb cut on the same side of U.S. 1 by at least 400 feet; (4) Cormnercial apartments involving six to 18 dwelling units,provided that: a. The hours of operation of the commmercial uses are compatible with residential uses; b. Access to U.S. 1 is byway of: 1. An existing curb cut; 2. A signalized intersection;or 3. A curb cut that is separated from any other curb cut on the same side of U.S. 1 by at least 400 feet; c. Tourist housing uses,including vacation rental uses,of cornrnercial apartments are prohibited; (5) Hotels of fewer than 25 rooms,provided that: a. The use is compatible with established land uses in the irmnediate vicinity; and b. One or more of the following amenities are available to guests: 1. Swirnrning pool; 2. Marina;or 3. Tennis courts; (6) Campgrounds,provided that: a. The parcel proposed for development has an area of at least five acres; b. The operator of the campground is the holder of a valid county business license; c. If the use involves the sale of goods and services,other than the rental of camping sites or recreational vehicle parking spaces, such use does not exceed 1,000 square feet and is designed to serve the needs of the campground; and Appraisal Company of Key West Page 14 Summary Appraisal Report 104550 Overseas Highway, Key Largo, FL d. The parcel proposed for development is separated from all adjacent parcels of land by at least a class C bufferyard; (7)Light industrial uses,provided that: a. The parcel proposed for development does not have an area of greater than two acres; b. The parcel proposed for development is separated from any established residential use by at least a class C bufferyard; and c. All outside storage areas are screened from adjacent use by a solid fence,wall or hedge at least six feet in height; (8) Parks and coininunity parks; and (9) Attached and unattached residential dwellings involving six to 18 units,designated as employee housing as provided for in section 130-161 © The following uses are permitted as major conditional uses in the suburban commercial district subject to the standards and procedures set forth in chapter 110, article III: (1) Cornmercial retail of low- and meditun-intensity and office uses or any combination thereof greater than 10,000 square feet in floor area,provided that access to U.S. 1 is by way of: a. An existing curb cut; b. A signalized intersection;or c. A curb cut that is separated from any other curb cut on the same side of U.S. 1 by at least 400 feet; (2) Cornmercial retail uses of high intensity greater than 2,500 square feet in floor area,provided that access to U.S. 1 is by way of: a. An existing curb cut; b. A signalized intersection;or c. A curb cut that is separated from any other curb cut on the same side of U.S. 1 by at least 400 feet; (3) Institutional residential uses involving 20 or more dwelling units or rooms;provided that: a. The use is compatible with land use established in the immediate vicinity of the parcel proposed for development; b. Access to U.S. 1 is byway of: 1. An existing curb cut; 2. A signalized intersection;or 3. A curb cut that is separated from any other curb cut on the same side of U.S. 1 by at least 400 feet; c. Tourist housing uses,including vacation rental uses,of institutional residential units are prohibited; (4) Hotels providing 25 or more rooms,provided that: a. The hotel has restaurant facilities on or adjacent to the premises; and b. Access to U.S. 1 is byway of: 1. An existing curb cut; 2. A signalized intersection;or 3. A curb cut that is separated from any other curb cut on the same side of U.S. 1 by at least 400 feet; (5)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; c. All outside storage areas are screened from adjacent uses by a fence,wall or hedge of at least six feet in height; d. Any coininercial fishing activities are limited to the landing of catch,mooring and docking of boats and storage of traps and other fishing equipment; and e. Each nonwaterside perimeter setback of the parcel proposed for development must have a class C bufferyard within a side yard setback of ten feet; (6)Mariculture,provided that: a. The use is compatible with land uses established in the immediate vicinity of the parcel proposed for development; b. The parcel proposed for development is separated from any established residential use by at least a class C bufferyard; and c. All outside storage areas are screened from adjacent uses by a solid fence,wall or hedge at least six feet in height; (7)Heliports or seaplane ports,provided that: a. The helicopter is associated with a government service facility,a law enforcement element or amedical services facility; Appraisal Company of Key West Page 15 Summary Appraisal Report 104550 Overseas Highway, Key Largo, FL b. The heliport or seaplane port is a Federal Aviation Administration certified landing facility; c. The landing and departure approaches do not pass over established residential uses or known bird rookeries; d. If there are established residential uses within 500 feet of the parcel proposed for development,the hours of operation and nonemergency aircraft shall be limited to daylight; and e. The use is fenced or otherwise secured from entry by unauthorized persons; (8)New antenna-supporting structures,pursuant to section 146-5(1); (9)Land use overlays A,E,PF,subject to the provisions of article IV of this chapter; and (10)Attached and unattached residential dwellings involving more than 18 units,designated as employee housing as provided for in section 130-161 (Code 1979,§9.5-235;Ord.No.33-1986, §9-205;Ord.No.40-1987, § 58;Ord.No. 19-1989, § 1(PD66D),(PD68);Ord. No.4-1997, § 7; Ord.No. 28-1999, § 2; Ord.No. 53-2000, § 4; Ord.No. 27-2001, § 2; Ord.No. 33-2001, § 3; Ord.No. 003-2002, § 1; Ord.No. 018-2002, § 4; Ord.No. 001-2006, § 2; Ord.No. 037-2006, § 5) According to the Monroe County Future Land Use Map, the subject is within the MC, Mixed-Use Commercial District, Future Land Use District. No other change in zoning is anticipated in the foreseeable future. The improvements at the subject property are a legal, nonconforming use; they have been grand fathered with respect to size, as the improvements slightly exceed the maximum 2,500 square feet of floor area dictated by zoning regulations. Furthermore,a marina use is a major conditional use. The subject has been vacant for some time;thus,it is possible that the grand fathered status of the marina use could be at j eopardy. Therefore, I recommended that the client investigate this possibility with the Planning Department. The subject property appears to meet all other zoning regulations. The reader is made aware that there is a Non- residential Rate of Growth Ordinance (NROGO) throughout Monroe County to restrict future commercial development and residential Rate of Growth Ordinance (NROGO),which limits growth. Note: The reader is referred to the Highest and Best Use section for further details on current zoning regulations. Appraisal Company of Key West Page 16 Summary Appraisal Report 104550 Overseas Highway, Key Largo, FL REAL ESTATE TAXES AND ASSESSMENTS 104550 Overseas Highway,Key Largo,Florida Tract 1-Parcel No.00508200 Alternate Key 1626015 Total Just Ad Valorem Non-Ad Valorem Total Year Land Im rovement Misc.hn . Assessment Market Value Tax Burden Assessments Tax Burden Milla e' 2008 _ $2,769,000 $199,651 $38,074 $3,006,725! $3,006,725! $23,270.25� $1,308.491 $24,578.741 7.73940 2009 1 $2,370,2251 $199,651 $36,9901 $2,606,8661 $2,606,8661 $23,156.271 $1,415.511$24,571.781 8.88280 2010 $1,951,9501 $199,651 $36,3791 $2,187,9801 $2,187,9801 $21,202.181 $1,440.461 $22,642.641 9.69030 ------@--------F------------ --------------- ---------+------------------ -------F------- 2011 $231,660 $0€ $0 $231,660i $231,660i $2,144.52i $1,414.93 i $3,559.45 9.25720 2012 1 S231,6601 Sol SOI S231,6601 S231,6601 S2,131.39i $1,308.37 $3,439.76 9.20050 104550 Overseas Highway,Key Largo,Florida Tract 2,-Parcel No.00508200-Alternate Key 1626015 Total Just Ad Valorem Non-Ad Valorem Total Year Land Improvement Misc.Im . Assessment+ Market Value Tax Burden Assessments Tax Burden Milla e 2008 1 $281,250' $0_-----$0--$281,2501--- $281,2501 $2,176.711-----$374681 $2,551391 7.73940 2009 $252,780 $0 $01 $252,7801. $252,7801 $2,245.39 $405.29 $2,650.68 8.88280 ------i--------------------------1--------�----------i-------�t----------1--------f------- 2010 $2 ---i $0 $0 $2---i $229,800 i $2,226.83 i $ ---i $2, ---i 9.69030-- 2011 i $21010,7501i $173,315 $35,4181i $2,219,4831i $252,7801i $6,838.68i $404.661 $71243.341i 9.25720 2012 1 S2,010,7501 S173,3151 S34,3701 S2,218,4351 $278,0581 $7,084.271 $374.181 $7,458.451 9.20050 Total for the Subiect Poruerty: 104550 Overseas Highway,Key Laren,Florida Total Just Ad Valorem Non-Ad Valorem Total Year Land Improvement Misc.Im . Assessment+ Market Value Tax Burden Assessments Tax Burden Milla e 2008 i $3,0502501 $199,651 $38,0741 $3,287,975 $3,287,9751 $25,446.95 $1,683.171 $27,130.121 7.73940 ------ ------ ------------------------- ---------} -------------------------4------- 2009 $2,623,0051 $199,6511 $36,990I $2,859,646 $2,859,646 $25,401.66 $1,820.80 $27,222.46 8.88280 ------v ------ ------------------i------------------t--------t----------- -------------- 2010 $2,181,750 i $199,651„ $36,379 i $2,417,780 i $2,417,780 i $23,429.01 i $1,853.02 i $25,282.03 i 9.69030 --------1 i i 2011 1i $2,242,4101i $173,315'� $35,4181i $2,451,1431i $484,4401i $8,983.201i $1,819.591i $10,802.791i 9.25720 2012 1 S2,242,4101 S173,3151 S34,3701 S2,450,0951 S509,7181 S9,215.661 S1,682.551 S10,898.211 9.20050 It should be noted that the Monroe County Property Appraisers Office has inverted the property card for Tracts No. 1 and 2 until it was corrected in 2011.According to the Tax Collector's office,the 2012 taxes for the subj ect parcels have been paid.However,a title search was not performed on the subj ect parcels. Based on the 2012 millage rate of 9.20050 per $1,000 of the subject's total 2012 assessed value, the indicated total tax burden for the subject property is $10,898.21 or $0.03 per square foot of site area. The total 2012 tax assessment is $2,450,095,while the just value is $509,718. Since the tax assessment is substantially below my opinion of market value, a tax appeal does not appear feasible. I have not considered any personal (tangible)property taxes for the subject property. Census Tract: According to Mr.Jim Anderson of the Tallahassee,Florida Division of the United States Census Bureau,Monroe County is not divided into Census Tracts;but rather"Block Numbering Areas." According to 2010 Census Maps, the subject property is located within Block Number 9703. Appraisal Company of Key West Page 17 Summary Appraisal Report 104550 Overseas Highway, Key Largo, FL DESCRIPTION OF THE SUBJECT PROPERTY Site Anal The subject property consists of two contiguous parcels, Tracts I and 2, which form a parallelogram- shaped site. Tract I encompasses 185,216 square feet,plus a breakwater peninsular,Parcel "A",which creates a boat basin that fronts on Blackwater Sound and contains 7,731 square feet. Tract 2 is comprised of 165,825 square feet of land, plus a rock jetty and land area, labeled as Parcel "B" that contains 5,596 square feet. As a result, the subject property contains a total of 364,369 square feet or 8.36 acres. However, it appears that approximately 14,357 square feet is actually submerged land, between the platted shoreline and the mean high water line at the concrete dock, plus a pond area. Therefore, I have estimated that the subject has a total of 350,012 square feet or 8.03 acres of upland area. Total Total Area Area Subiect Parcel SaXt. Acres Tract 1 185,216 4.25 Tract 2 165,826 3.81 Parcel A 7,731 0.18 Parcel B 5,596 0.13 Total Site Area : 364,369 8.36 Less Submerged Land(Apx): -14,357 -0.33 Total Upland Area : 350,012 8.03 Flood Zone: According to FEMA map and the previously mentioned survey, the subject parcel is located in Zone X, Outside of a flood zone and Special Flood Hazard Area Zone AE and VE, with elevations of 9 to 13 feet, as defined by the Federal Emergency Management Agency,Flood Insurance Rate Maps of Monroe County, Florida, Map Number 12087C0769K, dated February 18, 2005. Monroe County does participate in a National Flood Insurance Program and is covered by a regular program. Flood elevation certificates were not made available for the subject improvements. The improvements built prior to the inception of FEMA in 1975 may not meet current elevation requirements;however,the marina mixed-use building appears to be in Zone X, outside of a flood zone. If, the subject improvements may not meet flood elevation requirements, they are grandfathered. Typically, if improvements do not meet flood regulations and if the improvements are destroyed beyond 49.9% of Appraisal Company of Key West Page 18 Summary Appraisal Report 104550 Overseas Highway, Key Largo, FL their market value (improvements only), then the structures would be required to meet flood elevation regulations in effect at the time of reconstruction. Utilities: Public utilities include electric service provided by the Florida Keys Electric Co-op;potable water is furnished by the Florida Keys Aqueduct Authority. Solid waste collection is provided by a private firm. According to the Key Largo Wastewater District,municipal sewage service south of Mile Marker 101 is presently under construction.The subj ect property was slatted for redevelopment and was serviced by an on-site septic system. Any new development would be required to be hooked-up to the central sewage system. A lateral system with possible lift stations may be required for any new development. Improvement Anal, The subject is only improved with a 2,507 square foot CBS/masonry one-story, former retail store/residential mixed-use building. In addition, there are dilapidated improvements such as: storage sheds,boat hoist and above ground fuel tank. The site improvements include chain link fencing around the perimeter and seawall/dock with riprap around the boat basin. This property was used for boat sales and service as well as a marina,formerly known as Rowell's Marina. The property has been vacant for about eight years and is in disrepair. Thus, the building and site improvements do not have significant contributory value if any due to their poor condition. Interior access to the marina building was not available at the time of the recent site visit. The interior of the building was below average to average at best in May, 2005, when I made a prior site visit and walk-through of the structure. Building area and dimensions, as well as, site area and dimensions were taken from a survey prepared by Lawrence P. Frank, Surveyors, Engineers, and Land Planners, 83266 Overseas Highway, Suite 500, Islamorada,Florida,33036,dated February 20,2006 with revision dates of June 15,2006 and September 20,2006. The submerged land along the concrete dock and shoreline within the boat basin was deducted from the total site area noted in the survey in order to estimate the total upland area.Any deviations from these sizes will likely result in a change in value. If and when, a more recent survey is made available for the subj ect property,noting changes from the original survey or the measurements used in this report, the appraiser reserves the right to change the final value. A building layout may be found within the Addenda Section of this report. A construction summary of the building improvements follows: Appraisal Company of Key West Page 19 Summary Appraisal Report 104550 Overseas Highway, Key Largo, FL Element Description Basic Structure: One-Story CBS/Masonry Building Gross Building Area: 2,507 Square Feet Use: Former Sales/Service Marina w/ dry boat storage, Now Vacant Year Built: 1970 According to the Monroe County Tax Appraiser's Records Foundation & Floor Structure: Concrete Footer Foundation/Concrete Slab on Grade Exterior Walls: CBS/Masonry Finished with Painted Stucco Exterior Doors: Glass Storefront Doors Windows: Metal Frame Awning Windows Hurricane Shutters: Metal Panels Roof Structure: Gabled Wood Joist Structure Roof Cover: Asphalt Shingles Interior Floor Finish: Ceramic Tile, Carpet and Concrete Floors Interior Walls: Painted Drywall &Paneling Interior Ceilings: Acoustical Tile, Painted Drywall Electric Service: Single Phase 100 Ampere Electric Main Service-Appeared Plumbing: 21 3-Fixture Bathrooms (Residential/Retail Store) Air Conditioning: Central Air Conditioning System, (Residential/Retail Store) Condition of Roofs: No roof or termite inspections were made available. Therefore, the condition of the roof and structural elements of the subject buildings are unknown. Fixtures & Equipment: No fixtures, equipment or personal property is included in the valuations herein. Construction Quality: Average Improvement Condition: Fair to Poor, Property has been vacant for an extended time. Building Age: Actual Ages: 43 years Effective Age: 40 years Economic Life: 45 years Remaining Economic Life: 05 years (shell of structure) Environmental Issues: Environmental screening or audits of the subject properties were not made available to the appraiser. Upon inspection of the property, no visible signs of environmentally hazardous materials were noted. Due to the age of the older subject building, the presence of lead based paint is Appraisal Company of Key West Page 20 Summary Appraisal Report 104550 Overseas Highway, Key Largo, FL possible. The subject had an above ground fuel storage tanks,which has not been utilized for a lengthy period. The appraiser is not aware of the status of the tank(s), lines, etc. 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 consid- ered. However, the appraiser is not qualified to detect such substances. I urge the client to retain an expert in this field if desired. Prior to the end of 2005,the subj ect was historically a marina with fuel dock,fuel storage facilities,plus repairs,boat sales,and dry boat storage(boats on trailers). ADA Compliance: The Americans with Disabilities Act("ADA")became effective January 26, 1992. The appraiser has not made a specific survey or analysis of this property to determine whether or not it is in conformity with the various detailed requirements of the ADA. The appraiser recommends that a Contractor or Engineer be hired to determine compliance or noncompli- ance,if so desired. The appraiser is not a contractor and is not qualified to make a determination if the building adheres to the requirements. The property, together with a detailed analysis of the requirements of the ADA, could reveal that the property may or may not be in compliance with one or more of the requirements of the Act. If so, this fact could have an effect upon the value of the property. Amenities & Site Improvements: Most of the Site Improvements are in Fair to Poor Condition 6' High Chain Link Fencing Seawall, Concrete Boat Dock, Riprap, and Boat ramp 8 Pole Area Lighting Boat Hoist and Trolley Above Ground Fuel Storage Tank(s) Signage with poles Septic System (any new development would require hook-u to central sewage system) Floor Area Ratio: The subject property's floor area ratios (FAR) is calculated by dividing the total gross building area by the land size. The subject has an extremely low Floor Area Ratio of: 0.007:1.00 (2,507 square feet (SF)/350,012 SF) This ratio is within 0.40 maximum floor area ratios currently permitted in the subject's SC zoning district. Appraisal Company of Key West Page 21 Summary Appraisal Report 104550 Overseas Highway, Key Largo, FL HIGHEST AND BEST USE In order to estimate the Highest and Best Use of the subject property, the appraisers have considered those uses that are physically possible, legally permissible, maximally productive, and financially feasible. The first major aspect of the Highest and Best Use analysis is considering the property 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. Possible Use - The physical aspects of the land impose the first constraints on any possible use of the property. The appraised property consists of two irregular-shaped waterfront contiguous sites each having 317+feet of frontage along the northerly side of Overseas Highway,with the same frontage along a boat basin fronting on Blackwater Sound. The subject property(Tracts 1 and 2 combined with Parcels "A"and"B"contain a total of 364,369 square feet or 8.36 acres. However,it appears that approximately 14,357 square feet is actually submerged land, between the platted shoreline and the mean high water line at the concrete dock,plus a pond area. Therefore, I have estimated that the subject has a total of 350,012 square feet or 8.03 acres of upland area. The subject property is scarified,which is conducive to future development or open park use. Furthermore, the site has fantastic open water views and deep water access to Blackwater Sound, Florida Bay, and the Gulf of Mexico. The site also features a large boat basin protected by breakwaters or jetties. Based on the above physical facts,various land uses are possible. Permissible Use - The subject is zoned SC. Suburban Commercial District. There are no known ease- ments that would adversely affect the development or marketability of the subject parcel. Under the "SC" zoning classification, commercial retail (low and medium intensities), and office uses or a combination thereof not exceeding 2,500 square feet of floor area,institutional residential uses (of less than 10 units/rooms), commercial apartments with less than six dwelling units in conjunction with a permitted commercial use,limited commercial recreational uses,institutional uses,public buildings and uses,accessory uses,and storage areas as of right. Hotel and Marina development are major conditional uses that require planning and commission approvals.Hotel development would likely require a transfer of redevelopment rights or entitlements from another property. An Alternate Use, such as a Key Largo Community Park would be a minor conditional use. The purpose of the district is to establish areas for commercial uses designed and intended primarily to serve the needs of the immediate planning area in which they are located. The district is established at locations convenient and accessible to residential areas without using U.S. Highway 1. The following restrictions apply in the subject's zoning district: Commercial Development Maximum Floor Area Ratio: 0.15 to 0.40 Depending on Use & Intensity Maximum Open Space Ratio: 20% Appraisal Company of Key West Page 22 Summary Appraisal Report 104550 Overseas Highway, Key Largo, FL Minimum Building Setbacks: Side Setbacks: 10115 feet Rear Setbacks: 10 feet Front Setbacks: 25 feet Residential Development Density Restrictions - Dwelling Units /Acre Maximum (Market Rate) Density: 3 Units /Acre Maximum Net(Affordable) Density: 6 Units /Acre Maximum Open Space Ratio: 20% Hotel-Motel, RV, Institutional Development Density Restrictions - Rooms /Acre Maximum Hotel Density: 10 Units /Acre Maximum Net Hotel Density: 15 Units /Acre Maximum Institutional Residential Density: 5 Units /Acre Maximum Net Institutional Resid. Density: 20 Units /Acre Maximum Recreational Vehicle Density: 10 Units /Acre Maximum Net Rec. Vehicle Density: 20 Units /Acre Maximum Open Space Ratio: 20% The appraiser has referenced some building criteria above. For further details, the reader is referred to the Monroe County Building Department or the Land Development Regulations for Monroe County. In addition to the current zoning regulations, a moratorium, and presently the Non-Residential Rate of Growth (NROGO) system has been placed on building permits for commercial construction since January 1996 in Monroe County. Therefore, with little land remaining for further commercial development in the Florida Keys,especially those having U.S.Highway No. 1 highway frontage,as well as open water frontage, those commercial parcels which have already been developed will eventually become more desirable. We have already experienced large improved properties being sold where the improvements are being demolished for redevelopment and sold at a premium. Feasible Use - The general commercial uses in the subject's area consist of commercial retail uses, restaurant and office uses, motels, boat yards/marinas, and residential uses including single family residences. It is the appraiser's opinion that development of the site for resort hotel and marina development would provide a positive net return to the site and would therefore be considered feasible. A major development plan would require a major conditional use and transfer of entitlement, which would be a lengthy process. Alternatively, a socioeconomic use as a community park is a minor conditional use and the approval process should be less demanding. Most Profitable Use-In the final analysis,a determination must be made as to which feasible use is the Highest and Best Use of the parcel as if vacant. It is my opinion that the subjects parcel's Highest and Best Use as if vacant and available for development would be for commercial resort hotel and marina development based on analysis market demands. The lodging market in the Florida Keys has rebounded with many facilities exceeding room revenues at the prior height of 2007 before the recession. The Appraisal Company of Key West Page 23 Summary Appraisal Report 104550 Overseas Highway, Key Largo, FL subject is one of the few large acreage, waterfront sites in the Upper Keys that is almost completely scarified with little vegetation; thus it is prime for development or waterfront community park use, as an alternative use. "As Improved": The building improvements at the subj ect property are a legal,nonconforming use;they have been grand fathered with respect to size, as the improvements slightly exceed the maximum 2,500 square feet of floor area dictated by zoning regulations. Furthermore, a marina use is a major conditional use. The subject has been vacant for some time;thus,it is possible that the grand fathered status of the marina use could be at jeopardy. Therefore, I recommended that the client investigate this possibility with the Planning Department. The subject property appears to meet all other zoning regulations. The reader is made aware that there is a Non-residential Rate of Growth Ordinance (NROGO) throughout Monroe County to restrict future commercial development and residential Rate of Growth Ordinance(NROGO), which limits growth. The subject was historically utilized as a marina with marine retail, service, office, storage facility and residence containing a gross building area of 2,507 square feet with the vacant land area utilized for outdoor, uncovered boat storage, new and used boat sales, marine repair, and fuel dock within a protected boat basin. The property had been severely underutilized due to its extremely low floor area (building to land)ratio and lack of upland development. The existing building and site improvements have little contributory value due to the fair to poor condition. A potential buyer would view the subject as 8 acres of vacant scarified land with a large protected deep water boat basin and open water views. The subject likely only has one residential ROGO entitlement and minimal commercial NROGO redevelopment rights. The subject property was purchased in July, 2005 and was planned to be redeveloped into an upscale residential project and marina. The Seahorse RV Park in Big Pine was purchased in order to transfer the ROGO entitlements to the subj ect property via a 380 agreement or another method. As the real estate market slumped and development rights were not transferred, the project subsequently stalled and the lender foreclosed. Subsequently,the note was purchased by the current owners near the end of 2008 per Mr. Jim Cohen. The Seahorse RV Park is not part of the subject property. A Letter of Understanding from Monroe County or any Redevelopment Plans were not made available by the property owner. Many similar stalled and/or bank owned redevelopment projects have been recently resold for future development. Many of the development plans are being altered from luxury residences or condotels to more traditional resort hotels or smaller boutique hotels due to the strength of the lodging sector and tourism market in the Florida Keys. In conclusion, the Highest and Best Use for the subject property is for resort hotel and marina development,subject to major conditional use and development approvals,also subject to acquiring and transferring ROGO units to the subject property. A community waterfront park with marina would be an alternate use for the benefit of Key Largo and Upper Keys residents. There are very few large acreage sites that are scarified and have superior access(highway and boating)similar to the subject. The subj ect Appraisal Company of Key West Page 24 Summary Appraisal Report 104550 Overseas Highway, Key Largo, FL property could be developed similar to Founders Park in Islamorada,which was the former Plantation Yacht Harbor Marina and Resort, a large marina with a under utilized outmoded small motel. SCOPE OF WORK APPRAISAL DEVELOPMENT AND REPORTING PROCESS There are three typical approaches to value to consider in each appraisal assignment. The three traditional approaches to value are the Cost Approach,the Sales Comparison Approach and the Income (Direct Capitalization and/or Discounted Cash Flow)Approach. The three approaches to value are not always applicable to the assignment;however,the three approaches to value are always considered. The appraiser performed a summary appraisal report, as defined by the Uniform Standards of Professional Practice. Data relevant to each approach to value is developed,analyzed,and reconciled to a value estimate.Items of both similarity and dissimilarity in comparable properties are analyzed and adjustments are made for the differences. All appraisals begin by identifying the subject property (property to be appraised) and the appraisal problem. Data relevant to the subj ect property is obtained from various sources including but not limited to: the Monroe County Property Appraiser's Office, surveys,building plans and specifications and the property owner. If possible,more than one source is utilized to confirm information. Improvements,if applicable, are inspected and measured by the appraiser. If and when building plans or sketches are made available,the measurements are verified for accuracy. Land size is based on recorded plat maps, Monroe County public records,legal descriptions or surveys (when available). The local geographical market was researched and analyzed. The appraiser describes the building improvements in detail,if applicable; these descriptions are based on a walk through and/or plans and specifications, if available. The appraiser is not a contractor nor a structural engineer; 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. Exterior site visits of the comparable improved and vacant sales are always made;interior walk-through visits are made when possible. Sales prices, concessions, conditions of the transaction for the comparable sales are obtained from the public records, multiple listing services, County Property Appraiser's records, and 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. Market rent and expense comparables are researched, analyzed, and confirmed by the appraiser. Appraisal Company of Key West Page 25 Summary Appraisal Report 104550 Overseas Highway, Key Largo, FL The comparable sales are researched utilizing First America Real Estate Solution and Realist.com, (FARES),Rapattoni,and Loopnet,a computerized MLS(Multiple Listing System).All sources use data from the Monroe County Property Appraiser's Office, as well as, from the public records. 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. 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. 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 also 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. This could be restated as: Replacement Cost New (-) Depreciation (+) Land Value (=) Cost Approach Value. In the case at hand,the subj ect property was valued as unimproved"As if Vacant"commercial land with entitlements for redevelopment.The appraiser did not consider the Cost Approach to be applicable other than the Land Valuation,which is truly the Sales Comparison Approach. Hence,the Cost Approach was not utilized in the final value conclusion,but rather the Sales Comparison Approach which was totally weighted in the final value conclusion. THE INCOME APPROACH The Income Approach is based on the amount of rental income the subject property is 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 properties 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 Ap- proach represents the value an investor may consider paying in order to gain the benefits and profits of the real estate. As the highest and best use of the subject property is to raze the existing minimal Appraisal Company of Key West Page 26 Summary Appraisal Report 104550 Overseas Highway, Key Largo, FL building and site improvements and redevelop the property into resort hotel and marina, subject to obtaining and transferring the necessary entitlements to the subject property. Therefore, the Income Approach was not considered appropriate in valuing the subject property, as similar acreage tracts "as if vacant" are not purchased for the rental income production ability, but for maximum development potential. Therefore, the Income Approach is not applicable. 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 also considered a reliable indicator of value as the subject property is an investor type property. The appraiser has been instructed to estimate an "As Is" market value for the subject property. Therefore, the appraiser has considered comparable land sales that have similar development or redevelopment potential with similar highest and best uses within the subject property's market area. The comparables indicated a tight range of values when analyzed on a price per square foot of upland developable area. The sales were adjusted if they had superior entitlements or vested development rights. Therefore, due to the reliable land sales for comparison purposes, I considered the Land Valuation, via the Sales Comparison Approach, to be reliable and the only applicable approach. This approach was considered to be the most reliable and used in the final land valuation,due to the similarity of the comparable sales. THE 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 bases its value indication on sales of other similar properties in the area. These sales are analyzed and compared to the subject properties. The Sales Comparison Approach bases its value indication on sales of other similar properties in the area. These sales are analyzed and compared to the subject property. From these comparable sales,the appraiser must extract meaningful "common denominators"to be applied to the subject building. Typically,the sales price per square foot of the building,or site area,price per unit and the overall sale prices are the most common denominator used in estimating the value of the properties similar to the subject. Adjustments are made to the indicated sale prices for differences between the sale and the subject,when possible. The more similar the sale is to the subject property,the fewer required adjustments, and the better it serves as an indicator of value. This approach was considered the most reliable in estimating the"As Is"market value for the overall subject property; thus, was weighted totally in valuing the subject property. Appraisal Company of Key West Page 27 Summary Appraisal Report 104550 Overseas Highway, Key Largo, FL Market Data: There had been an active market for comparable commercial marina and redevelopment use properties in the subject property's immediate market area up until 2007/2008. Resales of stalled marina redevelopment projects are now taking place and have been considered herein. Appraisal Company of Key West Page 28 Wl"I nl-'Tl I� "rn o N � "� � a sr3l sA I sr3l sA I sA( sr, sr, sr, sr, t �o Icr- o000 � MII 2�pI 1.0 r �I o [-� N ri a oIvl�I�l�Ivo "Z o N MiM M CN ciIooI I�iIr(oc rr ci -i oc ololololol o 0 0 0 ololololol o 0 0 0 ololololol� A An V-m � r- a� v �I I oI K I71I: v o v a 0 0 0 0 0 � ololololol ololololol oI oI�1 oI oI ,E � I I I ICI � � •� � N ea A o'1.0 A U b w cl o 3 0 iaiia w mI x o i i �x � x Pml i 51 �I�INI �I ,, +• �(',� � �I �I�IoI•�I > � Summary Appraisal Report 104550 Overseas Highway, Key Largo, FL COMPARABLE SALE NO. 1 e PROPERTY NAME: Snake Creek Marina LOCATION: 85401 Old Highway (Overseas Highway), Islamorada, FL MILE MARKER: 85.4 COUNTY ASSESSOR PARCEL NO.: 00093840-000000 ZONING: TC (Tourist Commercial) GRANTOR: Northwest Capital Group, Inc. (Lender Owned, REO) GRANTEE: Snake Creek Marina of Islamorada, LLC. DATE OF TRANSACTION: 06/14/13 OFFICIAL RECORD BOOK: 2636 PAGE 1538 Appraisal Company of Key West Page 30 Summary Appraisal Report 104550 Overseas Highway, Key Largo, FL COMPARABLE SALE NO. 1 (Continued) LAND SIZE: Irregular AREA: 103,237 sq. ft./2.37 Upland Acres 8.20 Acres of Submerged Land GROSS BUILDING AREA: 340 Square Feet 3.40 Acres of Environmentally Sensitive SALES PRICE: $2,000,000 ADJUSTED SALES PRICE: $1,430,000 (See Comments Below) PRICE / SF. FT. of UPLAND AREA: $13.95 VERIFICATION: Loopnet, Marina Manager for Seller(Bob Wilson), Public Records HIGHEST AND BEST USE: Marina TERMS OF SALE/FINANCING: Cash to Seller INTEREST CONVEYED: Fee Simple PRIOR SALES: Last Arm's Length Sale 5/31/2005 for $4,567,000 Warranty Deed OR Book 2134, Page 1520. Property Foreclosed on by Lender on August 7, 2009. Redevelopment failed due to recession. Comments: This will be the most recent sale of a marina. The property is located adjacent westerly to Snake Creek Channel and on the southerly side of the Overseas Highway and Old Highway. This property has been recently redeveloped with 138 dry boat storage racks, seven wet slips with possible expansion to about 20 wet slips,plus a small two-story dock master's office(340 SF)with storage(771 SF) at the first level. The original boat storage entitlements were for 200-slot dry storage racks; however,the rack system was redesigned for larger boats, as flats boats are typically stored on trailers. The management company also indicated that a bathroom shower building trailer was installed at a cost of about $30,000. The management company completed the renovations and oversaw the operations after the lender foreclosed on the property in 2009. Sellout of the boat slips failed due to the recession. The slips are actively being rented and are still being absorbed. The upland portion of the property contains 2.37 acres, while there are an addition 3.40 acres of environmentally sensitive wetland areas, plus 8.20 acres of submerged land. The site is also improved with two above ground 2,000 gallon fuel storage tanks with fuel dispensers. A boat fork lift with a 18,000 pound capacity was also included in the sale. As a result,the approximate value of the rack system,building and marina improvements were deducted in order to arrive at the adjusted sales price of$1,430,000,which is a more reliable comparison to the subject (raw, vacant land). The adjustment considers the subject's one ROGO entitlement. Appraisal Company of Key West Page 31 Summary Appraisal Report 104550 Overseas Highway, Key Largo, FL COMPARABLE SALE NO. 2 5 12 1 m I H I I I I 3 _- -r� - 1 Z u1,a 1 � Y L 10 { It 1 1 104110 I 1. L Alt Key 1394459 Alt Key 1394564 �r g99 'n 1 10 1.81 ti ry t v L • (59.4 31.42 .-. (120.52] 1 104110 N IN .1 .1 l5B Ot, 1 Alt Key 1121681 PROPERTY NAME: Oceanside Marina/Former King's Pointe Marina PROPERTY TYPE: Marina CURRENT USE: Marina PROPERTY LOCATION: 5950 Peninsular Avenue, Stock Island, FL DATE OF SALE: 06/13/13 DAYS ON MARKET: 196 SALE PRICE: $ 4,750,000 LISTING PRICE: $5,900,000 RATIO: 80.5% Appraisal Company of Key West Page 32 Summary Appraisal Report 104550 Overseas Highway, Key Largo, FL COMPARABLE SALE NO. 2(CONTINUED): ADJUSTED SALE PRICE: $ 3,745,000 (See Comments Below) GRANTOR: Atlas FL SPE LLC GRANTEE: Oceanside Investors, LLC (Pritam Singh) Bank-Owned: BB&T DOCUMENT TYPE: Warranty Deed OR: Book: 2634, Page 572 LEGAL DESCRIPTION: SQR 61 Part Lot 1-2 and 3, Stock Island Maloney Sub PB1-55 (Metes and Bounds Legal Description is Extensive) ALTERNATE KEY# 1111624, 8884257,9054750, 9054783,9054816, 9054849, 9054860 VERIFICATION: Public Records, Buyer, Past Appraisal FINANCING: Cash to Seller CONDITIONS OF SALE: Arm's Length PRIOR SALES: 1/26/11 Deed in Lieu of Foreclosure$15,932,400(Mtg.Amt.)Last Arm's Length Sale 6/23/2004 for $7,250000 Warranty Deed OR Book 2019, Page 1476. Developer, Doug Walker sold property to Keys Caribbean (Developer). Redevelopment failed due to recession. UPLAND SIZE: 8.02 Acres or 349,262 SF GROSS BUILDING AREA: 50,805 SF TOTAL GROSS ACRES: 14.47 Acres FLOOR AREA(BUILDING TO LAND) RATIO: 0.15 ADJUSTED PRICE PER UPLAND ACRE: $466,958 ADJUSTED PRICE PER SQUARE FOOT: $10.72 ADJUSTED PRICE PER GROSS ACRE:$258,811 ZONING: Mixed-Use, Monroe County WATERFRONT: Yes Appraisal Company of Key West Page 33 Summary Appraisal Report 104550 Overseas Highway, Key Largo, FL COMPARABLE SALE NO. 2(CONTINUED): COMMENTS: This is commonly known as the Oceanside Marina, the former developer changed the name to King's Pointe Marina for two to three years. The overall property encompasses 10.13 acres of upland, 9.971 acres of submerged land, resulting in a gross acreage of 19.84. The prior developer, Mr. Doug Walker purchased the property in 1993 from the lender who foreclosed on the property. Subsequently,in the mid to late 90s,the marina was converted to dockominium and the individual slips, which were sold at a rapid place. Subsequently, a residential condominium project was developed and sold-out. Finally, a 52-unit dry barn was built and sold-out as a rackominium. In 2004, 8.02 acres of upland which was improved with 50,805 square feet of gross building(not including rackominium),plus 6.45 acres of submerged land was sold to the Keys Caribbean/Cortex development group,who had plans for redevelopment of upland with a new boat barn, 32 luxury townhomes,plus 8 new 70 foot wet slips. In addition,the marina front restaurant was converted to a private club,which closed after one year. The redevelopment never transpired due to the recession and housing slump. The lender finally took the property back over a year ago. There was little management and capital expenditures for a three to four year period. The new buyer intends on redevelopment of the property into a lodging facility. In order, to compare this pending sale to the subject, a number of adjustments need to be made to the pending sales price. According to the buyer, the existing marina buildings do not have any contributory value, the fuel dock and ship store are under performing, and even the Sailfish Club (private club or restaurant/bar) will be donated and moved to another location. As a result, the value of the ROGO, existing transient entitlements were deducted at 32 units times $30,000 per unit,plus the current value of the five rackominium units (dry boat storage slots) at$15,000 per unit was also deducted in order to arrive at the adjusted sales price of$3.745 million. The adjustment considers the subject's one ROGO entitlement. This comparable sets the lower limit of value. APPRAISED BY OUR OFFICE: Yes FILE NUMBER: Numerous Appraisals Appraisal Company of Key West Page 34 Summary Appraisal Report 104550 Overseas Highway, Key Largo, FL COMPARABLE SALE NO. 3 n. PROPERTY NAME: Boatman's Colony LOCATION: 90775-90791 Old Highway (Overseas Highway), Plantation Key, Islamorada, FL MILE MARKER: 90.7 COUNTY ASSESSOR PARCEL NO.: 00437520 to 00437580-000000 ZONING: CF (Commercial Fishing) GRANTOR: Northwest Capital Group, Inc. (Lender Owned, REO) GRANTEE: Snake Creek Marina of Islamorada, LLC. DATE OF TRANSACTION: 12/17/12 OFFICIAL RECORD BOOK: 2605 PAGE 555 Appraisal Company of Key West Page 35 Summary Appraisal Report 104550 Overseas Highway, Key Largo, FL COMPARABLE SALE NO. 3 (Continued) LAND SIZE: Irregular AREA: 59,062 sq. ft./1.36 Upland Acres GROSS BUILDING AREA: 10,777 Square Feet SALES PRICE: $875,000 Less Contributory Value of Bldg. Improvements: -$200.000 ADJUSTED SALES PRICE: $675,000 ADJ. PRICE / SF. FT. of UPLAND AREA: $11.43 VERIFICATION: MLS, Listing Agent, Public Records HIGHEST AND BEST USE: Commercial Fishing & Marina Redevelopment TERMS OF SALE/FINANCING: Cash to Seller INTEREST CONVEYED: Fee Simple PRIOR SALES: Last Arm's Length Sale, Assemblage by Cay Clubs between June 2005 & January 2006, totals $3,750,000 for this portion of Boatman's Colony Subdivi- sion. Property transferred to Lender May 2009. Redevelopment failed due to recession and outrageous acquisition prices. The overall property was going to be redeveloped with luxury residences. The adjacent motels, not part of this property has the bulk of the ROGO entitlements. Comments: This is the recent sale of a failed redevelopment project by Cay Clubs. The property is located adjacent westerly to Tavernier Creek Channel and on the southerly side of the Overseas Highway and Old Highway. This property has been purchased from the lender Iberia Bank, former Orion Bank, and the former commercial fishing and retail uses will be renovated and utilized as such along with charter boats. The estimated conservative contributory value of the building improvements was deducted in order to arrive at the adjusted sales price of$675,000,which is a more reliable comparison to the subject(raw,vacant land). The adjustment considers the subject's one ROGO entitlement. The buildings had been vacant for a long time and were in fair condition. Appraisal Company ofKey West Page 36 Summate Appraisal Report 104550 Overseas Highway, Key Largo, FL COMPARABLE SALE NO. 4 PROJECT NAME: Proposed Grande Tiki Resort PROPERTY TYPE:Vacant land with redevelopment rights for 39 transient dwelling units,including potential marina(protected boat basin similar to subject). LOCATION: 104180-104220 Overseas Highway, Key Largo, Florida COUNTY ASSESSORS ALTERNATE KEY NO.: 1539333 ZONING: RV GRANTOR: Special Acquisitions Holdings, Inc. (c/o Former TIB Bank/now Capital Bank) GRANTEE: Medina Land Holdings 4, LLC Raul Medina, Jr. DATE OF SALE:08/22/12 OFFICIAL RECORD BOOK: 2587 PAGE 2230 LAND AREA: 112,967 Sq. ft./2.59 Acres VERIFICATION: Public Records, Listing Agent,Prior Appraisal SALES PRICE: $2,500,000 ADJUSTED SALES PRICE: $1,360,000 ADJUSTED PRICE PER SQ. FT.: $ 12.04 UNITS TO BE DEVELOPED: 39 PRICE PER UNIT: $ 64,103 HIGHEST AND BEST USE: Transient Residential Redevelopment TERMS OF SALE: Cash to Seller INTEREST CONVEYED: Fee Simple Comments: This comparable is located only a few sites westerly from the subject property in Key Largo with frontage along Blackwater Sound. The property is currently vacant, unimproved cleared land. The property had historically been used as a mom &pop motel and RV park with a total of 39- units. According to Development Order, 404-07, from the Monroe County, Florida Planning Commission, dated July 30, 2007, the applicant, the Berman Group, was granted its request for an Amendment to a Minor Conditional Use Permit to redevelop thirty-nine (39) lawfully established transient units to a condominium hotel consisting of nineteen (19) two bedroom and two and one-half bath bathrooms,plus one(1)one bedroom and one and one-half bathroom suite for a total of twenty(20) transient dwelling units. Appraisal Company of Key West Page 37 Summate Appraisal Report 104550 Overseas Highway, Key Largo, FL The property consists of three contiguous lots with a total of 112,967 square feet or 2.59 acres according to a survey and plans. The site also includes approximately 20,947 square feet or 0.48 acres of bay bottom. The structures were razed in anticipation of the redevelopment of the property, which was stalled due to the current economic downturn and then foreclosed on by the lender. According to the listing agent the property had been on the market for 423 days at a listing price of $2,925,000. The contract price is $2,500,000 or 85.5%of the current asking price. Based on this recent sale date of this comparable indicates an annual decline in value of approximately 17.0% from the previous purchase when the three contiguous properties were assembled in June to December of 2005. The estimated value of the ROGOs were deducted in order to arrive at the adjusted sales price of $1,360,000, which is a more reliable comparison to the subject (raw, vacant land). The adjustment considers the subject's one ROGO entitlement. Although, all of the similar sales were distressed, they are the only recent market data available to measure present market conditions. g kI a SIB €k t ,01"'Ir sMi P f l s > u � a s v ` kL . y v v � v f v , t iiy F (u- "m Appraisal Company of Key West Page 38 Summate Appraisal Report 104550 Overseas Highway, Key Largo, FL COMPARABLE SALE NO. 5 PROJECT NAME: Marlin Bay PROPERTY TYPE: Stalled residential condominium development with 13 single family dwelling units, including 65 boat slips. LOCATION: 3876 Louisa Street, Marathon, Florida 33036 COUNTY ASSESSORS PARCEL NO.: Multiple Folios ZONING: MU &URM GRANTOR: CRE Properties, Inc. GRANTEE: Marlin Bay Yacht Club, LLC DATE OF SALE: 11/15/2011 OFFICIAL RECORD BOOK: 2542 PAGE 585 LAND AREA: 330,172 Sq. ft./7.58 Acres VERIFICATION: Public Records, Seller, Prior Ap- praisal SALES PRICE: $15,000,000 PRICE PER SQ. FT.: $ 27.38 $8,530,000 Contributory Value of Improvements & Entitlements ADJ. SALES PRICE: $6,470,000 Adjusted Sales Price ADJ. PRICE PER SQ. FT.: $ 19.60 UNITS TO BE DEVELOPED: 92 PRICE PER UNIT: $ 98,261 HIGHEST AND BEST USE: Residential Development TERMS OF SALE: Cash to Seller INTEREST CONVEYED: Fee Simple Appraisal Company of Key West Page 39 Summary Appraisal Report 104550 Overseas Highway, Key Largo, FL COMPARABLE SALE NO. 5 (Continued) Comments: This comparable is a stalled project southwesterly from the subject property in the City of Marathon. This project is a luxury residential condominium development,which consists of 13 existing single family dwelling units, 8 affordable housing units,71 lots with infrastructure and boat dockage for 65 wet slips,8 affordable housing units,plus a club house and dock master building. The existing luxury single family homes have an average size of 2,907 square feet per unit, while the affordable dwelling units have an average size of 726 square feet. The appraiser has estimated the contributory value of the existing improvements at$5,960,000 based on a previous appraisal of this property. In addition,I have deducted the estimated contributory value of the ROGO entitlements in order to arrive at the adjusted sales price of$6,470,000, which is a more reliable comparison to the subject (raw, vacant land). The adjustment considers the subject's one ROGO entitlement. The project is ready for completion of the 71 dwelling units plus the sellout or reconfiguration of the existing project. The overall property consists of 8.37 acres of which 7.58 acres, 330,172 square feet, of upland and 0.79 acres of bay bottom or submerged land,plus there is 5.43 acres. The property had historically been a mobile home park plus a commercial fishing facility. Y , , ,fix' Appraisal Company of Key West Page 40 Summary Appraisal Report 104550 Overseas Highway, Key Largo, FL COMPARABLE SALES MAP y N .ayr+8 " Nat�emel Hamestead Park i r Comparable 3 I I i k B�rrtoir,,w �'israad sl E E # 12.77 mites SW rnier C-6 Great White Hewn arathan N.W_R. Hw1r Big Pine Key West Natimiaf LUEffife 7 i Refuge Key Wes A 93.23 miles SW Appraisal Company of Key West Page 41 Summate Appraisal Report 104550 Overseas Highway, Key Largo, FL Discussion of Adjustments: Property Rights: The comparable sales utilized herein were not encumbered by long-term leases; thus, they sold on a Fee Simple basis. Market Conditions: The market conditions (Time Adjustment) is based on a sales/resales of seven comparable marina, redevelopment land sales. The data indicated annual declines from 3.8%to 28.1%with a mean at 13.1% and a median at 11.6%. However,it appears that the commercial real estate market,even redevelopment land hit bottom around year-end 2011. All of the sales that I utilized herein are recent; thus, no adjustment for market conditions was warranted as it appears that the market has stabilized. Conditions of Sale: All of the sales utilized herein were REO/bank-owned and distressed sales. Unfortunately, due to the number of these transactions, distressed sales have become the market. Thus, no upward adjustments are warranted at this time. Financing: All of the comparable sales were considered cash equivalent, either cash or institutional financing at market rates. Thus, none of the comparables required adjustment for financing. Location: The subject has a large boat basin and potential marina protected by breakwaters and jetties. The subject has direct Florida Bay, Gulf of Mexico access through Blackwater Sound. In addition,the subject is located within Key Largo, which is very popular with tourists and visitors from the South Florida market area. Furthermore,it has direct access and frontage from the Overseas Highway. Sale Nos. 1, 3, and 4 are located in the Upper Keys, while Sale No. 2 is located in the Lower Keys, Stock Island Area,just outside of Key West and Sale 5 is located in Marathon. Sale Nos. 1 and 4 are most similar to the subject in location. Sale Nos. 2 and 5 are located significantly off-the-highway and are inferior in this respect. Sale 3 is located mostly along a canal that accesses Snake Creek Channel;thus, it has inferior access to the subject. Valuation Analysis: The subject property consists of a total of 350,012 square feet or 8.03 acres of upland area. The subject property is improved with a 2,507 square foot CBS/masonry one-story former retail store/residential mixed-use building.In addition there are dilapidated ancillary improvements such as:storage sheds,boat hoist and above ground fuel tank. The site improvements include chain link fencing around the perimeter, and seawall/dock with riprap around the boat basin. This property was used for boat sales and service as well as a marina,formerly known as Rowell's Marina. The property has been vacant for about eight years and is in disrepair. Thus, the building and site improvements do not have significant contributory value if any due to the condition. Appraisal Company of Key West Page 42 Summate Appraisal Report 104550 Overseas Highway, Key Largo, FL The sales comparables utilized herein were all waterfront parcels with some type of marina use. I analyzed the subject property on a price per square foot of upland area basis, which appeared to be the tightest unit of measure for the comparables. The price per square foot of upland area for the comparables ranged from $10.72 to $19.60 with a mean of$13.53 and median of$12.04. Due to the subj ect property's larger upland site size and prime water frontage,I have placed more weight on the comparables that are most similar in these respects. There are very few similar large tracts, that are totally scarified (vacant with little vegetation) with a vast amount of highway and open water frontage. Most weight was placed on Sale Nos. 2 and 5, due to their large size, while Sale 4 was weighted moderately due to proximity to the subject and its being scarified. Sale Nos. 1 and 3 received light weight. Therefore,I reconciled the value for the subject at$14 per square foot of upland area. The subject's value is calculated as follows. 350,012 Square Feet X $14/SF= $4,900,168 Furthermore, I have estimated the value of approximately 14,357 square feet, which is actually submerged land,between the platted shoreline and the mean high water line at the concrete dock,plus a pond area.As a result,I researched sales of environmentally sensitive land. Sales data is quite limited as most of these comparables sold for preservation or mitigation. The few smaller sized sales range from about $3.17 to $7.80. I estimated a price per square foot of$4 per square foot. 14,357 Square Feet X $4/SF = $57,428 Conclusion: The Sales Comparison Approach was considered applicable and reliable in the subject's valuation due to sales and market activity for commercial marina properties. The appraiser has utilized upland site size as a unit of measure, with a reasonable correlation indicated. This approach was considered applicable as it demonstrates buyers and sellers'reactions and the market activity for similar use properties. Due to the uniqueness of the subject property and the reliability of this approach, I weighted this approach totally in my reconciliation of value. Value of Subject Property Upland by the Sales Comparison Approach: . . . . . . . . . . . . . . $4,900,168 Plus Value of Subject Property Submerged Land by the Sales Comparison Approach(Rounded) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $57,428 Total Value of Subject Property by the Sales Comparison Approach: . . . . . . . . . . . . . . . . $4,957,596 Total Value of Subject Property by the Sales Comparison Approach(Rounded) . . . $5,000,000 Appraisal Company of Key West Page 43 Summary Appraisal Report 104550 Overseas Highway, Key Largo, FL RECONCILIATION AND FINAL ESTIMATE OF VALUE The following Fee Simple value indications have been developed in my analysis of the Market Data. Subject Property 104550 Overseas Hi2hway, Key Largo, Florida Fee Simple Valuation Method: "As Is" Market Value Cost Approach: Not Applicable Income Approach: Not Applicable Sales Comparison Approach: $5,000,000 "As Is" Market Value of the Subject Property as of Anne 14.2013 (Rounded): $5,000,000 The Cost Approach is based on the estimated value of the land(developed through comparison),and the depreciated cost of the site improvements. The subject property was valued as unimproved "As if Vacant"commercial land with minimal entitlements for redevelopment. The existing building and site improvements do not have significant contributory value due to their fair to poor condition. Also, the subject is extremely under-utilized due to limited amount of development on the 8 acres of upland. As a result,the appraiser did not consider the Cost Approach to be applicable other than the Land Valuation, which is truly the Sales Comparison Approach. Hence,the Cost Approach was not utilized in the final value conclusion, but rather the Sales Comparison Approach which was totally weighted in the final value conclusion. Therefore, the appraiser has considered the Cost Approach to be not applicable in the case at hand. The Income Approach is usually the most applicable to properties that are typically purchased for investment purposes. The Income Approach usually bases its value on the potential income the property can generate for the investors. As the highest and best use of the subj ect property is to raze the existing building and site improvements and redevelop the property to its maximum intensity and density, the Income Approach was not considered appropriate in valuing the subject property, as similar acreage tracts "as if vacant" are not purchased for the rental income production ability, but for maximum development potential. Therefore, the Income Approach is not applicable. The Sales Comparison Approach is a direct measure of the buying and selling behavior of the partici- pants in the real estate market. This approach directly measures what sellers are accepting and buyers are paying for property. Therefore, if a significant number of comparable sales have occurred and are available for analysis,then the Sales Comparison Approach becomes an important method in developing a value indication. The appraiser has been instructed to estimate a retrospective market value for the subject property. Therefore, the appraiser has considered comparable land sales that have similar Appraisal Company of Key West Page 44 Summary Appraisal Report 104550 Overseas Highway, Key Largo, FL development potential and similar highest and best uses within the subject property's market area. The comparables indicated a tight range of values when analyzed on a price per square foot of upland developable area. Therefore, due to the reliable land sales for comparison purposes, I considered the Land Valuation, via the Sales Comparison Approach, to be reliable and the only applicable approach. This approach was considered to be the most reliable and used in the final land valuation, due to the similarity of the comparable sales. 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 property market area, and after considering the applicability and reliability of each of the three value indications derived by the Cost, Sales Comparison and Income Approaches,it is the appraiser's opinion that the Market Value of the subj ect property is most accurately indicated by the Sales Comparison Approach which was totally weighted. Based on a site visit to the subject,research, and analysis of market data, it is my opinion that the "As Is"Market Value of the Fee Simple Interest of the Subj ect Property,The Former Rowell's Marina,1045- 104550 Overseas Highway, Tracts 1 and 2, Highland Shores Subdivision, P133-39, plus Adjoining Parcels"A"and"B",Key Largo,Florida 33037,subject to definitions,assumptions and limiting condi- tions, as of June 14, 2013, is: FIVE MILLION DOLLARS ( $ 5,000,000 ) Appraisal Company of Key West Page 45 Summary Appraisal Report 104550 Overseas Highway, Key Largo, FL CERTIFICATE OF APPRAISAL I HEREBY CERTIFY THAT UPON APPLICATION FOR VALUATION BY: Mr. Roman Gastesi, County Administrator Monroe County 1100 Simonton Street Key West, Florida 33040 Phone:(305) 292-4644 Email: Gastesi-Roman@MonroeCounty-FL.Gov I personally examined the following described property: COMMONLY KNOWN AS: The Former Rowell's Marina 104550 Overseas Highway Tracts 1 and 2,Highland Shores Subdivision,P133-39, plus Adjoining Parcels "A" and`B" Key Largo, Florida 33037 and based on a site visit to the subject, research, and analysis of market data, it is my opinion that the "As Is"Market Value of the Fee Simple Interest of the above Subject Property, subject to definitions, assumptions and limiting conditions, as of June 14, 2013, is: FIVE MILLION DOLLARS ( $ 5,000,000 ) I ADDITIONALLY CERTIFY that, to the best of my knowledge and belief- 0 The statements of fact contained in this report are true and correct. o The reported analyses,opinion,and conclusions are limited only by the reported assumptions and limiting conditions,and are my personal,impartial,and unbiased professional analyses,opinions and conclusions. o I have no bias with respect to the property that is the subject of this report or to the parties involved with this assignment. o My engagement in this assignment was not contingent upon developing or reporting predeter- mined results. Appraisal Company of Key West Page 46 Summary Appraisal Report 104550 Overseas Highway, Key Largo, FL o My 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 My analyses, opinions, and conclusions were developed and this report has been prepared in conformity with the Uniform Standards of Professional Appraisal Practice. o James Wilson has made a personal site visit to the property that is the subject of this report. Interior access to the marina building at the time of the recent site visit was not possible. The interior of the building was below average to average at best in 2005, I made a prior site visit and walk-through of structure in May, 2005. The subject property was purchased in July 2005 and was planned to be redeveloped into an upscale residential project and marina. The Seahorse RV Park in Big Pine was purchased in order to transfer the ROGO entitlements to the subject property via a 380 agreement or another method. As the real estate market slumped and development rights were not transferred, the project subsequently stalled and the lender foreclosed. Subsequently, the note was purchased by the current owners near the end of 2008. The Seahorse RV Park is not part of the subject property. o No one has provided significant professional assistance to the persons signing this report. o The appraiser last appraised the subject property in 2005. The appraiser has not made any other appraisals of the subject property nor has he engaged in a feasibility study, consultation assignment, or any other related service in connection with the subj ect property in the past three years. 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. o As the date of this report, James E. Wilson has completed the Standards and Ethics education program of the Appraisal Institute as required for Associate Members. Appraisal Company of Key West Page 47 Summary Appraisal Report 104550 Overseas Highway, Key Largo, FL APPRAISAL COMPANY OF KEY WEST James E. Wilson, MRICS, President State-certified general real estate appraiser RZ 2164 Appraisal Company of Key West Page 48 Summary Appraisal Report 104550 Overseas Highway, Key Largo, FL ASSUMPTIONS AND LIMITING CONDITIONS APPRAISAL DEVELOPMENT AND REPORTING PROCESS: In preparing this appraisal, the appraiser made a site visit to the subject property. Information on comparable improved sales was gathered,confirmed,and analyzed. This is a summary appraisal report which is intended to comply with the reporting requirements set forth under Standard Rule 2-2(b)of the Uniform Standards of Professional Appraisal Practice for a summary appraisal report. As such,it might not include full discussions of the data,reasoning, and analyses that were used in the appraisal process to develop the appraisers' 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. This confidential report was prepared for the sole use of and benefits of Monroe County and is based, in part, upon documents, writings, and information owned and possessed by the client. This report is provided for informational purposes only to third parties authorized to receive it. The appraiser-client relationship is with Monroe County, as the client. This report should not be used for any purpose other than to understand the information available to the Client concerning this property. Appraisal Company of Key West assumes no responsibility if this report is used in any other manner. THIS VALUATION IS CONTINGENT UPON THE FOLLOWING CONDITIONS: Interior access to the marina building was not available at the time of the recent site visit. The interior of the building was below average to average at best in May, 2005, when I made a prior site visit and walk-through of structure. The subject property was purchased in July, 2005 and was planned to be redeveloped into an upscale residential project and marina. The Seahorse RV Park in Big Pine was purchased in order to transfer the ROGO entitlements to the subject property via a 380 agreement or another method. As the real estate market slumped and development rights were not transferred, the project subsequently stalled and the lender foreclosed. Subsequently, the note was purchased by the current owners near the end of 2008. The Seahorse RV Park is not part of the subject property. This property was used for boat sales and service as well as a marina,formerly known as Rowell's Marina. The property has been vacant for about eight years and is in disrepair. Thus, the building and site improvements do not have significant contributory value if any due to their fair to poor condition. This appraisal is to be used in whole and not in part,in particular, no part of the contents of this report shall be conveyed to the public through advertising,public relations,news,sales or other media,without the written consent and approval of the author, particularly as to valuation conclusions, the identity of the appraiser or firm with which he is connected. The distribution of value between land and building applies only under the present program of utilization and is invalidated if used in making a summation appraisal. Appraisal Company of Key West Page 49 Summary Appraisal Report 104550 Overseas Highway, Key Largo, FL No responsibility is assumed by the Appraiser for matters which are of legal nature,nor is any opinion on the title rendered herewith. Good title is assumed. The Market Value does not consider any personal property or furniture, fixtures and equipment. The property has been appraised as though free of liens and encumbrances, except as herein described. The management of the property is assumed to be competent and the ownership in responsible hands. Building area and dimensions, as well as, site area and dimensions were taken from a survey prepared by Lawrence P. Frank, Surveyors, Engineers, and Land Planners, 83266 Overseas Highway, Suite 500, Islamorada,Florida,33036,dated February 20,2006 with revision dates of June 15,2006 and September 20, 2006. The submerged land along the concrete dock and shoreline within the boat basin, plus the pond area was deducted from the total site area noted in the survey in order to estimate the total upland area. Any deviations from these sizes will likely result in a change in value. If and when, a more recent survey is made available for the subject property, noting changes from the original survey or the measurements used in this report, the appraiser reserves the right to change the final value. Valuation is reported without regard to questions on boundaries. No responsibility is taken by this office for the accuracy or in regard to any questions on the nature of encroachments,encumbrances,easements or dissimilarities in measurement. No significant encroachments, encumbrances were noted on the survey. The survey did indicate some minor fence encroachments. Any maps or plats reproduced and included in this report are intended only for the purpose of showing spatial relationships. They are not measured surveys nor measured maps, and no responsibility for cartographic or surveying errors is assumed. The Appraiser herein is not required to give testimony in court unless arrangements have been previously made thereof. The Appraiser assumes that there are no hidden or unapparent conditions of the property, subsoil, or structures, which would render it more or less valuable. The Appraiser assumes no responsibility for such conditions, or for engineering which might be required to discover such factors. Information, estimates and opinions furnished to the appraiser, and contained in the report, were obtained from sources considered reliable and believed to be true and correct. However, no respon- sibility for accuracy of such items furnished to the Appraiser can be assumed by the Appraiser. The undersigned Appraiser has no present or contemplated future interest in the property and the compensation is in no manner contingent upon the value reported. Appraisal Company of Key West Page 50 Summary Appraisal Report 104550 Overseas Highway, Key Largo, FL Possession of this report does not carry with it the right of publication or advertisement of any of its conclusions,nor may any except the applicant use the same for any purpose without the previous written consent of the appraiser or the applicant. The subject mixed-use building has been vacant for about eight years. The roof cover is likely not in good condition. However,neither a recent roof nor termite inspection reports were made available,and the actual condition is not known. The appraiser does not assume the responsibility for the condition of the roof, termite damage, or physical condition of the structures without the benefit of a recent engineering report. 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. Environmental screening or audits of the subject properties were not made available to the appraiser. Upon inspection of the property,no visible signs of environmentally hazardous materials were noted. Due to the age of the older subject building, the presence of lead based paint is possible. Prior to the end of 2005, the subject was historically utilized as a marinawith fuel dock,fuel storage facilities,plus repairs,boat sales, and dry boat storage (boats on trailers). The appraiser is not qualified to detect such substances and an expert in the field is recommended. The Americans with Disabilities Act("ADA")became effective January 26, 1992. The appraisers have not made a specific survey or analysis of this property to determine whether or not it is in conformity with the various detailed requirements of the ADA. It is possible that a compliance survey of the property,together with a detailed analysis of the requirements of the ADA,could reveal that the property is not in compliance with one or more of the requirements of the Act. If so, this fact could have a negative effect upon the value of the property. Since the appraisers have no direct evidence relating to this issue, a possible noncompliance with the requirements of the ADA in estimating the value of the property has not been considered. 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 Appraisers are affiliated. The discovery of latent conditions is beyond the scope of this appraisal. Detection of latent conditions requires the expertise of qualified persons such as architects and engineers. Latent conditions include, among other things, non-apparent structural conditions; presence of prohibited hazardous wastes; presence of radon gas, methane gas, asbestos, lead, petroleum products and other air, soil, or water contaminants; and many other conditions too numerous to mention which may affect the value of the property being appraised. The appraiser conducting this appraisal is 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 property covered by this appraisal. Appraisal Company of Key West Page 51 Summary Appraisal Report 104550 Overseas Highway, Key Largo, FL ACCORDINGLY NOTICE IS HEREBY GIVEN that neither the appraisers conducting this appraisal, nor the APPRAISAL COMPANY OF KEY WEST makes any warranty,express or implied,to property covered by this appraisal, and neither shall have any liability to any person for differences in the value of the appraised property, or other damages, resulting from discovery of latent conditions (including those mentioned above and others) on, or in proximity to, the appraised lands. 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. I do hereby certify that to the best of my 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 52 Summary Appraisal Report 104550 Overseas Highway, Key Largo, 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 Yt `)b 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 18 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 has passed the General Comprehensive Test of the Appraisal Institute and is completing the Demonstration Report,in order to fulfill the remaining requirements to become a Member of the Appraisal Institute(MAI).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,President-Elect of the Sunset Key West Rotary Club,member of Class VII Leadership Monroe,and 2012 President of 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 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 Appraisal Company of Key West Page 53 Summary Appraisal Report 104550 Overseas Highway, Key Largo, FL Professional Oualifications of James E. Wilson, III (Continued) 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. 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 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. Appraisal Company of Key West Page 54 Summary Appraisal Report 104550 Overseas Highway, Key Largo, FL Professional Oualifications of James E. Wilson, III (Continued) 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,2012/2013 President-Elect 2009 Treasurer,2010 Vice President,2011 President-Elect,2012 President Board of Directors of the Key West Chamber of Commerce,2012 President of the Key West Chamber of Commerce 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. Mr.Padron has continued to be a Fee Commercial Real Estate Appraiser with the Appraisal Company of Key West,which has ensured continuity and quality control. 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. Appraised various types of properties in the Florida Keys,including: Retail Stores Commerciat/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 Appraisal Company of Key West Page 55 Summary Appraisal Report 104550 Overseas Highway, Key Largo, FL APPRAISER CERTIFICATION ------- AC# 6479232 STATE OFFLORIDA DEPARTMENT OF 'BL7SINESS AND PROFESSIONAL REGULATION' FLORIN REAL ESTATE APPRAISAL ER SEQ#L1.21f723 02785 LICENSE NBP 10/23/20a.2 12,0182484 IRZ2164 The CERTIFIED GENERAL APPRAISER Named below IS CERTIFIED Under the provisions e5 Chapter 475 F'S. Expiration date: Nov 30, 2014'... WILSON, TAMES E 3229 FLAGLER AVE 4#101 KEY WEST FL 3.3G45-2152 RICK SC OTT KEN LAWS€N GOVERNOR, DISPLAY AS,REQUIRED BY LAW SECRETARY Appraisal Company of Key West Page 56 Summary Appraisal Report 104550 Overseas Highway, Key Largo, FL SUBJECT PROPERTY Front View of Subject Property Entrance Looking Northwesterly from the Overseas Hwy. P View of the Marina Mixed-Use Building Looking WesterlX Appraisal Company of Key West Page 57 Summary Appraisal Report 104550 Overseas Highway, Key Largo, FL SUBJECT PROPERTY ro. AWL View of the Subject Property Looking Southwesterly View of the Subject Property Looking Westerly Appraisal Company of Key West Page 58 Summary Appraisal Report 104550 Overseas Highway, Key Largo, FL SUBJECT PROPERTY KK4 Street View Looking Southwesterly Along the Overseas Hi hwgy View of the Subject Property Looking Northwesterly from the Overseas Highway Appraisal Company of Key West Page 59 Summary Appraisal Report 104550 Overseas Highway, Key Largo, FL SUBJECT PROPERTY 40 Uhl View of the Subject Boat Basin and Blackwater Sound Looking Westerly ». Ike L View of the Subject Boat Basin Looking Southerly Appraisal Company of Key West Page 60 Summary Appraisal Report 104550 Overseas Highway, Key Largo, FL SUBJECT PROPERTY "44 ,.a, __ . . .� :57 t View of the Subject Property Looking Southeasterly r View of the Subject Jetty and Blackwater Sound Looking Southwesterly Appraisal Company of Key West Page 61 Summary Appraisal Report 104550 Overseas Highway, Key Largo, FL STATE MAP �A .M w N y R M+r. 4 e. ca aNr Appraisal Company of Key West Page 62 Summary Appraisal Report 104550 Overseas Highway, Key Largo, FL FLORIDA KEYS MAP FLORIDA Key Iargo MM 99-106 Tavernier MM 91-92 Plantation Key MM 86-90 j�v---Windley Key MM84 Islamorada Upper Matacu be Key MM60 0 N C o Lower Matecu be Key MM74 N �. (�---FY esta Key MM70 Layton N S � Long Key MM66-69 'ConhKeys MM61 KK ll c y Grassy Key MM57-60 +Crawl KaShores arathon Key Colony Beach MM_54 Vaca Key Marathon MM50 Pigeon Key MM45 7—Ile Bridge H CSna -Sunshine Key MM 40 Bahia Honda MM 37-38 d4?dtienoc8 Mid e To26 8 amrod MM 'I 2T47 $3u,ImmeeerMMlaMMnd MMg2+-25 Sugarvai" Key2MM2?2-23 Lox er Sugarloaf Key MM 17 Saddlebunch Keys MM 13-16 o ig Coppitt MM 10 Boca Chica MM 7-8 Stock Island MM 5 • Key West MM 0-4 Appraisal Company of Key West Page 63 Summary Appraisal Report 104550 Overseas Highway, Key Largo, FL LOCATION MAP A lark nat xr Niry inn+tlmm:rn PmA hiio� ray„"y S o,v n d l a Ye dmp f arrem.eme � � t m r g m r».el Yel Smund 5'a rtrtd 'pu nfpan J i.0 H d f i n pyyr" [M4 l�xn,.� 6' Wn YnMiN[«iI1M 5bxYs4 STD6'NLIXEea ----------------- Appraisal Company of Key West Page 64 AppraisalSummary /rt 104550 Overseas AERIAL PLAT MAP �. � � �•••• �,...t wxn rvr.wu.n[NY...rmww� Appraisal Company of Key West Page 65 �9 �k4 s R' N esr� Y • '� esr'i Summary Appraisal Report 104550 Overseas Highway, Key Largo, FL PLAT MAP FOR TRACT 1 1 EUI 1 1 1 1 S11_TS1 S_R S12_T61 S_R39E High■rd Ctiart; 1 ■ ■ t 1 ■ 1 ■ ■ i 1 Appraisal Company of Key West Page 66 Summary Appraisal Report 104550 Overseas Highway, Key Largo, FL PLAT MAP FOR TRACT 2 1 Hkjk11kal',:;ic�l=: S11 TS1 S 1 S1 TE R39 f 1 1 1 Appraisal Company of Key West Page 67 Summary Appraisal Report 104550 Overseas Highway, Key Largo, FL BUILDING SKETCH 70.1' 0 Bedroom Laundry ei T 10.r Bth ° Retail Store Pantry Closet cei Living Room Kitchen 60.CP Appraisal Company of Key West Page 68 Summary Appraisal Report 104550 Overseas Highway, Key Largo, FL BUILDING AREA CALCULATIONS AREA OALCULATtONS SUMMARY I BUILDING AREA BREAKIDOWN c� o�r:cnan sip ryes ere�cu®wn suns �a rir..t rl— 2501) 360E M7.3000 elr t "1 r 15.60 : 70.10 911.3000 26_60 . mv_ab 12596-00" i i I i TOTAL BUILDING (roundest) � 2507 2 Areas Total(rounded) 2507 First Floor GBA1 11_08 : 7.010 = 911.3000 66_80 a a5 &AO®rt Area total(rounded) - 2507 Appraisal Company of Key West Page 69 Summary Appraisal Report 104550 Overseas Highway, Key Largo, FL ZONING MAP � wu 410 DY® i0°1AYiMUG 6m7AWd cr ��{ 4��m`g8� � r" qq � � c Y• LLI ' a 1 � Q 04. pia b� 0 r $ r9 / � v Appraisal Company of Key West Page 70 Summary Appraisal Report 104550 Overseas Highway, Key Largo, FL CERTIFICATE OF TITLE Do,p 1736194 031M/2009 9:22AM IN THE CIRCUIT COURT OF THE Filed & Recorded in official Records of SIXTEENTH E;NTH JUDICIAL CIRCUIT, IN MONROE cOUNTY DRNNY L. KOLHAGE AND FOR MONROE COUNTY, FLORIDA 03/30/2009 3:22PM SVMG KEYS ACQUISITION CO., CIVIL DIVISION DEED ®oC STAMP cL: TRINA, $7,00 Plaintiff, CASE~NO,:442008CA000378000OPK V. UPPER KEYS ACQUISITIONS,LLC,a Florida limited liability company,SUN VISTA MARINE GROUP, LLC,a Florida limited Xc->= liability company,BRIAN STREET,and C>rq- c� .1AMES COH EN, n�� sa q CD c c� Defendants. - n C3 CERTIFICATE OF TITLE The undersigned Clerk and Comptroller certifies that he/she executed and filed a Certificate of Sale in this action on ,�2009,for the property described herein that no objections to the sale have been filed within the time allowed for Fling objections. Ilse following property in Monroe County,.Florida: D,,,¢is 1736294 aka 2406 Pgo 379 Parcel I (Trailer Park:Parcel): Lots 1,2, 3, 4 and 5, Block 1, Lets 1, 2,3,4, 5,6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, and 18,Block 2,SAM-ICI-JOE:SUBDIVISION,according to the Plat thereof,recorded in Plat Book.3,Page 76,Public Records of Monroe County,Florida. A N Eft Lots, 1,2,3.C 55 6,7,8 and 9, Block 3,DARIO'S SUBDJVISION,according to the Plat thereof,recorded in Plat Book 3,Page 92,Public Records of Monroe County, Florida. Parcel 2(Marina Parcel): I-racis 1 and 2. HIGHLAND SHORES,according to the map or plat thereof recorded in Plitt[look 3,Page 39,of the Public Records of Monroe County, Florida. Appraisal Company of Key West Page 71 Summary Appraisal Report 104550 Overseas Highway, Key Largo, FL CERTIFICATE OF TITLE 4cca 1736194 Parcel 3(Sovereign Lands Parcel): Bku 206 Pyu 380 PARCEL'-A" A PARCEL OF SOVEREIGN LAND LYING WESTERLY OF AND ADJACENT TO TRACT 1, HIGHLAND SHORES ON KEY LARGO, ACCORDING TO THE. PLAT TIIERI OF, RECORDED IN PLAT BOOK 3, AT PAGE 39 OF THE PUBLIC RECORDS OF MONROE COO NTY, FLORIDA. SAID PARCEL BEING MORE PARTICULARLY DESCRIBED AS FOLLOWS! COMMENCING AT THE INTERSECTION OF THE NORTHEASTERLY RIGHT--OF- WAY OF STATE ROAD NUMBER -5, U.S. HIGHWAY NO, 1, AND THE NORTHERLY PROPERTY LINT; OF TRACT 1 ACCORDING TO SAID PLAT, RUN S89'04'36"W, 773,50 FEET MORE OR LESS TO A POINT ON THE ORIGINAL SHORELINE OF BLACKWATER SOUNDS, SAID POINT BEING THE POINT OF BEGINNING OF THE DESCRIPTION OF PARCEL A, FROM SAID POINT OF BEGINNING. RUN N72'51'52"W, 9,95 FEE']' ALONG THE SOUTHERLY BOUNDARY OF THE TRUSTEES OF THE INTERNAL IMPROVEMENT FUND DEED NUMBER 22,017, THENCE FOLLOW THE HE BOUNDARY OF SAID PARCEL A FOR TI-1F FOLLOWING TWENTY-SEVEN(27)COURSES: LINE: BEARING LENGTH LINE BEARING LENGTH LI S36'50'26"W 6.57' L15 S2I'l0'20"W 4438' 1-2 N8.9'20"05"W 22.43' L16 S23'30'36'W 440.93' 1.3 S89'11'08"W 22,50' L17 S20'14'24"W 30.32' L4 N88'34`06"W 18-95' L18 S6826'51"E 12,54' I'S S73111'30"E 8-.52' 1-19 N27'28'42"E 29.75' L6 S0935'30"W 14.12- L20 N25'00'38"F 27.93' 1.7 N87'5246"W 12.08' 1-21 N21'26'38"E 28.28' 1-8 S65`I1'57W 31.82' 1,22 N20'51'417 37.60' L9 S57'30"44"W 10171' L23 N24117'59"E 44.80' LIO S83'49'08"W 10.38' 1,24 N58'59'02"E 11.60' 1,11 S29'52'36"'W 7.20 L25 N31'59'59"1 16.09' L12 S25'31'37E 11,07' 1.26 S57'47'25"E 39.79' 1.13 S16'22'44"W 25.33` L27 S59'40'35"E 22,86' L14 S23'38'I7"W 26,70' THENCE CONTINUE N28'08'57"E ALONG THE ORIGINAL, SHORELINE FOR 84,59 FEET TO THE SAID POINT OF BEGINNING OF THE HEREIN DESCRIBED PARCEL A. PARCEL--B" A PARCEL OF SOVEREIGN LAND LYING WEST"ERLY OF AND ADJACENT TO TRACT 2, HIGHLAND SHORES ON KEY LARGO, ACCORDING TO THE. PLAT.. THERL'OF, RECORDED IN PLAT BOOK 3, AT PAGE 39 OF THE PUBLIC RECORDS OF MONROE COUNTY, FLORIDA. SAID PARCEL BEING MORE PARTICULARLY DESCRIBED AS FOLLOWS: Appraisal Company of Key West Page 72 Summary Appraisal Report 104550 Overseas Highway, Key Largo, FL CERTIFICATE OF TITLE COMMENCING AT THE INTERSECTION OF THE,NORTHEASTERLY RIGHT-OF- WAY OF STATE ROAD NUMBER 5, C.J.S. HIGHWAY NO, 1, AND THE SOUTHERLY PROPERTY LINE OF 'TRACT 2 ACCORDING TO SAID PLAT, RUN S89'13'53'W, 617.10 FEET MORE OR LESS TO A POINT ON THE ORIGINAI, SHORELINE OF BLACKWATrR SOUNDS, SAID POINT BEING THE; POINT O BEGINNING OF THE DESCRIPTION OF PARCEL A. FROM SAID POINT OF BEGINNING, PROCEED N67138'25"W, 9.95 FEET ALONG A RIPARIAN LINE. 46,11 FEET TO A POINT ON THE EXISTING SHORELINE OF BLACICWATER SOUND, THENCE FOLLOW THE BOUNDARY OF PARCEL B FOR THE FOLLOWING SEVENTEEN(17)COURSES: LINE BEARING LENGTH LINE BEARING LENGTH LI N'36'I3'50'E 4.89' LIO S57'34'12'F 12,71" 1..2 NI7'47'06'E 24.30' I_,11 S24'37'II6'W 61.58' L3 N13'0I'l7'W 23,43' 1..12 S26'26'4I1'W 55,16' L4 N42'06'23'W 23.00' L13 S24'15'5VW 28.84' L5 N14'35'11'W 21.14' L14 SOI'00'47'E 14,56` L6 N2346'18'E 38.89' 1,15 S49'34'20'E 18.26' L7 S8TI3'20'E 9.U9` 1-16 S75'38'49'C 21.66' L8 N23'47'03'E 58,87' L17 S83'04'341E 32.42' L9 N22'00'56'E 52.45' THENCE CONTINUE S20'36'26"E, 73.17 ALONG NE ORIGINAL SHORELINE OF BLACKWATER SOUND TO THE SAID POINT OF BEGINNING OF THE: HEREIN DESCRIBED PARCEL B. Was sole to. S11` ' i Pert .-r,� Ct+r �, uC-A1� L_.. ems, L.334 1' WITNESS my hand and the seal of the court on 2009. Doc6 1736194 Bkp 2406 Pr8## 381 DANNY L. KOL GE Clerk&C ornaOA6' ynroe County. Florida By: 'rt Deputy Appraisal Company of Key West Page 73 Summary Appraisal Report 104550 Overseas Highway, Key Largo, FL CERTIFICATE OF TITLE CERTIFICATE OF SERVICE This is to certify that a copy ofthe foregoing was mailed by regular U.S. Mail to each party in the above styled ease on__ 200 . DAINTY I- €OLHAGE Clerk&Comptroller,Monroe County.Florida By: Deputy Cler DOCU, 1736194 6ko 2406 P90 392 MONROE COUNTY OFFICIAL RECORDS Appraisal Company of Key West Page 74 Summary Appraisal Report 104550 Overseas Highway, Key Largo, FL QUIT CLAIM dace 1738924 04/2112009Records S c 31Pri I'RFPARED BY AND RETI RN 10: Fi L-ti& Recorded 'UpPOf f' t.K�L1 AGE of MF I a-Offices of Stephen M.Cohen,P.A.. 41;00 PGA Boulevard,Sulte 30iA 3:31PM $0.70 Palau Beach Gardens.FI 33,418 04121/200ST ac6d OOC 019 Gt RF+6�t[3A D,-U 1"I38924 Bkta4 2409 Pp0 37S Property Control No. 16?601 5,16?6011 QUIT CLAIM DEED THIS QUIT CLAIM DEED,executed thisl�das of April,20017,by and between SV NI{ KEYS ACQUISITION CO.,LLC,whose address is 4500 PGA Boulevard,Suite 303A,Palm Beach Gardens..FL,3.3418. first part). to LAIRCO SUN VISTA _ACQUISITION CO.,. LLC, whose address is 321 Last Hillsboro Blvd, Deerfiwid Bench.Florida 33441.second party. Wherever arced herein the rerans "first parar"aw'["Second parry-are esecl frrr jfngxr/fir ur pltaral. Is r11"1CX1 rr�rlauceV surd im-rude all the purd e, Yu this insirrau—n and the heirs_ legal r"pr"eraarfrive.c and ussignv ut'irxrlrvrdwd'y. marl rice 5uccc.rsw-s rtrrd ussigns rat vorporatio t.s.) W1TAL'.SSETH,that the said first}carte,for and in consideration of the sutra of Ten Dollars(S10.00)in hared paid by the said second part},the receipt sm hereol'is herebw a"nowledt`ed. does hereby remise, release and quit-claim unto the said second party forever, all right,title. interest,claim.and demand which the said first party h as in and h3 the followin,described lot,piece:or parcel of land. situate. lying and being in the County of Palm Beach.State of Florida.to wit: See Exhibit"A"attached hereto. TO HA VE,AAID TO HOLD, the same toLether with all and singular the appurtenances thereonto belon nnz or in anvv ise appertaining,and atl the estate,right,toile interest,lien,equity and claim whatsoever of the said first part}.ciiher in law or etfuht .to ttte only proper use.henefil and behoove of the;aid second partiy forever. Page I of 4 Appraisal Company of Key West Page 75 Summary Appraisal Report 104550 Overseas Highway, Key Largo, FL QUIT CLAIM Deep 1738924 Bku 2409 R4p 579 LN W17',VFSS WHEREOF,the said firs(patsy has ai fined and sealed these Presents the day and ve ar first abode writlen. Signed.sealed and delivered in the presence of: �7 Witness, tMess: G STATE OF FLORIDA 1 COUNTY OF PALM BEACH The 16mgoing instrument was acknowled-e;d before me this day of`APril.2009 by Stephen M Cohen,as Managing Member. NOTARY PUBLIC (Prim Narno) My Commission Expires: Personally-Knowrrl.,,:rOR Produced identifiCaLion D Tv e of identification LINDA R.�DENBRINK""..... u A r t Comm*0130729724, 1 Exples 1021=197 .ice ................ ....... �•' Page 2 of'4 Appraisal Company of Key West Page 76 Summary Appraisal Report 104550 Overseas Highway, Key Largo, FL QUIT CLAIM Doc# 1739924 air# 2409 Pq" 580 EXHIBIT`A' Legal Description Marina Parcel: Tracts 1 and 2. l I)GI ILAND SHORES. according to the areal) or plat thereof'reccirded in flat Hook ,, Page.39.ofthe Public Records ol`Monroe County.I,lorida. Sovereign n Lands Parcel: PARCEL-A- A PARCEL OF SOVFRF.IGN LAND LYING WESTERLY OF AND ADJACEN I-TO TRACT 1. F iGHLAND SIIORES ON, KEY LARGO, ACCORDING TO THE PLA'L THEREOF. RECORDED IN PLAT I300K 3. A'F PAGE 39, OF THE PUBLIC RECORDS OF MONROE COUNTY. FLORIDA. SAID PARCEL 131T,FNC MORE PARTICULARLY DESCRIBED AS COMMENCING A THE INTERSECTION O THE NORTHEASTERLY RIG]IT-OF-WAY (A. STATE ROAD NUMBER 5, I.I.S. HIGHWAY NO. 1, AND 'TFIE NORTHERLY PROPERTY LINE OF TRACT I ACCORDING "i 0 SAID PLAT. RUN S89'04'36"W, 773.50 FEET MORE OR LESS TO A PO) NT ON THE ORIGINAL SHORELINE OF BLACKWATER SOUNDS. SAID POIN l' C I-1FN(; THE POINT OF BEGFN-NfNG OF THIS DESCRIPTION OF PARCLL A. FROM SAID POINT OF BEGINNING.RUN .N72`51`52"W. 9.9.5 FEET ALONG THE SOIJI-1-1tiRLY BOUNDARY OF THF. TRUSTEES. OF THE' IN('ERNAI., IMPROVEMENT 1 FL ND DEEI.) N(lM13ER 22,017. TIIFNCL FOLLOW THE 13C)UNDARY OF.SAID PARCEL A FOR THE FOLLOWING TWENTY-SEVEN(27)COURSES: LINE BEARING LEND]1-1 LINT BLARING LENGTH 1.1 536' 0`26`W 6.57' Ll 5 S21'10'20-W 4438" L.2 N89°20'05"W 22,43' L16 523'30`36"W 40,93' 1,3 S 89'11'08-W 2150' 1.17 S20'14'24"W .30.32` L4 'N88`34'06"W 18.95` L18 S68'—')6'51"E 12,54` L5 S73'11`30T 8,52` 1.19 N''7,78.42..E 29.75' L6 S09"35`30-W 14,12' L.20 N25'00"38"E -)T93' L7 N87-52'46"W 12,08, L21 N21'26'38-E 29,28' Lh S65`)l'57W 31.82' 1,22 ;N'20'51'41"F, 37.6()" L9 S57'30'44"W 10.714 1,23 'N24-17-59-F:. 44.80` LI0 S83'49.08"W 10.38' 1,24 N58"59`02"F 11,60' Lt I S29 52 .16 W 7 20' L,2S N31 59'59-F 1.6.09` 1,12 S25'31 37 E 11.07' 1.,26 S57`47'25"E 39,79' 1-13 SI6`?'-"44`'W 25.}3' l.27 559'40`35"E 22.86' L1.4 S?3'31'17"W 26.70` Pace 3 ol'4 Appraisal Company of Key West Page 77 Summary Appraisal Report 104550 Overseas Highway, Key Largo, FL QUIT CLAIM Rasa 1738924 9k# 2409 Pqu 561 THFtiC:E CONTINUE N28'08'57`-F ALONG THE ORIGINAL. `I-JORELiNE ],OR 84.59 FEET TO'THE SAID POINT OF BEGINNING OF THE HEREIN DESCRIBED PARCEL A. PARC'I L.'*B" A PARCEL OF S0VF.IRE.IGN LAND LYING WESTERLY OF AND ADJACENT TO'LRACT 2, HIGHLAND SHORES ON KEY FARGO, ACCORDING TO 111F. PLAT THFREOF, RECORDED IN PLAT BOOK 3, AT PAGE: 39 OF THE PUBLIC RECORDS OF MONROE C"OUNITY. FLORIDA. SAID PARCEL BEING MORE PARTICULARLY DESCRIBED AS FOLLOWS: COMMENCING AT THE FNTrRSF.CTION OF THE NORTHEASTERLY RIGHT-OF-WAY OF STATE;ROAD NUMBER 5- P.J.S. HIGHWAY NO. 1.AND THE SOl`THEIRLY PROPERTY LINE OF TRACT 2 ACCORINNG TO SAID PLA"1'. RUN S89'13`53*W. 617.10 FEET MORE OR LESS TO A POINT ON THE ORIGINAL SLIORI{,1.1NI: OF 13LAC'KWATER SOUNDS. SAID POINT BEING; THE POFNT OF BEGI"rNG OF THE: DESCRIPTION OF PARC EI_ A. FROM .SAIL? POINT OF E EL GINNING. PROCFFL> N67-38_25 W 9.95 FEET ALONG A RIPARIAN LINE 46.11 FEET TO A POINT ON THE EXISTING SHORELFNIE OF RLACKWA I> R SOUND, THENCE FOLLOW THE BOUNDARY OF PARCEL 13 FOR THE FOLLOWING SEVENTEEN(17)COURSES: LINF' BEARING LENGTH LINE BEARING LENGTH LI N36'13'50'E 4.89' 1,10 S 7-34`12'E 1231' I.2 N17'47'06'E 24.30' L11 S24'17`06`W 61J8' 1-3 N13'0VITW 23,43` L12 S26'26'40'W 55,16' L4 N42-06'23`W 23.00' L13 S24'15'51'W 28.84- L5 N 14'35'11`W 21.14' L 14 SCI I'00'47`E 14.56' 1_6 N2Y46'18'E 38.89' L15 S49'34_20 E 18.2E L7 S8T13'20'E 9.091 L16 S75'38'49'E 21.66' LS N23'47'03'E SK87' L.17 S83`04'34'E 32.42. 1.9 N22'00'561," 52.45' TEIENCL: CONTINUE: S20'36'26''E, 7.3.17 ALONG NE OR1CrH\1AL SHORrLINE OF BLACKWAT I"R SOUND TO THE: SAID POINT OF B GINNING OF THE HEREIN DESCRIBED PARCEL.H. MONROE COUNTI OFFICIpkL PUBLIC RECORD Page 4 of'4 Appraisal Company of Key West Page 78 Summary Appraisal Report 104550 Overseas Highway, Key Largo, FL SURVEY r _ r�. t� i7 >la al< <I I / j F j t �p T . r r , l 1 W?W IdIW iJlti �.fX 'l 3> 3 .t% i% � 1, 1 / +a.unw xe,aw o,m wwx.,ou.munuz ae..�cw,wm _.v. Appraisal Company of Key West Page 79 Summary Appraisal Report 104550 Overseas Highway, Key Largo, FL LEGAL DESCRIPTION LEGAL O9SCRI•PTI, N.a TRACTS I ARSS,7,. 2. HIGHLAND SHORES. ACQQR,DNNO TO THE PLAT THEREOF. AS RECORDED, IN FLAT BOOK 3. PAGE 3S OF T K PUKUJZ RE1'A"" .,DS CW ta14ONNRFO:E C#Jtl.�txtTY',,. F'LCA.R4f-2AR TLTGFTHER WbI.'TH THE FOLL,61441N'.G 2 PARCELS QF SQUERZICW L^WD FURTHER UE-SC3 I --@ AS FOLLOWS. PAR E1_ -A- A PeARCEL. 43F SOVE,R£i4".'N: L-AP417 LYING Wel i'TEQL:Y' ANQ ADL JACE.NT TQ TRACT 1,. F iiGML.A.N..B SHORE-5 ON KEY LARGO. ACC4'URO1Ni0 FYI TKE PLAT T MREO.F'. RECORDED IN PLAT ROCK 3„ AT RAGE 319 OF THE PUNUC RECORDS OF MOmMOC COUNTY. FLORIDA, SAAB RA C L BEING Md 'E PARTICULARLY MESCRIOWD AIS.. FO"COVAS. CCSMMENCI'..NG. AT T-IE INTERSECTION OF THE N.IORTIMIC:ASTERLY IA'iGHT-OF-WAY OF STATE: ROAD 14u4WSER 5.. U-S. HIGHWAY ND- i... AND T149 MaOh1 TWIEWLY WROPERRrY LINT OF TRACT 1 ACCORDING TO SAnJ,CN PLAT. RUN 6 104'ab'tl'WY'. 771a.450 FEET MO flit: LE5„y TO A POINT 13a4 THE: ORIGINAL SHORELINE OF BLJA,CKW:ATER SOUINDE' .. SAID POINT BEING THE, POINT OF BEGINNING OF THE GES:CRiPTION OF PARCEL A.. FIR Caw, SAID POINT OF 7�EG"N'aNNING. RUN N172-5'I'5�"SW, 9.95 FEET ALONG E SOUTwERLY INOA.i'RY OF TLIE: TRUSTEES Of THE INTERNAL 1M1PROVENIENRT KU440, MEED• NJjW R 22.017.. THEN:CE'. FOLLOW •TNE SWNOARY OF SAID PAACEL A M ' '04K F4.ILL„O `6"Y-.'S9vE.N (27) C" I.URBBS+ t.,1N a BEARI-.N'.G: LENsCTil LJAJEorING- LENGTH LTA 53d,"50,26"kW 6,57' L1'..:5 'SRA'I CB'2 "W' 4.4.35' L2 N69'2O,u15""'WY Z.2.63' LIG 31 ,arm-W 4.0 9_T. L3 5a 9't 9'CS°"'+Mt 32.60' L IV 11204 4'2.4-:"W 30.,3I2, L4- Nt1A'34'QI5'W 1:I5_0€,: 1.11., - '261151-E 12-54" L5 S73111'30.-C 6.52" L:1.S R27"2:&.4, 'E 2g.75` wo 'u owas,5'."30,1a, 14.1.2 L.20 N2A`OG'3a"E 27-93' L7' N67"52'44:'W 12AW L21.. N 211 6-%WE. 2.5..215' Le Sas-ii'F,571W8d 31_152' 2' Na1 W51141,"E: 37-50, L9 S,57-30'4AW 10 71' L.23 N2'A"1.7'.S.S,-E 4.4.130' J-1D •`1 U.3'4a'O8'4W I4,.aa' L.241 IN - 'Ea'6'G:2:"E: II.so, L1.I 520..'52'36'WW 7 20' L.2.5 3T"SGN°5 Yd."E is aa_rC9'. 41.,2, r.,25'31'37"E IA-07 Lr2A S57147"251F: 319--1,91 L13 'SI6,2-_,44"'W 25.333, "7 i'8&T136le 22-u6' F.34 S23,38°17"'Mr' 26.'7101 THENCE C:ONT1NUE N461'0a'57"K ALONG THE OR0GN 4 GSM ELIRE FOR 40.4 58 FEET TO THE SAID POINT OF BEGINNING OF THE HEREAN DESOMM90P'wRt A. PARCEL '6' A PARCELL. OF SuvE.R£{GUN: LAND a-YiNG WESTERLY OF AND A.$3,JACEN1 TO TRACT 2. HIGHLAND SHORES 014 KEY LAP-GO, ACCOR0044, TO TKE PLAT' Tl-4EAEOF.. RECORDED IN PLAT SOOK :3„ AT PACE: 39 OF THE RiUB7 yC RECORDS OF U40"ACIE CadiNTY. FLOREI,A«. SAID PARCEL 593NU MORE PARTICULARLY BE S FM Wffi� C C3'AAAA EJN CeN1p AT THE 1NiTE,1'R3�,.£CMOf•N OF' T.H,e NDRT"l4C_As'rr_.RLY RB HT-OkF".,•..'rl,AY OF aTAT'E ROAD NU".M OF-R 5. Q#S. H-:I.GHIW'AY NOL 11.. .Aa.NO THE 6„TN.ERL.'f' P OPER"TY LINE, OF Tfi@.AI. "T 2 ACCOT4RRNAu. Ttv'': SAID PLAT. RUN 5S-9,"33`53"Wu 517 10 FEET #AORE OR L'.S�S TO A F`+7.+1-'47 ON. THE C'1••RIGINAL. SITCR€LINE OF BLACKWA.TER arL,10l015. SAUL';7 Pi121L 7 BEING THE POINT, OF BEGI N;NiNG OF THE DESCRIPMON OF PARCEL A. O&A SALO POINT OF' 13E.Ca'INmmu, PROCEED N67'38°25"Wa+. 3..95 FEET l-ONG A, RtP'4AbA+4 WME 44A4 FEET TO A POINT .'7N. THE EXISTING SHORELINE. OF BLAICKWATER SOUiNIRI TMIKNG.•E lr,fti1.1:.a•gw TKE WUIJNDARY OF PARCEL B FOR T714E FOLLOVANG SEVENTEEN 07] COUAISES. LINE BEARING LEN-GTM LINE 6EAJQWG LENGTH L.L. N3611.31501E 4,.,R LID Sj57' A'YR'E ];.ia..71. LB N17'47'Q6'E E4.:30' L13 -°4'"3'7`CIl6,.-W 6L.'5.8: L3' N93"C]:1'17"lam c3.4-3. LIB: S'TB,l''4514»." 55.16 L+4 N4R'Q6'P3''W 2a.00. I-" SI-•4'15"S.y.*'w BS.;B4 L5 N14•3 "11'W 21,14 L1. SIM'B4'47'E 14.56 L-...6 N�',3146118*E: '38_.6a,. i...IS SA 'SA'EL'T'F 1••-R a6l L.7- S67"P.3'; L],.'"E ..LY�J'' L..k: 7 '.3S"4S'"•E t,6 -. LIB, N23'47'03-'E 5B.57 L1.7 S 3'^5A' Ak':E 3,R,42: 1_9 NaP'0I 1561E 5'E,4.5- THENCE CONTINUE' S2€1'36:'2a-E. 73.17 ALONG THE ORIGINAL. S"ORELINE OF B'LACKWATETt 'SOUND TO, THE SAID POINT Or S,ELt1AN-M4LN h1EFR:EIN DESCRIBED PARCEL_ S':" SUR'VEYOR,S NOTE: T1-i:E ABOVE: OESCRi QED SOVE4REIC-4W LAND L7ESCRIP-RON IS FRSOm t"A. QUITCLAIM DEED RECORDED IN O.R, 8-;00K 2130. FAQE 5, . OF IWC PUBLIC RECORDS OF MIONROE CCLNTY. FLORIDA. CERTIFIED TO? I'h4:. Cvl tlrl, t. n:d thr cattcacaa mod. �rvs.y '.ra r°n�do fear for the be..Rlt of 'c+ACHOWi,4. HANK NATIONAL ASSOCUATION, SUN V15TA, MAlt A19 QaCUP. L;LC; LAWYEwS, TITLE INSURANCE C•QRPQWAT1QWF 'THEIDOORE: R. STO'NIZ,E'R, "91WAPIE •OJ40 WROAD A 91--, To 'W..h;Q"Q k3 a:lllc Notl an al eA:s:e.racla'tLre;rv, Su- AILate Markrua awp. L.LQ, Lcaw+per":m Title Inswr'ranas O:aspa'rsatlon, Th:oodara R. 5trcaI r, E *" R +l&sj d, teal: Th..6a L. tra c tIf:s' tihat thy. rn..ap.. ar plat. a� a the sw'rvsy I. is is 6'¢1 od wmra r5-gd,. Ir. a,ec.ordanoo _"A, .'.Ikiie J...rra Standard Owk.1l AL:TA„+"A-SM# L-.rsd TWO S.r,eya..' Jointly ast'eabIlishwd and adopte.d 5W ALTA. A SIM A NISOS In... 1Q99, and irn�l,4sa.c.� It- 0f'0 cFT.rul. A tkuor..-.f. Pura u nt to the v.w-urrQ.y S'tc-I,ka�da o:s' dsapt.4 by ALLTA,. NSPS, and aAOSF.f,. cnei in effect c time doCe of ttnLA alertOW-OAlon, ..dtl aiq;jd fUmh rtifsa6' that Cho FitlonQI 41ncsrta mtpc� rs,4witi" frxaN tfto sAA•r ,V iPRme asurafT'i'ea,to Muo on: tNas ourway duo ndot 0ga3"ad the: aa160^a;alsle Pc"OtIonal Tulowr .: . 3 F AT Ste- FRANK SWP rr --" 1N. �.IItE a. - -A .330as rrnaraa I4 k Appraisal Company of Key West Page 80 Summary Appraisal Report 104550 Overseas Highway, Key Largo, FL FLOOD MAP & PANEL PROPERTY ADDRESS: STDBO N L I N Ee'Com 104550+Overseas+Hwy%2C+Key+Largo%2C+F'L%2C+33037 FLOODSOURIGE . . FLOODSCAPE_" North t .. 10 ,a�' ai r+wa r.rraay ol fS�� . '. o•`j 141.r .. ... j oY. N ' FLOODSCAPE- 'h Flood Hazards Map a�rr Map Number ,�♦ 12067CO769K .'. . ..p Effective Date ., February 18,2005 Flood Legend III ■High flood risk • 't ❑Moderate flood risk Low flood risk Thee repel—k-no I epras mavens er warrennes FVF111 canceming��s conlenL accuracy " � r' s r � � � � ��.. omRleleness. 1Q� ' r # STDBonline.com " tst Of 459.574,1234 P r• y D • TM '� A00'= r.B00`y .-1200'-- �16001 e A* �cs Bar'71 FbLCQbotl ounce ' � A .0 6source com Q 1999-2012 Sou—RP a Corparaaaa,All rights reserved,Protected by US Patent 'umbers Bfi31926.fi670fi15,6842690,and 703g6&1 Appraisal Company of Key West Page 81 Summary Appraisal Report 104550 Overseas Highway, Key Largo, FL TAX INFORMATION 'Ire '� DANISE D.HENRIQUEZ,C.F.G. 2012 Paid Real Estate MONROE COUNTY TAX COLLECTOR NOTICE OF AD VALOREM TAXESAND NON-AD VALOREM ASSESSMENTS 111,1191214141 Ill 1626015 500K rS o zn o 0 LARGO SUN VISTA ACQUISITION CO LLC 00508200000000116139 550 SW 12TH AVE STE 550 104550 OVERSEAS HWY N ,� DEERFIELD BEACH,FL 33442-3110 T HIGHLAND SHORES TRACT 1 PB3-39 OR444-145146(UNR DiC ON FILE) OR2071-241712419(WILL)OR2071-24 ;a m m AD VALOREM TAXES SCHOOL STATE LAW 1,9120 231,660 0 - 231,660 44Z.93 SCHOOL LOCAL BOARD 1.7480 231.660 0 231,660 404.94 GENERAL REVENUE FUND 0.9172 231,660 0 231,660 212,48 F&F LAW ENFORCE JAIL JUDICIAL. 2.1553 231,660 0 231,660 499.30 HEALTH CLINIC 0.D504 231,660 0 231,660 11,68 GENERAL PURPOSE MSTU 02267 231,660 0 231,660 52,52.. M FLORIDA KEYS MOSQUITO CONTROL 0.5171 231,660 0 231,660 119.79 z M C LOCAL ROAD PATROL LAW ENF 0.4549 231,660 0 231,660 105,38 1 SO FL WATER MANAGEMENT DIST 0.1757 231,660 0 231,660 40,70 y in OKEECHOBEE BASIN 0.1919 231,660 0 231,660 444 m EVERGLADES CONSTRUCTION PRJT 0.0613 231,650 0 231,660 1420 K L FIRE RESC&EMERG MEDICAL 0-7900 231,660 0 231,660 183.01 2�0 ry 0O� mm0 'v TOTAL MILEAGE 9,2305 AD VALOREM TAXES $2,131.39 4 � O M NON-AD VALOREM ASSESSMENTS LEVYING AUTHORITY RATE AMOUNT— to K L WASTEWATER II UNINCORPORATED 1,308.37 NON-AD VALOREM ASSESSMENTS $1,308 37 COMBINED TAXES AND ASSESSMENTS $3,439.76 See reverse side fcx important information. If Received By May 31,2013 Jun 28,2013 Jul 31 2013 .� Please Pay $0.00 $0.00 $000 IF PAID BY... DANISE D.HENRIQUEZ,C.F.C. 2012 Paid Real Estate MONROE COUNTY TAX COLLECTOR NOTICE OF AD VALOREM TAXES AND NON-AD VALOREM ASSESSMENTS 1626015 500K Lu 00608200000000116139 LARGO SUN VISTA ACQUISITION CO LLC 104550 OVERSEAS HWY 550 SW 12TH AVE STE 550 DEERFIELD BEACH,FL 33442-3110 HIGHLAND SHORES TRACT 1 PB3-39 DR444-1 4 5146(UNR D1C ON FILE) OR2071-241712419(WILL)OR2071-24 mr M m- w ai�CHECKS ON U.S.BANKS ONLY TO DANISE D.HENRIQUE2,C.FC TAX COLLECTOR PO.BOX 1129,KEY WEST FL 33041-1129 if Received By May 31,2013 Jun 28,2013 Jul 31,2013 Please Pay $0.00 $0.00 $0,00 Paid 04/01/2013 Receipt# 101-12-00001970 $3.439.76 Appraisal Company of Key West Page 82 Summary Appraisal Report 104550 Overseas Highway, Key Largo, FL TAX INFORMATION 'Ire '� DANISE D.HENRIQUEZ,C.F.C. 2012 Paid Real Estate MONROE COUNTY TAX COLLECTOR NOTICE OF AD VALOREM TAXESAND NON-AD VALOREM ASSESSMENTS 214141111 m m 1626023 500K u " <r n o o 0 LARGO SUN VISTA ACQUISITION CO LLC 550 SW 12TH AVE STE 550 © 3 04550 OVERSEAS HWY N o DEERFIELD BEACH,FL 33442-3110 T HIGHLAND SHORES TRACT 2 P83-39 OR444-1451146 OR2071-2417l2419(WILL) ® n. OR2071-24236/2427(WILL)OR ;a m m AD VALOREM TAXES SCHOOL STATE LAW 1,9120 1,514,673 0 •1.514,673 2,896D5 SCHOOL LOCAL BOARD 1.7480 1,514.673 0 1,514,673 2,647,65 GENERAL REVENUE FUND 0.9172 279,058 0 278,058 255,03 F&F LAW ENFORCE JAIL JUDICIAL 2A553 278,068 0 278,058 599.30 HEALTH CLINIC 0.0504 278,058 0 278,058 14.01 GENERAL PURPOSE MSTU 0.2267 278,058 0 278,058 63,04 M FLORIDA KEYS MOSQUITO CONTROL 0.5171 278,058 0 278,058 143.78 z M C LOCAL ROAD PATROL LAW ENF 0.4549 278,058 0 278,058 126.49 _ $0 FL WATER MANAGEMENT DIST 0-1757 278,058 0 278,058 48,85 " OKEECHOBEE BASIN 0.1919 278,058 0 278,058 53.36 m r p EVERGLADES CONSTRUCTION PRJT 0.0613 278,058 0 278,058 17,04 z A K L FIRE RESC 8 EMERG MEDICAL 0-7900 278,058 0 278,058 219.67 2�0 Z0.70� m m O m M C TOTAL MILLAGE 9.2005 ADVALOREMTAXES $7,084.27 Q M NOWAD VALOREM ASSESSMENTS 0 AUTHORITYLEVYING N K L WASTEWATER II UNINCORPORATED 374,18 NON-AD VALOREM ASSESSMENTS $374 18 COMBINED TAXES AND ASSESSMENTS $7,456.45 See reverse side for important information. If Received By May 31,2013 Jun 28,2013 Jul 31 2013 .� Please Pay $0.00 $0.00 $0,00 IF'PAID BY... DANISE D.HENRIQUEZ,C.F.C. 2012 Paid Real Estate MONROE COUNTY TAX COLLECTOR NOTICE..OF AD VALOREM TAXES AND NON-AD VALOREM ASSESSMENTS 1626023 500K Lu 00608210000000116139 LARGO SUN VISTA ACQUISITION CO LLC 104550 OVERSEAS HWY 550 SW 12TH AVE STE 550 x DEERFIELD BEACH,FL 33442-3110 HIGHLAND SHORES TRACT 2 PB3-39 OR444-1 4 511 4 6 OR2071-24171241%\NI LL) OR207 1-2 4 2 3 612 427(WILL)OR r w ai�CHECKS ON U.S.BANKS ONLY TO DANISE D.HENRIQUEZ,C.F C TAX COLLECTOR P.D.BOX 1129,KEN WEST FL 33041-1129 If Received By May 31,2013 Jun 28,2013 Jul 31,2013 Please Pay $0.00 $0,00 $0,00 Paid 04/01/2013 Receipt# 105-12-00000620 $7.458.45 Appraisal Company of Key West Page 83 Summary Appraisal Report 104550 Overseas Highway, Key Largo, FL END NOTES 1 The Dictionary of Real Estate Appraisal, Third Edition, 1993, Appraisal Institute,Page 16. 2 The Dictionary of Real Estate Appraisal, Page 17. 3 The Dictionary of Real Estate Appraisal, Page 50. 4 The Dictionary of Real Estate Appraisal, Page 140. 5 Definition as per the Uniform Standards of Professional Appraisal Practices. Appraisal Company of Key West Page 84 RECEIVED . P_ I '' 2013 MONR E COUNTY ATT MNEY A SUMMARY APPRAISAL OF THE VACANT LAND FORMERLY KNOWN AS ROWELL'S MARINA LOCATED AT 104550 OVERSEAS HIGHWAY COUNTY,IN THE CITY OF KEY LARGO MONROE FLORIDA FILE NUMBER 13- 317 PREPARED R COUNTYMONROE AS OF JULY lip 2013 Y CALLAWAY & PRICE, INC. MEMNON om Callaway & Price, Inc. Real Estate Appraisers And Consultants www.callawayandprice.com Licensed1 Estate Brokers Please respond es al Beach ce E-Mail: sds*cpwpb.com WEST PALM 1639 Forum Place July 15, 2013 Suite West Palm Beach, FL 33401 Phone (51)68 -033 Fax (51)66-3705 Michael R. Slade, MAI, SRA, CRC S. Natileene Cassel Cert Gen RZ116 Assistant County Attorney Stephen . Shaw, MAI Cert Gen RZ1 192 Monroe County 1111 1 "' Street, Suite 408 FORT PIERCE/STUART Key West, FL 33040 1803 s. 2 " street Suite 1 Fort Pierce, FL 34947 Phone (77 )464-8607 Dear Ms. Cassel: Fax (77 )461-080 Stuart We havemade an investigation an l si f the former o ll's Phone (772) 7-3330 Marina property located t 104550 Overseas Highway, in the City Fax (772)461-0809 f Key Largo, Monroe County, Florida. The Subject Property will Harry D. Gray, MAI,.SRA be further described both narrativelya legally within Cart Gen R66Y following rAppraisal o rose of this Stephen G. 48eill,Jr., MAIinvestigationI sis o r vi e our opinion f t Market Cert Gen R 24at? Y Value of the Fee Estate of the Subject Property as of July 1 , MELBOURNE/INDIALANTIC 2013. 114 6th Avenue, Suite 3 This report has been preparedfor our client and intended , Inialantic, FL 3903 Phone (321)726-0970 Monroe County. The intended use was to assist the client i Fax (321)726- 34 internal ecisi akin purposes. The scope of work performed Curtis L. Phillips, MAI is specific to the needs of the intended user and the intended use. Cert Get:R .208S No other use is intended, and the scope of work may not be appropriatefor other uses. Phone (561)9 -88 T scope of or or included a completei f the Fax ( 61)6a6-3705analysis Y Stephen D, Shaw, MAI Subject Property. A detailedscope f work description can be Cert Gen RZ1 192 found in the body oft is report. Natileene Cassel Monroe County July 1 , 2013 Page Two Based upon e scope of the assignment, our investigation lsi of the information contained i hi this report, well as our general knowledge of real estate valuation procedures and marketconditions, it is our opinion that: e Market Value of the Fee Simple stat the Subjectr s of July 11, 2013 , , description of the propertyr is , together with an explanationof the valuation procedures utilized, is contained in the body of the attachedreport. r your convenience, an ExecutiveSummary follows is letter. Your attention is directed to the Limiting Conditions and underlyingassumptions upon is the value conclusion is contingent. Respectfully submitted, CALLAWAY & PRICE, INC. Stephen D. Shaw, MAI Cert n Amy n Fisher, Associate Appraiser Cert Gen RZ3400 SDS/ALF/js/13-69317 Attachments Summary PROPERTY TYPE FormerMarina/Vacant Commercial Land. LOCATION The Subject Property is located on the bay side of Overseas Highway at approximately Mile Marker 104 in the City of Key Largo, Monroe County, Florida. The property dress is 104550 vrses Highway, Key Largo, Florida 33037. DATE OF VALUATION July 11, 2013. PROPERTY DESCRIPTION: LAN D According tote boundary survey rovi , the Subject site contains approximately acres of upland and 0.30 acres of sovereign land for a total site size of 8.36acres of land. The Subject Property is irregular in shape with frontage on the Florida Bay/Blackwater Sound. IMPROVEMENTS The Subject Property contains a dilapidated 0 square foot arin '"ministration ouilcling, originally Duilt in 1970. The site also contains a crane/hoist, small CBS perimeter all storage area and an above ground storage tank. There arefloating c ein stored within a former boat basin area on the Florida . ZONING SC, Suburban Commercial, by Monroe County. LAND USE PLAN Commercial, onroe County. HIGHEST AND BEST USE Future commercial/mixed use development. MARKET VALUE OF THE FEE SIMPLE ESTATE OF THE SUBJECT AS OF DULY 11F 2013 $4,500,000 � P Table of Contents Page No. � CERTTFIC/TIOPJ..............................................................................................1 ~ LIMITING CONDITIONS...................................................................................3 DEFINITION OF THE APPRAISAL PROBLEM ...................................................... 13 A Purpose, Date of Value, and Interest Appraised............................................. 13 � Intended Use and User of Appraisal ............................................................. 13 � Legal Description......................~.^_,,,,,.,,,~,.~~~,,,~,,,.,,,,,,,~,,,,,,^^,., 13 MarketValue...,......,~.,,_,~,.,~,.^~~,~,,,.,,,~.,,.,~,^,,,.,,,,~,..,^,,,,,,,,~^,,,.,,, 14 � Fee Simple Estate^.................~~~,.,,,~~,~^^~,^.~~,^^,,~,.^,,,,,.,~,,.,~, 14 1Exposure Time ..~..~~...........^......,.,_,,,,,,,,~,,,,~,~.^~~,,~^^.~,,,,,^,,,,.,.,., 14 MarketingTime ................'..,.......,.~.~~~~.................................. 15 - SCOPE OF WORK..............................................................,.',~_,,,,,.,^,~,,,~.,, 16 NEIGHBORHOOD DATA .-..... ....................................................................... is � MARKET ANALYSIS ........................... ..........................................................21 ' PROPERTY DATA........ .........,,.,,^,.,,,,.^,.,,',,,.,,,_,~,',,,,~~~,,~~,~,~.__~~,,^~^,23 ` Location ...............................'`^~^~~^^^^'~^^~^'~~^~~^~~~~^^^^^'~`^`'^^`^^^^~~~`~~~23 Zoning ................,,,.,^,,._,,,,,~,.~.,,,,~,~,~,~,.,^.,,.,~,,,,.,.,~~.^^,,,,,,,,^,,,,,,23 � Land-Use Plan......... ............................................... .................................24 � ConcUrrency ......~...,.,,,,,~~,~,,,~,~~,.,,~.^,,,^,.,_,,,,^,,~,~,,,,,,.,,,,.,.,',,24 ! Site Size, Shape and Access._,,,,,,,,.,,.,~,,~,~,,,.~^,.^~~,^..,,.,.,,,,,.^^,,,,,,~.~25 - Utilities..^.~.^.,.~..,,.~,..~-^~^^`~~'`~'^``^^^^`~^~^`^^~~~~~^~~'^~'^~~~`~^^^^^```'`^~'^'`~`25 , Topography ..................................... ,.~..,~,.~^~,~,,,,^,_.,,,,,,,,,.,,,,^~,~^,,25 CensusTract.............................................................................................26 FloodHazard Zone-,,..~.........~.~.~.~~~^~...~^.^~~...,~,,~,_,.,~^.,~,.,~,,,^,,,,.~,,,26 Assessed Value and Taxes ..~....,,,,,,,,,,.,,,,~~~~,~.~,,,,~,^.,,,,,.,,.,^,,,.,.^.,.27 PropertyHistory .........-..,.,...,..~.~~.....~~...,.~~....,...,..~~....~~~^^,.........~27 Improvements ..........................._,,.,^.,..~,.,.,.....~~...,,,.^,,.,.,.,,,,,,,~,~,.~,28 HIGHEST AND BEST USE........................................... ...................................29 � Conclusion "As Vacant° ............-,.,~...~....~~..~,.,,,,,,,,,~~~ 29 / .~.~.~.~.^~....^^~ LAND VALUE ANALYSIS.................................................................................31 Sales Comparison Approach........................................................................31 ) Discussion of Comparable Sa/es..^....,....~......~....~~...^..~....^......~.~....32 Conclusion............. ......... .~,,,~,,,,~^,,,..~,,,,~^,~,.,,~,_.,.,,~.,.,,,~,,,,,^^~~~~47 7 ' � ADDENDA | Engagement Letter Survey Qualifications: / Stephen D. Shaw, MAI Amy [wMn Fisher, Associate Appraiser Certification CERTIFICATION We certify that, tote best of our knowledge and belief: 1. The statements of fact contained in this report are true and correct. 2. The reported analyses, opinions, and conclusions are limited only by the reported assumptions and limiting conditions, and are our personal, impartial, and unbiased professional analyses, opinions, and conclusions. 3. We have no present or prospective interest in the property that is the subject of this report, and we have no personal interest or bias with respect to the parties involved. 4. We have performed services, as an appraiser, regarding the property that is the subject of this report within the three-year period immediately preceding acceptance oft is assignment. 5. We have no bias with respect to the property `)at is the subject of this report or tote parties involved with this assignment. 6. Our engagement in this assignment was not contingent upon developing or reporting predetermined results, 7. Our compensation for completing this assignment is not contingent upon the development or reporting of a predetermined value or direction in value that favors the cause of the client, the amount of the value opinion, the attainment of a stipulated result, or the occurrence of a subsequent event directly related tote intended use of this appraisal. 8. The analyses, opinions, and conclusion were developed, and this report was prepared, in conformity with the Uniform Standards of Professional Appraisal Practice (USPAP) and The Interagency Appraisal and Evaluation Guidelines, December 10, 2010. 9. Stephen D. Shaw and Amy Lynn Fisher have made a personal inspection of the property that is the subject ofthis report. 10. No one provided significant real property appraisal assistance to the persons signing this certification. 11. The use ofthis report is subject to the requirements of the to of Florida relating to review by the Florida Real Estate Appraisal Board. 1 Irm F Certification 12. This appraisal assignment was not based on a requested ini u valuation, specific valuation, or the approval f a loan. 1 The reported n lys s, opinions and conclusions were developed, and this report as prepared, in conformity with the requirements of the Coe of Professional Ethics and Standardsof Professional Appraisal Practice of the Appraisal Institute. . The use oft is report is subject to the requirements of the Appraisal Institute relating o review its duly authorized representatives, 15. As of the date of this report, Stephen D. Shaw, MAI has completed the continuing education program for Designated Membersof the Appraisal Institute. 16. As of the date of this report, Amy Lynn Fisher has compl'eted the Standards and Ethics Education Re it rue s for Associate 'Members of the Appraisal Institute. Stephen D. Shaw, MAI Cert Gen RZ1192 At' { Amy Lynn Fisher, Associate Appraiser Cert Gen RZ3400 2 Limiting Conditions 1. Unless otherwise stated, the value appearing in this appraisal represents the opinion of the Market Value or the Value Defined AS OF THE DATE SPECIFIED. aret Value of real estate is affected by national and local economic conditions and consequently will vary with future changes in such conditions. 2. The value estimated in this appraisal report is gross, without consideration given to any encumbrance, restriction or question of title, unless specifically defined. . This appraisal report covers only the property escri a and any values or rates utilized are not to be construed as applicable to any other property, however similar the properties might be. . It is assumed that the title to the premises is ; that the legal description is correct; that the improvements are entirely and correctly located on the property describedthat there aren encroachments on this property, but no investigation or survey has been made. . This appraisal expresses our opinion, and employment to make this appraisal was in no way contingent upon the reporting of pt er ie value or conclusion. 6. o responsibility is assumedfor matters legal in nature, nor is any opinion o title rendered. In the performance of our investigation and analysis leading to the conclusions reached herein, the statements of others were relied . o liability is assumedfor the correctness of these statements. 7. Neither all nor any part of the contents of this r (especially any conclusions, the identity of the appraiser or the firm withwhich he i connected, or any reference to the Appraisal Institute or any of its designations) shall be disseminated to the public through advertising media, public relations media, news media, sales media or any other public means of communication ithout our prior written consent and approval. . It is assumedthat there are no hidden or unapparent conditions of the property, subsoil, or structures which would render it more or less valuable. The appraiser assumes no responsibility for such conditions or the engineering is i t be required to discover these factors. 3 Irs P Limiting Conditions 9. Unless otherwise stated in this report, the existence of hazardous substances, including without limitation stachybotrys: chartarum (mold), asbestos, polychlorinated biphenyls, petroleum leakage, "Chinese drywall" or agricultural chemicals, which may or may not be present on the property, or other environmental conditions, was not called to the attention of, nor did the appraiser become aware of such during the appraiser's inspection. The appraiser has no knowledge of the existence of such materials on or in the property unless otherwise stated. The appraiser, however, is not qualified to test for such substances or conditions. If the presence of such substances, such as asbestos, urea formaldehyde foam insulation, or other hazardous substances or environmental conditions, may affect the value of the property, the value estimated is predicated on the assumption that there is no such proximity thereto that of cause a loss in value. We are unaware of very wet conditions that may have existed for days or weeks which are required to grow of No responsibility is assumed for any such conditions, nor for any expertise or engineering knowledge required to discover them. 10. The Amehcans with Disabilities Act ("ADA") became effective January 26, 1992. The appraisers have not made a specific compliance survey and anaIsis of this property to determine whether or not it is in conformity with the various detailed requirements of the ADA. It is possible that a compliance survey of the property, together with a detailed analysis ofthe requirements of the ADA, could reveal that the property is not in compliance with one or more of the requirements oft Act. If so, this fact could have a negative effect upon the value of the property. Since the appraisers have no direct evidence relating to this issue, possible noncompliance with the requirements of ADA in estimating the value of the property has not been considered. 11. Our opinion of value was based on the assumption of competent marketing and management regarding the Subject Property. If there is no competent marketing and management, then the value contained herein may not apply. 4 r Po � Subject Photos A�� f M= t u , .. a., VIEW OF SUBJECT PROPERTY FROM OVERSEAS HIGHWAY M � orz �o y „ u VIEW OF BUILDING IMPROVEMENTS ON SUBJECT PROPERTY 5 Subject r r FACING W .; , ,:-• 'ate.: �-a_aL� •�� � �"���'�'^���".,�'°" " �� �.._�w. " M NORTH • • PROPERTY VIEW A � ✓ V 1 � Kz 'iy, _Y OF • ON • • Subject Photos VIEW OF FLORIDA BAY/BLACKWATER SOUND FROM SUBJECT PROPERTY lk i 4 - VIEW OF SUBJECT PROPERTY FACING INLAND FROM SEAWALL 7 van Subject Photos i FACING NORTH ALONG SEAWALL I i i v FACING SOUTH ALONG SEAWALL (FLOATING DOCKS FROM MARINA OPERATION) 8 Ira Subject Photos x VIEW OF FLORIDA BAY/BLACKWATER SOUND FROM SUBJECT PROPERTY P Ay� w� o x F A W STORAGE TANK AND CBS PERIMETER WALL STORAGE AREA ON SUBJECT PROPERTY 9 Irm Subject Photos ° ram - ' � w °F,„, "� ' ^u,✓ G v � S 1�, VIEW OF FLORIDA BAY/BLACKWATER SOUND FROM SUBJECT PROPERTY N.-p I H FACING SOUTH ALONG OVERSEAS HIGHWAY (SUBJECT IS ON THE RIGHT) 10 . ri? Subject Photos P FACING NORTH ALONG OVERSEAS HIGHWAY (SUBJECT IS ON THE LEFT) 11 k. II 11 H _ n r ' r! PDefinition of the Appraisal Problem DEFINITION OF THE APPRAISAL PROBLEM Purpose, Date of Value, and Interest AUDrised The purpose of this investigation and analysis was to estimate the Market Value of the Fee Simple Estate of the Subject Property as of July 11, 2013. Intended Use and User of Appraisal This report has been prepared for our client and intended user, Monroe County. The intended use was to assist the client in internal decision making purposes. The scope of work performed is specific to the needs of the intended users and the intended use. No other use is intended, and the scope of work may not be appropriate for other uses. Legal Description The Subject Property legal description is lengthy. A partial legal description is listed to with the legal description in its' entirety included per the boundary survey in the addenda of this report. Tracts I and 2, HIGHLAND SHORES, according to the map or plat thereof recorded in Plat Book 3, Page 39, of the Public Records of Monroe County, Florida. SHORES ON KEY LARGO, according to the plat thereof, recorded in Plat Book 3, at Page 39 of the Public Records of Monroe County, Florida. Source: Boundary Survey performed by Lawrence Frank Surveyors and Engineers, February 20, 2006, lob *K06047. 13 irm P Definition of thd�A ppraig Problem Market Value "As defined in the Agencies' appraisal regulations, the most probable price which a property should brIng in a competitive and open market under all conditions requisite to a fair sale, the buyer and seller each acting prudently and knowledgeably, and assuming the price is not affected by undue stimulus. Implicit in this definition are the consummation of a sale as of a specified at and the passing of title from seller to buyer under conditions whereby: a. Buyer and seller are typically motivated; b. of parties are well informed or well advised, and acting in what they consider their own best interests; c. A reasonable time is allowed for exposure in the open market; d. Payment is made in terms of cash in U.S. dollars or in terms of financial arrangements comparable thereto-, and e. The price represents the normal consideration for the property sold unaffected by special or creative financing orsales concessions granted by anyone associated with the sale." Source. The Interagency Appraisal and Evaluation Guidelines, Federal Register, Volume 75, No. 237, December 10, 2010, Pgs. 61-62. Fee Simpit Estate The Dictigpary of Real Estate _,;p --raisal, Fifth Edition 2010, by the Appraisal p Institute, defines Fee Simple Estate on page 78 as follows: "Absolute ownership unencumbered by any other interest or estate, subject only tote limitations imposed by the governmental powers of taxation, eminent domain, police power, and escheat." EXDOSure Time The DictLionary-,_.of Real Estate -.Appral5iLl, Fifth Edition 2010, by the Appraisal Institute, defines Exposure Time on page 73 as follows: "The estimated length of time the property interest in appraised out have been offered on the market for tote hypothetical consummation of a sale at market value on the effective date of the appraisal; a retrospective estimate based on an analysis of past events assuming a competitive and open market. 14 DefinitionWinn i There is a requirement under Standard Two to report exposure time according to the latest USPAP publication. "Exposure Time" is differentfor various types o property under different market conditions. e have reviewed e exposure time on the sales contained in the Sales Comparison Approach in this appraisal. Based on that data and the current market, it is our opinion that the Subject Property would have had an exposure time o approximately 12 months or less. Marketing Time TheDictionary of Real Estate ADDraisal, Fifth Edition2010, by the Appraisal Institute, defines MarketingTime on page 121 as follows: n opinion of the amount of time it might take to sell a real or personal property interest at the concluded marketvalue level during theperiod during the period immediately er the effective date of an appraisal. Marketing time differs from osure time, which is always presumed t proceed the effective date of an appraisal." Advisory pinion 7 i -2 11 explains that "Marketing Time" occurs after the effective date of the "Market Value" opinion and "Marketing Time" opinion is related o yet apart from the appraisal process. Advisory Opinion 7 goes on to say, "'the request to provide a reasonable marki time opinion exceeds the normal information required for the appraisal process and should be treated separately from that process." s in most markets, properties that arerice competitively and marketed professionally ill sell before others hich are not. Considering the marketing times of the sales used in our Sales Comparison Approach, the Subjectshould have marketing time of up totwelve months ( 2), provided there is adequate financing available, the property is listed for sale at market value, and is marketed competent brokerage firm. 1 irm PScope of Work SCOPE OF WORK According to the 13th Edition of The Appraisal of Real Eat ate, page 135, "Scope of or refers to the type and extent of research and analyses in an assignment. The appraiser is responsible for determining the appropriate scope of work in the appraisal assignment. Scope of work for an assignment is acceptable if it leads to credible assignment results, is consistent with the expectations of parties who are regularly intended users for similar assignments, and is consistent with what the actions oft e appraiser's peers would be in the same or a similar assignment." The first step in the appraisal process is the identification oft appraisal problem is included the purpose and date of value, determining the interest being appraised, intended use and user of the appraisal, and identifying the real estate (legal description). This step also determines if the appraisal were subject to any extraordinary assumptions or hypothetical conditions, of is there were none. The next step involves inspections of the Subject Property in June and July 2013 by Stephen D. Shaw, MAI and Amy Lynn Fisher, The inspections allow us to understand the physical components of the Subject Property. In addition to the inspections of the Subject Property, we also begin the data-collection process and, subsequently, an analysis of the factors that affect the market value of the Subject Property, including property data analysis. We gather and review information from the Monroe County Property Appraiser's Office, Monroe County Planning and Zoning Departments, our client and interviews with brokers and other market participants to understand and describe the Subject Property and its surroundfngs. The third step in the process is a market area analysis and neighborhood analysis to determine the Highest and Best Use of Subject Property. Through the Highest and Best Use analysis, we determine the issues that have an effect on the final opinion of value. To determine the Highest and Best Use, we rely on information obtained from the data-collection process. The fourth step was the application of the appropriate approach forte site valuation. No approaches were specifically omitted from this appraisal either by the client or the appraiser. The Subject Property consists of a former marina/boat storage facility. The marina operations have ceased more than 5 years ago. The site was purchased for redevelopment with a high end residential project including estate homes and condominium units. The proposed project was to be developed with transferred development rights (TDR) from a trailer park owned by the developer at the time, The transfer oft development rights from the trailer park was rejected and the proposed development of the Subject Property was cancelled by the developer. 16 FScope of Work It should be noted this proposed redevelopment scenario (transferring development rights) is over and above what the Subject Property can be developed with under its current zoning classification. According to Ray Ortiz with the Monroe County Growth Management Department, there was no redevelopment proposal officially submitted by the developer. The Subject Property is considered vacant land and the most effective way to value the Subject Property as vacant land is the Sales Comparison Approach. The Highest and Best Use of the Subject Property is redevelopment with a mixed use project. The Subject Property was formerly operated as a marina/boat storage facility. Marina operations ceased more than 5 years ago and the property sits vacant at this time. The Income Capitalization Approach would not be applicable in this case. Considering these factors, utilization of the Sales Comparison Approach only was considered reasonable in this case. 17 Ira F Neighborhood Data NEIGHBORHOOD DATA Preface The relationship of the Subject Property with surrounding properties forms the basis of neighborhood analysis. The Appraisal of Real Estate, 13th Edition 2008, states, Social, economic, governmental, and environmental forces influence property values in the vicinity of a subject property. As a result, they affect the value of that property. Although physical boundaries may be drawn, the most important boundaries are those that identify factors influencing property values. The area of influence, commonly called a neighborhood, can be defined as a group of complementary land uses. FWAU R I t J 4 1 J P-H L,X, mmup Un U&I .. . ...... ......... Neighborhood Map 18 100 P Neighborhood Data The Subject lies in the r of Key Largo in the Florida Keys, Monroe County, Florida. Key Largo is an unincorporatedcommunity with a population of about 11,000 residents residing n the most northerlyof the developed islands of the Floridaeys. Key Largo is the largest of this chain of islands extending from the northernmost and exclusive community of Ocean Reef near the Dade-Monroe line to Tavernier at the southern end, a distanceof approximately 30 miles. Key Largo varies in widthfrom two miles to less than a half mile. The main artery through the Key Largo and the Florida Keys in general is Overseas Highway ( .S. 1), which travels through Key Largo and through the entire island chains to Key West. All major commercial or professional establishments are concentrated along this main artery. The pattern of development, which is first apparent as one enters the Keys on Key Largo, sets the usual class and style throughout the Upper and Middle Keys. The build-up is heavily tourist oriented, catering to visitors or permanent residents who are involved generallyin various water sport activities. Key Largo is the major Monroe County development and populationgrowth area south of Miami. It lies 22 miles south of Homesteadand FloridaCity and is accessible automobile either on Overseas Highway or Card Sound Road (State Road 5), both of which lead out of Florida City around opposite sides of Barnes Road. They connect again in North Key Largo, just below Jewfish Creek near Mile Marker 1 . Key Largo lies approximately 50 miles south of Miami and 100 miles north of Key West. The northern tip Key Largo isbuilt-up with a large development called Ocean Reef. It is a "millionaire's enclave" containing developed acres, on a 4,000- acre tract with its own air strip, a marina, threegolf-courses, a hotel, swimming pools and a desalinizationter treatment plant. There is also: a grocerystore, pro shops, marine supply stores, a dive shop, beauty and barber shops, and bars and restaurants. Development includes elegant single-family homes condominium apartments. The majority of the Key Largo Development is situated withinfive or so miles of Mile Marker 100. In this area is the Waldorf ShoppingPlaza, which is Key Largo's major neighborhood shopping center, with a Winn-Dixie Supermarket and Eckerd Drug Store, among the principal tenants. The Trade winds piCenter has Publix and K-Mart as anchors. Public Schools include Key Largo Elementary n Coral Shores Highat nearby Plantation Key. Florida Keys Community College has a center at Coral Shores High School. The public school system is supplemented by one private school, grades kindergarten through 12. 1 won P Neighborhood Data e of the major attractions in the Key Largo area is the John Pennekemp State Park, near Mile Marker 102. Pennekemp Park is approximately78 square miles of mostly n a ter marine preserve embracing embrading some of the most beautiful living coral reef along America's shoreline. It has become a virtual Mecca for snorkeling and scuba diving. The non-profit, acute careMariner's Hospital, with 35 medical/surgical beds, a 3- bed pediatric section, and a 4-bedintensive care unit serves the area. Police protection is provided by the Monroe County Sheriffs Department and the Florida Highway atrl. Fire protection is providedy a volunteer fire department. Lodging avail abilities range from large, corporate flag resorts, such as Marriott and Hilton to small "mom n omotels, all capitalizing on the large influx of tourists entering Florida Keys via v rs s Highway. Historic peak demand for lodging appears to be for the months of Februarythrough April with demandsubstantially lower September through October. Individual room rates vary widelyse o the facility and seasonal adjustments. Conclusions The general neighborhood of the Subject is characterized by bothcommercial and residential development designed to meet the needs of both the local population and the large influx of tourists. The intensity of existing development is considered to be from er to to high intensity. However, given the relatively low number o residential permits issued each year for the Upper Keys ongoingdevelopment s decreasedsubstantially. This scenario of virtually no new commercial construction and very limited residential construction is expectedo be the norm for the foreseeable future. Demand for commercial and residential properties is expected to remain level for the foreseeable future while the national, regional, local real estate markets recover from the housingo turn of 2006-2007 andthe Financial market collapse in 2008. 2 AnalysisP Market FloridaMARKET ANALYSIS eve Redevelopment Marketve i w Since the peak in the market in 2004-2005. Many proposed residential, mixed-use and commercial projects have been abandoned thr o f the Floridas. Many multi-family rojects, not well into the vertical development stage were placed o hold or cancelled. Many of these projects were foreclosed on by the lenders, r lists for sale and have been resold in the past few years at substantially discounted sale prices. According to conversations with local brokers, investors have recently reentered the market and are acquiring vacant land parcels for future redevelopment, with redevelopment plans such as luxury RV parks or affordable housing. Monroe County has development regulations that are very unique that for the most art limit national investors. Rate of GrowthOrdinances, environmental concerns/hazards and uniqueo ra by all contribute to the limited my o national capital markets. Most of the larger projects that were purchased in 2004 and 2005 for development of condo hotel projects failed, due to the collapse of the residential market beginning in 2005 and lack of available financing for individual investors following, sales of individual units dwindled to nothing. i income from individual sales, many of the development companies did not have the capital o complete evla . Projects that were not razed continued to operate under their initial use, however income derived from the operation of smaller hotels and marinas was insufficient for interim use and other projects beganto fall. A few of these projects are detailed slow. Playa Cristal Resort-The former Key Largo Ocean Resort, a 284 mobilee park that is located oceanfront in Key Largo The project was under Cooperative ownership. This project was originally slated for redevelopment ith an -unit vacation home community. The site was scraped in anticipation redevelopment. hen the residential market started lteri the developers changed the project to a condo/hotel type project. In 2008 the lender filed a foreclosure action involving amillion dollar loan default. The project never broke ground and the site sits vacant. The site was recently sold for $7,300,000 t developer of affordable housing. Anglers Reef- -unit townhouse/villa oceanfront roject located within Islamorada at mm.85. This project was partially completed in 2007. The developer defaulted this project based on bulk sales that occurred in 2008. More units were completed in 2009 and then these units were sold a bulk sale basis aloe with the unsold boat slips. 21 Market000 Indigo Reef-This project consists of a 67-roorn resort located at mm.54. This project was built in 2007 and is located in Marathon. This roject was sold out and has a rental pool for available units with a 7-night minimumrental. There have been many short sales and bank owned units within this project, Coral Lagoon Resort-This project is located 23 verses Highway. This project was completed in 2007 and contains 25 units and 65 wet slips. This project as sold out as far as the residential element is concerned and the developer still holds more than half of the wetslips. There have beenshort sales and foreclosures within this project. In addition to the previously listed projects there are two additional projects that were recently completed. e first project has been ongoing for 5 years. The projects known as Tarpon Point is located in Islamorada on the ocean. This project consists of 12multi-story single family homes on a 3.3 acre parcel with pricingranging from up to $3,650,000. These homes all have direct oceanviews. It should e noted the developer of this project funded it out of pocket and accordingtote listing broker none ofthese completed homes are under contract or have been sold. The second project is an affordablehousing project in Tavernier known as Bluewater. This 3 -unit affordable housing rental community was completed in late 2012. There are a few small affordable osin rojecs under construction at this time. Conclusion e real estate values across many property types have declined drasticallyover the pastseveral years, however market conditions are beginningto improve. o e signs of improvement in Monroe County include a higher number of residential home sales, l i at substantially lower pricing, rising hotel average daily rates/occupancies rates/occupancies inky markets and increasing tourism numbers. Investors have been more active in the past year as far as buying prime land arc is for future redevelopment, ereor it is only a matter of time fore a full redevelopment effort e ins again. 2 EMS P Property Data PROPERTY DAIA Location The u ct Property is located the baysideOverseas i h ay at approximately it r er 104, in the City of Key Largo, Monroe County, Florida. e property address is 104550Overseas Highway, Key Largo, Florida Location RVALAW 9®d 1 Ure�e ii - m a Zoning The Subject Property is zoned SC, Suburban Commercial, by Monroe County. The SC zoning district is designed to establishareas for commercial uses designed intended ri arily to serve the needs of the immediate lannin area in which located. This istrict should e established at locations convenient and accessible t residential areas without use of (Overseas Highway). Uses permitted within is district include hotels/motels, commercial retail and offices, residential, commercial recreational uses, public buildings and other residential and non- residential uses subject c special er its. 3 Irm PProperty Data Land-Use Plan The Subject Property is within the Commercial area as clesignated on the future I and use map, by Monroe County, which is consistent with the current zoning. Concurrency In 1985, the Florida Legislature enacted the Local Government Comprehensive Planning and Land Development Regional Act (Chapter 163, Part II, Florida Statutes), commonly referred to as "The Growth Management Act", In 2011 the state legislature rescinded this law, and now each county can address almost all of these factors as they wish, Sanitary sewer, solid waste, drainage, and potable water are the only public facilities and services subject to the concurrency requirement on a statewide basis. If concurrency is applied to other public facilities, the local government comprehensive plan must provide the principles, guidelines, standards, and strategies, including adopted levels of service, to guide its application. In order for a local government to rescind any optional concurrency provisions, a comprehensive plan amendment is required. An amendment rescinding optional concurrency issues is not subject to state review. Redevelopment would require review by the Monroe County PlannMg Commission and issuance of a development agreement. 24 Iris rProperty Data ite Size, ShaDe and Access The Subject Property consists of approximately cres of upland n approximately 0.30 acres of sovereign land for a total site size of 8.36 acres of land. The site is irregular in shape with approximately 634 feet of frontage on Overseas Highway and the Floridaay/ l ckw ter Sound. Per the boundary survey the frontage alongthe Floridaaye ! ckwater Sound was not available. Access to the site is provided by Overseas Highway. The site address is 104550 Overseas Highway, Key Largo, Florida 33037. n. rA _ r r1= Mll I t J t t g I r t l ntw 'aafa at r ,: '$ w�OW a txrc r ,a r Subilect Prooertv Survev Utilities F L and AT&T provide electrical and telephone services to the area® Sewer service is provided by Monroe County and water service is provided by the Florida Keys Aqueduct Authority (FIB . Tol2ogL4ph The Subject Property is generally clear with the exception of intermittent trees an mangroves along some waterfront portions of the site. The site gently slopes to the et, towards the Florida Bay. o drainage problems were noted on inspection. won PProperty Data Census Tract The Subject Property lies within Monroe County Census Tract 9703.00. ®. A Code: 12 County _ -- 7 Tract_ Code:-- Demographic State 9703.00 Summary Census i UpperTract Income Level i 1 Underserved or Distressed Tracto Tract Minority % 128.16 12012 FFIEC Estimated MSAIMDlnon- $45 900 j Minority Population 1 652 :, 1MSA/MD Median Family Income Owner-Occupied 685 2012 Est. Tract Median Family Income $56,9341 Units r 2010 Tract Median Family Income $57,988 1-to 4-Family Units 1395 Tractian Family Income % 124.041 Flood Lazar Zone The Sub3ect Property lies within Floodones " a " ". Flood Zone " " indicates special flood hazard areas inundated y -year o se flood elevations determined. The extreme westerns portion of the site lies within the "VE" flood zone. Flood Zone WE" indicates special flood hazard areas inundate 1 -year ; coastal flood with velocity hazard (wave action); base floodelevations determined. 26 Property Assessed Value and Taxes The 2012 assessed value and taxes for the Subject Property are shown below. The Monroe County Tax Collector indicates that the 2012 taxes have been paid in full. Just Upland Size(Ac) Land Building Misc. Imp, Assessedd212 F[Alternaa�te per Tax RecordsAssessment Assessment Assessment Value 1621 .2 $ 31,60 $0 $ $231,1 2 0 3.83 $2,010,7 0 17 ,315 $34, 70 $1514 67Total: 1, ,33 _ra e _ ist It should a noted that this office has not performed a title search, nor has a title search ee provided. ccor in to the Monroe County Public Records, the Subject Property is under the ownershipf Largo Sun Vista AcquisitionCo., LLC. A Quit Claim a as issued April 1 , 2009 as recorded in OR Book 2409, Page 578 of Monroe County Public cor . Prior to this transaction, the Subject Property was purchased for redevelopment in 2005 for a reported consideration of $6,500,000r approximately 777, 12 per acre, According to the attorneyrepresenting owner, there were contract extension fees based on the closing to being extended a few times. The attorney was not aware if these extension fees were part of the recorded les price or not. This previous sale appears representative of the market in 2005, however does not represent current market conditions. Based on the age of this transaction and changesin marketconditions it will not be considered in our analysis. The Subject Property was purchased for redevelopment of a highend residential project including estate es and condominium units. This redevelopment effort was to take place with transferrable development rights from another multifamily site (trailer r the developer owned at the time. Accordingto the Monroe County Growth Management Department, the plan to transfer the development rights from the trailer park were rejected and the developer did not move forward with the planned redevelopment. It should e noted this redevelopment scenario s well above what the current zoning classification o ! allow from development stand point. To our knowledge, the Subject Property was not under contract fors le at this time. 27 Eno PProperty Data Imi2rovements The Subject site is improved with a 3,600 square foot marina/administration building originally constructed in 1970. Additionally there are site improvements Including a crane/hoist, above ground storage tank and CBS perimeter wall storage area. The entire site is perimeter fenced with a 6' chafn link fence. All of the Improvements were in fair condition at the time of inspection. The current improvements do not maximally contribute to the value oft site and regardless of future use will require, minimally, modernization if not replacement. 28 HighestIra HIGHEST AND BEST USE The Dictionary of Real Estate Appraisal, Fifth Edition 2010, by the Appraisal Institute defines Highest and BestUse on page 93 as follows: "The reasonably probable and legal use of vacant land or an improved property, that is physically possible, appropriately supported, financially feasible, and that results in the highest value. The four criteria the highest and best use must meet are legal permissibility, physical possibility, financial feasibility, and maximumproductivity." o estimate the Highest and Best Use of the Subject, we have considered those uses which are legally permissible, physically possible, financially feasible, and maximally productive. Consideration was given to individual features of the Ian such as size, shape, location, access to roadways, and the availability of utilities. Consideration was also given to the surrounding land uses and the demand for property in the current real estate market. In cases r roe ie are improved, the Highest and Bestof the site "a though vacant" the Highest and Best Use of the property "as improved" e different. This is due to the principle of "contribution" which holds that if an improvement adds value to the site over and above land value, the Highest and Best Use of the property is as improved until such time s the improvements add no contributory value to the property. Conclusion "As Vacant" t is our opinion that the Highest and Best Use of the Subject Property is for future mixed use/commercial redevelopment. The reasons for this conclusion are as follows: Legally Permissible The Subject Property is zoned for mixed use/commercial uses. Legally, the site has the potential to be developed witha multitude of commercial projects. Under the SC, Suburban Commercial zoning classification allowable uses include hotels/motels, commercial retail and offices, residential, commercial recreational uses and public buildings. According to the growth management department of Monroe County a letter of determinationwould need to be completed to confirm specific development rights which would take several months for them to complete. According to the County Planner, allocated density for the Subject Property of include 3 residential units per net acre or 5 transient units by right. This equates to 25 allowable residential units and 41 transient units that would be legally permissible based on the size of the Subject. 1r. PHighest and Best Use Physiggily Possible Physically, the Subject Property is suitable for mixed use/commercial development. The site has visibility from Overseas Highway and frontage on Florida Bay/B lack water Sound. The Subject was considered good for development. The site is irregular in shape however would not negatively impact the development of the Subject. Financially Feasible The commercial land market in the Subject's area declined significantly since the height of the market in 2004-2005. Most redevelopment projects that were started in 2005-2006 have since been either cancelled or foreclosed on by the lenders. After many years of drastic market declines, it appears conditions are beginning to improve. Many of the sites slated for these previous development scenarios have been sold by the lenders in the past few years. Investors appeared to be waiting on the sidelines for market conditions to significantly improve and/or pricing to hit bottom. Within the past year or so it appears investors are reentering the market. Improvements are being seen across the board, however not at the levels where full redevelopment and the market for end units, residential or hotel units, is strong enough to support development. There were three commercial land parcels sold in 2012 for redevelopment. Maximally Productive In case of the Subject Property, it is our opinion that future commercial/mixed use development of be the most maximally productive and Highest and Best Use of the site. The most likely purchaser of the Subject Property of be a commercial builder, intent to hold the site until the market strengthens enough to support new development. 30 Land Value Analysis LAND VALUE ANAMIS According to the 13th Editionof The Appraisal of Real state the valuation of land begins by identifying the real estate and property rights valued, any encumbrances, use restrictions, and the Ian 's physical characteristics. An appraiser can use several techniques to obtainindication of land value: • Sales Comparison • Market Extraction • Allocation • Land Residual Techniques • Ground RentCapitalization • Subdivision Development Analysis The Subject Property is considered to be vacant commercial land, The Subject was formerly n operating marina/boat storage facility known as o ell's Marina. The property was sold for redevelopment in 2005 and the marina operations ceased. There are minimal improvements on the site, which wouldlikely be razed a new buyer as they do contribute value to the underlying Ind and are dilapidated. The value of the Subject Property lies within the underlying land. Usually the most reliable way to estimate land value is by sales comparison. When few sales are available, however, or when the value indications produced through sales comparison need additional support, alternative techniques like extraction or allocation may be applied. In the case of the Subject Property, the only approach used was the Sales Comparison Approach. ales Qgn22gLjagn-ARQLQagh In order to estimate the value of the Subject Property, a search was made for recent sales of properties with development potential similar to the Subject Property. Our search was concentrated on commercial properties such as the Subject. We analyzed the comparables on a price per transient unit basis and a rice per square foot of land basis. These are the most recognized units of comparison in this market. All of the comparables were considered ith regard o property rights appraised, fin ci , conditions of sale, time or market conditions, location, site quality/exposure, size, approvals, zoning/density and interim income. 31 AnalysisIra F Land Value Discussion of Comparable Sales r search revealed five sales that were considered a suitable for direct comparison to the Subjectrope shown below, the five comparable sales indicated non-adjusted values ranging from , to $79,348 per licensed transient unit. The comparables indicated a non-adjusted value ranging from $11.85 up to $32.25 per square foot of land. The Subject roe is a commercial site and while the Subjectroe can be redeveloped wi residential or transient units, the zoning classification is geared towards commercial development ore so than the comparable sales. Based on the lower allowable density and fewer redevelopment scenarios allowable forte Subject Property compared o the comparable sales, the price per square foot of land is considered a more accurate d reliable unit of comparison for the Subject roe We will include the price per transient unit in the chart below, however will rely on the price per square foot of land unit of comparison for the Subject Property value conclusion. LAND SALES CHART Former RoweR'a Marina(Vacant Land) Calaway A Price,Inc.R 13-59317 Sate Number Sub e[t 1 2 3 4 5 821 6119 BLIS 7504 7585 '.. OR$K/PG 2604/637 2593/1598 2587f2210 24921472 24B31730 Name Farmer Rowell`s NfA N{A N,°A Pelican RV Park Sunset Harbor Marina Village 104550 Overseas 97450 Overseas 125SO Overseas i04180 Overseas 59151 Location 5033 Sth Ave Highway Hwy Hwy HWAy Overseas Hwy Island Key Largo Key Largo Marathon Key Largo Marathon Stock Island Sale Price $7,300,000 $2,000,000 $2,500,000 $6,700,000 $6,550,000 vlopable Units 41 92 30 38 94 a5 Prlca/Square Foot $mu $16,43 $22.16 $32,25 $16„73 Prico/Unit $79,348 $66,667 $65,789 $71,277 $77,059 Land Size(5F] 364,369 615,938 122,750 I12,820 207,781 391,604 Land Size(Acre) 5.36 14A4 2,79 2..59 4,.77 8499 Density-Units per Acre 4,90 6,51 10.75 1467 19.,71 9,45 Water Frontage Open Bay Open Bay Open Bay Open Bay Open Bay Cow Key Channel ' Date of Sale N/A Nov-12 Sep'•12 Aug-12 Nov'40 5e -10 Conditions of Sale _. _-_ 09y 0r19 _...0a, It;t, 0 Market condition Adj. O% 0% 0`s'a'c, 0% 0% Time Adj.Price Per Unit $79,:348 $66,667 $65,789 $71,277 $77,059 Time Adj.Price Per Sq.Ft. $11,85 $16A3 $22,16 $32,25 $16,73 Ph slcal Adjustments Location Similar Similar Similar Similar Sin4lar Site Quality/Exposure Similar Similar Similar 'Similar Superior '.. Size Larger Sanaller Smaller Smaller Similar 5%. ..5 k, ®5% -5% 0% Approvals Similar Sirmlar Sftnitar similar Sirmlar 0% OW. 0r'.h;. 0% Clots. Zoning/Density Similar Superior Superior Superior Superior a% -5% -IO'AS -10% -5% Interim Income Similar Sirri lar Similar Superior superior 0% 0%1'a O'•':zar -20% -201r ..,. _. ._____ ....,,-.�.-__.......... .........._. ........ _... - Yatat Ph sical Ad ustment 5.00°ln -10 00"rip •15,00 -35,00=ka "'30.60% Ad usted Price Per S .FL $11,44 $14,7a _ 1[t.P3A $2r9o96 _ $11.71 Average ;1.5,''. Minimum 511.3°z Maalmurr� $20.x_, 7 '',2 Irm Land Value Analysis Golden Tattya* � Beach North Naples. Gate C O L I. I t; R sun P p a o ,95t °RocN nd } .. 4'C©vpel City, ' ,tkur Naples vita Ease Na lets fort Laaderdaie Naples Mane MT Mara O u iAllillas t] 001JyWood " ;Jwam a sr+rrino Rox64 t] hks at7tdara.� Capehnd Pembroktr Pl.W h r3oodvrrd carnesta,s pc}rpee F L O R 1 D A carfi;tatyF�' Vomf Farms EveMbdes C4. Monroe station H41"Fi Cs ,Mad Shores CFt o Tumor Tmikownr r'aaaa station Vrva-is;,ur`jdennll ,' CmIlami seach a T r I,,mWr« �DPez Trail Citya Trail CiRwtrap RY llllesiiirs tar 1 ltemf . Co—swari Pl+rxrael4 eclvrcc i Lakq, 50 i1 Miansi The Eycr5farle5 Richmond Heighit "pall any B Lostmans Nar4 ,,!, r Ridge n1a Prirxa+on MONROE "orttesteadm misure City Squawk Cmak Hamey MIAM'-BADE qgy� Sopj pro" ShA_mah _ 104550 Overseas Hwy A Canparade Sale 1 Key Largor FL 33037 97450 Overseas Hey P I G u I f o f ES�Key Largo,FL 33037 ik a x i C o Boar Lake a o' L8k6e Kr Aw, ,e FaT I r.ri p,+ Flm-idza Kv��Thompoori :Todr 1" nor Comparable Sala 4 Comparable sale 3 F-10 5915E Overseas Hwy 104180 Overseas Hwy Marathon,FL 33050 Key Largo,FL 33037 Ccalq Layton t Great White Heron N.W.R Big lane Marathon. Cry Key West Pirates aavp e� National Q ChicoConparable Bay paint Wildlife Refuge Y 125 OverseeaaseHwy I � Marathon,A.33050 age convarable Sale 5 5031 Sth Aver Key west,R.33040 Wntrr Co s ilarraY t.311R �1. 0 rni 2p A COMPARABLE SALES LOCATION MAP 33 �aLand Value Analysis Land Sale No, 1 s �r , e 1 Property Identification Record ID 8215 Property Type Residential Property Name Playa Cristal (former American Outdoor Campground) Address 97450 Overseas Highway, Key Largo, Monroe County, Florida 33037 Location Bayside of Overseas Highway at mile marker 97 Tax ID 00555010-000000/Alt Key 1680508 Legal Desc. Lengthy Legal (See File S/T/R 7/62S/39E MSA Monroe County Market Type Commercial Sale Data Grantor Walnut &Vine Properties I, LLC Grantee Key Largo Hospitality Land Trust Sale Date November 20, 2012 Deed Book/Page 2604/637 Property Rights Fee Simple Marketing Time N/A Conditions of Sale Cash to Seller 34 P Land Value WE Land Sale No. 1 (Cont.) Sale HistoryPrevious sale of$28,000,000 in 2005 Verification Confirmed by Amy Fisher Sale Price7, 0 ,000 Cash Equivalent $7,3 0, 0 Land t Topography Generally flat Utilities All available Shape Irregular Landscaping iniml Density up to 92 transient units allowable Land Size Information Grossi 1 .140 Acres or 615,938 SF Uplandsi 11.830 Acres or S15,315 SF , 83.66% Environ/Sen Land Size . 10 Acres or 100,624 F , 16.3 % Allowable its 92 Front Footage Overseas Highway Indicators Sale Price/Grossr 16, 66 Sale Price/Gross 11. 5 Sale Price/Allowable79,38 i Remarks This site is located on the bayside of Overseas Highway at mile marker 97. . The property was an operating 1 -unit campground and RV park which included a 15- slip marina. The property was sold to a developer that received site plan approval for the "Playa Cristal" condo-hotel and marina project. Originally the plans called for 108 units but were scaled back to a 2-unit project. There was pending litigation for few years between the developer and adjacent land owners right around the time the condominium market declined and the development plans were cancelled. The site has been cleared of all site improvements except two ancillary buildings. The buyer of this site would not confirm details regarding the sale, however he purchased another similar site for an affordable housing development. The owner filed an amendment to the previously approved conditional use of the property, to include cottage style transient units and the planned condo-hotel was removed from the site plan. Irs Land Value Analysis Land Sale No. 2 w _ 1 y f - 1 Y Property identification Record ID 8119 Property Type Mixed use, Vacant Land Property Name Former Serenity Bay project Address 12550 Overseas Highway, Marathon, Monroe County, Florida 33050 Location Gulf side of Overseas Highway at mile marker 53.5 Tax ID Alt Keys 1117145, 1117587 & 1117595 Legal Desc. Lengthy S/T/R 05/66/33 MSA Monroe County Market Type Commercial Sale Data Grantor Firstbank Puerto Rico Grantee Marathon Land Holdings 3, LLC Sale Date September 25, 2012 Deed Book/Page 2593/1598 Property Rights Fee Simple 36 Irm PLand Value Analysis Land Saleo. 2 (Cont.) Marketing i 12 months Conditions I is Length Financing Cash to seller with no effect on the sale price Sale HistoryPrevious sale of$8,000, 00 in January 206 Verification Confirmed by Joe Merritt Sale Price $2,000, 0 Land ZoningU, Mixed Use Topography All upland cleared and level Utilities All available Shape Irregular Land se Plan Mixed Use Density Up to 30 transient units Land Size Information Gross Land Size 2.795 Acres or 121,750 SF Unusable Land Size2.75 Acres or 121,750 SF , 100.00% Allowable nits 30 Front Footage OverseasHighway; Gulf Indicators Sale Price/Gross71 , 6 Sale Price/Gross 16.43 Sale Price/Allowable $66,667 Unit Rgmarkg This waterfront property was vacant at time of sale. The seller obtained title to the property subsequent of foreclosure proceedings. The original list price was ,000,000. The price was reduced to $2, 00,000 in December 2011 and on the market for 12 months prior to sale. The property was previously purchased for ,000,000 in January 2006. According to the broker that handled the transaction, the buyer intends on developing the site with a workforce/affordable housing project; The site allows development of up to 30 transient units. 37 ri? Land Value Analysis Land Sale No. 3 k_hrf• � r y 4 • 1 h 3F r t' J' Property Identification Record ID 8118 Property Type Mixed use, Vacant Land Address 104180 Overseas Highway, Key Largo, Monroe County, Florida 33037 Location Gulf side of Overseas Highway at mile marker 104 Tax ID Alt Key 1539333 Legal Desc. Lengthy S/T/R 11/61/39 MSA Monroe County Market Type Commercial Sale Grantor Special Acquisitions Holdings, Inc. Grantee Medina Land Holdings #4 LLC Sale Date August 22, 2012 Deed Book/Page 2587/2230 Property Rights Fee Simple Marketing Time 453 days 38 P Land Value 1 sf Land Sale No. 3 (Cont.) Conditions of Sale Ar 's Length Financing Cash to seller with no effect on the sale price Sale History Previous transaction for $6,000,000 in March 2010 Verification Confirmed by Joe Merritt Sale Price $2,500,000 Land Data Zoning V, Recreational Vehicle TopographyAll upland cleared and level Utilities All available Shape Irregular Land Usel Mixed Use/Commercial Land Sigg information Gross Land Size 2.50 Acres or 112, 20 SF Useable Land Size 2.590 Acres or 112,820 SF , 100.00% Allowable i 8 Front Overseas Highway; Gulf IndicatorE Sale Price/Gross Acre $ 65,254 Sale Price/Gross SF $22.16 Sale Price/Allowable $65,789 Unit e ar s This waterfront property was vacant at time of sale. It was purchased for the development of a high-end recreational vehicle park and marina. This site was bank owned. There was a previous recorded non-arms length transaction for $6,000,000 in March 2010. The property was listed for 15 months prior to sale. r� Land Value Analysis Land Sale No. 4 n� Property Identification Record ID 7584 Property Type Mixed use, Vacant Land Property Name Pelican Motel and RV Park Address 59151 Overseas Highway, Grassy Key, Monroe County, Florida 33050 Location Gulf side of Overseas Hwy near mile marker 59 Tax ID Alt Key 11458961 Legal Desc. Lengthy Sale Data Grantor Pelican Motel and Trailer Park Grantee NHC-137 Sale Date November 12, 2010 Deed Book/Page 2492/472 Property Rights Fee Simple Conditions of Sale Arm's Length Financing Cash to seller with no effect on the sale price Verification Confirmed by Steve Davis 40 Land Value Analysis Land Sale (Cont.) Sale Price $6,700,000 Land Data Zoning U, Mixed Use Shape Irregular Land Mixed Use Land Sizer do Gross Land Size 4.770 Acres or 27,71 SF Actual Units 9 Front Footage Overseas Highway; Gulf Indicators Sale Price/Gross Acre $1,404,614 Sale Price/Gross2.2 Sale Price/Actual Unit $71,277 Rgmarks The project consists of 85 transient licensed RV spaces nine motel units and a small marina. According to the selling agent the buyer is a national campground RV park operator who purchased the park based upon the current use. The broker stated no financial information could be released. According to the Monroe County Planning Department, inquiries have been initiated by the buyer for upgrading the site, billing the site as a luxury campground. The site was offered for sale previously at a much higher listing price of$12,500,000 for approximately 60 days. The site was removed from the market when the buyer approached the seller. 4 caLand Value Analysis Land Sale No. 5 5 r +�i'1da { rLtl'Nr rlr 103% •tY * -ft. _ 4 Y Property Identification Record ID 7585 Property Type Commercial, Mixed Use, Vacant Land Property Name Sunset Harbor Village Address 5031 5th Avenue, Stock Island, Monroe County, Florida 33040 Location North side 5th Avenue at western terminus Tax ID Alt Key 1160776 & 9098720 Legal Desc. Lengthy Sale Data Grantor Sunset Harbor Village, LLC Grantee NH C-FL136 Sale Date September 10, 2010 Deed Book/Page 2483/730 Property Rights Fee Simple Conditions of Sale Arm's Length Financing Cash to seller with no effect on the sale price Verification Confirmed by Steve Davis 42 won P Land Value i Land Sale No. 5 (Cont.) Sale Price $6,550,000 Land Data ZoningU -L Utilities All available Shape Irregular Land Use Plan R , Residential High Land SizeInformation Gross Land Size 8.990 Acres or 391,604 SF Front Footage Sth Avenue; Bay Indir,atQrs Sale Price/Gross Acre $728,S88 Sale Price/Gross 1 .7 Sale Price/Actual Unit $77,OS9 Remailks The buyer of the park was Care free resorts, a national camp ground and RV park operator. The sales agent stated the company Is actively finding ry parks and campgrounds in Florida. The site consists of SS mobile home pads and small marina. o financial information was available. 43 MOM PLand Value Analysis PrODertv Riahts Transferred All the comparables in this analysis involved the transfer of a Fee Simple Estate basis, with the buyers receiving full property rights ownership. We are also unaware of any adverse deed restrictions or any other property rights limitations is would have affected the sales. Therefore, no adjustment was considered necessary for property rights conveyed. Terms of Financing The transaction price of one property may differ from that of a similar property due to atypical financing arrangements. In a case where favorable financing is establ'ished, a cash equivalency adjustment is often necessary. However, all of the sales analyzed herein involved either, market terms or cash to Grantor. Therefore, no adjustments were made, nor any cash equivalency performed. Conditions of Sale Adjustments for conditions of sale usually reflect the motivations of the buyer and seller at the time of conveyance. Within the confirmation process, detailed attention was made to ensure the conditions of each sale. Comparable Sales 1, 2 and 3 were either negotiated foreclosure or bank owned sales. Considering the state of the market at the time of these sales, distressed sales comprised a large percentage of actual transfers. Considering these conditions, no adjustment was required for Comparable Sales 1, 2 and 3 since they appeared to be market oriented. Comparable Sales 4 and 5 were arms length transactions and were considered market oriented with no adjustment required for conditions of sale. Chanaes in Market Conditions Market conditions generally change over time and may be caused by inflation, deflation, fluctuations in supply and demand, or other factors. The sales occurred from September 2010 to November 2012. The available market data indicates that values declined considerably during 2008 and 2009. Comparable Sale 3 had a recorded transaction for $6,000,000 in 2010, however it was a bank owned property. This transaction was deemed to not be market oriented. The market is Improving and investors are becoming active again in the Florida Keys as evidenced by the three 2012 sales, It is our opinion no adjustment for market conditions is warranted for the sales contained within this datasetr therefore none were applied. 44 AnalysisIrm P Land Value Location The Subject Property is considered to have a good location along Overseas Highway in the Key Largo area of the Florida Keys. The Subject is located on the Florida ay/ lackwater Sound. All of the comparable sales are located in similar waterfront locations, being either the bayside or Oceanside and no location adjustments were warranted in our opinion. Site Quality/Exposure The Subject Property was considered to have a goodsite quality for development. large size (8.36 acres) and expansive views of the Florida y/ lackwater Sound add appeal to the site. The majority of the comparables were considered to be generally similar to the Subject as to overall site quality as they all had water frontage. Comparable Sale 5 is located within the Cow Key Channel. This location would be considered inferior based on this comparable not having open water expansive views, however this site has a channel cut through the majority of the site and this site allows for the majority of the rv/trailer sites to have water frontage and boat dockage within this cut out channel area. It is our opinion this feature in fact makes this comparable more desirable since the majority of the site has both water views and access, which would command higher rental fees. This comparable was adjusted downward to account for its' superior site quality/exposure. No adjustments were warranted for this factor for the remaining comparables. Size The Subject Property contains a total of 8.36 acres. Typically a smaller site would sell for more on a price per square foot basis than a larger site, based on economies of scale. Additionally one must keep in mind that co parables that are smaller i size would appeal to a larger pool of market participants/developers. Based on the size of the co p rales and the cost to take on a redevelopment project the size of the Comparables 2-4 (2.59 acres to 4.77 acres) versus the Subject size ( .36 acres), downward adjustments were applied to Comparables 2, 3 and 4 for their smaller respective sizes, compared to the Subject Property. Comparable Sale contains 14.14 acres and is larger than the Subject, therefore an upward adjustment was applied to this sale to account for its' size. The remaining comparable (Comparable Sale ) contains 8.99 acres and is considered similar in size, therefore no adjustment was applied to this sale for size. 45 Irs PLand Value Analysis ADDrovals The Subject Property did not have any approvals in place as of the appraisal date. A few of the comparable sales had approvals for redevelopment that have since expired for their respective development scenarios. The market is beginning to improve, however the only projects we are aware of that are currently ongoing are workforce housing developments. Considering the market, it does not appear market participants are willing to pay a premium for approvals at this time. In our opinion, no adjustments were warranted for this factor. Zoning/Density, The Subject Property is zoned SC, Suburban Commercial. Under this zoning classification allocated density includes 25 residential units or 41 licensed transient units, such as hotel or resort units, The SC zoning classification is geared more so toward commercial development than the comparables respective zoning classifications. All the comparable sales have significantly higher allowable densities, with the exception of Comparable Sale 1, This is attributable to these corn parables in zoned for commercial uses such as RV parks or mixed use development with higher attributable residential development . Comparable Sales 2, 3, 4 and 5 had allowable densities ranging from 9.45 transient units per acre up to 19.71 units per acre. These sales were adjusted downward to account for their higher allowable densities or more liberal zoning in place. Comparable Sale 1 was considered similar to the Subject Property in terms of allowable density, therefore no adjustment was warranted for this comparable for this factor. Interim Income The Subject Property is considered vacant land with no income generation as far as we could determine. In the current market, investors looking to redevelop sites are also focusing on interim income, since market conditions have been in decline for a few years and investors are looking tooffset carrying costs it market conditions improve and redevelopment plans are approved which could take a few years in itself. Comparable Sales 4 and 5, were operating RV parks with strong occupancies and income in place at the time of sale. These comparables were adjusted downward to account for their interim income at the time of sale. The remaining sales were considered vacant at the time of sale and were considered similar to the Subject Property, therefore no adjustment was warranted for these comparables. 46 PLand Value Analysis Conclusion s can be seen on the chart displayed earlier, the comparable sa!es indicated an adjusted range from . 1 per square foot of land 2 per square foot of land, with a mean price indication of $15.75 per square foot of land. Most of the planneddevelopment projects during the boom in 2005-2006 have been foreclosed on and have been resold in the past few years, therefore supply is beginning shrink. Based on the comparable sales, current market conditions, the size of the Subject lower density, it is our opinion that Subject Propertyhad a Market Value at the lower end of the range between $ 2.00 and $13.00 per square foot o land. This results in our Market Value of the Fee Simplestate of the Subject Property as of July 11, 2013 of$4,500,000 as calculated below. 364,369 Sq. Ft. of Lan X $12.00 per Sq. Ft. of Land = $4,372,428 364,369 . Ft. of Land X $13.00per Sq. Ft. of Lan = $4,736,797 Sayr $4f5OO,OOO 47 ADDENDA ENGAGEMENT LETTER Appraisal Quote for Monroe County Please provide a quote for a complete self-contained report estimating the current market value of the fee simple interest of the following site on Key Largo: Tracts 1 and 2, Highland Shores Subdivision and adjoining Parcels A and of sovereign land RE 00820 -000 and 005010-000000 Owner: Largo Sun Vista Acquisition Co. LL (formerly owell' Marina) Have you or your company ever appraised the subject property before for a client other than Monroe County or the Monroe County Land Authority? Yes V ., o If yes, please identify the property, the client, and the appraisal date. o you or your company have a vested or fiduciary interest in the subject property? Yes No Fee for providing original reports and 1 digital copy: Zn CD Date by which the reports will be delivered: Name of Appraiser: A ............. . 5 Signature Appraisers Date: L3 ,SURVEY Ilia \ AE. 1 n� AE \ \ \ I m e \ \ VE 1z VE 12 VE 1.2 $ AE 1n \ p` AE 9 \ 4 A E 3 (y E I X 4+1 All P. a 'a� N 9 a-dad s $� Nil ° sa� `.g a "$sccacsccc ¢�' i 6 $ x a s a I s�r� ��� IN ® a "$&,�y� s�� .d � � �--�--r� Rz g a s �Z gg pp R es Bpss�s P g�L$rk $ irR G =Yk &µ � N qgo JOIN4h B NO 9 $ $e a.aa an ea v xBOR-4'H Pegg, LIP QUALIFICATIONS Qualifications -Stephen D. Shag MAX Professional Designations LicenseslCertifications Member, Appraisal Institute, MAI Designation #10461 Florida State-Certified General Appraiser RZ1192 Florida State Licensed Real Estate Salesman 0495422 Professional Experience Principal, Callaway & Price, Inc., since January 1999 Senior Appraisal Consultant, Callaway & Price, Inc., since July 1997 -- December 1998 Appraisal Consultant, Callaway & Price, Inc., since April 1994 Associate Appraiser, Pinel & Carpenter, Inc., Orlando, April 1992 - March 1994 Appraiser/Researcher, Callaway & Price, Inc., September 1987 - March 1992 Special Magistrate Palm Beach County since 1996 Special Magistrate, Martin County, 2009 Qualified as an Expert Witness Palm Beach County, Florida Martin County, Florida Broward County, Florida Sarasota County, Florida Education Bachelor of Science Degree, Business Administration, Major in Real Estate and Finance, University of Florida Appraisal Institute: Course 101 - An Introduction to Appraising Real Property, 1992 Course 201 - Principles of Income Producing Properties, 1991 Course 2-1 - Case Studies in Real Estate Valuation, 1992 Course 540 - Report Writing and Valuation Analysis, 1993 Course 2-3 -- Standards of Professional Practice Parts A & B, 1991 Numerous seminars sponsored by the Appraisal Institute Appraisin ConsultinqExpertise Acreage Office Buildings ACLFs Office/Warehouses Apartment Complexes Retail Buildings Automotive Service Facilities Restaurants Bowling Alleys Special Purpose Properties Commercial Buildings Shopping Centers Condominium Projects Vacant Commercial Land Eminent Domain Vacant Industrial Land Golf Courses Vacant Multifamily Pods Hotels Vacant Residential Land Marinas Vacant Single-Family Subdivisions Mini-Warehouses Warehouses ualificatigna -ate���MAC' Organizations and Affiliations Appraisal Institute: Experience Review Committee Ethics & Counseling Committee South Florida Chapter Board of Directors Business Development Board Palm Beach County, Member of STATE OF FLORIDA W.® DEPARTMENT OF BUSINESS AND PROFESSIONAL REGULATION FLORIDA REAL ESTATE APPRAISAL BD 850-487-I395 a 1940 N. MONROE ST. TALLAHASSEE FL 32399-0783 SHAW, STEPHEN DAY 733 SE MICHAELS COURT STUART FL 34996 j5TATE OF F6bRID AC#F &W 7 6 ; 1 Congratulationsl With this license you become one of the nearly one million DEL�AtZMENT';'OE BLI5INESS POND :. Floridians licensed by the Department of Business and Professional Regulation. } PROVEBSIONAI, REGULATION ; Our professionals and businesses range from architects to yacht brokers,from a boxers to barbeque restaurants,and they keep Florida's economy strong. �''.` i0f2 �tiZ2 I28$27"93'�'RZ1152 Every day we work to improve the way we do business in order to serve you better. For information about our services,please log onto www,myfloridalicanse.com. C RTI FT$D;rGED1E I,'APPRp•YSER There you can find more information about our divisions and the regulations that SH;WE? STEi?HEN Impact you,subscribe to department newsletters and learn more about the h4_, Department's initiatives. ti Our mission at the Department Is;License Efficiently,Regulate Fairly.We constantly strive to serve you better so that you can serve your customers. " I3 CERTIFIED undez•:the provimions,ot ch 475 "thank you for doing business in Florida,and congratulations on your new licenses , � €spiraklan deter NOV :2014 LIz 0220�1�7 DETACH HERE is a � - •et±a' �e t t i '�` i'.+�.�K'y�" AC STATE.OF FLORIDA r b j P.ARTMENT OF` BUSINESS AND PROFESSIONAL ?REGULATION FLORIDA REAL ?ESTATE APPIL; ILL BD -. ` l SEQ#L12102202187 PE a LICENSE NBRr j> z 10° 22 20,�.2:. I28z27:937 .:: RZ319'2 The,CERTZFZ D' GENERAL. :APPRA-SER `< �iarnedbe�ow ,�S CER'T'I�'S�D ;,. ,�r i - Vnder the -provi sibi.s of:=Chapter) 475 FS Expiration date NOV 30, 201C4 ' ' HAW, ,:;STEL?HEN DAY 1539 ORUM.;PLA'CE SUITE 5_ WEST PALM BEACH FL 33401 RICK SCOTT KEN LAWSON jj GOVERNOR SECRETARY bIS' PLAYAS REQUIRED'BY LAW Qualifications - .gyp� n Fishgr Professional Des ig nation slLicenses\Certifications State-Certified General Real Estate Appraiser RZ3400 - State of Florida Real Estate Sales Associate SL694860 - State of Florida Member, Appraisal Institute, Member #517291 Professional Experience Associate Appraiser/Consultant, Callaway & Price, Inc., 2008 - present Researcher, Callaway & Price, Inc., 2006 -- 2008 Real Estate Sales Associate, Lighthouse Realty Services, Inc. 2008 - present Multifamily Property Manager, Seashore Industries, Inc., 1993 - present Human Resources Coordinator, Town of Lantana, 1997 - 2002 Geographic Experience Throughout South Florida. Education Completed and passed all MAI requirement courses, Appraisal Institute Bachelor of Science Degree, Palm Beach Atlantic University Associate of Science Degree, Palm Beach Atlantic University Numerous Appraisal Institute Courses and Real Estate Seminars Appraisal Institute Courses; Appraisal Principles Appraisal Procedures 15-hour National USPAP Real Estate Finance Statistics and Valuation Modeling General Appraiser Income Approach (1 & 2) General Appraiser Site Valuation & Cost Approach General Appraiser Sales Comparison Approach General Appraiser Report Writing & Case Studies General Appraiser Market Analysis & Highest and Best Use Advanced Applications Report Writing and Valuation Analysis Advanced Sales Comparison & Cost Approach Standards of Professional Practice Advanced Income Capitalization Approach Qualifications - Arm n Fisher Appraisincl\Consultiny Expertise Acreage Retail Buildings Assisted Living Facilities (ALFs) Restaurants Apartment Complexes Special Purpose Properties Commercial Buildings Shopping Centers Condominium Projects Vacant Commercial Land Vacant Industrial Land Vacant Multifamily Pods Office Buildings Vacant Residential Land Office/Warehouses Vacant Single-Family Subdivisions Warehouses Hotels STATE OF FLORIDA . DEPARTMENT OF BUSINESS AND PROFESSIONAL REGULATION T FLORIDA REAL ESTATE APPRAISAL BD 850-487-1395 ', - 1940 N. MONROE ST. TALLAHASSEE FL 32399-0783 FISHER, AMY LYNN 1639 FORUM PLACE SUITE 5 WEST PALM BEACH FL 33401 �ST9TE 0-ft-4RIgA Congratulationsl With this license you become one of the nearly one million } Floridians licensed by the Department of Business and Professional Regulation, AE)?AItT�1EN'P OF��Z79 TNES.0 D- Our professionals and businesses range from architects to yacht brokers,from ti ;PRt7 ESQN ? REGffirAT]`OI boxers to barbeque restaurants,and they keep Florlda's economy strong. h � RZ3�40{l �0/���12 120153617 Every day we work to Improve the way we do business In order to serve you better. 4 3{ For information about our services,please log onto www.myfiarldalicense.cam. CERTI).~IEb;ci'z &4 Lr: ;AFP-RAIS41Z There you can find more Information about our divlslons and the regulations that 9fY'F25HRk '? L Impact you,subscribe to department newsletters and learn more about the Department's Initiatives. , Our mission at the Department is: License Efficiently,Regulate Fairly.We constantly strive to serve you better so that you can serve your customers, z5 :cExTx�'sn. aerh'srovieios or;`.,ch ?.s as Thank you for doing business In Florida,and congratulations on your new licensel ; r. " r �p tiQa a�e�I Nov�34,;'•2Rk �3 ,121UAJYJ9 DETACH HERE t coif- -or r t' •a. 1 C2.n r k,C7 STATE OF FLORIDA,; f 1f = n i'j, t L u DE �RTMENT 'O]~`$1_TSXNESa'a 1�sNL? , PROFErSSIOfiTAL REGULA.TTpN FLOE D L,REAi] STATE APPRAISAr, I $I7 r Q#L121 03 603734 LICENSE NBR, 1201 R�34040:`' t CERT—iiT D",: GENERAL{IAPPRAI5ER r -' - `Uiidex the'prove Dios o '?Chapex� Exp,iaration date: NOv 30, 2o14 { rr 5 ,a u [t i• r ., Lis Z N19 1639 --V0 M.,,P�P:CE: v a; WEST PALM BEACH i` F;, 3340�5 Y 1 t . 11 J..•C � IL l f- ,` V t 1 1 l J � t)..:� c f.. t"- L 7 i"rt h;f i Y ! t4 i} i �..t f )L = •5`, RItC P5'COTT KEN LAWSON 00UERNORst r DISPLAY AS RE61-11RED 8Y LAW SECRETARY J i Irv\ Sa L (' W I:44P 4.% 111,. 111 1,41 'Monroe County Board of County Commissioners !-I,'I I1IIIII aF 1 fir RE: Potential Rowell's Marina-Property Acquisition Building Keys eetyles August 21, 2013 Dear Commissioners: Earlier this year the Key Largo Community Preservation Foundation was gathering representatives from many varied Key Largo organizations to meet tspdiscuss the potential Rowell's Marina purchase by the County. The support was overwhelming. The June meeting would have been to brainstorm the possible uses, needs and wants for Rowell's with representatives scheduled to attend from the Key Largo Community Preservation Foundation,the Key Largo Chamber of Commerce, the Federation of Homeowners, the Tavernier Community Association,the Key largo Civic Club, the Sons & Daughters of Italy,the Key Largo Lions Club,the Upper Keys Business and Professional Women's Association,the Key Largo Rotary Club,the Key Largo Kiwanis Club,the Scenic Highway Alliance, the Heritage Trail, and members of Monroe County Growth Management. Commissioner Murphy asked we postpone this effort to give the County time to consider the purchase through proper county channels and Commissioner Murphy requested we get these same groups involved with scheduled public hearings to discuss the use if, and when the County enters into contract to purchase the property. I currently serve on the Key Largo Chamber of Commerce Board of Directors, and the Key Largo Community Preservation Board of Directors. Both of these organizations have previously presented resolutions supporting this potential acquisition. Many of our board members and individuals from other organizations have met with Commissioner Murphy on numerous occasions in support of this acquisition. In my many years of community involvement in Key Largo, I have seen more broad based support for this potential acquisition than for any other potential project. I ask for your approval to permit the County Administrator to enter in negotiations to acquire this property. Yours Truly, m Saunders Bayview Homes, Point of View Key Largo RV Resort, Keys Lake Villas Apartments 99198 Overseas Highway Suite 2 Key Largo, Florida 33037 99198 Overseas Highway, Suite 2,Key Largo,FL 33037 Tel 305.453.4521 • 305.453.4522 •www.bayviewhomes.biz N- 5 ISLAND OF KEY LARGO FEDERATION OF HOMEOWNER ASSOCIATIONS INC. PO BOX 702 KEY LARGO,FL 33037 BUTTONWOOD BAY HOMEOWNER ASSOC.,CAPTAIN JAX HOMEOWNERS ASSOC.,HOMEOWNERS ASSOC.OF CORAL COAST,GATEWAY-TO-THE-SEA HOMEOWNERS ASSOC.,HAMMER POINT HOMEOWNERS ASSOC., HIBISCUS PARK HOMEOWNERS ASSOC.,KEY LARGO VII,I AGE HOMEOWNERS ASSOC., LARGO SOUND PARK CLUB INC HOMEOWNERS ASSOC., PORT LARGO RESIDENTIAL HOMEOWNERS ASSOC.,ROCK HARBOR CLUB CONDOMINIUM ASSOC.,ROCK HARBOR ESTATES HOMEOWNERS ASSOC.,SEXTON COVE HOMEOWNERS ASSOC.SILVER SHORES HOMEOWNERS ASSOC., STILLWRIGHT PROPERTY OWNER'S ASSOC. SUNSET WATEREAYS HOMEOWNER ASSOC.,TAYLOR CREEK VILLAGE HOMEOWNERS ASSOC.,THE HARBORAGE HOMEOWNERS ASSOC.,WYNKEN BLYNKEN&NOD HOMEOWNERS ASSOC. "Never doubt that a small group of committed citizens can change the world.Indeed,it is the only thing that ever has." Margaret Mead August 21,2013 TO: THE MONROE BOARD OF COUNTY COMMISSIONERS, AND COUNTY ADMINISTRATOR Agenda item N5: Discussion And Direction On The Property Formerly Known As Rowell's Marina And To Give The Administrator The Authority To Negotiate A Purchase Price. We would like to thank the County Commission for its forward thinking about the future of the Keys, including its discussion about the possible acquisition of Rowell's Marina. Too often the day to day issues cloud the fact that we are stewards of the land where we live. Looking at the potential of Rowell's Marina is a bold move in protecting the Keys. All of us can look around Florida and see communities with hotels and condominiums built to the high tide line and very limited access to the water for the public. The Keys are facing this bleak future if we do not do something now. With the purchase of this land it will be a forever treasure for the Florida Keys. There remain few large, water-front tracks of undeveloped and not ecologically protected land in our County. Rowell's is one of these exceptions Although we are not advocating what should be done with the land, we do endorse the reasonable purchase of the land by the County. Someday we want people to look at this land and say what others say about our state and federal parks: Thank heavens there were some people who took the initiative to save this land so we can enjoy it today.' IKLFHA Board of Directors