Item T01 T.1
County �� � .�� �y,4 ' �, "tr, BOARD OF COUNTY COMMISSIONERS
Mayor Michelle Coldiron,District 2
�1 `_ll Mayor Pro Tem David Rice,District 4
Tire Florida.Keys ��� � � Craig Cates,District 1
Eddie Martinez,District 3
w Mike Forster,District 5
County Commission Meeting
February 17, 2021
Agenda Item Number: T.1
Agenda Item Summary #7852
BULK ITEM: No DEPARTMENT: Airports
TIME APPROXIMATE: STAFF CONTACT: Richard Strickland(305) 809-5200
N/A
AGENDA ITEM WORDING: Approval of Vacant Land Contract with Randall W. Lacey and
Sharren Lacey for the purchase of Tarpon Belly Keys, Cudjoe Key, Florida, in the amount of
$475,000.00, and approval of delegation of authority to the County Administrator to execute all
documents required to complete the purchase.
ITEM BACKGROUND: The purchase of the land is a result of mitigation efforts contained within
the current Key West International Airport Environmental Assessment in order for the Airport to
complete various airfield improvements projects included within the Airport's Master Plan. The
purchase is being funded by Airport Operating Fund 404.
By purchasing this property, the County will ensure future development at the Key West
International Airport in accordance with Airport Master Plan. Two appraisals of the property were
obtained in accordance with F.S. 125.355.
PREVIOUS RELEVANT BOCC ACTION: n/a
CONTRACT/AGREEMENT CHANGES:
new contract
STAFF RECOMMENDATION: Approval.
DOCUMENTATION:
KWIA - Tarpon Belly Keys - County Purchase offer w Ex. A Feb.2021 (signed)
Tarpon Belly Keys Appraisal 1
Tarpon Belly Keys Appraisal 2
FINANCIAL IMPACT:
Effective Date:
Expiration Date:
Packet Pg. 2927
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Total Dollar Value of Contract: $475,000.00
Total Cost to County: -0-
Current Year Portion: $475,000.00
Budgeted:
Source of Funds: Airport Operating Fund 404
CPI:
Indirect Costs:
Estimated Ongoing Costs Not Included in above dollar amounts:
Revenue Producing: If yes, amount:
Grant:
County Match:
Insurance Required: No
Additional Details:
02/17/21 404-63201 - KEY WEST AIRPORT ADMIN $475,000.00
REVIEWED BY:
Richard Strickland Completed 02/05/2021 5:18 PM
Pedro Mercado Completed 02/05/2021 5:24 PM
Purchasing Completed 02/08/2021 8:06 AM
Budget and Finance Completed 02/08/2021 8:16 AM
Maria Slavik Completed 02/08/2021 8:42 AM
Liz Yongue Completed 02/08/2021 2:59 PM
Board of County Commissioners Pending 02/17/2021 9:00 AM
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AGREEMENT FOR THE PURCHASE OF VACANT LANDS
THIS AGREEMENT is made and entered into this 17th day of February,2021, by and between c
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Randell W.Lacey and Sharren Lacey
(hereinafter "Seller(s)"), for themselves, their heirs, executors, administrators, successors and assigns, and the CL
MONROE COUNTY BOARD OF COUNTY COMMISIONERS (hereinafter"County")acting by and through '
the County Administrator Roman Gastesi.
WITNESSETH:
1. In consideration of Ten Dollars ($10.00) in hand, paid by the County, the receipt of which is hereby
acknowledged,the Seller(s)agree to sell to the County certain lands upon the terms and conditions hereinafter
set forth,and for the price of $475,000.00 for all of the lands and other interests, which lands shall include y
all tenements,hereditaments,together with all water and other rights,easements,appurtenances,and any and
all of the Seller's rights in or arising by reason of ownership thereunto belonging,owned by them,situate and
lying in the County of Monroe,State of Florida,more particularly described as follows;to-wit:
See Legal Description in the Quit Claim Deeds attached as Exhibit"A".
RE#00107310-000100 W
2. The Sellcr s agree that the have full right,power,and authority to cone and that the will cone to the
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County the fee simple title together with legal and practical access thereto clear, free, and unencumbered,
except subject to the following easements or reservations:
N/A
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The COUNTY,at the COUNTY'S expense,within the time allowed to deliver evidence oftitle and to examine
same, may have the real property surveyed and certified by a registered Florida surveyor. If the survey w
discloses encroachments on the real property or that improvements located thereon encroach on setback lines, c
easements, lands of others, or violate any restrictions, contract covenants, or applicable governmental W
regulations,the same shall constitute a title defect.
Seller(s)shall convey a marketable title subject only to the aforementioned liens,encumbrances,exceptions,
or qualification set forth herein. Marketable title shall be determined according to applicable title standards CL
adopted by authority of the Florida Bar and in accordance with law. The COUNTY shall have thirty (30)
days from the effective date of this Agreement in which to examine title. If title is found defective, the
COUNTY shall, within this specified time period, notify Seller(s) in writing specifying defect(s). If the Uc
defect(s) render title unmarketable the Seller(s) will have one hundred twenty (120) days from receipt of cn
notice within which to remove the defect(s). The Seller(s)will use diligent effort to correct defect(s)in title
within the time provided therefore,including the bringing of necessary suits,failing which the COUNTY shall
have the option of either accepting the title as it then is or rescinding the Agreement herein.
3. The Seller(s)further agree not to do,or suffer others to do,any act by which the value or title to said lands
may be diminished or encumbered while this Agreement is pending. It is further agreed that any loss or c
damage occurring prior to the vesting of satisfactory title in the COUNTY by reasons of the unauthorized
cutting or removal of products therefrom,or because of fire,shall be borne by the Seller(s); and that,in the
event any such loss or damage occurs,the COUNTY may,without liability, refuse to accept conveyance of
said lands.
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4. The Seller(s)further agree that during the period covered by this instrument officers and accredited agents of
the COUNTY shall have at all reasonable times the unrestricted right and privilege to enter upon said lands
for all proper and lawful purposes, including examination of said lands and the resources upon them. The e
Seller(s)hereby waive their rights to any and all claims against the COUNTY,Monroe County,or the State
of Florida associated with,or arising from ownership of,said lands and this waiver shall survive closing.
5. The Seller(s)will execute and deliver upon demand of the proper officials and agents of the COUNTY a good CL
and sufficient deed of warranty conveying to the COUNTY a marketable title to the said lands of such '
character as to be satisfactory to the legal counsel of the COUNTY and said deed shall provide that the use,
occupation and operation of the rights-of-way, easements and reservations retained therein, shall be
subordinate to and subject to such rules and regulations as may be prescribed by the COUNTY governing the
use,occupation,protection and administration of lands.
6. In consideration whereof the COUNTY agrees that it will purchase all of said lands and other interests at the
price of 475,000.00. The COUNTY further agrees that,after the preparation,execution,and delivery of the —
deed,and after the legal counsel of the COUNTY shall have approved the title thus vested in the COUNTY', � >
it will cause to be paid to the Seller(s)the purchase price. The COUNTY shall pay the following expenses #
associated with the conveyance of the property: deed recording fees, settlement fees, abstract fees, title
examination tees,the Buyer's attorney's fees,and title insurance,as well as the pro rata share of prepaid real t
property taxes allocable to the period subsequent to the vesting of title in the COUNTY,or the effective date
of possession of such real property by the same,whichever is earlier. The Sellers)shall pay the expenses of � W
documentary stamps to be affixed to the deed and the removal of trash, debris, and structures from the
GPif any, and real estate commissions, if any. u possession or t5c premises s a pass to the
Y as of the date payment is made to theSeller(s)subject only to the reservations stated in Section 2 l
above. W
7. It is mutually agreed that an abstract, title insurance policy or other evidence of title to the property h rein t yi
contracted to be sold,satisfactory to the legal counsel of the COUNTY will be obtained by the C{OU'N t uJ
its expense. The Seller(s)expressly agree herein to furnish to the COUNTY any documents in Seller(s)'
possession establishing evidence of title including, but not limited to, abstracts, title commitments, title
policies and opinions of title. e
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8. It shall be the obligation of the Seller(s)to pay all taxes and assessments outstanding as liens at the date title
vests of record in the COUNTY,whether or not such taxes and assessments are then due and payable. 2
9. It is mutually understood and agreed that notice of acceptance of this Agreement shall be given to the Seller(s) CL
by email to the address provided by the Seller(s)or by mail addressed to the Seller(s)at the following address:
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c/o Rick Lively U
Coldwell Banker Schmidt R.C.CO in
120$White Street
Key West,FL 33040
and shall be effective upon date of mailing and shall be binding upon all Seller(s)without sending a separate
notice to each,except as such obligation may be affected by the provisions of paragraph 6 hereof.
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10. The property shall be delivered at closing free of any tenant or occupancy whatsoever.
11. The Seller(s)shall close any open building permits or code enforcement proceedings prior to closing.
12. The effective date of this Agreement shall be that date when the last one of the Seller(s)and the COUNTY
has signed this Agreement.
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13. If the Seller(s)wish to proceed with this transaction, the Seller(s)have until February 8, 2021 to sign and
return this Agreement to the COUNTY. This Agreement may be executed in counterparts. Notwithstanding c
any provision of this Agreement to the contrary,the closing of this transaction is contingent upon approval by y
the Board of County Commissioners of the COUNTY,failing which the COUNTY and the Seller(s)shall
release one another of all further obligations under this Agreement.
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IN WITNESS WHEREOF,the Seller(s)have hereunto signed their names and affixed their respective seals on '
the day first above written and therefore the Seller(s) for and in consideration of the Ten Dollars ($10.00)
hereinabove acknowledge as received, have and do hereby grant unto the COUNTY or its authorized
representative,or any other office or agent of the COUNTY authorized to purchase said lands,the option and right >"
to enter into this Agreement for Purchase within sixty(60)days from the execution thereof by the Seller(s),and
to pur a said lands as herein provided.
Sel andall , Lacey N
Signature ate Phone Number
Seller/ Sharren Lacey
gA at re "t, D e Phone Number N
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"t ry
Seller/
Signature Date Phone Number
The MONROE COUNTY BOARD OF COUNTY COMMISSIONERS, acting by and through its COUNTY
ADMINISTRATOR has executed this Agreement on behalf of the MONROE COUNTY BOARD OF COUNTY
COMMISSIONERS this_ day of 2021, c
MONROE COUNTY
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(Seal) CL
ROMAN OAST £Sl,County Administrator
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EXHIBIT
wltboar Tlue eu®tutloa. ONROE COUNT" !_
David V. Ki P.A.
OFFICIAL RE(taRD50.
Attowmay at Law 2- 3gs 1-
6903 Ovezoems Highway FILE 1
athon, Florida33050 BK 1 PG
RCD AU9 24 1998 04100PH C
ParcellDNemberl 00107310-000100 DANNY L KOLAGE, CLERK 0)
Grantee A 1 T1N. N
cTaatee02 N: DEED DE gTR DE •�� t8
o A5/24/1996 DP rLK
m Deed
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This Quitclaimthis 13th day of July 1999 At.) Between
Frederick L. Coven and Diane Coven, hu wife r
or the County of Monroe , S/®ta of
Florida ,grantore, and >-
Randall W. Lacey
whoa- address Ot 106 Nautilur Drive, Ximlamorade, FL 33036
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of the County of MonroeState of Floridagrantee. C
WkBellifleth 1h.t the ciRANmRs,ear to orate sum ut =N�
--_-...._-----vt.---------- DOLJJLRO ($10) ----------------------- 001 A, W
ana other }toad end valuable cotuldeminm w RS in band Paid by 1-MAN11-14.,. the receipt whereof is hereby selinowledged. have
grant-d,bargained and quitclaimed to the said GRANTEE and GRAMME'S help,9taccessors and assigns forever,the following described 1®d,situmae, _
lying and being in the County of ® Soar-Of Flowlda to wit
A group of fIvIftya or Xo1amdo knownair the TAPJP= SZZLYKEYS in the
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Bay of Florida, lyInq just Northerly or the Ipwamentlyel
of the Intemocamittel Waterway, Klamu to rmy West, at LatItude 24 N
dagcove, 43 utInutes, 8 seconds North, LongItude81 dogmeem, 32
lm.Lnutem, 2 secondis Wasit, in what would be Sectlon 6, To ship 66 N
South, Range 28 Rant, if Surveyed, loom so much of the b:Lggomt Inland
In thlam group, ocaVrIalng 4.63 otomem, maze or lose, coat d an a tV
Great WhIte socon Refuge, Monroe County, an recorded is the PublIc -C
Ratoazdar of Monroe County, Floridain Official Ractowd. Book 708, Page 0)
142,
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ONROE COUNTY �
OFFICIAL RECORDS N
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O Have and thesame. together with all and owgidar the en thercuntn baJotimg ar is anywise CL
and all the estate. right, due, inunmil, Ibo, equity and claim whattatarvet, Of graumm. citlim in law or equity, far
the mac. bcncftt and profit of the said gram rum"T ¢'
In ltUCSS W111CM01,the grantors have hereunto set their hands and realm the day wW year lust above written
S1Rc ilk Nvered in our pr encet
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v1d P. clean sae• r Ck Cov
ttlSao P O Addrmn IBM 9H4erberit Aveaae,Key Weal,YL 33940
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it s PO Addrtm lW9SMdenbergAv,out,kryWes4,VL3M4O
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STATE OF IrlorIdg,
COUNTY
'Me faregoing insarussmart was acknowledged bmforr ,ne that 13th day Of ly ,'9 9Q by
Frederick L. Cowen DIana Covn
who owe personally known m me or who have prodiiawl I w rlfs r aver's 1 io• a• 1° —
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tiotar lid
uy c` rtuttiadtrm exP ugbmom
02/02/02
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EXHIBIT A
Feud & Recorded in Ofa acaal ec®rds �of
MONROE COUNTY AMY HEqVILIN
1 /24/2014 11:47D0
DEED DOC STAMP CL: Krys SD F®
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C ristonher R.Wuldera,P..R, OccO 2010107
wn;i 2717 FgQ
F f300 Overseas Hi ti rav Suite I
2312
Marathon,F'L,33050 CL
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Quit Claim Deed
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,u�x a�a..•. .r=e :._._ a'm. a r .€_, .,,.�., s... r .._..w�.a..,.. 9ax'a� €-,..,,,,,.,., to..4»�„aa �xJ a..F<�a, � 3,.w�».,a �:�<:.� cer6vren �_
post office addreo; is 12776 N Road, Luxaaltaichee, F'L 33470, granter, and Randall t L,aec.y nod Sharren Lacey, �
husband and wife whvsr post aaftice address is 127°76 N Road, Loxrthaatchee.FL,33470,grantee �
%Vlmi€evs r usid herein--_lk term" iantor' and *grnlee include all the Mimes tc€th« dn.,irunivnt And ow Srs;skk, legal mpr kJ talive, Find a�^,gvm of
e'rtaae€i(uak and tint taceu sors and assigns kf sort;rrtstitrns ark Sts nr€d terk,t eaJ to
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`itnes eth.that said grantor, for and in of the scut TEN ANVP N(J,IUO DOLLARS( IO 00)and etcher goo
egirt iev cu,l rrranrr^a^ th,, rora*im %xherPi)Ik herehs ackno%%lectes& altar:; r
kt,, cane, oa's=r oo r€ml orino,a-'�, heim :gnd;a*, ,a=r-a iimeverr all the rnaht. City inierest. N
claim and demand uhic.h gramor has its and to the f'nllnoing descrihed land, sotiate, lying and being in Monroe bounty, N
Florida tea«wait
r4 group of five Kees or Islands known as the TARPON BELLY KEYS in the Bay of Fluridu, lying
just Northerly of the presently marked channel of the Interroastal Waterway,Miami to Key,West,at >�
Latitude 24 degrees,43 minutes,8 seconds ,North, Longitude 81 degrees,32 minutes,2 seconds West, W
in what Aould be Section 6, Township lice South, Flange 28 East, If starveyed, less sea much of the
c.:..,...,.s c.•�,,...a ®m afar n �8 n r— nre ar fa,cs rptorvpai sae m GrPAI White F'terfol
,.�e,.�. ...,_.._ ... ..., �.....�� e..g�a�6rq 9 as �
[S..Pce..n n.9 r,a.�n� t'•aa>rt., sa ea�ea u.t in tteo roakfir lsarnreic n£Mnnrsar r'nor m Florida in 011dr191
Record Book 708,Page 142.
Parcel ldentificaation Number: 00107310-000100 �
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fhe preparer of this instrurnent was neither furnished with. nor requested to review, an abstract on the �
described properts,and therefore expresses no opinion as to condition of title. CL
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appenaaining, and all the:veraate,right.fitle. interest, lien,equity and clsairn w h afraae ver ot'grartttsrs,either in l a%w or equity, tor
Ole use,benefit tarsal profit of the said grantee la,rever
In Witness W erecif,grantor has hereunto set grantor's hand and seal the day and year first above written. �
to
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The foregoing !nsiruroit was acknowledged before me uhxs Mlx ulay ot lleb°,—,bca. 2CFI4 by Randall W l.ac)„ vv€'4o is
persontsEl}° rca °vi or[X(1bas ptoc9uctal adnver's hc.(�rase a,
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AN APPRAISAL OF
TARPON BELLY KEYS
A 5.66 ACRE OFFSHORE ISLAND
LOCATED NORTH OF MILE MARKER 21
OFF THE MAINLAND OF
CUDJOE KEY, MONROE COUNTY, FLORIDA
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PREPARED FOR
MR. RICHARD STRICKLAND
DIRECTOR OF AIRPORT
KEY WEST INTERNATIONAL AIRPORT W
3491 SOUTH ROOSEVELT BLVD. y
KEY WEST, FL 33040
EFFECTIVE DATE OF VALUATION
OCTOBER 20, 2020
PREPARED BY
TRENT MARK, MAI, SRPA
STATE-CERTIFIED GENERAL REAL ESTATE APPRAISER # RZ 514
MARR & ASSOCIATES APPRAISAL COMPANY, INC.
Packet Pg. 2935
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TRENT MARK, MAI, SRPA Phone (850) 342-1114
State-Certified General Real Estate Appraiser 4 RZ 514 2665 Aucilla Road,Monticello, FL 32344
trentmarr(c�,,embardmail.com 81800 Overseas Highway, Islamorada, FL 33036
October 28, 2020
Mr. Richard Strickland
Director of Airport
Key West International Airport
3491 South Roosevelt Blvd.
Key West, FL 33040
Re: The subject consists of multiple offshore islands totaling 5.66 gross acres with approximately 2.9
acres of uplands and 2.76 acres of wetlands or submerged lands. The Islands are located off the
mainland of Cudjoe Key on the gulf side of Overseas Highway at mile marker 21.
Dear Mr. Strickland:
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At your request, the investigations and analyses necessary to form an opinion of the market value of the
fee simple estate in the above referenced property has been conducted. The offshore islands total 5.66 2
acres, consisting of 2.9 upland acres. The site consists of multiple offshore islands with one parcel :5
number. The island is accessible by boat and is located off the mainland of Cudjoe Key, Monroe
County, Florida.
To the best of my ability, the analysis, opinions, and conclusions were developed and this appraisal
report was prepared in accordance with the standards and reporting requirements of the Appraisal
Institute, Uniform Standards of Professional Appraisal Practice, dated January 2020-2021. Ln
This appraisal was made on the hypothetical condition that the 7 islands have been split into 2 separate
parcel numbers /ownerships. This is an allowable use by the county.
Based upon an aerial inspection, along with aerial photographs of the subject property, the subject
neighborhood and all comparable data, as well as upon the investigations and analyses undertaken, I a°'a
have formed the opinion that, as of October 20, 2020, subject to the assumptions and limiting 0
conditions set forth in this report, the market value of the subject parcel is:
THREE HUNDRED TWENTY THOUSAND DOLLARS
($320,000) E
Respectfully Submitted,
Marr& Associates Appraisal Company, Inc.
,
Trent Marr, MAI, SRPA
State-Certified General Real Estate Appraiser 4 RZ 514
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TABLE OF CONTENTS
Title Page
Letter of Transmittal
Table of Contents
INTRODUCTION
ExecutiveSummary ........................................................................................................................ 1
SubjectPhotographs.....................................................................................................................2-4
AerialPhotographs..........................................................................................................................5
Location/Neighborhood Maps.......................................................................................................6
ZoningMap.....................................................................................................................................7
Certification.....................................................................................................................................8
Assumptions and Limiting Conditions............................................................................................9 .�
PropertyIdentification................................................................................................................... 10
Scopeof the Appraisal .................................................................................................................. 10
HypotheticalCondition ................................................................................................................. 10 ,
Purposeof the Report.................................................................................................................... 10
Dateof Value................................................................................................................................. 11 c
Intended User and Use of the Report............................................................................................ 11
Client............................................................................................................................................. 11
Historyof Subject.......................................................................................................................... 11 y
Definition of Market Value........................................................................................................... 11
PropertyRights Appraised............................................................................................................ 11
Ownerof Record........................................................................................................................... 12 ,
Assessed Value and Taxes ............................................................................................................ 12
LegalDescription .......................................................................................................................... 12
ExposureTime .............................................................................................................................. 12 _
SpeciesFocus Area ....................................................................................................................... 12
TierSystem/ROGO Points............................................................................................................ 13 y
MonroeCounty Data................................................................................................................14-15
Neighborhood Description .......................................................................................................16-17
PROPERTY SPECIFIC DATA
Site Description & Zoning .......................................................................................................17-18 a,
Highestand Best Use .................................................................................................................... 19
VALUATION
SalesComparison Approach .........................................................................................................20 r
ComparableSale Write-Ups.....................................................................................................21-29
SalesMap......................................................................................................................................30
Summaryof Sales..........................................................................................................................31
AdjustmentChart ..........................................................................................................................32
Explanation of Adjustments.....................................................................................................32-33
FinalValue Estimate.....................................................................................................................34
ADDENDA
Qualifications of the Appraiser
DEP Check List
Packet Pg. 2937
C2379—Tarpon Belly Keys,Cudjoe Key, Monroe County,Florida Marr&Associates Appraisal Company.hi T.1`b
EXECUTIVE SUMMARY
PROPERTY TYPE: Seven offshore islands totaling 5.66 acres
LOCATION: North (gulf) side of Overseas Highway at mile marker 21,
Cudjoe Key, Florida
OWNER OF RECORD: Randall W. and Sharren Lacey
12776 North Road
Loxahatchee, FL 33470
PARCEL IDENTIFICATION: 00107310-000100
APPRAISER: Trent Marr, MAI, SRPA
ASSESSED VALUE/TAXES: $753/ $4.76
DATE OF VALUE/REPORT: October 20, 2020/ October 28, 2020
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INTEREST APPRAISED: Fee Simple
PARCEL SIZE: The subject consists of multiple offshore islands consisting
of 5.66 gross acres with approximately 2.3 acres of uplands
and 3.36 acres of wetlands or submerged lands.
OWNERSHIP HISTORY: No sales within the past 3 years. The subject was listed for sale
in June 2019 for $1,500,000 and was reduced February 13, 2020
to $744,000. Based on the sales the asking price is above T
market.
PARCEL ACCESS: Water
IMPROVEMENTS: None
ZONING/LAND USE: OS (Offshore Island) 0
FLOOD INFORMATION: The islands are located in flood zone VE.
UTILITIES: Utilities are NOT available to the site.
EASEMENTS: No adverse easements were noted.
HIGHEST AND BEST USE: Camping
MARKET VALUE ESTIMATE: $320,000
HYPOTHETIAL CONDITION
This appraisal was made on the hypothetical condition that the 7 islands have been split into 2 separate
parcel numbers /ownerships. This is an allowable use by the county.
Packet Pg. 2938
C2379—Tarpon Belly Keys,Cudjoe Key, Monroe County,Florida Marr&Associates Appraisal Company.In T.1`b
Subject Photographs
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View of shoreline
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C2379—Tarpon Belly Keys,Cudjoe Key, Monroe County,Florida Marr&Associates Appraisal Company.In T`1`b
Subject Photographs
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View of upland camping area
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C2379—Tarpon Belly Keys,Cudjoe Key, Monroe County,Florida Marr&Associates Appraisal Company.In T.1`b
Subject Photographs
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C2379—Tarpon Belly Keys,Cudjoe Key, Monroe County,Florida Marr&Associates Appraisal Company.In T.1`b
AERIAL PHOTOGRAPHS OF TARPON BELLY KEYS
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C2379—Tarpon Belly Keys,Cudjoe Key, Monroe County,Florida Marr&Associates Appraisal Company.hi T.1`b
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C2379—Tarpon Belly Keys,Cudjoe Key, Monroe County,Florida Marr&Associates Appraisal Company.In 71`b
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C2379—Tarpon Belly Keys,Cudjoe Key, Monroe County,Florida Marr&Associates Appraisal Company.In T.1`b
CERTIFICATE OF VALUE
The undersigned does hereby certify that, to the best of my knowledge and belief that:
The statements of fact contained in this appraisal report, upon which the analysis, opinions and
conclusions expressed herein are based, are true and correct.
The reported analysis, opinions and conclusions are limited only by the reported assumptions and
limiting conditions, and are my personal, unbiased professional analyses, opinions, and conclusions.
I have no present or prospective interest in the property that is the subject of this report and I have no
personal interest or bias with respect to the parties involved.
My compensation is not contingent upon the reporting of a predetermined value or direction in value
that favors the cause of the client, the amount of the value estimate, the attainment of a stipulated result,
or the occurrence of a subsequent event. This appraisal assignment was not based upon a requested
minimum value, a specific value, or the approval of a loan.
The reports and analyses, opinions and conclusions were developed, and this report has been prepared 0
in conformity with the requirements of:
- the Code of Professional Ethics and the Standards of Professional Practice of the Appraisal Institute
- the State of Florida requirements for state-certified appraisers
- Uniform Standards of Professional Appraisal Practice (USPAP, (January 2020-2021)
I have complied with the USPAP competency provision.
76
This appraisal report sets forth all of the limiting conditions imposed by the terms of this assignment or T)
by the undersigned affecting the analyses, opinions and conclusions contained in this report.
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No one provided significant professional assistance to the persons signing this report, unless
specifically noted herein. I did not physically inspect the subject on the date of this appraisal.
Mary Marr provided professional assistance in the verification of comparable data and reviewing the
report for grammatical and typographical errors as well as consistency throughout the report. 0
I have performed no services as an appraiser or in an other capacity, re ardin the property that is the
P � PP Y regarding P P Y
subject of this report within the three-year period immediately preceding acceptance of this assignment.
The use of this report is subject to the requirements of the Appraisal Institute relating to review by its
duly authorized representatives. Additionally, it is subject to review by the State of Florida relating to C
review by the Real Estate Appraisal Subcommittee of the Florida Real Estate Commission.
As of the date of this report, Trent Marr has completed the requirements of the continuing education
program for designated members of the Appraisal Institute.
October 28, 2020
------------------------------------ --------------
Trent Marr, MAI, SRPA Date
State-Certified General Real Estate Appraiser#RZ 514
Packet Pg. 2945
C2379—Tarpon Belly Keys,Cudjoe Key, Monroe County,Florida Marr&Associates Appraisal Company.In T.1`b
ASSUMPTIONS AND LIMITING CONDITIONS
The legal description used in this report is assumed to be correct.
No survey of the properties has been made by the appraiser and no responsibility is assumed in
connection with such matters. Sketches in this report are included only to assist the reader in
visualizing the properties.
No responsibility is assumed for matters of legal nature affecting title to the properties nor is an opinion
of title rendered. The title is assumed to be good and marketable.
Information and data furnished by others is usually assumed to be true, correct and reliable. When such
information and data appears to be dubious and when it is critical to the appraisal, a reasonable effort
has been made to verify all such information. No responsibility for the accuracy of any information
furnished by others to the Appraiser is assumed by the Appraiser.
0
0.
All mortgages, liens, encumbrances, leases, and servitude have been disregarded unless so specified
within the report. The property is appraised as though under responsible ownership and competent
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management. �
It is assumed that there are no hidden or unapparent conditions of the properties, subsoil, or structures 2
which would render it more or less valuable. No responsibility is assumed for such conditions or for 0.
engineering which may be required to discover them. Unless noted, all mechanical components are
assumed to be in operable condition and status standard for properties of the subject type. Conditions
of heating, cooling, ventilating, electrical, and plumbing equipment is considered to be commensurate
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with the condition of the balance of the improvements unless otherwise stated.
It is assumed that there is full compliance with all applicable federal, state and local environmental T
regulations and laws unless noncompliance is stated, defined and considered in the appraisal report.
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It is assumed that all applicable zoning and use regulations and restrictions have been complied with,
unless a non-conformity has been stated, defined and considered in the appraisal report.
It is assumed that all required licenses, consents or other legislative or administrative authority from
any local, state, or national governmental or private entity or organization have been or can be obtained 0
or renewed for any use on which the value estimate contained in this report is based.
It is assumed that the utilization of the land and improvements is within the boundaries or properties
lines of the properties described and that there is not encroachment or trespass unless noted within the
report.
The appraiser will not be required to give testimony or appear in court because of having made this
appraisal, with reference to the properties in question, unless arrangements have been previously made
thereto.
COVID 19 - At the time of this report the world is in the middle of pandemic. COVID -19 pandemic
has impacted the world with the fluctuations of financial markets, as well as business closures, city
shutdowns, and the daily lives of most American and the world. The major businesses impacted so far
include travel, tourism and hospitality. It is yet unknown how this virus will affect real estate values.
However it is reasonable to assume like most pandemics of the 20th century the virus will pass and there
will be minimal long term impact.
Packet Pg. 2946
C2379—Tarpon Belly Keys,Cudjoe Key, Monroe County,Florida Marr&Associates Appraisal Company.In T.1`b
PROPERTY IDENTIFICATION
The subject consists of multiple offshore islands consisting of 5.66 gross acres with approximately 2.3
acres of uplands and 3.36 acres of wetlands or submerged lands. I was not provided with a survey
delineating the gross acreage or the uplands and wetlands. The sizes were provided by the county
biologist and the uplands were estimated based on scaling the county online maps. The Islands are
located off the mainland of Cudjoe Key on the gulf side of Overseas Highway at mile marker 21.
Based on the land use regulation, the site does not have sufficient uplands for development. However,
the site could be used for camping. The site is located within a tier 1 designation and even if the island
was developable this designation would be an additional hurdle to overcome.
The subject's seven islands consist of 3 uplands islands and 4 wetland islands. The seven islands are in
one owner ship and are separated by an island owned by the government. It would be legally possible
to split the ownership of the island to two, allowing for two parcel numbers. After one split, the county ca
requires a plat approval. Islands are purchased typically for camping and seclusion, the government r-
0.
owned parcel that divides the island would provide a buffer between two distinct ownerships that
would still allow for camping privacy. Thus, the highest used was to apply for an additional parcel
number and split the island between the north 3 islands and the south 4 islands. Some of the sales 0
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consist of multiple islands. However, they were not separated by a buffer island and were purchased as
single ownership islands. Therefore, they were analyzed as one island sale. 2
SCOPE OF THE APPRAISAL '
I did not physically inspect the subject property on the date of this appraisal. The property has been >-
inspected by air in 2004 and 2005 while appraising other islands in the Lower Keys. Aerial
photographs along with photographs provided by the Multiple Listing Service were available depicting
the subject property attributes. There was sufficient data to provide a reliable appraisal and the lack of a T
visual inspection does not affect my value conclusion.
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The local MLS and Monroe County Property Appraisers web site were used to research for comparable
sales. All of the sales were located in the subject's county and were considered reasonably good
indicators of value. All of the sales were verified by either the local MLS, agent, broker, buyer or seller
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involved with the sale whenever possible. The data for each sale was analyzed on a price per island
basis. The sizes for the islands were taken from the Monroe County Property Appraisers web site and 0
confirmed with the buyers, sellers or agents.
HYPOTHETIAL CONDITION
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USPAP provides the following definition for"hypothetical condition": "A condition, directly related to
a specific assignment, which is contrary to what is known by the appraiser to exist on the effective date
of the assignment results, but is used for the purpose of analysis. The use of a hypothetical condition
may affect the value conclusion.
This appraisal was made on the hypothetical condition that the 7 islands have been split into 2 separate
parcel numbers /ownerships. This is an allowable use by the county.
PURPOSE OF THE REPORT
The purpose of the report is to estimate the market value of the unencumbered fee simple estate of the
subject property.
Packet Pg. 2947
C2379—Tarpon Belly Keys,Cudjoe Key, Monroe County,Florida Marr&Associates Appraisal Company.In T`1`b
DATE OF VALUE ESTIMATE
The date of value estimate and date of inspection was October 20, 2020. The date of this report is
October 28, 2020.
INTENDED USER AND USE OF THE REPORT
The intended user of this report is Richard Strickland with the Key West International Airport. The
intended use is to establish a negotiating price.
CLIENT
Mr. Richard Strickland
Director of Airport
Key West International Airport
3491 South Roosevelt Blvd.
Key West, FL 33040
HISTORY
There have been no sales within the past 5 years. The subject was listed for sale in June 2019 for 2
$1,500,000 and was reduced February 13, 2020 to $744,000. Based on the sales the asking price is
above market.
DEFINITION OF MARKET VALUE �-
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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 T
assuming the price is not affected by undue stimulus. Implicit in this definition is the consummation of 0.
a sale as of a specified date and the passing of title from seller to buyer under the following conditions: �t
1. Buyer and seller are typically motivated;
2. Both parties are well informed or well advised, and acting in what they consider their own
best interests; 0
3. A reasonable time is allowed for exposure in the open market;
4. Payment is made in terms of cash in United States dollars or in terms of financial
arrangements comparable thereto; and
5. The price represents the normal consideration for the property sold unaffected by
special or creative financing or sales concessions granted by anyone associated with
the sale2.
PROPERTY RIGHTS APPRAISED
The property rights being appraised are the fee simple estate defined as
"absolute ownership unencumbered by any other interest or estate, subject only to the limitations
imposed by the governmental powers of taxation, eminent domain,police power, and escheati3.
2 Supplemental Appraisal Standards for Board of Trustees Land,Division of State Lands,(2016),Page 7 Packet Pg. 2948
C2379—Tarpon Belly Keys,Cudjoe Key, Monroe County,Florida Marr&Associates Appraisal Company.In T`1`b
OWNER OF RECORD
Randall W. and Sharren Lacey
12776 North Road
Loxahatchee, FL 33470
ASSESSED VALUE AND TAXES
The 2020 assessed value and taxes for the parcels are summarized below.
Parcel Number Assessed Value Taxes
�_o
0107310-000100 $753 $4.76
LEGAL DESCRIPTION
I was not provided with the subject's lenghty legal description. The site is located in Section 6, 0
Township 66 South, Range 28 East, Monroe County, Florida.
EXPOSURE TIME
Exposure time is the "estimated length of time that the property interest being appraised would have 2
been offered on the market prior to the hypothetical consummation of a sale at market value on the e
effective date of the appraisal. Exposure time is a retrospective opinion based on an analysis of past I,
events assuming a competitive and open market"4.
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This analysis considers Exposure Time at a market related price such as the estimated market value in
this report. The site consists of an island totaling 5.66 acres. The site is not developable limiting its use ru
to camping (recreation), mitigation, speculation/investment and or ROGO points. Two of the T
comparables were not actively listed for sale. Sale 1 was listed for 313 days and sale 3 was listed for
526 days. Assuming a reasonable asking price an exposure time of 400-500 days could have been �C
anticipated.
SPECIES FOCUS AREA
The county passed a law on June 2, 2012 that creates a permit referral process in which the county will 0
review applications and determine habitat impacts; this is known as a Species Focus Area Map
(SFAM). If a parcel is on the SFAM the Planning Director will review the habitat and determine if it
has unsuitable habitat for the protected species on the list. If the habitat is unsuitable then a permit can
be issued. If the habitat is suitable then the applicant will have to agree to the FWS (US Fish and
Wildlife Service) conditions and all applicable codes before a permit will be issued. Because of the
habitat and Tier 1 designation, it is assumed that one or more of the endangered species are located on
the subject sites.
3 The Dictionary of Real Estate Appraisal,6th Edition,2015,Page 90
4 The Dictionary of Real Estate Appraisal,6n'Edition,page 83 Packet Pg. 2949
C2379—Tarpon Belly Keys,Cudjoe Key, Monroe County,Florida Marr&Associates Appraisal Company.In T.1`b
TIER SYSTEM/ROGO POINTS
The Tier system is currently used in awarding building permits. The Tier system categorizes properties
based on their suitability for development and assigns ROGO points to each Tier category. Permits are
issued on a quarterly basis.
For unincorporated areas except for Big Pine Key and No Name Key, the Tier System has 3 basic
classifications: Tier 1 Natural Area, Tier 3A Special Protection Area, and Tier 3 Infill Area. The
ROGO points awarded for each classification are Tier 1 = 10 points, Tier 3A = 20 points, and Tier 3 =
30 points. Generally speaking additional points may be available by combining multiple lots, donating
land or land acquisition funding to the County, building affordable housing, building in an area to be
served by a central wastewater treatment facility, and based on the number of years the application has
been competing for a ROGO allocation. Negative points are assigned for building in a"V" flood zone.
On Big Pine Key and No Name Key the Tier System has 3 basic classifications: Tier 1 Natural Area,
Tier 2 Transition and Sprawl Area, and Tier 3 Infill Area. The ROGO points awarded for each
0.
classification are Tier 1 = 0 points, Tier 2 = 10 points, Tier 3 = 20 points. Additional positive and
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negative points can be obtained as indicated above. There are also additional negative points for
4-
development on No Name Key, development in Marsh Rabbit habitat or buffer areas, and development 0
in Key Deer movement corridors.
Although the numbers of points vary it typically takes an applicant 34 points to obtain a permit. Tier I CL
applicants receive 1 perseverance point each year through year 4 and t/z perseverance point thereafter
until the permit is granted. As discussed previously, additional points can also be obtained through
upgraded building requirements, such as cisterns, solar, low volume water closets, higher R value
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insulation, ect. Additional points can also be obtained for building on more than one lot and from land
dedication, referred to as ROGO lots. The subject is a non-developable site and therefore has zero
points. T)
The subject could be used for ROGO lots or ROGO allocations. ROGO lots are lots that are purchased
and donated to the county for additional points in the permitting process. Depending on the site, ROGO
points range from .5 to 4. ROGO lots with .5 points are a legally platted lot of at least 5,000 square feet
in size within a Tier I area, designated as Residential Conservation or Residential Low, containing
sufficient upland to be buildable. Each additional vacant, legally platted lot that meets the
aforementioned requirements will earn points as specified. A ROGO lot with 4 points consists of a 0
legally platted lot, designated as Tier III for affordable housing, of sufficient minimum lot size and
upland area to be buildable.
Also acreage sites with at least 2,000 square feet of uplands receive 4 points per acre. Each additional
vacant, legally platted lot that meets the aforementioned requirements will earn points as specified.
There are numerous other scenarios and points for various types of lots and acreage tracts. Most of the <
ROGO lots used for dedication have 2 points.
The subject is not a developable site and therefore, has zero ROGO points in the ROGO permitting
process. Although the site is not developable, it could be used for dedication of ROGO points or
allocation in the counties Rate of Growth Ordinance or ROGO. Based on the county code if the subject
was going to be used for land dedication it would have 20 points (4 points per acre). It currently takes
approximately 30-35 points to obtain a permit.
Packet Pg. 2950
C2379—Tarpon Belly Keys,Cudjoe Key, Monroe County,Florida Marr&Associates Appraisal Company.In T.1`b
MONROE COUNTY SUMMARY
INTRODUCTION
Monroe County is the southernmost county in the State of Florida. It is bounded by Dade County to the
north, the Atlantic Ocean to the east and the Gulf of Mexico (Florida Bay) to the west. Monroe County
contains a total of 1,144,791 acres of which 60,656 acres are included in planning areas with the
remaining dedicated to conservation,parks and recreational areas. The primary attraction of Monroe
County is the tropical climate allowing year round diving, fishing and numerous outdoor recreational
activities. The maximum average temperature rarely exceeds 89 degrees while the minimum average
temperature rarely drops below 65 degrees. Permanent residents are primarily retired or locally
employed in tourist related activities. The Florida Keys are comprised of four distinct areas. These
areas consist of the Upper Keys, Middle Keys, Lower Keys and Key West. Until recently most of the
areas, except Key West were operating under the county. Marathon and Islamorada incorporated in the 2,
90's and are no longer under county regulations.
0
POPULATION
Monroe County is the 38th largest of the 67 counties located in the State of Florida. From 2005 to 0
2012 there was an exodus of population. In 2005 and 2006 this was due to the significant rise in theCh
real estate market, allowing property owners to experience significant profits, and seek residence is 2
significantly less costly metropolitan areas. In the following years the recession and lack of tourism
had caused increased unemployment rates and a continued decrease in population. However, the
market has been improving the past several years and based on the US Census Bureau the population of
Monroe County in 2017 was 77,013 which is an increase from 2010 at 73,090.
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EMPLOYMENT
T
The unemployment rate for Monroe County was 6.8% in August 2020 while the September 2020
unemployment rate for the State of Florida was 7.6% and the unemployment rate in August 2020 for
the US was 7.9%. These low unemployment rates are attributed to the Covid-19 Virus, which has
slowed the economy since March 2020 for the entire world. Prior to Covid-19, Monroe County, Florida
and the US were having record lows unemployment. The 2020 census has not yet been published.
According to the US Census Bureau online, the total work force for Monroe County as of 2017 was
45,000. No geographical figures were available for the different areas of the Keys; however, local 0
statistics indicate that the lowest unemployment figures in Monroe County are in Key West and Key
Largo, where the tourism industry is the strongest. According to the US Census Bureau online, Monroe
County had a 2012-2017 median family income of$60,303 which is higher than the State's average of
$48,900.
According to the county on line web site, the 2018 Florida price index in Monroe County is 162.5
versus the Florida index of 110.9 and the US index of 100. The high price index for Monroe County is
due to its southernmost location in the state and the majority of products are shipped or hauled in over
the dozens of bridges throughout the Florida Keys. These trucks and ships make the return trip empty,
which further increases the costs of goods.
Packet Pg. 2951
C2379—Tarpon Belly Keys,Cudjoe Key, Monroe County,Florida Marr&Associates Appraisal Company.In T.1`b
CONSTRUCTION INDUSTRY
Monroe County and the Florida Keys are located within an Area of Critical State Concern and the
Florida Keys have one of the only living coral reefs in the United States. Therefore, state as well as
national building restrictions have been placed on the county, limiting and restricting development.
These restrictions are expected to increase in anticipation of decreased permit availability in the future;
development is taking place while it is still possible. Since the implementation of the Rate of Growth
Ordinance (ROGO) in 1992, there has been an increase in renovations because of the difficulty in
obtaining building permits for new buildings.
RECREATIONAL FACILITIES
The Florida Keys have excellent water recreational activities. Thousands of visitors come each year to
dive and fish the coral reefs throughout the Florida Keys. Although primarily limited to water
recreation, the county also has two golf courses, and movie theaters. Monroe County also has a free
public library system with three branches located throughout the county.
TRANSPORTATION
0
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Overseas Highway is the main thoroughfare entering and exiting the Florida Keys. In Monroe CountyCh
U.S. 1 begins at Mile Marker 112 and runs approximately 112 miles to Key West. Access is also 2
provided by SR 905 and SR 905 A, commonly called Card Sound Road. SR 905A begins along the
south side of Florida City and extends 16 + miles in a northeasterly direction towards a private '
development referred to as Ocean Reef. From the intersection of SR 905 and 905A, SR 905 extends in
a southerly direction approximately 9 miles were it terminates at Overseas Highway. There are two
public airports located in Monroe County. Key West and Marathon airports are located at miles
W
markers 1 and 50 respectively. The Miami International Airport is located 60 miles north of Key Largo
and is the major airport used by residents in the Upper Keys. Transportation services are limited to taxi T
services and the Greyhound Bus.
SUMMARY
Overall, the Keys' mild climate, living reefs and excellent fishing make it one of the major tourist --��
attractions in America. As with most of the US economy, Monroe County reached its real estate
market height in 2005 and early 2006 and declined for several years. In spite of Hurricane Irma making 0
landfall in the Florida Keys in September 2017 prices have been on the rise for most types of
properties. Because of the mild climate,prestige waters and limited land available for development, the
Florida Keys has continuously had strong demand for improved or developable properties. The Covid—
19 virus has increased demand and price in the county the last few months. Northerners have been
moving south to less developed areas. This demand is expected to continue and increase for the
foreseeable future. �t
Packet Pg. 2952
C2379—Tarpon Belly Keys,Cudjoe Key, Monroe County,Florida Marr&Associates Appraisal Company.In T.1`b
NEIGHBORHOOD DESCRIPTION
The subject consists of multiple offshore islands and is located along the north side of Cudjoe in the
Gulf of Mexiclo. Cudjoe Key is located in the Lower Keys between mile markers 20.5 —23. This
location is 20.5 miles northbound of Key West. For the purpose of this report the Lower Keys
comprises Bahia Honda Key to Sugarloaf Key and is considered the subject's neighborhood. Ramrod
Key is located between Summerland Key (southbound) and the Torch Keys (northbound).
Overseas Highway is the main thoroughfare via the Cudjoe, the Lower Keys, as well as all of Monroe
County. The Gulf of Mexico is located along the northerly side of Oversea Highway and the Atlantic
Ocean is along the southerly side.
Big Pine Key is located east or northbound of Cudjoe Key and is home to the native Key Deer. The
Key Deer are protected as well as the majority of vacant land in the area. The US Government along --��
with state, county and private organizations are purchasing vacant land to protect the native Key Deer.
There were numerous Key Deer tracks noted on the subject site along with two Key Deer sightings. 0
The main shopping and employment for the subject is either Key West or Big Pine Key. Big Pine Key
has one shopping center with Winn Dixie as its anchor tenant. This is the only shopping center in the
Lower Keys. Therefore, all the neighboring islands go there or Key West to shop. Marathon, located
on Vaca Key between mile markers 48 to 54, and also provides local shopping. Development on Big
Pine Key consists of primarily a few large single and multi-tenant buildings, including Overseas a.
Lumber, Ace Hardware and smaller single tenant retail buildings and office buildings. The Big Pine
Key Flea Market is located along the southerly side of Overseas Highway and causes traffic congestion
throughout Big Pine Key on Saturdays and Sundays. Residential homes consist of open water, canal
front or non-waterfront sites and range from site built homes to manufactured homes and mobile home
parks. y
T
Key West is the County seat and is also a main shopping and employment area for the Lower Keys.
The population of Key West in 2017 was 25,208. The Key West population has remained relatively
stable since the 2010 census at that time the population of Key West estimated at 24,649. The principal
industry on the island is tourism with about 2,600,000 tourists visiting annually. The military is also a
large part of the economics with 5,046 military personal employed in 2016.
Housing within the entire City of Key West is in high demand with short supply. Most of the homes
located in the "Old Town Section" of Key West were built in the early 1900's and even late 1800's.
Many of the homes are wood frame construction on small, almost zero lot line sites. The homes vary in
condition from totally renovated to a few non-livable. Because of the short supply even the homes that
E
are in poor condition bring prices in excess of$500,000. The median single family home value in 2018
is approximately $700,000 and the median value for condominiums is approximately $400,000.
e(
The main commercial district for the City of Key West runs primarily along Duval Street extending 1 1/4
miles from the Atlantic Ocean north to the Gulf of Mexico and is in the western portion of the island.
This defines the primary tourist shop district. The focus of this district is the area around the
intersection of Duval Street and Front Street. This is the home of the Conch Train Tour Depot and a
"must stop" for all the tourists to the island. Along both sides of Duval Street are restaurants, bars, tee
shirt shops, souvenir stores, and other tourist related endeavors. Due to the high demand of commercial
space and increasing tourist economy the commercial area has been expanding throughout the entire
island.
Packet Pg. 2953
C2379—Tarpon Belly Keys,Cudjoe Key, Monroe County,Florida Marr&Associates Appraisal Company.In T.1`b
In general, the Lower Keys area is mixed with numerous types of development, consisting of motels,
restaurants, marinas, light industrial, retail and office buildings, and tourist related industries.
Residential developments consist of both site built housing and mobile homes. There is virtually no
condominium development in the Lower Keys.
The major attraction of the Florida Keys is the mild climate, fishing, boating, diving and water
activities. The entire coasts offer marine sanctuaries,parks, ship wrecks and dozens of water related
uses. The Florida Keys offers excellent fishing and diving activities and is one of the primary
attractions to the area.
SUMMARY
Overall, the Keys' mild climate, living reefs and excellent fishing make it one of the major tourist
attractions in America. As with most of the US economy, Monroe County reached its real estate
market height in 2005 and early 2006, and had since declined. This decline has stopped, with demand
and prices increasing for most types of properties. Despite Hurricane Irma in fall 2017 the market has
been on the rise. Because of the mild climate,prestige waters and limited land available for
development, demand is expected to increase for developable properties.
0
SITE DESCRIPTION
LOCATION
The subject consists of multiple offshore islands near mile marker 21 and north of the mainland of
Cudjoe Key. Cudjoe Key is part of unincorporated Monroe County and is approximately 20.5 miles
w
northbound of Key West.
ACCESS T
Access to the subject is via boat. The south west side has relatively deep water and could be accessed
via a typical size motor boat. The northerly, easterly and southerly sides have shallower water and may
be only accessible by smaller motor boat or via canoe or kayak. Two of the islands have a dredged
canal through them with deep water.
DIMENSIONS, SIZE AND SHAPE 0
The subject consists of 7 islands totaling 5.66 acres. Three of the islands are uplands. Based on the
scaling the county aerial the upland islands are .50 acres, .70 acres and 1.3 acres. The remaining 3.36
acres are wetlands.
UTILITIES
Utilities are not available to the site.
DRAINAGE, NUISANCES AND HAZARDS
The site is located within a 100 year flood prone area.
Packet Pg. 2954
C2379—Tarpon Belly Keys,Cudjoe Key, Monroe County,Florida Marr&Associates Appraisal Company.In T.1`b
ZONING
The site is zoned OS (Offshore Island). The purpose of the OS district is to establish areas that are not
connected to U.S. 1 as protected areas, while permitting low-intensity residential uses and
campground spaces in upland areas.
The following uses are permitted as of right in the offshore island district:
Detached dwellings;
Camping, for the personal use of the owner of the property on a temporary basis;
Beekeeping;
Accessory uses;
Home occupations—Special use permit required;
Tourist housing uses that were established (and held valid state public lodging establishment
licenses)prior to January 1, 1996. Vacation rental use, of a dwelling unit in existence as of 0
January 1, 2000, if a special vacation rental permit is obtained under the regulations
established in: Collocations on existing antenna-supporting structures, pursuant to and
satellite earth stations less than two meters in diameter, as accessory uses.
Minor Conditional Use 2
CL
Satellite earth stations greater than or equal to two meters in diameter, as accessory uses, are
permitted as a minor conditional use.
SITE CONCLUSION
The site is zoned OS (offshore island). The site is consists of multiple offshore islands and are located
2.5 miles from the northern most point of Cudjoe Key. The zoning requires 10 acres of uplands in
order to develop the site with a residential home. The site has 2.3 upland acres and is therefore, not
developable. The site also has 3.36 acres of wetlands. Although limited in use, the site can be used for
camping. Based on my limited inspection with aerial photographs and MLS photographs there were no
adverse conditions noted.
0
Packet Pg. 2955
C2379—Tarpon Belly Keys,Cudjoe Key, Monroe County,Florida Marr&Associates Appraisal Company.In T.1`b
HIGHEST AND BEST USE
Highest and best use is defined as follows:
"The reasonably probable use of property that results in the highest value. The four
criteria that the highest and best use must meet are legal permissibility, physical
possibility, financial feasibility, and maximum productivity"5.
PHYSICALLY POSSIBLE USES
Physically possible uses are those uses which are physically possible on the site. These uses change
with the size, shape and terrain of the property in which development is to take place. The site totals
5.66 acres with three islands having .50 acres, .70 acres and 1.3 acres of uplands. The remaining 4
islands have 2.76 acres of wetlands. Physically if the wetland islands could be filled the 7 islands could
be developed with many types of possible uses, including residential, commercial and/ or industrial. ,
LEGALLY PERMISSIBLE USES 0
Legally permissible uses are those uses which are legally permissible on the site. These uses vary with
the type of zoning, building codes and deed restrictions pertaining to the property being appraised. The
site is zoned OS (Offshore Island). The main allowable uses in this district primarily include
residential homes, camping and beekeeping. Refer to the previous discussed zoning section of this
CL
report for all the uses permitted in the OS zoning. In addition to the previous discussed uses, the subject
could also be used for land dedication and or mitigation. For land dedication the site would receive 20
ROGO points. There have been sales of investors purchasing sites for ROGO points or mitigation;
these are all legally permissible uses. It would be legally permissible to split the islands ownership in w
two, allowing two ownerships.
76
T
FINANCIALLY FEASIBLE/MAXIMALLY PRODUCTIVE
For any use to be the highest and best use of a site, it must be financially feasible. That is, it must
produce a return (profit) after construction which exceeds the total cost of construction and total
development by such an amount that it would induce a developer/investor into undertaking the project. >,
Although the subject consists of a large tract of land there is no paved road access.
Based on the allowable uses, the physically possible and legally permissible uses are limited to
camping, ROGO points, speculation and TDR's. The ROGO lot sales ranged from $5,000 to $12,500
per point. There was one island sale that had 32 points that would be considered similar to the subject
and it sold for$900 per point(refer to the comments section of sale 1 for details on this sale). Thus, E
assuming a ROGO lot value of$2,000 per point would indicate a market value of$40,000 (20 X
$2,000).
e(
CONCLUSION OF HIGHEST AND BEST USE
The subject consists of 7 islands totaling 5.66 acres. Three of the islands have uplands and can be used
for camping. Legally, the islands could be split once applying for two real estate parcel numbers and
sold independently of the other island. Based on the layout of the 7 islands, the highest and best use
would be to split the islands in the middle with the three northern islands one parcel number and four
southern islands another parcel number.
s The Dictionary of Real Estate Appraisal,6`b Edition,Page 109
Packet Pg. 2956
C2379—Tarpon Belly Keys,Cudjoe Key, Monroe County,Florida Marr&Associates Appraisal Company.In T`1`b
VALUATION OF THE SUBJECT PROPERTY
SALES COMPARISON APPROACH
The sales comparison approach is based on the principle of substitution. The principle of substitution
holds that the value of property tends to be set by the cost of acquiring a substitute or alternative
property of similar utility and desirability within a reasonable amount of time.6
"To apply the sales comparison approach, an appraiser follows a systematic procedure:
I. Research the market to obtain information on sales transactions, listings, and offers to purchase
or sell properties that are similar to the subject property in terms of characteristics such as
property type, date of sale, size, location, and zoning.
2. Verify the information by confirming that the data obtained are factually accurate and that the 2,
transactions reflect arm's-length market considerations.
0
0.
3. Select relevant units of comparison (e.g., income multipliers or dollars per acre or per square
foot) and develop a comparative analysis for each unit.
0
0)
Ch
4. Compare comparable sale properties with the subject property using the elements of comparison
and adjust the sale price of each comparable appropriately to the subject property or eliminate 2
the property as a comparable. CL
5. Reconcile the various value indications produced from the analysis of comparables into a single
value indication or a range of values. In an imprecise market subject to varying occupancies
w
and economies, a range of values may be a better conclusion than a single value estimate."
The subject consists of 7 islands totaling 5.66 acres. There were four sales found in the county of T)
offshore islands in the past several years that were considered reasonably good indicators of value. The 0.
following pages summarize the sales that were used in this report, along with a summary of the sales, <
adjustment chart, sales map and value conclusion.
0
6 The Appraisal of Real Estate 14t'Edition,2013,page 379 Packet Pg. 2957
C2379—Tarpon Belly Keys,Cudjoe Key, Monroe County,Florida Marr&Associates Appraisal Company.In T.1`b
SALE ONE
PROPERTY TYPE: Vacant offshore Island
SALES PRICE: $500,000 in 2014(additional $240,000 in 2018, total $740,000)
DATE OF SALE: March 2014 &January 2018
DAYS ON MARKET: 313 days
GRANTOR: Richard Frederic Brohammer and Mary Ann Scherer
GRANTEE: Merrill Property Division Trust, LLC
VERIFICATION: Broker, Ellen Gvili by Mary N. Marr on 1-6-17 & 5-9-19.
c
RECORDED: OR Book 2677, Pages 1643-1647 (2014), Monroe County
OR Book 2892, Pages 2007-2009 (2018), Monroe County
c
LOCATION: Mile marker 61, offshore of Duck Key
PARCEL 4: 00098970-000000
ZONING: OS (Offshore Island)
UTILITIES: None available to the site
PRESENT USE: Vacant T
INTENDED USE: Recreation, with possible mitigation for a residential home
PARCEL SIZE: 49.40 acres (10.65 +/- acres of uplands and transitional lands)
WATER FRONT: Atlantic Ocean
PRICE PER GROSS ACRE: $10,000 (rounded, based on $500,000)
PRICE PER UPLAND ACRE: $47,000 (rounded, based on $500,000) �
IMPROVEMENTS: None
HIGHEST AND BEST USE: Recreation, speculation, mitigation
TERMS OF SALE: Cash
CONDITIONS OF SALE: Arms Length
PROPERTY RIGHTS: Fee Simple
LEGAL DESCRIPTION: Lengthy metes and bounds. The two islands are located in Lots 2,
3 and 4, Section 20, Township 65 South, Range 34 East and Lot
1, Section 29 Township 65, range 34 East, Tom's Harbor Key,
Monroe County, Florida.
Packet Pg. 2958
C2379—Tarpon Belly Keys,Cudjoe Key, Monroe County,Florida Marr&Associates Appraisal Company.In T.1`b
SALE ONE- CONTINUED
COMMENTS: This sale consists of two islands with one parcel number and is
located in the Middle Keys near Duck Key. Duck Key is an
exclusive island connected to the mainland by a short bridge.
Duck Key has high end residential homes, a marina restaurant and
hotel. The gross size, uplands and transitional lands were based on
a Letter of Understanding provided by the county and varies
slightly from public records. Prior sales of these offshore islands
occurred in 2003 and 1983. The sales price for both dates was
$400,000. Because the subject is a non-buildable island this sale
was analyzed based on the $500,000 sales price.
The broker indicated that the buyer purchased this site for
0.
recreation and the possibility for development. The sales price for
both islands in 2014 was $500,000 and the buyer agreed to pay
the seller an additional $240,000 if they were successful in 0
obtaining building permits. The buyer applied for permits in 2014
and received a permit in 2017 for a single family home. There 2
was actually a building and dock permit issued in 1981,permit
numbers B-7949 and B-8756; these improvements were never
started and the permits were cancelled upon the transfer of
ownership. Individually the islands did not have sufficient
w
uplands for development; however, because both islands were
assessed as one parcel, the buyer was able to combine the uplands
of both islands. T
The island is within a Tier 1 designation and allows a maximum
site clearing of 7,500 sf. The Tier 1 starts off with 10 points in
the ROGO permitting process, however, because it is located
within a VE flood zone the island receives negative 4 points, thus
starting off at 6 points. In order to obtain sufficient points, the
owner(buyer)purchased and donated an island on Little 0
Knockemdown to the county. This site is parcel number
00114410-000700 and consisted of 8.47 acres with 1.2 acres of
uplands and 7.27 acres of mangroves/wetlands. Michael Roberts,
with Monroe County provided the ROGO dedication letter for this
site. The letter indicated it qualified for 32 points. The mitigation
island was purchased in July 2016 for $29,000 or $906 per point. C
Packet Pg. 2959
C2379—Tarpon Belly Keys,Cudjoe Key, Monroe County,Florida Marr&Associates Appraisal Company.In T.1`b
SALE ONE—CONTINUED
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Packet Pg. 2960
C2379—Tarpon Belly Keys,Cudjoe Key, Monroe County,Florida Marr&Associates Appraisal Company.In T.1`b
SALE TWO
PROPERTY TYPE: Offshore Island
SALES PRICE: $225,000
DATE OF SALE: January 2020
DAYS ON MARKET: 5 years
GRANTOR: Dayle Kepner& James H. Webster
GRANTEE: TIITF (DEP, Florida)
VERIFICATION: Buyer, Trent Marr on 10-20-20.
RECORDED: OR Book 3003, Page 0388, Monroe County
LOCATION: Mile marker 91.5, Tavernier
PARCEL 4: 00091710-000000 & 00091720-000000
ZONING: OS (Offshore Island)
0
TIER DESIGNATION: Tier 1 W
UTILITIES: Not available 2
PRESENT USE: Vacant
INTENDED USE: Conservation
PARCEL SIZE: 18.4 acres (4.93 acres of hammock& 13.47 acres of mangroves)
WATER FRONT: Atlantic Ocean
76
PRICE PER GROSS ACRE: $12,500 (rounded)
PRICE PER UPLAND ACRE: $45,500 (rounded)
IMPROVEMENTS: None
HIGHEST AND BEST USE: Mitigation or speculation
TERMS OF SALE: Cash
0
CONDITIONS OF SALE: Arms Length
PROPERTY RIGHTS: Fee Simple
LEGAL DESCRIPTION: Government Lot 1, Tavernier Key of Section 35, Township 62
South, Range 38 East and Government Lot 1, Taverneer Key of
Section 2, Township 63 South, Range 38 East, Monroe County. <
COMMENTS: This comparable consists of an offshore island and is located east of the town of
Tavernier. The island is located within a mile of the shoreline from Coconut Road, on Tavernier Key,
mile marker 91.5. This comparable was appraised by me for the FDEP (Florida Department of
Environmental Protection), who provided site data on the island. Based on the land use regulation, the
site does not have sufficient uplands for development. However, the site could be used for camping.
The site is located within a tier 1 designation and a CBRS (Coast Barrier Resource System) and even if
the island was developable both of these designations would be additional hurdles to overcome.
Packet Pg. 2961
C2379—Tarpon Belly Keys,Cudioe Key, Monroe County,Florida Marr&Associates Appraisal Company.In T`1`b
SALE TWO—CONTINUED
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Aerial Photograph
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Parcel Sketch
Packet Pg. 2962
C2379—Tarpon Belly Keys,Cudjoe Key, Monroe County,Florida Marr&Associates Appraisal Company.In T.1`b
SALE THREE
PROPERTY TYPE: Offshore Island (Molasses Keys)
SALES PRICE: $150,000 (see comments)
DATE OF SALE: April 2016
DAYS ON MARKET: 526 days
GRANTOR: Rose G. Fenton, Trustee
GRANTEE: Frank and Monica Well
VERIFICATION: Agent, by Mary Marr on 7-30-17
RECORDED: OR Book 2792, Page 1118, Monroe County
LOCATION: Mile marker 42, offshore of the 7 Mile Bridge
PARCEL 4: 00106200-000000
ZONING: OS (Offshore Island)
0
TIER DESIGNATION: 1 W
UTILITIES: None 2
PRESENT USE: Vacant
INTENDED USE: Camping
PARCEL SIZE: 4.64 acres (Saltmarsh & Mangroves)
WATER FRONT: Atlantic Ocean
T
PRICE PER GROSS ACRE: $32,500 (rounded)
PRICE PER UPLAND ACRE: NA, no uplands
IMPROVEMENTS: None
HIGHEST AND BEST USE: Camping, mitigation or speculation
TERMS OF SALE: Cash
c
CONDITIONS OF SALE: Arms Length
PROPERTY RIGHTS: Fee Simple
LEGAL DESCRIPTION: Section 21, lots 1 and 2 and Section 22, Lot 1, Township 66
South, Range 31 East, Monroe County, Florida.
COMMENTS: This offshore island is located between Marathon and Bahia
Honda Key along the ocean side of the 7 Mile Bridge at mile
marker 42. The broker indicated that the property was purchased
for camping. The recorded sales price was $150,000. The buyer
paid closing cost and commission of 7,600. Thus, the price was
adjusted to $157,600.
Packet Pg. 2963
C2379—Tarpon Belly Keys,Cudjoe Key, Monroe County,Florida Marr&Associates Appraisal Company.In T.1`b
SALE THREE - CONTINUED
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Packet Pg. 2964
C2379—Tarpon Belly Keys,Cudjoe Key, Monroe County,Florida Marr&Associates Appraisal Company.In T.1`b
SALE FOUR
PROPERTY TYPE: Offshore Island(Gopher Key)
SALES PRICE: $157,600
DATE OF SALE: May 2015
DAYS ON MARKET: Not listed in MLS
GRANTOR: Henry Schnuer
GRANTEE: George Grigol Chirakadze
VERIFICATION: BJ Reeves, Title Company, by Trent Marr on 5-8-19
RECORDED: OR Book 2740, Page 896, Monroe County
LOCATION: Mile marker 23, offshore of Cudjoe Key
PARCEL 4: 00107780-000000
ZONING: OS (Offshore Island)
0
TIER DESIGNATION: 1 W
UTILITIES: None 2
PRESENT USE: Vacant
INTENDED USE: Assume camping
PARCEL SIZE: 2.25 acres (Mangroves)
WATER FRONT: Atlantic Ocean
T
PRICE PER GROSS ACRE: $70,000 (rounded)
PRICE PER UPLAND ACRE: NA, no uplands
IMPROVEMENTS: None
HIGHEST AND BEST USE: Camping, mitigation or speculation
TERMS OF SALE: Cash
0
CONDITIONS OF SALE: Arms Length(per agent)
PROPERTY RIGHTS: Fee Simple
LEGAL DESCRIPTION: The south 1/2 of the north t/z of Section 4, Township 67 South,
Range 28 East, Monroe County, Florida.
COMMENTS: ' This offshore island is located at the end of Puerto Bella Drive,
less than 1/2 mile from the shores of Cudjoe Key. Several
attempts were made to verify this sale with the buyer or seller,
however, both were located outside of the US and the attempts
were unsuccessful. The closing agent recalled very little,
however, she indicated that as it was arm length and the recorded
price was correct.
Packet Pg. 2965
C2379—Tarpon Belly Keys,Cudjoe Key, Monroe County,Florida Marr&Associates Appraisal Company.In T`l`b
SALE FOUR—CONTINUED
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Packet Pg. 2966
C2379—Tarpon Belly Keys,Cudioe Key, Monroe County,Florida Marr&Associates Appraisal Company.In T`1`b
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SALES MAP
Packet Pg. 2967
C2379—Tarpon Belly Keys,Cudjoe Key, Monroe County,Florida Marr&Associates Appraisal Company.In T.1`b
VALUATION OF THE SUBJECT PROPERTY
SUMMARY OF SALES
Subject Sale One Sale Two Sale Three Sale Four
Name Tarpon Belly Tom Harbor Tavernier Key Molasses Key Gopher Key
Keys Key
Sale Price *$500,000 $225,000 $150,000 $157,600
Market 3-14 1-20 4-16 5-15 n
Conditions
Offshore Offshore Offshore Offshore
Property Type Island Island Island Island Offshore
Offshore and
Location Offshore of Offshore of Offshore of between Offshore of 0
Cudjoe Key Duck Key Tavernier Marathon and Cudjoe Key
Bahia Honda
0
Gross Acres 5.66 49.40 18.4 4.64 2.25 W
Upland 2.30 10.65 4.93 None None
Acres
Wetland Acres 3.36 38.75 13.47 4.64 2.25
Zoning OS OS OS OS OS
$/Gross Acre $10,000 $12,500 $34,000 $70,000 T
$/Upland Acre $47,000 $45,500 NA NA
$ Per Island $500,000 $225,000 $150,000 $157,600
All per acre prices have been rounded*sale one was analyzed based on the 2014 sales price of$500,000.
0
The following chart summarizes the major differences between the subject and the comparables. Due
to the lack of sufficient sales, an exact dollar amount of an adjustment could not be supported and
would be unreliable. Therefore, each comparable was given either a negative,positive or equal sign in E
order to compare it to the subject. If the comparable was inferior to the subject it required an upward
adjustment, thus, a plus sign was used. If the comparable was superior to the subject it required a
downward adjustment, thus a negative sign was used. An equal sign required no adjustment.
Packet Pg. 2968
C2379—Tarpon Belly Keys,Cudjoe Key, Monroe County,Florida Marr&Associates Appraisal Company.In T.1`b
Adjustments
Sale 1 Sale 2 Sale 3 Sale 4
Financing = _ _ _
Market Conditions = _ _ _
Conditions of Sale = _ _ _
Location = _ _ _
Size
Zoning
Uplands = _ + +
0
Net Adjustments - - - + +
0
SALES ANALYSIS
UNIT OF COMPARISON CL
The subject consists of 7 islands with one parcel number. Although the comparables were multiple
parcels or multiple islands they were adjacent to each other, limiting the privacy of each island, w
additionally they were purchased as one owner ship. Therefore, they were all considered as a single
purchase or one parcel buyer. The subject is separated by an island owned by the government. The
subject could be sold separately and still have privacy for the north and south parcels. Therefore, the T)
comparables were considered as one transaction, while the subject was considered as two in the final
value estimate.
The sales price range from $150,000 to $500,000 per island, with per gross acre prices ranging from
$10,000 to $70,000 and price per upland acres of$45,500 and $47,000. All of the unit prices have a
wide range of values. The price per island ownership was considered the best indicator of value. The
subject was based on the hypothetical condition that it was two ownerships. 0
FINANCING
All of the sales sold for cash or had typical market financing. Therefore, no adjustments were required.
MARKET CONDITIONS
Market condition refers to the appreciation or depreciation in a property over a period of time.
Most properties have seen an upward trend in price the last few years with high demand for both
residential and commercial properties. Islands and acreage tracts like the subject have been stable the
last several years. The sales occurred from March 2014 thru January 2020 and were considered recent
sales. Thus no adjustments were made.
Packet Pg. 2969
C2379—Tarpon Belly Keys,Cudjoe Key, Monroe County,Florida Marr&Associates Appraisal Company.In T.1`b
CONDITIONS OF SALE
Adjustments for conditions of sale usually reflect the motivation of the buyer and seller. A sale may be
transacted at a below market price if the seller needs cash in a hurry. A financial business or family
relationship between the parties may also affect the price of a property. Although conditions of sale are
often perceived as applying only to sales that are not arms-length transactions, some arms-length sales
may reflect atypical motivation or sales conditions due to unusual tax considerations, sale at legal
auction, lack of exposure to the open market or eminent domain proceedings. Sale 2 is a government
sale; the government purchased this island based on an appraisal and paid fair market value. Thus, all
of sales were arms length transactions and no adjustments were made.
LOCATION
The subject is located offshore in Cudjoe Key. All of the sales were offshore islands and were _
considered similar in location. Thus, no adjustments were made.
0
PARCEL SIZE
The "Law of Diminishing Returns" states, that typically, as the size of a parcel increases its unit price 0
Ch
decreases indicating a lower unit value. Furthermore, smaller parcels are more affordable to a larger
number of buyers than larger parcels, thereby increasing the demand and price for smaller parcels. The 2
subject totals 5.66 gross acres. Sales 1 and 2 are significantly larger and therefore, on a parcel basis
were superior and required downward adjustments. Sales 3 and 4 were similar in size and required no
adjustments.
ZONING
The subject is zoned OS (Offshore Island). All of the sales were zoned OS and required no adjustments. T
UPLANDS
The subject consists of 2.3 acres of uplands and was similar to sales land 2 therefore these sales
required no adjustments. Sales 3 and 4 had inferior uplands and required upward adjustments.
0
Packet Pg. 2970
C2379—Tarpon Belly Keys,Cudjoe Key, Monroe County,Florida Marr&Associates Appraisal Company.In T.1`b
CONCLUSION OF VALUE
Summary of Adjustments
Sale 1 Sale 2 Sale 3 Sale 4
Net Adjustment - - - + +
Price per parcel
$500,000 $225,000 $157,500 $157,600
(Sales Price)
The sales ranged from $150,000 to $500,000 and required only a few adjustments adjustments. Sales 1
and 2 were larger and considered to reflect the upper range. Sales 3 and 4 had inferior uplands and were
considered to reflect the lower range. Sales 3 and 4 were most similar in size. Sale 3 was located on the
west end of Marathon and sale 4 was located on Cudjoe Key; thus sale 3 and 4 were considered the best
0.
indicators of value. With most weight placed on sales 3 and 4 and assuming the subject has been split
M
into two ownership parcels the subject's market value was estimated at$160,000 per ownership parcel_ 4-
The market value of the subject is estimated as follows. 0
2 ownerships X $160,000 per ownership = $320,000 2
CL
T)
0
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ADDENDA
Packet Pg. 2972
QUALIFICATIONS OF THE APPRAISER - TRENT MARR, MAI, SRPA
LICENSE
Licensed Real Estate Broker, State of Florida
State-Certified General Appraiser RZ 4000514 (Florida)
Certified General Real Property Appraiser 341275 (Georgia)
OFFICE LOCATIONS
81800 Overseas Highway, Islamorada, Florida 33036
2669 Aucilla Road, Monticello, Florida 32344
AFFILIATIONS
Member Appraisal Institute, MAI Designation 49353
Member Society of Real Estate Appraiser, SRPA Designation
Board of Directors, Appraisal Institute 1991 - 1994 ,
Member of the Board of Realtors for Florida Keys, Marathon, Key West, Tallahassee
0
APPRAISAL EXPERIENCE
1991-Present Marr& Associates Appraisal Company, Inc., President
1988-Present Marr Properties, Key Largo, FL - Vice President, Broker
1991-President American Caribbean Real Estate, Islamorada, Florida, Broker
1988- Matonis, DeAngelis, MacDermott, Inc.
1986-1987 - AmeriFirst Appraisal Company, Maitland, FL- Commercial Appraiser
1985-1986- Thomas H. Overstreet, Winter Park, FL - Residential Appraiser
GENERAL EDUCATION
Bachelor of Science in Business & Administration, Major in Real Estate, Florida State University,
Tallahassee, Florida(1985)
T
PROFESSIONAL EDUCATION
All Courses and classes for both SRPA and MAI designations.
Partial List of Seminars and Continuing Education for the Appraisal Institute.
Supporting Adjustments - 2018
USFLA (Uniform Standards for Federal Land Acquisitions) - 2017
USPAP —2020, 2018, 2016, 2014, 2012, 2010, 2008, 2006, 2004, 2002, 2000
Florida Law—2020, 2018, 2016, 2014, 2012, 2010
Forest Valuation-2015 E
Business Ethics -2015 c,
Appraisal of Self Storage Facilities 2014
The Cost Approach 2014
Mortgage Fraud-2014
Fundamentals of Business Valuation 2012
Business Practices and Ethics - 2011
Curriculum Overview -2010
Analyzing Distressed Properties —2010
Supervisory Appraisal - 2010
Core Law—2008, 2006, 2004, 2002, 2000, 1997, 1994
Valuation of Conservation Easements - 2008
Valuation of Wetlands, etc. /SFWMD —2007, 2006, 2003, 2002, 2001
Residential Design and Functional Utility -2006
Analyzing Distressed Real Estate - 2006
Packet Pg. 2973
QUALIFICATIONS OF APPRAISER—CONTINUED
"PLAM"Public Land Acquisition & Management Partnership Conference - 2006
Litigation Skills - 1997
Appraising Rural Properties in SE FL - 1997
Internet& The Appraiser- 1996
Standards of Professional Practice/Part A - 1996
Professional Standards USPAP/Law - 1996
The Appraiser as Expert Witness - 1995
Standards of Professional Practice/Part B - 1995
Wetland, Mitigation & Severable Rights - 1995
Understanding Limited Appraisals - 1994
Blue Print Reading for Appraisers - 1994
Appraising Complex Residential Properties - 1993
Standards of Professional Practice/Part A - 1992 iu
Appraisal Review - 1992
Rates, Ratios & Reasonableness - 1992
Appraising Troubled Properties - 1992
Legal Liabilities - 1992 0
Non-Residential Demonstration Report Writing - 1990
CLIENTS SERVED
Attorneys, Bank, Savings & Loans, Mortgage Companies, Florida Department of Transportation, �
Department of Natural Resources, Department of Environmental Protection, Nature Conservancy, Trust
for Public Lands, Monroe County Land Authority, National Park Service, Fish and Game Commission,
RTC, FDIC, Federal Home Loan Bank Board, Federal Savings & Loans, Insurance Companies, various
national corporations, estates and individuals.
T
TYPES OF PROPERTIES
Single Family Homes, Condominiums, Two to Four Family Dwellings, Office Buildings, Nursing
Homes, Industrial Warehouses, Shopping Centers, Apartment Complexes, Subdivision Developments,
Marinas, Planned Unit Developments, Environmentally Sensitive Land, Hotels, Office Condominiums,
Undeveloped Land, Mobile Home Parks, RV Parks, Fishhouses, Restaurants and Mixed Use Properties. 2,
W
GENERAL EXPERIENCE
Mr. Marr has been appraising real estate property since 1985. He has been qualified as an expert
witness in both Dade and Monroe County. His extensive appraisal experience includes wetlands and
environmental land for both the Department of Environmental Protection, Nature Conservancy, The
Conservation Fund, Freshwater Fish and Game, Big Cypress National Park Service and Monroe E
County Land Authority.
Mr. Marr received his SRPA designation in 1990 and his MAI designation in 1992. He served on the
board of directors of the Appraisal Institute 1991-1994. The Appraisal Institute conducts a program of
continuing education for designated members. Designated members who meet the minimum standards
of this program are awarded periodic educational certification. Mr. Marr is currently certified under
this program.
Packet Pg. 2974
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SLACK
JOHNSTON
MAC ENHEIMER
REAL ESTATE APPRAISERS&CONSULTANTS
7245 S.W.87 AVENUE,SUITE 300
MIAMI,FLORIDA 33173
APPRAISAL OF REAL PROPERTY
A PORTION OF THE OFFSHORE ISLANDS KNOWN AS
c
TARPON BELLY KEYS, MONROE COUNTY, FLORIDA y
CL
APPRAISAL REPORT
SJM FILE: 20790
PREPARED FOR
MR. JOHN MAFERA
REGIONAL DIRECTOR OF AVIATION
MCFARLAND-JOHNSON, INC.
49 COURT STREET, SUITE 240
BINGHAMPTON, NEW YORK 13901
-AND-
MR. RICHARD STRICKLAND
DIRECTOR OF AIRPORTS
MONROE COUNTY
3491 SOUTH ROOSEVELT BOULEVARD
KEY WEST, FL 33040
1
Packet Pg. 2975
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JOHNSTONSLACK
MAGENHEIMER
REAL ESTATE APPRAISERS&CONSULTANTS
ANDREW H.MAGENHEIMER,MAI THEODORE W.SLACK,MAI
CERr.GEN.RZ1073 (1902-1992)
THEODORE C.SLACK,MAI
(1931.2015)
SUE BARRETT SLACK,MAI
(RETIRED)
December 18, 2020
Mr. John Mafera -And- Mr. Richard Strickland
Regional Director of Aviation Director of Airports
McFarland-Johnson, Inc. Monroe County
49 Court Street, Suite 240 3491 South Roosevelt Boulevard
Binghampton, New York 13901 Key West, Florida 33040
RE: Appraisal of Real Property
A Portion of the Offshore Islands Known as Tarpon
Belly Keys, Monroe County, Florida 2
SJM File: 20790CL
Dear Messrs. Mafera and Strickland:
At your request, we have prepared an appraisal report of the above referenced property as
of October 20, 2020, the date of valuation. The purpose of the appraisal is to estimate the y
"as is" market value of the fee simple interest in the subject property as of the effective
date of valuation. It should be noted, the subject property consists of offshore islands and
are only accessible by boat. Per prior agreement with the client, we have not made a
physical visit to the subject property. There was sufficient information available, including
aerial photography to describe and analyze the subject property and a physical visit to the _
site was not considered necessary.
O
The intended users of this report are the client, McFarland-Johnson, Inc., and Monroe
County. The intended use of the appraisal is to assist Monroe County with the potential
purchase of the property from a willing seller.
The subject property consists of seven parcels of vacant land located on five offshore
islands that are part of the Tarpon Belly Keys in Monroe County, Florida. The Tarpon
Belly Keys are located approximately 1.75 mile north of the northern end of Cudjoe Key
and 4.50 miles north of Overseas Highway (US Hwy. 1). According to information
provided by Monroe County, the property contains a total of 5.66 acres. Based on GIS
measurements provided by Monroe County, approximately 2.30 acres of the property is
considered upland and the property's habitat consists of exotic vegetation and mangroves.
2
SLACK,JOHNSTON&MAGENHEIMER, INC.
7245 S.W.87 AVENUE,SUITE 300,MIAMI,FLORIDA 33173
TELEPHONE(305)670-21 1 1 • EMAIL: SJMIAMI@AOL.COM Packet Pg. 2976
T.1.c
Mr. John Mafera and
Mr. Richard Strickland
December 18, 2020
The subject property is zoned Offshore Island (OS) and is designated as Residential
Conservation (RC) and Conservation (C) according to the Monroe County Future Land
Use Map. The property is located within the boundaries of the Great White Heron National
Wildlife Refuge. As the subject property is comprised of offshore islands, it is only
accessible by watercraft. Based on conversation with Monroe County Planning &
Environmental Resources, because of the property's zoning, land use, location in a refuge
and small upland area, potential uses of the property are limited.
The appraisal report states our opinion of market value, subject to various assumptions and
limiting conditions contained in this appraisal report. The analyses forming the basis of
our valuation have been performed by the undersigned. The appraisal has been prepared
in accordance with the Uniform Standards of Professional Appraisal Practice (USPAP) as 2
adopted by the Appraisal Standards Board of the Appraisal Foundation.
As of the date of this report, the world is in the midst of a pandemic associated with the
virus Covid-19. The world economy is in a state of volatility based on the uncertainty of
the outcome of the impact of the virus. In the United States, the federal, state and local
governments are taking steps to limit the spread of the virus. These steps have negatively y
impacted several facets of the economy including travel, tourism and hospitality. Based
on the results of historic pandemics of the 20th century (Swine Flu, Asian Flu, Hong Kong
Flu, SARS, MERS, EBOLA and HIV/AIDS) it is anticipated the current pandemic will
pass in time; however,the extend of the economic damage remains to be seen. Based upon e
available information, this appraisal is premised upon the extraordinary assumption that
the Corona virus will not have a measurable long-term value impact on the property that is
the subject of this appraisal. 0
SLACK
JOHNSTON
Packet Pg. 2977
T.1.c
Mr. John Mafera and
Mr. Richard Strickland
December 18, 2020
Based on our investigation and analysis,we have formed the opinion that the"as is"market
value of the fee simple interest in the subject property, as of October 20, 2020, was as
follows:
TWO HUNDRED SEVENTY-FIVE THOUSAND DOLLARS
($275,000)
The following report contains the results of our investigations and the explanation of the
approaches to value.
Respectfully submitted,
SLACK, JOHNSTON & MAGENHEIMER, INC.
A%e ."age'n mer, MAI
CERT.GEN.RZ1073
T)
j
4
SLACK
JOHNSTON
Packet Pg. 2978 i
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TABLE OF CONTENTS
SUMMARY OF SALIENT FACTS AND CONCLUSIONS ...................................................6
AERIAL PHOTOGRAPH OF THE SUBJECT PROPERTY...................................................7
CERTIFICATION......................................................................................................................8
ASSUMPTIONS AND LIMITING CONDITIONS..................................................................9
IDENTIFICATION OF THE PROPERTY ............................................................................. I I
LEGALDESCRIPTION.......................................................................................................... I I
OWNERSHIP AND HISTORY OF THE PROPERTY.......................................................... 12
PURPOSE, INTENDED USE AND DATE OF THE APPRAISAL ...................................... 12
DEFINITION OF VALUE AND INTEREST APPRAISED 13
SCOPEOF THE APPRAISAL................................................................................................ 14
EXPOSURE AND MARKETING TIME................................................................................ 15
NEIGHBORHOODDATA...................................................................................................... 16
DESCRIPTION OF THE SITE................................................................................................20
REAL ESTATE TAX ANALYSIS 23
LAND USE AND ZONING 23
HIGHEST AND BEST USE....................................................................................................29
VALUATION PROCESS 31
: ........................................................................................................
SALES COMPARISON APPROACH....................................................................................32
RECONCILIATION AND FINAL VALUE ESTIMATE 38
ADDENDUM A - PHOTOGRAPHS OF THE SUBJECT PROPERTY................................39 N
ADDENDUM B -ISLAND SALES........................................ .................42 y..............................
ADDENDUM C - QUALIFICATIONS OF THE APPRAISER.............................................53
. . 5
SLACK
JOHNSTON
Packet Pg. 2979
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SUMMARY OF SALIENT FACTS AND CONCLUSIONS
Property Appraised: A Portion of the Offshore Islands Known as Tarpon
Belly Keys, Monroe County, Florida
Property Type: Vacant land (offshore islands)
Folio Number: 00107310-000100
y
2020 Market Value Assessment: $753
2019 Real Estate Taxes: $0.00
Ownership: Randall W. Lacey and Sharren Lacey
12776 N. Road
Loxahatchee, Florida 33470 y
Interest Appraised: Fee Simple Estate
Land Area: 5.66 acres, gross
2.30 acres, upland �-
Improvements: None
T
Land Use: Residential Conservation (RC) and Conservation (C);
Monroe County
Zoning: OS (Offshore Island); Monroe County
Highest and Best Use: Passive recreation (camping), mitigation and/or
conservation
Date of Valuation: October 20, 2020
Date of Report: December 18, 2020
Final Value Estimate: $275,000
6
SLACK
Packet Pg. 2980
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AERIAL PHOTOGRAPH OF THE SUBJECT PROPERTY
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Packet Pg. 2981
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CERTIFICATION
We certify that,to the best of our knowledge and belief,...
the statements of fact contained in this report are true and correct.
the reported analyses, opinions, and conclusions are limited only by the reported assumptions and
limiting conditions, and are our personal, impartial, and unbiased professional analyses, opinions,
and conclusions.
we have no present or prospective interest in the property that is the subject of this report, and no
personal interest with respect to the parties involved.
- we have no bias with respect to the property that is the subject of this report or to the parties involved
with this assignment.
our engagement in this assignment was not contingent upon developing or reporting predetermined
results.
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 CL
related to the intended use of this appraisal.
- the reported analyses,opinions,and conclusions were developed,and this report has been prepared, LU
inconformity with the requirements of the Code of Professional Ethics and Standards of Professional
Appraisal Practice of the Appraisal Institute.
per prior agreement with the client,we have not made a physical visit to the subject property. There
was sufficient information available to describe and analyze the subject property and a physical visit �
to the site was not considered necessary.
- Kimberly Magenheimer,CERT.GEN.RZ1386,provided significant real property appraisal assistance to _
the person signing this certification.
we have not performed services regarding the subject property in the past three years.
the use of this report is subject to the requirements of the Appraisal Institute relating to review by
its duly authorized representatives.
- as of the date of this report, Andrew H. Magenheimer, has completed the continuing education
program for Designated Members of the Appraisal Institute.
SLACK,JOHNSTON&MAGENHEIMER, INC.
Andr w g e er,MAI
CERT.GEN.RZ1073
8
SLACK
Packet Pg. 2982
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ASSUMPTIONS AND LIMITING CONDITIONS
The appraisal is subject to the following assumptions and limiting conditions:
1. No responsibility is assumed for the legal description or for matters including legal or title
considerations. Title to the property is assumed to be good and marketable unless otherwise stated.
2. No legal opinion related to a title search was provided and all existing liens and
encumbrances, including deed restrictions and developers' agreements, have not been investigated
unless otherwise stated. The property is appraised as though free and clear.
3. Responsible ownership and competent property management are assumed.
4. The information furnished by others has been gathered from sources deemed to be reliable,
however, no warranty is given for its accuracy.
5. All engineering and surveying is assumed to be correct. Any sketches, plats, or drawings 0)
included in this report are included to assist the reader in visualizing the property. We have made
no survey of the property, and assume no responsibility in connection with such matters. 2
6. It is assumed that there are no hidden or inapparent conditions of the property, subsoil, or
structures that render it more or less valuable. No responsibility is assumed for unusual soil
conditions and no opinion as to these matters is to be inferred or construed from the attached report �-
other than those specifically stated in the report. Unless stated otherwise,the soil conditions of the
subject property are assumed to be adequate to support development utilizing conventional
construction techniques. We recommend the client obtain an opinion from a competent engineering
firm.
7. It is assumed that there is full compliance with all applicable federal, state, and local
environmental regulations and laws unless noncompliance is stated, defined, and considered in the
appraisal report. ,
8. It is assumed that all applicable zoning and use regulations and restrictions have been
complied with, unless a nonconformity has been stated, defined, and considered in the appraisal
report.
9. It is assumed that all required licenses, certificates of occupancy, consents, or other
legislative or administrative authority from any local,state,or national government or private entity
or organization have been or can be obtained or renewed for any use on which the value estimate
contained in this report is based.
10. It is assumed that the utilization of the land and improvements is within the boundaries or
property lines of the property described and that there is no encroachment or trespass unless noted
in the report.
9
SLACK
JOHNSTON
Packet Pg. 2983
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11. This study is to be used in whole and not in part. No part of it shall be used in conjunction
with any other appraisal. Publication of this report or any portion thereof without the written
consent of the appraiser is not permitted.
12. The appraiser, by reason of this report, is not required to give further consultation,
testimony, or be in attendance in court with reference to the property in question unless
arrangements have been previously made.
13. Neither all,nor any part of the contents of this report(especially any conclusions as to value,
the identity of the appraiser, or the firm with which the appraiser is connected), shall be
disseminated to the public through advertising,public relations,news,sales,or other media without
the written consent and approval of the appraiser. The use of this report in any public offering or _
syndication document is specifically prohibited. CO
r_
0
0.
14. Unless otherwise stated in this report, the existence of hazardous substances, including
without limitation asbestos, polychlorinated biphenyls, petroleum leakage, or agricultural
chemicals, which may or may not be present on the property, or other environmental conditions, 0)
were not called to the attention of,nor did the appraiser become aware of such during the appraiser's
inspection. The appraiser has no knowledge of the existence of such materials on or in the property 2
unless otherwise stated. The appraiser, however, is not qualified to test such substances or CL
conditions. If the presence of such substances, such as asbestos, urea formaldehyde foam
insulation, or other hazardous substances or environmental conditions, may affect the value of the
property, the value estimated is predicated on the assumption that there is no such condition on or �-
in the property or in such proximity thereto that it would cause a loss in value. No responsibility is
assumed for any such conditions, nor for any expertise or engineering knowledge required to
discover them. It is recommended that the client retain an expert in this field, if needed.
15. Disclosure of the contents of this report by the appraiser is controlled by the Appraisal
Institute of which one or more signatures of this report is an MAI member and by the Florida
Department of Professional Regulation,Division of Appraisal State Certification. The analysis and
value conclusions, as well as non-public information about the subject property, are confidential
matters and cannot be divulged to any persons other than the party for whom the report is prepared. CO
0
Exceptions to this confidentiality provision are requests by committees of the Appraisal Institute or
the Florida Department of Professional Regulations for peer review, and subpoenas by any court
having jurisdiction to request production of the report.
Acceptance or use of this report constitutes acceptance of the preceding conditions.
10
SLACK
Packet Pg. 2984
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IDENTIFICATION OF THE PROPERTY
The subject property consists of seven parcels of vacant land located on five offshore
islands that are part of the Tarpon Belly Keys in Monroe County, Florida. The Tarpon
Belly Keys are located approximately 1.75 mile north of the northern end of Cudjoe
Key and 4.50 miles north of Overseas Highway(US Hwy. 1). According to information
provided by Monroe County, the property contains a total of 5.66 acres. Based on GIS
measurements provided by Monroe County, approximately 2.30 acres of the property
is considered upland and the property's habitat consists of exotic vegetation and
mangroves.
The subject property is zoned Offshore Island (OS) and is designated as Residential
Conservation(RC) and Conservation(C) according to the Monroe County Future Land
Use Map. The property is located within the boundaries of the Great White Heron
National Wildlife Refuge. As the subject property is comprised of offshore islands, it
is only accessible by watercraft. Based on conversation with Monroe County Planning y
& Environmental Resources, because of the property's zoning, land use, location in a
refuge and small upland area, potential uses of the property are limited.
LEGAL DESCRIPTION
The legal description for the subject property was taken from a Quit Claim Deed dated
December 10, 2014, and recorded in the public records of Monroe County, Florida, in ORB
2717, at Page 231.
A group of five Keys or Islands known as the TARPON BELLY KEYS in the Bay of Florida,lying
just Northerly of the presently marked channel of the Intercoastal Waterway,Miami to Key West,at
Latitude 24 degrees,43 minutes,8 seconds North,Longitude 81 degrees,32 minutes,2 seconds West,
in what would be Section 6, Township 66 South, Range 28 East, if surveyed, less so much of the
biggest Island in this group, comprising 4.63 acres, more or less, reserved as a Great White Heron
Refuge, Monroe County, as recorded in the Public Records of Monroe County, Florida in Official
Record Book 708,Page 142. 0.
1�
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Packet Pg. 2985
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OWNERSHIP AND HISTORY OF THE PROPERTY
Ownership of the subject property is held by Randall W. Lacey and Sharren Lacey, 12776
North Road, Loxahatchee, Florida 33470. A Quit Claim Deed dated December 10, 2014,
transferred ownership from Randall W. Lacey to Randall W. Lacey and Sharren Lacey.
Another Quit Claim Deed dated July 13, 1998 was recorded which transferred title from
Frederick L. Covan and Diane Covan to Randall W. Lacey. Based on the documentary
stamps the consideration was $70,000 (ORB 1533 at Page 2348). It appears that this may
not be an arm's length transaction since Mr. Lacey already had an ownership interest in the
property from a March, 1987 Warranty Deed which transferred title from Yearling
Properties, N.V. to Diane Covan and Randall Lacey. The consideration reflected by this _
deed was $200,000 (ORB 1005 at Page 1395). The transactions discussed above are either
not arm's length or too old to be of relevance in the valuation analysis for the subject
property.
0
The subject property is currently listed for sale for $744,000. Based on the Florida Keys y
MLS,the property has been on the market for approximately 16 months. The original listing
price was $1,500,000 which was lowered to the current asking price of $744,000 in
February, 2020. According to the listing broker, the property was previously under contract
for $600,000 to a buyer who wanted to use the property for educational purposes. The
potential buyer has since decided not to purchase the property. There are no known sales
agreements or contracts pending. --
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PURPOSE, INTENDED USE AND DATE OF THE APPRAISAL
The purpose of the appraisal is to provide an estimate of the market value of the fee simple
interest in the subject property as of October 20, 2020, the effective date of valuation. The
date of the report is December 18, 2020.
The intended users of this report are the client, McFarland-Johnson, Inc., and Monroe
County. The intended use of the appraisal is to assist Monroe County with the potential
purchase of the property from a willing seller. There are no other intended users or intended
uses of this appraisal.
2
SLACK
Packet Pg. 2986
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DEFINITION OF VALUE AND INTEREST APPRAISED
The Uniform Standards of Professional Appraisal Practice (USPAP 2020-2021) defines
Market Value as "a type of value, stated as an opinion, that presumes the transfer of a
property (i.e. a right of ownership or a bundle of rights), as of a certain date, under specific
conditions set forth in the definition of the term identified by the appraiser as applicable in
an appraisal."
We have relied on the definition of Market Value as "the most probable price which a
property should bring in a competitive and open market under all conditions requisite to a
fair sale, the buyer and seller each acting prudently and knowledgeably, and assuming the _
price is not affected by undue stimulus. Implicit in this definition are the consummation of
a sale as of a specified date and the passing of title from seller to buyer under conditions
whereby:
0
1. buyer and seller are typically motivated; y
2. both parties are well informed or well advised, and acting in what they consider their
own best interests;
3. a reasonable time is allowed for exposure in the open market;
4. payment is made in terms of cash in United States dollars or in terms of financial
arrangements comparable thereto; and
5. the price represents the normal consideration for the property sold unaffected by --
special or creative financing or sales concessions granted by anyone associated with
the sale. y
(Federal Register 77472,Volume 75,No.237,December 10,2010) et
Other pertinent definitions from the Dictionary of Real Estate Appraisal, Sixth Edition, as
published by the Appraisal Institute, are as follows:
Fee Simple Estate is the"absolute ownership unencumbered by any other interest or estate,
subject only to the limitations imposed by the governmental powers of taxation, eminent r
domain, police power, and escheat."
Exposure Time is "the estimated length of time to property interest being appraised would
have been offered in the market prior to the hypothetical consummation of a sale at market
value on the effective date of the appraisal."
Marketing Time is"an opinion of the amount of time it might take to sell a real or personal
property interest at the concluded market value level during the period immediately after
the effective date of the appraisals."
13
SLACK
Packet Pg. 2987
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Limited-Market Property is "a property (or property right) that has relatively few
potential buyers."
According to the Monroe County Code of Ordinances Part II Land Development, the
following terms are defined as follows:
Transitional habitat means the salt marsh and buttonwood association.
Environmentally sensitive lands means areas of native habitat requiring special y
management attention to protect important fish and wildlife resources and other natural
systems or processes. Environmentally sensitive lands typically include wetlands and other _
surface waters, tropical hardwood hammocks and pinelands.
0
SCOPE OF THE APPRAISAL
0
The scope of this appraisal report is defined by the purpose, which is to develop and report
an opinion of the " as is" market value of the fee simple estate in the subject property as of
the date of valuation. The subject property consists of seven parcels of vacant land located
on five offshore islands that are part of the Tarpon Belly Keys.
Per prior agreement with the client, we have not made a physical visit to the subject --
property. There was sufficient information available, including aerial photography to N
describe and analyze the subject property and a physical visit to the site was not considered y
necessary. No information was provided by the client. We have reviewed information from
Monroe County Planning & Environmental Resources regarding the property's habitat,
zoning, buildability and potential uses of the subject property.
Subsequent to our visit, and review of information provided, an estimate of the highest and
best use, as of the date of valuation,was made. The highest and best use analysis considers
all physically possible, legally permissible and economically feasible uses to which the
property can be put as vacant.
The appraisal process includes three basic approaches to value. These are the income, sales
comparison, and cost approaches. The application of these approaches is determined by the
type of property being appraised, as well as the scope of the valuation assignment. The
sales comparison approach was considered the applicable approach in the valuation of the
subject property, which consists of a vacant land.
A search was conducted of sales of vacant offshore islands located in Monroe County for
comparison to the subject. The sales information included in this report was considered of
good quality and representative of the best available market data. Analysis of the selected
14
SLACK
Packet Pg. 2988
T.1.c
sales included a review of aerial photography, reviewing the deed and confirming sale
details with one or more of the parties to the transaction or their representatives.
The final step in our analysis is a reconciliation of the appraisal methods used. The quantity
and quality of the data used, and the reliability of their value indications, are the basis for
the final conclusion of value.
EXPOSURE AND MARKETING TIME y
Exposure and marketing times are the typical periods of time necessary to expose and _
actively market the subject property on the open market to achieve a sale at a price consistent
with the market value estimate and on terms consistent with the definition of market value
recited herein. The length of time is a function of several factors including price, terms,
investment quality and exposure to a given market. Exposure time is the hypothetical period
immediately preceding the effective date of the appraisal and market time is the period y
immediately after the effective date of the appraisal.
A review of current market activity for vacant land in the Florida Keys, as well as
conversations with real estate brokers active within this market, was performed in order to
estimate an exposure time for the subject property.
Most brokers indicated certain sectors of Monroe County's real estate market, including
vacant land and existing homes, have experienced increased activity and an upward trend
in sale prices. Marketing time should be less than one year, if the property is priced
realistically. According to statistics published in Coldwell Banker Schmitt's Real Estate
Report, the average number of days on the market for all properties types is approximately
120 days or 4 months. It is our opinion that offshore islands with no building potential
could take longer to sell than properties located on the mainland due to access challenges
and limited permissible uses. For this reason, we have estimated a marketing time of up to
12 months for the subject property.
The subject property has been listed for sale for almost 16 months. The property appears to
be overpriced. It should be noted, the asking price was cut in half in February, 2020 from
$1,500,000 to the current asking price of$744,000.
15
SLACK
Packet Pg. 2989
T.1.c
NEIGHBORHOOD DATA
The subject property is located within Monroe County, Florida, also known as the Florida
Keys. Monroe County is made up of a chain of small islands that sweep about 115 miles in
a southwesterly direction from the southern tip of Florida's mainland, ending at Key West.
The county is divided into four separate regions or expanded neighborhoods: the Upper,
Middle, and Lower Keys and the City of Key West. The subject property is located in the
Lower Keys region north of Cudjoe Key.
Cudjoe Key lies approximately 21 to 22 miles east of Key West between Mile Markers 21
and 22 of Overseas Highway (US Highway 1). Overseas Highway is the only access from _
the mainland Miami-Dade County by car to all destinations in the Keys.
0
North of Overseas Highway, Cudjoe Key is sparsely developed. The Cudjoe Key Air Force
Station is located at the northern end of the island. This facility houses the tethered aerostat
radar system, also known as the "Fat Albert" aerostat, as well as the Southeast Air Defense y
Sector. The area of Cudjoe Key south of Overseas Highway is comprised of fairly dense
development in single family subdivisions. Cudjoe Key is well south in the chain of keys
and less desirable as second home locations to Miami and other south Florida residents,who
favor the shorter drive times to Key Largo and other Upper Keys locations.
Because of the concern for the Key Deer habitat, as well as the habitat of other species such as the Lower Keys Marsh Rabbit and Eastern Indigo Snake, there has been a significant
effort by governmental and environmental agencies to purchase land in the Lower Keys.
The efforts have included purchases of large tracts of undeveloped land, as well as
individual lots within improved subdivisions. A large percentage of vacant land in the y
Lower Keys is already under some form of government ownership.
There have also been several wildlife preserves established including the Florida Keys
National Wildlife Refuge Complex. The subject property lies within the boundaries of the
Great White Heron National Wildlife Refuge (NWR). The Great White Heron NWR is
administered by the National Key Deer Refuge and is also part of the Florida Keys National
Marine Sanctuary established in 1990 and spanning from Key Largo to the Dry Tortugas.
The Great White Heron NWR was established in 1938 as a haven for great white herons
and approximately 250 other species of wildlife and migratory birds. The refuge consists
of approximately 300 square miles. The refuge encompasses 200,000 acres of open water
and 7,600 acres of land mostly comprised of offshore islands known as "backcountry"
water. The refuge is also considered critical habitat for both the green sea turtle and the
loggerhead sea turtle who nest on the sandy beaches some of the islands offer.
As mentioned previously, the subject property is part of the Tarpon Belly Keys, a string of
offshore islands. Approximately 4.65 acres of the largest island comprising the Tarpon
16
SLACK
Packet Pg. 2990
T.1.c
Belly Keys is owned by the US Department of Fish and Wildlife. It is not known when they
purchased the property; however, it appears to be several years ago.
There are hundreds of offshore islands in Monroe County, most of which are undeveloped
and comprised entirely of mangrove habitat. There are some islands that have
improvements on them ranging from substantial single family homes and resorts to small
cabins and shacks. Some of the islands are still held in private ownership, but a large
percentage are under some form of government ownership.
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DESCRIPTION OF THE SITE
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Location: The Tarpon Belly Keys are located approximately 1.75 mile
north of the northern end of Cudjoe Key and 4.50 miles north
of Mile Marker 21 and 22 of Overseas Highway (US Hwy. 1).
This location is in the Lower Keys region of Monroe County.
The property is located within the boundaries of the Great White
Heron National Wildlife Refuge.
Shape: The subject property is comprised of 7 individual parcels.
All are irregular in shape.
Land Area: 5.66 acres, gross
2.30 acres, upland
20
S�►C
Packet Pg. 2994
T.1.c
Frontage/Access: The subject property is comprised of seven parcels of land on
five offshore islands; therefore, it does not have direct road
frontage and is only accessible via watercraft.
Habitat/Topography: Based on the information available, the habitat on the subject
properties consist of exotic vegetation and mangroves. Most of
the upland appears to be located on the northernmost three
parcels which are a part of the largest offshore island
comprising the Tarpon Belly Keys. It appears that a portion of
this larger island was dredged in two areas. It is our
understanding this may have been done as part of a shrimp or _
fish hatchery many years ago. The majority of the subject
property is likely "wet" and may be subject to tidal flooding.
Flood Insurance: Zone VE (Elevation 14). National Flood Insurance Community
Panel Number 12087C 1285K, dated February, 18, 2005. y
Utilities: None
Land Use Restrictions: From the information available, there do not appear to be any
easements or encroachments that would adversely affect the
utilization of the subject property for its highest and best use. W
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Environmental Study: An environmental risk study was not provided for our review.
This appraisal report is based on the assumption that no
conditions exist that would adversely affect the utilization or y
marketability of the property. It should be noted, the subject
property is located within the boundaries of the Great White >%
Heron National Wildlife Refuge and the Florida Keys National
Marine Sanctuary and is subject to the restrictions in place for
these perserves.
Mineral Rights: It is assumed there are no known oil, gas and mineral
reservations.
21
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Packet Pg. 2995
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Packet Pg. 2996
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REAL ESTATE TAX ANALYSIS
The subject property is located in Monroe County and subject to county ad valorem taxes
on real property. The Florida Statutes provide for assessment and collection of ad valorem
taxes on real property; however, the taxes are assessed, collected, and used on the local
county level. The assessment for the property is established each year as of January 1 st by
the Monroe County Property Appraiser's Office at 100% of"Just Value". The tax due is
computed according to annual millage rates established by Monroe County. Millage rates
are the amount paid to each taxing body for every $1,000 of assessed value. Taxes are y
payable in November with a 4% discount and become delinquent on April 1 st.
The 2020 assessments and taxes for the subject property are as follows:
RE # 00107310-000100
Land Value $753
Improvement Value $ 0 y
Market/Just Value $753
Assessed Value $643
Real Estate Taxes: $0.00
It should be noted, differences between "assessed values" and "market value assessments"
are attributable to the cap on annual ad valorem assessments provided under Florida Statute --
193.1555. When a tax bill is less than $5.00, a bill is not sent and there are no taxes due. N
This is the case for the subject property. y
LAND USE AND ZONING
The state-mandated, Comprehensive Master Development Plan for Monroe County has had
enormous impact on the development potential of most vacant sites in all of Monroe County.
Concurrency issues, and evacuation potential in the event of hurricanes are paramount
considerations relative to new development. The fragile Keys ecosystem is already strained
4 to provide services such as potable water, sanitary sewer, drainage and other services to
development already in place. Evacuation potential is limited to the Overseas Highway, the
only vehicular transportation access to most of the Florida Keys. Environmental
preservation concerns have also taken prominence, as fears that the unique geography of
the area will be irrevocably lost, as wetlands are filled and coastal alterations and effluents
damage the coral reefs.
Zoning regulations, in and of themselves, are not the ultimate determining factor placing
constraints on development of land in the Keys. It is the county's interpretation of their
applicability, as they relate to identified land types,which really matters. In other words, if
the county should identify a portion of a property as wetlands or mangroves, none of that
23
SLACK
JOHNSTON
Packet Pg. 2997
T.1.c
area can be included in calculations of upland area for allocated density. This identification
and allocation process is somewhat subjective and, therefore, often open to interpretation.
Tier System
While the Monroe County Land Use Plan and Zoning Code do permit specified uses "as of
right" for vacant properties, development rights are also affected by the Tier System, which
incorporates the Rate of Growth Ordinance (ROGO). The Tier System came into effect in
October, 2007. The subject property is designated as Tier I. Tier I is the most restrictive in y
terms of potential development. The various tiers are described as follows:
Tier Description
Tier I boundaries were delineated to include one or more of the following criteria:
0
• Vacant lands which can be restored to connect upland native habitat patches and reduce
further fragmentation of upland native habitat.
• Lands required to provide an undeveloped buffer,up to 500 feet in depth,if indicated as
appropriate by special species studies, between natural areas and development to
reduce secondary impacts. Canals or roadways, depending on width, may form a
I boundary that removes the need for the buffer or reduces its depth. 2
• Lands designated for acquisition by public agencies for conservation and naturalCL
resource protection.
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• Known locations of threatened and endangered species,as defined in LDR Section 101-1, r
identified on the threatened and endangered plant and animal maps or the Florida Keys
Carrying Capacity Study maps,or identified in on-site surveys. >-
• Conservation,Native Area,Sparsely Settled,and Offshore Island land use districts.
• Areas with minimal existing development and infrastructure.
Pertains only to Big Pine Key / No Name Key. Scattered lots and fragments of y
II environmentally sensitive lands that may be found in platted subdivisions. A large number
of these lots are located on canals and are of minimal value to the key deer and other
protected species because the canal presents a barrier to dispersal.
III Tier III are lands located outside of Big Pine Key and No Name Key that are not designated
Tier I or Tier III-A. Tier III represents the majority of developable acreage in the County.
III-A Tier III-A is designated as a Special Protection Area. It is defined as lands that have one acre
or more of native upland habitat.
Some properties do not have a tier designation. These undesignated properties are found
throughout the Keys but most occur in Ocean Reef,which is exempt from the Tier Overlay
Undesignated Ordinance. Others are rights-of-way, military installations, or properties that were not
designated due to mapping discrepancies and, at the time of the preparation of this
document,are being evaluated for tier designation.
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24
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JOHNSTON
Packet Pg. 2998 i
T.1.c
Tier Map
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According to the Monroe County Future Land Use Map, the subject property is designated
as RC (Residential Conservation) and C (Conservation). The principal purpose of the RC
land use category "is to encourage preservation of open space and natural resources while
providing for very low-density residential development in areas characterized by a
predominance of undisturbed native vegetation." The principal purpose of the Conservation
category is "to provide for publicly or privately owned lands held primarily for the
preservation of natural and historic resources and compatible passive recreational uses.
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25
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JOHNSTON
Packet Pg. 2999
T.1.c
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Zoning
The subject property is zoned OS (Offshore Island). According to Monroe County's Land
development code, "the purpose of the OS district is to establish areas that are not connected
to US 1 as protected areas, while permitting low-density residential uses and campground
spaces in upland areas."
The density for permitted residential uses is 0.1 dwelling unit per acre of upland including
scarified/disturbed, hammocks, beach/berm or pineland areas. Current regulations require
a minimum of 10.00 acres of upland to build. Based on this requirement, the subject
property would not be buildable as it lacks sufficient upland to be allocated one dwelling
unit.
26
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Packet Pg. 3000
T.1.c
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ROGO (Rate of Growth Ordinance)
Building permits for residential development are issued according to a point allocation
system favoring sites already platted and improved as subdivisions. Points are allocated for
such factors as affordable housing, utility availability to the site, dwelling design criteria
and other factors. Applications with the greatest number of positive points are awarded the
permits. Negative points are assessed for sensitive habitats, undisturbed areas and areas
where endangered species are found.
Once a property has been in the ROGO system for four year's time, the property owner
becomes eligible to apply for administrative relief. Possibilities available to the Board of
County Commissioners include making an offer to purchase the property, granting the
applicant an allocation or providing such other relief as may be necessary and appropriate.
If an applicant does not accept the County's offer to purchase, they may remain in the
ROGO system and continue to earn perseverance points. After an applicant has been in the
system 5 years, the perseverance points increase from 1 per year to 2 per year.
27
Packet Pg. 3001 ';
T.1.c
Applicants for building permits in the ROGO system can donate vacant land to Monroe
County in exchange for additional points. The subject property is not considered buildable
due to its lack of sufficient upland to meet the 10.00 acres required by zoning. Based on
information provided by Monroe County Planning&Environmental Resources, the subject
property would be accepted for donation in exchange for ROGO points.
If the subject property were to be dedicated for ROGO points, it would be allocated 20
points.
Transferrable Development Rights
In Monroe County, development rights can be transferred from one property to another.
This exchange usually includes TREs, TDRs and TBRs. TREs are ROGO exempt units and
usually come from improved properties with previously existing dwelling units. TDRs
typically come from vacant properties and are not ROGO exempt. They are utilized to
increase the number of dwelling units on other properties. y
Receiver sites must be determined to be less environmentally desirable than the sender site.
Once TDRs have been applied to a receiver site, the sender site is required to be dedicated
(deeded) to Monroe County or placed in a conservation easement prohibiting its future
development. According to Monroe County Planning & Environmental Resources, the
subject property would not have any TDR value. --
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28
SLACK
Packet Pg. 3002
T.1.c
HIGHEST AND BEST USE
According to The Dictionary of Real Estate Appraisal (Sixth Edition) published by the
Appraisal Institute, the pertinent terms relating to highest and best use may be defined as
follows:
Highest and Best Use is "the reasonably probable use of property that results in the highest
value. The four criteria that highest and best use must meet are legal permissibility,physical
possibility, financial feasibility and maximum productivity." y
In estimating highest and best use, there are four stages of analysis:
1. Possible Use - normally dictated by physical constraints.
2. Permissible Use - what use would be permitted in consideration of existing zoning
and other applicable laws governing the use of the property, as well as any deed
restrictions that may exist. y
3. Feasible Use - which possible and permissible uses will produce a net return to the
owner of the site.
4. Maximally Productive - among feasible uses, which use will produce the highest net ,
return to the land.
To meet the tests of highest and best use, the use cannot be speculative or conjectural. It
must be legal and probable. There must be a profitable demand for such use and it must
return to the land the highest net return for the longest period of time. These tests have been y
applied to the subject property. In arriving at the estimate of highest and best use, the
property was analyzed as vacant.
As Though Vacant
The highest and best use, as vacant, considers among all reasonable alternative uses,the use
that yields the highest present land value, after payments are made for labor, capital, and
coordination. The use of a property based on the assumption that the parcel of land is vacant
or can be made vacant by demolishing any improvements.
Physically Possible: The property is located in the Lower Keys region of Monroe County
north of Cudjoe Key between Mile Markers 21 and 22 of Overseas Highway. The subject
property consists of seven parcels of vacant land located on five offshore islands that are
part of the Tarpon Belly Keys in Monroe County, Florida. The Tarpon Belly Keys are
located approximately 1.75 mile north of the northern end of Cudjoe Key and 4.50 miles
north of Overseas Highway (US Hwy. 1). According to information provided by Monroe
County, the property contains a total of 5.66 acres. Based on GIS measurements provided
by Monroe County, approximately 2.30 acres of the property is considered upland and the
property's habitat consists of exotic vegetation and mangroves. It should be noted, not all
29
SLACK
Packet Pg. 3003
T.1.c
of the upland is contiguous. Physically possible uses are limited to passive recreational uses
such as camping.
Legally Permissible: Permissible or legal uses are those permitted by zoning and land use
regulations. The site is zoned Offshore Island (OS) and is designated as Residential
Conservation(RC) and Conservation(C) according to the Monroe County Future Land Use
Map. The property is designated as Tier I. OS zoning requires 10.00 acres of upland to be
considered buildable. The subject property does not meet this criterium would not be
buildable based on zoning. y
Alternative uses would include dedication for ROGO points, mitigation, conservation _
and/or passive recreation (camping). Mitigation and/or conservation uses would include
purchase of the site for preservation and/or dedication to the government in exchange for
the destruction of environmental habitat elsewhere. Passive recreational uses would include
camping.
It is assumed that there are no other covenants, restrictions or easements that would
adversely affect the use of the site to such an extent that it would negatively impact its value.
Feasible or Maximally Productive Use: The subject site is zoned Offshore Island which
permits residential uses; however, the subject property lacks the physical characteristics
(sufficient upland) that would allow for development based on its OS zoning and is not --
allocated any TDR value. The only use of the property is dedication for ROGO points,
mitigation, conservation and/or passive recreation.
Based on our research, the demand for properties for dedication for ROGO has diminished
considerably in recent years due in part to relaxed scoring criteria. A transaction for a
property purchased for multiple ROGO points to be used for dedication took place in July,
2016. The property is located on Little Knockemdown Key, an offshore island that has been
subdivided. The parcel qualified for 32 ROGO points. The sale price was $29,000 or$906
per point. The points were utilized to obtain a permit to build a home on Tom's Harbor
Key, another offshore island. A small Tier 1 lot on Big Pine Key sold in September, 2018
for$9,000. The lot would be allocated 2 ROGO points if dedicated. The sales price equates
to $4,500 per point.
The subject property would be awarded 20 points if used for dedication. Based on the
above, offshore island sell for more when purchased for passive recreation, mitigation or
preservation that it would for ROGO points.
Conclusion: Based on the analysis above, we estimate that the highest and best use of the
subject property, would be for its sale for mitigation/conservation or passive recreation.
t
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VALUATION PROCESS
There are three generally recognized approaches considered in the valuation of real
property. They include the income, sales comparison, and cost approaches. It should be
noted that the appropriateness and reliability of each approach depends on the type of
property being appraised, the age and condition of the improvements, if any, and the
availability and quality of market data available for analysis.
The income approach provides an indication of value of a property based on a conversion y
of anticipated benefits (net income). The method of conversion is called capitalization and
is either based on a single year's income (direct capitalization), or several years' income _
(discounted cash flow). The sales comparison approach provides an indication of value
based on sales of properties considered similar. Within the sales comparison approach an
income multiplier analysis has also been relied upon. The cost approach provides an
indication of the value of a property represented by the reproduction cost of the existing
improvements, less accrued depreciation, to which is added the land value. y
Based on the information available,we have estimated the highest and best use of the subject
property would be for passive recreation (camping), mitigation and/or conservation. For
valuation purposes, we have utilized the sales comparison approach, as the subject property
consists of vacant land.
The appraisal process is concluded by a review and re-examination of each of the N
approaches to value employed. Consideration is given to the type and reliability of data
used and the applicability of each approach. These factors are reconciled and a final value
estimate is made.
e �
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SALES COMPARISON APPROACH
The sales comparison approach produces an estimate of value for real estate by comparing
recent sales of similar properties in the subject's surrounding or competing area. Inherent
in this approach is the principle of substitution, which states that when a property is
replaceable in the market, its value tends to be set at the cost of acquiring an equally
desirable substitute property, assuming that no costly delay is encountered in making the
substitution.
By analyzing sales which qualify as arm's-length transactions between willing,
knowledgeable buyers and sellers, price trends can be identified from which value _
parameters may be extracted. Comparability as to physical, locational, and economic
characteristics are important criteria in evaluating the sales in relation to the subject
property. The basic steps involved in the application of this approach are as follows:
e �
1. Researching recent relevant property sales and current offerings throughout the y
competitive area.
2. A selection process to focus on properties considered most similar to the subject, and
then analyzing the selected comparable properties giving consideration to the time
of sale and any change in economic conditions which may have occurred as of the
date of valuation. Other relevant factors of a physical, functional,or locational nature
are also considered. --
3. Reducing the sales to a meaningful unit of comparison, i.e., price per unit or price
per square foot.
4. Making appropriate adjustments to the comparable properties.
5. Interpreting the data analyzed to draw a meaningful conclusion of value.
The validity of this approach is dependent upon the availability and relevancy of the data.
The sales of properties having characteristics similar as the subject have been collected and
analyzed.
Our research for comparable land sales extended from January, 2014 to the effective date
of this appraisal. The search concentrated on sales of offshore islands with no permits in
place or pre-existing improvements. Typically, land sells based on units of comparison
particular to the property type (e.g., price per square foot, price per acre, price per unit). In
this analysis, the price per island property is considered the appropriate unit of comparison.
Four offshore island sales and one current listing have been presented in this report. The
land sales under analysis occurred between March, 2014 and January, 2020. All of the sales
included in our analysis are considered to represent the best available data as of the date of
valuation. The sales reflected unadjusted prices per property $157,600 to $500,000. The
current asking price for the listing is$250,000. The sales and listing range in size from 1.42
32
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to 49.40 acres. A summary chart and location map follow. Detailed information of the
island sales is presented in the addenda.
OFFSHORE ISLAND SALES
Sale Gross Upland Sales
No. Location Sale Date Acres Acres Price Zoning Habitat
1 Tavernier Key Jan.2020 18.40 4.93 $225,000 Offshore Hammock and
Island Mangrove
0
2 Molasses Key April 2016 4.64 2.44 $157,600 Offshore Saltmarsh and
Island Mangrove
0
3 Gopher Key May 2015 2.25 0.00 $157,600 Offshore Mangrove
Island 2
4 Tom's Harbor Key Mar.2014 49.40 10.65 $500,000 Offshore Hammock, SMB
Island Beach Berm
and Mangrove >-
c�
5 Money Key Current 1.42 0.68 $250,000 Offshore Saltmarsh and
Listing Island Mangrove
Subject Tarpon Belly Keys Current 5.66 2.30 $744,000 Offshore Exotic Vegtation
Listing Island and Mangrove
0
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Offshore Island Sales
North ; Tha;i "EV rgIad'es `
Hanley Su FIMWa City'
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34
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Discussion of the Island Sales
Island Sale 1 is known as Tavernier Key. Tavernier Key is located approximately 3/4 of a
mile southeast of the southern end of Key Largo (Mile Marker 91 +/-). This property is
comprised of a single island containing approximately 18.40 acres. There is approximately
4.93 acres of hardwood hammock and 13.47 acres of mangrove habitat. This island was
purchased by the State of Florida in January, 2020 from a willing seller. The sales price
was $225,000. The property was listed for sale for sale for over five years. The extended
exposure period is considered attributable to overpricing at almost $8 million. y
This property is considered similar in location to the subject property. The site is slightly
superior in terms its habitat which includes more upland than the subject property. Overall,
it is considered superior to the subject warranting downward adjustment.
Island Sale 2 is known as Molasses Key. Molasses Key is located approximately '/2 mile
south of the Seven Mile Bridge at Mile Marker 42, more or less. This location is about 2.5 y
miles from the nearest developed key with road access. This property is comprised of three
islands containing a total of 4.64 acres. The habitat consists of mangroves and saltmarsh, a
transitional wetland which can be subject to tidal flooding. The sales price was $150,000. ,
According to the listing agent, the buyer paid the real estate commission of $7,600. If
adjusted for this condition of sale, the adjusted sales price is $157,600. The property was
listed for sale for sale for over a year. The extended exposure period is considered --
attributable to overpricing at almost $1.250 million. N
T
This property is considered inferior in terms of location being further removed from any
potential launching site. This property is also inferior in terms of its habitat which includes
less upland than the subject property, which is also comprised of transitional wetlands.
Overall, it is considered inferior to the subject warranting upward adjustment.
Island Sale 3 is known as Gopher Key. Gopher Key is located less than '/2 mile north of
Cudjoe Key. This property is comprised of a single island containing a total of 2.25 acres.
The habitat consists entirely of mangroves. The sales price was $157,600.
This property is considered similar in terms of location, but inferior in terms of its habitat E
which is comprised entirely of mangroves. Overall, it is considered inferior to the subject
warranting upward adjustment.
Island Sale 4 is known as Tom's Harbor Key. Tom's Harbor Key is located less than a '/4
mile west of Duck Key in the Middle Keys region of Monroe County. This property is
comprised of two islands containing a total of 49.40 acres. The habitat consists of hardwood
hammock, saltmarsh and mangroves. These islands had enough upland to be considered a
buildable site in terms of zoning,which requires 10.00 acres. The sales price was$500,000.
According to the listing agent, the buyer agreed to pay the seller an additional $240,000 if
35
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he could obtain a permit to construct a residence on the island. This additional consideration
took place in 2018.
This property is considered superior in terms of location less than '/4 mile from a potential
launching site. This property is also superior in terms of its habitat which included enough
upland to potentially render the property buildable. Overall, it is considered superior to the
subject warranting downward adjustment.
Island Listing 5 is known as Money Key. Money Key is located approximately '/2 mile y
south of the Seven Mile Bridge at Mile Marker 42, more or less. This location is about 2.5
miles from the nearest developed key with road access. This property is comprised of one
island containing a total of 1.42 acres. The habitat consists of mangroves and saltmarsh, a
transitional wetland which can be subject to tidal flooding. The current asking price is
$250,000. According to the listing agent, the owners have received an offer of$200,000
but turned it down. She indicated they are firm at $250,00. The property has been listed
for sale for almost two years. The extended exposure period is considered attributable
overpricing at the beginning of the marketing period at $1,000,000.
This property is considered inferior in terms of location being further removed from any ,
potential launching site. This property is also inferior in terms of its habitat which includes
less upland than the subject property. Overall, it is considered inferior to the subject
warranting upward adjustment.
N
Adjustment Factors y
Property characteristics and sale terms considered in our analysis are financing, changes in
market conditions, conditions of sale, size, location, topography, zoning and size. Each of
these items has been analyzed and compared to the subject property and are discussed in the
following paragraphs.
Financing: The sales were cash to the seller transactions, with typical terms of purchase
for the subject market and no adjustments for financing are warranted.
Terms of Sale: All of the properties were considered sold as arm's length transactions;
therefore, no adjustments are required. It should be noted, Sale 2 has been adjusted upward
because the buyer paid the real estate commission of$7,600. Listing 5 warrants downward
adjustment as listings rarely sell for the asking price.
Time/Market Conditions: The sales transpired between March, 2014 and January, 2020.
Since 2014, the Florida Keys has experienced a surge in renewed interest by investors and
developers as some development restrictions were relaxed and building permits became
easier to obtain. As a result, property values and sales activity have been on an upward
trend. Even with Hurricane Irma in 2017 and the recent pandemic, the real estate market
36
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remained stable and active. Sale 1 is considered reflective of current market conditions
having taken place in January,2020. Sales 2, 3 and 4 warrant upward adjustment for market
conditions.
Location/Access: The sales were selected based on their locations offshore. Sale 2 and
Listing 5 are located further from potential launching sites and warrant upward adjustment.
Sales 1, 3 and 4 are considered similar in location.
Size: The subject property contains approximately 5.66 acres. Typically, smaller parcels y
sell for higher per unit prices than larger parcels, all other things being equal; however,
based on an analysis of the sales, a trend in pricing based on size does not seem apparent.
Topography: The subject property is comprised mostly of exotic vegetation and
mangroves with approximately 2.30 acres of upland area. Sales 1 and 4 are considered
superior in terms of the upland area and warrant downward adjustment. Sale 2 is considered
similar and no adjustment is warranted. Sale 4 and Listing 5 warrant downward adjustment 0)
for their limited upland area.
Land Use/Zoning: The subject property is zoned Offshore Island (OS). The sales are also ,
zoned OS. No adjustment for zoning is warranted.
Conclusion W
N
The following adjustment grid is provided to illustrate the appraiser's thinking in the y
reconciliation of the data presented.
No. 1 2 3 4 5
Date 1/20 4/16 5/15 3/14 Listing
Price $225,000 $157,600 $157,600 $500,000 $250,000 ,
Market = + + + _
Conditions o
Condition of =
Sale
Location/Access = + _ _ +
Size
Topography _ _ +
Zoning
Overall _ + + - +
= Similar-warranting no overall adjustment
+ Inferior-warranting overall upward adjustment
Superior-warranting overall downward adjustment
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The sales range from $157,600 to $500,000 per island property. All of the sales are
considered good indicators of the value for the subject property. Sales 2 and 3, at the lower
end of the range represent older transactions with inferior locations and/or no upland area.
Sale 4, at the upper end of the range, represents a property with considerably more upland
and building potential.
Based on the above, we have formed the opinion that, as of October 20, 2020, the market
value of the subject property is estimated to be between $250,000 and $300,000 and
concluded at $275,000. y
RECONCILIATION AND FINAL VALUE ESTIMATE
The process of reconciliation reviews and reexamines the approaches to value which were
included in the appraisal. Our analysis of the fee simple market value of the subject property
has primarily relied on the sales comparison approach. Based on our investigation and
analysis, we have formed the opinion that the "as is"market value of the fee simple interest
in the subject property as of October 20, 2020, was as follows:
CL
TWO HUNDRED SEVENTY-FIVE THOUSAND DOLLARS
($275,000)
T
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ADDENDUM A - PHOTOGRAPHS OF THE SUBJECT PROPERTY
(Taken from MLS # 586107 With Broker's Permission)
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ADDENDUM B —ISLAND SALES
ISLAND SALE 1
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Property Type: Offshore island (Tavernier Key)
Location: Located approximately 3/4 of a mile southeast of the y
southern end of Key Largo (Mile Marker 91,
Monroe County, Florida
Folio Number: 00091720-000000 and 00091710-000000
Legal Description:
Government Lot 1,Tavernier Key of Section 35,Township 62 South,Range 38 East,Monroe a)
County,Florida.
AND
Govemment Lot 1,Tavernier Key of Section 2,Township 63 South,Range 38 East,Monroe
County,Florida.
ORB/Page: 3003/388
Grantor: Dayle Kepner and James H. Webster
Grantee: Board of Trustees of the Internal Improvement Trust
Fund of the State of Florida
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Land Area: 18.40 Acres Gross
4.93 Acres Upland (Hardwood hammock)
Access: Boat access only
Land Use: Residential Conservation; Monroe County
Zoning: Offshore Island; Monroe County
Property Data: Vegetation includes hardwood hammock and mangroves
Days on the Market: The property was listed for sale for sale for over five
years. The extended exposure period is due to
overpricing at almost $8 million.
Sales Price: $225,000 0)
Date of Sale: January, 2020
Property Rights Conveyed: Fee simple interest ,
Terms : Cash to seller
Verification: Sally Stribling, listing agent
By Kimberly Magenheimer; January, 2020 N
T
Conditions of Sale: Arm's length transaction
Present Use: Vacant
Highest and Best Use: Passive recreation (camping), mitigation and/or
conservation
Intended Use: Conservation
0
Prior Sale: None five years prior r
Comments: This property is comprised of a single island containing E
approximately 18.40 acres. There is approximately 4.93
acres of hardwood hammock and 13.47 acres of
mangrove habitat.
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ISLAND SALE 2
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Property Type: Offshore island (Molasses Key)
Location: Located approximately 1/2 mile south of the Seven Mile
Bridge at Mile Marker 42, more or less.
Folio Number: 00106200-000000
Legal Description: Tallahassee Meridian, Florida. Township 66 South,
Range 31 East, Section 21, Lots 1 and 2; Section 22, Lot
1.
ORB/Page: 2792/1118
Grantor: Rose G. Fenton, Trustee
Grantee: Frank Woll and Monic Woll
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Land Area: 4.64 Acres Gross
2.44 Acres Upland (Saltmarsh)
Access: Boat access only
Land Use: Residential Conservation; Monroe County
4
Zoning: Offshore Island; Monroe County
Property Data: Vegetation includes saltmarsh and mangroves
Days on the Market: The property was listed for sale for sale for over a year.
The extended exposure period is due to overpricing at
almost $1.250 million.
Sales Price: $150,000 0)
+ 7,600 (Brokerage commission)
Unit Price: $157,600
Date of Sale: April, 2016
Property Rights Conveyed: Fee simple interest
Terms : Cash to seller
N
Verification: Gidget Jackson, Real Estate Agent y
By Kimberly Magenheimer; January, 2020
Conditions of Sale: Arm's length transaction
Present Use: Passive recreation
Highest and Best Use: Passive recreation (camping), mitigation and/or
conservation
Intended Use: Passive recreation
Prior Sale: None three years prior
45
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r
Comments: This property is comprised of three islands containing a
total of 4.64 acres. The habitat consists of mangroves
and saltmarsh, a transitional wetland which can be
subject to tidal flooding. According to the listing agent,
the buyer paid the real estate commission of$7,600. If
adjusted for this condition of sale, the adjusted sales
price is $157,600. The property was listed for sale for
sale for over a year. The extended exposure period is
due to overpricing at almost $1.250 million. y
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ISLAND SALE 3
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Property Type: Offshore island (Gopher Key)
Location: Located less than %2 mile north of Cudjoe Key, Monroe y
County, Florida
Folio Number: 00107780-000000
Legal Description:
=ut r,u un.YU
A NIANGROVE BLAND KTIOWN AS GOPHER KEY. LYLV6 SOUTkT1YESTEFiLY 06 THE
MOST SOV!$EHLY TIp Op cUDJUE KBY, AND LOCATED LTV THE SOUTH 17 OF THE
NORTH IR OF SECTION 4,TOWNSEHP 67 SOVi 1i,lIATiGE:2S EAST,AS FOLLOWS:
C'OBIMENCB AT TyB NE CORNER OF SECTION 4, PROCEED WEST ON THE NOkTH
gEtTIOY LANE OF gCFION 4 FOR A b15TAN{I! OF 219u FEET,11iORE OR LESS,TO A
CjLrjDjOV KEY,
MLNInUNWRS"r 3 0 FL'ET TO A POINT WHICH EM M GF.OGWII CAL CENTER O
COPHEk KEY, LYING A►tA BUNG IN THE COUNTY OF MONROE, IN SAM STXT£OT <
FWRIDA. nn,a .,,A
ORB/Page: 2740/896
Grantor: Henry Schnuer
Grantee: George Grigol Chirakadze
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Land Area: 2.25 Acres Gross
0.00 Acres Upland
Access: Boat access only
Land Use: Residential Conservation; Monroe County
Zoning: Offshore Island; Monroe County
Property Data: Vegetation includes mangroves
Days on the Market: Not available
0
Sales Price: $157,600
Date of Sale: May, 2015 y
Property Rights Conveyed: Fee simple interest
Terms : Cash to seller
Verification: Public records
Conditions of Sale: Arm's length transaction
N
Present Use: Passive recreation y
Highest and Best Use: Passive recreation (camping), mitigation and/or
conservation
Intended Use: Passive recreation
Prior Sale: None three years prior
Comments: This property is comprised of a single mangrove island.
48
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ISLAND SALE 4
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Property Type: Offshore island (Tom's Harbor Key)
Location: Located less than a 1/4 mile west of Duck Key in the
Middle Keys region of Monroe County.
Folio Number: 00098970-000000
0
Legal Description:
Lots 2,3,and 4,Section 20,Township 65 South,Range 34 East,known and described in Monroe County
Records as"Tom's Harbor Key". E
Also:Lot 1 of Section 29,Township 65 South,Range 34 East,known and described in Monroe County
Records as"Tom's Harbor Key",all of said land situate,lying and being in the County of Mouroc and State
of Florida.
ORB/Page: 2677/1647 and 2677/1645
Grantor: Henry Schnuer
Grantee: George Grigol Chirakadze
49
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Packet Pg. 3023
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Land Area: 49.40 Acres Gross
10.65 Acres Upland
F
Access: Boat access only
Land Use: Residential Conservation; Monroe County
Zoning: Offshore Island; Monroe County
Property Data: Vegetation includes hardwood hammock, saltmarsh,
beach berm and mangroves
Days on the Market: Not available
Sales Price: $500,000
Date of Sale: March, 2014
Property Rights Conveyed: Fee simple interest
Terms : Cash to seller
Verification: Ellen Gvili, listing agent; km 10.20
Conditions of Sale: Arm's length transaction
T
Present Use: Passive recreation
Highest and Best Use: Passive recreation (camping), mitigation and/or y
conservation
Intended Use: Single family home
Prior Sale: None three years prior
Comments: This property is comprised of two islands containing a
total of 49.40 acres. These islands had enough upland to
be considered building in terms of zoning, which
requires 10.00 acres. The sales price was $500,000.
According to the listing agent, the buyer agreed to pay
the seller an additional $240,000 if he could obtain a
permit to construct a residence on the island. This took
place in 2018.
50
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ISLAND LISTING 5
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Property Type: Offshore island (Money Key) y
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Location: Located approximately '/2 mile south of the Seven Mile
Bridge at Mile Marker 42, more or less, Monroe
County.
Folio Number: 00106180-000000
0
Legal Description: All of Government Lot 1, in Section 20, Township 66
South, Range 31 East, lying and being in Monroe
County, Florida.
JCurrent Owner: Lance B. Kyle and Scott J. Kyle
Land Area: 1.42 Acres Gross
0.68 Acres Upland
Access: Boat access only
Land Use: Residential Conservation; Monroe County
51
Packet Pg. 3025
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Zoning: Offshore Island; Monroe County
Property Data: Vegetation includes saltmarsh, beach berm and
mangroves
Days on the Market: 18 to 20 months
Asking Price: $250,000
Property Rights Conveyed: Fee simple interest
Terms : Cash to seller
Verification: Gidget Jackson; listing agent; km 10.20
0
Prior Sale: None three years prior
Comments: This property is comprised of a single island.
N
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ADDENDUM C - QUALIFICATIONS OF THE APPRAISER
EDUCATION:
Bachelor's Degree, The University of the South, Sewanee, Tennessee, 1986
EXPERIENCE:
Over thirty years in the field of real estate, involved in various forms of consultation,
appraisal, economic research and market analysis.
June, 1997 to Present, Principal, Slack, Johnston& Magenheimer, Inc.
August, 1991 to May, 1997, Senior Appraiser, Slack& Johnston, Inc.
February, 1987 to July, 1991, Staff Appraiser, Dixon& Friedman, Inc.
GENERAL APPRAISAL EXPERIENCE:
Appraisals - Vacant land, environmentally sensitive land, aviation facilities, industrial
facilities, shopping centers, office buildings, apartment buildings, residential developments
and single-family residences.
Consulting - Economic research, market analysis, feasibility analysis and ad valorem real
estate tax assessment appeals pertaining to industrial,commercial and residential properties.
Litigation Support — Appraisals and consulting, including expert testimony, concerning
various property types.
T)
AFFILIATIONS:
Licensed Florida Real Estate Broker
Florida State-Certified General Real Estate Appraiser, Certification No. RZ 1073
Appraisal Institute Member, MAI, Certificate Number 10133, Continuing Education
Completed
2002 President of the South Florida Chapter of the Appraisal Institute
Member of the Miami Board of Realtors
Member of the Florida Keys Board of Realtors
Corporate Member of Florida Airport Council (FAC)
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a Packet Pg. 3027