PSO-MJ-MSA-2024-02 09/06/2024 MASTER AGREEMENT FOR PROFESSIONAL SERVICES
TASK ORDER FORM
Effective Date U on Execution Task Order No. PSO-MI-NISA-2 024-02 404-63001-530310-SC_00038 Wor
Client Project No. 4Q3-635Q1-53031Q-5C 00038 Engineer Project No. 18967.11
This Task Order is entered into on the effective date noted above pursuant to the "Master Agreement for
Professional Services" between Monroe County, Florida ("Client") and McFarland Johnson Inc.
("Consultant"),dated April 21, 2021 ("Agreement"). The Agreement is incorporated herein and forms an
integral part of this Task Order.
Services Authorized:
Client authorizes Consultant to perform: Airport property valuation services to include the following:
• Project Management and Meetings: $4,500.00
• Appraisal Valuation for EYW CBP Facility: $10,000.00
• Fair Market Rent Valuation for MTH Public Works and Animal Control Facilities: $6,000.00
• Fair Market Rent Valuation for MTH Little Venice Treatment Facility: $3,000.00
Pricing
N/A Time and Expense per Agreement and Exhibit B to the Agreement.
X _ Firm Lump Sum Price of$23,500
N/A Other(Describe):
Schedule
Services may commence on upon execution.
Witness: Consultant:
Name: John
nn rrppr Digitally signed by John Mafera
��'� O Name; ohn Mafera Date 2024.09.0311:33:47-04'00
Date: 09.03.2024 Date:
Accept By: Approved By:
Q, ,.
irectdr of Airports Asst./County Administrator
Date: 09.04.2024 Date: 09/06/2024
ON 100U NEY
^ r0r ,
ASSISTANT UNTYATTORNEY
Date
SLACK.
JOHNSTON
AGED HEIME
REAL ESTATE APPRAISERS&CONSULTANTS
ANDREW H.MAGENHEIMER,MAI THEODORE W.SLACK,MAI
CERT.GFN.RZI073 (1902-1992)
THEODORE C.SLACK,MAI
(1931-2015)
SUE BARRETT SLACK,MAI
(RETIRED)
July 22, 2024
Mr. John Mafera
McFarland Johnson, Inc.
49 Court Street, Suite 240
Binghamton,New York 13902
RE: Valuation Service Request — Market Value Estimate for the US Customs and Border Patrol
Building Improvements at the Key West International Airport (EYW), Key West, Monroe County,
Florida
Dear Mr. Mafera:
It was a pleasure speaking with you concerning your cleint's need for an appraisal regarding the above
referenced property. It is our understanding the intended use of the appraisal is to assist McFarland
Johnson, Inc. (MJI) and their client, the Key West International Airport (EYW), in permitting
proposed renovations to the EYW US Customs and Border Patrol (CBP). The client will be
McFarland Johnson, Inc. (MJI) and the appraisals will be addressed to Richard Strickland, Airport
Director,Key West International Airport. The intended users will be MJI,EYW and Monroe County.
This will serve as our engagement contract for an appraisal regarding the real property referenced
above.
Slack, Johnston & Magenheimer, Inc. has been involved in real estate appraising and consulting for
over 60 years in Florida. Our firm provides a wide range of valuation services concerning all forms
of commercial, industrial and residential real estate, as well as aviation and related uses. We have an
on-going consulting contract with the Miami-Dade County Aviation Department related to estimating
fair annual rental rates at their three general aviation airports. Overall, we have completed valuation
assignments at over 60 airports. Please refer to the attached airport list. In addition, we have
previously prepared similar assignments at other airports in Florida. Based on our experience,we feel
qualified to assist MJI and EYW with their appraisal and consulting needs.
Based on the information provided,the subject property consists of the CBP facility at EYW. Based
on the scope of the assignment, the appraisal will estimate the market value (i.e., depreciated
improvement value) of the CBP facility as of a current date of value. As part of the assignment, we
will retain GC Consulting and Construction(GCC&C)to prepare a replacement cost new estimate of
the building to assist in the valuation of the property. GCC&C is a consulting firm that is headed by
a building contractor who has built numerous commercial facilities and we have worked with them
on similar assignments in the past.
SLACK,JOHNSTON&MAGENHEIMER,INC.
7245 SW 87 AVENUE,SUITE 300,MIAMI,FLORIDA 33173
TELEPHONE(305)670-21 11 -EMAIL:INFO@SJMIAMI.COM •WEBSITE:SJMIAMI.COM
Mr. John Mafera
July 22, 2024
Page Two
It should be clearly understood the scope of the appraisals will be limited to a current market value
(i.e., depreciated cost estimate) of the building improvements only and will not include estimates of
value for the overall property, land, site improvements, fixtures or equipment. Our analysis will be
prepared in compliance with the Uniform Standards of Professional Appraisal Practice(USPAP). The
analysis will be completed subject to the attached standard assumptions and limiting conditions. If,
in the process of preparation of the analysis, additional assumptions and limiting conditions are
required, we will notify you accordingly.
We are available to prepare an appraisal report for the CBP facility, limited in scope to the services
outlined herein,for a fee of$10,000,including all costs associated with GCC&C ($5,000). The above
fee includes two original copies of the report and a PDF version of the report. The report will be
furnished within five weeks of receipt of a notice to proceed and required property information. The
fee will be due upon completion and delivery of the report. To complete the appraisals, we will visit
the property and review"as built"plans for the OT and TA.
In addition to the fee, if attendance at county or aviation department meetings is required after
completion of the task or if Monroe County should become involved in litigation in which this
assignment is in issue and we are required to spend time in hearings, depositions, trial,traveling, etc.,
we will require a separate agreement for compensation for time involved in those proceedings on an
hourly basis. This contingency rarely occurs, and we do not anticipate it will not with reference to
this assignment.
It is agreed the intended use of the appraisal is not for obtaining a mortgage from a federally regulated
lending institution. The fee will be due upon completion and delivery of the report. It is understood
MJI will pay SJM in a commercially reasonable time once they have been paid by Monroe County
for the task. Thank you for considering Slack, Johnston & Magenheimer for your valuation needs in
Florida. We appreciate the opportunity to be of service and look forward to working with you.
Sincerely,
4404c-
Andrew H. Magenheimer,MAI
CERT GEN.RZ1073
\Q\EYW,CBP
L%7Cff
JOHNSTON
Standard Informatin Request, If Available
1. Copy of the survey with legal description.
2. Copy of the site plan.
3. Copy of the "as built" plans.
4. Contact name and phone number to schedule a property visit.
5. Copies of any inspection reports (environmental, structural, etc.).
Slack Johnston& Ma genheimer Inc... Air port l x erietice
Commercial Service AIM ort,s General Aviation Airports
Miami International(MIA) Jacksonville Executive(CRG)
Ft.Lauderdale-Hollywood International(FLL) Herlong Recreational(HEG)
Palm Beach International(PBI) Cecil(VQQ)
Orlando International(MCO) Lake City(LCQ)
Orlando Sanford International Airport(SFB) Ocala International(OCF)
Tampa International(TPA) Inverness(INV)
Jacksonville International(JAX) Crystal River(CGC)
Sarasota-Bradenton International(SRQ) Orlando Executive(ORL)
Punta Gorda(PGD) Brooksville/Tampa Bay Regional(BKV)
Tallahassee International(TLH) Clearwater Airpark(CLW)
Pensacola International(PNS) Zephyrhills(ZPH)
Memphis International(MEM) Tampa Executive(VDB)
Key West International(EYW) Plant City(PCM)
Aspen-Pitkin County(ASE) Peter O.Knight(TPF)
Sebring(SEB)
General Aviation Airports Venice Municipal(VNC)
Miami Executive(TMB) Florida Keys Marathon(MTH)
Miami Opa Locka Executive(OPF) Naples(APF)
Miami Homestead General Aviation(X51) Leesburg(LEE)
Dade-Collier Training and Transition(TNT) Bob Sikes(CEW)
Opa Locka West(formerly X46) Destin Executive(DTS)
North Perry(HWO) Peter Prince(2R4)
Ft. Lauderdale Executive(FXE) Page Field(FMY)
Pompano Beach Airpark(PMP) New Smyrna Beach(EVB)
Boca Raton(BCT) Fernandina Beach Municipal(FHB)
Lantana(LNA) Northeast Florida Regional(SGJ)
Pahokee(PHK) Ormond Beach Municipal(OMN)
Palm Beach North County(F45) Witham Field(SUA)
Merritt Island(COI) Marco Island Executive(MKY)
Space Coast Regional(TIX) Immokalee Regional(IMM)
Arthur Dunn(X21) Everglades Airpark(XO1)
Treasure Coast International(FPR)
SLACK
JOHNSTON
MAGENH TIMER
ASSUMPTIONS AND LIMITING CONDITIONS
The assignment 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 a[]existing liens and encumbrances,including deed restrictions and
developers agreements,have not been investigated unless otherwise stated. The property is appraised as though free and clear.
3. Responsible ownership and competent property management are assumed.
4. The information furnished by others has been gathered from sources deemed to be reliable,however,no warranty is given for
its accuracy.
5. All engineering and surveying is assumed to be correct. Any sketches,plats„or drawings included in this report are included
to assist the reader in visualizing the property. We have made no survey of the property, and assume no responsibility in connection
with such matters.
6. It is assumed that.there are.no'hidden or inapparent conditions of"the property.,subsoil,or
structures that render it more or less
valuable. No responsibility is assumed for unusual soil conditions and no opinion as to these matters is to be inferred or construed frorn.
tite attached report other than those specifically stated in tite report. Unless stated otherwise,the wail 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 Ofoceupancy,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.
II. Any proposed or partially completed improvements included in this report are assumed to be completed in accordance with
approved plans and specifications and in a workmanlike manner.
12. Our estimates Of future values were formulated'based upon market conditions as of the date of appraisal,considerate of future
projections concerning supply and demand. The appraiser has no responsibility for significant events that alter market conditions
subsequent to the effective date or dates of appraisal.
13. This study is to be used in whole and not in part. No part of it shall be used in conjunction with any other appraisal. Publication
of this report or any portion thereof without the written consent of the appraiser is not permitted.
14. The appraiser,by reason of this report,is not required to give further consultation,testimony,or be in attendance in court with
reference to the property in question unless arrangements have been previously made.
15. Neither all, nor any part of the contents of this report(especially any conclusions as to value,tire 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 tfae appraiser. The use of this report in any public offering or syndication
document is specifically prohibited.
16. Unless otherwise stated in this report, the existence of hazardous substances, including without limitation asbestos,
polychlorinated biphetryls, petroleum leakage, or agricultural chemicals, which may or may not be present on the property, or other
environmental conditions„ were not called to the atterition of, nor did the appraiser become aware of such during the appraiser's
inspection. The appraiser has no knowledge of the existence of such materials on or in the property unless otherwise stated. The
appraiser, however, is not qualified to test such substances or conditions. If the presence of such substances, such as asbestos„ urea
formaldehyde foam insulation, or other hazardous substances or environmental conditions, may affect the value of the property, the
value estimated is predicated on the assumption that there is no such condition on or in the property or in such proximity thereto that it
would cause a loss in value. No responsibility is assumed for any such conditions, nor for any expertise or engineering knowledge
required to discover them. It is recommended that the client retain an expert in this field,if needed.
17. Disclosure of the contents of this report by the appraiser is controlled by the Appraisal Institute of which one or more signatures
of this report is an MAI member and by the Florida Department of Professional Regulation, Division of Appraisal State Certification.
The analysis and value conclusions, as well as non-public information about the subject property,are confidential matters and cannot
be divulged to any persons other than the party for whom the report is prepared. 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.
18. Acceptance or use of this report constitutes acceptance of the preceding conditions.
L.AGIS
JOHNSTON
MAGENHEIMER
SLACK
JOHNSTON
MAGENHEIMER
HEAL.ESTATE APPRAISERS&CONSULTANTS
ANDREw H.MAGENHEIMER,MAI THEODORE W.SLACK,MAI
CERY.GEN.RZ 1073 (1902.1992)
THEODORE C.SLACK,MAI
(1931•2015)
SUE BARRETT SLACK,MAI
(RETIRED)
July 22, 2024
Mr. John Mafera
McFarland Johnson, Inc.
49 Court Street, Suite 240
Binghamton, New York 13902
RE: Valuation Service Request— Fair Market Rent for the Public Works(Fleet and Facilities)and Animal
Control sites, Aviation Boulevard, Florida Keys Marathon International Airport (MTH), Marathon,
Monroe County, Florida
Dear Mr. Mafera:
We are in receipt of your request for an appraisal of the annual fair market rent for the above referenced
property. It is our understanding that the intended use of the analysis is to assist McFarland, Inc. (MJI)and
their client,the Florida Keys Marathon International Airport(MTH), in establishing annual fair market rent
for the of the sites. The client will be McFarland Johnson,Inc. (MJI)and the appraisals will be addressed
to Richard Strickland,Airport Director,Key West International Airport.The intended users will be MJI,
MTH and Monroe County.
Slack, Johnston& Magenheimer, Inc. (SJM) has been involved in real estate appraising and consulting for
over 60 years in Florida. Our firm provides a wide range of valuation services concerning all forms of
commercial, industrial and residential real estate, as well as aviation and related uses. We have an on-going
consulting contract with the Miami-Dade County Aviation Department related to estimating fair annual
rental rates at their three general aviation airports. Overall, we have completed valuation assignments at
over 60 airports. Please refer to the attached airport list. Based on our experience,we feel qualified to assist
MJI and MTH with their appraisal and consulting needs.
It is our understanding the scope of the appraisal is limited to an estimate of annual fair market rent of the
sites based on the assumption the sites are vacant and available for development of a non-aviation
industrial/commercial type use. It is further our understanding the existing improvements are owned by the
tenants and should be excluded from the valuation.
The assignment will focus on fair market annual land rent per square foot for the sites. We will research
similar available land rentals and sales in the area for purposes of comparison. If there are insufficient
comparable land rentals, we will estimate the annual market rent using the direct capitalization approach of
the estimate fee simple land value. Our analysis will be prepared in compliance with the Uniform Standards
of Professional Appraisal Practice(USPAP). The analysis will be completed subject to the attached standard
assumptions and limiting conditions. If, in the process of preparation of the analysis the scope, assumptions
and/or limiting conditions need to be revised, we will notify you accordingly.
SLACK,JOHNSTON&MAGENHEIMER,INC.
7245 SW 87 AVENUE,SUITE 300, MIAMI,FLORIDA 33173
TELEPHONE(305)670-21 1 1 •EMAIL:INFO@SJMIAMI.COM •WEBSITE:SJMIAMI.COM
Mr. John Mafera
July 22, 2024
Page Two
We are available to prepare an appraisal report, based on the scope as described above, for a fee of$6,000.
The above fee estimate includes time for meetings during the preparation of the assignment, including one
meeting to visit the properties prior to the completion of the assignment. The deliverables will include two
original copies and one .pdf copy of the report. The report can be furnished within four weeks of issuance
of the notice to proceed and receipt of the required property information referenced on the list attached
hereto. In order to start the process, we require a notice to proceed referencing the scope of services
outlined herein and the required property information. Delays in receipt of the required property
information will delay completion of the report.
In addition to the fee, if attendance at county or aviation department meetings is required after completion
of the task or if Monroe County should become involved in litigation in which this assignment is in issue,
and we are required to spend time in hearings, depositions, trial, traveling, etc., we will require a separate
agreement for compensation for time involved in those proceedings on an hourly basis. This contingency
rarely occurs, and we trust that it will not with reference to this assignment.
It is agreed the intended use of the appraisal is not for obtaining a mortgage from a federally regulated
lending institution. The fee will be due upon completion and delivery of the report. It is understood MR
will pay SJM in a commercially reasonably time once they have been paid by Monroe County for the task.
Thank you for considering Slack, Johnston & Magenheimer for your valuation needs in Florida. We
appreciate the opportunity to be of service and look forward to working with you.
Sincerely,
SLACK, JOHNSTON & MAGENHEIMER, INC.
Andrew H. Magenheimer, MAI
CERT GEN.RZ1073
SLA CR
JOHNSTON
MAGENHEIMENS',
Re uired Pro er r Information if available
I. Copy of rent roll
2. Copy of all leases
3. Property survey
4. Building plans
5. Copy of the airport master plan
6. Copy of airport layout plan
7. Identification of the County Property Appraiser's parcel number(s)for all facilities
8. Contact name,telephone number and email address to schedule the property visit
Slack Johnston & Ma n eimer Inc,- Airport Experience
Commercial Service Airports General Aviation Airports
Miami International(MIA) Jacksonville Executive(CRG)
Ft.Lauderdale-Hollywood International(FLL) Herlong Recreational(HEG)
Palm Beach International(PBI) Cecil(VQQ)
Orlando International(MCO) Lake City(LCQ)
Orlando Sanford International Airport(SFB) Ocala International(OCF)
Tampa International(TPA) Inverness(INV)
Jacksonville International(JAX) Crystal River(CGC)
Sarasota-Bradenton International(SRQ) Orlando Executive(ORL)
Punta Gorda(PGD) Brooksville/Tampa Bay Regional(BKV)
Tallahassee International(TLH) Clearwater Airpark(CLW)
Pensacola International(PNS) Zephyrhills(ZPH)
Memphis International(MEM) Tampa Executive(VDB)
Key West International(EYW) Plant City(PCM)
Aspen-Pitkin County(ASE) Peter O.Knight(TPF)
Sebring(SEB)
General Aviation Airport Venice Municipal(VNC)
Miami Executive(TMB) Florida Keys Marathon(MTH)
Miami Opa Locka Executive(OPF) Naples(APF)
Miami Homestead General Aviation(X51) Leesburg(LEE)
Dade-Collier Training and Transition(TNT) Bob Sikes(CEW)
Opa Locka West(formerly X46) Destin Executive(DTS)
North Perry(HWO) Peter Prince(2R4)
Ft.Lauderdale Executive(FXE) Page Field(FMY)
Pompano Beach Airpark(PMP) New Smyrna Beach(EVB)
Boca Raton(BCT) Fernandina Beach Municipal(FHB)
Lantana(LNA) Northeast Florida Regional(SGJ)
Pahokee(PHK) Ormond Beach Municipal(OMN)
Palm Beach North County(F45) Witham Field(SUA)
Merritt Island(COI) Marco Island Executive(MKY)
Space Coast Regional(TIX) Immokalee Regional(IMM)
Arthur Dunn(X21) Everglades Airpark(XO1)
Treasure Coast International(FPR)
JOHNSTON
tw+ll
ASSUMPTIONS AND LIMITING CONDITIONS
The assignment is subject to the following assumptions and limiting conditions:
1. No responsibility is assumed for the legal description or for matters including legal or title considerations. Title to the property
is assumed to be good and marketable unless otherwise stated.
2. No legal opinion related to a title search was provided and all existing liens and encumbrances,including deed restrictions and
developers agreements,have not been investigated unless otherwise stated. The property is appraised as though free and clear.
3. Responsible ownership and competent property management are assumed.
4. The information furnished by others has been gathered from sources deemed to be reliable,however,no warranty is given for
its accuracy.
5. All engineering and surveying is assumed to be correct. Any sketches,plats,or drawings included in this report are included
to assist the reader in visualizing the property. We have made no survey of the property, and assume no responsibility in connection
with such matters.
6. It is assumed that there are no hidden or inapparent conditions of the property,subsoil,or structures that render it more or less
valuable. No responsibility is assumed for unusual soil conditions and no opinion as to these matters is to be inferred or construed from
the attached report other than those specifically stated in the report. Unless stated otherwise,the soil conditions of the subject property
are assumed to be adequate to support development utilizing conventional construction techniques. We recommend the client obtain an
opinion from a competent engineering firm.
7. It is assumed that there is full compliance with all applicable federal,state,and local environmental regulations and laws unless
noncompliance is stated,defined,and considered in the appraisal report.
8. It is assumed that all applicable zoning and use regulations and restrictions have been complied with,unless a nonconformity
has been stated,defined,and considered in the appraisal report.
9. It is assumed that all required licenses,certificates of occupancy,consents,or other legislative or administrative authority from
any local,state,or national government or private entity or organization have been or can be obtained or renewed for any use on which
the value estimate contained in this report is based.
10. It is assumed that the utilization of the land and improvements is within the boundaries or property lines of the property
described and that there is no encroachment or trespass unless noted in the report.
11. Any proposed or partially completed improvements included in this report are assumed to be completed in accordance with
approved plans and specifications and in a workmanlike manner.
12. Our estimates of future values were formulated based upon market conditions as of the date of appraisal,considerate of future
projections concerning supply and demand. The appraiser has no responsibility for significant events that alter market conditions
subsequent to the effective date or dates of appraisal.
13. This study is to be used in whole and not in part. No part of it shall be used in conjunction with any other appraisal. Publication
of this report or any portion thereof without the written consent of the appraiser is not permitted.
14. The appraiser,by reason of this report,is not required to give further consultation„testimony,or be in attendance in court with
reference to the property in question unless arrangements have been previously made.
15. Neither all,nor any part of the contents of this report(especially any conclusions as to value,the identity of the appraiser, or
the firm with which the appraiser is connected),shall be disseminated to the public through advertising,public relations,news,sales,or
other media without the written consent and approval of the appraiser. The use of this report in any public offering or syndication
document is specifically prohibited.
16. Unless otherwise stated in this report, the existence of hazardous substances, including without limitation asbestos,
polychlorinated biphenyls, petroleum leakage, or agricultural chemicals, which may or may not be present on the property, or other
environmental conditions, were not called to the attention of, nor did the appraiser become aware of such during the appraiser's
inspection. The appraiser has no knowledge of the existence of such materials on or in the property unless otherwise stated. The
appraiser, however, is not qualified to test such substances or conditions. If the presence of such substances, such as asbestos, urea
formaldehyde foam insulation, or other hazardous substances or environmental conditions, may affect the value of the property, the
value estimated is predicated on the assumption that there is no such condition on or in the property or in such proximity thereto that it
would cause a loss in value. No responsibility is assumed for any such conditions, nor for any expertise or engineering knowledge
required to discover them. It is recommended that the client retain an expert in this field,if needed.
17. Disclosure of the contents of this report by the appraiser is controlled by the Appraisal Institute of which one or more signatures
of this report is an MAI member and by the Florida Department of Professional Regulation, Division of Appraisal State Certification.
The analysis and value conclusions,as well as non-public information about the subject property, are confidential matters and cannot
be divulged to any persons other than the party for whom the report is prepared. 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.
18. Acceptance or use of this report constitutes acceptance of the preceding conditions.
SLACK
JOHNSTON
MACENHEihAEI
SLACK
JOHNSTON
MAGENHEIMER.
REAL ESTATE APPRAISERS&CONSULTANTS
ANDREw H.MAGENHEIMER,MAI THEODORE W.SLACK,MAI
CERT.GEN.RZ 1073 (1902-1992)
THEODORE C.SLACK,MAI
(1931-2015)
SUE BARRETT SLACK,MAI
(RETIRED)
July 22, 2024
Mr. John Mafera
McFarland Johnson, Inc.
49 Court Street, Suite 240
Binghamton,New York 13902
RE: Valuation Service Request— Fair Market Rent for the Little Venice treatment facility site, Overseas
Highway, Florida Keys Marathon International Airport(MTH), Marathon, Monroe County, Florida
Dear Mr. Mafera:
We are in receipt of your request for an appraisal of the annual fair market rent for the above referenced
property on behalf of Monroe County. It is our understanding that the intended use of the analysis is to
assist McFarland Johnson, Inc. (MJI) and their client, the Florida Keys Marathon International Airport
(MTH), in establishing annual fair market rent for the of the sites. The client will be McFarland Johnson,
Inc. (MJI) and the appraisals will be addressed to Richard Strickland, Airport Director, Key West
International Airport. The intended users will be MJI, MTH and Monroe County
Slack, Johnston & Magenheimer, Inc. (SJM)has been involved in real estate appraising and consulting for
over 60 years in Florida. Our firm provides a wide range of valuation services concerning all forms of
commercial, industrial and residential real estate, as well as aviation and related uses. We have an on-going
consulting contract with the Miami-Dade County Aviation Department related to estimating fair annual
rental rates at their three general aviation airports. Overall, we have completed valuation assignments at
over 50 airports. Please refer to the attached airport list. Based on our experience,we feel qualified to assist
MJI and MTH with their appraisal and consulting needs.
It is our understanding the scope of the appraisal is limited to an estimate of annual fair market rent of the
site based on the assumption the site is vacant and available for development of a non-aviation
industrial/commercial type use. It is further our understanding the existing improvements are owned by the
tenant and should be excluded from the valuation.
The assignment will focus on fair market annual land rent per square foot for the site. We will research
similar available land rentals and sales in the area for purposes of comparison. If there are insufficient
comparable land rentals, we will estimate the annual market rent using the direct capitalization approach of
the estimate fee simple land value. Our analysis will be prepared in compliance with the Uniform Standards
of Professional Appraisal Practice(USPAP). The analysis will be completed subject to the attached standard
assumptions and limiting conditions. If, in the process of preparation of the analysis the scope, assumptions
and/or limiting conditions need to be revised, we will notify you accordingly.
SLACK,JOHNSTON&MAGENHEIMER,INC.
7245 SW 87 AVENUE,SUITE 300,MIAMI,FLORIDA 33173
TELEPHONE(305)670-21 1 1 •EMAIL:INFO@SJMIAMI.COM •WEBSITE:SJMIAMI.CoM
Mr. John Mafera
July 22, 2024
Page Two
We are available to prepare an appraisal report, based on the scope as described above, for a fee of$3,000.
The above fee estimate includes time for meetings during the preparation of the assignment, including one
meeting to visit the property prior to the completion of the assignment. The deliverables will include two
original copies and one .pdfcopy of the report. The report can be furnished within fbLir weeks of issuance
of the notice to proceed and receipt of the required property information referenced on the list attached
hereto. In order to start the process, we require a notice to proceed referencing the scope of services
outlined herein and the required property information. Delays in receipt of the required property
information will delay completion of the report.
In addition to the fee, if attendance at county or aviation department meetings is required after completion
of the task or if Monroe County should become involved in litigation in which this assignment is in issue,
and we are required to spend time in hearings, depositions, trial, traveling, etc., we will require a separate
agreement for compensation for time involved in those proceedings on an hourly basis. This contingency
rarely occurs, and we trust that it will not with reference to this assignment.
It is agreed the intended use of the appraisal is not for obtaining a mortgage from a federally regulated
lending institution. The fee will be due upon completion and delivery of the report. It is understood MJI
will pay SJM in a commercially reasonably time once they have been paid by Monroe County for the task.
Thank you for considering Slack, Johnston & Magenheimer for your valuation needs in Florida. We
appreciate the opportunity to be of service and look forward to working with you.
Sincerely,
SLACK, JOHNSTON & MAGENHEIMER, INC.
4OW/4-
Andrew H. Magenheimer, MAI
CERT GEN.RZ1073
Lk
JOHNSTON
STON
Re aired Proper Information ifavailable
1. Copy of rent roll
2. Copy of all leases
3. Property survey
4. Building plans
5. Copy of the airport master plan
6. Copy of airport layout plan
7. Identification of the County Property Appraiser's parcel number(s)for all facilities
8. Contact name,telephone number and email address to schedule the property visit
Slack,Johnston & Ma enheirner Inc. - Airport Experience
Commercial Service Airport General Aviation Airports
Miami International(MIA) Jacksonville Executive(CRG)
Ft. Lauderdale-Hollywood International(FLL) Herlong Recreational(HEG)
Palm Beach International(PBI) Cecil(VQQ)
Orlando International(MCO) Lake City(LCQ)
Orlando Sanford International Airport(SFB) Ocala International(OCF)
Tampa International(TPA) Inverness(INV)
Jacksonville International(JAX) Crystal River(CGC)
Sarasota-Bradenton International(SRQ) Orlando Executive(ORL)
Punta Gorda(PGD) Brooksville/Tampa Bay Regional(BKV)
Tallahassee International(TLH) Clearwater Airpark(CLW)
Pensacola International(PNS) Zephyrhills(ZPH)
Memphis International(MEM) Tampa Executive(VDB)
Key West International(EYW) Plant City(PCM)
Aspen-Pitkin County(ASE) Peter O.Knight(TPF)
Sebring(SEB)
General Aviation Airports Venice Municipal(VNC)
Miami Executive(TMB) Florida Keys Marathon(MTH)
Miami Opa Locka Executive(OPF) Naples(APF)
Miami Homestead General Aviation(X51) Leesburg(LEE)
Dade-Collier Training and Transition(TNT) Bob Sikes(CEW)
Opa Locka West(formerly X46) Destin Executive(DTS)
North Perry(HWO) Peter Prince(2R4)
Ft.Lauderdale Executive(FXE) Page Field(FMY)
Pompano Beach Airpark(PMP) New Smyrna Beach(EVB)
Boca Raton(BCT) Fernandina Beach Municipal(FHB)
Lantana(LNA) Northeast Florida Regional(SGJ)
Pahokee(PHK) Ormond Beach Municipal(OMN)
Palm Beach North County(F45) Witham Field(SUA)
Merritt Island(COI) Marco Island Executive(MKY)
Space Coast Regional(TIX) Immokalee Regional(IMM)
Arthur Dunn(X21) Everglades Airpark(X01)
Treasure Coast International(FPR)
LA 1C
JOHNSTON
N
ASSUMPTIONS AND LIMITING CONDITIONS
The assignment is subject to the following assumptions and limiting conditions:
I. No responsibility is assumed for the legal description or for matters including legal or title considerations. Title to the property
is assumed to be good and marketable unless otherwise stated.
2. No legal opinion related to a title search was provided and all existing liens and encumbrances,including deed restrictions and
developers agreements,have not been investigated unless otherwise stated. The property is appraised as though free and clear.
3. Responsible ownership and competent property management are assumed.
4. The information furnished by others has been gathered from sources deemed to be reliable,however,no warranty is given for
its accuracy.
5. All engineering and surveying is assumed to be correct. Any sketches,plats,or drawings included in this report are included
to assist the reader in visualizing the property. We have made no survey of the property, and assume no responsibility in connection
with such matters.
6. It is assumed that there are no hidden or inapparent conditions of the property,subsoil,or structures that render it more or less
valuable. No responsibility is assumed for unusual soil conditions and no opinion as to these matters is to be inferred or construed from
the attached report other than those specifically stated in the report. Unless stated otherwise,the soil conditions of the subject property
are assumed to be adequate to support development utilizing conventional construction techniques. We recommend the client obtain an
opinion from a competent engineering firm.
7. It is assumed that there is full compliance with all applicable federal,state,and local environmental regulations and laws unless
noncompliance is stated,defined,and considered in the appraisal report.
8. It is assumed that all applicable zoning and use regulations and restrictions have been complied with,unless a nonconformity
has been stated,defined,and considered in the appraisal report.
9. It is assumed that all required licenses,certificates of occupancy,consents,or other legislative or administrative authority from
any local,state,or national government or private entity or organization have been or can be obtained or renewed for any use on which
the value estimate contained in this report is based.
10. It is assumed that the utilization of the land and improvements is within the boundaries or property lines of the property
described and that there is no encroachment or trespass unless noted in the report.
11. Any proposed or partially completed improvements included in this report are assumed to be completed in accordance with
approved plans and specifications and in a workmanlike manner.
12. Our estimates of future values were formulated based upon market conditions as of the date of appraisal,considerate of future
projections concerning supply and demand. The appraiser has no responsibility for significant events that alter market conditions
subsequent to the effective date or dates of appraisal.
13. This study is to be used in whole and not in part. No part of it shall be used in conjunction with any other appraisal. Publication
of this report or any portion thereof without the written consent of the appraiser is not permitted.
14. The appraiser,by reason of this report,is not required to give further consultation,testimony,or be in attendance in court with
reference to the property in question unless arrangements have been previously made.
15. Neither all,nor any part of the contents of this report(especially any conclusions as to value,the identity of the appraiser, or
the firm with which the appraiser is connected),shall be disseminated to the public through advertising,public relations,news,sales,or
other media without the written consent and approval of the appraiser. The use of this report in any public offering or syndication
document is specifically prohibited.
16. Unless otherwise stated in this report, the existence of hazardous substances, including without limitation asbestos,
polychlorinated biphenyls, petroleum leakage, or agricultural chemicals, which may or may not be present on the property, or other
environmental conditions, were not called to the attention of, nor did the appraiser become aware of such during the appraiser's
inspection. The appraiser has no knowledge of the existence of such materials on or in the property unless otherwise stated. The
appraiser, however, is not qualified to test such substances or conditions. If the presence of such substances, such as asbestos, urea
formaldehyde foam insulation, or other hazardous substances or environmental conditions, may affect the value of the property, the
value estimated is predicated on the assumption that there is no such condition on or in the property or in such proximity thereto that it
would cause a loss in value. No responsibility is assumed for any such conditions, nor for any expertise or engineering knowledge
required to discover them. It is recommended that the client retain an expert in this field,if needed.
17. Disclosure of the contents of this report by the appraiser is controlled by the Appraisal Institute of which one or more signatures
of this report is an MAI member and by the Florida Department of Professional Regulation, Division of Appraisal State Certification.
The analysis and value conclusions,as well as non-public information about the subject property,are confidential matters and cannot
be divulged to any persons other than the party for whom the report isfprepared. 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.
18. Acceptance or use of this report constitutes acceptance of the preceding conditions.
SLACK