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Item G1 Revised 2/95 BOARD OF COUNTY COMMISSIONERS AGENDA ITEM SUMMARY Meeting Date: February 28. 2000 Division: County Administrator Bulk Item: Yes -1L- No Department: County Administrator AGENDA ITEM WORDING: Approval of a contract to purchase the old Mariners Hospital complex on Plantation Key. ITEM BACKGROUND: This purchase is proposed to provide office space for the Sheriff's Office, the Health Department, and the Public Defender's Office. The old Mariners Hospital complex consists of approximately 30,000 square feet of existing hospital space and accessory structures on a total of 3.74 acres of land. The subject property is zoned Suburban Commercial (SC) and designated Institutional (I) on the Future Land Use Map. The proposed contract negotiated by staff calls for the property to be purchased "as is" at a price of $1,925,000. The contract provides for a 60-day inspection period during which the County has the option of terminating the contract for any reason at no cost. Funding for this purchase would come from the Sheriff's portion of the $25 million federal asset sharing funds (drug seizure funds) allocated by the US Department of Justice. In addition to acquisition costs, staff estimates approximately $1.6 million in renovations are necessary to the existing buildings. Funding for the renovations would come from the Sheriff's funds, state funding provided to the Health Department, and the County's infrastructure sale tax. PREVIOUS REVELANT BOCC ACTION: On March 10, 1999, the Board of County Commissioners authorized staff to pursue the purchase of the property. On January 20,2000, the Board of County Commissioners tabled this item. STAFF RECOMMENDATIONS: Approval. TOTAL COST: $1.961.539.50 BUDGETED: Yes -1L- No COST TO COUNTY: REVENUE PRODUCING: Yes No AMOUNT PER MONTH_ Year APPROVED BY: County Atty ~ OMB/Purchasing _Risk Management _ DIVISION DIRECTOR APPROVAL: :YQ/CL0/( 0&",6/ fJ-:J- I James L. Roberts / DOCUMENTATION: Included 2L To Follow Not Required AGENDAITEM#Ql DISPOSITION: Confidential Appraisal Information for Mariners Hospital Contract Assessed Value on the Tax Roll $2,666,492 $2,610,000 $1,770,000 $2,080,000 Appraisal #1 by Appraisal Co. of Key West Appraisal #2 by Callaway & Price Appraisal #3 by Slack & Johnston In accordance with the State's acquisition procedures, appraisal #1 is divergent and therefore only appraisals #2 and #3 are used to evaluate the proposed purchase price. Appraisal #2 by Callaway & Price Appraisal #3 by Slack & Johnston $1,770,000 $2,080,000 $1,925,000 Average of the Two Appraisals Negotiated Price $1,925,000 Property Old Mariners Hospital C:\DA T A\LA \AgendaSheet.XLS Purchase Price $1,925,000.00 PURCHASE CONTRACT 2/28/2000 Due Diligence Activities $20,000.00 Title Insurance $6,877.00 Attorney Fee $9,625.00 Recording Fee $37.50 Acquisition Total $1,961,539.50 UO~ 5i ...J~ ~ ,. g: < ~ o~ 6~ o <z Q~ C::z 9< u..~ D Oz ~:5 ~g <( ~~ Om ~ w 00 C::L w:::> 0...0 g,~O L Q ~ <.!> ~ o I I I I I I I I I I I I I I I I I I I I I I I I , , FLORIDA BAY " IS .. .. . > .. .. i .. A .. . I .. .. I .. .. .. Mile Marker 89 Property Name Mariners Hospital -. '-- ,.... ~ 0__ 1\0.-0 sc .. .. .. .. .. .. .. .. .. , , , , Island Plantation Key AGREEMENT FOR SALE AND PURCHASE PARTIES: Keys Hospital Foundation, Inc., a Florida not-for-profit corporation, doing business as Mariners Hospital (hereafter the "Seller") and the Monroe County Board of County Commissioners (hereafter "Monroe County") hereby agree that the Seller shall sell and Monroe County shall purchase the real property and all improvements thereon (hereafter the "Real Property") located in Monroe County, Florida described in Exhibit "A" attached hereto. 1. Purchase Price $1,925,000.00 The purchase price for the Real Property shall be U.S.~3;4%;GOO:OO, subject to prorations and adjustments as provided herein. After all prorations and adjustments as provided in this Agreement are made, the balance shall be paid to Seller at Closing by check drawn on a bank with an office in Monroe County or Miami-Dade County, Florida. II. Inspection Period Monroe County shall have sixty (60) days from the date of execution of this Agreement by Monroe County within which to conduct its inspections and evaluations of the Real Property (the "Inspection Period"), which may include, but are not limited to, Phase I and Phase II environmental surveys. Seller agrees to give Monroe County and its employees and agents reasonable access to the Real Property for the purposes of conducting such inspections and evaluations. If Monroe County provides Seller with written notice that Monroe County is not satisfied for any reason with the Real Property prior to 5 :00 P.M. on the last day of the Inspection Period, this Agreement shall be deemed to be terminated. To be effective written notice of termination must be delivered to Seller by certified mail return receipt requested on or before the end of the Inspection Period. Monroe County shall, at its cost, repair all damage to the Real Property resulting from its inspections. III. Seller's Representations and Warranties Seller represents and warrants with Monroe County the following: 1. Seller is the fee simple owner of good and marketable title to the Real Property. 2. As of the date hereof, there are no rights to use or occupy the Real Property or any portion thereof pursuant to any leases. 3. Seller has full power to execute, deliver and carry out the terms and provisions of this Agreement and has taken all necessary action to authorize execution, delivery and performance of this Agreement. The execution, delivery and performance of this Agreement by the Seller, in accordance with its terms will not violate its Articles of Incorporation or Bylaws or any law, regulation, contract, agreement, commitment, order, judgment or decree to which Seller is a party or by which it is bound. 4. There are no actions or proceedings pending against or relating to the ownership, use, possession or operation of the Real Property, including, without limitation, actions or condemnation of the Real Property or any part thereof or any assessment payable in annual installments thereon. 5. The Seller is a Florida not-for-profit corporation duly formed and validly existing in Florida, with full power and authority to carry on its business as now conducted. IV. Title Evidence Seller shall provide Monroe County with copies of all prior title insurance policies within three (3) days of the date of execution of this Agreement by Monroe County. Monroe County shall obtain an owner's title insurance commitment and policy from a commercial title insurance company of its choice. Seller shall convey marketable title subject only to those liens, encumbrances, exceptions, conditions, easements, restrictions and qualifications of record, none of which shall render title unmarketable. Marketable title shall be determined according to the applicable Uniform Title Standards adopted by authority of The Florida Bar. Monroe County shall have fifteen (15) days from the end of the Inspection Period to examine the title and to notify Seller of any defects or any liens or restrictions which will render title unmarketable. If title is found to be unmarketable, Monroe County shall, within twenty (20) days from the end of the Inspection Period, notify Seller in writing specifying the all defects. Seller will have one hundred twenty (120) days from receipt of the notice within which to remove the defects, failing which Monroe County shall have the option of either accepting the title as it then is or terminating this Agreement and thereupon Monroe County and Seller shall release one another of all further obligations under this Agreement. Seller will, if title is found unmarketable, use diligent effort to correct the defects in title within the time provided therefor. V. Title At Closing, Seller shall convey to Monroe County, by statutory warranty deed, fee simple title to the Real Property subject, unless othelwise agreed to by Monroe County, only to liens, encumbrances, exceptions, conditions, easements, restrictions and qualifications of record. which do not render title unmarketable. VI. Survey Monroe County shall have the right to have a survey of the Real Property prepared by a land surveyor licensed in the State of Florida in accordance with the standards and requirements of the Florida Land Title Association and the Florida Society of Professional Land Surveyors. The survey must disclose no encroachments, or other facts which would render the title unmarketable. If the survey discloses any defect which renders title unmarketable or in 2 noncompliance with this Agreement, such defect shall be treated as a title defect subject to Section IV above. VII. As-Is Sale Except for the warranties and representations contained in this Agreement, Monroe County agrees that the Real Property is being purchased in its "as is" condition. VIII. Liens Seller shall furnish to Monroe County at Closing an affidavit attesting to the absence, unless otherwise provided for herein, of any claims of lien or potentiallienors known to Seller and further attesting that there have been no improvements or repairs to the Real Property for ninety (90) days immediately preceding the date of closing. If the Real Property has been improved or repaired within that time, Seller shall deliver releases or waivers of mechanics' liens executed by all general contractors, subcontractors, suppliers and materialmen in addition to Seller's lien affidavit setting forth the names of all such general contractors, subcontractors, suppliers and materialmen and further affirming that all charges for improvements or repairs which could serve as a basis for a mechanic's lien or claim for damages have been paid or will be paid at closing. All liens and encumbrances which Seller is obligated by the payment of money to discharge to clear title, together with the cost of recording or filing instruments necessary to discharge such liens and encumbrances of record, shall be paid out of the proceeds of the money payable at Closing. IX. Closing Date The Closing shall, subject to the terms and conditions of this Agreement be held on or before thirty (30) days after ihe end of the Inspection Period. (the "Closing Date") unless extended by any provision of this Agreement. Notwithstanding anything to the contrary contained herein, the obligation of Monroe County to Close on the purchase of the Real Property is contingent upon Monroe County receiving the purchase price proceeds at Closing from the Sheriff of Monroe County. X. Place of Closing The Closing shall be held at the office of Monroe County's counsel in Monroe County, Florida, or at such other location as may be agreed to by the parties. XI. Definitions The term "Closing" means the execution and delivery of all documents contemplated by this Agreement to be executed and delivered on the Closing Date, the delivery of such documents to the parties entitled thereto and the payment of the Cash to Close. The term "Effective Date" means the date upon which this Agreement is executed by Monroe County. 3 XII. Documents for Closing Seller shall furnish a statutory warranty deed, a mechanics' lien affidavit, a FIRPTA affidavit, and corrective instruments at closing. Monroe County shall furnish the closing statement. XIII. Expenses Documentary stamps on the deed shall be paid by the Seller. Seller shall pay the cost of recording corrective instruments. The recording of the deed and all expenses relating to the examination of title and the issuance of title insurance to Monroe County shall be paid by Monroe County. XIV. Prorations; Credits Taxes, if any, and assessments of the Real Property shall be prorated through the day before Closing. The amount to be paid to Seller at Closing shall be increased or decreased as may be req uired by the prorations. Ad valorem taxes, if any, shall be prorated based on the 1999 tax bills for the Real Property with due allowance made for the maximum allowable discount. XV. Special Assessment Liens Certified, confinned and ratified special assessment liens as of the Closing Date (and not as of the Effective Date) are to be paid by Seller. Pending liens as of the Closing Date shall be assumed by Monroe County. If an improvement has been substantially completed as of the Effective Date, such pending lien shall be considered as certified, confirmed or ratified and Seller shall, at Closing, be charged an amount equal to the last estimate of assessment for the improvement by the public body. XVI. Loss or Damage To The Real Property In the event any loss or damage occurs to the Real Property prior to Closing, other than as a result of the negligence of Monroe County or its employees or agents, the parties agree to utilize good faith efforts to agree on repairs to be made by Seller, or on an appropriate adjustment to the purchase price. If the parties are unable to agree on an appropriate adjustment to the purchase price within fifteen (15) days after the loss or damage occurs, either party may terminate this Agreement by written notice to the other. All loss or damage to the Real Property resulting from the negligence of Monroe County or its employees or agents shall be the responsibility of Monroe County. XVII. Attorneys' Fees; Costs In the event of litigation arising out of this Agreement, the prevailing party shall be entitled to recover reasonable attorneys' fees and costs. 4 XVIII. Contract Not Recordable; Persons Bound Neither this Agreement nor any notice of it shall be recorded in any public records. This Agreement shall bind and inure to the benefit of the parties and their successors in interest. Whenever the context permits, singular shall include plural and one gender shall include all. XIX. Real Estate Brokers Seller and Monroe County represent and warrant, each to the other, that they have not employed or contracted with any real estate broker. XX. Other Agreements No prior or present agreement or representations shall be binding upon Monroe County or Seller unless included in this Agreement. No modification or change in this Agreement shall be valid or binding upon the parties unless in writing and executed by the party or parties intended to be bound by it. XXI. Assignment This Agreement may be assigned by Monroe County to any other state or local governmental agency, but may not otherwise be assigned without the prior written consent of Seller, which consent shall not be unreasonably withheld. XXII. Applicable Law This Agreement shall be governed by and construed in accordance with the laws of the State of Florida. If litigation becomes necessary, the parties agree that venue will be proper in Monroe County, Florida. XXIII. Notice Notices shall be given by receipted hand delivery such as Federal Express or by certified mail, return receipt requested. If by receipted hand delivery, notice shall be deemed to be given when delivered. If by U.S. mail, notice shall be deemed to be given upon delivery to the U.S. Post Office, postage paid. Notice to Seller shall be sent as follows: Robert H. Luse, CEO Mariners Hospital 91500 Overseas Highway Tavernier, Florida 33070 5 with a copy to: Mrs. Ana Lopez-Blazquez, Vice President Baptist Health Systems of South Florida, Inc. 6855 Red Road, Suite 600 Coral Gables, Florida 33143-3632 and a copy to: Kyle R. Saxon, Esq. Catlin, Saxon, Tuttle and Evans, P.A. 169 East Flagler Street, Suite 1700 Miami, Florida 33131 Notice to Monroe County shall be sent as follows: James Roberts, County Administrator Monroe County Land Authority 1200 Truman Avenue, Suite 207 Key West, Florida 33040 with a copy to: Mark J. Rosch, Executive Director Monroe County Land Authority 1200 Truman Avenue, Suite 207 Key West, Florida 33040 and a copy to: Larry R. Erskine, Esq. 31211 Avenue A Big Pine Key, Florida 33043 XXIV. Time Time is of the essence for all provisions of this Agreement. XXV. Radon Gas Radon is a naturally occurring radioactive gas that, when it has accumulated in a building of sufficient quantities, may present health risk to persons who are exposed to it over time. Levels of radon that exceed federal and state guidelines have been found in buildings in Florida. Additional information regarding radon and radon testing may be obtained from your County Public Health Unit. 6 XXVI. Acceptance If this Agreement is not executed by Monroe County and delivered to Seller prior to 5:00 P.M. on Feb-ft.ffifj'~~ this offer shall be deemed to have been withdrawn. March 157 2000 SELLER: Date: January /~, 2000 Keys Hospital Foundation, Inc., a Florida not-for-profit corporation By ~~Z-~ Robert H. Luse, Chief Executive Officer MONROE COUNTY: Date: January ,2000 The Monroe County Board of County Commissioners acting by and through its Mayor, has executed this Agreement on behalf of the Monroe County Board of County Commissioners this day of , 2000. ATTEST: DANNY L. KOLHAGE, Clerk (Seal) MONROE COUNTY BOARD OF COUNTY COMMISSIONERS Deputy Clerk Shirley Freeman, Mayor B 7 EXHIBIT "A" PARCEL "N Lots 1 through 12 and .SYL VAN CIRCLE, HIGH POINT, according to the plat thereof, as recorded in Plat Book 4, Page 96 oC the p~blic recor.ds of Monroe County, Florida, mgr.~ fylly Book 4, Page 96 among the public records of Monroe County, Florida, more particular! cnbed as follows: Beginning at the Southeast corner of Lot 1, Block 1, on tbe North s' of High Point Road, according to said Plat of High Point and run North on the East' of said Block 1, a distance of 276.2 feet to the Northeast corner thereof, thence ru est on the North line of said Block 1, a distance of 285.26 fect; thence run South alon e dividing line between Lo~ 6, 7, 8, and Lots 9, 10, and 11 of said Block I, 8 distance 5.86 feet to the North side of High Point Road as shown on said Plat of High Point East on the said North line of High Point Road a distance of 280.44 feet to the p. of Beginning. Note: The above descripti . ambiguous in that it starts by descnbing Lots 1 through 12, Block 1 of High Point s . ion and then proceeds to more fully descnbed these lots by metes and bounds. Th iguity is in the fact that the metes and bounds description encompasses only Lots 1 thr 8, inclusive, Block 1. This survey bas encompassed Lots 1 through 12, Block 1 along " , ht+e. PARCEL "B" A portion of "Randal Adam's Subdivision" as recorded in Plat Book 1, at Page 110 of the public r.ecords of Monroe County, Florida, being more particularly descnbed as follows; Commencing at the most Northerly and more Easterly corner of Block 1 of "High Point" as recorded in Plat Book 4 at Page 96 of the public records of Monroe County, Florida, said point being coincident with the most Southerly and most Easterly comer of Tract C of "Lysiloma. as recorded in Plat Book 5, at Page lIS, of the public records of Monroe County, Florida, run Southerly along the most Easterly line of the said Block 1, of .High Point" for 20.00 feet to the point of Beginning of the herein described parcel; thence continue Southerly along the said Easterly line for 220.14 feet; thence deOect 139 degrees 46'20" left and run Northeasterly for 3250 feet to a point 21.00 feet Easterly of (as measured on a perpendicular) the said Easterly line of Block 1; thence deflect 40 degrees 13'40ft left and run Northerly along 8 line parallel to the said Easterly line of Block 1 for 195.38 feet; thence deflect 90 degrees 08'37" left and run Westerly for 21.00 feet to the Point of Beginning: subject however. to an easement in favor of the Grantor herein for any part of the legal description of recreation lands and facilities for Plantation Villas, a condominium, which is recorded in Official Records Book 618, at Page 348 of the public records of Monroe County, Florida, which may encroach on the Southerly part of the above parcel. PAR eEL "C" A portion of Lot 9 of "Randal Adam's Subdivision" as recorded in Plat Book I, at Page 110 of the public records of Monroe County, Florida, being morc particularly described as follows: Commencing at the most Northerly and most Easterly comer of Block I, of "~igh P~int".as recorded in Plat Book 4 at Page 96 of the public records of Monroe County, Flonda, said pomt being coincident with the most Southerly and most Easterly comer of "Lysi~oma" as recorded in Plat Book 5 at Page 115 of the public records of Monroe County, Florida, run Southerly along the most Easterly line of the said Block 1 of "High Point" for 20 feet; thence deflect 90 degrees 08'37" left and run Easterly for 45.05 feet; thence deflect left and run North 2 degrees 34'14" East for 250.02 feet; thence North 87 degrees 25'46" West for 45 feet to the EasterlY.line of Tract C of "Lysiloma" as recorded in Plat Book 5 at Page 115 of the public records of Monroe County, Florida; thence South 2 degrees 34'14" West along the East line of the aforesaid Tract C of "Lysiloma" and the East line of the aforesaid Block 1, of i-ligh Point" for 250.02 feel, more or less to the Point of Beginning. PARCEL "0" (The conveyance for this parcel is for only that easement received by the Grantor in that Deed dated June 9, 1980, recorded in Official Record Book 812, Page 75, among the Public Records of Monroe County, Florida.) A portion of Lot 9 of "Randal Adam's Subdivision" as recorded in Plat Book 1 at Page 110 of the public records of Monroe County Florida being more particularly described as follows: Commencing at the most Northerly and most Easterly comer of Block 1 of "High Point" as recorded in Plat Book 4 at Page 96 of the public records of Monroe County, Florida, said point being coincident with the most Southerly and most Easterly corner of "Lysiloma" as recorded in Plat Book 5, at Page 115 of the public records of Monroe County, Florida, run Southerly along the Easterly line of said Block 1 of High Point for 20 feet; thence deflect 90 degrees 08'37" left and run Easterly 45.05 feet to a Point of Beginning (P.O.B.); thence deflect left and run North 2 degrees 34'14" East for 250.02 feet; thence South 87 degrees 25'46" East for 15 fect; thence South 2 degrees 34'14" West along the East line of Parcel "C" for 250.02 feet; thence North 'irl degrees 2.)'46" West for 15 feet to the Point of Beginning. PARCEL "E" A POrtion of Lot 9 of "Randal Adam's Subdivision", according to the plat thereof as recorded in Plat Book 1 at Page 110 of the Public Records of Monroe County, Florida being more particularly described as follows: From tbe Point of Beginning, (P.O.B.), which is the point of intersection of the Northwesterly right of way of U.S. 1 (Overseas Highway, S.R. No.5) with the Southwesterly boundary line of a 20.00 feet wide roadway known as Lysiloma Lane, as shown on the Plat of "Iysiloma", recorded in Plat Book 5 at Page 115 of said public records; thence run North 46 degrees 55'01" West for 135.00 feet; thence run South 43 degrees 04'59" West for 65.00 feet; thence South 46 degrees 55'0 I" East a distance of 65.14 feet to the Point of Beginning. PARCEL "F' Part of Lot 12, "Randal Adam's Subdivision. on Plantation Key, according to the Plat thereof as recorded in Plat Book I, at Page 110, of the public records of Monroe County, Florida, more particularly described as folloVlS: Commence at the Northwestern comer of the above said Lot 12, thence South 88 degrees 13'00. East along the Southerly right of way line of High Point Road, said Southerly right of way line being also the North line of said Lot 12 of .Randal Adam's Subdivision. for 130 feet to the Point of Beginning; thence continue South 88 degrees 13'00. East along the Southerly right of way line of High Point Road for 275.44 feet; thence South 1 degree 47'00. West for 82 feet; thence North 88 degrees 13'00. West and parallel to the Southerly right of way line of High Point Road for a distance of 275.44 feet; thence at right angles North 1 degree 47'00" East for a distance of 82 feet to the Point of Beginning. PARCEL "G" (Conveyance of this parcel conveys only an easement received by Grantor in that Warranty Deed dated June 9, 1980, recorded in Official Record Book 812, at Page 78, among the records of Monroe County, Florida.) The North 112.5 feet of Lot 12 and the South 1125 feet of Lot 12, of RANDAL ADAM'S SUBDIVISION, on Plantation Key, according to the Plat thereof, as recorded in Plat Book I, Page 11 0 ~f the Public Records of Monroe County, Florida; less tbe Westerly 130 feet tbereof, but granting to the Grantee an easement for egress and ingress across the Easterly 30 feet of tbe said Westerly 130 feet, but reserving to the Grantors the Southerly one-half of the said Easterly 30 feet of the Westerly 130 feet for so long as the Grantors occupy the Westerly 130 feet of said property, and at such times as the Grantors no longer occupy said Westerly 130 feet, then said easement for egress and ingress shall consist of the entire Easterly 30 feet of the said Westerly 130 feeL APPRAISAL OF REAL PROPERTY Old Mariner's Hospital Property 50 High Point Road Islamorada, Monroe County, Florida S & J Appraisal No. 00432 -=Fr3 TYPE OF APPRAISAL REPORT Complete Appraisal/Self-Contained Report PREPARED FOR Mr. Mark J. Rosch Executive Director Monroe County Land Authority 1200 Truman Avenue, Suite 207 Key West, Florida 33040 PREPARED BY L. Glenn Johnston, MAl Slack & Johnston, Inc. 7300 North Kendall Drive, Suite 520 Miami, Florida 33156 Slack & Johnston (4 lack & Johnsto D REAL ESTATE APPRAISERS & CONSULTANTS THEODORE W. SLACK, MAl (1902-1992) SUE BARRETT SLACK, MAl ST. CERT. GEN. REA RZ 0000875 THEODORE C. SLACK, MAl (Retired) ST. CERT. GEN. REA RZOOOO870 L. GLENN JOHNSTON, MAl ST. CERT. GEN. REA. RZOOOO443 ANDREW H. MAGENHEIMER. MAl ST. CERT. GEN. REA RZ 0001073 February 7,2000 Mr. MarkJ. Rosch Executive Director Monroe County Land Authority 1200 Truman Avenue, Suite 207 Key West, Florida 33040 RE: Appraisal of Real Property Old Mariner's Hospital Property 50 High Point Road Islamorada, Monroe County, Florida S & J Appraisal No. 00432 Dear Mr. Rosch: At your request, I have prepared a complete appraisal of the market value of the fee simple estate in the above-referenced property known as the Old Mariner's Hospital property. The subject property consists of two separate parcels described as follows: Subject Property 1 consists of the parcels described in the survey provided as Parcels ~ B, C, D and F. Parcels A through D are contiguous and are improved with various buildings fonnerly utili7.ed as a hospital facility. Based on the information provided, Parcel D is an easement and not owned in fee simple. Parcel F is located on the opposite side of the street from A through D and was previously utilized as a helicopter landing pad and overflow parking for the hospital. Subject Property 2 consists of Parcel E. Parcel E is a lot CODtaining 8,913 square feet and froBting on Overseas Highway. Parcel E is currently improved with a CBS building containing 1,800 square feet. The building was previously owned and used by the Florida Keys Aqueduct Authority (FKAA); however, it is CUI'I'eIltI.y being used for storage by Mariner's Hospital. SLACK & JOHNSTON, INC. + LICENSED REAL ESTATE BROKER 7300 North Kendall Drive + Suite 520 + Miami, Florida 33156 Telephone (305) 670-2111 + Facsimile (305) 670-1002 Mr. Mark Rosch February 7,2000 Page Two The following report states my opinion of the market values of each property, subject to various assumptions and limiting conditions as set forth therein. The physical inspection and analyses that form the basis of my valuation of the subject property have been performed by the undersigned. The appraisal has been prepared in accordance with the Uniform Standards of Professional Appraisal Practice (USP AP) as adopted by the Appraisal Standards Board of the Appraisal Foundatio~ and in accordance with the Supplemental Appraisal Standards for the Board of Trustees Land Acquisitions, State of Florida Department of Environmental Protection. Based upon my investigation and the use of conventional appraisal methods, it is my estimate that the market value of Subject Property 1, consisting of Parcels ~ B, C, D and F, as of February 3, 2000, was as follows: One Million Nine Hundred Ninety Thousand Dollars ($1,990,000) Further, based upon our investigation and the use of conventional appraisal methods, it is our estimate that the market value of Subject Property 2, consisting of Parcel E, as of February 3, 2000, was as follows: Ninety Thousand Dollars ($90,000) The following report contains the results of my investigation and explanations of the approaches to value. Thank you for this opportunity to be of service and let me know if you need anything further. Respectfully submitted, SLACK & JOHNSTON, INC. ~ L. Gle St Cat. Gen: Slack & Johnston TABLE OF CONTENTS Letter of Transmittal 1m PART ONE -INTRODUCTION Certification . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. 2 Executive Summary - Subject Property 1 .............................. 4 Executive Summary - Subject Property 2 .............................. 8 PART lWO - PREMISES OF THE APPRAISAL Assumptions and Limiting CmtditiODS ............................... 12 Purpose, FWlction and Date of the Appraisal .......................... IS Definition of Value and Interest Appraised. . . . . . . . . . . . . . . . . . . . . . . . . . .. IS Scope of the Appraisal ........................................... 16 PART THREE - PRESENTATION OF DATA Identification of the Properties and Legal Descriptions . . . . . . . . . . . . . . . . . .. 18 Regional Analysis . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. 19 Neighborhood Analysis .......................................... 28 Description of the Sites .......................................... 30 Description of the Improvements ................................... 34 Zoning md LaIld Use . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. 38 Real Property Taxes and Assessments ............................... 39 Ownership and History of the Subject Property ........................ 40 PART FOUR. - ANALYSIS OF DATA AND CONCLUSIONS Highest and Best Use . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. 42 Valuation Process . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. 4S Cost Approach. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. 46 Reconciliation ................................................ 104 ADDENDA A Photographs of the Subject Properties B Legal Descriptions and Deeds C Flood Map D Area Calculations E Appraisal Review Checklist F Qualifications of the Appraiser PART ONE - INTRODUCTION -1- Slack & Johnston CERTIFICA nON I certify that, to the best of my 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, unbiased professional 8DaIyia, opinions, aDd ~lu&ioos. I have no present or prospective interest in the plu~ttj 1hat 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. my analyses, opinions, and conclusions were developed, and this report has been prepared, in conformity with the following: 1) the Uniform Standards of Professional Appraisal Practice (USP AP); 2) the Code of Professional Ethics and the Standards of Professional Appraisal Practice of the Appraisal Institute; and 3) the requirements of the State of Florida for state-certified appraisers. I have made a personal inspection of the property that is the subject of this report, including interior inspections of all structures, except the building on Parcel E, for which interior access was not available. Kimberly Magenheimer, ST. CERT. GEN. REARZOOO1386, provided significant professional assistance to the person signing this report. the use of this report is subject to the requirements of the State of Florida relating to review by the Real Estate Appraisal Subcommittee of the Florida Real Estate Commission and to the requirements of the Appraisal Institute relating to review by its duly authorized representatives. the appraisal assignment was not based on a requested minimum valuation, a specific valuation, or the approval of a loan. as of the date of this report, L. Glenn Johnston, has completed the requirements of the continuing education program of the Appraisal Institute. -2- Slack & Johnston that, in my opinion the market values of the fee simple estates in the properties being appraised, as of Febnwy 3,2000, was as follows: -Subject Property 1 - $1,990,000 Subject Property 2 - $90,000 SLACK & JOHNSTON, INC. ~ -3- Slack & Johnston SUBJECT PROPERTY 1 ., .,,'" ~~ ~.." ~~ ~ " ! --. jot ) }-.. >-"'.; of > ,..<( J .,z <... -0 0 ~ ,;, -I. .n&, Ii LJ ",CJ ~ :ru I( Q;Ztf ;g' 0 IS' O~M :t 30 01''' L') 14. j! - . I .:r.: ., 2 tift [~ "'.,. .... hI 1\1 ED OZ Z., ... : ~ ~ .... !v I (f . . .,u 7: " ,. 'Z ., tI :1~ 0') pI\; ~; /l.o 0--: fit \ Project Identification: Parcel Identification: Owner's Nate: Appraiser: Dates: Date of Value: Date of Report: Interest Appraised: Parcel Size: Fee Simple Ownership: Easement Ownership History: Parcel A: Parcel B: Parcel C: Parcel F: Total: Parcel D: EXECUTIVE SUMMARY Subject Property 1 N/A Parcels A, B, C, 0 aDd F of Old Mariner's Hospital Property. Keys Hospital FOlDldaUon, Inc. L. Glenn Jo~ MAl Slack & Johnston, Inc. 7300 N. Kendall Drive, Suite 520 Miami, Florida, 33156 February 3, 2000 February 7,2000 Fee simple Sq}J8I'C F cd 113,123 4,395 11,25 1 22_S~ IS 1,355 ~ 2.60 .10 .26 ~ 3.48 3,750 .09 The subject property is currently held under the ownership of Keys Hospital Fovndstrion, Inc., 50 High Point Road, Tavernier, Florida 33070. There are DO known Iistings or pending contracts for the sale of the property. There are no transfersofowncrship of1bepropcrty reflected by public record in the past five years. -4- Slack & Johnston Parcel Access: The subject property has direct access via Overseas Highway to High Point Road. High Point Road is a paved, public street. Zoning/Land Use: The property falls under the jurisdictional boundaries of the Village of Islamorada. Based on discussion with planning and zoning officials and a review of zoning maps, the majority of the property is zoned SC (Suburban Commercial). Parcels B, C and D are zoned UR (Urban R.esidbalial). The desisnated land use of the property is Institutional. According to Sheryl Bower of the Village oflslamorada, the land use designation is prevailing and takes precedence over zomng. Assessed Value: $2,647,937 Utilities: Municipal services available include water and electricity. Telephone, cable TV and LP gas are provided through the private sector. There is an on-site sewage treatm~t system. Flood Zone Information: Flood Zone AE; Base Flood Elevation 8 feet; Special flood hazard area inundated by l00-year flood; F.I.R.M. Panel 120424 1131 H; revised December 22, 1998. Mineral Rights: To our knowledge there are no mineral, gas, oil or other rights reserved. Easements: Parcel D is an easement over a parcel of land not owned in fee simple. Parcel D was granted for exclusive use in connection with the operation of the sewage disposal facility located on Parcel C. This easement is described in ORB 812 page 7S as perpetual and running with the land. This easement is not considered to negatively impact the value of the property. According to the legal description provided for Parcel B, there is an easement for the recreational amenities of the adjacent residential condominiwn -5- Slack & Jobnston Other Encumbrances: Highest and Best Use: As Vacant: As Improved: Present Use: Opinion of Value: Total Value: Land Value: Improvement(s) Value: Timber Value: Conservation Easement: Sales Comparison Approach: Cost Approach: Income Approach: Special Assumptions or Limiting Conditions Under Which Values are Based: over the southern portion of Parcel B. This easement is not clearly defined, and it is assumed that it would not negatively impact the value of Parcel B. The freestandingmeta1 building situated on Parcel C encroaches onto Parcel D, for which Keys Hospital Foundation holds a perpetuaI easement. DevelOI'JUQll with an institutional or public use to the highest allowable density, with consideration given the potential that additional development, over and above the existing density may be permitted once the commercial moratorium is lifted. The highest and best use of the subject property, as improved, is for the continued use of the existing building for institutional or public uses. This is based on the 8S.cr.1lmption that the land use designation could be changed to public use. The subject property was vacated by Mariner's Hospital in February, 1999 and is currently not in use. $1,990,000 $6OS,OOO $1,38S,000 Not applicable Not applicable Not applicable $1,990,000 Not applicable Not applicable -6- Slack & Johnston Unit Values: Sales Data: $73.70 per square foot of hospital building area $65.19 per square foot of gross building area (including ancillary buildinWl) $4.00 per square foot of land area $2.00 to SS.33 per square foot -7- Slack & Johnston SUBJECT PROPERTY 2 ~. .>( 0 .J '1~ (,; !:~ >- :~ 8 i:~t ~ :S~ ~ ~" I~ -I" !I. Q) g o' J!: ) }-.. >- "".; ., <-,... ~ ~ <( z __ '-:;0 0 . t...... 14 . "'I, U II J >10 <'{ ~rJ I( l<.:zt1J ItJc{!' ~~ 0" I? :r: ft 0 rrf" l') j% :c -; z ,.. -,., I~ .;,"1- .... 111 I\J EO 04 z'" ,..... --- =o,...~-- 1 . 1\Iw. .. - I I ~ ~ Project Identification: Parcel Identification: Owner's Name: Appraiser: Dates: Date of Value: Date of Report: Interest Appraised: Parcel Size: Ownership History: Parcel Access: Zoning/Land Use: EXECUTIVE SUMMARY Subject Property 1 N/A Parcel E of Old Mariner's Hospital Property. Keys Hospital Foundation, Inc. L. Glenn Johnston, MAl Slack & Jolmsluu, Inc. 7300 N. Kendall Drive, Suite S20 Miami, Flori~ 33156 February 3,2000 February 7, 2000 Fee simple 8,913 square feet or .21 acre The subject property is currently held under the ownership of Keys Hospital Foundation, Inc., SO High Point Road, Tavernier, Florida 33070. There are no known listings or pending contracts for the sale of the prope1ly. There are no transfers of ownership of the property reflected by public record in the past five years. The subject property bas direct access via Overseas Highway. The property falls under the jwisdictional boundaries of the Village of Islamorada. Based on discussion with planning and zoning officials and a review of zoning map~ the property is zoned SC (Suburban Commercial). The designated land use of the property is Institutional. According to Sheryl Bower of the Village oflslamorada, the land use designation is prevailing and takes precedence over zoning. -8- Slack & Johnston Assessed Value: Utilities: Flood Zone Information: Mineral Rights: Easements: Other Encwnbrances: Highest and Best Use: As Vacant: As Improved: Present Use: Opinion of Value: Total Value: Land Value: ImproVClBCft(s) Value: Timber Value: C~E~ Sales C08IpIIrison Approach: Cost AppIOIICh: Income Approach: $22,280 Municipal services available include water and electricity. Telephooe,cable TV and LP gas are provided through the private sector. Flood Zone AE; Bue Flood Elevation 8 feet; Special flood hazard area inundated by lOO-year flood; F.lR.M. Pmell20424 1131 H; revised December 22, 1998. To our knowledge there are no mineral, gas, oil or other rights reserved Although no authoritative report of tide has been provided or reviewed, from the infonnation available, 1bere do not appear to be any easements or encroachments that would adversely affect the utili7.ation of the site. There are no known encumbrances which would adversely affect the value of the property. Development with an institutional or possibly service use once the commercial moratorium is lifted. The highest and best use of the subject property, as impro~ is for commercial or service use. The property is cmrently used for storage. $90,000 $69,000 $21,600 Not applicable Not applicable $90,000 Not applicable Not applicable -9- Slack & Johnston Special As~nmptioos or Limiting Conditions Under which Values are Based: Unit Values: Land Value: Improvement Value: Sales o.ta: Not applicable $7.50 per square foot $12.00 per square foot Sj.24 to $13.00 per square foot -10- Slack & Johnston PART lWO - PREMISES OF THE APPRAISAL -11- Slack & Johnston ASSUMPTIONS AND LIMITING CONDmONS 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 tide considerations. Title to the property is assumed to be good and marketable unless otherwise stated. 2. No legal opinion related to a title seard1 was provided and aU existing liens and encumbrances. including deed restrictions and developers agreements, have not been investigated unless otherwise stated. The pr~nj is appraised as 1hough 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 visnali7.ing 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 unapparent 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 utili7.ing 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. -12- Slack & Johnston 9. It is as.auned 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 organi708tion 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. 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 1~yua1 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. 14. Unless otherwise stated in this report, the existence of hazardous substances, including without limitation asbestos, polychlorinated biphenyls, petroleum leakage, or agriculturaI chemicals, which mayor may not be present on the property, or other environmental conditions, were not called to the attention ot: nor did the appraiser become awU'e 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, W'Ca 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 fiel~ if needed -13- Slack & Johnston IS. Disclosure of the contents of this report by the appraiser is controlled by the Appraisal Institute of which one or more sirn1Tes of this report is an MAl member and by the Florida Department ot'Professional Regulation, Division of Appraisal State Certification. The analysis and value CODClusions, as well as non-public information about the subject property, are confidcntialnuttters and cannot be diwlged to any persons other than the party for whom the report is prepared. Exceptions' to this confidentiality provision are requests by committees of the AppraisallDstitute or the Florida Dep..tu.-ut of Professional Regulations for peer review, aDd subpoenas by any comt having jurisdiction to request production of tile report. 16. Acceptance or use of this report constitutes lCCeptance of tile preceding conditions. -14- Slack & Johnston PURPOSE, FUNCTION AND DATE OF THE APPRAISAL The pmpose of this appraisal is to estimate the market values of the fee simple interests in the subject properties in their "as is" condition, IS of Febnwy 3, 2000. The date of this report is February 7, 2000. I understand that the function and use of the appraisal is to provide a basis for the potential purchase of the subject properties by Monroe County. DEFINITION OF VALUE AND INTEREST APPRAISED Market Value Market value is defined 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 is the consummation of a sale as of a specified date and the passing of tide from seller to buyer under conditions whereby: 1. buyer and seller are typically motivated; 2. both parties are well informed or well advised, and acting in what they consider their best interests; 3. a reasonable time is allowed for exposure in the open market; 4. payment is made in 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. " Source: 1999 UnifOrm Standards of Professional Appraisal Pradicc; SuppJen-....1 Appraisal Standards. Board ofTrutees Land ~jsitioas. -15- Slack & Jobnston Other pertinent terms and definitions are as follows: Fee Simple Estate: 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 escheat. Easement: An interest in real property that conveys use, but not ownership, of a portion of aDOWDa"S property. ~ or npt.of-way easements may be acquired by private parties or public utilities. Governments dedicate conservation, open space and preservation easements. Source: Dictionarv of Real Estate Aooraisal. Third Edition, published by the Appraisal Institute. SCOPE OF THE APPRAISAL This assignment involves the current valuation of a property formerly occupied and operated as Mariner's Hospital. When vacated in February, 1999, the hospital's operating license (Certificate of Need) was transferred to a new facility. It is highly unlikely that another certificate of need could be obtained for use as a hospital. The current owner has indicated that it would not sell to a potential competitor. Medical use, therefore, has not been considered in this analysis. The scope of this appraisal begins with an inspection of the properties, which was made on February 3,2000. In addition, I have met with Sheryl Bower of the Village ofIslamorada regarding potential and permissible uses of the properties. After inspecting the properties, an estimation of their highest and best use in the current market, as of the date of valuation, but subject to the various assumptions requested by the client, was made. The highest and best use analysis considers all physically possible, legally permissible, and economically feasible uses of the properties. 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. Sources of property sale information include the public records of Monroe County, Experian (f/kJa REDI) data services, real estate brokers, property owners, professional appraisers and personal property inspections. Each of the sales transactions relied upon in our analysis was verified, by me or my staff: with the grantor, grantee, real estate agent or representative of the parties involved in the sale, unless otherwise stated. -16- Slack & Jobnston PART THREE - PRESENTATION OF DATA -17- Slack & Jobnston IDENTIFICATION OF THE PROPERTIES AND LEGAL DESCRIPTIONS Subject Property 1 consists of the parcels described in the survey provided as Parcels ~ B, C, D and F. Parcels A through D are contiguous and are improved with various buildings formerly utilized as a hospital facility. Based on the information provided, Parcel D is an easement and not owned in fee simple. Parcel F is located on the opposite side of the street from A through D and was previously lrt1li7.ed as a helicopter landing pad, as well as overflow parking for the hospital. Subject Property 1 consists of Parcel E. Parcel E is a lot convaining 8,913 square feet and fronting on Overseas Highway. Parcel E is ,",wAdltly i.ui40Yed with a CBS building cODu-ining 1,800 square feet. The building was previously owned and used by the Florida Keys Aqueduct Authority (FKAA); however, it is currendy being used for storage by the maintenance staff of Mariner's Hospital. The legal descriptions for the various parcels are provided in Addendum B. The legal descriptions for Parcels A through F are taken from a survey prepared by Hal Thomas, dated August 27, 1990. Please note that a reference made to a Parcel G, which has been excluded from consideration in the valuation of the subject properties, is apparently a grant of easement to a parcel ofland which is not a part of this analysis. -18- Slack & Johnston ~ 0:: o ...J u.. ~ ~ z ::>> o o w o 0:: Z o :E .. co .. a. COE en 8 1I~ CD~ la i ~ 'in .0 .. ~ ':; o 'in .S: .. .. .. .. 0:: aj i: .. .. e .. E co ." < f! .!!! a. 0. ::J .. ~ o :e; c: .. c: .Q 'i! ~ o U ~ e " ~ ",. 0> 0> 00 0) 0> @ E .~ ,.. 0. o U REGIONAL ANALYSIS The subject properties are located on Plantation Key, which on December 31, 1997, was incorporated, along with Upper and Lower Matecwnbe Keys, to become the Village of 1sJamorada. The subject property is about 89 miles east of the City of Key West Key West is the last island in the archipelago known as the Florida Keys, . chain of subtropical islands off the southern tip of Florida's mainland. The Keys consist of a network of coral islands covered with tropical vegetation arching southward between the shallows of Florida Bay on the north side lIlda -~~ 1ft! oflMns tGnIlyiDs iIl1he Atlllltic Ocean to the south. The climate is warm year-round. Monroe County covers a total of 1,034 square miles of land are, and comprises two geographically distinct areas. The northern part of the county is at the southwestern end of the mainland of Florida, and consists primarily of a portion of the Everglades with a few inhabitable areas. The second area is the true Keys, a series of islands beginning with North Key Largo and extending southwesterly 115 miles. Key West, the end of the island chain, is located approximately 160 miles southwest of Miami, 90 miles north of Cub, and is the southernmost point in the continental United States. The city is also the county seat for Monroe County. Social Factors Monroe County is sparsely populated with an estimJlted 85,646 residents in 1998. The majority of the population is divided among the various areas of unincorporated Monroe County, with the largest population group in the Key West census division. The City of Key West proper comprises approximately 3~1O ofMomoe County with a population of27,S22 in 1998. The population of the Village ofIslamorada was reported to be 7,632. The population in the Florida Keys has historically increased each year since the 1940's. The following table briefly illustrates this trend: -19- Slack & Johnston HISTORICAL POPULATION TRENDS IN MONROE COUNTY Population Year Monroe Countv 1940 14,078 1950 29,957 1960 47.921 1970 52.586 1980 63,188 1990 78,024 1992 80,968 1994 82,252 1995 83,401 1996 83,789 1997 84,743 1998 85,646 2000. 87,695 2005. 92,451 2010. 96,826 · Pro;ectic. Esri..... Source: 1998 Florida ~sUcal Abstract The growth in Monroe County population over the last decade has been overwhelmingly migratory as opposed to a natural (birth/death ratio) increase. Over the last ten years, migratioa of~ to Monroe County bas been III average neAa of the annual population increase. Retirees do not comprise the major portion of the population. The most recent estimate suggests that appro:x:ilDJltely 16% of the population is over 65 years of age,. more typical of Miami-Dade County than the moreretiremcnt-oriented Browar~ Collier and Palm Beach Counties., and indicating a higher ratio of working-age people in the population. A breakdown of the 1997 population by age group is as follows: -20- Slack & Johnston %of Age Population Total 0-14 13,490 16% 15-24 7,799 90.4 25-44 28,214 33% 45-64 22.087 26% 65+ 13,153 16% Ethnic and racial groups have redistributed over the county during the last decade, and the county as a whole has developed more ethnic diversity. While there was a net increase of 19.00.4 (14,836 people) from 1980 to 1990, the hispanic population increased by 24.90/0, the non-hispanic white population by 18.80/0, and the black population by 8.90.4. A migration of wealthier seasonal resort tourists to Monroe County has created a housing market that is financially out of reach for the average Monroe County resident. The problem is especially apparent in Key West, accounting for the migration from the city to more affordable areas. To relieve the "crunch" of affordable housing, the city has instituted a development mandate to maintain a specified number of housing units in the city for which rents or purchase prices are tied to the median household income in Key West. Government The environmental sensitivity of the Keys and the pressures put upon it by growth in population and tourism are of major concern to Monroe County voters. The recent trend in government in Monroe County has been to elect officials who endorse environmental preservation, growth management, and quality of life. The State of Florida's mandate for a Comprehensive Development Master Plan has heavily impacted the Keys, a region of predomirumtly public holdings. Public services and utilities have had difficulties servicing development within the fragile Florida Keys environment. Potable water in the Keys is supplied by one pipeline originating from the Florida City well head, some 150 miles north of Key West. The pipeline was originally installed by the U.S. Navy during World War n and replaced by the Florida Keys Aqueduct Authority in 1982 with a larger pipe, increasing capacity from 9 million to 13.5 million gallons per day. Prior to the expansion, the Keys were susceptible to chronic water shortages, low pressure conditions, and occasional breakdowns, depriving sections of the Keys of water for hours. -21- Slack & Jobnston Creating and maintaining a stable source of non-polluting electrical power is another political issue of interest to residents of the lower Keys, where power outages are not unusual. Electric power is provided to the Keys by the Florida Keys Electric Corporation and the City of Key West. Since the passage of the Rate of Growth Ordinance, commonly referred to as ROGO, new development in the Keys has been slow. ROGO regulates the rate at which the county issues building permits for residential units. It is designed to correlate growth in the number of dwelling units to the county's ability to evacuate in the event of natural dillsters, specifically hmricanes. It takes into consideration the average number of vehicles generated by a dwelling unit in Monroe CmD1ty and estimates evacuation time per dwelling unit in the event of a hurricane. Studies concluded that shelters in Monroe County were inadequate in the event of a force 3, 4 or 5 hurricane because the entire county is susceptible to wind damage and flooding, rendering these shelters unsafe. Evacuation to Miami-Dade is considered the only viable policy for public safety in the Florida Keys, especially middle and lower areas, since the only route for evacuation is the Overseas Highway. The system of allocating a limited number of dwelling units to the Upper, Middle and Lower Keys is based on specifically defined goals and objectives relative to maintaining or decreasing estimated evacuation time. This ordinance will allow an allocation of 250 dwelling units per year divided by the upper, middle, lower and unincorporated areas of the Keys. The ordinance is implemented through a "points system", which favors platted subdivisions for development over unplatted, undisturbed tracts of land. Development allocations lDlder ROOO are quite competitive, with 18 to 20 ROOO points generally being the baseline number of points required to obtain approvals for market rate (non-affordable) housing. As a result of ROOO, very slow residential growth is anticipated for the near future in Monroe County. It has generally had a negative impact on vacant, undeveloped land, particularly unplatted tracts. Conversely, it has had a positive impact on existing properties, which are, or can be redeveloped to the their highest and best use. Plans have been seriously considered to widen the IS-mile stretch of U.S. 1 from Florida City to North Key Largo. Those plans have met with opposition from local residents who fear the Keys will become crowded and the infrastructure and environment over burdened if access is made easier to outsiders. Since ROGO is based on evacuation of the Keys in the event of a hurricane, the widening could have potentially impacted the ROGO restrictions by shortening the waiting period for approval and issuance of building permits. At the present time, plans for the widening are on hold indefinitely. -22- Slack & Johnston In addition to the restrictions on development from ROGO, a county-wide building moratorium for commercial properties has been implemented. According to officials with the Department of Planning and Building, a study is nearing completion that will estimate what percentages oftbe tota1 development in the Keys is commercial and residential. Based on the findings, the county will either lift the commercial moratorium, leave it in place or implement a ROGO system similar to that currently in place for residential development It is.uncertain what the time frame is for any action by the County. The study was to have been completed in 1998; however, it was reported that the study is not yet complete. According to Sheryl Bower, Senior Planner, with the Village oflslamorada, the Village has three years from its date of incorporation (12131197)10 mush their comprehensive plan. They then have one year from the completion of the comprehensive plan to complete their land development regulations. At that time, there is a possibility that the moratorium could be lifted within the Village of Islamorada. In addition to ROGO, the county has implemented a "cess pit replacement" program. This program was created in an effort to curtail pollution from old ineffective cess pits, which are believed to be leaking sewage into the environment. Basically under the program, the number of building permits issued cannot exceed the number of cess pits replaced. This program has met with considerable resistance and outrage from local residents who cannot afford the costly "cess pit replacement". The forces that influence value in Monroe County are dominated by these government regulations, which effectively cap growth. The natural cycle of supply and demand has been int'enupted by the necessities of environmental preservation, and this is essentially the case for all of Monroe County. The fragile Keys ecosystem is sensitive to even the moderate development already in place. Developers are required to undergo a costly and lengthy approval process, which results in limited supply and higher costs for potential buyers. The combination of limited growth, vast public holdiDgs, and past strong market demand for real estate in Monroe County, engenders special problems. Property taxes are a major issue: In a county where about 95 percent of the land is tax ~ the 84,000 residents who live on 5 percent of the land are paying for all services and school systems. Residents of Monroe County contribute nearly 90 percent of their school budget-more than any other county in the state. Property tax rates in Monroe County are substantially higher than the state average; and income has not kept pace with property assessments fueled by speculative and second home investors, forcing some long-time residents to leave. Economic Factors In the past, the economy of Key West and the Lower Keys has been heavily dependent upon military expenditures. The closing of the Naval Station in 1973, followed by the Naval Hospital, forced the area to develop other areas of economic strength-primarily tourism. -23- Slack & Jobnston While .the Navy has reactivated a portion of its Key West facility for a new hovercraft and destroyer squadron faci1ity, their impact on the Key West economy and employment market is secondary to tourism today. This has significantly changed the dynamics of the local economy as more of the local work force is employed in seasonal service businesses and retail trade catering to tourists, and personal income in these industries is much more sensitive to economic fluctuations than prior military support jobs. Civilian employment sectors in Monroe County are charted in the following table: CIVILIAN INDUSTRY SECTORS BY MAJOR INDUSTRY Major Industry Group Total Emp. 1997 Agriculture, Forester and Fishing 404 Construction 2,09S Manufacturing SSI Transportatio~ Communication and Utilities 1,715 Wholesale & Retail Trade 11,383 Finance, Insurance & Real Estate 1,490 Services 11,141 Other 21S Total Employed 29,010 Soun:c: 1998 Fluida ~1tica1 Absaract The tropical clim.ete, island atmosphere, water ~ and carefree lifestyle have always attradIed tourists to the Keys. Aggressive marketing by the Tourism Development Council has eucouraged a wider diversity of visitors, domestic and intern.Qtinnal, to the city and has stimulated tourist demand during the historically slower summer season. There are approximately 195 licensed hotels and motels in Monroe County with approximately 8, 110 units. These establishments employed apprmrimJltely 4,723 persons as of 1995. -24- Slack & Jobnston Unemployment is historically slightly lower in Monroe County than the rate for the State of Florida and the United States, and has steadily declined since the early 1980's. In 1982 Monroe County unemployment was 7.90/0, in 1993 it was 4.10/0, and in 1995 it was 2.70.4. Per capita personal income has also risen stcadily in Monroe County over the last decade, and in 1993 surpassed the state and national averages. Per capita income for Monroe County was $25,146 in 1994, ranJcing seventh in the state, compared to $21,767 for the State of Florida, and $21,696 nationally. Eavi-- -.w Faden Over the years, due to population md devel~ pressures, environmental problems in the fragile ecosystems of Monroe County and the Keys have mounted. It is the major political issue both in Monroe County and Key West. Voters and citizen groups have influenced local government to develop a cohesive policy of man.gjng growth to protect and maintain the quality of life in the Keys; however, the pressures of the local population may become secondary to outside influences. Of major impact is the state-mandated Comprehensive Master Development Plan in which the key issue is concurrency. In other words, the existing infrastructure of roads, sanitary sewers, solid waste disposal, drainage, potable water, parks and public service facilities must be in place and current standards maintained before new development is allowed to proceed. The effect of concurrency on the overall real estate market is generally to decrease the value of vacant land, and increase the value of pI'Ope1 ty with the above-mentioned infrastructures in place. This is especially true for Monroe County, where enormous pressures have already been placed on existing services, and the general policy for large tracts of undeveloped land is to consider preservation as opposed to development potential. The implementation of the Rate of Growth Ordinance (ROGO), tied to evacuation via the Overseas Highway, is further constraining development. The combination of growth management based on limited infrastructure service availability, environmental impact on the fragile environment, and orderly and timely evacuation capability, will place a great burden on developers to prove viability and compliance, and severely restrict future growth. The large areas of public holdings in Monroe County, including marine sanctuaries, four national wildlife refuges, state parks, and a portion of the Everglades National Park, make environmental issues here of state and national interest. In the fall of 1990, President Bush signed a bill desigJ1ating 2,600 nautical square miles of coastal waters, encompassing the entire Keys archipelago and the Dry Tortugas, as the Florida Keys National Marine Sanctuary. An overall management plan for the sanctuary is likely to have far-reaching consequences on the future of Monroe County and the Florida Keys. The plan deals with controversial issues such as capping or controlling growth in the area, mandatory development of new sewage treatment facilities, and restrictions on fishing, boating, snorkeling, and diving in sensitive areas. -25- Slack & Johnston Also of major concern is water quality in the Florida Keys. The fragile banier reef ecosystems on the Adantic side are showing some decay in sanctualy areas; and on the Gulf side, freshwater agricultural runoff from the Everglades has created a huge "algae bloom" due to nutrient enrichment in Florida Bay, and has created concern over the future of Florida's commercial lobster industry, of which about 85% comes from the Florida Keys. As part of the tnalUtgement plan for the newly-created National Marine Sanctuary, research and monitoring systems at various government levels are being implemented to identify pollution sources and keep track of water quality degradation. Summary The perception of the Florida Keys as being "laid back", uncrowded, carefree island-living with plenty of room for those seeking a bohemian lifestyle to settle into is fast disappearing. Aggressive tourist marketing and the accessibility of the area by car from the growing South Florida metropolitan areas has increased the influx of people to the Keys. The year round ambient climate has attracted winter dwellers and summer visitors alike, and the increase in both permanent and transient dwelling units has placed pressures on the local infrastructure and environment which have reached a critical level. Some problems with the implementation of new growth management ordinances have yet to be adequately addressed, such as compensation to landowners for rendering their real estate investments undevelopable, interpreted by some as an eminent domain process, and the impact on tax revenues of removing these properties from county and city tax rolls. In light of the present concerns and restrictions outlined here with regard to development and growth in Monroe County and Key West, past growth factors for the area cannot be evaluated to determine future trends. In general, development growth in Monroe County will be flat; the trend for the future is becoming more restrictive rather than less, as the actual impact of the last five to ten years on the area from both a services and environmental perspective is evaluated, and local, state, and national agencies step in to reconcile the two. While the physical impact of Hunicane Andrew (8/92) on the Florida Keys was negligible, the reality of evaluating potential damage and loss of life in the event of the direct impact of a force five hunicane has led to implementation of long range development caps in the county tied to evacuation capability under the Rate of Growth Ordinance. The evacuation capability of the Florida Keys was put to the test in September, 1998 by Hunicane Georges. All indications are that the evacuation went smoothly. Many residents, who did evacuate for Georges, felt that they were not allowed back into the Keys in a timely fashion to assess damages and begin clean-up. This may deter some from evacuating next time. Hunicane Georges was a Category 2 storm. Most of the damAge was to low lying, poorly built (structurally unsound) buildings, such mobile homes and house boats and was restricted to the Lower and Middle Keys. -26- Slack & Johnston It IS. lil-alv 4... 4_ ~ft.i1e -^cvd'Pm ^, ~~ .9".. .C! "~ct"!. L_*", ft""~~":""U". .._..:I .........., l,,"f!IJl!, U!'!j =~ ..............-.1 --..~ v_ .......... - __ _wl_... ..., :l.."\;_ O--O"~A6&"'''''''J ......." ecologically, to support much more growth than is already there. Growth in the Keys will negatively i~ the natw'aI beauty and ecological integrity that Jive the area its unique attractions. The contlict is unlikely to be resolved in the near fUture, aDd developers will face continuing restrictions and difficulty in obtaini"8 approvals for DeW coastructiOn. As mentioned previously, the widening of the "II-mile stretch" could loosen ROOO constraints and open the Keys up to more development, unless other restrictioas are put back in its place. One such restriction is the recent implementation of the "cess pit replacement program"; wherciD. 1be 1IIqbe!' of build.. permits iJSUed caonot exceed the number of cess pits replaced -27- Slack & Johnston LOCA TION MAP Ojibway Ave ", " " tJ CoPyrtght C> 1988-1997. Microsoft Corporation and/or its suppliers. All rtghts reserved. Please visit our web site at hltp:llmaps.expedia.com. "- Streets98 Omi 0.1 0.2 0.3 0.4 Page 1 NEIGHBORHOOD ANALYSIS By definition, a neighborhood is a group of complimentary land uses. Typically~ its boundaries can be fairly easily defined, be they physical, social, economic or governmental in nature. The unique geographical aspects of the Florida Keys creates land uses and neighborhood characteristics throughout the archipelago which are generally atypical. As mentioned previously~. Monroe County is made up of a chain of sma1l islands that sweep about 11Smiles in a southwesterly direction from the southem tip of Florida's mainland, ending at Key West. The county is divided iDto four k,*,_ tegioas or expaDded neighbodloods: the Upper~ Midd1e~ and Lower Keys and the City of Key West. The subject property is located in the Upper Keys on Plantation Key. Land uses are somewhat limited by the geography of Monroe County~ and many uses take advantage of the natural resources~ with tourism and commercial/sport fishing dominating the local economy. The concept of complimentary land uses are often overruled by constraints resulting from the odd configuration or limited availability of developable land For these reasons, neighborhood boundaries are lesser defined, with incongruent uses existing throughout much of the county's developed areas. Subject Property 1 (parcels A-D and F) fronts along either side of Highpoint Road, just off Overseas Highway~ (U.S. Highway 1). Only Subject Property 2 (parcel E) fronts direcdy on Overseas Highway, which is the only access from the mainland by car to all destinations in the Keys. It is the domimmt commercial corridor throughout the county. Development along the highway includes a mixture of commercial, residential, industrial and tourist- related uses. A considerable amount of vacant land still exists along the highway. While significant portions are zoned for commercial use~ there are also many Wltouched tracts which have been purchased or targeted for purchase for natural preservation. Upper Matecumbe Key is included in the recendy incorporated Village of Islamorada. The area referred to as Islamorada, prior to incorporation, is a well-developed commercial area with established and newer retail centers and stores, oriented to both residents and tourists. Residential uses are typically just behind, or oft: the highway conidor~ most on the Atlantic side. Residential uses are primarily single family. A demographic (zip code) profile for Upper Matecumbellslamorada is provided on the following facing page. Uses adjacent to the subject property include a low-rise~ residential condominium project, a convalescent home~ as well as several institutional and/or public uses, such as a children's shelter~ detention center, sherif'rs offices and county offices. Single family residences are also close by~ mostly located further from US 1 than the subject. Historically, Plantation Key has not been a specific tourist destination in Monroe County; however~ Islamorada has. The subject property is located within the Upper Keys, which is considered desirable as a second home location to Miami and other south Florida residents -28- Slack & Johnston Search Results for ZIP Code 33070 ~"""""V"""V'" -.-........_ n. POIt Office: ...................... .... .. .. ono T A VE.RNlER. .. H 11 Dominant ACORN: 2A (Urban Profeuional Couples) These are the young urbm professionalsi'Oln.1he 19805, matured to middle age. Most of the households are married couples, although traces of the 1980s remain with higher numbers of single- person and shared households. Labor force participation is high and unemployment is low. Taking domestic vacations, they spend on theater and concerts and dining out rather than cooking in. ....................... ...... .. .. .. ...... .. ... General Statistics for 1999 ZIP 33070 National Total Population: 5842 270 Million Number of Households: 2509 101 Million .n.......... ........ .. . - .. -0 _ .. 1999 Population by Race ~ White: Black: Asian Pacific Islander: Other: 96.4% 1. ()OIO 0.8% 1.8% ..................... 1999 Population by Geuder IlL Male: Female: 51. ()OIO 49. ()OIO ~...........y........ ___n.vo u_ _. o. n_........-.,...........,........................... _......,. 1999 lDeome rlpra IW.. Median Household Income: IDI Income Under S50K: IDI Income S50K-$I00K: IDI Income Over $100K: . $ 36771 65.9010 23 .~IO 10.9010 '!t..................... ~_........ - ............................. 1990 Housinl Fipra III.. Median Home Value: MediaD Rat: $ 139904 S467 78.0% 12.5% 3.8% 5.7% 49.0% 51.0% $ 38135 64.2% 27.3% 3.5". S 79093 S374 who favor the shorter drive times to Key Largo ad other Upper Keys locatioos. Throughout all of the Keys, however, waterfront homes, particularly those with priwte boat dockage, have become less .VIi1ab1e as regulations to protect the cnvironmema11y seusitive, waterfront areas have become more stringent. The scarcity of developable Iaod and lengthy approval process required to develop sites bas teDded to iDaease purchase pices ill the area for both DeW and older raicIeDces, as wen as sites with Unnvdi,. buildabi1ity. The CODStr'IIiaD of the Rate of Growth Ordinance and the ~ moratorium have effectively stopped my sipificantnew ~in the Keys. Future'resider1tieJ building will most likely be limited to infil1 of existiDB developed subdivisions like 1he subject subdivision. Commercial building is usually seen only OIl sites widl prior boiJding approvals or on sites with older improvements which can be replaced with structures of equal or lesser square footage. As with all of Monroe County, future growth in the subject neighborhood is anticipated to be slow, less due to restrictions than to lack of demand. -29- Slack & Johnston ,1.1 .1 lJ! S:iJ1 '1 :. " i 1 iI'i11lh ,I,'."j i Iliti'.....t.. II' 't rna ." I I JII~ 'fill I' ..:1 J" f '. 1'&1 !lli . , · ~'UlI f tl'I)= '~nll ;n11 liIi .. ~I' !h 1 i JUt Ii'j ":1'~:'~ t 'J,I.'e 1"' 'f'l I 'mIJ~.'J~' ! i ~JI'j ,., i I'h 'I~ll' i I I all., I' "' 1 ff~ i ~ aJiJI :IJ~~IJ I' H1m'f I'i,~, ; i t 11.- I' I' I !o fU..l1J . ~ i!=:~U~:i! ~ il!~~li~ Q !iMIJI, 'Uij :. if ' r,e..:s ,);,.. !. 'i~ ; ,lfl~l~i I a ; J)l ii~ hi ~ ltiF:~F. I " .lllh!} ~ "liJ~'f IJ .' J II . f 'f ~I 1:1,.. i- f ' I 'I ~ fl~I" jl~~~ JtiU'J~i I, I~II: . ; J ~',~ ; "I,~f,14 !I j~I"aiml!i ~If,::~l JfJl!ii)) .. J, dnli 1t tNm' j!hJf'j, "' ~P!fl""l ;~. ill: *~Ij . '.. I, I: 'il)' ill' II ..' I.I~ , .. Ii n.,.J:f'j 1- .. , J . f J · 'I' '1' I J i!J:f'h ,lUll J :1 !h~J~liIIJil !lr! fe~1 ", un Ii uhi 5. ~ " . .. .,. fa) "lIfJil oJ .PI.fIf;.I. Ii . .. . ..,...... IlitJ ..... ~ ._i ~ .,. 1 ~.J. r -I \ --- . -- ., ... . 1 iift /11 JIlt' ~ ~ 1 J' - t 11 IU . 11::PCld.:GI.~!!ii '!lfl j l.....~ I't." :.I'$:Ildlt~Ut 2i ~ii: ::;;;'00. ~~~.><: ::..;r..:o ~ ~ '=')... ~~~ 'J; ir. ~ ~~>.: .>~ o -", ;:::~~~~ :--... ~.J...... ~.....: s-.::g g -- . ~~. . ::t:O~"I7\1 en ('., ~ ~ ~,~;:::' ~ci:g~ aCQ~2 ~ c...~ ~ - . II ~1. oJ .~d:I':~ 11 UUI:Ct: 1. .Ii':i~ ;0:.... '~I :.. ':I:!~ .__.,.: ..,d,; ,i iila H~, it:. lib " II "" ":_cc. "'-~ :::;':'" % "<... ........,......, " ,.,."...". i ! . , I~ ,j I ,. " t. .... ::: " , <!: , .... -> , ;:: :!: . --: ':1 "- " ~ ~~::;:S:ll ". ~~~:!~ gre~~ ~I ~i~~~ ~~~2 ~-<nCl.l'" ~ . , '':'Oll:'I~''''v _;lC ..,....... .....Q:.J........l..o !:: .. f; :t: 1 It, !: II: . "I . ~-t ';1' , ~I". ~ . i II ~ !~j Ii : 11.: ! ;el" . jJ 1:11~, -.- I II I ' : < E ; J!~l: f--=_~=:-:=_ .1 ~i l ; 1 : i 'yJ ti :-:.1- ...: 1 < ., : i' til_: '. . . : I ! -I.'. -;~.k' ~l~'!:-fl:. c ...: _. -..-.---- Alj!:;: c: .:... '8' '-( : ~ ~ ~ . ~ I L , I i i ~J If;~I{iJU It J.j ,h, lQa;.JllQj"~ ;1 ~ , I !. c. .ql;ltl,UItI,tl II . rI~l!l.l l~t: Jllll · !iillJlfl ~,'IJtllftdl. :: ~IU 11t'1!~~"llli h, ~I"J 19: liN ' :: Un",,, :,,.i :itUi:1 ,;1,,1: r~~I.i!m~lj I hl"ln. Slft 'hili a'b lCN.I:I~III' ~liJtbN~~f( lusU I It.: ! c::. Ie ,! , i !l ~ : -,It. I :!::: -.' 5 .: J: .-. .: , , ! !~ a-:,:~-.-.f -~~--.... " I' .. ;a -,,; i s " Ii; ---..--,: ti. -.. .... '.J.~, .~.u..' " - ., : 1.. ! :~ : '~ ~i .. !I ,-ill tit itl "'I: t ! it i: I, ~i " . \ ~i. \ " " . "-.. -""" . ... i ~~ ::: :...: :.... 01 :!: "'= :::.. /MM' Iff ~ '1ro- ..I' D' - --.--.'...... ,....... "'- ,",....---------------"......... ( "''--.. ! "'.. : '... rei. j 'l'i) "t t , I'. I!. "1 ~~II It~~ ItU - ~ . " .. f: I! i ~- i I ~.. -- , i L ~ Location: DESCRIPTION OF THE SITES Subject Property 1 Subject Property 1 consists of Parcels A, B, C, D and F, as identified on the survey provided. The parcels form two noncontiguous sites located on both sides of High Point Road just west of Overseas Highway at Mile Marker 89, within the VilJage of Islamorada, a mnnicjpatity of Mooroe COUDty, Florida. . The overall shape of Parcels A through D is slightly irregular. Parcel F is basically rectangular. Shape: Land Area: Based on our calculations the land areas of the parcels is as follows: Fee Simple Ownership: SQJI8I'e Feet ~ Parcel A: 113,123 2.60 Parcel B: 4,395 .10 Parcel C: 11,251 .26 Parcel F: 22.586 .52 Total: 151,355 3.48 Easement: Parcel D: 3,750 .09 Frontagel Access: Parcels A through D, combined, have approximately 375 feet of ftontage on High Point Road. There is also 303 feet of frontage along Rolling Hill Road. Presently, vehicular access is available from High Point Road. It is --~auned that if paved for parking or developed, vehicular access would be available from Rolling Hill Road to the western portion of the property. Topography: The majority of the subject property is level and at street grade. All but the western .79 acres of Parcel A are scarified, paved or improved with buildings. The western .79 acres of Parcel A is overgrown with thick vegetation and trees. -30- Slack & Jobnston Utilities: Land Use Restrictions: Environmental Study: Flood Insurance: Existing FII'IDiD& Grazing, Mining, Etc: Site Improvements: Municipal services available include water and electricity. Telephone, cable TV and LP gas are provided through the private sector. There is an on-site sewage treatment system. No authoritative report of title has been provided or reviewed. From the information available, it has been determined tbatParcc1 D is an '> easement on land not owned in fee simple. An easement over Parcel 0 was granted for exclusive use in connection with the operation of the sewage disposal facility located on Parcel C. This easement is described in ORB 812 page 75 as perpetual and running with the laild. This easement is not considered to negatively impact the value of the property. No environmental risk study has been provided. This appraisal reported is based on the assumption that no conditions exist with regard to hazardous materials that would adversely affect the utili7J1tion or marketability of the sites. Nothing uncovered from the information provided or inspection made indicates otherwise. Flood Zone AE; Base Flood Elevation 8 feet; Special flood hazard area inundated by l00-year flood; F.I.RM. Panel 120424 1131 H; revised December 22, 1998. There are no existing crops or pasture on the site. There are no known mineral deposits or merchantable timber. It is unknown if any oil, gas or mineral rights have been severed from the property. As will be discussed in the Description of the Improvements section of this report, the majority of this site is improved with structures, paving, etc. used in conjunction with the former hospital operation. Parcel F is improved with a concrete pad surrounded by chain link fencing of about 75' x 75". It was previously used by the hospital as a helicopter landing pad. The permit for this use would have been transferred to the new hospital's location. -31- Slack & Jobnston ~ ~~ ~S~ ~ &.;~ ~~I ~~~~ ; ~~ .. ~~Q1 '? j :z;!:)~~ @~ (\fit) ~~ Qc::) Q~~ g:ti ~ , _I SiI jf i~ftl~ II ,i~I~JJ dj I: f :Jlffi. j' ! iJ j .f ~ J II! i ~it,~a Li ; J J ,. 1"', ~J I Illi ,i s' J IIj P in ~ j I' L~ Ii ~.I~!': I f GIllt r 11 ~I t:,ll'~ i IJ' I... I: JIt ~J "':1 ! II I I_ .-t ~fJ!~1 _. li'il ~~ j, I 'I ~ '~ E' j~~~~,~~~ I:jllfi;~ I; ..{ j !II ,: ~j~ lI: zr. Xi j,'d'~;ic 21; :dl~ ~I} J~ : If I : I ~ : ~.h I '__h... tJl ! I i llljJ I J I i 1,1111 I · ~ · ,'i d;m~ ~. ~'r ')' .. j J J J ' tiI Ii n I fIllf iJf..!' H ; J..1n l\i< ~.llp I:! ..1 "I' I II S ~ ~j: d~ai !J if , Hlil i !:JJ ~ IJ!~ i1f"iJ1l f~" : I.. ---~-~ii-:-----;~~-;---;~-;-;;~-;~----~,~ i, ... ..... . ....... :Iii I '(- - - , II . 1 I / A I II . IJ~ / - II L._ 1/ '.:: "'-.1. 1Z:I/w"'~ II I II ia II' II .... II .- I II 1: I Ii I Ii Ai: II :, II :, II I J It ~ Ii J~ :: il II :1 If ~ II : .. 'I II I .. __ :; II : .. ~ : I II : lI: I ,., I, .. 1_______.__ :, /<~ ------... /",-" ",' vi I ,-,' , , I /~\~."'1 .....' I ~ ...// ~/~ ?'''''' (I ,I ~ ~ \~ /' I ,,' ....~ /\ ,/ I ~... /{ /" i /' I ~J ,..'" /' /' /'\" I 'I -A<' ...~ /' /'..... I ~r''';: .../ ~ /' ..... /' /\ I I & "" ..-,;11,// /",/ \ ...."...1.. I #-'fl ' ,"'./ ,./..-' ~ I J I .../ tIJI;..;.- /' . /' /' /""\: I I " ,,/ ././ ,,/ \ I I ,..... ,I'f .,..' ./ /' " ., I I " ...)(' /' ././ .. '0.,.... \: I ~ ... /' /' 0 ~ 1\, I ;,,' ,'< ./ /' '" -,,' i. I ' " . /" ./... r .H ,'...,,' ",' . ... 'x./ ,/./ ..s. "t ",...' : I... ",' ...,/ \ ... / ," , ,/ ./ ./ /' 0 " ,,' // ./ /' ........ f,'" /' /'/' ," G~>/ /' " ...' /' //,// 't\;........ /' /' " .. ~,/// ~ ... ... -.-. - - ~ J '" .. lie ... Ie "" .. Q, lie ::. ;" .. .. .. II . ~ I I I I : ~ I I I I I I I I --, ...... . ... I .. CS, III lI: :l: ~ co ...r -- ~ ..., Ill! .. 01 .. Ie J .. I lie ...1 Ie "" J ::if .. I '- '1 ..: .1 ~ ~PI ~ .~~~~ ~ :HiJJJJJI1~ 1J 111111 ,1111 ::11::1 It I I I " ,..... '''''''III' 111".' II""" . ",.., I ......... I t: Subject Property 2 Location: Subject Property 2 consists of Parcel E, as identified on the survey provided. The parcel is located on the westerly (bay side) of Overseas Highway. The property is more specifically located on the comer of Lysiloma Lane and Overseas Highway at Mile Marker 89. The property can also be described as being 140 feet easterly of High Point Road. The property lies within the Village of Islamorada, a municipality of Monroe County, Florida. Shape: Parcel E is basically rectangular with dimensions of 6S feet by 136 feet, more or less. Land Area: 8,913 Square Feet or .21 acre Frontage! Access: Parcel E has approximately 6S feet of frontage on Overseas Highway. It also has 13S feet along Lysiloma Lane. Lysiloma Lane is an unpaved road shown to have a 20-foot wide right-of-way, but inspection revealed it to be of insufficient width to allow for two-way traffic. Presently, vehicular access to the property is available from Overseas Highway. It is assumed that if redeveloped, vehicular access would be available from both Overseas Highway and Lysiloma Lane. Topography: The majority of the subject property is level, sloping down slightly to the grade of US 1. Utilities: Municipal services available include water and electricity. Telephone, cable TV and LP gas are provided through the private sector. There is an on-site sewage treatment system whose use is shared with neighboring properties. Land Use Restridions: Although DO authoritative report of tide has been provided or reviewed, from the information availabl~ there do not appear to be any easements or encroachments tbatwould adversely affecttbeutili7.ation of the site. -32- Slack & Johnston Environmental Study: Flood Insurance: Existing Farming, Grazing, Mining. Etc: Site Improvements: An environmental risk study wu not provided. This appraisal reported is based on the assnmption that no conditions exist with regard to hazardous materials that would adversely affect the ub1i7M1on or marketability of the site. FJooclZAmeAE; Base Flood Elevation 8 feet; Special t100d hazard area inundated by too-year flood; F .I.R.M. Panel 120424 1131 H; revised December 22, 1998. There are no existing crops or pasture on the site. There are no known mineral deposits or merchantable timber. It is unknown if any oil, gas or mineral rights have been severed from the'property. As will be discussed in the Description of the Improvements section of this report, this site is improved with a small building. -33- Slack & Johnston ~iC" i~l .>- -1:~, . i-I-". i 2:\ ]! (; ~ - 60 :....., ;- -,L.....-- I t I -I ! ..__ . - j H 1 is j 0- 1 ,. j. ~l .~. ~ - y ~ - 1, '~ i i, fle U Jt i, i...:...:iIT' '7 ' _ , _ ["'. ~ Z ['__ ,/ '-=;1/~ 1 :. '. 1 !~} " ,. I ., ~ 'I ~.l L V ~ ~: ~j p, - I ~. !~ ~~ rh .. i .; ...., ~, ~ .,/' .~ " : ii l~ H ..... II .~-:.= -- -[] -< \-J~ ',5 ' . 1. , -. , ! ." " " . ,-' U~J' ~- I) . :! 1 H If 1 '1': j ,j 10-:- -<!i l,~ j , . (i j a, (~ l~ I\.;, 1 n:i h 1-1 " ~l ' ;-11 l ~ ,.' 71~ll,----, ,! ~', 'lit , hi '. -; ~, 1-,1; ;-H - ,! ~l ii h e, j '. ~ '\ ;. I Ii I Ii _ " i ,I. ~ -:__ I,' l' ] !~ ?\..4 'r -, ~i ., '1---0(. _ '~~t : l-i -, - ,l, ~ ' \...." \ J .....~ - 'f ii , n , ~ I '- ~ ~lrJ .. ; ~ :-. I.~ h .... :. L., '/ . r i '-' ~;, ! ~ DESCRIPTION OF THE IMPROVEMENTS The subject properties consist of the Old Mariner's Hospital facility. The properties are improved with various buildings and site improvements used in conjunction with the prior hospital use. Subject Property 1 includes the main hospital building, as well as three ancillary, metal buildings. Subject Property 2 includes only a mulllt CBS building most currendy used for storage. The buildings are described in greater detail as follows: ..jeetPl~ 1 Main Hospital Building: The main hospital building consists of a one-story, CBS structure originally built in 1970. Based upon public records and conversation with John 8obn, of Mariner's Hospital, as well as my physical inspection of the building, it appears that one or more additions were made to the building subsequent to its original construction. Based on my calculations, the building contains appro~m.tely 27,000 square feet of air-conditioned area. As can be seen on the floor plan provided on the facing page, the building meanders somewhat, with the interior of the building divided into numerous smalI to medium sized rooms, most of which are served by wide hallways typical of a medical facility. The interior finishes throughout the building vary in accordance with its age and previous use as a hospital. The interior finishes are in fair to average condition, but are begjnning to reflect the fact that the building bas been unoccupied and is DO longer being mMnt.ined to the extent it was while in operation. Prior to occupancy by a new user, it is likely that much of the interior layout and finishes will be reconfigured and ranodeled, with. major gut renovation not out of the question, depending upon the intended use. The following was observed during my inspection of the property: Building Height: One story Framing: Concrete Foundation: Reinforced concrete Roof: Flat tar and gravel over concrete. Based on my inspection of the roof and discussion with the building numager, the roof is in need of replacement Exterior Wa11s: Concrete block and stucco. Doors and Windows: The type of doors vary throughout the building and range from glass panel in aluminum frame at the front entrance to solid core -34- Slack & Jobnston wood doors at other entrances. Windows are typically fixed pane in aluminum frames. All windows were reported to have aluminum hurricane shutters. Floors: The floor finishes vuy throughout and include carpet in the office areas and some patient rooms, vinyl tile in some hallways and lab/exam areas and terrazzo in the operating rooms and some hallways. Interior WaIls: Generally painted or wallpapered drywall. Some of the walls in the areas used for x-ray are lead-lined. Ceilings: Suspended acoustical tile, typical. Lighting: Recessed fluorescent fixtures, typical. Heating and Cooling: Roof mounted central units. Appro:x:imfttely 8 to 9 years old. Electric: Adequately serviced. There is a back-up diesel generator in case of power failure. Fire Suppression: The only portion of the building sprinklered for fire suppression is the hyper baric decompression chamber, which was added in 1996. Equipment: The hospital building bas a 12SKW, emergency diesel generator with one day fuel tank located in a room near the cafeteria area. There is also a SOO gallon, above ground fuel tank out back near the file storage building. The property also includes a SO' radio/TV antenna tower which is situated next to the building near the emergency department. Comments: Overall, the building is considered structurally sound; however, the roof appears to be in need of replacement. Given that the building was constructed in phases over time and was used as a hospital, the floor plan is somewhat circuitous and is comprised of over 90 small offices and rooms. The area previously used as a cat scan room is actually a modular unit (trailer) which has been attached to the main building. The overall condition of the interior improvements is average, at best., and in most cases, fair. The improvements exhibit considerable physical deterioratio~ due to -35- Slack & Jobnston normal wear and tear, as well as depreciation attributable to the functional inadequacies inherent in the very special purpose design (floor plan/layout). Although impossible to accurately support to what extent, there is reason to conclude that the property also suffers from economic obsolescence as a result of the very limited possible uses allowed under the existing (and even potential future) land uses. Ancillary Buildings: There are three, one-story, prefabricated, metal buildings on the site. One building, previously used for record storage and material mAnagement, has a raised coocrete slab floor and conmms l,2SO ~ feet. Ccmstntcted in 1990, 'this tNilding has no plumbing (restroomslsinks) and no iDtcrior finim; however, it is iD~1I1Ated and air- conditioned. Overall, this building is in good to average condition. The second building, constructed in 1970, also on a raised concrete slab which connects with the record storage building, was used as the laundry facility for the hospital. It is in average condition and contains 950 square feet. It has plumbing for the laundry operation (no rest room), but is not air-conditioned and the interior is basically unfinished. The third building, built in 1985, was used as the maintenance office and workshop. This building is constructed on a slab at grade and is in close proximity to the package sewage treatment plant. It contains approximately 1,000 square feet and has no plumbing. The interior is basically divided into three rooms, but the interior finish is minimal and is in no better than fair condition. The building is not air-conditioned. In addition to the above buildings, there is a sewage treatment facility on Parcel C. It is our understanding that the sewage treatment facility serves the hospital property, as well as the adjacent convalescent home and residential condominium project It was reported that the cost of operating and maintaining the facility is shared by the three users on a pro rata basis, according to volume of usage. Mr. John Sohn indicated the current maintenance contract is at $780 per month, with any repairs, replacements or capital improvements extra. The facility has a 40,000 gallon per day capacity. According to a letter written by Chris Schrader ofEcosystematics, "it is an Activated Sludge, Extended Aeration, Secondary waste water treatment plant with chlorine disinfection of the final eftluent water. Gravity lines connect the three sources to the only pump station located at the plant. The plant eftluent is disposed ofhy four Class V injection wells into Class G-ill ground waters." The letter also states that the plant was originally constructed approximately 30 years ago, with a second stage expansion added to serve the convalescent home more recendy. -36- Slack & Johnston Subject Property 2 The improvements on this parcel include a single concrete and concrete block structure S1DTounded by 6' high chain link fencing. According to information obtained, the building was originally constructed and use by the F10rida Keys Aqueduct Authority (FKAA) as a pumping station. The building is constructed OIl a slab at a gnde slighdy above that of Highway US 1. It is somewhat of a bunker style typical of utilities buildings (few doors, no windows, mini",,1 fenestration) and reportedly has a low interior ceiling height of approximately "-ow, which is iRIdequate fbrmost ~cial uas, such u o~ service or retail. huB to the interior was not avsil~ but accordiDg to Mr. John Sohn, of Mariner's Hospital, the interior is unfinished IIld the building bas been used for storage by the hospital since its acquisition from the FKAA. The building appears to be in sound physical condition, but due to its low roof height is limited in use and, thus, suffers from functional obsolescence. The only cure would be the rather expensive proposition of literally raising the roof. The fencing on the site is not around the perimeter boundaries, but rather around the building. The front of the site is sodded and much of the remAinder is overgrown. -37- Slack & Johnston ZONING AND LAND USE Zoning: The property falls under the jurisdictional boundaries of tile Village oflslamorada. Based on discussion with planning and zoning officials and a review of zoning maps, the majority of Subject Property 1 is zoned SC (Suburban Commercial). Parcels B, C and D are zoned DR (Urban Residential). Subject Property 2 is zoned SC. Land Use: The designated land use of both subject properties is Institutional. According to Sheryl Bower of1he Village oflslamonda, the IImd use designation is prevailing and takes precedence over zoaing. An Institutional use is defined as follows: "The principal purpose of the Institutional land use category is to provide for institutional uses by federally tax-exempt, non-profit facilities, including, but not limited to, educational, scientific, religious, social service, cultural; and recreational organi7.ations. Related residential and non-residential uses, including student and employee housing shall be allowed." The Institutional land use designation is very restrictive, since it effectively precludes many potential private and public users of the property. Based on discussion with Senior Planner, Sheryl Bower of the Village ofIslamorada, until such time as the village develops and adopts its own future land use plan and zoning map, it has adopted those of Momoe County. She stated that the village is currently in the process of developing its own future land use map and that "now would be a good time for someone to apply for a change to the Institutional designation". She further indicated that there was a good possibility that the land use could be changed to Public Buildings/Grounds or Public FKilities, which are defined as follows: "The principal purpose of the Public Buildings/Grounds land use category is to provide for public buildings and grounds owned by federal, state and local governments. " "The principal purpose of the Public FKilities land use category is to provide for land owned by public utilities and service providers." If the existing Institutional land use were amended to one of the public uses, it would increase the potential users of the property. Ms. Bower did indicate, however, that it is unlikely the land use could be changed to allow commercial uses (i.e., private, for-profit offices; retail, etc.) of the property, in keeping with those allowed under SC zoning. My conversation with Mr. Robert Luse, CEO of Mariner's Hospital, indicated that no attempts have been made to change the land use designation. Given the CUJTeJlt interest in the property expressed by the County Sherifr s office, I have concluded from my research that there is a reasonable probability that an amendment to the land use plan could be obtained to allow such a use. -38- Slack & Johnston REAL PROPERTY TAXES AND ASSESSMENTS The subject properties are currently not taxed by Mooroe County due to the property owner's federal1y tax exempt/not-for-profit status. The 1999 assessments for each of the subject properties is provided below. The taxes have beCD emnuated based OIl the CUIIalt assessment and applicable 1999 millage rate and reflect whit a private owner would be paying. These amounts do not include a discount for early payment. Subject Pmpatf 1: Parcel No. Folio No: A&B C&D F 419430.0000oo 418880-0000OO 418900-000200 1517381 8681313 1516856 $ 387,000 $22,701 $90,000 $2.144.160 $ 0 $ 0 $2,535,236 $22,701 $90,000 $14.42170 $14.42170 $14.42170 $36,563.60 $327.39 $1,297.95 Alternate Key No.: Land Assessment: Improvement Assessment: Total Assessment: Millage Rate: Estimated Taxes: Subject Property 2: Parcel No. E Folio No: 418880-0000OO Alternate Key No.: 8681305 Land Auessment: $22,280 Improvement Assessment: $ 0 Total A~: $22,280 Millage Rate: S14.4217G Estimated Taxes: $321.32 -39- Slack & Johnston OWNERSHIP AND mSTORY OF THE SUBJECI' PROPERTY The subject property is currently held under the ownership of Keys Hospital Foundation, Inc.~ SO High Point Road, Tavemier~ Florida 33070, who took title &om Keys Community Hospital, Inc. in June, 1980. There are no known Jisting!ll or pending contracts for the sale of the property. There are no 1ransfers of ownership of the property reflected by public record in the past five years. The subject ~~djprmously operat\;;d IS Mariner's Hospital until February~ 1999, when it was VK..ted by die move of the hospital operation to its newly consttuded facility a few miles away. Conversation with Mr. Robert Luse~ CEO ofMariner~s Hospital, indicated that the subject property has not been actively listed with . broker or openly marketed. He stated that, sometime prior to his coming in 1993, . sign was put up along US 1 offering the property for sale. Since this was considered somewhat premature (prior to the new hospital being built), the sign was taken down. Mr. Luse indicated that interest in the property was expressed by several parties~ some of which were flom out of state~ but no serious discussions regarding a purchase were had. He stated that, once the sheriff's office expressed interest in the property about a year ago~ the owners have held off on openly marketing it. -40- Slack & Johnston PART :FOUR - ANALYSIS 01' DATA AND CONCLUSIONS -41- Slack &. Joboston mGBEST AND BEST USE According to The Dictional)' of Real Estate Awraisal (Third Edition, 1993) published by the Appraisal Institute, the pertinent terms relating to highest and best use may be defined as follows: Highest and Best Use The taSODabIy probable and legal use ofvacant land or 4bpioved property, which is physically possible, appropriately supported, financially feasible, and that results in the highest value. The four criteria that highest md best use must meet are legal permissibility, physical possibility, financially feasibility and mayimum profitability. 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 applied to the subject properties. The subject properties have been analyzed as vacant and as improved. As Though Vaant Subject Property 1 POIIible Uses: The physically possible uses of the site include a number of alternatives, given the site's public road access, proximity to Overseas Highway, availability of utilities, size, shape and topography. The fact that parts of the property are on opposite sides of High Point Road would tend to warrant separate developments. Permissible: Permissible or legal uses are those uses which are permitted by zoning or deed restrictions. Uses pennitted by the property's SC and UR zoning include commercial retail, office, commercial apartments, and commercial recreational ~ among others, allowed as minor and major conditional uses. The subject's land use, however, is institutional. This designation is very restrictive and allows only federally tax-exempt entities to use the property. There are no known deed restrictions which would limit development potential, with exception of the graot of easements for joint operation of the shared sewage plant, which are not considered detrimental, since most development of the size warranted by the existing land area would require such a facility. There is cummdy in place, however, a countywide moratorium which precludes new commercial development on previously undeveloped sites. By law, the moratorium cannot be indefinite and, by current estimates, will end in about three years; however, by that time it is likely that some form of Rate of Growth Ordinance (ROOO) similar to that currendy in place for residential uses, will be implemented for commercial development. In any event, if not for the existing improvements on the site, the -42- Slack & Jobnston subject property could not be developed within the immediate future. The presence of the existing improvements, however, would allow the owner to render the property vacant and thereby redevelop the site at an equal intensity. FeasibleIMaximally Productive Uses: The feasible/maximally productive use for the property is primarily influenced by the site's location, topography, and current market conditions. Based on discussion with Sheryl Bower, with the Village of Islamorada, there is some possibility that the restrictive Institutional land use could be c~d to a Public use, but it is unlikely that general office and/or retail would be permitted. Given the ploperty's location west aDd off of Overseas Highway, its appeal for that type of development is severely diminished, in any event. The subject property is located near several public and governmental facilities, including a detention center, children's shelter, governmental offices and sherifr s offices, as well as a convalescent home and residential condominium complex. Uses permitted under the Institutional land use designation would also include not for profit (tax-exempt) uses, such as hospitals, nursing homes, churches and schools. Based on the analysis above, we estimate that the highest and best use of the subject property, as though vacant, but given the immediately buildability accorded by the pre- existing improvements currently in place on the site, is for development with an institutional or public use to the highest allowable density, with consideration given the potential that additional development, over and above the existing density may be permitted once the commercial moratorium is lifted. As Improved In estim3rillg the highest and best use, as improved, numerous factors must be considered. Of consideration is the age, size, physical condition and functional utility of the existing improvements. As has been discussed, the exUding improvements are of substantial construction, and according to information provided, meet current flood criteria as to floor elevation. The existing layout is less than desirable for hospital use, much less for some other use. Continued use of the existing improvements as something other than a hospital will likely require rather extensive renovations, including interior reconfiguration, as well as a new roof; however, given that the main building's superstructure is in good condition, and baking into consideration the limited potP.nt1ftJ uses allowed by the Village of Islamorada's land use plan, it is unlikely that a buyer would see fit to demolish the improvements in order to only be able to build back the same amount of square footage. For the above reasons, it is concluded that the highest and best use of the property, as improved, is the retain the existing building improvements with the potential of renovating to accommodate a future user. -43- Slack & Johnston Subject Property 2 Possible Uses: The physically possible uses of the site include a nwnber of alternatives, given the site's public road access, frontage on Overseas Highway, availability of utilities, size, shape and topography. Permissible: Pamissible or legal uses are those uses which are permitted by zoning or deed restrU:tious. Uses permitted by the property's SC zoning inclnd~ ~m~cial retail, office, cOhdbdCiallp8l'tmeDts. and commercial ~ uses, IDlOD8 others, allowed as minor and major cODdiliooal uses. The subject's land use, like Subject Property 1, is institutional. This designation is very restrictive and allows only federaDy'tax-exempt entities to use the property. There are no known deed restrictions which would limit development potential. FeasiblelMaximaUy Productive Uses: As mentioned previously in this report, the feasible/maximally productive use for the property is primarily influenced by the site's location, topography, and current market conditions. There is a possibility that the restrictive Institutional land use could be changed to a commercial use lDlder which general office and/or retail would be permitted given the property's location on Overseas Highway and adjacent to similar uses. This property is at an advantage in terms of development, since it is already improved with a small building and it is not affected by the existing commercial moratoriwo. Based on the analysis above, we estim:tte that the highest and best use of the subject property, as though vacant, but given the immediately buildability accorded by the pre- existing improvements currently in place on the site, is for development with commercial or service type uses. -44- Slack & Johnston VALUATION PROCESS The three recognized approaches considered in the valuation of improved real property are income, sales comparison, and cost. The validity and relevancy of a particular valuation approach is influenced by the availability and quality of1he data, as well as the type and age of the property. The income approach provides an indication of value of the property based on a conversion of antiap.d ~ (net iDcome). The method of convmion is caned capitalization and is either based OIl a single year's inwme (direct capitali7J1tion) or several years' income (discounted cash flow). The sales comparison approach provides an indication of value for a property based on a comparative analysis of sales of s.imilar properties. The cost approach provides an indication of value of the property represented by the reproduction costs of the existing improvements, less accrued depreciation, to which is added the value of the land. The appraisal process is concluded by a review and ree:xamination of each of the approaches to value that were 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. In valuing the subject property, which consists of a relatively large parcel of land improved with buildings formerly used for the operation of . hospital, only the cost approach is deemed applicable. The special purpose nature of the improvements (designed and cOllStructed for use as a hospital), as well the lack of reasonably reliable comparable rental and improved sales data within the subject's market area, preclude use of the income and sales comparison approaches. Although somewhat subjective, due to the inability to provide strong market support for the estimated depreciation applied to the cost new of the improvements, the cost approach, which relies upon market comparison in valuing the land, is considered the most reliable method of valuation. -45- Slack & Johnston COST APPROACH The cost approach is an analysis of the physical value of the property, i.e. the current market value of the land, assuming it is vacant, plus the value of the cost to reproduce the improvements less accrued depreciation resulting from physical deterioration, functional obsolescence and external obsolescence, if any. Land VaJ,..ti_ Sales comparison is the most common technique for valuing vacant land and is a preferred method when sufficient comparable sales data is aVli1able. Within this method, the sales of similar parcels ofland are analyzed, compared IDd adjusted to provide a value indication for the land being appraised. When mstking the comparison, it is DeCeSSIl'y to evaluate factors such as prOPerty rights, legal encumbrances, condition of sale, financing terms, changes in market conditions since the date of sale, location, physical charlcteristics, availability of utilities, zoning and highest and best use, as well as other factors. Given the rather unique circumstances relating to commercial land in Monroe County, including an ongoing moratorimn against commercial development, but considering the fact that the subject's existing improvements effectively assure redevelopment (if rendered vacant), I have attempted to utilize sales of parcels of land which were deemed immediately developable, either due to pre-existing improvements, site plan approval or permits in place, or, ifnot, at least, obtainable (not subject to moratorium). Because the subject properties include a relatively large tract (two, non-contiguous ParCels) of land without frontage directly on U.S. 1, as well as a fairly small parcel with direct frontage on U.S. 1, the comparable sales included herein provide radaerwide ranges in ParCel size and unit price. In analyzing the market sales data and comparing it to the subject property, the price per square foot of land area was considered the most apPropriate unit of comparison. I have selected 13 sales of parcels located within Monroe County considered reasonably similar to the subject properties. The sales under analysis range in size from .12 acre to 10.20 acres and range in sales price per square foot from $2.00 to $13.00. -46- Slack & Johnston Appraiser's Reference No.: Real Estate Tax No.: Property TyPe: Location: Brief Legal Description: O.R. Book/Page: Grantor: Grantee: Land Size: Zoning: Property Data: Sale Price: Unit Price: Sale Date: TermslFinancing: Conditions of Sale: Present Use: Highest and Best Use: LAND SALE 1 556860 through 556100 Improved commercial to be redeveloped Southeast corner of Overseas Highway and Sunset Road, Tavernier, Monroe County, Florida Lots 1 and 2, DRESSINGS ADDITION TO TAVERNIER, Plat Book 3, Page 38, and Lots 25-30, CAMP PLEASANT, Plat Book b, Page 186, Monroe County, Florida 1543-2395 Trixi Realty Corporation, Inc. Community Bank of Homestead 45,237 square feet 1. 04 acres MU (Mixed Use); Monroe County Irregular site consisting of eight lots fronting on Overseas Highway S588,OOO $13.00 per square foot October, 1998 Cash to seller Anns length Improved with older commercial structures. Redevelopment with commercial uses -47- Slack & Johnston Comments: This site is currently improved with an older building previously occupied by Harry's Bar. The building contains approxim~ '800 square feet. The buyer is planning to replace the existing structure with a bank branch cootaining the same square footage. The costs of demolition were reported to be approxim"tely $25,000. Verification: With R. Drake, repPy.ntui~ of grantee, by G. Johnston 2199 -48- Slack & Johnston I /- I." "~t.,,1. /. / ~. ~.~..J "J Dc , o -1j.".J... . ~ -<: ~Z:n. .,~ .., ',0' ',.JJJ.~ :':;- ",,' _../''' -~<,~ ~/ ~v · ,J" .r~ v:, <(I cJ" "... " ~ (? &. "''',f:-...'' _ c:) <?- · · "., / ..11" ~. i. 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'PT. c;o..,T. L.OTa .3.t;4 70~'8Ai: :~~'7. j '; '. O~-lo . )' ~... 0'" ~~....~,I..~ '\.0' .....~~,. -49- Slack & JOIIDston Land Sale 1 -50- Slack & Johnston Appraiser's Reference No.: Real Estate Tax No.: Property TyPe: Location: Brief Legal Description: O.R. Book/Page: Grantor: Grantee: Land Size: Gross: ClearablelUsable: Zoning: Property Data: Sale Price: Unit Price: Sale Date: TermslFinancing: LAND SALE 2 00087500-000300 Vacant commercial 100150 Ow:rseasHighway, Key Largo, Monroe County, Florida Lengthy legal retained in file-Part of Lot 38 of Model Land Company, Plat Book 1, Page 68, Section 28, Township 61 South, Range 39 East, Monroe County, Florida 1493-732 NPO, Inc. Community Bank of Homestead 44,240 square feet 1. 02 acre 17,700 square feet .41 acre SC (Suburban Commercial) This comer site is irregular in shape with approximately 68 feet of frontage on Overseas Highway. $199,000 $4.50 per square foot, gross $11.24 per square foot, usable January 1998 Cash to seller -51- Slack & Johnston Conditions of Sale: Arms Length Present Use: Branch bank built Highest and Best Use: Continuation of present use Comments: This site previously sold in August, 1995 for $60,000. This recent sale included building permits for a ~ building of approximtlfely 2,500 square feet. It is located adjacent to a post office. Verification: With Grantor (Andrew Tobin) by KM; 7/98 -52- Slack & Johnston '. ,.,f1~~ ,,~_..~A? ~r :0:. 'l-~ O<i-~D ~1 ".~ .Ii . tli J ~iI'~ III ..... "' . , J-JOLJDA Y lNN -RoE ~3"'40-oac -53- Slack & Johnston Land Sale 2 -54- Slack & Johnston Appraiser's Reference No.: Real Estate Tax No.: Property Type: l.ocatioa; Brief Legal Description: O.R. BooklPage: Grantor: Grantee: Land Size: Zoning: Property Data: Sale Price: Unit Price: Sale Date: TermslFinancing: Conditions of Sale: Present Use: Highest and Best Use: LAND SALE 3 00405460-0000OO Vacant commercial Oveneas Jliabway at Mile Marker 86, _ east of Venetian Boulevard, Plantation Key, Monroe County, Florida Lot 6, Block 1, VENETIAN SHORES PLAT 1 AMENDED AND EXTENDED, Plat Book 3, Page 157, Monroe County, Florida 1467-452 " Jacqueline Nefl: as Trustee Roger Young 9,500 square feet SC (Suburban Commercial) The site is rectangu1ar in shape with dimensions of SO' by 190'. This is an interior lot $75,000 $7.89 per square foot July, 1997 Cash to seller Arms Length Small commercial/office building has been constructed Development with commercial/office building. -55- Slack & Johnston Comments: This propeft)' was sold with a building permit in place. Two adjlceat lots were purchased without permits, but contingent OIl obmin"-g them, for $4.07 per square foot With Alexa Wheeler, broker/grantor by K. Magenheimer; 7/98 Verification: -56- Slack & Johnston 'rJOFlES To ~ lL ;.. , (0)- -fe:, '1 ~/,) .... :',::. ~'~:\:.,.. -\, ~ 00 .... t...:" J'o" ......... . " ".' E.~ ~ /& u"- -(: / / / / / / .(/1 -\'~ . 'i'~~~ / / / I , ,..~-;.: ""'--- (~ ~ ~ ~~ <:; 0 j...'lo.. J/.; <0)- ?-</ ~ C. <;'01 \0"")- u' --<j 00, '" 0.:.:. ;.: .... .:...... (0)- "> .3 '~6" ~~. r-... .r- Q "- olf't "'... .r- Oft ~.. I..)... "~.., ";J 4'03 .! - " Co '.) .s'~ "'~.3': J "'If .Oo~ .....~.::.:..:.I "- <: t. ::~.:l '- <f.t~~ -57- Slack & Johnston Land Sale 3 -58- Slack & Johnston Appraiser's Reference No.: Real Estate Tax No.: Property Type: Location: Brief Legal Description: O.R. Book/Page: Grantor: Grantee: Land Size: Gross: ClearablelUsable: Zoning: Property Data: Sale Price: Unit Price: Sale Date: T ennsIFinancing: Conditions of Sale: LAND SALE 4 10309O-OOOOOO Vacant commercial parcel with approvals in place Mile Marker 49, Ovaseu Highway, Marathon, Monroe County, Florida Government Lots 1 and 2 and baybottom, Key Vaccas, Section 10, Township 66 Soulb, Range 32 East, Monroe County, Florida 1456-1474 Kmart Corporation, Inc. Home DePot USA, Inc. 1,183,090 square feet 27.16 acre 444,312 square feet 10.20 acre Urban Commercial and Native Area Irregular shape, fronting on Overseas Highway and ocean. $3,700,000 $3.13 per square foot, gross $8.33 per square foot, usable May, 1997 Cash to seller Arms length -59- Slack & Johnston Present Use: Retail hardware store Highest and Best Use: Development with COII1IIlerCiaI/retail uses Comments: This site has approximately 790 feet of frontase on Overseas Highway and has been improved with a Home Depot store. The site had approvals in place for retail cIeftlopmeDt at 1he time of sale. Verification: PubliC1'eCoub ofMOID'8e County, by K. Magenheimer, 2/2000 -60- Slack & Johnston '" 1r .. fjj~ 11 f l- t 'f-.. ,:. , ~~. '>. \ j\.. , \ \ .( )' " ~ ,.,>' :0-<' "S~~k &(lJ~D Land Sale 4 -62- Slack & Johnston Appraiser's Reference No.: Real Estate Parcel ID No.: Property Type: Location: Legal Description: O.R. Book/Page: Grantor: Grantee: Land Size: Zoning: Property Data: Sale Price: Unit Price: Sale Date: TermslFinancing: Conditions of Sale: Present Use: LAND SALE 5 00431860-0000OO Vacant commercial Overseas Highway It Mile Marker 90, Plantation Key, Monroe County, Florida Lot 25, Block 17, PLANTATION KEY COLONY FIRST ADDITION, Plat Book 4, Page 4, Monroe County, Florida. 1435-1339 James C. and Frances Powell Eric and Pamela Simon 5,250 square feet SC (Suburban Commercial) This parcel is basically rectangular with approximately 50 feet of frontage on Overseas Highway. At the time of sale, the site was cleared. $40,000 $7.62 per square foot December, 1996 Purchase money mortgage for the full amount of the purchase; however, it was reported to have no effect on the price. Arms Length Truck storage -63- Slack & Johnston Highest and Best Use: Futme development with commercial uses Comments: This site was purchased for use u truck storage. There were no building permits included in the sale. Verification: With Bob Deleire, Broker by K. Magenheimer; 7/98 -64- Slack & Johnston L\ \ PI , .", ..., " .. ,." .. ,~~ . . , , S 4 , · ': , -~ -, .......~....~..~.~... -~~ - ~ \~Q/Ull)4 -ft\.C. OR,~-II a::,"17C.I!E1' -. - . ..' p \.;. . ." . " " .. .. '~,;:I . ., ' . . , . ~, \ '. .. ,;11 I', ~ 1~"." "p .. "." " ."...""...-- ~~ ::.' '. ) - " 5,A~I/lI " -=--=-= -65- Slack & J h o nston Land Sale 5 -66- Slack & Johnston Appraiser's Reference No.: Real Estate Tax No.: Property Type: Location; Brief Legal Description: O.R. Book/Page: Grantor: Grantee: Land Size: Zoning: Property Data: Sale Price: Unit Price: Sale Date: TermslFinancing: Conditions of Sale: Present Use: Highest and Best Use: LAND SALE 6 95390-0000OO and 95410-0000OO, et al Improved CODUDeI'Cial Mile Marker 81.5, CMneu Highway, Ialamorada, Monroe Coumy, Florida Lengthy legal retained in file. 1432-795 Mingon C. Wollard, Baysidc Marine, Inc. and John Paul Dye Tracker Marine, L.P. 135,190 square feet 3.1 acres Mixed Use Irregular shape, 422 feet on frontage on Overseas Highway, also fronting Florida Bay. $ 1, ()()(), ()()() $7.40 per square foot November, 1996 Cash to seller Arms length Retail/restaurant uses Development with retail uses -67- Slack & Johnston Comments: A World Wide Sportsman retail store has been constructed on this site. A large boat storage facility was completely renovated for the store. Verification: With M. Wollard by K.. MageDbcimer, 7/98 -68- Slack & Johnston -"': ).~s ~~ &cJ. ~:t lii].r I iffu: ~;tl).r .....::;~ C O!JI :- -. . '-. e. 5' ~ rc,~ ~~~ ,/ ~~~'_, .lis. A-- --- /" (/ j Vc;;' .~ -"'""'? !fih.. ~_ _ 8 ~ ~ 'I I>~ 1 ,....",., ~........ ~ ~., i 'IE ~I ::;::; L '. '. . I., '""'- t. ,_. .ra '1=0 .... of . l~' logy "~/"'. T71~.iP. t-1'~~~;;;;~.;.t::! ~a-'i ,~~_ ~!I:: I ~7,/ " '---_ -"2-. , I ~ '~I.. l'r:-h-..I::J;'~ . ~ ~j' . . -, . · "F~, ", 1 ., " . tlo .. /l"""~ . 1ft' ..r'l,_/ ... '~... ~~"~9"i' ~'.J..L L . ;,C - '-. _.' '. " "t' . :'1 8' - . , , · "'!f:1.' -'" . ow ,~_ ~ "I /i i &...),.. ri-.,n 'fil!l, I;r,> i i ~: ~., .' T,:';'" ~"':f .~' .' . .'. ....._.. r /..~.;:..~ :::.~,i I I :::..! -. ~ I i1 -. 1.'7U.. ,!~:, : 1 J~ I~!~... 'I ,~~ l', _ ~... . '" ,,:::..- .7' ~:. " Ie - fjf~j.~.. {' ,Wi): : i I!,! i .- · t'" J~.',' !I!!i ~ ii' ~ h'lI 19 ! ~..i'~jl'.'! ~ ~~ ..... ..area .., ..... ~ ~. ~" ",..I"'t"R ~':t <II !" I 1 ""lIid.. !3i,;.. . III If ~. ~:I ~.- 1r.....J..,..". " "/' ."j" .... 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'" ;, -" .~~ /" ..ii, ;_.,,~, 1;_ . ,. .;" , , " "., , , . · u;,;; I tElNZ1NGER ~.~' .,.. ".... ~', i~~~ ~ '-IL ':"..' ., ,.. ... '._ Am- CDWNY',"", __ ..._ ..' _ , PB2.... " . ~TSa(/:i:f'"S' " > ~(i!rz.1A~r ,: ..:" , ", ~: ;::~ .- -, 1<1 !., PB2-53 PB"" 1IF4fHiJ30 . .:' ,:;: 1::tt'? .11_. ~. ~ '-" '-' J 'J r\ .!... !-I PB 1-41 j-' L~\ r .....: $.~ ~; ~ ~ t' :~~': .: ~~ .:. -69- ~ // ~~/' //\ / ~ Slack & Jollostoll / Land Sale 6 -70- Slack & Johnston Appraiser's Reference No.: Real Estate Tax No.: Property Type: Location; Brief Legal Description: O.R BoolclPage: Grantor: Grantee: Land Size: Zoning: Property Data: Sale Price: Unit Price: Sale Date: TermslFinancing: Conditions of Sale: Present Use: LAND SALE 7 00464810-0000OO and 00464820-0000OO Vacant commercial 103000 ChaJeas Highway, Key Llrgo, Monroe County, Florida All of Lot 13, and the northeasterly ~ of Lot 14, together with an easement for ingress and egress across the southeasterly 10 feet of the southwesterly ~ of Lot 14, Block 5, PAMELA VILLA, Plat Book 3, Page 125, Monroe County, Florida. 4128-36 John R. Leach and Frank Meeks Palm Beach Materials Corporation 10,080 Square Feet .23 Acres SC (Suburban Commercial) This is an interior site and is basically rectangular in shape. The majority of the site was cleared and scarified at the time of sale. $75, ()()() $7.44 per square foot October, 1996 Cash to seller Arms Length Storage -71- Slack & Johnston Highest and Best Use: Comments: This site is currently occupied by Largo Sand and Rock. Verification: With Lucy Doyle, broker by K. Magenheimer; 7/98 Future development with CODUDa'Cial uses -72- Slack & Johnston .p ,j' J,.I' .' r :")~ i~.p . .. ~1I .~., ;. ) . '. LE:E SHOHES I'&~-'O,P.Z.-~T /. 1'4 " ,," .~., I.~\' A .' 'J . I..... .,...,,, -'= .4' M' -73- Slack & Johnston Land Sale 7 -74- Slack & Johnston Appraiser's Reference No.: Real Estate Parcel ID No. Property TyPe: Location: Brief Legal Description: O.R. Book/Page: Grantor: Grantee: Land Size: Zoning: Property Data: Sale Price: Unit Price: Sale Date: TermslFinancing: Conditions of Sale: Present Use: LAND SALE 8 00401OOO-OOOOOO Vacant commercial Overseas Highway at Mile Mmter 83, Is18lllOrada, Monroe County, Florida Lot 2, Block 11, Strattons Subdivision, Upper Matecumbe Key, Plat Book 2, PIp 38, Monroe County, Florida. 1423-151 Royal Flagg and Barbara Jonas and Stanley and Dolores Jonas Imja Lee Myers 14,900 square feet .34 acre SC (Suburban Commercial) This is a mid-block lot and is basically rectangular with 100 feet of frontage on Overseas Highway and 100 feet on Old Highway. $110,000 $7.38 per square foot September,l996 Cash to seller Anns Length Storage and display in conjunction with adjacent art gallery -75- Slack & Johnston Highest and Best Use: Future development with COIDIDCI'CiaJ/r uses Comments: This site was purcbased by aD adjacent owner. There were DO bnildi"l permits or approvals in place at the time of sale. Verification: With Bob Deliere, Broker by K. Magenheimer; 7/98 -76- Slack & Johnston / / _i? ~,(1" , xl / (Su#iN_,p u.It1) '/_M. '" .. . ..$ ~~ to . _.. 0 .J} rl 0" i" ;.. ~ WI...... . .. Itf' 0 .I"r 0 ,~. 0 ....0. l ~ ..,.... ~ 1"- I I ,10 i I~. I" · 11. . l\t I I , I ,.,..,.~..., :i. ."\u06 -I Z "_.~ ~., ,,- . .... '-t. " it . 10I << ,. ,. -TI- Slack & Johnston Land Sale 8 -78- Slack & Johnston Appraiser's Reference No.: Real Estate Parcel ID No.: PrOvmi Type: Location: Legal Description: O.R. Book/Page: Grantor: Grantee: Land Size: Zoning: Property Data: Sale Price: Unit Price: Sale Date: Tenns/Financing: LAND SALE 9 00428200-000000, 00428210-000000, 00428220- 000000, 00421570-000000, 00428580-000000, 00428590-0000OO Vacant commerc.ial Comer of 1loya1 Poinciana Boulevard and Overseas Highway at Mile Marker 90, Plantation Key, Monroe County, Florida Lots 1, 2, 3, 38, 39 and 40, Block 9, PLANTATION KEY COLONY, Plat Book 3, Page 182, Monroe County, Florida. 1419-2222 Kenneth H. Smith, Trustee George and Judy Sands 31,500 square feet SC (Suburban Commercial) This comer parcel is basically rectangular with appro~m.tely ISO feet of frontage on Overseas Highway. At the time of sale, the site was primarily cleared with only a few trees which could not be removed $165,000 $5.24 per square foot August, 1996 Purchase money mortgage in the amount of $140,000 (85%). No effect on price. -79- Slack & Johnston Conditions of Sale: Arms Length Present Use: Public stonse facility Highest and Best Use: Continuation of present use Comments: This site is cWTeDtly improved with a public storage facility. The grantee also purchased two adjacent lots COIltaiDiDB 11,250 Iq1UR feet fur ~3,OOO or $4.89 per square foot The sales contrlct was signed in May, 1995 and was contingent upon ~8. building permit. Verification: With Tom Kavney, Broker by K. Magenheimer; 7/98 -80- Slack & Johnston to ., II 1'7 I' ,. ,.. I) \'1. I} ~ 9 II 7\' S 4 3 t .\ I. \~~ ~, ~ J,: 15 1. iJ t8 It s. )' 11 n 30\ ~ 3' \1 ,. 3' 40 ..' 4\ f.' , .~Ql!N.J.,A 1'\. C.OR't3'l-1I 8:~'77Ce6r. 0" ~~>> " ~ ilV" IS ,.. II IL II ~, ') .& 1 (, , 4 \ L I .1 ~ " V! , ~ ~1l 1~ ~ tAl' 1.'0 ~1 11 l' )0 )1 n 11 )" ,. ~ ~7 bl " r... l_, E>~&'H . I 10 I ~ \. , , .~~"'C '.?+4~" --=. ( _ ~ 0 . ' ~ . 6!t.~~ -:-:-=-:: .~ Slack & J h o nston Land Sale 9 -82- Slack & Johnston Appraiser's Reference No.: Real Estate Tax No.: Property TyPe: Location: Brief Legal Description: O.R. Book/Page: Grantor: Grantee: Size : Zoning: Property Data: Sale Price: Unit Price: Sale Date: TermslFinancing: Conditions of Sale: Present Use: Highest and Best Use: LAND SALE 10 A portion of 100260-000601 Vacant Commercial On the IlOfIb side Gf Ovmeas Ifishway, Mile Marker 53.5, Key Colony Beach, Monroe County, Florida Lengthy legal retained in file - A tract of land in Government Lot 2, Section 5, Township 58, Range 33 East, Crawl Key No.2, Monroe County, Florida. 1374-981 James P. Delcane Richard and Brenda Price 56,364 square feet, usable; 1.29 acres SC (Suburban Commercial) The gross site area is 87,067 square feet, of which, 30,703 square feet is JDaDgrOVeS. S159,000 S2.82 per square foot October, 1995 Purchase money mortgage in the amount of $143,000 (90-Ic.) at market rates and terms Arms Length ImProved with mini-storage facility Continuation of present use -83- Slack & Jobnston Comments: The site does not have frontage on 0Yaseas Highway. Access is provided via an easement from U.S. lover the adjacent property. Verification: With attorney, by Kimberly Mageoheimer; 12/98 -84- Slack & Johnston I co . ,.... .- KEY ca.ONY BEJJCH 8OTB.. SlBJIVISDV (/9!J8) PB 4-82 RE 789/0 -85- Slack & Johnston Land Sale 10 -86- Slack & Johnston Appraiser's Reference No.: Real Estate Tax No.: Property Type: Location: Brief Legal Description: O.R. BookIPage: Grantor: Grantee: Size: Zoning: Property Data: Sale Price: Unit Price: Sale Date: TermslFinancing: Conditions of Sale: Present Use: Highest and Best Use: LAND SALE 11 72 platted lots - retained in file Vacant Commercial Mile Marker 99, ODe block south of Overseas Highway, Key Largo, Momoe County, Florida Lots 312-384, excluding Lot 326, PORT LARGO SUBDMSION 4'D1 ADOmON, Monroe County, Florida. 1357-2437 Coconut Grove Bank, Trustee and Marr Resort Properties Monroe County Land Authority 526,640 square feet, usable; 12.09 acres Urban Collllllelcial The platted lots comprised appro~m.fply 3 blocks with utilities nearby. SI,700,000 S3.23 per square foot May, 1995 Cash to seller Arms Length Public park Development with low-intensity commercial uses -87- Slack & Johnston Comments: The site does not have frontage on 0Yasea Hishway. The property is now a public park. Verification: With grmtor, by Kimberly Magenheimer; 2/2000 -88- Slack & Johnston . ~,".". 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' ,. .i' ! . .. . ,. '''''. ....>.. - .' '.' ~, ~ t ~~<. ,pI" ~ ~. , ~." _~." ;'I'! .....\,' ..~.. . . ' . '.... ". ....., ~. . ..' ". '! ...~, ~.%~~ ~ ",\ ~.,,,~~ /.'I>~'" ''''''''<:'_ .. '. /.""'" . . ~ ,," ,. ~ ~ do ...... . . '."#" .'(< ~ /.t. +,1 ~ I .;;, > ..;. ')jj'.,#... '.:\ '<~)~ ',~ V~ ....../ )'+ +. · c-" ; ..~ ..,'~ ,. .'. .'( .~~~~"';:~ .,,~~. '~~"..,,:~>,>...,' .. 'T~"'~'J:. -;:..( + ~~~J~J~sI..J'" '. . ..,...... 1"''''\ ~'I\~'''.'. ., ~ ~...,.,. ._"' 1>& , ..... . ~.... . ~ ." "... ~" . -1'1: . 1~ , '~. _ ;/ ----,..""'" '., ".."' ~ .,",. ... J . '". ~ "'. .'U 6'" , ../ :. . \" ,,\ > \! ! '., . "...w ~~ \.. . .' "~OI .. ~. 'I.. -...; :. _ ,,' .. ,:' ' ~_\~il~ \'.. '.. - V,;> /"/ \,... ,'..., . Sla~~'& J~bllStoD -89- Land Sale II -90- Slack & Johnston Appraiser's Reference No.: Real Estate Tax No.: Property TyPe: Locatiaft: Brief Legal Description: O.R. Book/Page: Grantor: Grantee: Size: Gross: Useable: Zoning: Property Data: Sale Price: Unit Price: Sale Date: TermslFinancing: Conditions of Sale: Present Use: Highest and Best Use: LAND SALE 12 89910-000103 Vacant COIDIIleI'Cial BehiDd Tavemia Town Phase I, off U.s. 1, between Mile Marker 91 and 92, Tavernier, Momoe County, Florida Lengthy legal retained in file - Part of Government Lot 2, Island of Key Largo, Monroe County, Florida. 1240-2437 Tavernier Towne Phase II, Ltd. Max D. Puyanic 100,188 square feet; 2.30 acres 46,609 square feet; 1.07 acres Urban COIIUDCI'CiaI Appro~ilft.tety 1.23 acres of the gross site area is a borrow pit S135,000 $2.90 per square foot, useable January, 1993 Cash to seller Arms Length Shopping center Continuation of present use -91- Slack & Johnston Comments: The site does not have frontage on Overseas Highway aud was pmchased for the expansion of the adjacent shopping center. Verification: With broker, by Marta Flores; 4194 -92- Slack & Johnston " 0"'__- r ""'" J-I " 1111 ' ~I ' .;/ " / " _I , w/ , ~/ '.r,' '-11 ",r , I , ~ Ifl ' /' D~ .~ ':/ ( " Jt .jJ-r'. i f' ' ~ ,,1' ,." '1, "f, ~ , \ ;" /0' t ,/ .~ \~\' /..-"..-/ <f "O~,. · ,;' ." '\ // " "'.--- v~'V. 00{ v, :-/'f' ()O ~o , \,.,,..., ,~ ",)Go' 4,.4- :)-' ":::> ".... "< . #~.,., 01 .. "!.'" ..nC/S.. . , ./ 0' \ ~' , :''''6 , .$,0... c' ""~'''''Ii ,,,,~~,,.,. ...'" - ~ ... C)l '7'"., 0"<#['- rJ- ....11.. --- ...... -93- Slack & Johnston Appraiser's Reference No.: Real Estate Tax No.: Property TyPe: LoclbOD' Brief Legal Description: O.R. BookIPage: Grantor: Grantee: Size: Zoning: Property Data: Sale Price: Unit Price: Sale Date: Terms/Financing: Condition of Sale: Preseftt Use: Highest and Best Use: LAND SALE 13 90290-0000OO and 000400 Vacant commercial 91500 0Yeneu Highway, Ta.emier7 Monroe County, Florida Lengthy legal retained in file. 1210-1723 Macabees Ltd. Keys Hospital Foundation, Inc. 300,564 sqUIre feet 6.90 acre Urban Commercial Irregulll' shape, minimal street frontage providing access only. $600,000 $2.00 per square foot April, 1992 Cash to seller Arms length Hospital Development with commercial uses -94- Slack & Johnston Comments: At time of sale, this parcel of land required clearing IDd appro~m.tely 2' of fill, at an estimAted cost of $200,000. It bas since been improwd with the new Mariners Hospital. Subsequent to this purchase, the hospital also purchased two smaller, parcels on either side of the entrance I'OId lIoAm"g to the hospital, both of which front on Overseas Highway. The motivation for this latter purchase was to gain control of the property and, thereby, prevent a service station from being built on one of the pII'Cda. The salea prU:c in May, 1995 for 58,900 square feet was S6~,OOO or $ 11.21 Per square foot Veri.fication: With R. Luse, Grantee's representative, by G. Johnston, 2/2000 -95- Slack & Johnston .:, .~,. o~ -e..~ <;' .~ ~-.... o. ~~ ~ 1.-,. , o~ .{t.. . __", 0,. " '" ?e~ "'"1,.. ~"! / I . ,_ I -- I . 4-r----- -~; 1'"/ ol'/ / -.I' ....~.. 'e. ... " c .. , o ,. ....... .,. ~"," .! L(J ~- . 'ft....1. ' ~~~1~t. ~ ~ .t'.'~ ~.<,O ~i:;,>. . Jt .~{.J 1> ,,)'. ~I~~ ,.' oI-'.r ~"I);/ Q'If' .' <fD ... ~e~ ~ ~ ~ 1(' (?~) cJ";,; ~ '" ... to. ...4' a.~1.tv<(- ...~-<... ..... ~ .~_~\,,~. "",""'.o~o'Ot." I' 'J'" 0/ ()-,\ - ":Jr.J! ","- (I" U' . ....Ss1 .;!' ~ if9- . \. 9.,. 5~~~j~q.....~~''O~'' ~~>- ~ .rD:.,';.,li' /'~'/' ,.:'... ff <,./'... ,..~. '0), G'?-~ q'C of. 1-~~ ~:t' .":;;-l)'fr5:. ~ o".~-f!"f, . ,; l,i' ,,~""'!> _b ',,> ,,<}.., -{~ 4' ~ ~' , ' ...' qO IE ~_.z "" 4P'" - ~ ..~ '/ · '0 ..11. ~ '.~ '" I ... rJ cPc....~ ., ~ I .;" 0, ~ ~ ,,' , ' 'fl''> 0" ~ ~~ ~ ~~(1,' -:'\ '\: '\... !'"/.1. ..', <0 ~ ' ~.~~ 0 J:l..:.. :,r- '.......... 4-1 q- ,.,.,~~~ "'~~ .. :-~c . ~~'t,..' ~. '0\,.' . 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II.' I i ~ z -~ll" fil~ , ~~ ~ !~ '!( ~_:. }~~ ,(f) l ,'_.....: 1i'~:' ,q~;II. .~:.I.. €Y'-iS!-.' " 1.1,i ~ :'f~. -:-.. -lJ 1 ~ i'? .';0 ~J~~ ' .' :.:@~ ~ ;( \.:JT." .' , ~ \" "1,_,..~ : d ! ~ Li -j +! ~Ii 0; ~ (,-~ ~I' "f---!-8 Q., : Ii! l' . . .r>J '.' ..\1h_IS,~~ h.:l; ~ '11', "i.,.~ ' (, L....' a , ' .' I'~ it' ;l .. ~ I .. ~ ~. c- _ '~oI-", '..... . . , . . ~ '_ ...... !!- , <Ii ''(. ~ ~ ~..,a j" ~ ~ '/7:.. ~. 0 ;,., ..... <} ~--!...~ " .' ~ =!(@l!: ~ '.. '.~' '11', ol>. ~, ~ JJSc'JI . ~ : 1- --1 .... ::1'0; , ~"" ~. , n~'" ~I, If ci ' .. - ...... ~ t,.. .... .' '- ~'I(".I _ ... Xa. . ~ ,'I' . .,," ~;t, '. " ~., ,'" -110'"1'- " ~ 1/ tESmlPRElIFlAPIfIH i. ~ '>..'1}..... ~ ~ f-!$;.; t ,'.. - ... :'" ~ ~;, . , 'i...o r' 4.~ . 7lIIERNER 2 ~;. · I :1-..;~ to ~ ~ ;j.o".: Po' ":.~\.:. 1J. 11...... ~~~.,-~..":":.'=- P8 2..8 .' ,.I - ~..~ '\ ~:.~..'lt.:' 'l6~ ' , 'J \', ~ fiE 56'557 ' /" ;..Jt' . ~ .~Jt~"'" \~~. "\t) · ~~ e> ' ~~. i'~~..v~~~~~ ',' -.~ '. . 'TAIERfER:fEDfTS ~ ' r"'I...~ ~~~ 11 ~~.. 'J..Y~~. y. ff!J /-/80 j ..... ,v.J.~.~',~.A.~ ") ,-!'- '- "r ~55524 ~'~ i'1.]~,.J~~~. (P?3 \\ v~~~ '.' . " \tNGLETON'S AODfflON TO ~ lI, , ~ ,,;r.:. ~ II ~G). ,. , TAIERfVER CVVE " '.. ,-:- \: X " ~~..~ PB/-/35 ' .' '. l,il'J~ ,(\, ..I > ~:.~~ .i \ RE 50650 ,,,,\ , 0 ~ '/ ' \ ,,'.i'""-. J-.r lit , , ~qo:4' / ,- .84(o.~ _'':".~ _ ",,' \ WEIiW/B? COVE 01 v ~~' ()O ,;~ " u' , I- ,f.r1 , " . of'. ,,~I f'''' . p~ & 4" "- ~ ,41 " '5,......,.1:. .0....: .1",., ~O"""T. '" 70 ,'2 -96- Slack &: JObDStoD Land Sale 13 -97- Slack & Johnston <<1 it I J JI I' · III ~~ 11 ....... 111 "" 1~ ~!J 11 Iii 1 II !~~ Ii! 1111 ail It IJ! Jj J li~1 IfJ IIf J11 ~ il)l ~!I lij :~l~ II J1 111 .1' liJ' 11', Jt jlet js I. 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Is J:5' !J J~i ~ ~ ;: .., ;J~ - ... ... .. on .. ... . GO 2 - ~ :: 8 - -98- Slack & JobnstoD a.. <( ::E w ~ <( U) c z :s lP '" .. D. COe en 8 en .!! il IS I icn = .. .l!! Oil) .0 lP ~ " o Oil) os: .. .. .. lP ii ti lP 2: lP .. e 1!l .r::: '" oc ;;: .; .!! a. a. " .. ~ Q " c .. c oQ ~ o e- o u II .. e o ::i1 ..: a> a> cO CD a> Q :E '" oc >- a. o U Analysis of Land Sales - Subject Property 1 In analyzing the sales in comparison to the subject property, consideration has been given to adjustments for market conditions, terms of sale, zoning, physical characteristics of the sites and general and specific location. Due to such factors as increased environmental regulations and down-zoning, the values of most vacant residential and commercial sites in the Florida Keys have declined in recent years. This dediDr is attributed mostly to the implementation ofROOO, the commercial building moratorium and other environmental restrictions. Values of properties, for which development rights existed or could be ~ 0Il1be oda hmd, saw enhancement in value. For obvious reasons discussed previously, most of the sale properties included in my analysis were sold with building permits, with older improvements which could be replaced, or for open lot storage (as an interim use) until such time as the moratorium is lifted. In adjusting the comparables for changes in market conditions, most of the sales have occurred within a recent enough time frame as not to warrant adjustment. It has been estimated that Sale 12, which took place in January, 1993, as well as Sale 13, which took place in April, 1992, warrant upward adjustment for changes in market conditions since time of sale. The need for adjustment is Partially supported by an analysis of two- sales located adjacent to the Sale 13 property, but fronting on Overseas Highway. The older of the two transactions took place in August, 1990. The property, containing 38,359 square feet, was purchased for the construction of an Eckerd Drug store. The sales price per square foot was $6.65. The more recent of the two transactions took place in May, 1995 and included two parcels adjacent to the west of the parcel purchased in the first transaction. The parcels total 58,000 square feet and the sales price per square foot equates to $11.21 per square foot. I hapPeD to know ~ at the time of Sale No. 13 in 1992, these same two parcels were being offered at a unit price of $6.46 per square foot. Even though the buyer (Mariner's Hospital) was apparently more than typically motivated, a paired sales analysis of the above two transactions, as well as the prior offering, indicate that upward adjustment for change in market conditions is warranted to Sales 12 and 13. Ten of the 13 sales resulted in cash being paid to the seller. Three of the sales included purchase money mortgages (PMM). This is considered a typical form of financing for vacant land in the Florida Keys, since conventional J~ing institutions are reluctant to loan on vacant properties with potentially sensitive environmental issues or which may encounter lengthy delays in obtaining development approvals. Although one of the buyers was received l000fc. financing by the seller, it was reported to have had no effect on the price paid. No adjustment for financing is warranted to any of the sales. -99- Slack & Johnston The majority of the subject property is zoned SC; however, the property has a restrictive underlying land use designation of Institutional. None of the sales had as restrictive land use regulations and all are considered generally superior to the subject property. Downward adjustment is, therefore, warranted. Subject Property 1 does not have frontage on Overseas Highway, rendering its location less desirable for retail and some office or service uses. As evidenced by the market data provided, those properties with Overseas Highway frontage are rated superior to those widlout, mcl~ die subject. Support for &his cooclusion is evidenced in a comparison of Sales 4 and 10. The two properties are very similar in location, the primary difference being Sale 4 bas signifiQllt highway frontage and Sale 10 -vms only access from the highway. The price per square foot of Sale 4 was $8.33 and the sales price per square foot of Sale 10 was $2.82, a difference of almost 66%. A similar comparison can also be made utilizing Sale 13. The purchaser of Sale 13, which bas street access, but no frontage on Overseas Highway, could have also purchased to two small parcels with Overseas Highway frontage for $6.46 per square foot. The price per square foot of Sale 13 (adjusted for fill) was $2.66 and the offering price per square foot of the parcels with highway frontage, at $6.46, reflected a difference of 590.4. Sale 12, which sold at $3.56 (adjusted for fill) and is more similar in size to the two parcels offering at $6.46, would reflect a 45% difference for U.S. 1 frontage. One other sale also SUPports an adjustment regarding U.S. 1 frontage. Sale 11, which is a large, commercial parcel without frontage on U.S. 1, sold at $3.23 per square foot. This unit price reflects adjustments of 61 % and 560/-. respectively, when compared to Sales 4 and 6, which sold at $8.33 and $7.40 per square foot. The Sale 11 property is located near the commercial hub of Key Largo and was acquired for use as a public park by the Momoe County Land Authority. Based on the above analysis, I have concluded that all those sales fronting on Overseas Highway warrant downward adjustment, as compared to Subject Property 1. As to physical characteristics, the larger parcel sales are weighted in the valuation of Subject Property 1 and the smaller parcels are weighted in valuing Property 2; therefore, no adjustments for parcel size are warranted. Sales 12 and 13 were indicated to require fill and were 'adjusted accordingly. The sales considered most indicative of the value of Subject Property 1 are Sales 4, 6, 10, 11, 12 and 13. Sale 4, although it bas frontage along U.S. 1, is considered because it was purchased with approvals for construction in place and because it is one of the larger site sales found. Sale 6, likewise, has frontage on U.S. 1, but is included because of its similar size and close proximity to the subject property. Sales 10, 11, 12 and 13, although somewhat -100- Slack & Jobnston older, are included because of their larger sizes and because they do not front on Overseas Highway. Given all the factors considered, including the fad: that the subject property has been previously developed (bas buildable rights in place, DOt subject to moratorium), but is located off of Highway U.S. 1, I estimate the current 1DII'kdva1ue of the Subject Property 1 land to be at a rate ofS4.00 per square foot, calculated as follows: ISUSS ~ Feet @ 14.00 Per Square Foot = S60S,420, Rounded to $6OS,000. Improvement Valuation In arriving at our estimate of reproduction cost new, the subject improvements were evaluated in terms of their construction, design, and building materials. The cost estimates are inclusive of indirect costs such as architects' fees, overhead and advertising and profit. Interim construction interest and loan fees are also included, as well as real estate taxes on land during construction. Our estimate of the reproduction new of the subject improvements is based on information obtained by Marshall Valuation Services. The estimJlted base cost of the hospital building was estimated to be $114.92 Per square foot. The estimated based cost of the Materials Management building, which is air-conditioned is $28.30 per square foot. The cost new of the ancillary building used as the laundry facility is $25.79 per square foot and the maintenance office building was eQimated to be $ 17.02 per square foot. Accrued depreciation is a loss in value from the reproduction cost new of improvements due to any cause as of the date of appraisal. The five basic types of accrued depreciation are curable physical deterioration, incurable physical deterioration, curable functional obsolescence, incurable functional obsolescence and external obsolescence. The subject property is considered to sutTer from all types of depreciation. The physical depreciation has been estim..t~d to be high given the present condition of the buildings. Entrepreneurial profit is the profit, or reward, to the developer for undertaking the venture. Typical level of profit in developments of this tyPe range from l001ct to 15% of construction costs. In analysis of a facility of this tyPe, there would typically be not profit especially given the functional and economic obsolescence. The cost estimate is provided on the following page. -101- Slack & Johnston 00432Co1t COST ESTIMATE PropIIty 0wJ.: IC.ys HaIpUl F--" .. aa.1ac. PropIIty Loc:moo: ~ HiIh Pod RaM, ........ MCD'Oe CoUIIly Surveyed By: S1adt A JoIataI, I8c. Olde <<Survey: FiI.u.y,2000 o.cripIioD: Occupacy: Floor' Area: CIaR: Colt Raak: HOIpitaIand ADciIJ.ry BIcIp. 27.000 s.,... F_ Cw-y Abow AWftII Ava. SIary Heia'E Celt Ita Of N.....af~ Eld.ior WaD: He.Iiat A CooIiaI: 12 F. 2J2OOO 1 ........ Block ,..... He.Iiat and CoaIia& PEJlIQ.FI'. UNITS COlT COlT PHYSICAL DEPRECIATED NEW DEPRECIATION COST $3,102. "7Q ~ SI.163,.536 156.1$6 63% $21.321 S3.5.376 .50% SI7.6&I S24..5O 1 63% $9.111 S17,016 63% $6,381 S.5O,OOO $.50,000 S3,216,.510 $1,268,113 $74,160 ,,% S 18..540 S2. 711 ,,% $69.5 S3,4~ ~ $1.72.5 $4,410 63% $1.654 SI7.5.000 63% $6.5.62.5 Sl.5.ooo 7.5% . S3.7.50 S27 ,.500 63% $10.313 SI..5OO .50% $4.2.50 SIO,OOO 0% $10.000 S32O,101 Sl16,.5.52 SO SO S3,607 .311 $1.314,66.5 60.5.000 $1.919,66.5 $1,990,000 BMiI: SInI&:&Ia ColI: HoIpital Buildiai: c-.d~ ADciUary AlIi...... ~~..... z....ky Facility "..~ - 08ice fDdinct Colla: Site Improvemau and F.-p....-. AIphaIt Paviat: CoaI:nte Pavinl: CMiD LiIIIt F-=iIII: CBS Will: s...,. T........ FKiIiIy (40.000 pIIoaa) HeIic:opw r--. Pad: a.dt-up r-... o..n.tm: Fuel T_ (Abow 0-.1.500 pI&oa.): , ~ {~ ~Profit ToUl IUproduc:lioe ColI: 0% ~ Land V..... IS1.3.5.5 Sq.R. @ IDdiclIted Value by Celt ~ <<lAM'" ~v.__ Rounded: Celt DlIIa by ManbMI A Swift .... ... A ....... 1& 77.000 1,140 1,2.50 9~ 1,000 40.000 600 230 630 1 2,.500 12.5 1 $4.00 /Sq.Pl -102- 1114.92 $30.90 S2I.3O 12.5.79 117.02 $1.8.5 $4.64 1l.5.oo $7.00 SI7.5.000 $6.00 SZ2O.00 SI..5OO.oo Slack & JObastOD Analysis of LaRd Sales - Subject Property 1 In valuing Property 2, Sales 1,2, 3, 5, 7, 8 and 9 have been relied upon. These represent the smaller parcels of land, all of which front directly OIl Highway U.S. 1. The unit prices range from a low of $5.24 to a high of $13.00 per squue foot of land The two highest unit prices paid were for sites located in the business hubs ofTavenier and Key Largo to be developed with branch banks. Their locations, surrounded by other commercial and retail uses, are considered somewhat superior to the subject's location. The lowest unit price paid was for a small pareeliB plant.... dew10ped with . miDHtorage facility. All of the other sales tended to center around the $7.00 to $8.00 per square foot range, with two (Sales 5 and 8) being purchased for storage use, somewhat similar 10 1he cur~~ use of Subject Property 2. Given the subject's frontage on U.S. 1, but coosidering its location somewhat remote to any commercial hub area, it's land value is estimated to be at the rate of $7.50 per square foot, which is calculated as follows: 8,913 Square Feet @ $7.50 Per Square Foot = $66,848, Rounded to $69,000. Improvement Valation As discussed previously, Subject Property 2 is improved with an 1,800 square foot building which was originally constructed for use as a pumping facility for the FK.AA. The building suffers from functioual obsolescence, due to it's bunker style design with low roof/ceiling height, which dinainishes its potential for most commercial/retail uses. It could, however, be used for stonge or possibly by a service provider, such as a building, plumbing or electrical contractor, who may be able to make use of the building, in spite of its low roof design. Given the functioual obsolescence present, I have concluded that the building has a contributory value of $12.00 per square foot, or $21,600. Total Property 2 Valuatioa In estimtiing the market value of Property 2, the contributory value of the improvements must be added to the land value estimate, resulting in a total rounded value of $90,000. -103- Slack & Johnston RECONClLIA nON AND FINAL VALUE ESTIMATE In this malysis, die cost approach to value has been utili7.ed to ~m..te the market value of Subject Property 1 and the sales comparison approICh has been uti1i7.ed to estimate the market value of Subject Prope! It 2. Several recent sales of vacant sites were researched _useiu. the sales comparison approach in valuing the lad. The reliability of the ~ is good wbea tbc:rc are recent sales of ann"~ Our malysis nquRd consideration of differing property characteristics compared with those of the property being appraised. Based upon my investigation and the use of conventiooal appraisal methods, it is my estimate that the market value of Subjeet Property 1, consi~ng of Parcels A, B, C, D and F, as of February 3, 2000, was as follows: O. Million Nine Hundred Ninety 11lousand DoUan ($1,990,000) Further, based upon our investigation and the use of conventional appraisal methods, it is our estimate that the market value ofSubjeet Property 2, consisting of Parcel E, as of February 3, 2000, was as follows: Ninety ThouuDd DoI.an ($90,000) -104- Slack & Jobnston ADDENDUM A PHOTOGRAPHS OF THE SUBJECT PROPERTY Slack & JOfmstOD Photographs of the Subject Property View of front elevation of subject property. Building looking northwesterly from High Point Road. View of portion of front elevation of subject property building and parking. A-I Slack & Johnston Photographs of the Subject Property View of portion of rear elevation of subject property building. View of portion of rear elevation. A-2 Slack & Johnston Photographs of the Subject Property View of eastern portion of rear elevation. Interior view of cafeteria. A-3 Slack & Johnston Photographs of the Subject Property View of typical hallway. View of emergency room. A-4 Slack & Johnston Photographs of the Subject Property Typical patient room. View of hyperbolic chamber. A-5 Slack & Johnston Photographs of the Subject Property Interior view of maintenance building. Interior view of maintenance building. A-6 Slack & Johnston Photographs of the Subject Property View of materials management and laundry buildings. Interior view of materials management building. A-7 Slack & Johnston Photographs of the Subject Property View of sanitary treatment system. View of Parcel F looking southeasterly from building roof. A-8 Slack & Johnston Photographs of the Subject Property Lots 9-12, High Point. View looking northwesterly along Rolling Hill Road. Lot 9 of High Point. View looking northeasterly from High Point Road. A-9 Slack & Johnston Photographs of the Subject Property View of Parcel F Helipad. Parcel E. View looking northwesterly from Overseas Highway. A-IO Slack & Johnston Photographs of the Subject Property Overseas Highway looking northerly. Overseas Highway looking southerly. A-ll Slack & Johnston Photographs of the Subject Property Lysiloma Lane looking southeasterly. High Point Road looking east. A-12 Slack & Johnston Photographs of the Subject Property High Point Road looking west. A-13 Slack & Johnston ADDENDUM B LEGAL DESCRIPTIONS AND DEEDS. Slack & Johnston 1'ARCF.'/- "A" Lot. I th"""6h I;'. ..nd "8)H'AN ClfN'I.1:. fUr:1f POINT. IIe-COf'fllrw 10 thtt plat th~,.,."f. a" ree-ord~d In rl.t Bonk , "alft!' 9(11 nf Ih.. 1>l'Mil ,.,...",.rI" or """,."... (''''mtv. n",.tttll PARO:I. . "1:1" A portion of 'Randal Adam's .'rubdivfslC>II' 11#1 "I!("nrdttd '" PIli I 900k I lit "'p 110 of thtt public: reeOM!f nf JIonroe Count.v. "'"rlrlll toeil16 nJOrP ".,IIt'"llIr'.! dr-",..ribfod /I.. folio"",' Comm.n("/~ /It thf' mmrt NorthttrlT IInd _t ~lftttrl.,' enrn..,. (If 8lnek I ,.( "Hi." 1'","1 1I!t ,.",."rd.d In Plat BoDIt 4 at r... ~ of th.. p"blk ,.,. nrd. at Monrf>ft ('OIlftt v. FI"rlda qld pnlnl b#omlf .'olnr,d,ml trith Ihtt mMt $o",,,,.rly and mo.yl 6lftttrl.Y ""rn"" 01 7hI",' C nf ..,...."'''cJm.. - II!~ ~f)~d in rIll I RtWJk ,r, III "..,. tI~ "f 1M public ~ of Monn>> Countv. I'IontIIl. rUft ......ufh,.,.,y ../to", '1M mMf """',,"1.1' Ii_ o( Ih.. _Iff """.t I ~f -Hi/r" PotntoO frtr 2If1 ~ ,_, In Ih" "mnt af ~.,"nJnlJ of ''''' h..,....", "..!f",.,to,.d peN:('I. f~n('f' .."nlin".. SltUth,,"'.v .'on, thl! .9/1id ri/lflf..rlT lin.. f",. ~.U "'1. '''''~ .#f!'~c' 139 ~"...... '(;'i.YJ" 1..(, .911d run .'inrt.hl1a!ftl1rl... lor .1:? 50 f".I 10 a poinl ?I (1(1 IfIet &."t"rl~' ,,( ,.'" mPUlIf'fJd on a ~ndJt:'''lftr' ,,," 9/tid ~ttw/~ 1m.> ." RWi t. l~nN1 dfofJroct '0 -t-" ,.,... 13'40" }fOrt ItM run ,Vorthl1"'y Itlnn, ,. lin.. partt"'" 10 'h,. !laid ErI!tl..rl" I/n,. al lJIork 1 f(l" IrJ.11I (,.,.t. tlNne-.. df!flttrl .IN) rl,..r~"" 08',""" 1..(' ,,",t r'In "..~I,.,.,,, (", 2't'() ,,,,,' I" flil1 P"int ,., n,..inninlf;</Ubjr'" hD_",.r. to fIn "a~,.m"nl '" (""",. ,., ,h.. (;"ttnl",. h"N'i" lor .n\' rart ,,( th,. ",,,,1 r/.serlplior o( r,.r.rt'!lItron land. .nd 1.....lili..1< l(l" PI""t"t/on VIII..... " ,'.'",/m"in,,,,,, wh,rh i~ r-.e-orrll1rl In "meilll 1f,ocorrl Ro"k "It'. ", rll... .14l1 01 thl1 puMiC' ,.,.,."rrl.. "f Mon,.",. ,','unll'. n",.,dtt. .'h"',, ,....v ,.n,.rY>Itr.h on 'h" .<;"u,h,.,.lv rllr, ,., Ih,. abo.. pen:~1 r' A Rn:1 '( A portion o( /,ot q ..,f "R4ndal Adllm!t ....II"dil'i"",n. It... ,.",.o,.d",d //I "1.1 Book I. III r.~" 111/ "f Ih,. puMI" .-.cords of J/onrtH" ('"untv. nor/d., beirw mo,... ""rlleu/llrl" d~r.r/""d 41< (olio"", C"mm..ndn, Itl tb,. mo!tl ,Yo,lh "rl.v ttnd mo.t 1:,ut..r'.", com.r 01 ElI_k I. ,,1 "Hilfh rnlnl" .~ ,.,.rfJrdt>d /n PI.t Rook . ..I PIIp 98 of th.. pub /ic' rP,.o,.ds 0' ltI"n",," ro,,,,tJf. F70r/d". .lIld pninl "..in, r.fJiDC'idJlnt trith th~ mo~t <~o"th,.,.')f IInd mOlfI F.lutl1r1.v <'",."'",. 01 'C.ys'lom'" ,,~ N'""rdflCl in P1AI Pock 5 .1 P.... illS o( Ihl1 p"bllo record. of Monl"Of! County, Florid". rlln South"rl)f a/on. Ih.. maet ".tf!rly Iln" of th,. ttaid moc:'k I of "H"h Point" for eo INt: tlrf!nell df!fJf!el 9(1 d..t'IIH 08'37" I,,1t IInd r"1I ...,.,.11' lor '1f.05 ".t; Ih,mell d"flfHlt /ftlt and run /IIorlll 2 d,,1TPH .'U .,." ~!fl lor ~O.OI! f_t.. tlrf!nr...'forth 117 "'''~''''" ~'4tr "-t (0,. 'IS f#HOt to fh,. Ia.t,.rlv lin.. "f Tnt", r 01 "Lr<o/ltJm"" ... .... ~t_. no I II: -f ~.,.~ ~ the ""'II. ---"'~:I ~'* rlt.U"~J' 1:":"'.'"1/4::11 :J,.~~;.~t. :..~~1. : 1'~ ..... 34"4' r,..1 1I10"1l 'h,. ~., lin" nf 'h,. II'"~''''''' r.... I " ", "I.pll"m,," IIn.I ,,,, rr,.., ',n.. ", 'h,. It"''''' !Mid 81nek t. nf "",.h p..rn'. f"r :'-';n n:, f..,., ",,,,.,. '" i,.... I., 'h,. Polnl "f Pp.,""",. FARCE!. 'f)" A porlion 01 I.nt Ii "f 'lWndal Adem '.'f C;"todivrlfion. ..... rtf("ordtod '" rl"t /loft" , at "'p 1t0 o( Ih. publIr ,...t'OrrU "f Morin>> CowltT. ""ortd.. hf!in, mtt,.. pllrtit'u/ar!." d~crl""" .'" 10110.., Comml1ne/rv at Ih.. m..t Norlht>,.,,. aM t7IO!ft EIIlff.rly r.nrn"r o( 8hx'1r 1 01 "HI.ch Pnint" (JS rfHIord..d III PI"t Bonk . .t p... _ ,,1 the pu",k ......ord!t ,?f Mtnt'Vf'" County. 17orid. 'laId pom' bf'llll. C'olneid,.nt triOr thl! m"",t Southrl)f and _I r...tf!r1." rnrn..,. 01 l.pJlflma 1111 ,.,.r.ordftl In rl.I Roolt ., .It P"/I" /t!J "f Ihf! put>lie- ,...rard~ o( Mon.-- CIJunty. ""rId.. ,."n con,,'" I1r/y alon" th. ~!ftllr1.'" Irn~ o( "ald 810ck 1 '" Hi,h p,.,i"t fo,. 2ft '....t; '''"ne!" d,,"-' go d..~" "8''',:, 1..(, and run r.."t..r/" '-''''' I_t 10 . Point "f I'f'I#1II1II1III (P (8). Ihl1nc~ <1"~1 I.." 'fnd rr",ltfrtrl1r 2 rI~,P?... 14'., 8eJrt (or 2!f0 O~ f_, ,,,,,,,,,,. South lI';' r/~"r",.!t .?";',,,. 1':11...1 r",. r.Ii (,...,. Ihf!nC'~ St:'lIth ? d,."rtt." :.". '14 w..., aJof16 Ih,. ~,.t 1/",. "f Pit,....,. I 'r" ror ,~n (I" f,.,.1 Ih""r,. "',,,'h "7 """,."!".. ,.>".,,,. W,..., f",. If; f_I ,,, ,/0,. Pnint nf FI"I'""'''I/ PARe,.., "F:' .....HOWS ."NP m~'('RlRF;fl ON 811F:"T VO .? I '4 Rn'L "r" P"rt ,,( in' 12. "(1,.,,,1,,, MJam'" SubdiV/"",,,' .," f'llInllll/,," 1(,.", Ife-"arrl'~ 10 th.. Plllt thareof a!! f"IK'"n1",rf in Plat ElrJc>/t 1 at fl"II" /1" ,,( th.. P"""" "",'"rrf.'f ", 1In""".. ('OIm,,", 17"ndtt. mn,.,. pertlrular1.p d.~ri""" It~ 1('IlIn_ r.omm..nr,. ", Ih,. V",.,,,_...I"rn c"'r,,'" ." 'h.. ",....... ",,01, I",' 1.... Ih~",'" .<:",lfh lfIf ",.,,~!t I.'J'O()' ~!"I It/"n" ,h,. SoutMrl? rlllht ,,( 11ft" i,,,,. ...( Hf.h p..,,,, ROMt ..",d .:"",h"rl,' rl~hl -:>f IfII.V IIn.. ,.,.In. III." Ih~ .V"rlh 1111,. flf ...id lAt J;: o( "R./I m111 I Wam. SliM....,,,,,,,. for l:fII ,,..., '.. I",. ""inl of ""'inni. 'h"nr.~ r~n"""" "''',,1'' "11 rl,.. ,.,.,.'" 1.'J'fm' f.'a.'" "'on" Ih... "ollth..,.,y n.hl of .....v lin,. "f 1I1,h Prr;"' 'f"..d f"r .'?7!,44 ,...., Ih..",.,. .,"",,11, I ,I...,.,.,. '7'O()" "...., 'or If;' f,...t. Ih..n,',. V"r", ~tf ,I""r""" ',1 nn ",..., and "",,""~I I" /hl1 '';"",b..rlr rtf/hI ,'f _.11 1111" or 11/111, ""'", !load for " ,1'~lft",'..,f :-':".'5 lid P..,., 'I,,'n"" .1' ,.,,,ht ..n.I"" Vrrtl, , <1...,.,.... 4:- II'" "..", f"r II dl.'flftn"" "f If? f_' /1.,1"" ,...,,,.1 ,., "''''''''"'"Il P ARCi.'L ..~,,, LEGAL DESCRIPTION A portion 01 Lot 9 01 -RalJdal Adam's Subdivisio12-, accordi126 to the plat thereof as recorded iJJ Plat Book 1 at Pale 110 01 tbe public records 01 Ji012TOe COUl2t,y. Florida, beilJl mos"e particularly described liS 10110n: From the PoilJt 01 BegiJJJJiJ:J6, (P.O.B.J, which is the poilJt 01 ilJtttnectioD 01 the North- westerly rilbt 01 rray 01 u.s. 1 (Overseas Hi6brra,y. S.R No.5) with the SouthJnlsurlT bOUlJdary JilJe 01 a 20.00 leet "ide roadWBY bOWD liS Lysilom~ laDe, as sborm OD the Plat 01 .L...."iloma ", recorded in Plat Book 5 at Page 115 01 said public record.; tbelJce run North 48 degrees 55'01" West lor 135.00 leet; tbence rUlJ South 43 degrees 04'59" _ West lor t'5.00 leet; thelJce South 48 degrees 55'01. East a distance 01 139.22 leet; thenoe rua North 39 degrees 21'59" East a distance 01 65.14 leet to the Point 01 Beg.inni'16. I L ( ( r I Z11455 ~~:. R12fG 78 ..".....flIlf. 0'.10 ...Ollll CO."O..'fIOH' .....co '0" ., a.~ (PHOtO."a" '1 1his itlarrantg Iced Ma.l. 0,..1 ",,,<...,...1 ,I.. 9.4 .la, of Jun~ KEYS COMMUNITY HOSPITA~, INC. ,\ 1>. IQ 80 .., . an~ ".,'I"u .,. ,.rinrlpol pUr. of Florida 33070 . C"Ol'JIO".II- ...1~lln. """., .1.. /ou,. .1 F lor ida. 'lull,,,,. of 50 High point Road, Tavernier, ""mil.".' roll", ,,,. ..."w. 'a KEYS HOSPITAL FOUNDATION, INC., 3 F1ori~a not for profit corporation ..,1."... podollic" ,.JJ.... " SO High point Road, Tavernier, Florida 33010 -.....-IM ...., .. .......: tW__ _ _. ... ..,- "-" .. "-" -- · ........ .. .. -- - ... ...... ..... ..........;,.. .-4 ....._ .. .............. ... .. ___ -.II ..... .. ........... lBnnmrlh: T.... II.,. fI'...'.... 1_ .,.,1 In t'lJnM-''- 0111.. -- ., S 1t). 00 - ... .,.1_1.1. t'-.HlHeJ'-. __"Ip' "'"....../ I. "....b, __'_W"..t r." c1t_ "......,. .1... ....,.,. ~, ..a. .11..... 'I'..w.. ..1-.1'. t'......." ....1 t'O"/l.... _.. ,'" ._.... all .,.., art- LuwI "......... Uonroe C_"" noriJ.. ,.,;z: IDts 1 through U, Block 1, and "SYOTMI CIlCE', SIGI Penn', acoordinq to the Plat thereof, as ~eca:dI!ld in Plat Beak 4, Page 96, aIIIDl9 tie Public:: Rec:aI:'da of fbm:le Col.Mty, Florida, al., described as set fCX'tb in Exhibit "A", attac:hed hereto 8rld by reference ~ted he1'ein. JIK}, 'l'cgeth8r with an rr .t fraD GnDt<< to Gnnt:ee, ita SUClC!nCC - ~, fc:c that. ea!ll!llent and ~ly desr::rib. in EIlbibit oC", attached hereto, alao de8cr' in that M!lrranty Deed l.......u.ded in O.R. Beak 519, Page 37, K::I1rOe CcuIty Public 'nlat part of LotS 9 ard 12, lWlCAL AIWiS SUlDMSIai, acccrd.i.nq to the Plat thereof recorded in Plat Book 1, Page 110, aacnq tlw Public: Aeaords of Mcnxcle 0:Iunty, Flar and be.inq aore part:i.cularly described in Exhibits -8- and -0", at"t.ached hereto and by reference L...uk:pcxat.ed herein. Sub;ect to ocndi.tiauJ, restrictions, easelll!!nts and llmitatia1s of reccnd am to ~ for t.'1e current and subsequent years. Jogtlhtt 1IIf1l. all,,,.. ,..".........,.. .'......./11......... _.I ."pur'~ ."-40 ...~ - ... ..,. ...... ..,.,..rIeInhIe. 1, IIaw and to 1ID1d, II.. _. III 1.. NMpl. 1-. Jbut "'- ......... ,.....It, ~_.. ",fIla -.J II...... ,,,., I' .. '-IuU" .-...l 01 ..", r-.l /II f.. .u."la: .r.eJ i. t... eaod rlo'" 0Nl 10..,f,,1 .u",""'" .. ..a ...J nIIl~ ..Id r-.l: lAo' " "-"" ,.n, - ..III. d." /III. ,. lalJ ,.,.., ...." ....II .I.,.."., 1"- __....... ,1.. uw/ul de",.. 01 .II ,....- .1.lIUn_: ..... ,,,-, *" I.n.l ,. I.... ..IoU _..m""_ ICOIll'OIIA.T& KALI) I In 18ltRtss lIhtmf '''a gNIltor '- ca.-l tI.... .....-.. to '0//.-' :' II. u' ~"Va na_. .fIIl I.. ~ ...1,. bo "-10 alllx"'. ", u. prop.." D . ... "',run'. J.,l., oullumwd. II.. .10' ....1 'IN' '''''' .Low -"I.... .~ '\. 1/ ^Trf~t::~;:~ '/ 'f2?..J.. . " .~$...~m..~:I:!.~.....~.~............... .... 'r~ ..~.~.. .."'''~J:'.m_.- s,.-" ~;,.~:. _ ST"Tr. or FLOJUD1\ ~ Clll':-; l"\' or ~10N ROE J I IIt.Mf.I" cr. Ill' r..... ,..,.. .oft !hi. t.... l.,.'l"" ...... .. ..It;.,.., ...." ."...,....d i.. ,_ ",.,. ..... r.......... .....,...i~1 ,. I":'" M~.....&..f....."n. .......11, ..,~...., ~ORRIS YOFFE and JOSEPH L. AYLSWORTH, JR. ......~I ~......" ... ,_ I.. '. 1M ,.,.....:,... ",.1 secretary ,......."i.f'h .. .... c......,.. ...-.4 .. .,..... .' .hlt ''''''''''''e ~rrd ...d ..... 11w,. uu'...lI. ..I..~'til." ,u'cH...."1~0IN0tf ,.... .....-"".. ., I.. .~..tN.." .......... r.,."I. .-4 .....""M.I,. ~r' \.. .."."...." .1..1, ..o.....ft I..... I" .....1 ....~..l,;_""'.".t lh..1 Ih. ..,~MJI.1~~.... II ,... U~ .............. ..aJ ,.1 ....4 ~-p.w.,..." \, 'T" ''''i ..,,. h..., .~., "j!"..1 _.1 '" Ih# C".,,,.h .",1 'h" I." .1......1111 Ih.. (I"I.~ cia..' " . '1":'" . A D I' 80. .. " J.'t ()f I ' ..I(,A AI tl\lQ "v;.~"_: .'.~:'.. ./ !... ..;.-,U' loJ ll: 0 \J IH tff 09. 10',,-,:.) .,...., ~t..,t..J. I.t). \;..;,..l"V,klllJ,S '1l< ..!{~;,{_ t'.__ /) /' ,"'-.4...//(' ~ JlI)J . r J ~ D \'" Ii,,! ~ I,S. " ~4' ( (" r I ~~~ 812~c 79 !2<l_I_!.DX" ~. A aortion of /lICII POIN'r, .J~corc.liny to the Plat '-hereof as rccorc.lc~(j in. Plat Book 4, Page 96, among the Public Recor.'-, of Monroe County, Fl~rida, more particularly described dS follows: BEGINNINC at the Southc.,st corner ut' l.al 1, Ulocl-. 1, on the North side of High Point ~d, according to the said Plat of High Point and run North on the E..t line of said Block I, a dl~t~nce of 276.2 feet 1:0 t_ JIo~ conaer thereof: thence run West on the North line of said Block 1, a distance of JIS.26 teet: thence run South along 1;he dividi,,') 11_ be1:.veen 1.01:5 " 7, " and Lots 9, 10, 11 of said Block 1, a distance of 275.86 feet to the NOrth side of High Point Road as shown Oft Plat of nigh Point: thence East on the sald North line of High Point Road a distance of 280.44 feet to the Point of Beginning. . EXHIBIT B \ ~(}{JV~ Part of Lot 12, -Randal Ad~rn's Subdivision- on Plantation Key, according to the Plat thereof as recorded in Plat Book 1 at Page 110 of the P~lic Records of ~nroe County, Florid.." more particularly described as follows: Commence at the Northwestern corner of the above said Lot 12. thence South ~8 degrees 13'00. East along the ~outhcrly riqht of way Une of High Point Road, said Southerly riqht ot way line being also the North line of said Lot 12 of .Randal Adam's Subdivision. tor 130 feet to the point of beq1nnin91 thence continue South 88 degrees 13'00. East along the said Southerly right of way line of nigh Point Road for 275.44 feet; thence South 1 de'1ree 47'00. West for 82 feet: thence North 88 degrees, 13'00. West and parallel to the Southerly right of way line of High Point Road for a distance ot 275.44 feet; ~ence at right angles North 1 degree. 47'00. Eadt tor ~ distance of 82 feet to the Point of Beginning. -~ J ( :JH 81' ~EC '" tu 80 _ ~: ?Cl!.!~ I T. S (jJ rtf, u (I IF ~ '( '(... ,t....... '" ' \ I " 'I. The North 112.5 feet of Lot 12 and th~ South 112.5 feet of Lot 12, of ~~DAL ACAMS SUBDIVISION, on Plantation Key, acccrdinq to the Plat thereof, as recorded in Plat Book 1, Paqe 110 of the Public Rcc.'Ords of Monroe County. Florida: 1r!'ll'l ttw W.:!\t:nrly 1JO f(!Cl thereof: but granting to the Grantee an easement for eqress and inqress across the Easterly 30 feet of the said Westerly 130 foot, but reserving to the Grantors the Southerly one-h~lt ot the 3~id Easterly 30 feet of the Westerly 130 feet for so lonq as the Grantors occupy the Westerly 130 feet of said property, and at such times as the Grantors no longer occupy said Westerly 130 feet, then said easement for egress and inqress sball consist of the entiro E.s~erly 30 teet of tbe s.id westerly 130 feet. , ~.~~l! .. ..... .' ~ .. ()ff1CIIlI. _CORD ... ___IIOC c:ouNf't. fI,OMlo\ IWJ'M Co ...1'1 0# .:IACUlT eouU CURK IlU:OIlQ lI&,,"11I . . . ~f' F:aft!l.-r -D- f: .' A portion of Lot 9 of -Randal Adami. Subdivisio,.- as recorded 1n Plat Book 1, at Page 110 of the Public Records of Monroe County, Florida, be1nq more particularly described as tallows: Cl "- ," ~ Commencinq at the IlOst Northerly and IIIOst Easterly corner of BLock 1, of -High Point- as recorded in Plat Book 4, at Page 96, of the Public Jlecords of Monroe County, Plorida, said point beinq coincident with the IlOst Southerly and lDO.~ Easterly corner of -LysilOm3- as recorded in Plat Book 5 at r~9c 115 of the Public Records of Monroe County, Florida, run Southerly alDnq the :DOat Easterly line of the s4id Block 1 of -High Point- for 20 feet; thence deflect 90 degrees OS'37- left and run Basterly for 4S.Q5 teet: thence deflect left and run North 2 degrees 3"114- But for 250.02 feet; theneo North 87 degreos 25 I 4'- West for 45 feet t.o the Easterly line of Tract C of -Lysilo..- as rocorded in Plat Book 5, at Page 115, or the ~ublic Records of Monroe County, Florida: thence South 2 degrees 84'14- Wast along the Bast line of tile aforesaid Tract C of "Lysiloma- and the East 1 ine of the olCoresaid Dlock 1, of "Ui<jh "oint- for 2')0.02 (CO,.... mol'f!I or less, to the Point of Beqinnin~. '-"-. ~.. ,,:.. . ,,;. . :u c~-:..--. '.. ~':''''-:---L.' #...--'!r....[.,.~~ ...:...1 &;. "I "v; d J.... r.' ~ (",}-,' ~,., I ,-/.'r~. , . . ; . fiat , II .TI..i/.:. ~tf'i.L.. t:._na'Jii~'i-' ~:,.:. ' . ~~. -:.:: '::: ~ '. ~:C ~'] 9. 0";' ~ .... ::;~, ~~~~l~'~~~:. ~~.:!: .,9 ~'. . u.. ~:. \' _..~ ,'7',:,.[.. .: : . O. I" :,.;.,.....,. .:s I ......".. .' 1.....: ".'~ 'J{-.'. ; ,J.~..:'"~!~!~I.~.!7'Iot~. ~.'.:. ~..!_::,~~ I ~,u fJ.' I,H ....:.tl , :~. . .....: 1 ,. - . ,,..,.-- 19 0 :i 0 0 I 5. r:o :: JllIlIll'n . ~.~..:. c. .. ._.l.__ _. , _. ..J' .. _ u ~'. ~, .-" ;':-:.:':--.':'. .-::~:'~-"".L;.----':"'''' ;.;-z, -~~.: 'J ......1 ~ ,..;.. . ',::. ...' ~ t ~. I '- J ...-11. i."<.".~t,..-::! .'~ J..~'" . .~"r".. .e." ~:~^. ~~~:I~~~~- . 4~ . ;~. ,;~'_ .~~.. . ---~._'" : . .. ,~~,;S:'l 0 ... U '. .... .~. -~ "= ..JYi~'G\J ; _ ", I U . \J .;:\;:-~~r::~;}} ~_~.~.:,.:l-~ ~':::?~ i ~ " -.. "..:<". r.:.....~ul...t.r, L '. .-......" " ::. . f., G I G . ! ',. " ( .. /(..1........ , .,~ .- r_...... I-- execulM line. -' rollM .21 I'l.ORlDA . W"al"NI'Y DUO (1'. c:..,......1 - tlrhi1i lInb~nturr .' 1" .jo .55 ::JO.OS .AI"d. tAl. JttWftt 17th day of . December .A. D. 1990 City of Layton, Florida. a Florida Municipal Corporation 01 I.. COllnty of Monroe and Stat. of Florida pa" y 01 the /I'd pa,t. and Keys Hospital Foundatlon. Inc. a Florida not-Ior-nollt II 4IVW ,....IloM .-",,., .rHler '.M 1.... 01 tI.. 8eaN of ~lor1da IIt"-I,,, It. p,lndptrl 1,Ift(!fJ of r""tl""., 'ft th. C.,."t. of Mcmroe 8ltll. of Florida pa,ty of tA. .econd pa,t. "ttn'll,th. thnt tl,e Ifnit1,""/:f of the /I," part, 1M' mad In comUlP'aU01t of tI,e mm of "Ten and 00/100 (10.00) ------------------------- DoU4r1. '" it . i,.. l,m,,1 IIIIM, t1,~ ,eceipt. u'lte,enf i. Ae,.by ac1cnowledllld, 114 S t,,,,,tetl. IlIIrlflillt!,I, ,,,,111, flllenetl. remb~(I. relea.ed. .nf.offed. conveyed and eon- ft,,,,,,l (I1ftl IIY tit ell(' I"rllclt/" do es trait'. ba'lain, ..II. alien. remlte, ,..'eau. ",'eoff, t'nJll'cy ,,,,,I co""r,,, ,mlo tI,. ,aid pa,ty of t.A. ..cond po,.' and It. ".ce..- If"" un,l ""'t'.. foret'e" all t/t!lt r.ertnl" paret'l oflond 'pI"l and beinl 'n tAe CtJII"ty of Monroe a,td Stat. ofl'lnrlda, more po,.t'eu'a,.,y de.er'b~d u. follo'I1.: ...... with aU tA. t"ne",.n", A.P'tIdlto",enu CIft4 app.,,'ennnt'u, with e"e'7/ priLoU.,_, rilAe, tltl., 'ne.,.... and .,'at., dow.,. and ri'he 01 dow.,., ,.w.,,'on, remalnd.,. and ea..",.n' th.e,.e'a belon"n, 0,. 'n anp.. app.,.etdnln': Ufo Jlnt at1b to Jloth tA. .,,"'. In f~. ""'pl. fo,.w.,.. And tAB .tJtd port I tlf the /1,,_' Ea,.t do.. cot1e,."ne tclCtA ,Ae .old party of 'h. ..cond po,.' tAa' t 1. lawfUlly .eI~ecl of tA. .tJtd p,..mI.e.., thes, tAeu 0,." /,.. of olllncu",b,."nce, ancl that it ha. lomi ritA' and IowfuJ autAority 10 ,ell the ,a",e; and 'hat .aid pa,.t y of tAe /f.,.d po,.' doth Ae,.ttby full11 wa,.,."nt t h. Uti. to .a'd land, aM will defend. tA. .,,"'. al.tlln.t tAB low/ul cia'"" of all . p."o... wMrruoel'e,.. .Jtt .tln... .~'rfOf. tM MJId party of tA. /I,,' pa,., '"- Ae,."unfo lIet it: a 1aantf oiad ...z tA. doll and y_" above written. SI""" !JellIed.... Dell'"'""' ID Oaf' Pre...... SII LIGAL DESCRIPTION ATTACHED HERETO AND BY RlFERENCE INCORPORATED HEREIN J { J ) .... j J ~ ,~....... rt': a~r.....:I.~~t., .~ ..."...,.,...~ LeaAL. -..___...., e.,............ , .........J.- '^(l t1~FINI4",LI""L ) v ~J t. ) " l '" r., yo' t u I'.A (7 , I'V "7 iT ...J I , btf Dr Eda ..... at -' .. } J ...... .".,. TAat 0" ,,1&,. .I. D., 19 . beloN ",e pe,.,o"all" appeared cfar 0/.' to me known to b. tAe p.,..o" de.orlbed'" OM wAo aeouted tAe loretol"l eontoe".noe to and "veroll" ac1mowledted tAe alOut'o" tM"'" to be Ire. oot OM deed 10,. tAe "... aM purpOIfU tAftr." ",e"Uo,.., ....... mw 'iltraature OM of1loltJl leal at In tAe Cou"tu 01 and Stat. 01 norltla. tAe do" and "..,. 14ft -torw4ltl. . (Seal) M. ~. .Ardlll_ ......1_ NfItaty Pll6Ue Thia la.u--nt:ll ... prepared by t Jo~ It. St:oit.., ..quire . 2502 ~Ity Point: Dr!.. hU. 1010 T.-pa, Florida 33107 i' i ~ o ... i :011 ~ a n i I ~ i r; I . .. '-- PARCEL -A- Loti I duou", 12. IDd ~VAH CIRC1B', mOH POINT, accord" 10 die pitt tIJereot . recorded fa Plat Boot ", rap H or the pubUc recorda of Moaroe Coaaty, f'Iorfda. PARCEL T A ponfoa of .....aJ Ada... SubdMafoa- .. recorded Ia PIli Book I, .. PI. 110 or the public recorda or t.tomoe Couaty, PloridI, belD. .ore plr1lcullrly deacribed II folloM: CbauDeacID. at tile IDOIt Northerly ad IDORI Eaterly comer of Block I of -m.h Pohu- .. rcc...... fa P18' Boot .. at Pip" oldie .... ....... of Momee c:aa.e,. ~ MId pafDt "'eoIDddt-ut 'Wftf1 tile -t So.4...1) .. tDOIt Eulerlycoruer of Tracl C of -x."Do.a. II recorded fa Pl8t Boot 5, at P"e 1 U, of the pub1ic reconk of Moaroe Coaly. F1orfa. nm SoutherlJ aJoa. die IDOIt Easterfy - or ,.....1Ib:t 1, of4JIJlh Polnl" for 20.00 feel 10 lbe point of BeJhmlnl of tile berefD desc:ribed pared; theDce coatlnue Soutberly aloD.the ,lid Easlerly lIDe for .220.14 feet; lbeDce deOecc 139 deJreel .t6'20" left IIDd nm Northeulerly for 32..50 feci 10 a polDt 21.00 feet &IterIy 01 (u mcaqred OD a perpeadkular) the nld Easlerly line of Bloct 1; theace deflect 40 depeea 13'40" left ..... run Northerly aJoa. a line paraDello the nId Easterly Uae of Block 1 for 195.38 feci; theace ~ect 90 deJrCICI OR'3r left ad run Wealerly for 21.00 feet to the PoIat or BeJbmiaJ: nb.feet how~, 10 a CMCmcut In fll\lOf of the OnDtor bereIn for IIIJ pat of the Ie." deacripdoa of recrealloa Iuds IIDd fac:W11es for Plalatlon VW... a CIOIICfoadafu-. which II recorded Ia OIBcIaJ Records Book 51B. al Pip 348 of the pubUc recorda or Moaroe Couaty, f1orida, wbJc:ta IIIIJ eaCl'OKb OD the Soutberly par1 of . the above pll'lleL PARCEL "C" A portioa of Lot 9 of "Rudal Adlm', SubdiYfaioo. u recorded ill Plat Book I, at Pip 110 of the pubUc I'eCIDfds of Moaroe Couaty, Florid.. belD. more particularly desc:rfbed II foDowl: CommeJada. at the IIIOIC Northerly IIDd IDOIt Easterly comer of Block I, or "HI.' Pofac" .. recorded III "ac Book .. al PI. 915 or the pubUc recorda of Moaroe Cbuuty, f1orJda. said pofDt bela. colac:ldeac with the lIIOI1 Soulherly ad lIIOI1 Easterly c:oruer of -x.,.Doma" .. reco.&:d fa Plac Boot 5 ac r.p 115 of the pubUc records of MolU'OO Couaty, FJorfda, fUn !oatIlerfy aJoa. the IDOIt E..__ !IDe oC the nId BIoct 1 of "HJlb PolDl" for 20 feel; theace deOect 90 deJrecs onr left aad naa Eaterly for 45.05 fect; tbeace deOect left IIDd ruD North 2 cfeJreea34'I"" !!lit for 250.02 feet; lheace North 87 deJl'ee1 25'46" Wesc for .., feel 10 the Easlerly IIae or Tnc:t C of "1.yslbu" .. recorded fa Plac Book 5 at hie 11' of tho pubUc ra:orda or Moaroe Couaty, Flo"" ~ South 2 deJrCICI 3"'1.." Weal aJon. the East IIDe or the aron.Jd Tnc:t C or "1.ysOo..- IDd the Eat Uae of the aforenld Block I. of "HIp PoIoc" for 250.0% feet, IIIOI'e or ... 10 ..... PoIDe of Bealnaln.. PARCEL "'D- (Co~ of dda ..... ClOIIWlJI OIIIJ ID ~.lllllClllllawl.~ '" the Orator fa ~ WIn'IIIltJ DeecI .... J_ " 1980. reao.~ fa OfBc:Ial Record Boot 812, p. ", ..... the Public Rec:onII or"oaroe Cbuuty. PIarIcIa.) A pordoa of Lot , of"Raacla1 Ad..'. SubdlYlsIOD" .. reco.dt.d hi Pta' Book 1 II ... 110 or the pubUc ~ of Moaroe CowIty Florida beiDl more partfc:ularly described II foDowl: CoaImeaclD. at tho ... Northerly IIId IIIOIC Easterly comer of Block 1 of "HJp PoIa," .. leou.ded lit Plat Book . at 'a. 915 of the public records of Moaroe CowIty, Ftorida, nId pofDc beIa. c:ofac:fdeat with tba IDClet Southerly IIDd IDClIt Balterly comer of "L,.uo.." . Ieco.ded fa PIll Book 5, II p. 11' of lite public recorda of Moaroe CowIty, Florid.. nm Southerly aJoa,the &IlerIy IfDe of aiel Block 1 of iii'" PoUU for 20 (eet; lheace deOect 90 deJl'llS CJr3r left aad I'1ID ......., 45.05 teet to · PaIIIl alllepmfua (p.O.B.); tbeace deflect left IIDd lUll North:1 depeee.34'14"!!IIt for 2.50.02 feet;. ...... 80utIl 87 deJl'llS 2,5'46" Bast tor I' feet; theac:e South :1 depeea 34'14" Wcat aJoaa the EIII U. or PM:el "C' b 250.02 Ceet; lheace North 87 deJftlC8 25'4r Wcatlbr 1$ teet to the Poinc 01 ~'~5 " .. -. " PARCEL -S- ." A poc1Ioa of Lot 9 0I~" Adam', SubdIvisIoD-, accordlD.to the plat thereof .. reconfeclla PIal Book 1 at Plae 110 or the PubHc Records of Monroe Coutuy, FIorfda !le1D. more plJtJcularly dacribed .. foDaws: From IbC: PoIat of BeJimilit., (P.O.B.), wblc:h It tbe palDt of IatenectfoD of the Nol1bwe1lerly n.bl of Wl1 of U.s. 1 (Oversea Hlabway, s.R. No. 5) with the SoutbweaterlJ bouadary liDe of a 20.00 feel wide roadwly known .. Lyslloma LaDe. .. ,bawD OD the Plat of -a,.iIotal-, recordedlD PIli Book 5 al PIF 115 of .afd pubUc ~; theace nm North 46 depeet 55'01- Wesl for 135.00 feel; theDce IUD South 43 del"ecs 04'59" Wesl for 65.00 feet; lhence South <46 depeea 5.5'01- Eaat a cliaWlce of 65.14 feet 10 the PoIIIt of JIe&IaaIa.. PAtteI!L .,.. 1'11"1 tlf 1M 12. ,~.. ~1a~1aD. ell ft........ ." ., .... Plat -..,r. recorded ID Pial Book I, at Pale 110, of Ibe public recorda or Momoe Conly, FJorfda. more partladarly deacrtbed .. follows: Omameoce II the Nortbwelteru c:oruer of tbe a&me .aId Lot 12, theace South 88 de.,.. 13W Eat afoal tbe SoutherlJ nlbt or.., lIDo or Hllb PoIDt Road. uJd Southerly npI of way lIDo !lela. alia the Nortb IfDe of .afd Lot 12 or ~aadal Adam'. SubclMlloa- for 130 feet to the PalDt or ~alaaJaJ; lbeace coatlDue South 88 depees 13W Eat aIoal the Southerly rlpl of.., IIDe of HIp PoIot Rold for 275.44 feet; tlIeace South I depee 47'00'" West for 12 feet; tbeuce Non!lI 88 de.,.. 13W West aad puallel 10 the Soatherfy rlpt or .., IDe or HIp PalDI RoecI for a dfsWlce or 275.44 feet; theace at rI,bt _ales Nortb 1 depee 47'00" EMt for . dlstaacc or 82 feet 10 the PalDt of BeafDnla.. PARCEL "'0- (~ or thJa panel COII\Ie)'I oaJy _ eaaemeDt reeeMd by CJrautor iii that Wamaly Deed dated -.e 9, 1980. recorded fa otBdal Record Boot 812, at Pap 78, IIDODI the reconII of Moaroe Coualy, FIorfda.) 1bc: Nortb 112.5 feet or lot 12 aad the South 112.5 feet of Lot 12, 01 RANDAL ADAM'S SUBDIVJSJPN, OD PllDtatloa XeJ, acc0rdia,1o the Pllt tbereo~ .. reco.dl.d fa Plat Boot I, Pap 110 of &be Public: Recorda of Moaroe Cbwtty. florlda; lea the W.terIy 130 feel thereof. but I'lDtJat 10 the Oraalee _ euemeat for eareu aad lDpaa ac:n. the I!aaterIy 30 feet 01 the said Westert 130 feet, bul reaenlallO the Oraaton the Southerly oae-lt8If of the ....1!aterIy 30 feet of the WcaterIy 130 feet for 10 Ioal II the CJrauton occupy the Westerly 130 &et of laid propo1y, aad a. .... dmea II the Oraaton DO IoaJ'Cl' oCcup,. aafd Westerly 130 feel, tIleD .... 'NI?:tDeIIt for epeu ead lapeu .ball COIIIIt. of tile eatfre Eater" 30 feet of the aid WeaterIJ 130 teet. , r I l ( ( r 211.15.1 w...-.....,., :ICeD ....0... <<:0111"0.."0'" '0.... A.a '''''OTO.'.''. . "'..co 75 'I' ~~~: 812,c 1h1s lIarranty )letd "'a". and urtu',,, .1.. 94 dco, 01 June RUSS[L~ COHSTRUCTIOH COMPANY, INC.. a Florida corDoration. a/k/a RUSSE~L CONSTRUCTION CO., INC.. a Florida ~orp~ration . to."...aUon nill'". u,.,u, .". L..... 01 Fl or i da . and '.o...nll ill ".ill( jINI pr...-. a' bu.in... d. Jenkintown. Pennsylvania "..,ti_"" toU.J .1.. "",'or. 10 KEYS HOSPITAL ~OUNDA!ION, INC., a Florida not for profit corporation ",'.0.. poll.If;" .,u,...!r 50 Hi'Jh P..,int Road, Tavernier, Florida '! 1070 ,\ l> 1t);\O .., 1o.,lIn."H c...... ,A. ........: 1- _ -- ... - "_-" - ....-.. -- .. .. ...... .. .... -- - --...... ~-_..-.-..._-_.. .. lIibttssdla: n.. .11. ..... ,.. aNI 1ft ftftlJat ........, rIw ...... 01 s 10.00 - -- -'-'* A.._.....f......... __ ""-, ,. ~ .i_w.H. r" .'-. ~ '- .,.",. ~ ..Il. .lI.n. _'N. "'...... ~ -" """I'"" ....,. ........... ell .. ....... W ..... lot Monroe ~'ottor9, HIQ{ POINl' &JmMSIQf, accordin9 to the Plat thereof _ recorded in Plat Book 1, Page liO, aI'lI:lbJ the Public Records of Hcnroe Comty, Florida. IftXe particularly described in Schedule B attached ~to cd by reference ira.<<pc:llt1lted herein. AND, ~ I Grantor grana, bar9aina, and sells to Grantee, ita ~--. and asaigna, a right-of-wIY and 8U8Ient CNer the pr:~Ly de8c:r1bed in Sc::hedule C at"-+.M hereto and 1:101 refereno. ~ted b!rein for the aclWlive UBe by Grantee in ~:u-:tiCl\ with the qleRtia1 of a &e'IoIII9lt "i8l'ClA1 facility l.a:ated em the adjacent prq:lI!rty, :lnc:lud.inl; bl:1: not limited to the ocnstru:tion of bxe holes, or ~ use that my be required in the cperatial of said sewer plant. -nu. ea..seme:lt shall be pezpetua1, and shall run with the land. ~ SUbject to ccndit.ia18, restri.ct.icns, easements, and l1lIIitat.ials of record and to tues foe the current and subsequent years. Togdfut wf." aU ,It._ I__t.. ".....tu_.. ....1 ."purt_ .-... .."..... - In -~ wfN J1Nr~ T. Jtut Ami to 1tDId, IJ.. - ,.. 1- ...... 1-. Rad.1w ......... ~ ~,. "",,. .... ...... ,t.., " .. r-/IJJ~ ..;..., .( -" l.wI fA l- ....,.: ,t... .. "- .-l ".,.. -" '-/ul ~,~ ,. ..U ..... ~ ..u '-I: "... .. ....., IJIp - ....t. ,A. ,al. ,. ... '-" .. """ d.1-l rII. ."'.. .".,.... .Iv '...,I..l cW- of 011 ....- --.-: and ,,,-, .aA4 '-' y I,.. "'.all ~ 1IItmof .It_ ........ '- __ "- ........ .. .t. _ .... ,.. _._.,. -Z ,. .. ........ .j~ ." III ,. dvlp Au.ltarfwd. ,1.0 J.., .... .,.., ,... aM- wriI.... ..~~..~~~..~~!._~.:..._. "~r~- I r STAT! OF FU)1UDII. (;()U:-lTY OF ~ I IIl.a..v r.&aTlfY ,... .. ... u.. ...... _. .. ......... ..... ...1MriwtI i. 'N ~I.f. .... c:...., .--... .. ... ad. ..._.... ._.... f'l)RRIS YOFF'F. ,",nd .TOSEPH L. AYI.S\'(."' - . JR. ~,,-., .._N kill..... .. _ Ie .. ,,,- ,........... .secretary fr.... II-I, .. ... ~..... ...... .. ....... .., ,_ ,.,...... .... ... ,,,-, &Jr... ......., ............. ....,.'i-,. .... -.-, .. I" ........ e4 1_ ...w...... wi&-. ,...1, ~ ......... ....... ."......., ..., ........ i. W_ ..., lAid c........... .... ~ l!l,e __ ."...... ,...... .. IlW I'" ~-...... ...a iii ..w ......-. wrrstsa. .. ...... .... .rIic...' -.a ,_ e-... ... ...... ~~ ,We t'3d _,., Jun~ A. D. .,s0 , I '1,)01 J /. . 'l()IAlY P'I~f 'C "..." Of 'lOlln... AI L,"-:;l ,101 \I 11-1 'fll . Mf I. -':,...., .~. t I 'I.'L.... I J 1; J /, 8l.'::_...J it1&.lJ ~ttI.AL. Ifl~ I 1/; l,~: 6\1 OL t<< Oll.(.,...,/ I~:I":*,,;~.A'- . ., J j r-y _ /J~/ ~'I-l~ -;.,;: U'II IlIoJrtlI""" I'rrf'WIrrJ /I.v ." ,,' I I I /D'lP tfD ..; . l t , \ f -J I V I -'-1....1 -J. ,,"-,,-,"""" . ( ( r I .... 012 'at'- ,,'_~c 76 SCHEDULE B A portion of "Randal Adam's Subdivision" as recorded in Plat Book 1 at Page 110 of the Public Records of MonrOE= Cowtty, Florida: being more particularlY described as follows: commencing .t the nest Northerly and moat E.sterly corner of Block 1, of "High Point" a. recorded in Plat Book 4 at P.ge 96 of 1:11e Public Record. of Monroe County. Florida, said point being c:o.iAc.iAleDt with the lIIQat Southerly and moat Euter1y comer of "I'ract C of -l.ys11011&- .. xecorde4 .i.n Plat BoOk 5 at paqe 115 of the Public Record. of Monroe CoU2rtY. Flo'rida. run Southerly along 'tile -.t 'Batl't1e'r1.y Une Df the aaid Block 1 of "Hiqh Point. for 20.00 feet to the point of Begl11T1i1\1) of t;M hefti,. ducdbed p.rcel; thence continue Southerly along the 8aid E..terly line for 220.14 feet, thence deflect 139 deCjrees 46' 20. left and run Northeast.erlY for 32.50 feet to . point 21.00 feet Easterly of (as ....ured .long . perpendicul.r) the s.ld Easterly line of Block 1, thence deflect 40 degr.es 13'40. left and run IIortherly along a line parallel to the .aid Easterly 1108 of Block 1 for 195.38 feet, thence deflect 90 deqre.s OS'37" left and run Westerly for 21.00 feet to the Point of Beginning; subject bowe".r, to an eue..nt in favor of the Grantor herein for any part of the leqa1 description of recreation lands and facilities for Planution Vill.s. i1 condominiwa. which is recorded in Official Mcord Book 61B. at Paqe 34B. of the Public Records of Monroe County, norlda. which may encroach on the Southerly part of the above parcel. {9 q ~,~ i.J' l I 1 \. l~ ,\. . , ..:~~f.,~.. .\. ....'" .;::~.~ .:... -...::~ ._.:..".;::~.~ 1 '\it. ~ r I t :-,~ ". - . ,.- ~-~ . ~.: '/ .I -~ ( ( r il'~ iltf R12pc 77 r SCHEDULE C A portion of Lot 9 of "Randal Adam"s Subdivision" as recorded in Plat Book 1, Page 110. of the Public Records of Monroe County, Florida, being more particularly described as !ollows: Co!laencing at the JIlOat Northerly and most Easterly corner of Slock 1 of .High Point" as recorded in Plat Book 4 at Pa']e 96 ot tbe Publ1c Jlecords of Monroe County, Florid.a, Nid point being eoincideftt with the _t Sovt.berly and JlW;)St Basterly C'Orfter of .Lys!loma. as recorded in Plat Book 5 at PlICJ8 115 of the Public ~ of .....1.Ge CO\Zftty. Florida. run So~erly AlOftCJ t.be Zasterly line of said Block 1 of High Point for 20 feet; thence deflect 90 degree. OS'37. left and run Basterly 45.05 feet to . Point of Beginning (P .O.B.); thence deflect left and run North 2 degree. 34"14" Eut for 250.02 feet; thence South 87 degree. 25'''. Z.st for 15 feet, thence South 2 degree. 34 "14. West along the B..t line of Parcel .C. for 250.02 feet, thence North 87 c:lagreea 25'.'. We.t for 15 feet to the Point of Begiruaing (P.O.B.). \L.... Y OV,.'~~ - \) ~t:" ..7; . ::.... .... .r. .::~;~~~i~?;;::;;~~pt:~.: 1":".3 ~ ~,.':I;~j,fiMJ ..... ._j....!..d.. - ~~.;.rr'~ .~,."., . , p.. ~1\~.~1i :.; ~=GG.401 ... ;:,. -- -",. .",.,~. ...!.... .~,..;,,,, -~ ire' -.' ..\ r;:frtCIAL lt1Cor.o IQOll ~- .........r (UV:-tl'f'. f\.calOA /..-.. ~~'.n 'Ii '/1111'( CL~"" Of ~1:;'CUll coual IlU,;Olll) vtRlftlO l. \..;.... ""1.:.- . _.;~~~..- '. : cr...... ". ... ~ I I. I .[ , , - ..d- this .arranty .Itm M.". .n" mn"..rI ,II' 'I rI.., ., Jl.lI1eA. D. '0 80 &, 'RUSSEll CONSTRUCTION COMPANY. INC.. a Florida corporation.. a/k/a RUSSEll CONSTRUCTION CO.. INC.. a Florfda corporation . · ~'ten ,,""n. _"tier ,It. I.... ., Florida . .n" It."'n, 'I' prtnd".. ,ree. ./ I..lIn",., Jenkintcnm, Penn.ylvania . t........"er Nil." ,It. ..."'.... ,. ~EYS HOSPITAL FOUNDATION, INCr, a Florida not for profit corporation . .. ..,,,... ",,'.Rb eddre",., 50 il1gh Point Road, Tavernier, Florida 33070 A.".'n."" ftJ'W .1.. .....,... ""'- ... ...... ... - ~.. ... "_of 1M.... .. ... ....... . ... --.. .. olio ..... .... ....._...., .. .. ..... .. ........~ ... ... _ .. ..... .. .........., 18ltntSStfh: n.. ,It. ...n'.". ,... .n'; 'n '-On,Il"'''.n ., ,It. ,.... .,. 10 . 00 ...., .,It... .,.1_'" -""-".n,. rwwIp' ..It".., ,. It_I., ecln_I.J...,. I., ,It... ,.,......,. l... "'-'. &.re"n, ..Il .1,_. ......... ...&ru.. ftn"7 onJ ftn""" .n'. ,It. ...n'..: .rr ,,,., nrf.'n l.owI .....,. lot .Monroe ~'O~~.). RmB JIOJRr SJII)1VISICII. ~ to tiI8 P:a.t tI...4"""l ... ~..d84 1ft p~ .. 1, PalJ8 110, 8IIa1lJ tIB Public RI!Icorda of fl:r1rol County, florida, JIDrIt pert!cularly c5ucrJbed 1n Sehedule B attac:hecJ hereto and by l~l;!__ .b~_.._b.d '-am. JIR), <Jl Grantor grana, bargaina, and _11. to Grantee, its 8UiC'CU1IOt. and ...igns, a dght-ot.,.y and ~ over the prc:ptrty described in Schedule C attached hereto and by retennc:e 1ncot~ated herein tor the exelueive U8lJ by Grantee in COII1~Uat with the c:ptrat!on of . IIeMlg8 dillp08a1 facility located at the adjacent prqlerty, including but not: limited to the CONItructiat of bore holes, or any U88 that: rrey be requind 1n the operat:iat of said 8l!Wer plant:. This easement shell be pexpetual, and shall run with the land. SUbject to ocndJ.t.fa\ll, restrietfons, easements, and limltaticras of record and to tbe. for the current and subsequent years. TDgdhte' ..,,".rr ,I.. ''''''''''''. I._d"..",.n', .nd '"purl.n.~.. ,I....... &.Ion,'n, Of' 'n _,_ ..",. .ltPfI'tMn'n". . TD JlaPt and tD If,'d, ,I.. .."'. 'n i." "",pl. 1_...... Rnd .A. INn'or I.-I., __" ."" ..,tI ,,",n'.. ,It., " " r..,,,n., ,.;..., ., ..,., lonJ 'It ,.. .,,,,,,1., '"'' " 10- II...tI ...10, _tI ,-,., ..,Itort" ,. ..II .nd ""...., ..,.1 I...." ,I... " It_I.., /.n., _. .."" ,,,. .... Ie ,.,d 1.".1 .nd .," d.,eoJ ,It. ,."'. .".,,,,, ,t.. ,,,,,,,., ~,.,,,,, ., .ll"""nt o.It.",--: ..." ,,,.. to,d I_J " ,.... .'..11 ..cum'"-Nt . In 18...," 18fItmf ,,,. INn'... I._ N"'" ,It_ ,.,....",. ~ &0 .new '" II. n_.. _.I II. NI'poow'. ,... ,. &0 ,,--,. eltr-l, ~ lit . _un', .1.1., ..,,,.rls"'. ,It. d.., .nd ,..,..., do.o IIrrflt.... JI1SSELL CClfSTJU:TIQI cn~J\NY, :me. ...................................-...-..-.--.-......--.......--......... , .,~&~T.jh:~t ,". STAT& OP ~ cnu:orry or IDJa · ....~ CllIITIfY .... - .... ... .... _. _ om.. .., .......... I. ... ._ _ eo...p ........ .. ... ...-..,..'" ........, --'.l'ORRIS ltFPB and JOSBPH L. AYI..Cj'I.'.""....::, JR. } -.. .- .. - .. ...... ~ - Secretary _.-., Of ... _... -...._ 1- ... ........ ~ _ .... ..... ___ ... '.' .... -... ... _ I. ... __ .. _ _~ ""'- ..... _ .-.... -. -.. .. - Ie .... top .... --- _ ....... _ ""'_ __.... ?. _ _ Of....___ WIT_ - .... ... - .... Ie, ... eo..., -.... .,.. ...........? ..... JUne . " a tt80 NO''''' 'WI 'e U"I'f Of' I\OI'DA "f lAICI M' c:a.M'SSlON Wuu JUl' 4. "U IOtClID n.u <lIHIaAl.NS. UNDfIWl.lUS .-.!~- (~i n,U I,,,,,,,,,,,, pwptnrrI6y: .1.IJ_ m.,.......""...........~ OIUUI p, TlTTlt 1.::......, <. It. '.a. Dt_ Us. ;""l1oirt,'IJ. ",;. ... -....-----. .. ~ S f :- ' SCHEDULE B A por~ion ot "R"nd.l Ad.m'. SubdivIsion" .. recordett in Pl.t Book 1 .t P.ge 110 of the Public Records of Monroe COtm~y, Florida, being more particularly described as follows. Commencing .t the ~.~ Northerly .nd most Basterly corner of Block 1, of "High Point" as recorded in Plat Book" at Page 96 of the Public Records of Monroe county, Florida, said point being eoinciden~ with the mo.t South.rly and most E.sterly corner of Tr.ct C of "Ly.iloma" .s r.corded in Plat Book 5 at Page ,115 of the Public Record. of Monro. County, Florida, run South.rly along the mo.t Z..terly line ot the said Block 1 of "High Point" for 20.00 feet to the Point ot B.ginning of the herein d..cribed parcel, ~hence con~inue Southerly along the ..ld Ea.t.rly line ~ .120.14 ,..~, thence d.fl.c~ 139 degree. ".'20" 1ef~ .nd run Ho~h..s~erly fDr 32.50 f..~ ~ * poln~ 21.00 f.e~ E..t.rly of C.. ~..ured along . p.rpendicular) the said Easterly line of !lIaS 1, ~ce de~ .0 de'lf...... 13'410" len, and run Rori:herly along . line p.r.ll.l to the said Eaoterly line of Block 1 for 195.38 f..t, th.nce deflect 90 degrees 08'37" left and run Westerly for 21.00 f..t to the Point of B.ginn1ng, subject how.ver, to an ....ment in favor of the Grantor h.rein for any part of the leqal d..cription of recr..tion lands and facilities for Plantation VU1.., a condOndniUlft, which b r.cord.d in Official Record Book 611, .~ P.ge 3"', 01 ~h. Public R.cords of Monro. County, Florida, whlc1l may encro.ch on the South.rly part of the above parcel. .~, .__.__.__,.... ~_r_i.__...___:: =-_~ ' ."'t ; -r. :\ : I, . "--, SCHEDULE C .' A portion of Lot 9 of "Randal Adam's Subdlvision" as recorded in Plat Book 1, Page 110, of the Public Recorda of Monroe County, rlorida, bein~ ~r. particularly de.cribed a. fo1lowsI Commencing at the most Northerly and most Ea.terly corner of Block I of "High Point" a. recorded in Plat Book 4 at Page 96 of 1:11. Public Record. of Monroe County, Florida, .aid point being coincident with l:IIe most Southerly and mo.t Easterly corner of "Ly.iloma" .. recorded in Plat Book 5 at Page 115 of the Public ltecord. of Monroe County, Florida, .run Southerly along the Easterly line of .aid Block 1 of High Point for 20 feet, thence deflect 90 depwetl DI' J,. left Md run Ba.terly 45. D5 feet to a Point of 1Ie9innift9 (P.O.B." thence deflect left and run North 2 degree. 34'14" Ea.t for 250.02 feet, thence South 87 degree. 25'46" Baat t'IlC 15 t8et:, tIh....,. ~ 2 de~ 34 '1"" "et .long th1l Eelft line of Parcel "C" for 250.02 feet, thence North 87 degrees 25'46" Weat tor 15 feet to the Point of Beginning (P.O.B.'. .-, '.. I ..--~.: -....~.-~ :. ;' "."AN." 0'.. I~'O" C.".O.."O'" ~" I....V C i Oq. 0 ""1' aA...co '0'''' A.a IJt"O'toeTI\"1 . this Warranly )ttd MaJ. 01111 meu,,,I d.. 94. Jo, 0/ June KEYS CQMHUNITY HOSPITAL, INC. A. D. 10 80 r., . · totpona"'" ....,,". unJn II,. 10.... 0/ F lor ida . ."d Ia...,,,, II. prlndpo' "rod DI 1.,,11....... 50 High P~int Road, Tavernier, Florida 33070 1."'.'''0/'''' ...",.., 'A. '",,,'or. '0 KEYS HOSPITAL tOUNDATION, INC., a Flori~a not for profit corporation u.I..". poll.I/I... .rlJ,... ,. 50 High Point Road, Tavernier, Florida 33070 A,.,""./,,., ...IIM ,Ia. ''''''H, n,,,_, .-4 ..,.r. ... - ...,....." ... ;:a..,..... ...... . ... ..... .. ... ~, ... ...1... ..... ..,,_........ .114 __ .c I. ", ... ... _ ... ..... of -.-_ Ilfilntssllh: n.. ,1.. ",.,,'or. lor ...,1 ,,, re".,J...II_ ./ ,Ia. _ ./. 10.00 ..... .,l.. ....,......,. ......",,.,.,,..... ......,1" ",1..,../ ,. I.,.,,,, oclt-tod...,. It, ,A... pNHn" .... .,..... .......... ..u. oIi.... ........ ...... _, ..., ...,... .... lit. ........ .II t4.I ..... "-' ........... ltOllroe C._,. ':I-w., 1".' Lou I through 12, Block 1, and "SYL~ CIJQ..E", HIGH POIm', accardJ.ng to the ,lat +I-,-.of. - .zoac..-dw11n PIa Ioak 4, PAlJ8 96, .-.::ng tbe P\lb1Jc -"''"128 at ~ County, Florida, 4180 described a. set for1:h in Exhibit "A", attached hereto ahd by reference inclOrporated herein. AND, Tcgeth8r with an eu.nent fran Grantor to Grantee, its succeuor and uaigrw, for that eaaement and prope.rt:y dellCX'il:ed in Exhibit Ole", attached hereto, alm duct' in that Han"anty Deed recorded in O.R. Book 519, Page 37, Mcmoe County P\mlic That put of Lou 9 end l~, RANDAL ADAHS SUll>MSIQf, IIlaJOrding to the Plat ~f recorded in Plat Beck 1, PIlg8 110, am::lng the Public RBcord. Of fobu:ce County, Plor and beinci mora particularly ducri!:led in Exhihiu .8. and OlD", attached hereto Ind by nfentnce inc:orpont;ed herein. SUb~ect to ccnditiaw, 0 natrictiaua, eall8lenu and Umitatiaw of record and to t.uea for 'thB curt:Wlt and .w.equ.nt year.. TDgtlhtt ..."It.1I ,It. ,...._...,.. 1""oJ"..",.",. ...d .p,"",_ ,,,~ ...,....'''tr ... ,,, .",_ ""'. .,..,..,....... T. Ifa" and t. ItDld, ,A. _. 'n /.. "",pl. 1-".... Ind ,"" .",,'or '/a_It, _,,_,. ..."" ..,eI ........ ,It., " .. '-/ullp ....." ./ ..,d '-" ,.. /.. .,,,,pl./ ,Ia., " r... ...., rI.la, .nd 1.",/..1 .u,l.orllp t. ..11 _d _wp ..." """', ,,,-, " "-It" ,..u, _ ..n" ,I.. ",1.". ..,eI I...J .^J ",,11 J./r..,J ,I.. ...... ...1..., ,I.. 1.",/uI c/o,.... 01.11 ......... ..,._u...., an" ,Ao, ..,,, 10.... ,. /,.. ./ .11 .....u'"'Itr...C'.. In ., .,mf,,,,, .....,. "- __ ,Ia... ......... I. v 6. .. "'-I.'. "''''.. ..... II. ~. _, ,. .. ....... 01/'_ II. 'II .. It._..,. du/p ..,AoriuJ. "" J.p -.I ~ /..., ..... ."H_ .m3,-~m.J~~..J~~.:...._,_"........ STAn O~ FLORIDA COU:fTV O~ HaNROB I, 11111&1., aIlT"., .... - .... ..... ........ _. _ "fl.... ..., ..._..... lot ... ..... ...' c:....r, ___ .. .... ..._........... ,,'-11, .-.... HaRRIS YO,.F. and JOSEPH L. AYLSWORTH, JR. -II a-. .. - .. .. ... ~ .... Secretary ......../p.. ... __ ~.. _ ioo .... ,-..... ..... .... _ ~ _.... ..._..... ._."'. ... _ I. ... __ of _ -..... -. .... _ _ -.. ...-- .... -' I. ..... .. .... .--..... - _ ... ... ..._ ..._ .. ... 'iW _ _ .. ....--.. WITlW&a - .... .... - .... lot ... c..-. --..... ....'-101... '1.Ail._... Jane . ... It. ,. 80. ..0,..... ..." \TAli 01 R.OIlGA '" LMCa . .f COM.I$"ClH WIIU.u.. 4 ltal M)NQID ,.-. ~ I",. UNllLlWUlUS n.iI f""m,unll prrptunI6y: - .......w,... ..",.~ f .1,1./"" ,. GMIlu,. "ntL ~.. " . .' ", '4....sJS. ;_..... II.. ....: ~ .f.'~y. I I !, i 1 I' I I , I I: I. I i ~. EXHIBIT ^ A portion of HIGH POINT, according to the Plat thereot' a. recorded in Plat Book .., Page 96, among the Public Record. of Monroe County, Florida, more particularly described a8 folloW8: BEGINNING At th.. Southoast cornor of Lot I, Block I, on the North aide of High Point Road, according to the said Plat of High Point and run North on the Sa.t line of .aid Block 1, 4 di.tance of 276.2 feet to the Nortbea.t corner thereof, thence run Weat on the North line of .aid Block 1, a distance ot 285.26 feet, . thence run South along the dividing line between Lot. 6, 7, 8, and Lot. 9, 10, 11 of .aid Block 1, a di.t.nce of 275.86 feet to the North .ide of High Point Road a. .hown on Plat of Ju.gh .oJ.nt, tbeJU:e &Mt OIl tbe ..id North line of High .oint RcHtcS a dbunce of 210..... f~ to tlae .oJ.Jat of ".innUa9_ nI t: Vv '\'" S ~'.." . do ,0- EXHIBIT B Part of Lot 12, .Randal Adam's Subdiviaion" on Plantation Key, according to the Plat thereof aa recoraed in Plat Book 1 at Page 110 of the Public Recorda of Monroe County, Floridft, more particularly de.cribed a. follows: . commence at the. Northwestern corner ot the above .aid Lot 12, thence Soutb 88 degree. 13'00. East along the Southerly right ot way line of High Poi~t aced, s.id SOutherly right of w.y line bein9 also the North 11ne of .aid Lot 12 of .Randal Adam'. Subdiviaion. for 130 feet to tbe point of beginning, thence continue Soutb al degree. 13'00. S.at along the said Southerly right of way line of lligh Point Road for 275.44 feet, thence Soutb 1 degree 47'00. ....t for 82 feet, thence North 88 degreea, 13'00. West and parallel to the Southerly right of way line of High Point Road tor a distance of 215.44 feet, thence at rigbt angle. North 1 degree, 47'00. BacSt for a di.tance of 82 feet to the Point of Beginning. \ ,~J-V , -.~.-...-.... i. f , I . I ;/ BXJ'13U' C The HO'<b 112.5 ,..t 0' Lot 12 "d the South 112.5 'eet 0' Lot 12. 0' RANDAL ADAMs SUI.IVISION. on Pl.nt.'ion Key. .CCO'din. to the Pl.t thereo" .. "CO'dad in Pl.t Boo' I, P... 110 0' the PublIc "OO'd. 0' Non... COunty. Plorida, Ie.. 'hc ".terly 13. 'ee, the.eo" but ".ntin. to the e.....e .. e..."nt to. e..... ..d in..... .c.... the ...terly 30 'eet 0' the oaid He.tedy lJO 'eet. but ....rvin. to the e...to.. the Southe'ly one-h.l' 0' the ..id ...t.'ly 3. 'e.t 0' tho He.t.dy 13. '.et '0'.0 Ion... the er.nto.. occupy the He.te.ly 130 'e.t 0' ..id P.....ty, "d .t .uch ti... .. tho e...to.. no Ion... occupy ..id Ho.torly 130 l..t, ".n ..id ......nt '0. ...... "d in..... .hell oon.i.t 0' the enti.. '..te.ly 30 '.et 0' tho eatd He.t..ly 130 ,..t. ~\~ \ ~~rr .~ ~(}' '" V · portion 0' Lot · 0' ....d.l Ad.... Subdivi.ion' .. '.OO.d.d in Pl.t "- 1. .t .... 110 0' <be Public ReOOrd. of Non_ County. Plorida, being .... P..ticul..ly d..cribod .. fOllow.. CO'"-ncin. .t th.....t Ho.th..ly .nd ..., ...t.'ly OO.n.. 0' Bloc. 1. Of 'High POint. .. r.Co'dod in Pl., "- '. .t P... ". of tho Public ReCo'd. 0' Non_ County, Plo'id.. oaid poiot being OOincidont Hi.. the ".t SOUthe'ly .nd mo.t ...t.rly 00..... 0' .Ly.il.... .. '.Corded in Pl.t 800. 5 .t P... 115 0' tho Public ~cord. 0' Non... COunty, Plorid.. 'un SOutherly .lon. tho ..., Ute'ly Un. 0' tho ..id Bl_ 1 of 'High POint. for 20 '..t. hence "'l..t '0 ....... 00'37' 1." "d run '..t..ly for .5.05 'e" 'h.... do'l..t'l.'t "d run Ho.th 2 d..r... 3"1.' Coot for '0.02 f..t, "onco No... 07 do..... 25.... He.t for '5 '..t to '0 ...t..ly lin. Of T'.ct C 0' 'LY.ilo... .. r.co'ded in Pl.t -ok 5. .t P... lIS, of tho Public ReOO'd. 0' Non..e COUoty, or'da, then.. SOuth 2 ....... 0"1" He.t .lon. tho e..t line of e .for...id T'.ct C 0' .Ly.il.... "d 'he e..~ iine of tho 're"id 810ck 1. of 'Oi.h Point. foe 250.02 fe.,. .... o. 1.... the POint ot aeginning. .--.----._..~._--- . .- >>I), I ,. . I ; i .1 . t II. I i . , I I I . ~ : I I: ....- ( frvd.I I=.) .. . . .A".""Y'; ';:'ilti ""... C..-...,.O... '- ~ ...co , 0"'.... A._ ...........,..,. this Warranty J,td ,.,.~. ".." ","",,,d ,,,. t;fl d.,., June A. D. 1080 &, AMERICAN MEDICAL AFfiLIATES. INC.. . cw,por."'" .....,.... wtl.. ,,,. ,....., Pen n s y l.v a n I a . ."d Fl.",,,, II. prf"dpal ,1M. ., ,....,.."...t Jenklntown. Pennsylvani a """,,,.,,,., ra"'" ,,,.. """'.. r. .. KEYS HOSPITAL FOUNDATION. INC.. a Flo~lda not for. profit corporatio .,.....,. ".tI."'r,. ""d....'. SO High Poi n t Roa d. Tavern hr. F 1 or t da 33070 . ",.,..'-f''', ,..",." ".. 1M;""" ::-.::;::~ = =~=.:''':'.i'-::.,:'' J"~:'-=t:".='= ~= ~ ..--:..-....:1 UlitntSSdh: Tro.. "." ""'",..... 1_ ".." ,.. ..."".1..."." .1 ,10. ..... .1 11 O. 00 - - - - ...J .,,,.. ....,.."",. ......"'.....11..... ,....,.,,,, ."'.-f " ,...,,,,., ""'''_'",,,.J. fl" ,10... ".....,. dH' ''''''. '-...,... ..rr. ....... --. ......... r-sr ....I renf'"" .mI. ,10. ...-.... .u ",., awtaIoll r...I ..... lit r_tt'y. FItwtrl.. ..... . A portton of lot 9 of RANDAL An~ SUBntVIStON. according to the Plat thereof. n f'Cbt *d Wlat Boot 1; Pave 110. of the Pub H c Records of Monroe Coun ty. Florida. being more particularly described by metes and bounds legal description attached hereto and by reference incorporated heretn. Subject to conditions. restrictions. easements and limitations of record and to taxes for the current and subsequent years. By acceptance of this Deed. Grantee grants to Grantor. Its successors and assigns. perpetually. the right to tie into and use. the water tanks and other water faciltties now located or hereafter erected on the pre.tses hereby conveyed. for use on ground now owned by Grantor and adjacent to said premi.es. and Grantor hereby reserves such right. T "gtlhtr ...,,1. ,," "... ,....."......,.. ",.,...,,,....,,",. ....1 .Pr.Irl......CI'. ,Io-r. fl.'........ ". 'n ...,. ,,"'" .,.,..rIa''''''D. 1, Ita.,t and to !fold, ,It. ...... ,.. I... "",pr. 1_. Jlnd ,10. ro..'.r I.,....,., ~.me..'. ,.1110 'ft,d _"'..,... ,It., " ,. 'awl.'" ....." .1 ..,,, F."" ,... I.. "...pla: '10... II It.. "ooJ ""It, ..." ,-.f.., ft'.''''''"'' '0 ..n ..." c......, ..." ,....1, ,,,., " "~." I..n" _. .."" ,It. "rI.. '0 ....1 I..." ...." .."" .1.1""" ,". 'ft"'. ...,..., ,I.. '_I.' cIaf_ .,.n..-. ...,,_: ftnd lit., ..,,, I..." ,. I... .1 .rr ...,."...r...."rft ,co. FORA" IIAL" ,) I 111 Intss 1Ihtmf ,,,. .....,. ".. I:ftftd ,10... ,....,...,. ,. 1/ ,.. I 'oo · , If. "...... ."" If. corr-'. ...1,. '- ,,_,. .11,-1, 1;, n. . , ' .~ - .. )........ d.l, -......... ... J.,..... _,.... "-....... A1TE5T: ';..n~'~~~; "roo, .J;... ~~l~I!!..lt:Dl~.~."W..!k!.~n:~,...!~~.,,,.......,, :~~Jftf~~~:~:':.: }~~I-~"~ COUNTY or MONROE I ....,,'" atilT." .... .. .Wo _. .._ _. .. ........ ""y ..........4 I..... _ _ eo.....'-'4.. _ ....__ ,..-... .-"" MORRIS YOFFE and JOSEPH l. AYLSWORTH. JR. -. '- .. ... .. .. .... ...-. - Secretary ~ II .... ___ _ _ _ ;. ... ......... - .... .... ofwy -...., ,,'_Io4tM _I~ .... _.. .a. _ of _ -...._._... _.-..... - -'" ...... .-4 I. ,.... .. .... _____ ..4 .~.. ... ... .- -... ~tt;}'- _ ... of ... -'"' "'~1It - ,- .... _W .... I. ... c....y ..... .,... ,...,....,. _ r- ... of June,: . A. 11:""" 8(1 17", "Ulnt"'fKGW'stn~ ~.1Tf ttl e .\,/,/,", P.O. Drawer 535 Tavernier. Fl. 33070 /d-.uJ~~ noTARY PUBLIC ,.. NOTA.., ..,."e 1fArt 61 ~IM AT r>>.oI MT COMM'SSlON 'lIP'. MT 4 "" 'ONOrD '1tlU GfHIlAl INS. UNOfIM'rtn " I \ I I ! .! / / '- '- (fwU( Eo') .....;~. '- . . . . ..,....... I~... ~.:: t.~..I.I.~1, . . ,. . , _. ~'~C1iEDULP;. "A" " .~ '~'. ~.~ .':>.:.' , . : . ..' . ,.t~tf.": ,,';;;t;(\.. ~ I:: !.; : .,' : I It . -,.., ~_,\,..~." ,. ., ,. ,t, '.' ':"':\i';.rt.ll'~ !t'ti" '; I.... . '....,a .... I , I ':).e t. '" '. 1'111. . '.. ~.. !.,,~. C' . .;." :. Ad.... IUbdivi.ion" Pl.t Book 1 at pag. Florid.. being more A portion of lot' of "Rand.l according to the plat thoreof aa recorded in 110 of the public . record a of Monroe County, particularly deec~lbGd .e tolloww. Fr~ the Poln~ of ..ginning (P.o.b.) whleh la the point of int.ereecUon ~ the northveaterly right of way of U.S. 1 (Ov.r.... H!V-'Y. ..R. 110. 51) vith t.he Southweeterly boundary line of . 20.00 "'1. wid. zo.e-7 It'ftoIfn .. ~J.I01fta La"e, .. ahO,," on the pl.t of -~y.iloma". r.eorded In Plat Book 5 at page 115 of .aid publ.1c . &.~--., t.ml_... !:till ftlft't.h ~ degr_e 55' 01" "'.1. 135.00 fe.t, tb~c. run eoutb 43 degrea. 04'59" w.et for .5.00 feet., t.hence aQutb 46 degr... 55'01" aaet a dlatane. of 139.22 f..t, t.henc. run nortb' 39 degr..e 21'59" eaet. 0 dietone. of 65.14 f..t. to t.h. PQ!nt. of Beginning (p.o.b.) ~ qO\V 3' ...-......-...... - . . - . . .. ,". . . .. . . I . ..- . . ." '1< " . . ~ .. . . :....: I'S., ..,; '. I I" .' .' . , I~ l .', : ~ , I "Ill" ' . . "., .' ; .: i, J ~,.. '1 ,.: It!:' :t' ..~. '$' "'!" .,11 t.,:: . ,!..L.J..i: :':' . .. ,..' ~ . ~I' . .' . . .,: . . .- , I ..~; ~ j' I I I I ! . . I I' I I i 4 I I 'J ~ :1 ., z i , ' I . I, I I ; 21.11.152 '. ~~t 812,,' I r~r+ . t.. /Wo..e/ .t J ~ ~~~ . ~~ .'1L. ,;;;0 m this In,,""".n' was PNpClNd tiY' "~nl.d f., IAtwy.,.' TIll. Ovaranty "'nd, Orlando, florida ittIarrantg Jttd (STATUTORY fORM-SECTION 619.02 F.S.) CHARLES P. TITTLE _eL.""-~!If. 'ITITLE a: ~ P.A. P.O. Dnww liS TAVERmZft, nGRlDA U070 m~t. .Jnll,nrur,. Mado 'his 0' tho COUflty of 5th 1980 . WrtllJP,n day 0' June SYLVIA K. LEVIN, an unremarried widow Monroe Florida . S'a'. of . granttw". ancl KErs COMMUNITr HOSPITAL, INC., a Florida corpora~ion of tho County of whose POI' o,nc. add,nl h 50 High Poin~ ~oad, 'ra...rnier, Florida ,,,-., 33070 Monroe , 5'0" 0' Flcrida .tr,,""I~. Tho' said g,on'o,. '0' onelln con,ide,o'ion ollh. ,um 01 _____________________________ TEN DOLLARS , 00/100 ($10.00) ----------------------------------------Oo/lors. and o'h., good onel yoluobl. considorollOM 10 sold g,on'o, in hond paid by ,aid lI,on'... ,h. ,.c.ip' who,eo' i, h....by oclt_Iedged, lias g,an'ed. bo,golnocl and sold to Ih. sold lIranlo., and g,on'..', ~ onel o,sign, '0'."", 'ho 'ollowino d.sc,ibed 1oncI. 1IIuote. ""no and bel.. In Monroe County. florida. Io-w", ~ts 9, 10, 11 and 12, Block 1, HIGH POINT, according~ to the Plat thereof, as recorded in Plat Book 4, Page ~ 91, of the Public Records of Monroe County, Florida. r' Subject to condi tions, restrictions, easements and' ~ j limitations of record and to taxes for the current . and subsequent years. THIS IS A CORRECTIVE WARRANTY DEED GIVEN TO CORRECT A SCRIVENER'S ERROR IN THE LEGAL DESCRIPTION OF THAT CERTAIN WARRANTY DEED DATED AUGUST 2, 1973, FILED ON OCTOBER 10, 1973, IN OFFICIAL RECORD BOOK 555, PAGE 911, OF THE PUBLIC RECORDS OF MONROE COUNTY, FLORIDA. and lal.. grantor cfon ho,.by 'ully wamlnt 'h. "". '0 laid land. and wtn def.nd Ih. som. ooolMt lho lawful claim. 0' on p.rlOns whomso_. · "G,on'o," oncI "lira",.." or. used lor slngulo, 0, plural. 0' con'''' r.qul"L G,on'o, ho, h....un'o s., granto,', hand and '001 .ho doll' and yoor Iirs' oba... wrill.n. au' pr_.. rs..,') r= ,~ ." ,sa" ~ f'?: r~ :tl '=' ~ .- STATI! 01' FLORIDA i" ~ COUNTY Of MONROE . I HE RElY aRTI" Iho' on 'hll doy bolo.. me. on o'ncor duly Quolifl.d 10 lo~. ac~nowlodomon". p._nolly oppea,ed SYLVIA K. LEVIN, an unremarried widow 10 m. k_ 10 .,. lho ponon d.ocrlbed 'n and who .xeculed 'h. lorooolng in,'rumon' and oc:ltnowl.dOfICI.b.'o,. m. Ihol S h. .xecuted.... - 5 """. ........ ~..~.. WITNI!SS "" hOIICI and ofRciol,ool in rho County and SIal. Jal'~'''ol Ihls . .;.':'..~.~.... ~~:3-m'1.~....:.;;;~ 1980, ;. ' :" ,~.. :::.'~ . '~.. :.:~ My comml",",n ..pl.." '. : ~.: '::; NOTIlItY PUBLIC STATE OF FlORIDA AT LARGE " . ~.-, ~' .:)'.. fAY COMMIS.ION /!XPlAES JULY 24, 1901 RECORDED IN OffICIAL RECOI!O 800 '~':'" 7.. D .' ", BONDED THRU GENERAL IN!. UNDERWRITER MONIIOE COUNTY, flOltlO^ (t~-;"" ...... ;, . RALPH W. WHITE . (: ...... ..~...-... CLERK OF CIRCUIT COURT '5'\.'\.... RECORD VERIFIID ." .~ ......i .~;'. . :~~ ,~~.: :~' ;, ADDENDUM C FLOOD MAP Slack & Johnston ADDENDUM D AREA CALCULA nONS Slack & Johnston r~at of Deed C611. :wr: 00~:2 A AREA CALCULATION FOR PARCEL A ~~...--=-=-=----==- _----: "V""., ..___ _ __ _=== ========__-==z==~_ "'-_ -~-- 00432 A Scale: 68 ft/in North Shift: +0 East Shift : +0 OMS Rotated: +000.0000 . . . . . . . . . ....,. ...-=-.... AREA. ......... CLOSING ERROR Bearing: S66.4722E Peet : 0.23 Meters: 0.070 Precision: 1/6045 Acres : 2.597 Sq. Feet : 113123 Sq. Meters: 10509.5 peri.eter : 1381.80 ------------------~------------------~---------------------------------- 1. S90W 375.44 2. C1 Right, Radius= 25 Bnq= not given Oist= not given Del= not given Len= 39.27 Tan= not given Rdl= not given 3. NOW 125.84 4. C2 Left, Radius- 25 Bng= not given Oist= not given Del= not given Len= 34.24 Tan- not given Rdl= not given 5. C3 Left, Radius- 25 Bnq= not given Oist= not given Del= not given Len= 5.03 Tan= not given Rdl= not given 6. NOW 100.50 7. M90B 425.23 8. SOB 240.14 9. SOB 36.11 Plat of &.~ =wlls f~=: 00432 C AREA CALCULATION FOR PARCEL B =======~==== --~-~~. --~=--&~ --~~ ~~----- 00432 B Scale: 54 ft/in North Shift: +0 East Shift : +0 OMS Rotated: +000.0000 -- 1 -~~----======== ~ CLOSING ERROR Bearing: N54.1340W Peet : 0.40 Meters : 0.121 Precision: 1/1182 ------------------------------------------------------------------------ 1. SOE 220.14 2. N41E 32.50 3. NOW 195.38 4. N90W 21 ~:;;ll"::2----"",-_ . . . . . . . . . .AREA ......... Acres : 0.101 Sq. Feet : 4395 Sq. Meters: 408.3 Perimeter : 469.02 ====== ....... ~---~ 00432 C Scale: 62 ft/in North Shift: +0 East Shift : +0 OMS Rotated: +000.0000 Plat of ue~Q ~all. Lor: 00432 C AREA CALCULATION FOR PARCEL C ==~~..=~- .1 - - ::-;t;~========= CLOSING ERROR Bearing: S02.4211W Peet : 2.02 Meters: 0.616 Precision: 1/292 ------------------------------------------------------------------------ 1. S90E 45.05 2. N2.3414E 250.02 3. N87.2546W 45 4. S2.3414W 250.02 1 -- . . . . . . . . . .AREA ......... Acres : 0.258 t Sq. Feet : 11251 t Sq. Meters: 1045.3 t Perimeter: 590.09 =========== . -~ 00432 0 Scale: 62 ft/in North Shift: +0 East Shift : +0 OMS Rotated: +000.0000 Plat of Oe~d Calia tor: 00.32 D AREA CALCULATION FOR PARCEL D .. ....:iL~~______~:-::- .:lo...l~~ "J:llI --~ ...::..:- CLOSING ERROR .. Bearinq: N87.2702W Peet : 0.19 Meters : 0.057 Precision: 1/2858 ------------------------------------------------------------------------ 1. N2.3414E 250.02 2. S87.2546E 15 3. S2.3141W 250.02 4. N87.2546W 15 1 ~-....... AREA ......... Acres : 0.086 Sq. Feet : 3750 Sq. Meters: 348.4 Perimeter : 530.04 ===------- Pla~ oi u.ed Calla for: OC~32 E AREA CALCULATION FOR PARCEL E ~~~~~ ~==-=~------ ~- === 1 ~ ---- ...-4.... --:--"~.........:.. 00432 E Scale: 35 ft/in North Shift: +0 East Shift : +0 OMS Rotated: +000.0000 ......... AREA ......... Acres : 0.205 Sq. Feet : 8913 Sq. Meters: 828.1 Perimeter: 404.36 CLOSING ERROR Bearing: N51.2911W Peet : 0.19 Meters : 0.059 Precision: 1/2101 ------------------------------------------------------------------------ 1. N46.5501W 135 2. S43.0459W 65 3. S46.5501E 139.22 4. N39.32159E 65.14 Plat of Deed Call. iOL. 0043; F AREA CALCULATION FOR PARCEL F ~__________ 4======___ ~___~_ , - ------- -=== ---" :-:--= ". iiii _----.f............. 00432 F Scale: 43 ft/in North Shift: +0 East Shift : +0 OMS Rotated: +000.0000 .AREA ......... CLOSING ERROR Bearing: CLOSED Peet : 0.00 .eters : 0.000 Precision: 1/999999 Acres : 0.519 Sq. Feet : 22586 Sq. Meters: 2098.3 Perimeter : 714.88 ------------------------------------------------------------------------ 1. S88.1300E 275.44 2.-S1.4700W 82 3. N88.1300W 275.44 4. N1.4700E 82 ADDENDUM E APPRAISAL CHECKLIST Slack & Johnston .. BUREAU OF APPRAISAL-APPRAISAL CHECKUST, PART ONE GENERAL - VACANT LAND Yes Paae No. No N/A 1 Does the appraisal include a completed copy of the Bureau of Appraisal's -Appraisal Checklist?- (the appraiser is required to indicate compliance with specific requirements by noting which page n.umber(s) of1he appraisal contain required minimum information) tBUTeau of ~inl, ~. "Supph:mlclllCl1 A'PPT'8ul Standards for Board of [/] Trustees Land Acquisitions" Page 8] e;] [ ] 2 Is a completed -Executive Summary" included for each parcel and/or opinion of value? [ .1'] [AI, , ] [ ] 3 Does the appraisal follow the recommended general format for narrative appraisal reports? (this format should be used by the fee appraiser as a general guide) [Bureau of Appraisal, "Supplemental Appraisal Standards for Board of [~ Trustees Land Acquisitions" Page 9] PREMISES OF THE APPRAISAL 4 Is there a description of the extent of the process (scope) of collecting. confirming and reporting [/] data? ['<-I [ ] 5 Is the Bureau of Appraisal's definition of market value or the current USPAP definition used? [Bureau of Appraisal, "Supplemental Appraisal Standards for Board of Trustees Land Acquisitions". Page 2] [~ [IS] [ ] 6 Is the intended use (function) of the appraisal identified? [.Il [I ~] [ I 7 Are the property interests (rights) appraised identified? [0 ['''1 [ I 8 Does the appraisal express the estate which existed as of the date of appraisal? [ .I ] ['S ] [ ] 7/1/99 Bureau of Appraisal- Appraisal Checklist Page 2 Yes Paae No. No N/A 9 Does the appraisal report consider whether a fractional interest, physical segment or partial holding contribute pro rata to the value of the ./' whole? [ ] [ ] [ ] 10 Are the effective date of the appraisal and the date of the appraisal report stated? [.1"] [ 15] [ ] PRESENTATION OF DATA 11 Is a legal description of the property appraised included in the report? [Bureau of Appraisal, .Supplemental Appraisal - AN. Standards for Board of Trustees Land [~] Acquisitions", Page 9] [ 8 ] [ ] 12 Is a five-year subject sales history included? [Bureau of Appraisal, "Supplemental Appraisal Standards for Board of Trustees Land Acquisitions", Page 3] [ V] [YO] ] 13 Does the appraiser explain why the previous sale of the subject was not used in the valuation ~ of the subject property? [ [ ] [ ] 14 Is any current agreement of sale, option or listing of the property under appraisal analyzed? [Bureau of Appraisal, .Supplemental Appraisal Standards for Board of Trustees Land Acquisitions", Page 4] [\11 [ LID] [ J 15 Was a neighborhood analysis provided including a discussion of market trends, either positive or negative, which affect the subject property? [Bureau of Appraisal, "Supplemental Standards [v1 For Board of Trustees Land Acquisitions", Page 4] [ ~81 1 7/1/99 Bureau of Appraisal - Appraisal Checklist Page 3 Yes Paae No. No N/A 16 Is a zoning analysis provided which discusses existing zoning and land use designations, impending use restrictions or other existing or proposed concurrency or land use planning [v1 [18 ] restrictions? [ ] 17 Does the appraisal report provide the current assessed vaiue of the subject pmperty? IBurea1J of Appraisal, -.Supplel"Aental Appraisal Standards for Board ofTnrstees land [./i [3 ,] Acquisitions", Page 4] [ ] DESCRIPTION OF SUBJECT SITE/LAND 18 Is a site sketch included? [vIl [~,JlJ [ ] 19 Does the appraisal report describe the size, shape and other physical characteristics of the siteJ1and? [Bureau of Appraisal, "Supplemental Appraisal Standards for Board of Trustees land [JIa-3? Acquisitions", Page 4] [ .I] [ ] 20 Does the appraisal report describe the current state of access to the property? [Bureau of Appraisal, "Supplemental Appraisal Standards for Board of Trustees land Acquisitions", Page 4] [ .1'] ~,' [ ] 21 If the access is poor, inadequate or substandard, does the appraisal address its affect, with supporting market evidence, on market value? [Bureau of Appraisal, "Supplemental Appraisal Standards for Board of Trustees land Acquisitions", Page 4] [ [ [ 1 N!II 22 Does the appraisal describe the topography of the property? [Bureau of Appraisal, "Supplemental Appraisal Standards for Board of Trustees land Acquisitions" I Page 4] [ .,-'] [50" " [ ] 7/1199 . . Bureau of Appraisal- Appraisal Checklist Page 4 Yes Paae No. No N/A 23 Does the appraisal report describe the location of the property? [Bureau of Appraisal, "Supplemental Appraisal Standards for Board of Trustees land [~..". Acquisitions", Page 4] [\1'] 24 Does the appraisal report describe the property's TOad fron1ag6? IBurea1l of Appraisal, "Supplemental Appraisal Standards for Board of Trustees land [~,~3 Acquisitions", Page 4] ["1 25 Does the appraisal report describe the property's water frontage? [Bureau of Appraisal, "Supplemental Appraisal Standards for Board of Trustees land /JIA Acquisitions", Page 4] [ ] [ ] 26 Does the appraisal report describe utilities available and their proximity to the property? [Bureau of Appraisal, "Supplemental Appraisal Standards for Board of Trustees land [!O~ Acquisitions", Page 4] [.1'] 27 Does the appraisal report describe nuisances and hazards, if any, affecting the market value of the ~/,4 property? [ 1 [ 1 [ 1 28 Does the appraisal report describe any existing and/or potential environmental hazards affecting IV/A the market value of the property? [ ] [ ] [ ] 29 Does the appraisal report describe the drainage and the existence of flood plain conditions affecting the market value of the property? [Bureau of Appraisal, "Supplemental Appraisal Standards for Board of Trustees Land Acquisitions", Page 3] [ .1'] ~..~ 30 Does the appraisal report discuss any easements, encroachments and rights-of-way affecting the [~ ['30- f~ market value of the property? [ [ 7/1/99 Bureau of Appraisal - Appraisal Checklist Page 5 Yes Pace No. 31 Does the appraisal report address their affect(s), if any, on the market value of the subject property? [ .1'] No N/A [30":& [ ] [ ] 32 Does the appraisal report discuss the affect on the market value of the property as a result of outstanding oil, gas and mineral interests? [Bureau of Appraisal, .Supplemental Appraisal StIIndards for Bo8Td dTrusteu und Acquisitions", Page 4] . I ] [ ] ANALYSIS OF DATA AND CONCLUSIONS Hichest and Best Use 33 Is the highest and best use of the property .as vacanr and "as improved," if applicable, analyzed? [Bureau of Appraisal, "Supplemental Appraisal Standards for Board of Trustees Land Acquisitions", Page 4] [~ [ 'I L] 34 Is the highest and best use based on an "economic use" of the property? [Bureau of Appraisal, "Supplemental Appraisal Standards for Board of Trustees Land Acquisitions", Page 5] [ .1"1 ['12.] land Valuation 34 Are the comparable sales verified, documented and presented? [Bureau of Appraisal, "Supplemental Appraisal Standards for Board of Trustees Land ~1-" Acquisitions", Page 6] [~l 35 Are photographs of the comparable sales included? [Bureau of Appraisal, "Supplemental Appraisal Standards for Board: of Trustees Land ['47- " Acquisitions", Page 6] [11'1 7/1/99 [ ] [~ . ' Bureau of Appraisal- Appraisal Checklist Page 6 Yes Paae No. No N/A 36 Does the appraisal report include sketches of the comparable sales? [Bureau of Appraisal, "Supplemental Appraisal Standards for Board of Trustees land [\1'] [th-" Acquisitions., Page 6] 37 Did the appraiser include a general sales Jo('~tion map that.aJao shgW5 the ~ed'$ [\/1 [CJ't] proximity? 1 ] 38 Is the unit of comparison appropriate for the [v1 subject's market? [,/" ] 39 Is the unit of comparison reliable for the subjecfs market? [.." [Ii w] 40 Is the unit of comparison valid for the subject's [v'] market? [If'] 41 Are the comparable sales similar to the subject [1('" in highest and best use? [V] 42 If the comparable sales are not similar in highest and best use, is an adequate discussion included [~l [98] as to why the sales are used? [ ] 43 Are the comparable sales adjusted for cash [~ [f1] equivalency or otherwise clearly explained? 44 If you included comparable sales to governmental units and/or non-profit groups, were they analyzed separately with appropriate comments explaining differences, if any, compared to private transactions? [Bureau of Appraisal, "Supplemental Appraisal Standards for Board of Trustees Land [/} Acquisitions", Page 5} [/00 } [ } 45 If the appraisal report includes extraordinary assumptions, are their impacts on value adequately supported and reported in the [v( reconciliation and final value estimate? [ 7/1/99 Bureau of Appraisal- Appraisal Checklist Page 7 Yes Paae No. No N/A 46 If you provide a discounted cash flow model in valuing the subject property, did you also provide a sales comparison, or other, approach to arrive at the present value of the subject property? [Bureau of Appraisal, "Supplemental Appraisal Standards for Board of Trustees Land [~ Acquisitions", Page 6] [ [ ] [ ] 47 Are demoJjtion costs, jf any, considered appropriately for the comparable sales und'the [.;] ["... If>' subject property? [ ] [ . ] Reconciliation 48 Did you consider and reconcile the quality and quantity of data available and analyzed within the approaches used and the applicability or suitability [~ [/0'-1 ] of the approaches used? [ ] 49 Is the final value estimate consistent with the data and analyses presented in the report? [Vl [/O~ ] 50 Does the appraisal report consider and analyze the effect on value, if any I of the assemblage of the various estates or component parts of a property, refraining from estimating the value of the whole property simply by adding together the individual values of the various estates or component parts [~ without explanation? [ [ ] [ I 51 In arriving at a final value estimate, does the appraisal consider the value impact (cost to cure/stigma) of environmental hazards and/or other contamination (underground storage tanks, [v1 toxic waste disposal, etc.) before concluding the [ [ 1 [ 1 "as is" value? 52 Is the highest and best use conclusion(s) [0 [ r [ ] consistent with the value reported? Miscellaneous 53 Does the report provide an estimate of the [,./J property's anticipated marketing (exposure) time? 7/1/99 Bureau of Appraisal- Appraisal Checklist Page 8 Yes 54 Does the report contain a clear and adequate disclosure of all ordinary and extraordinary assumptions (see question 45) or limiting conditions that directly affed the appraisal? [ ] 55 Does the appraisal explain and support the exclusion of any of the usual valuation approaches? [Vf 7/1/99 Paae No. [ ] [c.('l No [ 1 [ 1 N/A [ ......-] [ 1 BUREAU OF APPRAISAL - APPRAISAL CHECKLIST. PART TWO Page 9 ,.GENERAL -IMPROVED PROPERTIES Cost Accroach Yes Paae No. No N/A 56 Are there at least two photographs or color copies of each major improvement? [Bureau of Appraisal, "Supplemental Appraisal [~ Standards for BOIIf'd of Trustees Land rv'] Acquisitions", Page 6] . [ ] [ ] 57 Is a sketch of the building or a copy of the building plans included? [Bureau of Appraisal, "Supplemental Appraisal Standards for Board of Trustees Land [.I] [ ~~] Acquisitions", Page 9] 58 Does the appraisal report identify and describe any potential environmental hazards (e.g., asbestos; see questions 27 and 28)? ] [ ] [ [v1 59 Is the source of the reproduction or replacement cost new of the improvements identified and [v( explained? [ 10 IJ [ ] ] 60 Was entrepreneurial profit, whether included or [vi excluded, identified and supported? [ 10 I I [ ] 61 Is curable physical deterioration (deferred maintenance) considered? [0 [ '0' [ 1 [ ] 62 Is curable physical deterioration (deferred [0' maintenance) adequately supported? [ /On [ I [ ] 63 Is incurable physical deterioration considered? 64 Is incurable physical deterioration supported? [vf [ 10' I 64 Is functional obsolescence considered? [0 [ 10,1 [ [ 65 Is functional obsolescence supported? [ vr [ ,.,] 66 Is external obsolescence considered? [vf [If) I] 67 Is external obsolescence supported? [~ [ J f) I] 7/1/99 Bureau of Appraisal- Appraisal Checklist Page 10 Yes Paae No. No N/A 68 Is the contributory value of the site improvements [Vi supported? [ 1021- [ ] [ ] Income ADDroach 69 Are the comparable rentals adequately [~ documented? [ ] [ ] ] 70 Are the cmnparat>le ~1s ~Iy l"'!Sented? [ ] [ ] [ ] (~ 71 Did you include a general comparable rental location map also showing the location of the - [~ subject property? ( ] [ ] ( ] 72 Are adjustments to the comparable rentals (v1 supported? ( ] ( ] ] 73 Is a current rent roll and recent income history for the property provided in the report or lack [v( thereof explained? [ ( ] 74 Were all existing leases reviewed? ] [ ] [v( 75 Were all existing leases described? [ ] [ ] ] [a/'] 76 Were all existing leases analyzed? [ 1 [ ] [v( 77 Does the report indicate whether the contract rental income is at or near market rental rates? [ [ ] [ ] [Vf 78 Is the projected potential income adequately supported? [ ] [ ] [ ] [~ 79 Is your estimate of vacancy and collection loss [0 adequately supported? [ ] [ ] 80 Is a recent expense history for the subject [Vi' property provided in the report? [ [ ] [ 1 81 Are the projected expenses explained and [~ supported? ] . [ 7/1/99 711/99 Bureau of Appraisal- Appraisal Checklist Page 12 Yes Paae No. No N/A 93 Are the comparable sales adequately documented and presented? [Bureau of Appraisal, "Supplemental Appraisal Standards for Board of Trustees Land ~ Acquisitions., Pages 5 and 6] [ ] [ ] [ ] 94 Are photographs of the comparable sales incJuded? {BUTeaU t1f A"PJ'T'8isat, '"S~1efr~I.a1 Aptnihl Standards fer.eo.rd of Trustees Land ~ Acquisitions", Page 6] [ ] [ ] [ ] 95 Does the report include a general sales location [vf map showing the proximity to the subject property? [ ] [ ] [ ] 96 Are the comparable sales similar to the subject [~ in highest and best use? [ ] [ 97 If the comparable sales are not similar in highest and best use, is a discussion included as to why [/] the sales are used? [ [ ] 98 Are the comparable sales adjusted for cash equivalency or otherwise clearly explained? [ ] [ ] [ [ v1' 99 Are the adjustments that were applied to the [~ comparable sales adequately supported? [ [ ] [ ] SIGNED: J G ~ ~ l:4( DATE: tJtp, ~ 711/99 ADDENDUM F QUALIFICATIONS OF APPRAISER Slack & Johnston QUALIFICATIONS OF APPRAISER L. GLENN JOHNSTON, MAl EDUCATION: Bachelor of Science, Industrial-Technical Education, East Carolina University, 1973. EXPERIENCE: January~ 1989 to Presen~ Slack & Johnston, Inc., Miami, Florida, Principal 1988, Blazejack & Company, Miami, Florida, Senior Appraiser. 1985 to 1987 Slack, Slack, Roe & Blazejack, Miami, Florida, Appraiser. 1984 to 1985, F. Bruce Sauter and Associates, Greenville, North Carolina, Appraiser. 1981 to 1984, First American Savings and Loan Association of Greensboro, North Carolina (formerly East Federal Savings), Assistant Vice President and City Executive ofBurgaw and Greenville, North Carolina offices. 1976 to 1981, Eastern Appraisal Services (Subsidiary of East Federal Savings), Kinston, North Carolina, Appraiser. GENERAL APPRAISAL EXPERIENCE: Mr. Johnston has been active in real estate appraisal and consulting since 1976, except for the period between 1981 and 1984, when he held a management position with one of North Carolina's larger savings and loan associations. Appraisal experience has included various types of real properties, including single- and multi-family residential, office, industrial and retail uses. In addition, Mr. Johnston has experience in various specialized areas, such as airport properties, environmentally sensitive land, hospitals/nursing homes and hotels. Qualified as an expert witness in Miami-Dade, Broward, Monroe and Palm Beach Counties, Florida and Beaufort County, North Carolina. AFFILIATIONS: Appraisal Institute, Member, MAl, Cert. Number 7792 (Continuing Education Completed) Florida State-Certified General Real Estate Appraiser, Certification No. RZ0000443 Registered Florida Real Estate Broker Licensed North Carolina Real Estate Broker Miami-Dade County - Special Master, 1996-1997, 1998-1999 UpdaW A....t, 1998 F-l Slack & Johnston