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HomeMy WebLinkAboutInv# 21051 - THE URBAN GROUP INC - 06/17/2021 (2)APPRAISAL OF REAL PROPERTY 137 NW 4th Ave Dania Beach, FL 33004 Town of Modelo (Dania) B-49 D Lot 5 Block 8 City of Dania Beach CRA 100 W. Dania Beach Boulevard Dania Beach, Fl 33004 $60,000 June 21, 2021 Robert D. Miller, ASA The Urban Group, Inc. 1424 South Andrews Avenue, Suite 200 Ft. Lauderdale, Fl 33316 954-522-6226 rmiller@theurbangroup.com Form GA1V - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE LOCATED AT FOR OPINION OF VALUE AS OF BY The Urban Group, Inc. 21051LAND APPRAISAL REPORT 137 NW 4th Ave Dania Beach FL 33004 Broward Town of Modelo (Dania) B-49 D Lot 5 Block 8 5042-34-01-1190 2020 96.00 0 Dania Beach 22744 0805.00 City of Dania Beach Vacant Lot 0 The intended use of this report is for the clients to utilize in the possible sale of this surplus property. The intended users of this report are the client, The City of Dania Beach Community Redevelopment Agency, and their legal and financial representatives, the City Commission and eventually the report will be a public record of the city. City of Dania Beach CRA 100 W. Dania Beach Boulevard, Dania Beach, Fl 33004 Robert D. Miller, ASA 1424 South Andrews Avenue, Suite 200, Ft. Lauderdale, Fl 33316 One-Unit Housing 150 550 325 5 75 40 80 10 5 5 The subject property is located in an area bounded by Stirling Road to the south, U.S. Highway 1 to the east, I-95 to the west and Griffin Road to the north. The area is a combination of single family residences, two to four unit apartments and small multi family units. Most commercial development in the area is located along U.S. Highway 1 (a/k/a/ Federal Highway) with Industrial development along the Dixie Highway corridor. The market conditions have improved from the low end of the range reached in the 2008-2009 time frame. Values over the past 24 months have shown a good increase in value and this trend should continue. The proximity to the Ft. Lauderdale Hollywood International Airport and Port Everglades is an important aspect of the City of Dania Beach. Several areas of the city are experiencing redevelopment with new construction on Federal Highway and Dania Beach Boulevard. The property is across the street from the railroad tracks with some multi family and commercial/industrial uses. 52x108 5,421 sf Sq.Ft. CC City Center Commercial and residential mixed. Mixed use commercial and residential uses and other uses. Not applicable as site is vacant Vacant Land Vacant Land The highest and best use of the site is for future development with a mixed use or residential development. The property is located adjacent to low density multi family, single family, religious and commercial developments. Based on the surrounding uses, it is our opinion that future development would consist of a low density multi family development. FPL Bottled City City City ATT Various Cable Dania Beach Boulevard 50 Asphalt None Concrete Electric None NW 4th Ave Basically level at Street Grade Typical for residential use Basically Rectangular Appears Adequate Residential/Cmcl/Railroad Trk AH 12011C0567H 08/18/2014 No unfavorable or adverse easements or encroachments were noted in our review, but property is located across the street from the railroad tracks. Form GPLND - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE File No.:SUBJECTProperty Address:City:State:Zip Code: County:Legal Description: Assessor's Parcel #:Tax Year:R.E. Taxes: $Special Assessments: $ Market Area Name:Map Reference:Census Tract: Current Owner of Record:Borrower (if applicable): Project Type (if applicable):PUD De Minimis PUD Other (describe)HOA: $per year per month Are there any existing improvements to the property?No Yes If Yes, indicate current occupancy:Owner Tenant Vacant Not habitable If Yes, give a brief description:ASSIGNMENTThe purpose of this appraisal is to develop an opinion of:Market Value (as defined), or other type of value (describe) This report reflects the following value (if not Current, see comments):Current (the Inspection Date is the Effective Date)Retrospective Prospective Property Rights Appraised:Fee Simple Leasehold Leased Fee Other (describe) Intended Use: Intended User(s) (by name or type): Client:Address: Appraiser:Address:MARKET AREA DESCRIPTIONCharacteristics Location:Urban Suburban Rural Built up:Over 75%25-75%Under 25% Growth rate:Rapid Stable Slow Property values:Increasing Stable Declining Demand/supply:Shortage In Balance Over Supply Marketing time:Under 3 Mos.3-6 Mos.Over 6 Mos. Predominant Occupancy Owner Tenant Vacant (0-5%) Vacant (>5%) PRICE $(000) Low High Pred AGE (yrs) Present Land Use One-Unit % 2-4 Unit % Multi-Unit % Comm'l % % % Change in Land Use Not Likely Likely *In Process * * To: Factors Affecting Marketability Good Average Fair Poor N/AItem Employment Stability Convenience to Employment Convenience to Shopping Convenience to Schools Adequacy of Public Transportation Recreational Facilities Item Good Average Fair Poor N/A Adequacy of Utilities Property Compatibility Protection from Detrimental Conditions Police and Fire Protection General Appearance of Properties Appeal to Market Market Area Comments:SITE DESCRIPTIONDimensions:Site Area: Zoning Classification:Description: Do present improvements comply with existing zoning requirements?Yes No No Improvements Uses allowed under current zoning: Are CC&Rs applicable?Yes No Unknown Have the documents been reviewed?Yes No Ground Rent (if applicable)$/ Comments: Highest & Best Use as improved:Present use, or Other use (explain) Actual Use as of Effective Date:Use as appraised in this report: Summary of Highest & Best Use: Utilities Public Other Provider/Description Off-site Improvements Type Public Private Electricity Gas Water Sanitary Sewer Storm Sewer Telephone Multimedia Street Width Surface Curb/Gutter Sidewalk Street Lights Alley Frontage Topography Size Shape Drainage View Other site elements:Inside Lot Corner Lot Cul de Sac Underground Utilities Other (describe) FEMA Spec'l Flood Hazard Area Yes No FEMA Flood Zone FEMA Map #FEMA Map Date Site Comments: Copyright© 2007 by a la mode, inc. This form may be reproduced unmodified without written permission, however, a la mode, inc. must be acknowledged and credited. 3/2007 21051LAND APPRAISAL REPORT MLS, BCPA, Deed 7/15/2019 $100 BCPA, MLS 2/1/2013 $100 BCPA, MLS The most recent transfer for the subject was via Quit Claim Deed (In # 115961637) in July of 2019 for $100 when the City of Dania Beach CRA acquired the property. Prior to this transfer for the subject was via Quit Claim Deed (In # 111333011- OR Book 49520, Page 204) in February of 2013 for $100 when the City of Dania Beach acquired the property. 137 NW 4th Ave Dania Beach, FL 33004 Sq.Ft. Inspection Pub Rec MLS. N/A Fee Simple Residential/Cmcl 5,421(in Sq.Ft.) Zoning CC Sale Price 728 SW 7th St Dania Beach, FL 33004 1.00 miles SW 11.87 BCPA, Inspection, MLS Pub. Rec., MLS, Deed Cash None 1/28/2021 Fee Simple Residential -1.19 5,350 NBHD-RES $63,500 -1.19 Net 10.0 % Gross 10.0 %10.68 254 SW 12th St Dania Beach, FL 33004 1.24 miles S 15.74 BCPA, Inspection, MLS Pub. Rec., MLS, Deed Cash None 8/21/2020 +0.76 Fee Simple Residential -1.57 8,130 NBHD-RES $128,000 -0.81 Net 5.1 % Gross 14.8 %14.93 1010 Phippen Waiters Rd Dania Beach, FL 33004 1.27 miles S 10.53 BCPA, Inspection, MLS Pub. Rec., MLS, Deed Cash None 5/13/2020 +0.52 Fee Simple Residential/Comcl 4,750 NBHD-MU $50,000 0.52 Net 4.9 % Gross 4.9 %11.05Adjusted Sale Price (in $) +(-) $ Adjust +(-) $ Adjust +(-) $ Adjust In this appraisal assignment, we reviewed land sales in the vicinity of the subject property and our research indicated more than 14 sales and we have narrowed that down to the 6 sales included. One of the sales had Mixed Use zoning and the others had a residential zoning that appears to be the highest and best use of the site. The sales occurred over the time frame of July of 2019 to January of 2021 with a date of value of June 21, 2021. The sales ranged in size from a low of 3,783 to 8,130 square feet of land area with three sales very similar in size to the subject property. Sale 2 was the largest sale and sold for the highest unit sale price. The sales had an unadjusted unit sale price range from a low of $8.85 to $15.74 per square foot of land area. Adjustments were made were relevant with mainly time and location adjustments. The adjusted sale price range was from $8.89 to $14.93 per square foot of land area with the average at $11.65 per square foot of land area. Based on the review of the sales data, a market value of $11.00 per square foot of land area was considered applicable. This indicates a market value of $11.00 per square foot of land area or $60,000 ($11.00 x 5,421 = $59,631 rounded to $60,000). 60,000 or $11.07 per Sq.Ft. Based on the review of the Sales Comparison Approach to Value, we estimated the market value at $60,000 This approach is considered to be most applicable in the valuation of this type of land. 60,000 June 21, 2021 27 Scope of Work Limiting cond./Certifications Narrative Addendum Location Map(s)Flood Addendum Additional Sales Photo Addenda Parcel Map Hypothetical Conditions Extraordinary Assumptions Hypothetical Conditions K. Michaell Chen City of Dania Beach CRA mchen@daniabeachfl.gov 100 W. Dania Beach Boulevard, Dania Beach, Fl 33004 Robert D. Miller, ASA The Urban Group, Inc. 954-522-6226 954-522-6422 rmiller@theurbangroup.com 06/22/2021 RZ1270 FL ASA 11/30/2022 June 21, 2021 Form GPLND - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE File No.:TRANSFER HISTORYMy research did did not reveal any prior sales or transfers of the subject property for the three years prior to the effective date of this appraisal. Data Source(s): 1st Prior Subject Sale/Transfer Date: Price: Source(s): 2nd Prior Subject Sale/Transfer Date: Price: Source(s): Analysis of sale/transfer history and/or any current agreement of sale/listing:SALES COMPARISON APPROACHFEATURE SUBJECT PROPERTY COMPARABLE NO. 1 COMPARABLE NO. 2 COMPARABLE NO. 3 Address Proximity to Subject Sale Price $$$$ Price/$$$$ Data Source(s) Verification Source(s) VALUE ADJUSTMENT DESCRIPTION DESCRIPTION DESCRIPTION DESCRIPTION Sales or Financing Concessions Date of Sale/Time Rights Appraised Location Site Area Net Adjustment (Total, in $)+++$ $ –––$ $ $ $ Summary of Sales Comparison Approach PUDPROJECT INFORMATION FOR PUDs (if applicable)The Subject is part of a Planned Unit Development. Legal Name of Project: Describe common elements and recreational facilities:RECONCILIATIONIndicated Value by: Sales Comparison Approach $ Final Reconciliation This appraisal is made ''as is'', or subject to the following conditions: This report is also subject to other Hypothetical Conditions and/or Extraordinary Assumptions as specified in the attached addenda. Based upon an inspection of the subject property,defined Scope of Work,Statement of Assumptions and Limiting Conditions,and Appraiser’s Certifications, my (our)Opinion of the Market Value (or other specified value type),as defined herein,of the real property that is the subject of this report is: $, as of:,which is the effective date of this appraisal. If indicated above,this Opinion of Value is subject to Hypothetical Conditions and/or Extraordinary Assumptions included in this report.See attached addenda.ATTACH.A true and complete copy of this report contains pages,including exhibits which are considered an integral part of the report.This appraisal report may not be properly understood without reference to the information contained in the complete report,which contains the following attached exhibits:SIGNATURESClient Contact:Client Name: E-Mail:Address: APPRAISER Appraiser Name: Company: Phone:Fax: E-Mail: Date of Report (Signature): License or Certification #:State: Designation: Expiration Date of License or Certification: Inspection of Subject:Did Inspect Did Not Inspect (Desktop) Date of Inspection: SUPERVISORY APPRAISER (if required) or CO-APPRAISER (if applicable) Supervisory or Co-Appraiser Name: Company: Phone:Fax: E-Mail: Date of Report (Signature): License or Certification #:State: Designation: Expiration Date of License or Certification: Inspection of Subject:Did Inspect Did Not Inspect Date of Inspection: Copyright© 2007 by a la mode, inc. This form may be reproduced unmodified without written permission, however, a la mode, inc. must be acknowledged and credited. 3/2007 21051ADDITIONAL COMPARABLE SALES 137 NW 4th Ave Dania Beach, FL 33004 Sq.Ft. Inspection Pub Rec MLS. N/A Fee Simple Residential/Cmcl 5,421(in Sq.Ft.) Zoning CC Sale Price 731 SW 6th St Dania Beach, FL 33004 0.98 miles SW 14.67 BCPA, Inspection, MLS Pub. Rec., MLS, Deed Cash None 12/11/2020 Fee Simple Residential/Funeral -1.47 5,350 NBHD-Res $80,000 -1.47 Net 10.0 % Gross 10.0 %13.2 201 NW 6th Ave Dania Beach, FL 33004 0.10 miles NW 8.85 BCPA, Inspection, MLS Pub. Rec., MLS, Deed Cash None 8/14/2020 +0.45 Fee Simple Residential -0.41 5,426 NBHD-Res $48,000 0.04 Net 0.5 % Gross 9.7 %8.89 300 NW 5th Ave Dania Beach, FL 33004 0.18 miles N 10.57 BCPA, Inspection, MLS Pub. Rec., MLS, Deed Cash None 7/31/2019 +1.06 Fee Simple Residential/Church -0.51 3,783 NBHD-Res $40,000 0.55 Net 5.2 % Gross 14.9 %11.12Adjusted Sale Price (in $) +(-) $ Adjust +(-) $ Adjust +(-) $ Adjust See main report for discussion of sales and final analysis 4 5 6 Form GPLND.(AC) - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE File No.:SALES COMPARISON APPROACHFEATURE SUBJECT PROPERTY COMPARABLE NO.COMPARABLE NO.COMPARABLE NO. Address Proximity to Subject Sale Price $$$$ Price/$$$$ Data Source(s) Verification Source(s) VALUE ADJUSTMENT DESCRIPTION DESCRIPTION DESCRIPTION DESCRIPTION Sales or Financing Concessions Date of Sale/Time Rights Appraised Location Site Area Net Adjustment (Total, in $)+++$ $ –––$ $ $ $ Summary of Sales Comparison Approach Copyright© 2007 by a la mode, inc. This form may be reproduced unmodified without written permission, however, a la mode, inc. must be acknowledged and credited. 3/2007 Form PICPIX.SR - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE Subject Photo Page 137 NW 4th Ave Dania Beach Broward FL 33004 City of Dania Beach CRA View Westerly From NW 4th Ave Sales Price Gross Living Area Total Rooms Total Bedrooms Total Bathrooms Location View Site Quality Age 137 NW 4th Ave Residential/Cmcl SF Residential 5,421 Street Scene Northerly Street Scene Southerly Borrower Lender/Client Property Address City County State Zip Code Form PICPIX.SR - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE Subject Photo Page 137 NW 4th Ave Dania Beach Broward FL 33004 City of Dania Beach CRA Northerly Lot Line Sales Price Gross Living Area Total Rooms Total Bedrooms Total Bathrooms Location View Site Quality Age 137 NW 4th Ave Residential/Cmcl SF Residential 5,421 Southerly Lot Line View Westerly Borrower Lender/Client Property Address City County State Zip Code Form PIC3x5.CR - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE Comparable Photo Page 137 NW 4th Ave Dania Beach Broward FL 33004 City of Dania Beach CRA Comparable 1 Prox. to Subject Sales Price Gross Living Area Total Rooms Total Bedrooms Total Bathrooms Location View Site Quality Age 728 SW 7th St 1.00 miles SW 11.87 5,391 12 7 5.5 Residential SF Residential 5,350 Good 20 Comparable 2 Prox. to Subject Sales Price Gross Living Area Total Rooms Total Bedrooms Total Bathrooms Location View Site Quality Age 254 SW 12th St 1.24 miles S 15.74 Residential 8,130 Comparable 3 Prox. to Subject Sales Price Gross Living Area Total Rooms Total Bedrooms Total Bathrooms Location View Site Quality Age 1010 Phippen Waiters Rd 1.27 miles S 10.53 Residential/Comcl 4,750 Borrower Lender/Client Property Address City County State Zip Code Form PIC3X5.CR - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE Comparable Photo Page 137 NW 4th Ave Dania Beach Broward FL 33004 City of Dania Beach CRA Comparable 4 Prox. to Subject Sale Price Gross Living Area Total Rooms Total Bedrooms Total Bathrooms Location View Site Quality Age 731 SW 6th St 0.98 miles SW 14.67 Residential/Funeral 5,350 Comparable 5 Prox. to Subject Sale Price Gross Living Area Total Rooms Total Bedrooms Total Bathrooms Location View Site Quality Age 201 NW 6th Ave 0.10 miles NW 8.85 Residential 5,426 Comparable 6 Prox. to Subject Sale Price Gross Living Area Total Rooms Total Bedrooms Total Bathrooms Location View Site Quality Age 300 NW 5th Ave 0.18 miles N 10.57 Residential/Church 3,783 Borrower Lender/Client Property Address City County State Zip Code Form MAP.LOC - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE Location Map 137 NW 4th Ave Dania Beach Broward FL 33004 City of Dania Beach CRA Borrower Lender/Client Property Address City County State Zip Code Form MAP.LOC - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE Comparable Sales Map 137 NW 4th Ave Dania Beach Broward FL 33004 City of Dania Beach CRA Borrower Lender/Client Property Address City County State Zip Code City of Dania Beach Zoning Map Form SCNLGL - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE City of Dania Beach Zoning Map 2021 Form SCNLGL - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE ZONING Form SCNLGL - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE Form MAP.FLOOD - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE Flood Map 137 NW 4th Ave Dania Beach Broward FL 33004 City of Dania Beach CRA Borrower Lender/Client Property Address City County State Zip Code Aerial View of Subject Form SCNLGL - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE Site Sketch Form SCNLGL - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE SUBJECT DEED PAGE 1 Form SCNLGL - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE SUBJECT DEED PAGE 2 Form SCNLGL - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE SUBJECT DEED PAGE 3 Form SCNLGL - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE SUBJECT DEED PAGE 4 Form SCNLGL - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE SUBJECT DEED PAGE 5 Form SCNLGL - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE SUBJECT DEED PAGE 6 Form SCNLGL - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE 21051Assumptions, Limiting Conditions & Scope of Work 137 NW 4th Ave Dania Beach FL 33004 City of Dania Beach CRA 100 W. Dania Beach Boulevard, Dania Beach, Fl 33004 Robert D. Miller, ASA 1424 South Andrews Avenue, Suite 200, Ft. Lauderdale, Fl 33316 STATEMENT OF ASSUMPTIONS & LIMITING CONDITIONS - The appraiser will not be responsible for matters of a legal nature that affect either the property being appraised or the title to it. The appraiser assumes that the title is good and marketable and, therefore, will not render any opinions about the title. The property is appraised on the basis of it being under responsible ownership. - The appraiser may have provided a sketch in the appraisal report to show approximate dimensions of the improvements, and any such sketch is included only to assist the reader of the report in visualizing the property and understanding the appraiser's determination of its size. Unless otherwise indicated, a Land Survey was not performed. - If so indicated, the appraiser has examined the available flood maps that are provided by the Federal Emergency Management Agency (or other data sources) and has noted in the appraisal report whether the subject site is located in an identified Special Flood Hazard Area. Because the appraiser is not a surveyor, he or she makes no guarantees, express or implied, regarding this determination. - The appraiser will not give testimony or appear in court because he or she made an appraisal of the property in question, unless specific arrangements to do so have been made beforehand. - If the cost approach is included in this appraisal, the appraiser has estimated the value of the land in the cost approach at its highest and best use, and the improvements at their contributory value. These separate valuations of the land and improvements must not be used in conjunction with any other appraisal and are invalid if they are so used. Unless otherwise specifically indicated, the cost approach value is not an insurance value, and should not be used as such. - The appraiser has noted in the appraisal report any adverse conditions (including, but not limited to, needed repairs, depreciation, the presence of hazardous wastes, toxic substances, etc.) observed during the inspection of the subject property, or that he or she became aware of during the normal research involved in performing the appraisal. Unless otherwise stated in the appraisal report, the appraiser has no knowledge of any hidden or unapparent conditions of the property, or adverse environmental conditions (including, but not limited to, the presence of hazardous wastes, toxic substances, etc.) that would make the property more or less valuable, and has assumed that there are no such conditions and makes no guarantees or warranties, express or implied, regarding the condition of the property. The appraiser will not be responsible for any such conditions that do exist or for any engineering or testing that might be required to discover whether such conditions exist. Because the appraiser is not an expert in the field of environmental hazards, the appraisal report must not be considered as an environmental assessment of the property. - The appraiser obtained the information, estimates, and opinions that were expressed in the appraisal report from sources that he or she considers to be reliable and believes them to be true and correct. The appraiser does not assume responsibility for the accuracy of such items that were furnished by other parties. - The appraiser will not disclose the contents of the appraisal report except as provided for in the Uniform Standards of Professional Appraisal Practice, and any applicable federal, state or local laws. - If this appraisal is indicated as subject to satisfactory completion, repairs, or alterations, the appraiser has based his or her appraisal report and valuation conclusion on the assumption that completion of the improvements will be performed in a workmanlike manner. - An appraiser's client is the party (or parties) who engage an appraiser in a specific assignment. Any other party acquiring this report from the client does not become a party to the appraiser-client relationship. Any persons receiving this appraisal report because of disclosure requirements applicable to the appraiser's client do not become intended users of this report unless specifically identified by the client at the time of the assignment. - The appraiser's written consent and approval must be obtained before this appraisal report can be conveyed by anyone to the public, through advertising, public relations, news, sales, or by means of any other media, or by its inclusion in a private or public database. - An appraisal of real property is not a 'home inspection' and should not be construed as such. As part of the valuation process, the appraiser performs a non-invasive visual inventory that is not intended to reveal defects or detrimental conditions that are not readily apparent. The presence of such conditions or defects could adversely affect the appraiser's opinion of value. Clients with concerns about such potential negative factors are encouraged to engage the appropriate type of expert to investigate. The Scope of Work is the type and extent of research and analyses performed in an appraisal assignment that is required to produce credible assignment results, given the nature of the appraisal problem, the specific requirements of the intended user(s) and the intended use of the appraisal report. Reliance upon this report, regardless of how acquired, by any party or for any use, other than those specified in this report by the Appraiser, is prohibited. The Opinion of Value that is the conclusion of this report is credible only within the context of the Scope of Work, Effective Date, the Date of Report, the Intended User(s), the Intended Use, the stated Assumptions and Limiting Conditions, any Hypothetical Conditions and/or Extraordinary Assumptions, and the Type of Value, as defined herein. The appraiser, appraisal firm, and related parties assume no obligation, liability, or accountability, and will not be responsible for any unauthorized use of this report or its conclusions. Additional Comments (Scope of Work, Extraordinary Assumptions, Hypothetical Conditions, etc.): Form GPRES2AD - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE File No.: Property Address:City:State:Zip Code: Client:Address: Appraiser:Address: Copyright© 2007 by a la mode, inc. This form may be reproduced unmodified without written permission, however, a la mode, inc. must be acknowledged and credited. 3/2007 21051Certifications 137 NW 4th Ave Dania Beach FL 33004 City of Dania Beach CRA 100 W. Dania Beach Boulevard, Dania Beach, Fl 33004 Robert D. Miller, ASA 1424 South Andrews Avenue, Suite 200, Ft. Lauderdale, Fl 33316 APPRAISER'S CERTIFICATION I certify that, to the best of my knowledge and belief: - The statements of fact contained in this report are true and correct. - The credibility of this report, for the stated use by the stated user(s), of the reported analyses, opinions, and conclusions are limited only by the reported assumptions and limiting conditions, and are my personal, impartial, and unbiased professional analyses, opinions, and conclusions. - I have no present or prospective interest in the property that is the subject of this report and no personal interest with respect to the parties involved. - Unless otherwise indicated, I have performed no services, as an appraiser or in any other capacity, regarding the property that is the subject of this report within the three-year period immediately preceding acceptance of this assignment. - I have no bias with respect to the property that is the subject of this report or to the parties involved with this assignment. - My engagement in this assignment was not contingent upon developing or reporting predetermined results. - My compensation for completing this assignment is not contingent upon the development or reporting of a predetermined value or direction in value that favors the cause of the client, the amount of the value opinion, the attainment of a stipulated result, or the occurrence of a subsequent event directly related to the intended use of this appraisal. - My analyses, opinions, and conclusions were developed, and this report has been prepared, in conformity with the Uniform Standards of Professional Appraisal Practice that were in effect at the time this report was prepared. - I did not base, either partially or completely, my analysis and/or the opinion of value in the appraisal report on the race, color, religion, sex, handicap, familial status, or national origin of either the prospective owners or occupants of the subject property, or of the present owners or occupants of the properties in the vicinity of the subject property. - Unless otherwise indicated, I have made a personal inspection of the property that is the subject of this report. - Unless otherwise indicated, no one provided significant real property appraisal assistance to the person(s) signing this certification. Additional Certifications: DEFINITION OF MARKET VALUE *: Market value means the most probable price which a property should bring in a competitive and open market under all conditions requisite to a fair sale, the buyer and seller each acting prudently and knowledgeably, and assuming the price is not affected by undue stimulus. Implicit in this definition is the consummation of a sale as of a specified date and the passing of title from seller to buyer under 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 own best interests; 3. A reasonable time is allowed for exposure in the open market; 4. Payment is made in terms of cash in U.S. 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. * This definition is from regulations published by federal regulatory agencies pursuant to Title XI of the Financial Institutions Reform, Recovery, and Enforcement Act (FIRREA) of 1989 between July 5, 1990, and August 24, 1990, by the Federal Reserve System (FRS), National Credit Union Administration (NCUA), Federal Deposit Insurance Corporation (FDIC), the Office of Thrift Supervision (OTS), and the Office of Comptroller of the Currency (OCC). This definition is also referenced in regulations jointly published by the OCC, OTS, FRS, and FDIC on June 7, 1994, and in the Interagency Appraisal and Evaluation Guidelines, dated October 27, 1994. K. Michaell Chen City of Dania Beach CRA mchen@daniabeachfl.gov 100 W. Dania Beach Boulevard, Dania Beach, Fl 33004 Robert D. Miller, ASA The Urban Group, Inc. 954-522-6226 954-522-6422 rmiller@theurbangroup.com 06/22/2021 RZ1270 FL ASA 11/30/2022 June 21, 2021 Form GPRES2AD - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE File No.: Property Address:City:State:Zip Code: Client:Address: Appraiser:Address:SIGNATURESClient Contact:Client Name: E-Mail:Address: APPRAISER Appraiser Name: Company: Phone:Fax: E-Mail: Date Report Signed: License or Certification #:State: Designation: Expiration Date of License or Certification: Inspection of Subject:Interior & Exterior Exterior Only None Date of Inspection: SUPERVISORY APPRAISER (if required) or CO-APPRAISER (if applicable) Supervisory or Co-Appraiser Name: Company: Phone:Fax: E-Mail: Date Report Signed: License or Certification #:State: Designation: Expiration Date of License or Certification: Inspection of Subject:Interior & Exterior Exterior Only None Date of Inspection: Copyright© 2007 by a la mode, inc. This form may be reproduced unmodified without written permission, however, a la mode, inc. must be acknowledged and credited. 3/2007 21051 137 NW 4th Ave Dania Beach Broward FL 33004 City of Dania Beach CRA APPRAISAL AND REPORT IDENTIFICATION 2-2(a) 2-2(b) Comments on Standards Rule 2-3 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 my personal, impartial, and unbiased professional analyses, opinions, and conclusions. - Unless otherwise indicated, I have no present or prospective interest in the property that is the subject of this report and no personal interest with respect to the parties involved. - Unless otherwise indicated, I have performed no services, as an appraiser or in any other capacity, regarding the property that is the subject of this report within the three-year period immediately preceding acceptance of this assignment. - I have no bias with respect to the property that is the subject of this report or the parties involved with this assignment. - My engagement in this assignment was not contingent upon developing or reporting predetermined results. - My compensation for completing this assignment is not contingent upon the development or reporting of a predetermined value or direction in value that favors the cause of the client, the amount of the value opinion, the attainment of a stipulated result, or the occurrence of a subsequent event directly related to the intended use of this appraisal. - My analyses, opinions, and conclusions were developed, and this report has been prepared, in conformity with the Uniform Standards of Professional Appraisal Practice that were in effect at the time this report was prepared. - Unless otherwise indicated, I have made a personal inspection of the property that is the subject of this report. - Unless otherwise indicated, no one provided significant real property appraisal assistance to the person(s) signing this certification (if there are exceptions, the name of each individual providing significant real property appraisal assistance is stated elsewhere in this report). Comments on Appraisal and Report Identification Note any USPAP related issues requiring disclosure and any State mandated requirements: The appraiser has completed an appraisal assignment on the subject property during the previous three years with an appraisal of the vacant site in October 2018. Robert D. Miller, ASA ASA RZ1270 FL 11/30/2022 06/22/2021 June 21, 2021 June 21, 2021 Form ID14 - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE Borrower Lender/Client File No. Property Address City County State Zip Code This Report is one of the following types: Appraisal Report (A written report prepared under Standards Rule ,pursuant to the Scope of Work,as disclosed elsewhere in this report.) Restricted Appraisal Report (A written report prepared under Standards Rule ,pursuant to the Scope of Work,as disclosed elsewhere in this report, restricted to the stated intended use by the specified client or intended user.) APPRAISER: Signature: Name: State Certification #: or State License #: State:Expiration Date of Certification or License: Date of Signature and Report: Effective Date of Appraisal: Inspection of Subject:None Interior and Exterior Exterior-Only Date of Inspection (if applicable): SUPERVISORY or CO-APPRAISER (if applicable): Signature: Name: State Certification #: or State License #: State:Expiration Date of Certification or License: Date of Signature: Inspection of Subject:None Interior and Exterior Exterior-Only Date of Inspection (if applicable): 21051 Form ACR2 - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE File No. DEFINITION OF MARKET VALUE:The most probable price which a property should bring in a competitive and open market under all conditions requisite to a fair sale,the buyer and seller,each acting prudently,knowledgeably and assuming the price is not affected by undue stimulus.Implicit in this definition is the consummation of a sale as of a specified date and the passing of title from seller to buyer under conditions whereby:(1)buyer and seller are typically motivated;(2)both parties are well informed or well advised,and each acting in what he considers his own best interest;(3)a reasonable time is allowed for exposure in the open market;(4)payment is made in terms of cash in U.S.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:FDIC Interagency Appraisal and Evaluation Guidelines,October 27,1994.) *Adjustments to the comparables must be made for special or creative financing or sales concessions.No adjustments are necessary for those costs which are normally paid by sellers as a result of tradition or law in a market area;these costs are readily identifiable since the seller pays these costs in virtually all sales transactions.Special or creative financing adjustments can be made to the comparable property by comparisons to financing terms offered by a third party institutional lender that is not already involved in the property or transaction.Any adjustment should not be calculated on a mechanical dollar for dollar cost of the financing or concession but the dollar amount of any adjustment should approximate the market's reaction to the financing or concessions based on the appraiser's judgement. STATEMENT OF LIMITING CONDITIONS AND CERTIFICATION CONTINGENT AND LIMITING CONDITIONS:The appraiser's certification that appears in the appraisal report is subject to the following conditions: 1.The appraiser will not be responsible for matters of a legal nature that affect either the property being appraised or the title to it.The appraiser assumes that the title is good and marketable and,therefore,will not render any opinions about the title.The property is valued on the basis of it being under responsible ownership. 2.Any sketch provided in the appraisal report may show approximate dimensions of the improvements and is included only to assist the reader of the report in visualizing the property.The appraiser has made no survey of the property. 3.The appraiser will not give testimony or appear in court because he or she made an appraisal of the property in question,unless specific arrangements to do so have been made beforehand,or as otherwise required by law. 4.Any distribution of valuation between land and improvements in the report applies only under the existing program of utilization.These separate valuations of the land and improvements must not be used in conjunction with any other appraisal and are invalid if they are so used. 5.The appraiser has no knowledge of any hidden or unapparent conditions of the property or adverse environmental conditions (including the presence of hazardous waste, toxic substances,etc.)that would make the property more or less valuable,and has assumed that there are no such conditions and makes no guarantees or warranties, express or implied,regarding the condition of the property.The appraiser will not be responsible for any such conditions that do exist or for any engineering or testing that might be required to discover whether such conditions exist.This appraisal report must not be considered an environmental assessment of the subject property. 6.The appraiser obtained the information,estimates,and opinions that were expressed in the appraisal report from sources that he or she considers to be reliable and believes them to be true and correct.The appraiser does not assume responsibility for the accuracy of such items that were furnished by other parties. 7.The appraiser will not disclose the contents of the appraisal report except as provided for in the Uniform Standards of Professional Appraisal Practice, and any applicable federal,state or local laws. 8.The appraiser has based his or her appraisal report and valuation conclusion for an appraisal that is subject to satisfactory completion,repairs,or alterations on the assumption that completion of the improvements will be performed in a workmanlike manner. 9.The appraiser must provide his or her prior written consent before the lender/client specified in the appraisal report can distribute the appraisal report (including conclusions about the property value,the appraiser's identity and professional designations,and references to any professional appraisal organizations or the firm with which the appraiser is associated)to anyone other than the borrower;the mortgagee or its successors and assigns;the mortgage insurer;consultants;professional appraisal organizations;any state or federally approved financial institution;or any department,agency,or instrumentality of the United States or any state or the District of Columbia;except that the lender/client may distribute the property description section of the report only to data collection or reporting service(s)without having to obtain the appraiser's prior written consent.The appraiser's written consent and approval must also be obtained before the appraisal can be conveyed by anyone to the public through advertising,public relations,news,sales,or other media. 10.The appraiser is not an employee of the company or individual(s)ordering this report and compensation is not contingent upon the reporting of a predetermined value or direction of value or upon an action or event resulting from the analysis,opinions,conclusions,or the use of this report.This assignment is not based on a required minimum, specific valuation, or the approval of a loan. Page 1 of 2 21051 137 NW 4th Ave, Dania Beach, FL 33004 Robert D. Miller, ASA Title:ASA RZ1270 FL 11/30/2022 06/22/2021 Designation: Form ACR2 - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE File No. CERTIFICATION:The appraiser certifies and agrees that: 1.The statements of fact contained in this report are true and correct. 2.The reported analyses,opinions,and conclusions are limited only by the reported assumptions and limiting conditions and are my personal,impartial and unbiased professional analyses,opinions,and conclusions. 3.Unless otherwise indicated,I have no present or prospective interest in the property that is the subject of this report and no personal interest with respect to the parties involved. 4.Unless otherwise indicated,I have performed no services,as an appraiser or in any other capacity,regarding the property that is the subject of this report within the three-year period immediately preceding acceptance of this assignment. 5.I have no bias with respect to the property that is the subject of this report or the parties involved with this assignment. 6.My engagement in this assignment was not contingent upon developing or reporting predetermined results. 7.My compensation for completing this assignment is not contingent upon the development or reporting of a predetermined value or direction in value that favors the cause of the client,the amount of the value opinion,the attainment of a stipulated result,or the occurrence of a subsequent event directly related to the intended use of this appraisal. 8.My analyses,opinions,and conclusions were developed,and this report has been prepared,in conformity with the Uniform Standards of Professional Appraisal Practice that were in effect at the time this report was prepared. 9.Unless otherwise indicated,I have made a personal inspection of the interior and exterior areas of the property that is the subject of this report, and the exteriors of all properties listed as comparables. 10.Unless otherwise indicated,no one provided significant real property appraisal assistance to the person(s)signing this certification (if there are exceptions,the name of each individual providing significant real property appraisal assistance is stated elsewhere in this report). ADDRESS OF PROPERTY ANALYZED: APPRAISER: Signature: Name: State Certification #: or State License #: State:Expiration Date of Certification or License: Date Signed: SUPERVISORY or CO-APPRAISER (if applicable): Signature: Name: State Certification #: or State License #: State:Expiration Date of Certification or License: Date Signed: Did Did Not Inspect Property Page 2 of 2