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09-23-2004 Workshop City Commission Workshop Meeting - . 19200 West COllntrv rluh Drive Aventllra. FL September 23, 2004 10:00 A.M. Executive Conference Room AGENDA 1. Northeast Dade Annexation Feasibility Study* 2. 21301 Biscayne Blvd. Property Appraisal* 3. Review of LDR relating to Parking Garages Within the Building Envelope (Commissioner Grossman) 4. Hospital District Lot Size (Mayor Perlow) 5. Village at Gulfstream Park DRI Update* 6. Adjournment * Back-up Information Exists Next Workshop Meeting: October 21, 2004 This meeting is open to the public. In accordance with the Americans with Disabilities Act of 1990, all persons who are disabled and who need special accommodations to participate in this meeting because of that disability should contact the Office of the City Clerk, 305-466-8901, not later than two days prior to such proceeding. ANNEXATION FEASIBILITY STUDY NORTHEAST DADE aROWA"D COUNTY UNE -- -r - - ~- I - - ~ --\ - -~- -- - - Annexation Feasibility Study Committee Eric M. Soroka, City Manager Harry M. Kilgore, Finance Support Services Director Robert M. Sherman, Community Services Director Thomas Ribel, Police Chief Steve Steinberg, Deputy Police Chief Joanne Carr, Planning Director Prepared by: City of A ventura Office of the City Manager September 2004 CITY OF AVENTURA ANNEXATION FEASIBILITY STUDY NORTHEAST DADE TABLE OF CONTENTS TOPIC Summary PAGE NO. 1 Introduction 2 Profile of the Area 3 Miami-Dade County Annexation Requirements 4 Economic Feasibility Conclusion and Summary 4 Revenue Projections 6 Operating and Maintenance Cost and Staffing Office of the City Manager Finance Support Services Department Legal Department Police Department Community Development Department Community Services Department Non-Departmental Capital Budget 9 9 9 10 10 12 12 13 14 Exhibit A - Budget Detail 15 Exhibit B -Five Year Projections 36 Exhibit C - Miami-Dade County Code Annexation Requirements 37 Map A - North East MAC 44 North East Dade Annexation Study 1 _..,~........,-_. INTRODUCTION The City Commission of the City of Aventura requested the City Administration to prepare a Study to determine the feasibility of annexing the area known as the Northeast MAC. The study was requested after representatives from the unincorporated area west of the City formally petitioned the City Commission in May 2004 to annex into the corporate boundaries of the City of Aventura. The proposed area of annexation is generally described as follow: to the north - NE 215th Street or County Line Road; to the east - the Florida East Coast Railroad along West Dixie; to the south - the boundaries of the City of North Miami Beach; and to the west - Interstate 95 from NE 215th Street south to Snake Creek canal. A map of the area is contained below. North East M iam i-Dade County 3.2 Square Miles "'OWARD COUNTY LIN. ~~;. <-.- "-- . ~~~ ~ " :;; This Study focused on the economic feasibility of annexing the proposed area. The purpose of study was to determine if the revenues generated within the proposed annexed area could pay for the cost of providing services to the area. This included the following components: . Revenue analysis . Service levels and costs . Infrastructure needs . Five Year financial projections. One of the major concerns addressed was to determine if the current residents of the City of Aventura would need to financially subsidize the proposed annexed area. North East Dade Annexation Study 2 .-.-.-r-u..--..--. PROFILE OF THE AREA The estimated 2000 population of the area is 16,736 persons. Table 1 reports selected demographic and economic characteristics of the area. The majority of the population in the Northeast area is white, non- Hispanic. Population Characteristics, 2000 Percent White, Not Hispanic Percent Black, Not Hispanic Percent Other, Not Hispanic Percent Hispanic Origin Table 1 Social and Economic Characteristics The Northeast MAC Area Northeast 16,736 59.5% 6.4% 3.5% 30.6% Citv 27,000 75% 2% 2% 21% Income Median Household Income Per-capita Income $40,332 $25,632 Housinq Percent Owner Occupied 34.9 Percent Single Unit detached 85.0 Estimated number of units 7700 Source: u.s. Census Bureau, Census 2000 Summary File 1 and Summary File 3. Miami-Dade County, DEVELOPMENT PROFILE OF THE AREA The Northeast area covers 2,024 acres and its land use profile is shown in Table 3. Land Use Residential Commercial/Office Industrial/Utilities Parks/Recreations' Institutional Agricultural Vacant Table 3 2001 Land Uses Northeast % 40.6 . 3.4 20.0 30.3 3.4 0.0 2.3 'Includes inland waters Source: Miami-Dade Department of Planning and Zoning, 2003. North East Dade Annexation Study 3 -..-....T.---- MIAMI DADE COUNTY ANNEXATION REQUIREMENTS The pertinent sections of the Miami-Dade County Code which outlines the process for annexation initiated by a City is included in Exhibit C The following are the important points contained in the Code: . The Miami-Dade County Commission along with a majority of the registered voters in the annexation area must approve an annexation petition. . The County Planning Advisory Board is required to review all annexation petitions. . The County shall retain all electric franchise revenues in the annexation area during the full term of the County franchise with FPL. . The County shall retain all utility tax and cigarette tax revenues in the annexation area forever. . The County may require that all garbage collection and disposal service for the annexation area remain with the County. ECONOMIC FEASIBILITY CONCLUSION AND SUMMARY The City of Aventura would experience a significant negative fiscal impact on its' budget if the Northeast MAC area were annexed to the City and the City used the available identified revenue sources and provided the same level of services as it provides to the residents and businesses in the current boundaries of the City. The first year deficit is projected to be $1,032,445 an amount that equals about 20% of the revenues anticipated from the annexed area. The following chart is a summary and overview of the estimated revenues and expenditure associated with the proposed annexed area. Revenues General Fund Transportation Fund Stormwater Utilitv Fund Subtotal $4,671,924 572,593 307.354 $5,551,870 Expenditures Revenues over (under) Expenditures $5,075,830 1.508,485 $6,584,315 ($1,032,445) Operating Capital Subtotal The General fund revenues do not provide a sufficient revenue source to offset the additional costs required to serve the proposed annexed areas. Furthermore, a large portion of revenues derived from the Transportation Fund and Stormwater Fund are required to be earmarked for capital expenditures. North East Dade Annexation Study 4 However, one could argue that once the start-up costs are over, capital costs could be reduced which would free up funds to offset annual operating costs. In order to evaluate this approach the following chart was prepared showing a five year projection of revenues and expenditures. l----- Annexation Study Fi'" Year Projection ;'2~~~;-~!"'2()()i/~~~f:200iV09' i"""""""~"-~"---~------.- , ~-_._. i i .--------------.T-2oo4io5-.~-2005J06 I 1 It6tACPR6jEc;'TE~~\iAILABLERES6l.iRtE.S' :r::f5,~~:~~Ot-'$5,448,534 r $5,676,984 ~ $5'91;~8~fl'::~6~1~,6S:; l I: , ! I T--.--. ....., ......-. ......7. ---.----.....--.-----+ .--.--. 5,075,830 ! 5,425,901 ! 5,874,489 ! 6,360,938 I 6,802,372 , 476,040 ' 22,633 ~ (197,505)' (444,955)' (636,308) A detailed spreadsheet that outlines how the five year projection was developed is contained in Exhibit A. The five year projections were based on a six percent (6%) growth factor for development and property value increases and three and one half percent (3.5%) for most other revenue sources. Expenditures were estimated to grow between 7% - 8% during the first five years of acquiring the annexed area. I PROJECTED OPERATlNG EXPENDITlJRES ! !SUBTOTAL The chart above clearly illustrates that the projected revenues cannot support the required operating expenditures. This does not take into consideration the need to continue to expend at least $500,000 annually for capital improvements after the start up years. The County's' Code relating to electric franchise and utility tax revenues adversely affected the revenue projections by $1,403,700. Without overcoming these obstacles it is not prudent from a financial standpoint to annex the area identified as the Northeast MAC North East Dade Annexation Study 5 --...,...--.-.-..-.- REVENUE PROJECTIONS This section of the report reviews the sources and amounts of revenues that would be generated from the proposed annexed area. The Miami-Dade County's Office of Management and Budget was consulted regarding the revenue assumptions and estimates. The revenue projections were based on the following assumptions: . Per Ordinance, the County will retain all electric franchise revenues in the annexation area during the full term of the County franchise with FPL. This amounted to an estimated annual loss of $410,000. . Per Ordinance, the County, they will retain all utility tax and cigarette tax revenues in the annexation area. This amounted to an estimated annual loss of $993,700. . The City's lower tax rate was used to develop the ad valorem tax amount. This produced $139,000 less in revenue compared to the County's tax rate. . Per Ordinance, the County will only transmit transit tax revenue based on the population figure over 10,000 rather then the total population normally utilized for calculating the revenue estimate. This amounted to an estimated annual loss of $472,000. . Both the Street Lighting Improvement Districts and Security Guard Special Taxing Districts that currently are in place to provide service to the proposed annexed area will remain in effect. The City of Aventura dissolved the Street Lighting Improvement Districts after incorporation. If this action was taken with the proposed annexed areas, it would negatively impact the budget by $55,000. . The 2004/05 projection assumes that the current assessment of $333,000 for security roving patrol in the annexed area would be in effect for one year to defer costs of purchasing police equipment. After this time period it would be eliminated. Table 1 lists the projected revenues by summary category of $5,518,112 that would be generated in the annexation area. A detailed budget including all projected line item revenues is contained in Exhibit A. The basis for each revenue forecast is explained below. Locally Levied Taxes Licenses and Permits Intergovernmental Revenues Charges for Service Fines and Forfeitures Miscellaneous Revenues Total North East Dade Annexation Study 6 ._"""T'"- Ad Valorem Taxes On the whole, potential property tax revenue represents the single largest source of revenue. The estimate for the property tax revenue is based on applying the City's tax rate of 2.2270 on the taxable assessed value of the annexed area of 826,397,969. Assuming a 95% collection rate the amount generated by this source is estimated to be $1,782,127. This represents $556,000 per square mile. By contrast the City generates $3,674,000 per square mile. Franchise Fees Towing Franchise Fees are estimated to be $5,000 based number of projected tows in the area. Gas Franchise Fees are projected to $34,000 based on county estimate. Unified Communications Tax The estimate of $833,000 was developed by utilizing the City's per capital figure of $49.00 multiplier by the population figure of 17,000 for the proposed annexed area. City Occupational License Occupational licenses are projected to be $54,000 based on county estimates. Building/Engineering Permits Building/Engineering Permits is projected to be $252,000 based on county estimates. State Revenue Sharing The estimate of $165,593 was developed by utilizing the City's per capital figure of $9.74 multiplier by the population figure of 17,000 for the proposed annexed area. Half Cent Sales Tax The estimate of $972,778 was developed by utilizing the City's per capital figure of $57.22 multiplier by the population figure of 17,000 for the proposed annexed area. Charges for Service Assumes current assessment of $333,000 for security roving patrol in the annexed area would be in effect for one year to defer costs of purchasing police equipment. The other revenue figures are based on city estimates of recreation programs which are offset by expenditures. Total estimate for this revenue source is $375,500. Fines and Forfeitures The estimate of $125,926 for County Court Fines was developed by utilizing the City's per capital figure of $7.41 multiplier by the population figure of 17,000 for the proposed annexed area. The Code Violation Fine revenue was based on City projections of similar area of enforcement. Miscellaneous Revenues Interest earnings were estimated at $25,000 and a "catch all" line item for Misc. Revenues included an estimate of $35,000 based on City experience. North East Dade Annexation Study 7 Transportation and Street Maintenance Fund This fund is normally established to account for restricted revenues and expenditures which by State Statute and County Transit System Surtax Ordinance are designated for transportation enhancements, street maintenance and construction costs. Expenditures are accounted for in this fund by designating specific operating line items or Capital projects. Revenues are projected to be $572,593. The estimate for each revenue were developed by utilizing the city's per capital revenue figure and applying it to the population Of 17,000. Per Ordinance, the County will only transmit transit tax revenue based on the population figure over 10,000 rather then the total population normally utilized for calculating the revenue estimate. This generated $194,185. The funds will be used to support the following major first year operating costs and capital projects: . Implementation of transit system services - $100,000 . Road maintenance - $82,000 . Right-of way maintenance - $125,000 . Engineering services -$12,000 . Signage - $12,000 . Sidewalk improvements - $91,731 . Street Lighting improvements - $50,000 . Road improvements -$100,000 Stormwater Utility Fund This fund is used to account for revenues and expenditures specifically earmarked for the construction and maintenance of the stormwater drainage system. By applying the city's stormwater utility fee of $2.50 to the 10,562 ERUs in the proposed annexed area, less a 3% uncollectible, $307,354 would be generated for drainage maintenance and improvements. The county's rate is $4.00/ERU. Annual maintenance expenditures are estimated at $25,000. Therefore, $282,354 will be available for drainage capital improvements. North East Dade Annexation Study 8 OPERATING AND MAINTENANCE COST AND STAFFING This section of the report analyzes the annual cost and staffing of operating and maintaining services that the City of Aventura would provide to the Northeast MAC area in the event if annexation. The costs associated with each service area were developed on the basis of providing the same level of services to the annexed area as the Aventura residents currently enjoy. In order to forecast costs with a high degree of reliability, expenditure estimates were based on costs per unit of service and actual personnel costs experienced by the City of Aventura. The analysis also includes direct and indirect costs of service. Table 2 lists the estimated costs for operations and maintenance as well as the additional employees that the City of Aventura would need to hire to serve the annexation area. A detailed budget including all projected line item costs is contained in Exhibit A. The basis for each service area forecast is explained below. Table 2: Projected Operating and Maintenance Costs of Annexation Areas Office of the City Manager Finance Support Services Legal Police Community Development Community Services Non- Departmental Total New Emplovees o 2 o 43 4 9 o 58 Cost 42,500 156,250 65,000 3,386,904 439,973 664,203 321,000 5,075,830 It was determined that the operating costs associated with the City Commission and City Clerk's Department would not be significantly impacted by the annexation. Office of the City Manager This department does not require any additional personnel to serve the proposed area to be annexed. The projected budget amount of $42,500 relates to the costs associated with; the personnel function for the 58 additional employees; distribution of quarterly newsletters and web page revisions. Finance Support Services The total cost for this Department is estimated at $156,250. Based on the 58 anticipated new employees and estimated additional financial transactions to serve the proposed annexed area the following new employees would be required: . AccountanU Bookkeeper . Network Administrator North East Dade Annexation Study 9 .-_.-.."-~----~-_._. -- The personnel costs account for $143,250 of the total. The remaining amount includes additional operating costs generated by the new employees and audit costs. Legal The City of Aventura contracts its legal services to a private law firm. It is anticipated that the additional legal services costs for the proposed annexed area would be $65,000. This includes costs associated with day to day legal issues, zoning matters and service contracts. Police The City of Aventura's Police Department has a total of 110 positions. Of that number, 76 are sworn officers. The department provides a full range of services including road patrol, SWAT, marine patrol, criminal investigations, preventive patrol, bike patrol, crime prevention, traffic enforcement, school resource services and dispatch functions. Based on applying our current standards of service it is estimated that the cost for providing Police services to the proposed annexed area would be $3,386,904. The determination of this figure is based on the following analysis: A. Determination of Staffing levels It is first necessary to develop the uniformed road patrol requirements in order to determine the overall staffing levels. Currently the City of Aventura has a ratio of 2.7 sworn personnel for every 1000 citizens. If this ratio was applied to the annexed area 45 additional sworn police officers would be required. However, a more appropriate calculation in light of the impact of the mall on the City's staffing levels is to utilize the Workload Assessment Uniform Patrol Formula based on calls for service generated in the proposed annexed areas. In 2002 there were 13,977 calls for service in the proposed annexed area. The Workload Assessment Uniform Patrol Formula provides that 2 hours of patrol time for each hour of obligated time and each call on average takes one hour. Workload Assessment Uniform Patrol Formula Obligated Time: 13,977 + Patrol Time: 27,954 = 41,931 total hours need per year. 41,931 dived by 8 hours/day =5241.38 divided by 365 days .year = 14.35 units per day. Based on the formula a minimum of 14 uniformed patrol officers a day would be required. However, in order to cover days off, vacations, sick leave etc. 21 uniform patrol officers would be required to cover all three shifts. (shifts A, B, & C). This would provide 7 patrol officers per shift. North East Dade Annexation Study 10 - --T~-"--- B. Staffing Levels The following is a general overview of the staffing requirements to serve the proposed annexed area: . 21 Road Patrol . 3 Sergeants - One sergeant to supervise each shift . 2 Lieutenants - Required to supervise sergeants and officers and perform technical and administrative functions. . 3 Detectives -Needed to handle additional volume of calls. . 1 Crime Scene Technician - Required to handle additional work load. . 3 Police Service Aides - Required to handle increases in traffic related incidents. . 2 Traffic Officers - Required to handle increases in traffic related incidents. . 1 Records Clerk - Required to handle additional work load . 3 Community Police Officers - One assigned to each zone. . 2 Street Crimes Officers - To assist in suppressing burglaries, thefts and robberies in the annexed area. . 2 School Resource Officers - To provide services to the 3 public schools in the area. Total new employees: 43 (38 sworn officers) C. Operating Costs Operating costs for police services were developed by extrapolating the City's budget figures based on workload, population and service calls for the proposed annexed area. Funds were included to provide crossing guards at the public school locations and to insure the use of state of the art technology currently employed by the City's police services. D. Police Zones Based on geographic boundaries, population and calls for service it is necessary to break down the annexed area into three zones. The 2002 Calls for service by zone were: . Zone 4: 2,786 . Zone 5: 6,031 . Zone:6: 5,160 Although Zone 4 had approximately half the calls of the other two zones it encompasses four of the area schools and the heavy traffic on Ives Daily Road justify the zones geographic area. North East Dade Annexation Study 11 "..---"1------..----- Proposed Breakdown of Zones aJItOWARD COUNTY UN. .=:',: iJ.~~ . ' -', -' . Community Development There are 3 main service areas for the Community Development Department in the City of Aventura. The same 3 areas were analyzed as drivers for calculating costs for the proposed annexation area. The City of Aventura contracts its building review and inspections to a private firm. Based on estimates provide by Miami-Dade County it is anticipated that $250,000 would be generated in expenses with a like amount of revenue to offset the costs. An additional Customer Service Representative position would be required to address the increased workload relating to the permitting function. Code enforcement services ensure that the use of residential property and businesses conforms to the City's code of permitted and prohibited uses. It is an important function to ensure that property values are maintained. It is anticipated that 2 Code Compliance Officers would be necessary to provide the level of service required for the annexed area. It is anticipated that a additional Planner position would be necessary to process the planning and zoning related applications for new construction and redevelopment associated with the proposed annexed area. Community Services The City of Aventura's Community Services Department provides a variety of public services through the following Divisions: North East Dade Annexation Study 12 ---T.----.~ Public Works Division: Street and sidewalk maintenance, stormwater drainage maintenance, citywide beautification and landscape maintenance, street furniture maintenance, facility management and janitorial services, building security, fleet management for non-police vehicles, public works permitting, utility coordination, GIS mapping, and special event support, and audio visual services. Parks and Recreation Division: Operation of all City parks and the Community Recreation Center, planning and coordinating special events, recreation programming at the Community Recreation Center, youth and adult athletics, senior programming, tennis lessons, summer and holiday camps, public transportation management, and special event permitting to community groups. The majority of these services are provided using the private sector through contract administration. This concept would be extended to the proposed annexed area. The following park sites would become the responsibility of the City of Aventura if the proposed annexation occurred: Highland Oaks Park NE 203 St. and 24th Ave. 30 acres Ojus Park 18995 W. Dixie Hwy. 1.63 Two fulltime park supervisors and 6 part-time park attendants are anticipated to operate the two park locations. All maintenance and recreational programming would be contracted out. All public works and street maintenance costs would be contracted as well based on current City standards. One fulltime maintenance position is included to respond to service needs. It is estimated that contractual maintenance services, utilities for public works and parks functions would cost $361,000. Personnel costs account for $183,000. A total of $100,000 was also included to establish a free shuttle bus service to be funded by revenues from the Peoples Transit Program. Funds are also included to provide recreational programming at the park locations. It is anticipated that most recreational programming would be offset by user fees. Non-Departmental Non-Departmental Costs are estimated to be $321,000. Major expenses in this category are as follows: . Liability insurance $225,000 . Communication Services 50,000 . Contingency 25,000 . Other Operating Supplies 15,000 North East Dade Annexation Study 13 ._,..~........._.- First Year Proposed Capital Budget The following represents the proposed capital budget needs for the first year of operations displayed on a fund bases. A total of $1,508,485 of capital costs was identified in the development of the budget. A detailed budget including all projected line item revenues is contained in Exhibit A. A. General Fund Police Department - $874,400 - The cost projection of $678,000 for police vehicle requirements was based on a phase-in program over two to three years. The first year assumes the purchase of 20 vehicles including radios, computer modems and equipment. The cost of providing laptop and desk computers for all additional employees is estimated to be $78,000. Radios for all required personnel are estimated at $118,400. Finance Support Services - $8,000 -Estimated cost for computers and equipment for additional employees. Community Development - $52,000 - Estimated cost for computers, vehicles and equipment for additional employees. Community Services - $50,000 - Estimated cost for design and preparation of bid specifications for start up beatification program. B. Transportation Fund After funding operating costs restricted by revenues received in the Transportation Fund, for the first year a total of $241,731 was available for the following recommended capital projects. . Sidewalk improvements -$91,731 . Street Lighting Improvements . Road Improvements -$100,000 It should be pointed that greater capital needs were identified for the proposed annexed area than were actually provided for in the first year budget. It is anticipated that they would be addressed over a five to seven year period. C. Stormwater Utility Fund After funding operating costs restricted by revenues received in the Stormwater Utility Fund, for the first year a total of $282,354 was available for drainage capital projects. It should be pointed that greater capital needs were identified for the proposed annexed area than were actually provided for in the first year budget. It is anticipated that they would be addressed over a five to seven year period. North East Dade Annexation Study 14 .--._. --.--.'..m-----r-.-~-.- \ F-~~ - ~~--~ ~ ~ OPERA] TIt.jG &~CAPITA':~<:>~TLAY.. ~ ~ I I I , I -~~ ~ -- I ----- ---I - ~ 1_ u_ __u , REVENUES ' 1~;::;~:i~~:nant:El!'~~d-~:::t=----~J~~ Stormwater Utility Fund ~~_~__t-L-~671,92'!J I 572,593 I r-----------------.--1 1 307,3541 . <:>perating ~l?<penditur.El~'-- ~T~ ==t:i;~~::til:on ~+--- ---~j------T- .--~ --~~~-~~ . Office ofthe City Manage~: ~__~_=======~-~r=--=====t===~-=====r$-=~~ Finance. Supp()rtS.Ell'1li"e~<;~i ______ ....___~:__ I _8,000i ~~---~ ~~~~~e;:f::-------~ I~~t--~ I-_~~~_ -~~=~==:~;~,:~1 __~_jCol1:',!,~unity Development I_~~ -.l~~~~ 52,0001 ICommunity Services i I 574,08~ ~-~~~-~-tCIP Reserve --~~~ . ........42,5001 ----- ------------- - -,- --------;- ----- ---------------n---..____i I 156,250 I i~~-T-~-65,000 1 ."..-"-M__"_"___m_~--_..--"_1 ~ .~-~~~~ . -..~~~-.~.-~-L . "-~---+---~-~~~~---__j---~~ I 3,38~,9041 1 i 439,973' --I--~ -=[===664;2031 321,000 I I 1----------------- , , .__._----.__.._~-..;.----_._-_.__.__._-.; City Com_I11!~()"-~_~_ Office_oftl1e.Cii>' Ma na ge r Finance Support Services Li~e.gal ~~___~_~~1-c:ity Clerk ~ IPublic Safety ~_~~ _.~.. Community Development -----------------1----------------- Commul1!ty Services _~~~+~__~~_ Non - Departmental I I t- $ ~~__~___..l_~_ North East Dade Alll1exation Study 15 ----_.~-.---- i I .='=~=~~~';':i=:::i::~i--=---~=-- ~. __~ty ~~!!'.'!'!..~.~,,_.._.__. :. 7~ ._~ L__ IOffiCe of the Ci~Manll\lElr__+-___~___~~ _~~__ 01 ! Finance Support Services . 11, 2: ~~=~==_:~mml~;~a~,::~m~m.. .. '~~_~m~_. ~1- _~:.=~:~=1..=-=-=m=m~-~::_~ mm_m_.~ 'Pu"Jic Safety .. ,. m. ~m!1.01~m.m mm . .43___ Community Develop.me,,~ 11 4i Community Service.~~_ 16 81 _________J North East Dade Annexation Study 16 .-------..---,----."------ REVENUE PROJECTIONS I ~._.._..__._----- L , ILicen~.!s & Perm~._ --------l-~~~ Occupationa~ L_~~_~;_!~_'==-----.--l : Building/engineering Permits I i mm.___~_m..j.... i I $ --------...1-.'-.- ".......-----r-------r-------- ---J I I -------.1 I i ! .. I=_~~_I------4 'Locallv Levied Taxes r-~-----t m.____.._..___.fAd Valorem Taxes-~_~!!-!_~~_ . Franchise Fee.Gas m.... t -------- mmmmm m_m_. . m_m___~------ _.______~~~-~~~J!e Fee-T~~~~_________ -i iUnified Communications Tax -!-----.-- --_.~~~~!..~~-j .... 34,OOOi I -~--- I mmmm....__---r--_... i -----l mmmm5~:~~1 252,000 ' $ I ._____________1- i Intera~~~_~':l_~.!_n~~.1 ~~.~~,~!~.._ i ______'_'_________1.__ I _ --- ----~--- --=L- ----------1 j 165'5931 2,000 9n,778 I - --1 5,000, I r--- iState Revenue Sharing iAICOhOIlC Beverage License ______ __ I Half Cent Sales Tax _ ________._..m___________~_ 'County Occupational Licenses >--,.- r. .~~~~?;-;:;-=-4==~4:=E I --f.:::~~~-I 5- I !Other Charges For Service i , ___J 333,000i ..r==~:l~OO~1 I 5,000' I....m.=--~ i 15,0001 " , i 10,0001 , 1--- i-- :Anes & Forfeitures I - iCounty Court Rnes I -- 125:~;~ I 5,0001 ~ i I I i--.-.....------t~----"."-"--. L--__.._1:~isc. Revenues . I ___l~_t':re~t Earnln~_~~________ i Misc. Revenues I -----------t--------- -------T------- :~.I -. -t----- I L i ---,---- I 1 . F--~~,o~ , 35,000, North East Dade Annexation Study 17 -"1-"-.----- ~i--L:. I i Ii! ' 0~' l . .__~__..: . __~_'_""mm______~~ , ; L____._.___....__~______. . i ~~__~_",-m_ -----4---~ _m__~~___ . , m____.__.L _."_.m.__L--_.____~. -------------------_.-~- . . "-"~_.._---~--+---~_._._._"-"----._- ".._".~-------- __L.. North East Dade Annexation Study 18 _..."._--_.._-......-~-- Annexation Stud I f10~~1i99~-j~-"~_I1"ise_",T~,,_ ==~~=~- f-::-~~~::::-~--l'~~~~~~~:~~~f~;~"i-~;-~--'-"--- t-------- .- ----------------- ------- !5000/5399 iCommodities ,-.----.....-...-..t.--..--..-..--.--...---.-- ...-. ~O/54=~.:::::iOther Operating Expenses ----1---- I ... --------------------------t------------------------- I -----t-- -- ~~~~---~ 2'~ol' 39:00~_ ----.------------....! 500 i .-.--! 1,000 i I ... r , _'__m__' Position Title .____.___.1 , i Needed for; -------------------------------.-.---t---~~--~--~-----t---~------------ 2004/05\ Annexed Area i , j010L__ 'City Manager ~------------ --------------;1--------------------- 10201 --iii;-~.;;-t;;.y to City Manager r--- ---------------:;r---------- r----.--r------~------------- ---,----- I ~~i~~'- I=:~::: ~:: ::~:-::~/-P;-~------------+------ '.__m._____ .--j--------------......_.....__.__,__...... ____1_____ -----.--. I~:~~ _J~;:7;~~~;~T!~~:~~~.;;-i--;f-----~ ~-iT~;.;,--..-----m-------~---t- 1-.-."..".." .-+-____m_ , I I i -"i------- , i 1 -- - j j , , ...+..------------------t---------- _._.~-+~--~---------- I ..j --l _____ I I ------i-----------~ ~-----+.:~.._-----~--.._~--_...-_.~......_.._---------~-~--._- -- -------------------- --; - .------.---"""-.---i i :3180 _1 .____________m______. L_...._____J~TH~_~~_~~_lr._~~ICES ! 4701 ! Printing & Binding r:;;~~=~=F~~;,9;:;;:sletter-===- :4815 Web Page Maintenance ! -~-------_.- -----------------< I ! i ...... r----- __L-=r~~-=mm:2ft~1 ..-~----~ _m__~-+ _________m_+__________~_1;~~1 I 1- l~-~-~-! , 5120 1-'=- I ..__...._................._ ! I _________~____m North East Dade Annexation Study ]9 ---r 1000/2999 Personal Services ~- I~~::~::. j~:;a;~~~~,,:e~~~e~i'~~i=~+=" 15000/5399 ;Commodities l54oo/549~_: Other Operating Expenses , .. .... 4........-1-......- I, I' Ii --- ! .-+.-.-.t .t. 1 i Needed fori I i~:: No. .~~~::;~:::~I:i~es ~ir,' 2004/0:: Annexed Area i. ......\.===-==t~=.==.mm: f3..~Q1.......,~~,,':'!i.ve ~.~ntlRisk Mgm. 1.==.....~..1..l.. ~._.....~T====-~_......~1 1~201....~A!'.,,~':'!'.~ntlBookkeeper . m.......__._ .. . 1 113~1 iPurchasi,,!l Agent mm_.1.._..j..........i==L._.-l f;~~~ Ne::~:~~~i~::~:~.u. .;tmm "lmum.. ",+ mmml r ! ---1 '.11501_ Controller . [I' .... ...-.1r ==== ..-J i",_.+udmmmmm_ f3..201 Customer ServJc,,, Rep. I .. l' l' 'm i.m . 3601 Customer Service Rep. II 1 7002 'Webmaster/Communications < 1 t ...-+----------".-----.- ".'..""""""--i---'--- ~1 ilnformatio,!~y.stems Mana er 1j..._._. I Total 11 I I , I i ~-~=:=:==:==JpER5OML=SERV;C:E5" ~~~~._-----t~ P~~X!.!._~~_~ries 1!40~__~~___..l2ve~~~!!, e .2101 ReA 2401 Pension ! Health, life & Disability 'Worker's Compensation ! ._-------!-------~~--- L.-:.:=t-.='..i==:=.==.1 mm"-'.'.1 ... ... m mm ...pm.98,O::ol I .................. ...mm, . ... ...t. .m'7.~ 1..............._._L.._l .m1~.~~j I "-"~~~ 5001 I i2201 '2301 North East Dade Annexation Study 20 --~----- 1______ - - I OTH~_<::_':'A~.GES & SERVICES '4101 ICom m unication Services 14701 14910 I.mo :Printing & Binding 1 IAdvertising -+----- Ii --- "'--..-..--..-------."r---- . .-....~-_. --------t---- Ii L____ I ,COM MOlliTIES 1________, !5101 'Office Supplies I . ..-..------ Icomputer Op~.~~!!.~_~ Supplies IOther Operating Supplies -------~-~ I 5001 - 5001 -5120 -5290 ! , ,- ,5901 North East Dade Annexation Study 21 ~'-"'"T"'."-'- Annexation Study I I l1oooi2999 --P';r-;"nal Services [3000/3999 Icontractual Servi<;es . :~~=====-~=.=:=_. 4000/4999 I Other Charges & Senli~~s__u+ \ 50()()/539!l.1c:ol11rnodit!es. .. m m m : 5400/5499 10ther Operating Expenses . , , ...----I.--------...--..-J I . '$ ------+----- -------------------------.--< : ______________.?_~_~~QQJ --1' _____----l , 1 . I ..------.--..------------1 1 --..t.------ . I !::=1=~'":~~ .='=-+- i i L_ I 1$ i I OTHER OPERATING EXPe.lSES i ii' ':-"-"'---"'--'---'--~----"-- ----r--~-.-.._.--_.-.!-----..-...-..- , .......-:----t------r------.....--.Tm.......-.-....--..-------r--$--------------~. r--------- North East Dade Annexation Study 22 -- --~._--- , I!' I Position Title ~---------- I-~~--L------ ==---=+~;~~;i~~~~;;t-:m___~ _____1 _I~__=-~==-:j _ m+ !DeputyEhi~fClff'"Ii<:~ ______[ _ __m_1( ; _ l__mm.. C===-1::~:ntsm_:==l::::::=:=:~I- ..............----j----;[- ..-... ......m::L ~___..._.._.."~Co~~ander-._-.--mm---------1- l' I _____ [======l*~~:"gir.~~;~--------l- _ ::1 t.--3: -------1 I , ,Crime Scene Tech I --;r------, --. 1 ---1------- --1 f--=-==~::7ti~:~ice Aides ... -=1- :f--- ---- ~--:---31----=-:-r .-1 I~.::~.u i---t-- -l~--=- I__~~ecords cler~________~~_ 21_~__~_ml::j t=:=:-::==]~~~::D:~~I~:t~-------I---- 1-- ------r - - - =-=:-~ !=----*:::::~e~upervisor_==:=10,=::=T __-_~-- r - -! -- _ - I I __ ------~~~~~:~:::~~~-:~~::j-~---1-----\ A . . ... ___L____.j r-- ITotal _ i 1101 43!________ ! " ! 1 I I ----------1 , , ....-----...----.------'------------....--;,.------.-----... , ...<m.._....___...___.._____ North East Dade Annexation Study 23 '--""1-"--- BUDGETARY ACCOUNT SUMMARY - ~--1 i 1 PERSONAL SERVICES --- -- ------ -.--""0 '_~^'iM_~MM~M~~~~~ . i 1201 ; Em ployee Salaries ,------ I '1390 ICourtTime '1401 I Overtime 11410 _ ftioli<l!'~_~a~__________ !! 50~__ __j~_~~~~~__~_~_~_~~~~~__~~~"____ 12101 [RCA I i 2201 1 Pe ns ion i : ----------t--------------------------+------- i 2301 i Health, Life & Disability , ,I - - ----_.._---- :2401 !Worker's Compensation I m~t- i ---------.--t.-- ~ ......'r......... i i ,-------+..- 1 -----..----+ --------------- I 1 1,761,500 ................ ,...---1-..----------------------------+---------- I i i 1 20,000 --+----+___ l~~,~%~i --...---.:~-:1~~~~~::-~-_ _____ ____ -::::-::. ----::-::::--_:-:--?~~QQ] i 134,755 I _1 mn____~ 254,~231 -i-- 449,2941 146,733 [ ______-1______ i ...-.-.."".........,, ~---_._-+------...-l i I I ....- r-.---'~.----------l-..-.-- I - ----i__ i i i'.---.--- ------+------------+------ ---.---..+..-----~ ..~----.---~.- i _--L i 1:5001 -----1 55,000 ! 1 10,000 ! i---------t----------------- ! ; CONTRACTUAL SERVICES ~Medical Exams !Crossing Guards I i Prof. Services , , i . "~""---"--"--~""~"~.~"~"_.".~"...:.... i I OTlER CHARGES & SERVICES ----in- I-----------i 14001 I Travel & Per Dieml_ ____:_J_____1.0-'!l!l!lj ~_ "_____-i!:<!.l11in,-,,~rativ. Expenses___~___+-_..____..__L ------~,!l!l_QJ ~~~~_._._._._.. i Recruiting & Hiring EKpense _ _ _ __.__.___.._0_..._ 3,500 ! !4043 : CALEA Accreditation ...... ---.--.-----1 i4050 ilnvestigative Expense 1 2,000 r4101 - ____t.~ommun.~cation Services m".__~_~_ -~...-r~~-.-.--._---.L--..-.- .._""~~~OO~ 14201 1 Postage i ,; i 3,000 1 14420--' Leased Equipment 1---------i--------r--___mrm---35,OO~ I:: I::~::~~::costs ----l-----I I - '~OOOI 14645 I R&M. Equipment I . --r-----io:ooo i= -~ ! I ' : ~..........~ ~_~_____ _ __________ _ ....~ .... ~ _ J __ __ _ ~___ ...... ____ North East Dade Annexation Study 24 -""--or--'U _ L____ COM MOOITI~ _____ ________.__..__.____.,""_ "-.-".""-::=I.:~=:=:~~=~:::=""~~~..:i="~:=~~~.~:"::::.~~~l==~====~.._~- :: ::!~i~:i~~-------------j----- ;_-1 1._... _ ..---F~-t-.- r~==--=:=r---t I , i 1 ! ! . 1 I i I Photography I I t --..---- 1 .t-~----'----r i i I -_.-__m___"-'-~-r ------------------------------------1 +_________+___3,gQQ] ~ i 65,000 i -------+-----------I'----------80-;000.j ------1--1=__= 16,0001 , 1,500 I I 1 ! 6,000 I 25,000 i '---'--'-, --1 5,000 I I I L...___. :5101 m '5115 5120 Computer Operating Supplies r----~.._~- -~---_.- 15220 !Gas & Oil ~_,_,____l_"..______m___ l~~_______lUniform5 I i 5245 Uniform Allowance I '5266 :5270 15290 OTHER OPERATING EXPENSES I I I I ..-.. \_U -~I~~~~~==~~~-~=I:~~-~:~:=~- ..__..__L._________ ; , I -=t:===----:[ I I ---r-' m . _ m___ "".__.._~-+_ -L._"_....._..~!.Q9..Q.j 10,000 I .__.._---~ 5,000 ' - ! ~~ __ ________ ~~~~_~~_~p!i_ons & Memberships ;5420 ________~Onf!rences & Seminars :5450 ITraining 1------------ ~5901 Contingency i North East Dade Annexation Study 25 ------~--_.. , 1 "---'-'-'---"-'-r-'--~-'-- -.---------.------~ ---.'.-----'-------.--T-...-- ,1000/2999 IPersonal Services 1 i ~.. 1 ......-...------.-.~.... 13000/3999 Contractual Services I 1 1:::;:;;;..X;~~~:;;~:~~s~;;;~~T I 15400/5499 ,Other Operating Expenses i , [-'_ .-------4--------- m........................._.-.-..._.__ ..--.---.-------,--. -~------_._... "1 ..+-.....__~--.._._.....L$ 160,473 i ._+___t_+_2~;:=1 ---I _.._..._..--.-I~-~=-~:~~~~J ! 9,000 I Position Title , . ...-...-.-+-...--..........r- ! Needed for --------------------------..m---.i.-.---.--.------.-----r-- 20041051 Annexed Area! ____J...__.. Pos. No. l- i I r'"^ ..____+_.__--.-J . I , _.~_..._..+ .--.--.-..---.- ...., '4001 Community Development DirJ 0; I I , 1 --' ~- ,f'~n.niIl90ireC!o.r.. .__1+- !---- ..1 .t~--- j 14101-4102 iCod.....~~.mpliance Officer 21' __... 21 , .'1---.'-~ 4301 ,Planner II 1 < , --.-..... 1 i-+------r--...! ~:~0:ml;:;;;:,ann~~_._m..___1L . mml _i_:! '4201 Building Oirector/Official(P/TI 1 i ' 3202-3203 Customer Service R..!'p I ' ;r-. ._.-+-- i .:::::=-__ 3601-3602 :sto:er Service Rep II 1____21 1 i i .1--- 1 Tota I '111 4' 1 I ~---r---'-. .-.~---!---- .--'-r-.--r- ---! m. ... m! ~._- .. BUO'GErARY ACCOUNT SUMMARY~--.-._-~.--...-....'--I .-------------,---.----.----~..~-T--~-.------------____:__-.---.---...-.-.T..................--....-' -T----------...- ! I ' \------.-,.1 . I PBlSONAL SERVICES :1201 'I 'Employee Salaries ___.__________ ; 1401 Overtime ;2~01. I RCA , PenSion --t---.-.~-.---------".""--m--------------"-------- I Health, Life & Disability , ........ -----..... iWorker's Compensation --T -----"1"-- I --------- --------i------ , , ---r- I , _____________________ _m___->-____ ___._ L__~____ i ; , t~.-"-_+--+- i -...----------.j....---- .. +. ...-- i , I , .--r-. r 1 , i 106,426! .. I 3.0001 8,142 _ r~ - ----.--.-14~368 :..__ 24,817 3,721 , -------......-----'-- North East Dade Annexation Study 26 -..----......-.-----,-----.- r_=:==:=:~==::-------lCONTRACT~~_~~-'C~-::_~__~=_=_~L~_____________ i-~!~~-----------+ Buildi~~_I.!ls ~_~i_~~_~_S:e...!vi~~_~___ j ________________ [3190 . Prof. Services -;--- I I ,--j- i~-~-+ I l_lc.rr~c:IiAR(3ES & ~IC_ESr----+----------i- ------t ----------1 :~~:- 1:~~:~n~:t:::rviC.S :-m-----i--- -~I. ----~ji,..' "" '" m, j,~L-12-~~,50~000~Oi, ,4610 R&M- Vehicles __________________:=~~~~~ __._________! -------------- ..--.-...-.-........""-----1 !::-=-I=:~."--t~-==t-~=--=F=+~~; r~~ is.120_______Jicomput!ro!'''-r,,til1~_llUPPlieS _ 1'---+-1"""""-""-,,,, I' -, _SOOJ '5220 Gas & Oil I ! , 5240 ------Unif~~m~-----~-----i I,'-mm-----+----mm~- 1,-, ---------------- ----------- i - -t i -_.._----------~ , ______________}___________ l __ ___ _ ______.____~ Is ------------- -------r--.---- , ',' '____~,OTtEROPERA!ING ~8'oll;El;,_"_"'_+-" "~_~______.__ Subscriptio~_~ Me~.E_~.~_!!!!~ps : i I i5420 _lconferenc!.!...~~_!!!~_~_~~________ I 15450 ITrainin9__ ----------j : 5901 Contingency r- North East Dade Annexation Study 27 _ _ -..-.....----....-. "'--'-'-"'--- ~~"~-"-"-"---~""---- ----~"-...~.-~--..---..--- -J-._~--_.._--_.._-_.._-J ---- ------------------ -------+---_____ 11000/2999 Personal Services I ____~______ 3000/3999 Contrac1ual Services , ;. ---'""---..-----""-.----...-_..'.-m""i""""'-' .""".__.m._.._.._..._t-m.______mm_______.m., i4000/~99 'iOth...!r_E~arg~~_~~e.~iC::~~___+__ [5000/5399 Commodities i !5400i5499 Oth;~Operat;ng Expenses -! -..-. . ----L - I f $ 146,092 : ------...------------j--------~ i 92,000 ' _.u..._.._..,.._.__________ ___+____...._..._........_._-, , i 68500' -----!-----t-----~';~j -.--T..----------------------r----------~5ooi 1- . I -'---' +toIe."d_e.~.!~rl- Annexed Area' , +-- Pos. No. Position Title 2004l05j i 5001 Director of Community Services! t--- ------ ------1 i 3004 Executive Assistant 15101 Public Works Operations Mana 15201 Parks and Recreation Services 5401 Maintenance Worker i------------...------- -------------------------------t- ,5301 i Engineer Tech/CAD Operator ! : 5601 Park Supervisor : ...-------- . u.u._, ------------.-----------------------------------------1---- 5701-5706 Park Attendant (PIT) f~~O"'--- !>~.rk A!t"~~a--,,t(FJT) ________1___ ..m ! 7701 Facilnies Manager , ~01 Security Guardllnfo Officer Total 11 I 1 I -----------i--- i I 11 i ~--t..-._---.- .----.--.-.~---_+--.-..- -- - - - -- -- -- -- ---- too.- 1! I . I .-------+----_._-_.--_._-_.....__._---_._.._._-~-----~._--., 1i --.............1 11 ~.:t:_~~.Il.~!.~..f_r~I'Il_~!~~~~J?_'?.!:.~~~I~~__~~~~____ 11 .. 'sI'- --t-- l' +- I 1j I 11 2 61 I I I ---------~ ______-1 I - 1 j -- ...---- ! . 1 I _L::~-==:::[:::::::=:__: 1~+_____ i 8' J__ BUDGETARY ACCOUNT SUMMARY PERSONAL SERVICES -- -----. --.------.---. ....-.-----.....T--.....- . ...-..l--------.----------.T------------------...-.-~---~----~ ,~ ~..... &..'- _ _ _ -- _ ~ _ -- -~ --i- __L- ~'~"" ,!~.!--- Ov.rti;;;.---- ~ I.. _ ~__-+_m_ _3'~()01 ~- ACA._.._m_______ -r----- I .....1________.._ ___8"3121 2201 Pensl~!l --.--.-----..t-....-..--..-...-------+---- ' ._-.---t......_......--.J.l!!j 2301 t,Health, Life & ~~~~iIIty ___ .._____________..1__..______..__ i ! ___________~,87~J · 2401 ---=~-=- w~rke-;-;;-c~~pen;~;I~~- -. 8,4861 North East Dade Annexation Study 28 .._.--~_.._-_.- L-___~~ __: CONTRACTUAL SERVICES - 1 13150 ______ _ ~~!o!. Services -Landscape ArCh.-f~~ ~~_ ~ '3452 'LandsefTree Maint Svc-Parks I 1-- I _.,----_.,--~---~~'-~ I -"" 'm' '_"_"'M~_ ----T. ~__ 1c>:T~(;fiARGE5 & SERVICES t-=__L. ~~~!__._.. utilities-8ectric ~-_.__._._.__.._._..._.----4- ,4320 I Utilities-Water i ! I --------1 1::_ _._:;;:;:::~~~t-.. I :~72 iR&M-Parks --------------- ----T----- '4701 !Printing & Binding i I .-------.....---.--."".., ......----...--------i" i Special._~~~.~_~ Cultural/Recreation Programs I , -I. I +-----------~- , I L , ----r-"-- , .L 6,000 _______o______6,001l. 12,000 _______________ __ 4--- , 1,000 25,000 500 , I '5101 r-------- '5120 1'-------...---- 5240 5290 j . COMMOIJITIES ____________J~f!~ s~-;~.~~~-"-.-~_____.___ , , i ----j- j -...---------'T ------~---.--+---- --.l-- , I ---1 , ~ 250 -------------- 250 500 'Computer Operating Supplies IUniforms I lather Operating Supplies ...------------ -+ -------------------------------- --~- --------+----------- -----------<------ '-- i r---~..- 5450 L North East Dade Annexation Study 29 -....-.....,.---.-- - 1-------- i Annexation Study . ..........."..~._.".._- , , i i OTtER CHARGES & SERVICES '4101-----rC~~ ~ ~ni~;ti~~.Serv~~s ~4201 I Postage :4440 iCOpy Machine ~osts 14501 :Insurance ___1 46SO i R&M- Office Equipment I ----------r-----, _________--L__ __ _ _____ - __L___} _ i I +- j __1--__ _ I L f----i . ------~-----~--~----~~-~t i _I _1_ I $ I i ----i SO,OOO , -,';;;;;;1 3,000, -------4 _~ 2,000 I r f---- I I '5290 , '5901 North East Dade Annexation Study 30 _......~.--_._- I Police De artment Vehicles Vehicle E ui ment i 'Radio "--_._._---~..._._--_.._._......._.- i i Modem f-..-----.--+--............... !----i~~~~tei.s.-------1 201- 24,000 i - i 480,000 i I +---------+------..--~---_==.::...j 20: 5,500 ! i I 110,000 I ~~ -=-=]~~~~_t---+- L-----3S>~Q~~ ~; ~:~~~+----------------+-------1:::~~ 1 1------------- 4 2 : I +- . 2,000 I i .-~..-~-r--- , 18,000 , i -+-..-.-----.i 8,000 ' . -----8,0001 -----------. I 36,000 i .----........----.....--1 8,000 I North East Dade Annexation Study 31 ._-_._.._-_.~,._..._..._.,-,. I i CATEGORY SUMMARY i 1----- - I __mum, I i J ! ,___________1______________________________ _ -- -- - ----- i -1--- -- :::::;:::: ~~C:a~;e ~ei~;;~~:..,,-+----,----+--i----+----~I , 1 -------------------r--------+---- i - -t--------+----~ i 330000/3399!llf nte !!!~~e rn_rn..." nta 1m R e_v..:..l.mm' .___]1 +--_,,~~,,~3J !340000/3499g1\-~harges for Services 1m_ __________-+_____.01 1350000/3599 Fines & Forfeitures I, i i 01 '=;::t:~.,~~. i =-=[-=:~R ! North East Dade Annexation Study 32 ~-'-"""'T""-._'- ~---.-. l' ---- I ~j mmmm=~mt ...m it. .m~22'3871 --~- t=~ --~~--t ---- ------ --------------t------ 5,618 ___..._.._~L---.----~-.-l----------2,6~2 , 1 12,000 -~-+--- I 100,000 ..1.3,1100 125,000 --_._-_.._~--- 45,000 ~.m-1m , i InterQovernmental Revenues I r~3512~_ State Revenue Sharing ! 3353001 Local Option Cap. Impr. Gas Tax Local Option Gas Tax County Transit System Surtax Operating , ! r-- ...--..------.--.--.-----~--..---~---~-_r---- l-~-~-~-~--------- ~_~~ree ~~_Ia~~_~.___ _____~ ' _______________________ ! 1401 Overtime ! ~---~-----~ ---------+------ 12101 'ReA i r---.~~_f------ -----i-- i2201 'IPenslon i . 2301 . Health, Life & Dlsablllt~.~:...1 12401 lworker'S Compens.~~~_~____ i 13110 _+~!_~~-'-- Servi~es. Engineering 3455 Transit Service 13451 ~. Beautlflcatlon/Slgnage I ._._..._..1 ILandsfTree Malnt. Svcs-Streets -T~-- ..-----..-.--- I R&M. Streets '3450 14691 1 r-. . t=~=J~:;~!~~~;;I;e~:538.~t=~=m'r ~-- !ISidewa'k Improvemnets. ..I --------+1 ! Street Lighting Improvements l- i ! Road 1m provem nts $ North East Dade Annexation Study 33 -'1' 100012999 Personal Services ............-+.. i 30001.3.999 -- ~!?!'tra~lJ-,,_I_~~rvice~________ ~00/4999 Other ChargeslSvcs 15000/5399 Commodities 540015999 Other Operating Exp. - I j ..--.. i _._=~.=t=~--_.._- !"....----- ! I 25,000 o -~---.--._----~_....._~---~- o . ._---_._~-----_._--------~ 01 North East Dade Annexation Stndy 34 ._.._-~,....._" r...-.-- i 1--. I I I ___L_ .--....-1-.-..-----...-.--.-.--"="-.-- I ...............1...._....._ REVENUES ~. I 6306 [- I--~ 1;1;0 I 1 i I 1 1 ! I 13~3.911_0_1 Stormwater Utility Fees - ~ is proposed to maintain the Stormwater fee at $2.50 IERU !I I to fund the required drainage improvements. The following represents the computation_ I .\ of the revenues derived from Stormwater Utility Fees: r---- i Customer Data: I ! --------j---- ! ! Pro.ected No. of Billable ERUs -105621 1 ~___ Monthly Rate Per ERU--j ... .-:i:i>'+---------t-- I i---------t-------...------- +- ! ___~e"'_e_r1~~r:;.:..._ i ~ ---~~~~:~ ~~~~::t:~~e~tili Bim~~ ___!~~~:~~~ 1___+-- ------~:=====::=:- Yields: Net St()J:lTlwate.r: Revenue_5...___ 307,354 ! North East Dade Annexation Study 35 -...--...,.-.-....-- Exhibit B 1m -------- -- - --------------------------------------~-~-~-~-~~!~-~-~__~tl!~y_______________________ --------------------- ---- - --- ------ r- ___ .._________m~___m_~ PROJECTION OF RESOURCES AVAlLA~T_!:.Q~.~~~~~_p_C?'{~~~_~_~T S~VICES ! ~~~RENT ~~~~~~~S;iiAii:;~~~~~~.m2004I2ii05r mmm 200512000; mm "'2000/20071 .'."20ii1i200il[ ""20iiili20091' GENERAL GOVERMENT SERVICES , +-____------i-________-1- ______ _______ ____+__ ___ ___on'> __________ ________~ ~"tfH~~~:~id~sm"..~" m~.. ~~...~.j '~!1,7~~~~lJi8[~J~Fm $20~~:;;~~m=$2,1~if,~L $2,2:;::~~.~::~ ,,' .~~~i~l~r;1~~~!i.=~=.=~====~1f![~=:~t!!F=~~~t~i!--:.~!:~~;t. - :~~:~~~~- ... ~~~;~~~~~;~~UES-UNRESTRICTEDj~~H!}t.==~~~AL==.=~,~~~~r. .::: .i,~~~.~j.'" 1, ;~~.~~~ '~iJ --FINES &F-O-RF-EifuRES - 130,926t 135,508! 140,251: 145,160 1 -150;24fHcY-- -- ~~;~G~~~~E~ERVICES '..mm ...... ..........3~~,~~F~~H~}t-=-~Hm=~ :~}~F .. ~~:m;~~-. COUNTYOCCUPATlg~j(i:~i:lf.E.~~ES-. ..............-5,0001 5,000! 5,000 I '5:oooT" "-'51000,..m TOTALCUIU~E.Nl:'iEAR.R~.ENUES ........ f ... . $4,671,924Lm$4'542,189t'$4,743,44!l:=$4'!l54,~iCIS:-(r5,67iJ= . ..... ~~~~:,W~;~~D_=======.=_~===~;;~~t==l~f.I~E.:~~~ffr mm ~~H~r.mm m ~1~.~;H~~L . TOTAL AVAILABLE m......._.......... $ 5,551,870! $ 5,448,534! $ 5,676,984! $ 5,915,983, $ 6,166,064,' . __............._mm .. '.mmmmmm. ..__ .._ ..I . .. m J m m m mmm mJ ummu..m..m ... ..... I (a) Assumes a 6% Annual Increase ==~~=~--.._-_-_-.~~_. .._.:........~.....=-~:~.=_=..=~~-m=~-===j~_~-------T--------------------------;--- -------- ------- -------_-_~-_-_-_~_~~_~~___--.._"_-_-_"___"_-_-~--_-_-__-_-_~__-_-_-_-.._-_-_----_.__._._-- -~--.--- ------ (b) Assumes a 3% Annuallncreasei ~-==-~~~-~~-~-_=_-~-_........._....~...~--.._~_:~_......=..~....__.=:-:-~~~r~~s_~-_~~~:~~-i~;o:.~i~ll~~~;~~=..:~~~_==___ 'm...m...~~~____.... ... I .: '1.. m... .. ...m. mm. mmmmmmmmm.:.Anne-xiitro:nStady.::::.... ..~-~-~~.. m m_u~_._ mm1 [m_..'-'PROJECTION OF' OPERATING EXPENDITURES FOR GENERAL GOVERNMENT SERVICES m..] ~__~-=~~"-.--"-'-- : ..._".~.._._====~-~~==:.+_"-======r--==~~-~_-L__~~_._~.=J I "i: I I l-~-- . -t"-"'--,~'-'~~!~-" ..---~--r....m....! ,DEPARTMENT .---..~--~~....- ..-.-.--. 2004/051 20051061 2006l07-'~2007/081 200Biiiiil :~~;~i~!~~;;I;:;-~~~===~.~e=-~-;;,~r)$.:1ii:i~1..1~nifF'-=1ft!ii(-'-1~:il~~ @iYClerk __ mmm----.~=====~O!==~--==Q't===.::.._......Q.J..._..--. 0 ...m.-:01 ~~~:;'!~:~veIOl'me';t . 1 3'i~~:~~H .3'~~~:~~i~m3'~~~~~j 4,;~~:~~~ i 4,~~~:~~~ I ~~~~Je~~~'::~~s .~~~:~~~ --~-ll~::~1-m~~:~~i ..........~~:~~~I~~~:~~~ . !.~~~::~~c;~~~~~~~~~E~~~~t'i~RESh 5,075,830 if--SA2sI90fl $T874,489. $ 6,360,938 h ({862,372 Annexati.<>n.5tlJdy Fiw Year Projection ____._.L______ :----------------------,-----------------1 1 PROJEClED OPERATING EXPENDllURES SUBTOTAL ------------------~-----< Iii 2004/05' .......2005/06.. mi006ioimmjmmzoofios'+--i608l0g-- i I ..L____~+-_~___.._~ I . I , $5,551,870 I $5,448,5341 $5,676,984 1 $5,915,983 ! ..'-~6,.1.6li,Q.6'l.J ---t-----------.--.--------+------- -----------.------- ---.--- .-, --..,""""-""'-~ i 5,874,489 r (197,505): -~-- 5,075,830 i 476,040 ~-- 5,425,901 22,633 6,360,938 r (444,955): 6,802,372 (636,308) ~._________________.____.__.__m_~_ ._____~ m_ mi~ 1 TOTAL PROJEClED AVAILABLE RESOURCES ! .. , North East Dade Annexation Study 36 ------T------ Exhibit C Miami-Dade County Code Annexation Requirements Any proposed boundary change desired by the governing body of a municipality shall be initiated by resolution of such governing body adopted after a public hearing held pursuant to written notice mailed to all owners of property within the area and within six hundred (600) feet thereof in such proposed boundary changes, according to the current tax assessment roll, and pursuant to published notice; provided, however, that no notice shall be required when all owners of property within the area and within six hundred (600) feet thereof shall consent in writing to the proposed boundary change. The cost of such notice shall be paid by the governing body of the municipality. Three (3) duly certified copies of such resolution requesting the proposed boundary changes, together with proof of compliance with the notice requirements aforesaid, shall be filed with the Clerk of the County Commission, and shall be accompanied by the following: (A) An accurate legal description of the lands or land area involved in such proposed boundary change. (6) A map or survey sketch accurately showing the location of the area involved, the existing boundaries of the municipality or municipalities affected, and indicating the relation of the area involved to the existing municipal boundaries. (C) Certificate of the County Supervisor of Registration certifying that the area involved in the proposed boundary change contains either more than two hundred fifty (250) residents who are qualified electors, or less than two hundred fifty (250) residents who are qualified electors. (D) A brief statement setting forth the grounds or reasons for the proposed boundary changes. (E) In the event any municipality other than the municipality initiating the proposed boundary change is materially affected thereby, a resolution of the governing body of such affected municipality or municipalities consenting to the proposed boundary changes shall be obtained and duly certified copy thereof furnished to the Clerk of the County Commission. (F) In addition to the foregoing, there shall be filed with the Clerk of the County Commission the following information: (1) Land use plan and zoning. The municipality shall present a general land use plan and a map showing proposed zoning for the subject area which, if annexed, will be enacted by the municipality. This information shall be submitted regardless of size of area or state of existing development. (2) List of services to be provided. In this section the municipality shall describe in detail the character and amount of services which the municipality would provide to the area if annexed. The discussion of service levels shall take into account not only existing development but changes in the character and extent of development which may be reasonably anticipated in the near future based on the land use plan and zoning for the area as submitted by the municipality in accordance with (1) above. The North East Dade Annexation Study 37 -----.....-""T----------- statements pertaining to the various ser vices shall be set forth under the headings listed below. The character and amount of services now being received in the area sought for annexation shall be set forth for comparative purposes. (a) Police protection. (b) Fire protection. (c) Water supply and distribution. (d) Facilities for the collection and treatment of sewage. (e) Garbage and refuse collection and disposal. (f) Street lighting. (g) Street construction and maintenance. (h) Park and recreation facilities and services. (i) Building inspection. U) Zoning administration. (k) Local planning services. (I) Special services not listed above. (m) General government. (3) Timetable for supplying the services listed above. For each of the services listed the time schedule for the provision of that service shall be set forth. The timetable shall be in terms of how soon after the annexation ordinance is finally adopted will the service be provided. If changes in the character and extent of the development in the area can reasonably be anticipated, these changes shall be taken into account in the proposed timetable. (4) Financing of the services listed above. For each of the services listed above, estimates of the costs of providing, maintaining and operating the service shall be set forth along with the methods used in making the estimates. The sources of funds which the municipality would utilize in providing, maintaining and operating the services listed shall be stated for each service and the effect this will have on the remainder of the municipality shall be analyzed. (5) The tax load on the area to be annexed. This section of the report shall discuss in narrative form, including estimated figures, the direct and indirect tax revenue from the area sought for annexation after annexation compared with the current period before annexation. Particularly this section shall clearly and concisely appraise the tax impact on the property owners and others residing andlor doing business in the area, and on those residing andlor doing business within the municipality. Methods utilized in making estimates contained in this section shall be fully and clearly set forth. (G) Certificate of the Director of the Department of Planning and Zoning certifying that in the Director's sole determination an area proposed for annexation or separation having two hundred and fifty (250) or fewer registered electors is more than fifty (50) percent developed residential. This certification will determine whether an election of registered electors will be required as provided in Section 20-9. North East Dade Annexation Study 38 (H) A petition filed with the Clerk of the County Commission indicating the consent of twenty-five (25) percent plus one (1) of the electors in the area proposed for annexation provided however, no petition shall be required where the property proposed for annexation is vacant or where there are two hundred fifty (250) or less resident electors Sec. 20-5. Initial consideration of proposed boundary changes. The Clerk of the County Commission, upon receipt of a request for boundary change filed in compliance with Section 20-3 or Section 20-4 hereof, shall cause such matter to be placed upon the official agenda of an ensuing regular meeting of the County Commission, and shall notify the person, group or municipality initiating the boundary change of the date of the regular meeting at which such matter will be considered by the County Commission. A representative of the petitioners or of such municipality, as the case may be, may be heard briefly by the County Commission in respect to the merits or propriety of the request for such boundary change. The County Commission shall refer such proposed boundary change to the County Planning Advisory Board for review, study, consideration and recommendations. Sec. 20-6. Consideration by Planning Advisory Board. (a) The Planning Advisory Board, upon receipt of a petition or resolution referred by the County Commission and the recommendation of the Boundaries Commission, shall study, review and consider the request for boundary changes embodied therein. The Planning Advisory Board, in its discretion, may conduct a public hearing in respect to such proposed boundary changes and hear from all interested persons; the Board may require the petitioners or the municipality to furnish any additional information, data or instruments deemed necessary or desirable for consideration of such request. If the Planning Advisory Board conducts a public hearing in respect to such proposed boundary changes, it shall give written notice of such hearing to all owners of property within the area and within six hundred (600) feet thereof. The cost of such notice shall be paid by the individual, group or municipality initiating the proposed change. Before the Planning Advisory Board studies and reviews the request, the annexation report will be reviewed by the appropriate County personnel and by the Boundaries Commission. The statements contained in the annexation report pertaining to the quality, quantity, cost and timing of the services the municipality will extend to the areas requested for annexation will be reviewed by the appropriate County department to determine if the services proposed are adequate. The statements pertaining to the financing of the services and analysis of the tax load on the area to be annexed will be reviewed by the Miami-Dade County Budget Officer. Upon completion of these reviews, the entire application will be processed by the Boundaries Commission and the Planning Advisory Board and then forwarded to the County Manager's office for his review and recommendation prior to submittal to the Board of County Commissioners for their consideration. North East Dade Annexation Study 39 --"""'T'..------.'" (b) The Planning Advisory Board shall make written recommendations to the County Commission concerning such proposed boundary changes. Copies of such recommendations shall be filed with the Clerk of the County Commission, and copies shall be mailed to a representative of the petitioners or the municipality. Sec. 20-7. Public hearing. The Clerk of the County Commission, upon receipt of the recommendations of the Planning Advisory Board and the Boundaries Commission, shall set the matter of such proposed boundary changes for public hearing at a regular meeting of the County Commission and cause notice of such public hearing to be published in a daily newspaper of general circulation in Miami- Dade County at least once not less than one (1) week prior to the date of such public hearing. Notice of such public hearing shall be furnished to a representative of the petitioner or the municipality initiating the proposed boundary change and to all property owners within the area and within six hundred (600) feet thereof. The cost of such notice shall be paid by the individual, group or municipality initiating the proposed change. At such public hearing, the County Commission shall review and consider the recommendations of the Planning Advisory Board, and shall afford to all interested persons an opportunity to be heard upon the merits and propriet y of the proposed boundary changes. (A) At the conclusion of the public hearing the Board of County Commissioners, in evaluating the appropriateness of a petition for boundary change shall consider the following guidelines: (1) The suitability of the proposed boundaries, in conjunction with the existing municipality, provide for a municipal community of interest that is both cohesive and inclusive. The proposed annexation area should: (a) Not divide a U.S. Census Designated Place, to the extent feasible. (b) Include adjacent areas of ethnic minority and lower income residents in which a majority of those residents have so petitioned. (c) Have contiguity and not create any unincorporated enclave area(s). An unincorporated enclave area is defined as an area that would be 1) surrounded on more than eighty (80) percent of its boundary by one (1) or more municipalities and 2) of a size that could not be serviced efficiently or effectively. (d) Have natural or built barriers as boundaries, to the extent feasible, and (2) The existing and proposed projected property tax cost for municipal- level services to average homeowners in the area as currently unincorporated and as included as part of the annexing municipality, (3) The proposed annexation area is totally contained within the Urban Development Boundary depicted on the future Land Use Plan map of the Miami-Dade County Comprehensive Development Master Plan, North East Dade Annexation Study 40 ---~----'~~'-~_.- (4) The impact of the proposal on the revenue base of the unincorporated area, and on the ability of the County to efficiently and effectively provide services to adjacent remaining unincorporated areas, (5) The financial impacts of the proposed boundary change on the remaining unincorporated areas of Miami-Dade County. Specifically in order to insure fiscal equity the per capita taxable property value of the proposed annexation area should fall between twenty thousand dollars ($20,000.00) and forty-eight thousand dollars ($48,000.00) in order to assure that fiscal viability is maintained in the unincorporated area. The range of per capita taxable value shall not apply to the annexation of unincorporated enclave areas that are surrounded by more than eighty (80) percent of their boundary by one (1) or more municipalities and are of a size that can not be served efficiently or effectively. (6) Any other factor that arises by virtue of recommendations of the Boundaries Commission, pursuant to Section 20-30 of the Code. (7) Any other factor that arises by virtue of any special or unique circumstances of a given area. (B) At the conclusion of such public hearing, the County Commission, in the exercise of its discretion, may deny the requested boundary change, by motion, or may direct the County Attorney to prepare an appropriate ordinance accomplishing the proposed boundary change, which ordinance shall be placed on the official agenda of a subsequent regular meeting of the County Commission for consideration and adoption on first reading, or the County Commission may defer such requested boundary change for further consider ation at a subsequent meeting, at which no public hearing or discussion by others than members of the County Commission shall be required. Sec. 20-8.1. Retention of electric franchise revenues. Any changes in the boundaries of municipalities involving the annexation of unincorporated areas of the County shall be made subject to the provisions of Ordinance No. 89-81 granting an electric franchise to the Florida Power & Light Company, and shall be effective only upon the condition and with the reservation herein stated that the County shall continue to collect and receive all electric franchise revenues accruing within such annexed areas from the effective date of Ordinance No. 89-81 during the full term of the County franchise in the same manner as though such annexed areas remained a part of the unincorporated areas of the County. Every ordinance enacted to effectuate the annexation of unincorporated areas of the County to a municipality shall expressly set forth such condition, unless the Board of County Commissioners, for good cause, shall waive such condition by two- thirds vote of the entire membership of the board Sec. 20-8.2. Retention of all utility tax revenues. Any changes in the boundaries of municipalities involving the annexation of unincorporated areas of the County, and shall be effective only upon the North East Dade Annexation Study 41 -'_..,..,_.....~--..__... condition and with the reservation that the County shall forever continue to collect and receive all utility tax revenues accruing within such annexed areas in the same manner as though such annexed areas remained a part of the unincorporated areas of the County. Every ordinance enacted to effectuate the annexation of unincorporated areas of the County to a municipality shall expressly set forth such condition. Sec. 20-8.3. Retention of cigarette tax revenues. Any changes in the boundaries of municipalities involving the annexation of unincorporated areas of the County shall be made subject to the provisions of Ordinance No. 69-7 [Sec. 29-2], imposing an excise tax on the retail sale of cigarettes in the unincorporated area of Miami-Dade County pursuant to the provisions of Article VIII, Section 6(f), Florida Constitution, and Section 210.03, Florida Statutes, and shall be effective only upon the condition and with the reservation that the County shall continue t 0 collect and receive all cigarette tax revenues accruing within such annexed areas in the same manner as though such annexed areas remained a part of the unincorporated areas of the County. Every ordinance enacted to effectuate the annexation of unincorporated areas of the County to a municipality shall expressly set forth such condition. Sec. 20-8.4. Retention of garbage and refuse collection and disposal. Any changes in the boundaries of municipalities involving the annexation of unincorporated areas of the County shall be effective only upon the condition and with the reservation that the County shall either forever continue to collect and dispose of all residential waste in such annexation areas in the same manner as though such annexed areas remained part of the unincorporated areas of the County, unless the authority to collect such waste is delegated by the County to the governing body of the municipality throughout a twenty (20) year interlocal agrement which provides for collection services, and a twenty (20) year interlocal agreement which provides for disposal services in substantially the form approved by Resolution No. R-1198-95. Every ordinance enacted to effectuate the annexation of unincorporated areas of the County to a municipality shall expressly set forth such condition. Sec. 20-9. Election on proposed boundary changes; required. (a) If a boundary change involves the annexation or separation of an area having two hundred fifty (250) or fewer resident electors, and the area is more than fifty (50) percent developed residential, no proposed boundary change shall be accomplished unless a majority of resident electors voting at such an election approve such boundary change. All costs of such elections shall be paid in advance by the persons, group or municipality initiating the proposed boundary change. If a boundary change involves the annexation or separation of an area having two hundred fifty (250) or fewer resident electors, and the area is less than fifty (50) percent developed North East Dade Annexation Study 42 ---""""T"-."'-..--. residential, the Commission may by ordinance effect the boundary change in accordance with Section 5.04.B of the Home Rule Charter. The determination of whether an area is more or less than fifty (50) percent developed residential shall be made in the sole discretion of the Director of the Department of Planning and Zoning. (b) In the event that a boundary change involves the annexation or separation of an area of which more than two hundred fifty (250) residents are electors, the Board of County Commissioners, pursuant to Section 5.04(B) of the Home Rule Charter of Miami-Dade County, Florida, may call an election to be held for the purpose of submitting to these electors the question whether the proposed boundary change shall be approved or disapproved. All costs of such elections shall be paid in advance by the persons, group or municipality initiating the proposed boundary change. North East Dade Annexation Study 43 MAPA .. Miami - rJ.i(Ie County North East MAC . n'''' ~ ~ ... . ........ "lI'lflEllllMCa~ _"/IoUjDfRalOl ~H""'l'f /V$lreC!l - ..-...-....-.-<- ._- ._- .- - . ---r North East Dade Annexation Study 44 )..., CITY OF AVENTURA OFFICE OF THE CITY MANAGER MEMORANDUM DATE: City Commission ~ Eric M. Soroka, ICMA-CM, ~M~ r September 13, 2004 TO: FROM: SUBJECT: 21301 Biscayne Boulevard City Property Appraisal Attached hereto is the Appraisal Report prepared for the City Property located at 21301 Biscayne Boulevard. The property value was appraised at $820,000. EMS/act Attachment CC01316-04 COMPLETE APPRAISAL OF REAL PROPERTY 0.47 Acres - MO-Zoned Aventura Parcel 21301 W. Dixie Highway Aventura, Fl33180 IN A SELF CONTAINED REPORT As of August 11, 2004 Prepared For: City of Aventura 19200 West Country Club Drive Aventura, FL 33180 Prepared By: Roe Minor Realty Consultants, Inc. 1131 SE Third Avenue Fort Lauderdale, FL 33316 RMRC File ID: 04-147 Roe IIIII M i n 0 r REALTY CONSULTANTS August 20, 2004 Bruce C. Roe, MAl Emeritus 5L CerL Gen. REA No. 0000073 Mr. Eric M. Soroka, City Manager City of Aventura 19200 West Country Club Drive Aventura, FL 33180 Chorles E. Minor, MAl 51. Cerl. Gen. REA No. 0002152 Zillah L. Tarkoe, MAl 51. (er1. Gen. REA No, 0001800 Re: RMRC #04-147 0.47 Acres - MO Zoned Aventura Parcel Dear Mr. Soroka: At your request, Roe Minor Realty Consultants is delivering a complete appraisal in a self- contained report format on the property referenced above. The purpose of this report is to estimate the Market Value "as is' of the fee simple interest based on conditions prevailing as of August 11, 2004. The analyses, opinions, and conclusions were developed in conformance with interpretation of the guidelines and recommendations set forth in the Uniform Standards of Professional Appraisal Practice (USPAP) and the requirements of the Code of Professional Ethics and Standards of Professional Appraisal Practice ofthe Appraisal Institute. This report was prepared for the City of Aventura and is intended only for asset evaluation purposes. It may not be distributed to or relied upon by any other persons or entities without the written permission of Roe Minor Realty Consultants, Inc. Our value opinion is qualified by general assumptions, limiting conditions and definitions, which are set forth in this report. Please note the followina sDeciallimitina condition and extraordinary assumDtion: The subject parcel Is subject to Ordinance 9910 which restricts development of MO-zoned sites to those with a minimum of 1.50 acres. Therefore, the subject at under Y:z of an acre would require either 1) a variance or 2) assemblage with adjacent lands in order to be developed. Our analysis assumes that this variance is attainable based on our discussion with the planning department regarding the disposition of past and current requests for variances under the same circumstances. Our valuation is subject to change should a variance not be attainable. 1131 5.E. Third Avenue. ForI Lauderdale, Fl33316.1109. (954) 763.8033. Fax: (954) 763-8157. www.raeminar.cam APPRAISALS. CONSULTATIONS. STUDIES Mr. Eric M. Soroka City of Avenlura August 20, 2004 Page 2 The essential data and analytical process used in estimating our final value estimate are included within the attached report. This letter is invalid unless attached to the report in its entirety. Based on our analysis, the market value of the subject property, as set forth, documented and qualified in the attached report is: Market Value "As Is": 08/11/2004 Eight Hundred Twenty Thousand Dollars ($820,000) (At a reasonable exposure/marketing period estimated to be 6-12 months) Our intention in preparing the following report was to provide supporting detail as necessary for the reader to understand this appraisal per our agreement. Should you have any questions, comments, or require further assistance, please contact us. Respectfully Submitted, ROE MINOR REALTY CONSULTANTS, INC. ~/ Charles E. Minor, MAl State Certified General Real Estate Appraiser No. 2252 cminorCCi>roeminor.com Denise Reid Raska State-Certified General Real Estate Appraiser No. 1961 draskaCCi>roeminor.com CEM/DRR:md TABLE OF CONTENTS Paae # LOCATION MAPS ............................................................................................................................ 1 EXECUTIVE SUMMARy.................................................................................................................. 2 ASSiGNMENT................. ................................... ..................................................................... ......... 2 LEGAL DESCRIPTION.. .......................................... ............................................................. ........... 3 OWNER AND PROPERTY HISTORY .............................................................................................3 COMPETENCY PROVISION ........................................................................................................... 3 EXTENT OF ANALySiS......................... ................................... ..................................... .................. 4 AERIAL PHOTO .............................. ............................................................................ ..................... 5 SUBJECT photographs.............. ................................................................. ..................................... 6 PLAT MAP .............................. ............................................................ .............................................. 8 DESCRIPTION OF THE SITE .........................................................................................................9 ZONI NG ........................... ................................ ... ............................................................................ 10 Land Use Plan.......... ............................................. ............................................................... ...... 10 Concurrency....... ....................................................... ..................................................... ............ 10 TAXATION........ ............................... .................. ............................................................... .............. 11 Folio Number(s )...................... .......................................................................... ..... ..................... 11 Assessment & Taxes ................................................................................................................. 11 REGIONAL ANALYSIS ..................................................................................................................12 MARKET FINANCING OVERVIEW ...............................................................................................15 MARKET AREA ANALYSIS ........................................................................................................... 16 HIGHEST AND BEST USE ............................................................................................................ 20 As Though Vacant..................... ............................................ ........................................ ............. 20 LAND VALUATION .................... ................................................................................... ................. 22 Discussion of Sales.......... ............................................................................... ........................... 22 LAND SALES MAP ........................................................................................................................23 Adjustment of Sales ...................................................................................................................25 CERTIFICATION .......................................................... .................................................................. 27 ASSUMPTIONS AND LIMITING CONDITIONS ............................................................................29 ADDENDA Comparable Land Sale Data Sheets Legal Description Definitions Qualifications of Appraisers and Copy of Licenses A B C D 0.47 Acres - MO-Zoned Aventura Parcel LOCATION MAPS Roe~Minor REALTY CONSULTANTS .1 . location maps 0.47 Acres - MO-Zoned Aventura Parcel EXECUTIVE SUMMARY Property Appraised 0.47 acres of vacant land along the western right of way of Biscayne. Boulevard. just south of the Miami-Dade County line, north of N.E. 2131h Street, Aventura, Florida 33180 Property Use Vacant land Land Area 0.47 acres; 20,495 sq.ft. Ownership City of Aventura Zoning MO (Medical Office) Folio Number 28-1234-001-0150 Highest & Best Use Medical office (per MO zoning) Market Value $820,000 Comments: Please note the followina sDecial Iimitina condition and extraordinary assumDtion: The subject parcel is subject to Ordinance 9910 which restricts development of MO-zoned sites to those with a minimum of 1.50 acres. Therefore, the subject at under Yo of an acre would require either 1) a variance or 2) assemblage with adjacent lands in order to be developed. Our analysis assumes that this variance is attainable based on our discussion with the planning department regarding the disposition of past and current requests for variances under the same circumstances. Our valuation is subject to change should a variance not be attainable. ASSIGNMENT Appraisal Purpose Intended Use Client Other Intended User Previous Clients/Users Estimate market value "as is" This appraisal is intended for mortgage collateral analysis and is not intended for any other use Union Bank of Florida None Roe Minor Realty Consultants or the appraisers have not previously conducted an appraisal, feasibility study, consultation, RoetMinor REALTY CO NS ULTANTs -2- executive summary 0.47 Acres. MO-Zoned Aventura Parcel Report Option Interest Appraised Property Appraised or other related service in connection with the property being appraised. Complete appraisal, self-contained report Fee simple Real estate only; our analysis and value does not consider any personal property, business, or going concern value. LEGAL DESCRIPTION The source of the following legal description is the public records: 3451 42 .45 AC MIL MAP OF HALLANDALE PB B-13 ALL OF THAT PART OF E400FT OF LOT 1 L YG W OF HWY LESS N500FT BLK 3 LOT SIZE 162.450 X 121 OR 11493-148306825 OWNER AND PROPERTY HISTORY Current Ownership: City of Aventura Sale History: The former owners, Ruth Present and M. Mutchnik, Trustee owned the property since May 1974 purchasing it for $55,000. A quit claim deed was filed between Ruth Present and City of Aventura on March 2, 2001 (OR 19561/1636). An affidavit was subsequently filed on June 12, 2001 by the former owners. Current Disposition: We are not aware of any current listings, letters of intent, etc. COMPETENCY PROVISION We have complied with the Competency Provision of the Uniform Standards, which states that prior to accepting an assignment, the appraiser must properly identify the problem to be addressed and have the knowledge and experience to complete the assignment competently. We have appraised many properties similar to the subject in our careers and other properties in this market area. Our qualifications are included in the addenda to this report. RoelMinor REALTY CONS LPLTAN T5 .3. legal description 0.47 Acres - MO-Zoned Aventura Parcel EXTENT OF ANALYSIS In the process of completing this appraisal, we have completed the following: . Inspected the subject property and surrounding market on August 11, 2004, at which time we took notes and photographs as to occupancy and condition of the property. . All data necessary to complete this assignment was provided. . Gathered information on zoning, taxes, and other governmental regulations affecting the property. . Researched the market for comparable land sales. This involved gathering data from the public record and verifying it with various owners, agents, and property managers. The depth of analysis is intended to be relevant for the appraisal assignment at hand. The data have been analyzed and confirmed with sources deemed reliable, whenever possible, leading to the value conclusions set forth in this appraisal. . Estimated the value for the property under its hiahest and best use. We used the sales comparison approach which is typical for vacant land.. The final value is based on this approach's strengths, weaknesses and quality and quantity of data available. An appraisal is composed of several interrelated assumptions and procedures that have a common goal - a credible and reliable opinion of value. . We have appraised the market value "as is" of the real estate only. Roe~~Minor R~A~TV CON~ULTANT5 -4- extent of analysis 0.47 Acres - MO-Zoned Aventura Parcel AERIAL PHOTO RoclMinOf ii"'i"A"LTv CON! ULTANT$ -5- aerial photo 0.47 Acres - MO-Zoned Aventura Parcel SUBJECT PHOTOGRAPHS ;:":: ,'~~~~~::~~;L:~~~~~~~!:":~~3?:,i,~~~~1t~~ Looking west from NE 213 Street at subject site Looking south at subject site Roe ~~ M ilL.Q.j REALTY CON! ULTANTS .6. subject photographs 0.47 Acres - MO-Zoned Aventura Parcel Looking south from NE 213 Street along Biscayne Blvd; Hospital visible in background Looking south along Biscayne Boulevard from north of subject site RodlHlinor R~ALTY CONSULTANTS -7- 0.47 Acres - MO-Zoned Aventura Parcel PLAT MAP 9~~- " '^ {",N~",~~~;h~1 rR":TB (151-58) BU-1 DADE AVENTURA ". '0 . OJ [lIE"' """ " ", . <it C, 1. . " '^ "' " ~ Av0mJR4 COllPtWlATE ~ __on PROSPERI 't f" OP (11-8) " < > < .' "" w o I!~ "' 207th_ BISCA' RMF-4 TlliloCT "~. Roc~~Minor RI!ALTY CONSULTANTS -8- pial map 0.47 Acres - MO-Zoned Aventura Parcel DESCRIPTION OF THE SITE Location The site is located along the western right-of-way of Biscayne Boulevard, just north of N.E. 213th Street and approximately 500' south of the county line. Biscayne Boulevard is also known as State Road NO.5 and U.S. Highway 1. The parcel is within the municipal limits of Aventura, FL 33180 Ingress/Egress Via Biscayne Boulevard; typical for the area. N.E. 2gth Court bounds the property to the west but is an unimproved dirt road at the present time. Size 0.47 acres; 20,495 sq.ft. as indicated on the legal description previously provided to us and included in the addenda to this report. Shape Irregular, but adequate for development Topography Level; at or slightly below road grade level Soil Conditions No soil boring tests or engineering reports were submitted to the appraiser. Drainage Considered adequate Flood Map Map #12025C0082, dated 3/2/94 lists it as Zone AE, an area of within the 1 OO-year flood plain with a base flood elevation of 6 feet in this area. This condition is similar for other properties in the area and region. Easement We are not aware of any adverse easements from our inspection, surveys, or the client, that would affect the value or marketability of this site. Site Improvements The site is vacant with no known improvements. Environmental The estimated value herein assumes that the property is unaffected by environmental issues. Please refer to Item 9 in the Assumptions and Limiting Conditions Section of this report. Utilities All utilities including electric, phone, potable water and sanitary sewer are available and assumed to be of sufficient capacity for reasonable development. Roelll~Minor REA LTY CONSU LTANT S -9- description of the site 0.47 Acres - MO.zoned Aventura Parcel Jurisdiction Classification Uses Allowed Zoning Restrictions: Setbacks Height Lot Size Lot Coverage Open Space Floor Ratio Comments ZONING City of Aventura MO (Medical Office) This district permits a variety uses including business and professional offices, hospitals, nursing homes, medical laboratories, dental and medical offices, banks and savings and loans (no drive-thru tellers), restaurants as accessory uses, pharmacies, hotels/motels, ALFs and other accessory uses. This newer "district is intended to provide for medical offices and other uses supporting the medical professional associated with the hospital". Retail uses are specifically prohibited on less than 2 gross acres, and are permissable as a conditional use with a minimum of 2 gross acres. Front - 50', no parking within 30' on any residentially zoned parcel or within 10 feet of any street line. Side - 20' and rear 25'. Maximum height of 10 stories not to exceed 120 feet Minimum 100' width and 1.5 acres including right-of-way dedications Total of 40% 18% (lots up to 1 acre in size for one story buildings) .40 at one story The subject parcel is subject to Ordinance 9910, which restricts development of MO-zoned sites to those with a minimum of 1.50 acres. Therefore, the subject at under Yo of an acre would require either 1) a variance or 2) assemblage with adjacent lands in order to be developed. The site would be suitable for a small medical office or professional building. land Use Plan Source Designation Comments Concurrency City of Aventura Business & Office Zoning and land use are consistent Florida's Growth Management Act is being implemented at county and city levels according to varying schedules and criteria. This law was passed to ensure that there are sufficient roads, water, sewer, fire/rescue, drainage, recreation, parks, solid waste removal and mass transportation Drior to development approval. Two test time frames are applied to each proposed RoelMinor REALTY CONS ULTANTS -10 - zoning 0.47 Acres - MO-Zoned Aventura Parcel development: (1) subject build-out, and (2) existing and proposed projects that were previously approved for capacity reservation. Concurrency is controlled by the City of Aventura. Concurrency is ultimately determined at site plan submittal based on proposed use, size, and impact on existing roads and services. Our valuation assumes normal levels of concurrency with no excessive burden. TAXATION Properties are assessed as of January 1 st by the County Property Appraiser's Office. Taxes are paid in arrears by November 1st of the same year. Full payment is due by March 31st, with discounts given for early payment. Folio Number(s) The property is assessed under the following tax identification or folio numbers: #28-1234-001-0150 Assessment & Taxes Real Estate Taxes Subject Property Total Assessed Land Value 2002 235,224 2003 294,030 Millaae Rate Subtotal Advalorem Tax Plus: Non-advalorem Tax Gross RE Tax If paid at early discount 4% 21.9635 6,458 Q 6,458 $6,200 NOTE: Site is tax exempt as it is owned by City. Taxes shown are calculated by applying the current applicable millage rate to the current assessment. This appraisal does nat include income from sales taxes, nor do we count it as an expense. We also do not consider personal or corporate taxes. Rod~Minor ~YCONS~ - 11 - taxation 0.47 Acres - MO-Zoned Aventura Parcel Recent Performance. Ihe :'>liami l'conom} is ll'nniall'arL.. "jlh both a ne\\ <Irl museum and imprming but mOTl! ..Im,l) than pn',i()usl~ ('sll. a sd~nl'(' mU'>l'Ulll Mon' allri:Klion... and al)- mallod,accordinglothI'BL,,'sannualbell('hmark Ill'dllng rl'sldelln'''' \\1Il l'nhaOll' thl' 1"('\isiOIlS 10 emplo}mcnI ([dla. Ill....'t'dd of turn. dOlII1IO\\n'SaprJl'al. dra\'\ing morc\lsilorsami jog up shorll) after ils Idle ~OOI dip - as pn"- touri." ,>pcnding. .\ morl'atlra('Ii\l' dOl\nl<l\\1l b<>ru:hnUlrL.. flAure's indlcdll'd. l'mpl()~n)(.'nl1n wiUahoboo", rt'sldl'nllcllpropl'Tt} \dIUl'S,m- MI.\ <:lfluall} look much IO!1J.lI'r 10 srabillLt" bOI. hann' lht' \aIUl' of thing (Ilmntowo, and ,,1{'1ll loming on!) In Iht' JIljddll' uf la'" } ear. Manufa(-- tht' OU1110" of resident". luring, tran..portalionandcl'tailconIUlUt.' to~hl'd SOUTHCOM. ~II.\ (ould lo..e a \dluablt' t'('O- jobs in ML\, \'ohile h~dllhcar(', husinf'ss M'r.icPS nomif assf'1 in Ihc20lJ:l round 01 ha..e rt'aliJ.:1l and tourism au' ('J\.panding. Latin, \l.lll'rkan dh 1- l.lWllh and do..un'!'. mIl \0. 'I he ll,~, ~()UI herD slon headQuarlt'rs of mulTinational firms mn- Lommand (S(ll '1IlUlMl - lilt' joint nlmmand linue \0 IridJe into Ihe 1lll'lrn area, I lousing is for aliI ,~, mHilar) opcralionsinLaTin _\merka H'r) ..11011&, tourism is imprO\ irijl. and bu~jn('~s and the Caribbean - has been headquartered bankruptrie..mntinul.'lof,lil. in ML\ ..inn' 19/)7, \\ht'n il I\as lransfl.'frl'd Housing, MUUdl1l)l: In the ..1~1l'-famil) and fmlll i'andllla Ul~ ,I'andllla. I'ht' opcrdtion em- mndomarkt>tsmminut's to run hot!\ in \Il.\ - a 1)1()~s almut 1,:lIXI dirt't-tl~ dnd has an annual sourcl' of growlh in construction Pd~roUS and budgeT of rou:Jhl~ S:;OO million. Ihl' HHear mllSWller spendillJ.:. Single-l'all1jJ~ llermi1ling Iea..e on its rurren! fadlit~ rWls (Jut In 2007, rea("ht'dan~r{'('ordin20tn,dimbingO\t'f-lO%. and Ihe Pentagon has nol made publit' an~ l'rin' gr(lI\lh ha~ sllPlX'd a bit trom I1s peal-. but plan.. 10 rent'Vo. Iht' It'as!" or build a dedkdll'd remaim.inthedouhlcdigits. MulHfamil) Pt'rmit- fadlit~. .\nd while Ihe hurf'aurralif functions ling in LOO'! reached ils ..emnd hiKht'!Stlf'\d in of SOl' lil(U\1 rdOl'aled 10 \11.\. Ihe militar~ the Id..l!our )l'Qrs; l'fllldo ronslrurlioll is most Infra"trurlult' ..lctllercd 10 olher ~ilt's in lilt' Iikd) drh ing the ~ro"lh. On th(' dl'nmnd ..idl'. rl'}:lon. prlndpaU~ l'ul'rto Rifo. II i~ not dear Qukl-.t'ning household formations \\i1I ..Upporl whether ""1)aratUIl: the T\\'o lunction.. has im- tlu'markt'1 mer lht' n~'-' 1'''0 ~ears. and beller prO\ed olwratiomll t>flkieoq .I'llldll). ,..ilh thl:' job gnl\\th will augment household imoJ1lt's. current adminisTration's foru.. on translorm, 1100\eH~r, on lK'1. Ihe n~tlw.- Quarter.. are lik_d~ ing Ihe illllildf~ 10 meet ('merging lhrt'al.., onl' To t('mper buHdirlJ.\ lx'fauS{' of rising mOrlg<lge or moll.' unificct t'onunands ("ould bl' foldf'd ral"''' ami lalJlog ill'fordabllll~. i ht-' runup ill undt'r Ihe domain of anothN. house prit"(,'!o>-10pping I J'J6 for lhe last t\'oo~t'ars Miami's recovery is only now gaining lI'aC- - is ccrtalnl~ unsuslailldbll.', ~i\'en iDmml:' grn\'olh tion and remains tenuous, dependem upon a illlhl.' mid- to low'Mostle digiTs.. solidly improving U_~. and global economy_ Downtown facelifl .\ handful of ('OnSlrUl- Near.term risks include a slowing bou.'ung lion fdeelif,,, \\iIllmllrow the dl~ of \!ldOlfs markeT and a falloff in International lrade atlradhf>ncs... Cil~ nlnlrnis..ioner.. in Miami voJume.Overthelonglerm,themelroarea's Bedch ha.H~ apprO\t'd plans lor a new '\-lU mil- conunerdal and governmental connections lion com-ell h..1I c1~sl~nt'd b~ arrbi1('(1 I rank with Latin America wJU be a sturdy source w.'hn. Jlott'l-IO-condo mnwrsions are Olijl'O' for growlb. as wJU Its strongly diversified log, and lhe do\\ntO\\n'..Ot'<;\)l:n OhMlcl isgt'l- economy. MIA's economy is expecled 10 Ting $-10 million in 11(-,\\ rcsidt:>ntial. rl:'tail, ~tu. malch tbe national average in the longnm.. dioand ofIin' spa('('.'rht'lil~ dJ,,()ismO\~on IJtll'ld(,lwm' plans tu rc\ltaIlLt' the nO\\-alJandont'd Bit"Cll- Man'h:!(lO./ Prkl. METRO@ 20G-4 E~onomy.wm,ln~.. 600 Wlllowbrook Lana, SIIIu. 600. W..t Chester. PA 1"'2.810.696.1700.610.896.0175 fu .W_.KOnorny.cam Fo'lhe confIdenllal """ ~ iubllcribers. AlIhouohlhetnfofmalionlnlh15'eporlh05 boenobt..ned from "'lS<:e5lhlll Erooomy.com, Inc. bel........ 10 be ....bble, _do rd OU3"an\eellsaccu,acy,and.tJChillormatlonm:ll'beinrompleleOJrondensed.Thl!lpltllicabonisaYolllablelhroughlhelnlBmel:;tErnoomy.com STRENGTHS . U.S. gateway 10 fast-growing economies of Latin America . Seen asa gateway to U.S. hispanicmat1o;et by foreign firms . Well-de....eloped shipping and distribution Infrastructure. WEAKNESSES . Relatl....e1y low housing affordab~lty. . ProxImity to Everglades limits westward expansion. . Congested roads and airport. CURRENT EMPLOYMENT TRENDS January 2004 Employment Growth % Change Year Ago, 3 mo. MA ". COrwlllld1on ....nuMdU"1lIl m. 1_1.11.... -. FIl.1dIIIAdMl8I P",,4B..__SfCI EIlU&HIIlIlIIYCI LMura4H;11ll1_tr --- --, " .. ., -10 -8 ~ -4 -2 0 FORECAST RISKS UPSIDE a Free Trade Area of the Americas Is created. WIth MIAas Seaelariat. . Domestic in-mlgralion picks up. . Cuba opens up to greater foreign investmerrt. DOWNSIDE . In-migration from LalinAmerica deteriorates. . Housingalladltlillyfalisappreciably. . Flagging infrastruclure in....estment diTlinishes city's appeal. REGIONAL ANALYSIS ... Roe ~I~ M i.!!Ju REALTY CONSULTANTS -12 - regional analysis 0.47 Acres - MO-Zoned Aventura Parcel TOP EMPLOYERS Jackson Memorial H06pHal UnlwrsllV of Miami .A.m9ricanAlrllnes Mlami-lJOOe COmmullIly GoIleQ9 Baptist HealthSystems of Miami American Express ComPlllY Pracislon RclsponSll Corporation United Parcel Serke. Inc. BellSoulhCollXlratlon CamllCll Cruise Unes Publix Supermarkllts. he. Florida Power & Light Company Florida ~emalianal Univarsily Mount Sinai Medical Center Burdlnes Cadars Medical CentGr Wim-OlxieStcres,lfIC. Royal Caribbean Cruises ltd. WachcNo COfJXlmtion Mastec Source. TIleB6&'ooCouocl1 OClOber2003 . 11,700 9.097 9,000 7,&10 7,000 6,000 6,000 5,000 4.700 4,000 4,000 3,665 3,500 3,000 2,982 2,684 2,672 2,500 2,500 2,400 PubUc Federal. .... . ..... ....... 20,364 state .........................................................18.315 Local... , .. . ... . ..... 112,202 2003 . 1N1llllI\'l!W.~ IIoOlDlYono(U,$.) 1,00 ..80 Sector Construction Manufacturing Durable Nondurable T ransporUUtllities Wholesale Trade Retail Trade Information Financial Actlvlties Prof. and Bus. Services Educ. and Health Services leisure and Hosp. Services Other Services Government COMPARATIVE EMPLOYMENT AND INCOME % afTolal Employment Average Annual Earnings MIA Fl US MIA Fl US 4.1% 6.1% 5.2% $35,176 $35,290 $39,845 5.2% 5.3% 11.2% $33.973 $42,825 $48,756 54.2% 65.5% 61.8% nd $43,969 $50,404 458% 34.5% 38.2% nd 540.538 $45.969 6.5% 3.1% 3.7% nd $39,683 $44,972 7.0% 4.3% 4.3% $48,211 $48,099 $51,842 11.7% 12.6% 11.5% $24,564 $22,810 $22,635 2.8% 2.4% 2.5% $69,631 $52,601 $69,569 6.7% 6.7% 6.1% $40,409 $32,146 $41,740 14.6% 17.2% 12.3% $37,111 $32,740 $43,053 12.9% 12.1% 12.8% $36,048 $35,017 $34,032 9.2% 11.1% 9.3% $24,731 $21,490 $19,135 4.0% 4.3% 3.9% $16,295 $18,390 $19,842 15.0% 14.5% 16.6% $47,359 $42,751 $42.939 Source: Percent oftofB/ employment. BLS, 2003; Average annual earnings - BEA, 2001 HOUSE PRICES 280 280 U.S. MIA 240 220 200 160 160 140 120 100 60 67 69 91 93 95 97 99 01 03 Source; OFHEO, 1987Q1 = 100, NSA CREDIT QUALITY 0.60 OA. ..20 ',00 lqatlJWM EIIPl.<>'INENJVOI,Anurv DlJETQu.a RaA1MTQ fLUC1VA'IlONs ".$. """ ... ... .... ... '"' i.iiA .....ioUli.a.bUS titiS..MA Intolllllml - . . ~bllr lI.diu olMlgrantJ Income 1 ... f._ IlS 125' its "SQ.SB ,,- LEADING INDUSTRIES HAlCS Industry Employees (000) Net MigraliQn,MlA 30.000 25,000 20,000 15,000 10,000 5,000 0 1198 '999 2000 2001 2002 Dom.ltic fonoign .*, _304,043 42.642 8,499 .29.351 51,0'2 21.656 _29.&41 .... 261152 .30.315 50,321 ,,,.., ..28.161 50,310 22,143 5613 Ef11Jby1Tlffil8\Cs 7211 Tra;ele(AccommodaUon 4451 Groce!)'stores 6211 OllcesdPhyslclallS 5411 L9;la15\C8 4&11 ScilOOuledAirTr.msportaboo 5221 Depa;ttayCredllrtarmedalim 5616 In\aSUgatim&SecurllySICS PH PrNIlteHolJ!!ehoIdWorkers 4181 CIothnllSlores Sol18 Adwrtlslng&RelatetlS\Cs 4461 HoolIh&PeuonalCa'llStores 4234 Pmf.& COlTIm. Eqlllp &Supp MerdlWhoIe 4244 Groce!)'&RelaledPrOOucIWhole 4251 Whole. Elec. M3kels &. AQllnls & 8mkel!;. Hllh-ledlemployment As~dla"alempbtrllel11 ,... ,... ,... "" 2002 21,' U ." 19.. 19.3 ... 1U 14.' 13.3 .U 11.8 10.5 ... ... U Soun:e: IRS (bp), 2002; Census Buteau & Erorany.can, 2002 PER CAPITA INCOME 30,.13 32.. '-' o 1J1I11A.FL.US Source: BLS, Economy.com, 2003 Source: Bureau of Ecmomic Analysis, 2001 P,.cl. METRO@2004Economy.com,lnc. 0 601) WlIlowbrvok L.~, sun. 100 ow.. Ch..llr, PA 11J382 0 610.616.8700 0 610.11&.0875 fIX 0 _._nomy.com For the wnlldentllil u~e of Sltl~a1befli, Attooug, the i1Ia"matm 1'1 thllllelDrt ha~ been obtal'1edfrom 90urceslhet ECOf'Dmy.wm, Inc. bel_Io tle relable,"'" do nol QUIOnntee ill; llcaJr.ocy. and 1lrl1 ~alb1 mav be i1wmplele or (Xlnden~d, Thil; pWlicalion is :<vailable thmLIQh the Irternel al EoonomV,com Roe ~ M.i....!I.Ju REALTY CO I'll tlLTA NTI -13 - 0.47 Acres - MO-Zoned Aventura Parcel Hospitality Drivers Bouncing Back Housing Market Not Oversupplied lS 46 Average daMy room rate. % chang9 year ago 3-ygar mO\/lng sums, !hs Residential p9nnlts 10 41 . 36 S 31 0 - '.,.~ i 26 -6 21 -10 ,. -lS 11 Source: Smith TraYeI RQSQarm Sources: BOC, Economy.com -20 6 01 02 03 95 97 99 01 03 Tourism driH'fs arc Slrt'ngthl'nin~ in ~1L\. Hotel o(cupam'y and prking power haw shO\\T1 inneasinR mettle in rennt months tiS financial markl'ls restofe a measure of Hnandal security to Yarationers, and busin('ss('s h'ntatin'lr begin l()osenin~ trawl budgets. It is likely that intw f10rida travel has driwn a significant p0l1ion offhe rebound. uS air traffic to .\Iiami Intt'rnatinlldl dt'dined in 20<f:l. HmH'\'cr, part of that dc'{'line may lx' attributable' to the' rist' of budgt't carriers ill nearby rort l<Iuderdalc/Hollywood International. wht'f(' arrh"als haY(' soan'd. Public Sector I' W.ak 153 Gov9Il1ment employment 152 151 150 149 149 147 145 01 02 03 04 (;on'rnm('nt pa}Tolls an' nmtributin~ less to labor market nrowth in ~IL\. LOCOlI gOYl"rnment has (-,eased R;fOwing I'or the last two Yfars, wbilt' staW go\"('rnment payrolls haYe b('en nmtral.ting. Tt'acher retlremt'nts combint'd ,,;th the state's dass size reduction amendment "ill require ilR;grt'ssin~ tea(:her hiring oyer tht' next h'w yt.'ars, but stronnt'r hiTinn has }"l't to kirk in. Federal payrolls, which got a strong boost in late 2002, re<ITht'd a plateau in l.O(H foUnwing the one time homeland serurit)" surge. The publk s<<--"Cfur's ('xpam,ioD in ~IL\ is t'xpertt'd to lag that of th(' prinne st'(.tor on-r the fore('ast horizon. ML\'s housing market is not oHrsupplit'd, acmrdinl-\ to Et:onomy.mm estim,Hes, whit'h take into an'ount tht' pare of pt'rmittinl-\ and household formations. Economyxom ('stimah's that the housing market is in fal't undersupplied by about Ont' to Iwo months worth of building. Tht' dost'lr mat{'ht'd rist's in dl'lnand and supplr fortifr the outlook for house prk'es but also herald dif'ficultit's down th(' road for affordabilitr. :\ffordability has fall('o to Ill'aTI) 5U% lower than Ihe national an-rage in \It\, ..lIld thl' ~ap is t'\:pel.'ted to pt'rsist as hmd scan:ity pushes den~l()pment costs hiAher. ImportlExport Activity Looking Heafthler 5 2.7 4 Miami Customs District trada. $ bil SolSce: BOC 3 2.4 2 2.1 1.9 o -I 03 Import and ('xport drti"itr in th(' Miami Customs District has pit-kt'd up speed. thanks prim.lrilr to a sh'ady rist' in imports. Seaborne trade (('xports and imports) through tht' district gn'w for tht.' hrst time in three years in LOIU, rdlcrfing positi\'e mnmentmn at tht' Port of' \liami. Cargo tonnage there rost' ].7W.in the 20lB fis('a} r('ar. Tram)}ortation and w<J.rt'housing n'main ,wak pat<'hes in the ~ll.-\ l<J.bor market and would benefit fmm busit~r shipping a{'th.ity. Global economic growth is projectt'd to a('l.'elerate this y('ar, with Latin .\meriCil hitting its p('ak t'xpilnsion in 2005. Pmts METRO@2004Economy.com, Inc.' 600 Wlllowbrook LWla, Suha 600. Wast Chester, PA 19382. 610.696.8700' 610.6K.0I711 fo: '_w.Kooomy.com Fort~e mrfkler1lilll useorsubscrtlers AlholJltl the Inform.llon in lhis reporlt1llS been llbt.lnedfrom aoulCesthgt Ecor1omy,com. Inc, belll!"o'l:!5b be fel.ble, we do not guwanl8e I1Ii act:Urocy, and ~l.d\ ilformalion may b6 ilmmplete Of conOensed, This pltJlicllliln is available ltlro~h Ihe lriemelal Ernnomycom Roell~Minor REII LTY CONSULTANTS -14 - 0.47 Acres - MO-Zoned Aventura Parcel MARKET FINANCING OVERVIEW Date Complied: 8/9/2004 7/12/2004 8/11/2003 Source: Wall Street Journal, Crittenden, bankrate.com Short -Term Long-Term 1 Month 1 Year Trend Trend Current Earlier Earlier Index Watch Prime Rate Stable Up 4.25% 4.25% 4.00% 26 Week T-BiII Rate Up Up 1.74% 1.63% 1.03% 10 Yr. Treasuries Down Up 4.43% 4.46% 4.34% 1-10 Year AAA Bonds Down Up 3.67% 3.85% 3.44% 6-month LI BOR Up Up 1.94% 1.84% 1.18% Home Mortaaae Rates 30- Year Fixed Down Down 5.53% 5.72% 5.88% 15- Year Fixed Down Down 5.04% 5.22% 5.26% 1-Year Adjustable Up Up 4.73% 4.71% 3.90% Commercial and Industrial Loans L T Fixed Rate Bank I Insurance Co. Avg Up Up 6.40% 6.31% 6.25% 11.00% 1 10.00% 8.00% 9.00% 7.00% 6.00% 5.00% 4.00% 3.00% l>l N '" '" ... ... on on :g :g .... .... <Xl <Xl '" '" 0 0 0; 0; N N '" '" ... ... '" '" '" '" '" '" '" '" '" '" ill '" '" 0 0 0 0 0 0 0 0 '" '" '" '" '" '" '" '" '" '" '" '" ~ '" '" 0 0 0 0 0 0 0 0 0 0 - - ~ - - - - s: s: ~ s: s: ~ s: s: ~ s: - ~ ~ - <0 Oi <0 Oi <0 Oi <0 ~ <0 N <0 Oi <0 ~ <0 Oi <0 Oi <0 ~ <0 N <0 Oi <0 Oi I___=-_i~ T Comm/lnd Rate~=---~-1 0 Yr Treasuries ~-'-Prime Rate I !!JuIMinor REALTY CONS lILTANT! -15. market financing overview 0.47 Acres - MO-Zoned Aventura Parcel MARKET AREA ANALYSIS 'Pl!mflruke.Palfl .21 -....,r..--- Jllpl, MIll ,., , ....-- - t-- t North "'~... ^\\\, ....... . '" !@ [", boL__ mn4~'usA 1A .'Sstem ShOlti Bb.o-otM Overview The immediate market area or neighborhood is commonly referred to as the Aventura area of Miami-Dade County. It is located in the furthermost northeastern corner of Miami-Dade County at the Broward County line. The city includes about 785 acres, or 3.2 square miles. Physical boundaries of the area are noted below: Primarv Market Area North South East West Dade/Broward County Line Southern municipal limits of City of Aventura Atlantic Ocean Western corridor of Biscayne BoulevardlDixie Highway Access The primary thoroughfare in the neighborhood is Biscayne Boulevard (U.S. 1). This is a 6-lane highway that runs north/south, primarily parallel to the ocean. It is located approximately one mile east of Interstate 95 and five miles east of Florida's Turnpike. Both these highways are major north/south expressways linking South Florida to the northern extremes of the state, as well as other parts of the United States. Biscayne Boulevard also is approximately one mile west of the Rod~Minor REALTY CONSULTANTS -16 - market area analysis 0.47 Acres - MO-Zoned Aventura Parcel beachfront highway, State Road A1A. In recent years, Biscayne Boulevard was widened from four to eight lanes from 135th Street, north to 215th Street. An overpass that created a new intersection at Biscayne and Ives Dairy Road was completed in the past few years. The public improvements greatly improve accessibility from Aventura to 1-95. There are three main arteries linking the subject neighborhood and Biscayne Boulevard to Interstate 95 and Florida's Turnpike. These arteries are North Miami Beach Boulevard (Sunny Isles Boulevard in the south), Miami Gardens Drive (William Lehman Causeway) and lves Dairy Road at the neighborhood's center, and Hallandale Beach Boulevard (a Broward County thoroughfare) in the north. William Lehman Causeway is a high speed, 6-lane, easVwest causeway providing vehicular access east from Biscayne Boulevard to the northern beach areas. Sunny Isles Boulevard (a/k1a Miami Gardens Drive) and Hallandale Beach Boulevard also are transportation routes linking the subject to 1-95. Ives Dairy Road (a/k1a N.E. 203rd Street) however, provides the most direct access from the subject to the Interstate. This 6-lane, easVwest route is just south of the subject. ComDosition Development in the area consists of a wide spectrum of land uses ranging from single family homes to the Aventura Mall and mid-rise office buildings. A large concentration of high-density condominium projects along with some smaller, mid-rise projects can be found in this neighborhood. Approximately 85% of the land in the area has been developed. In the immediate subject neighborhood (I.e., by Aventura Mall) there is very little vacant land. Most development ranges in age from new to twenty years old. Older improvements are interspersed throughout, but they are primarily along Biscayne Boulevard. Principal residential developments in the area include Aventura, Turnberry, Williams Island, Mystic Point and The Waterways. End prices in Aventura and Turnberry range from approximately $50,000 for one bedroom/one bath units in the development's older buildings, to over $1 million for the priciest units in Turnberry. The Waterways is more moderately priced and features almost every product type from zero lot line single family housing to towering high-rise condominium buildings. Its location is good, however, it lacks the prestige of Turnberry. It is in its final development stages with a 34.6-acre Intracoastal property being developed with 1,144 units in five 30-story buildings and 60 townhomes. At build out, the Waterways will have over 3,500 units. Aventura Lakes, a development about % mile north of Aventura Mall, will include 475 homes on 100 acres, and is now selling homes from $250,000 to $595,000. Roe ~ M i.!!.Ju REALTY CONSULTANTS -17 - market area analysis 0.47 Acres. MO-Zoned Aventura Parcel Principal commercial developments in the area consists of the highly successful Aventura Mall, a super-regional mall with over 250 stores and restaurants; Loehmann's Plaza, a regional center with approximately 230,000.:!: square feet; Promenade Shoppes (located on the north side of Aventura); The Waterways Shoppes; and other smaller strip centers with local tenant and grocery store space. Promenade Shoppes, in particular, provides various types of shopping. Aventura Commons, a large power center anchored by Target and Best Buy is located at the extreme northern portion of the subject's neighborhood. It contains in excess of 250,000 sq.ft. of retail space and is directly across the street from the subject. Our discussion with local brokers indicates retail space along Biscayne Boulevard rents from $25 to $35 per sq.ft. net of reimbursements. The office market has little vacancy in the area. There appears to be demand from doctors and dentists for smaller blocks of space around the hospital. In addition to the above-mentioned projects, the area features a wide variety of miscellaneous strip stores and freestanding retail and service establishments, especially in the U.S. 1 core area and along Hallandale Beach Boulevard to the north. Also of note is the Gulfstream Race Track, which is located across Biscayne Boulevard to the northwest of the subject at Hallandale Beach Boulevard, north of the county line. Gulfstream is undergoing $120 million in renovations as of mid-2004 and recently began tearing down its grandstand and clubhouse. Another large-scale project known as "The Village at Gulfstream Park" is scheduled to start in 2005. The mixed use project will include 1,055 condominiums, 1.3 million sq.ft. of retail space, 300,000 sq.ft. of office and commercial uses, 1 ,500-seat theater and a 500-room hotel. This will be built on 85 acres just south of the racetrack and across from the street from the subject site. Although located in Hallandale Beach, the size of the project is felt to have a tremendous impact on the entire area and has been designated as a Development of Regional Impact or DR!. The City of Aventura and surrounding communities will have an opportunity to review plans and provide input. The Aventura Hospital and Medical Center is located several hundred yards south of the subject site along the west side of Biscayne Boulevard. This facility serves northeast Dade and Southeast Broward Counties. The 432-bed hospital has just completed Phase I of a $130 million expansion project. Phase I, the North Patient Tower is an 11-story building that includes a new Emergency Department, Surgical Center and Intensive Care Unit. This building has 243 patient rooms. The hospital's overall Master Plan provides for expansion, renovations and eventual replacement of most of the original hospital. The facility has 759 physicians on staff and provides inpatient and outpatient diagnostic and surgical services. The facility has two surgical centers nearby in North Miami Beach and in Hallandale. Demoaraohics The corridor north and south of Aventura along the Intracoastal Waterway is one of the highest density areas in the county. There is a wealthy nearby population, which helps foster business development and expansion in the immediate geographic region. Rod~Minor REALTY CONS ULTANTS -18 - market area analysis 0.47 Acres - MO-Zoned Aventura Parcel The northeast comer of Miami-Dade County is known for being a pocket of affluent households. Its location between Miami and Fort Lauderdale, as well as its own (economic) employment base, enhances its attractiveness to professionals and businesses employed in both counties. Development in the area has been tailored to fit the needs and lifestyle of this target market. Thus, income levels are higher than would typically be found in most sub-markets. It is important to realize that income figures are somewhat misleading due to the number of retirees living in the area. Retirees often pay cash for their unit and rely upon dividends, interest, rent and pensions for income. Also eluding the statistics are the second homebuyers, which are typically foreigners from Europe and South America. They have been an important part of the upper end luxury condominium market and desire exclusivity, security and lifestyle. Thus, the heavy retirement and seasonal population understates the actual income levels for the area. Overall, a large percentage of high-income residents reside in Aventura. These residents own homes as primary households, retirees and second home purchasers. The area is judged to be advancing, in terms of price, population and prestige. Coinciding with the history of the immediate area, most of the population growth has occurred in the past ten years. Population doubled between 1970 and 1980 and again between 1980 and 1990. It is estimated that over 30,000 people reside within a 1.5-mile radius of the site. The rate of growth in households has outpaced that of neighboring sub-markets. Between 1970 and 1980, households grew at a rate of 122.8%; this rate slowed somewhat from 1980 to 1990 with households increasing only 90.4%. Summary The City of Aventura was incorporated in 1995 and encompasses an area of 3.2 square miles. Aventura reports a year-round population of 25,000, which increases by about 6,000 in the winter. Overall, the neighborhood is considered to be a good location for medical/professional/retail buildings because of the high density of the surrounding residential population, the concentration of offices, coupled with the fact the area is still in a growth stage of development. The demographics confirm the affluent characteristic of the neighboring population base. Over the near term, the neighborhood should continue to experience strong growth, and long-term prospects for real estate values are considered good. The existence and proximity of the Aventura Mall and Aventura Commons to the subject site is especially key to the demand of the subject for retail use. The Aventura Medical Center provides a demand for medical and office space as witnessed by the construction of new medical office buildings surrounding the expanding hospital. These properties have a tremendous draw and adjoining properties enjoy the benefits of that draw. As a result, the subject's market has a favorable impact on its value and marketability. W ~IHlinor REALTY CONSULTANTS .19 - market area analysis 0.47 Acres - MO-Zoned Aventura Parcel Most Probable Purchaser/Market Participants The subject site is located in close proximity to Aventura Hospital and Medical Center and is zoned for medical offices. Based on this and the ongoing sales activity in this immediate vicinity, it appears that a developer that specializes in the development of medical office buildings, and integrated medical services and health care centers or a group of medical practitioners would be the most likely buyer for the site. Exposure Time/Marketina Time Exposure Time is always presumed to precede the effective date of the appraisal. It is the estimated time that the property would have been offered on the market prior to the hypothetical consummation of a sale on the effective appraisal date at market value. The estimated exposure time is a function of price/value, time, and use and is not an isolated estimate. Exposure time can vary with type of property and market location. Therefore our exposure time estimate is correlated with the estimate of market value(s) in this report. Marketing Time is that period immediately following the effective date of appraisal during which the subject property could sell at our appraised value(s). This assumes professional and competent marketing. A reasonable estimate of marketing time therefore involves some prediction into the foreseeable future and if conditions in the markets for the subject property warrant any deviation from normal periods of exposure in the market. Based on our research, we do not expect significant changes in supply/demand for the subject property. We have estimated a marketing time similar to the exposure time which is estimated at 6 to 12 months. HIGHEST AND BEST USE Highest and Best Use is the reasonably probable and legal use of either vacant land or an improved property that must meet the four following criteria: legal permissibility; physical possibility; financial feasibility; and maximum productivity. Highest and Best Use is the foundation on which value is based. As Though Vacant Leaallv Permissible / Phvsicallv Possible The legally permissible uses were discussed in the zoning section of this report. As mentioned previously the MO district prohibits development on sites smaller than 1.5 acres. Therefore R () e ~I~ Mi n () r REAtTY CONSULTANTS - 20- highest and best use 0.47 Acres - MO-Zoned Aventura Parcel nothing can be built unless a variance from lot size restrictions is granted. With a property that conforms to other all zoning requirements, it appears likely to be approved given past approvals and other sites currently in process. The subject site contains 0.47 acres with approximately 175 feet of frontage along Biscayne Boulevard. Access, drainage and other characteristics suggest a building of up to approximately 7,000 sq.ft. (one story) could be built with sufficient parking. Of course, it is most likely a develop would exceed one-story to maximize the site. Financiallv Feasible Prior to the passage of Ordinance 9910, the demand and supply characteristics of this market along with the pattern of surrounding uses indicated that retail uses would return the highest value to the site if vacant. The timing and risk of such development was also superior to other permissible and possible uses. After passage of Ordinance 9910, the site cannot be developed unless a variance is granted. If a variance were granted, the most likely of permissible uses under MO zoning is for a medical office building of up to several thousand square feet. This would capitalize on proximity to and the expansion of nearby Aventura Hospital and Medical Center. It also keeps with the "spirit" of the city's new MO zoning district. Conclusion-As Thouah Vacant As a result of the foregoing analysis, the highest and best use of the subject site, as vacant, is for medical office use. Roe~Minor REALTYCON;;~ -21 - highest and best use 0.47 Acres - MO-Zoned Aventura Parcel LAND VALUATION We have analyzed recent sales that are similar to the subject site in terms of location and buildable utility. The unit of comparison was price per square foot, which is typical with this type of property. Individual data sheets for the sales considered most similar to the subject appear at the addenda section ofthis report. Discussion of Sales In searching for comparable sales, we sought sites with similar zoning, use, size, location and potential income. We looked for sales in the immediate market area with an MO zoning. We found several sales over the four years, although most are part of an assemblage by one buyer. We have summarized these 10 assemblage sales as Land Sale 3 in this report. There were no listings of MO zoned parcels in the Aventura area as well. We previously determined that the subject site under MO zoning is best suited for medical office use, for which there appears demand in the market. Both Sale 1 and 2 were purchased for this use after Ordinance 9910 was enacted. Sale 2 has been improved with a medical office building and Sale 1 is currently in the process of obtaining a variance for the same use, therefore we believe these are good indicators of value for the subject. Sale 1 is located along the west side of Biscayne Boulevard just north of the subject site. This site sold in December 2003 for $1,650,000. This site was 37,500 SF or 0.861 acres which is below the minimum size of 1.5 acres required to develop a site according to Ordinance 99-10. The buyers purchased this site in December 2003 but did not submit for a variance until June 2004. The site is up for a public hearing in September 2004. The buyer applied for a variance from the minimum lot size restriction and also for an abandonment of the right-of-way (at the northeast terminus of NE 214 Terrace and NE 29th Court). The site totals 42,732 SF with the abandoned R- O-W. The submitted site plan indicates the buyer plans to build an 8-story medical office building containing 43,035 SF. Sale 2 is located along the east side of Dixie Highway between NE 206'h and 20th Streets, approximately 1 block from Biscayne Boulevard. The buyer, Medistar Corp, specializes in the development of medical office buildings, integrated medical plazas and ambulatory care centers. This site is below the minimum size of 1.5 acres required to develop a site according to Ordinance 99-10. The buyers purchased this site in April 2001 and subsequently received a variance (submitted June 2001). The site was improved with a 4-story, 38,834 SF medical office building. ~e ~~ MilLu REALTV CONSULTANTS -22 - land valuation 0.47 Acres. MO-Zoned Aventura Parcel m1li zJtfiIIII~' lrun TfIIIIIU f- NE ~3 -110, sa;';; .J ffllll ~I~ HfmfT F II" . fflllll fill NE 213th ST. ~ "~IIII III~ :=':J H ItI:HII C lJJl;lli ~ INE'~th ~. N III rnll~o= III Dill " " PROSPERl. Y FA M~ _ _ (11-8) ~la} ~ . - 5.0. ~t..J NE x a 9 " -. . F'{T J. ,;j SALE 1 ~/~; I i~~ " n'\I~ll' I~~~rrl'l ni , LAND SALES MAP t2:'Jjf' f{ ~'I~ ~u't~~ ?~ rl' f~ f~t~-? tH'J;1J{;IJ'!" i SALE 2 I c:r=}~7;;i'!"nl'i' ~,I '1;,i;~~r~~w}"i#!~'r!~~.J",.~, !) ,",.,..i',!,'I'I" I LJ .! l.! I ,"" dl!:. " , ; t..: I--~I' ",' ~ IlllCtTJ,Jl':I"'.'!f, ' f::~;:I'i+I'J,' 11ft'M'I.il ;~!'i hi b'I,I,J"'1 I I"! ~i~:q1rr~~T 'I'f:~;:~nrf;, }ITJl;ilW,[~j ;-;'I~i~Llj~iHlj8] tJ Jt'i4~ riI:: \:J!I'emb ~ SUBJECT I B r < "<:-"'M~- -it.'., ^,~ru~,~ / HJ)-:,.)--(l)-' o TRA,ell TR.D " NE 211th ST. ~lsC\AYNE MEDICAL ~" r..PLAZA (137-76) TRACT'" (151-58) 40 1 W > < , '--I.~" ~~ TRACT 2 AVENTURA JR.C - C3-:.~' r ~'~' ~ (I' I--!-f '''j EBNE ZID'h ST ..::. , . . lot I - 2 ,. ~Bzog:h 1143.14'1( J, ST . 3. :~n:fTR. "AI Ii AVENTURA CORPORATE CEHTEIt II' TR,A 8d:nIB~lm 7 058-47) NE 208th ST. 'l ( OP x~~ W 4r,.~ o~EITrmIIIE [ij', ~~~g I'" '/ 'l-' -(K}-~ L N, 'w .z :~ :N , ~ ~~ ~"~ r:;;:: LAo ~lW~ ~~ ,;;: ct:N4H4. , , > < N,E. 0 HT I ST. I'. "'. I 111~j~ t!1.tr 8 ~ fill ~ I.l. NE 9.... TRI~ 18 rI) '\::l: ~ NE Z06t' ST I~< J ~e ~I~ M i nor REALTY CONSULTANTS - 23- land sales map a; f:! .. a. E = - c ~ "C .. C o ":l o ::e II) e ~ ... 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'0 C ~ ..... <( 8"'= "...J'" (I) ~ "' " " ~>- CD $"8jcgC'D ~o.h'cctcQ g<!> (f) m 0 CO) "0 ~~o~.,. <(~<OQ)..... EE'" 'C: 0 O-Je ~ 2 >- 0= 'ffi l.L ~ "' " " ~>- CD ~"8mc: ::J,~ J:;;'~ 0' '-' en Q) ~ ~2:'o <(~"'Q) E E (f~ " > 2 >- 0= -ffi l.L .. .~ 7ii .:l _00 J!~ 0'" _0 000 ~~ -'" '" .. .. m Ngo "0 me;; m", '" ~ '" -gO' "0 me m", ~ ~ '" u .. "is " m " 10 2Jll (I) -a,'C '0 -- 0- ~a::" OJ(/) 'C ~ CD.!: 5 0.. Q)1il g:e ..!e-.2.ro"E ~a.~~8 ~o ... .. 00 ~ '" ~~ ...~ ..... 00 ~ '" ~o;~ Gl ,0 .r-- ...~ Gl" ~ '" *,*#.#.#?F.?ft.?fi.?ft;. 0'0'0'0'0'10100'0' N NN 1'-0 '" '" ,gg 'i~ 'tiN ,,00 "", e 00 go o .. '" '" ~ '" g#.rJ;1;?ft O~"I""a)O oC">";C"') ."......COfA. ....~ ~ ~ r '" '" 00 ?ft.?ft.?ft.tf?'rft.?ft.?ft.?ft.'#- 0'00000'0'0'0' ~ ~ GlO"'~O ....00)0' C-;O'<;t~ ........0'0> ...4I4N(O .. go o .. '" ~ r '" g?ft.~~?ft. O~G) .0' ON..;~ '" .... Cl:I_ co~ r r '" '" 00 cfi.cfi.cfi.cfi.cfi.cfi.cfi.cfi.cfi. 000000000 '" . .. l.L (I) to "- " "' " ~ UJ it .a CD c CD :g.gg.g~ Q)c..:gc..~ ~~8~i5 ....U)Q)U)ii):;=:: ~:; ~ ~.~ ~ ~ ~<C::E<C~SU5 "' 10 Cl>g>Q)U) .~~Eg-~ oa..!!:!.cu Nc:(Q.Wc:( m~~c ";~ro1l C"') Q) Q) co ~~<> " -0 .. roc~ >~Q) " ~ ;; '" .. ::;; ;; '" .. ::;; '" UJ o>r--o> "''''''' 0)""':""; "''''... .. .. .. l.L m "- II 'C "- .." roro:C C'CroUe;! Q),S-O_ro E en = co a. -aii).2.l'tI'E ~ co ~" , Q) " ~ ,-- c: 8 In -o.....coCl oo<(..,-l"- a.a.-c~Q):g ~~~U:::E~::E "- .. E '" " Iii .. "C c: .!!1 """ N ~: o. , =~ .-. :=E'; ~: =1: 0, =: 0.47 Acres - MO-Zoned Aventura Parcel Sale 3 is comprised of ten sales that occurred between April 2002 and December 2003. The buyer, Jasmin Investment LLC, has been assembling parcels in a three square block area lying between NE 213 St and NE 214th Terrace; east of Biscayne Boulevard and west of Dixie Highway. The parcels has ranged in size from 6,600 to 16,500 sq.ft. Some of the lots were improved with single family homes that were between 40 and 75 years old. All of the sales are interior sites located on NE 213 Street, NE 214 Street or NE 214 Terrace. None of the sites has frontage on Biscayne Boulevard or Dixie Highway. The summary of these sales from oldest to newest is as follows: Assembled Parcels - Jasmin Investments LLC All interior parcels located between NE 213th SI. and 214th Terr.: east of Biscayne Blvd and west of Dixie Hwy 1 Folio 28-1234-004-1 1 LAND AREA 1 No. Date Parcel No. Price Acres SF Price/SF Comments 10 04/22/02 1450 $325,000 0.23 9,900 $32.83 2,414 SF home 1966 9 05/08/02 420 $125,000 0.15 6,600 $18.94 1,734 SF home 1959 8 05/09/02 40,50 $72,600 0.15 6,600 $11.00 7 05/09/02 560 $95,000 0.15 6,600 $14.39 812 SF home 1958 6 05/09/02 810 $149,500 0.23 9,900 $15.10 776 SF home 1950 5 05/30/02 790,800,850,860 $135,000 0.30 13,200 $10.23 4 07/19/02 430 $150,000 0.23 9,900 $15.15 1,104 SF home 1925 3 07/24/02 830+870 $260,000 0.38 16,500 $15.76 2 03/04/03 720,770,780 $275,000 0.30 13,200 $20.83 1,150 SF home 1951 1 12/22/03 210,220,230 $220.000 0.38 16.500 $13.33 1,119 SF home 1954 Average All Sales $180,710 0.25 10,890 $16.59 5 05/30/02 790,800,850,860 $135,000 0.30 13,200 $10.23 3 07/24/02 830,870 $260,000 0.38 16,500 $15.76 2 03/04/03 720,770,780 $275,000 0.30 13,200 $20.83 1,150 SF home 1951 1 12/22/03 210,220,230 $220.000 0.38 16.500 $13.33 1,119 SF home 1954 Average Sales - Larger Parcels $222,500 0.34 14,850 $14.98 4 07/19/02 430 $150,000 0.23 9,900 $15.15 1,104 SF home 1925 3 07/24/02 830+870 $260,000 0.38 16,500 $15.76 2 03/04/03 720,770,780 $275,000 0.30 13,200 $20.83 1,150 SF home 1951 1 12/22/03 210,220,230 $220.000 0.38 16.500 $13.33 1,119SF home 1954 Average Sales - Last 24 months $226,250 0.32 14,025 $16.13 Adjustment of Sales The sales presented herein are all vacant parcels or purchased for redevelopment purposes. Although the sales are comparable in many respects, the dissimilarities that exist between the sales and the subject property must be considered. Roelll~Minor REALTY CONSULTANTS - 25- land sales map 0.47 Acres - MO-Zoned Aventura Parcel ProperlY Riahts. Conditions of Sale. and Financina The sales warrant no adjustments for property rights. These sales are "arm's length" transactions and provided a reasonable range of value for this type property. No adjustments for unusual financing are warranted, as these sales are all cash, or involved financing at market terms. Market Conditions (Time) Sales are adjusted up 4 % per year between the date of each transaction and the effective date of this appraisal. Listings and contracts are not adjusted for time as they represent current market transactions. This allows for recognition of the price appreciation expected by buyers and evident from sales in the recent past. Location An adjustment for location is required when the location characteristics of a comparable property are different from those of the subject property. The subject property is considered a good location. Each comparable was considered to be similarly located based on factors such as overall supply/demand characteristics, real estate values in general, and anticipated growth or decline relative to the subject. Phvsical We adjusted for property size, access, exposure, zoning, platting, as well as topography to the subject property as shown on the chart. Each sale was adjusted accordingly. Sale 2 required a small upward adjustment for exposure as it is located on Dixie Highway and not directly on Biscayne Boulevard. Biscayne has slightly better exposure than this site. As an aggregate, Sale 3 required upward adjustments for exposure and access as all the sales are interior lots on interior streets with no exposure. We also made a small upward adjustment for size to the Sale 3 average as these lots by themselves could not be used for any significant development. Land Value Conclusion The sales indicate an adjusted value range of $30.44 to $43.49 per square foot. Most reliance is placed on Sales 1 & 2, which are considered most similar to the subject and indicated a price per sq.ft. of $41.59. We have reconciled to a price per sq.ft. of $40.00. Therefore, our estimate of value for the subject land, as vacant, is 20,495 sq.ft. x $40.00 per sq.ft. = $819,800, or $820,000 (rounded) RoelMinor REALTY CONS ULTANT5 -26 - land sales map 0.47 Acres - MO-Zoned Aventura Parcel CERTIFICATION We certify that, to the best of our knowledge and belief: 1. The statements of fact contained in this report are true and correct. 2. The analyses, opinions, and conclusions in this report are limited only by the assumptions and limiting conditions stated in this report, and are our personal unbiased professional analyses, opinions and conclusions. 3. We have no present or prospective interest in the property that is the subject of this report and have no personal interest or bias with respect to the parties involved. 4. We have no bias with respect to the property that is the subject of this report or to the parties involved with this assignment. 5. Our engagement in this assignment was not contingent upon developing or reporting predetermined results. 6. Our compensation for completing this assignment is not contingent upon the development or reporting of a predetermined value or direction in value that favors the cause of the client, the amount of the value opinion, the attainment of a stipulated result, or the occurrence of a subsequent event directly related to the intended use of this appraisal. 7. Our analyses, opinions, and conclusions are developed, and this report has been prepared in conformity with the Uniform Standards of Professional Appraisal Practice, the Code of Professional Ethics of the Appraisal Institute and the requirements of the State of Florida Certified Appraisers. 8. The use of this report is subject to the requirements of the Appraisal Institute relating to review by its duly authorized representatives and the State of Florida relating to review by the Real Estate appraisal Subcommittee of the Florida Real Estate Commission. 9. As of the date of this report Charles Minor has completed the requirements of the continuing education program of the Appraisal Institute. 10. No one other than the undersigned provided significant professional assistance to the appraiser, unless otherwise noted in this report. The analyses, conclusions, and opinions are the effort of the undersigned. However, other professionals, companies, or members of our staff may have completed certain functions, such as data collection and verification. Roe ~~ Mi.!!....Q.j REALTY CONSULTANTS - 27- certification 0.47 Acres - MO-Zoned Aventura Parcel 11. Denise Raska made a personal on-site inspection of the property that is the subject of this report on 08/18/2004. Charles Minor did not inspect the property, but has reviewed this report, the analysis, data, and concurs with the final opinion of value. 12. The appraisal assignment was not based on a requested minimum valuation, a specific valuation, or the approval of a loan. 13. We have complied with the Competency Provision of the USPAP. Furthermore, we have read and understand the terms and conditions of the Engagement Letter and the Client Narrative Appraisal Instructions. In view of the facts and factors mentioned herein, and of the analyses of data, which have been considered in connection with this appraisal, we submit the following. Our final opinion of market value of the fee simple interest of the subject property is, therefore: Market Value "As Is": 08/11/2004 Eight Hundred Twenty Thousand Dollars ($820,000) (At a reasonable exposure/marketing period estimated to be 6-12 months) Our valuation is based on conditions existing as of August 11, 2004 (effective date) and is subject to the assumptions and limiting conditions set forth in this report and stated herein. Please note the following special limiting condition and extraordinary assumption: The subject parcel is subject to Ordinance 9910 which restricts development of MO-zoned sites to those with a minimum of 1.50 acres. Therefore, the subject at under y" of an acre would require either 1) a variance or 2) assemblage with adjacent lands in order to be developed. Our analysis assumes that this variance is attainable based on our discussion with the planning department regarding the disposition of past and current requests for variances under the same circumstances. Our valuation is subject to change should a variance not be attainable. ~//~----- Charles E. Minor, MAl State Certified General Real Estate Appraiser No. 2252 cminor@roeminor.com Denise Reid Raska State-Certified General Real Estate Appraiser No. 1961 draska((j)roeminor.com w~~Minor REALTY CONS ULTA NT! .28. certification 0.47 Acres - MO-Zoned Aventura Parcel ASSUMPTIONS AND LIMITING CONDITIONS General Assumotions and Limitina Conditions 1. The information identified in this report as being furnished by others is believed to be reliable, but no responsibility for its accuracy is assumed. Information from personal inspection and investigation is believed to be correct by us. The file relating to this report is in our office, 1131 S.E. Third Avenue, Ft. Lauderdale, Flonda, and is available to person or persons to whom this certificate is issued. 2. Responsible and competent ownership, management and marketing are assumed. 3. It is assumed that title to said premises is good, and that there are no restnctions as to its use, and that the descnption of the premises correctly designates the boundary lines. No survey of said property has been inspected by the appraiser(s) unless mentioned in the report, or a copy of same is presented in the report, and the appraiser(s) have made no survey of the property and assume no responsibility in connection with such matter. 4. The appraisal is of the date speCified and covers the premises descnbed only. 5. Neither all nor any part of the contents of this report shall be conveyed to the public through advertising, public relations, news, sales, or other media, without the wntten consent and approval of the author, particularly as to the valuation conclusions, the identity of the appraiser(s) or firm with which they are connected, or any reference to the Appraisal Institute, or to the MAl designation. 6. The values for the land and improvements contained in this report are constituent parts of the total value reported, and neither is to be used in making a summation appraisal by combination of value created by another appraiser. Either is invalidated if so used. The current purchasing power of the dollar is the basis for the value reported. 7. The appraiser(s) herein, by reason of this appraisal, shall not be required to give testimony or attendance in court or at any govemmental heanng with reference to the property in question, except as agreed upon at least 30 days pnor to such date. We reserve the nght to consider and evaluate additional data that becomes available between the date of this report and the date of tnal, if applicable, and make any adjustments to value that may be warranted. No testimony will be rendered unless the entire appraisal fee has been paid. Further, all testimony will be subject to expert witness fee previously approved by the appraiser(s). 8. This appraisal is presented as a complete, bound report, and may be considered valid only so long as it is presented in its entirety and all pages listed in the Table of Contents are present, and the appraiser(s) signature is accompanied by a raised seal. g. This valuation assumes that the property is unaffected by environmental issues. The existence of potentially hazardous materials used in construction of maintenance of the improvements, such as the presence of urea formaldehyde foam insulation, asbestos, andlor existence of toxic waste or radon, which mayor may not be present on the property, was not observed by us, nor do we have any knowledge of the existence of such matenals on or in the property. The appraiser, however, is not qualified to detect such substances. The existence of same may have an effect on the value of the property, which we mayor may not be able to estimate. We urge the client to retain an expert in this field, if desired. Roe~Minor REALTY CONS ULTANTS -29 - assumptions and limiting conditions 0.47 Acres - MO-Zoned Aventura Parcel 10. The appraiser(s) has not been furnished with soil or subsoil tests. In the absence of soil boring tests. it is assumed that there are no unusual subsoil conditions, or, if any do exist, they can be or have been corrected through the use of modem construction techniques at a reasonable cost. 11. The legal description used in this report was furnished to us by our client and is assumed to be correct. Legal counsel has not verified it, nor have we commissioned a survey of the parcel. Therefore, we suggest that this legal description be verified before being used in a legal document or conveyance. 12. We have not performed or reviewed a title search of the subject property. We assume that there are no liens against the property that would impact its value, unless otherwise noted in this report. 13. The appraiser shall retain ownership of all reports and all original documentation, field notes, memoranda, data and the like made, or assembled in and about the preparation of the report. No one other than the client may rely on or utilize the report without the appraiser's expressed written consent. 14. Any and all findings, predictions, assumptions, conclusions and the like contained in the report are the appraiser's professional opinion and are not assurances that future events or circumstances set forth herein will necessarily occur. 15. In this appraisal, we relied upon public information and staff interviews regarding zoning, land use and concurrency with growth management laws. However, we freely admit we are not zoning or concurrency experts and that final determinations can only be made by appropriate government authorities. Our valuation is subject to such determination. 16. The comparable sales data, if any, relied upon in this report is believed to be from reliable sources, however thorough inspection and first hand knowledge are not available for all sales, and it was necessary to rely on information furnished by others as to physical and economic data. Should any of this information be misrepresented to our firm, or be in error, it may have an affect on value. 17. are substantial changes to these plans, the valuation is subject to change. Extraordinary Assumotions & Soecial Limitina Conditions 18. The subject parcel is subject to Ordinance 9910 which restricts development of MO-zoned sites to those with a minimum of 1.50 acres. Therefore, the subject at under 11, of an acre would require either 1) a variance or 2) assemblage with adjacent lands in order to be developed. Our analysis assumes that this variance is attainable based on our discussion with the planning department regarding the disposition of past and current requests for variances under the same circumstances. Our valuation is subject to change should a variance not be attainable. Reoort Conditions and Acceotance of Assionment: The acceptance of this report and its use by the client in any manner whatsoever or for any purpose is acknowledgement by the client that this report is satisfactory professional product and that the client has personally read the report and specifically agrees that the data herein is accurate to the best of the appraiser and firm's ability. Rile ~I~ Mi!L.!t..! R~ALTY CONSllLTANTS -30- assumptions and limiting conditions 0.47 Acres - MO-Zoned Aventura Parcel As a part of the appraiser-client employment agreement, the client agrees to notify the appraisers of any error, omission, or invalid data herein within 15 days of receipt and to retum the original report(s) along with all copies to the appraiser for correction prior to any use or reliance whatsoever. Under no circumstances, shall the company's or appraiser's liability exceed the fee actually collected for this report, and then only in the case of gross error which would have materially affected the appraiser's value opinion as of the date of valuation. Roe Minor Realty Consultants warrants only that that the value conclusion is the appraiser's best opinion as of the effective date of this report. Roe Minor Realty Consultants is not responsible for any events, which may occur subsequent to the effective date including their impact on the estimate of value herein. Should Roe Minor Realty Consultants, Inc. andlor the appraiser(s) above be required to enforce the above assumptions, contingent and limiting conditions against any entity, person or persons claiming damages because of reliance upon or use of the appraisal report, that entity, person or persons shall be liable to the Roe Minor Realty Consultants or the appraiser(s) for all reasonable attorney's fees, costs, and expenses incurred by the appraiser(s) in enforcing this contract or defending the contingent conditions set forth in the appraisal report, including that incurred without suit, with suit, including all trials and appeals thereof. AcceDtance of deliverv or the Davment for services rendered constitutes acceDtance of this condition and all other cont/naent condltians set forth herein. Roe ~ MiJ!..J!.1 RI!ALTY CONS ULTANTs - 31 - assumptions and limiting conditions 0.47 Acres - MO Zoned Aventura Parcel ADDENDA SECTION - #04-180 0.47 Acres - MO Zoned Aventura Parcel Comparable land Sale Data Sheets legal Description Definitions Client Instructions Qualifications of Appraisers and Copy of State License A B C D E Roe ~I~ M i!!...Qj R~ALTY CON$VLTANTS 0.47 Acres - MO Zoned Aventura Parcel ADDENDUM A Comoarable Land Sale Data Sheets (1018,1020, N/A) Roe ~ M i.!L..u REALTY CONSULTANTS 0.47 Acres - MO Zoned Aventura Parcel ProDertv Identification Record 10 Property Type Property Name Address TaxlD lot/Block Sale Data Grantor Grantee Sale Date Deed Book/Page Recorded Plat Property Rights Verification Sale Price land Data Zoning Topography Utilities Shape land Size Information Gross land Size Useable land Size Actual/Planned Building SF Indicators Sale Price/Gross Acre Sale Price/Gross SF Sale Price/Useable Acre Sale Price/Useable SF Sale Price/Planned Bldg. SF LAND SALE NO. 1 1018 Commercial, Medical Office Medical Office Building Site 21420 Biscayne Boulevard, Aventura, Miami-Dade County, Florida 33180 28-1234-001-0160 & 28-1234--004-0340 & 0 pt of Lot 1, Blk 3, MAP OF THE TOWN OF HALLANDALE B/13 and Lots 9 & 10, Blk James Heiman & Hibar Development Inc. H & K Development, LLP December 1, 2003 21947/893 & 219 B/13 & 12/37 Fee simple James Heiman, Grantor, 305-661-9005, August 18, 2004; Paulette, Aventura Planning, 305-466-8940, August 19, 2004; Confirmed by Denise Raska $1,650,000 MO Mostly level Available Basically rectangular 0.861 Acres or 37,500 SF 0.981 Acres or 42,732 SF 113.95% 43,035 $1,916,643 $44.00 $1,681,957 $38.61 $38.34 Remarks This site was 37,500 SF or 0.861 acres which is below the minimum size of 1.5 acres required to develop a site according to Ordinance 99-10. The buyers purchased this site in December 2003 but did not submit for a variance until June. The site is up for a public hearing in September. The buyer applied for a variance from the minimum lot size restriction and also for an abandonment of the right-of-way (at the northeast terminus of NE 214 Terrace and NE 29th Court). The site totals 42,732 SF with the abandoned R-O-W. The submitted site plan indicates the buyer plans to build an 8-story medical office building containing 43,035 SF. ill ~ M i.1!Ju ilEAl-TV C 01'15 ULTAN TS 0.47 Acres - MO Zoned Aventura Parcel Property Identification Record 10 Property Type Property Name Address Tax 10 lot/Block Sale Data Grantor Grantee Sale Date Deed Book/Page Recorded Plat Property Rights Verification Sale Price land Data Zoning Topography Utilities Shape land Size Information Gross land Size Actual/Planned Building SF Indicators Sale Price/Gross Acre Sale Price/Gross SF Sale Price/Planned Bldg. SF LAND SALE NO. 2 1020 Commercial, Medical Office Medical Office Building Site 20601 E Dixie Highway, Aventura, Miami-Dade County, Florida 33180 28-1234-006-0940; 1 000-1 080 lots 12 - 30, Blk 8, HALLANDALE PARK NO 8; 20/49 Aventura Professional Center Medistar Corp April 3, 2001 19590/1768 20/49 Fee simple Paulette, Aventura Planning, 305-466-8940, August 19, 2004; Confirmed by Denise Raska $1,750,000 MO Mostly level Available Basically rectangular 1.153 Acres or 50,206 SF 38,834 $1,518,346 $34.86 $45.06 Remarks Medistar specializes in the development of medical office buildings, integrated medical plazas and ambulatory care centers. This site is below the minimum size of 1.5 acres required to develop a site according to Ordinance 99-10. The buyers purchased this site in April 2001 and subsequently received a variance (submitted June 2001). The site was improved with a 4-story, 38,834 SF medical office building. RodlMinor REALTY CONS ULTA NTS 0.47 Acres - MO Zoned Aventura Parcel LAND SALE NO. 3 ProDertv Identification Record 10 Property Type Address N/A Commercial, Medical Office Assembled Parcels between NE 213 5t and NE 214th Terrace; east of Biscayne Boulevard and west of Dixie Highway, Aventura, Miami-Dade County, Florida 33180 28-1234-004-various parcel numbers (see chart) HALLANDALE PARK 12/37 Tax 10 lot/Block Sale Data Grantor Grantee Sale Date Deed Book/Page Recorded Plat Property Rights Various Jasmin Investments LLC & Jasmin Investments Inc. LLC April 2002 thru December 2003 Various 12/37 Fee simple land Data Zoning Topography Utilities Shape MO Mostly level Available Rectangular (one parcel L-shaped) Remarks The buyer has assembled several parcels in the area. Assembled Parcels - Jasmin Investments llC All interior parcels located between NE 213th SI. and 214th Terr.; east of Biscayne Blvd and west of Dixie Hwy I Folio 28-1234-004-1 I LAND AREA I No. Date Parcel No. Price Acres SF Price/SF Comments 10 04/22/02 1450 $325,000 0.23 9,900 $32.83 2,414 SF home 1966 9 05/08/02 420 $125,000 0.15 6,600 $18.94 1,734 SF home 1959 8 05/09/02 40,50 $72,600 0.15 6,600 $11.00 7 05/09/02 560 $95,000 0.15 6,600 $14.39 812 SF home 1958 6 05/09/02 810 $149,500 0.23 9,900 $15.10 776 SF home 1950 5 05/30/02 790,800,850,860 $135,000 0.30 13,200 $10.23 4 07/19/02 430 $150,000 0.23 9,900 $15.15 1,104 SF home 1925 3 07/24/02 830+870 $260,000 0.38 16,500 $15.76 2 03/04/03 720,770,780 $275,000 0.30 13,200 $20.83 1,150 SF home 1951 1 12/22/03 210,220,230 $220.000 0.38 16.500 $13.33 1,119 SF home 1954 Average All Sales $180,710 0.25 10,890 $16.59 Rod~Minor REALTY CONSULTANTS 0.47 Acres - MO Zoned Aventura Parcel ADDENDUM B Leoal Descriotion lLLe ~~ M l..!!Ju REALTY CON S1iLTA NTS 0.47 Acres - MO Zoned Aventura Parcel EXHIBIT "A" LEGAL ()cSCRIP710N: A TRACT OF LAND BEING THAT PORTION OF LOT I, BLOCK.J. AlAP DF 1I1E TOWN OF HALLANOALE. ACCORDING TO 1I1E PLA T 1I1EREOF RECOROED IN PLA T BOOK "8" A T PAGE 13 OF THE PUBLIC RECOROS OF OADE COUNTY, A..ORIOA, LYING WESTERLY' OF 1I1E WESTFRLY' RIGHT OF WAY' BOUNDARY' OF SrATE ROAD NO. S (!'FDERAL HIGHWAY') LESS AND EXCEPTING 1I1ERUROM 1I1E WE.>T 222 FCF:T 'AND 1I1E NORTH 500 FCF:T 1I1EREOF. SAID TRACT OF LAND LYING SITUATO AND BClNG IN 1I1E NORTHWF:ST ONE-OUARTER (NW 1/4) OF SECTION 34, TOWNSHIP 51 SOUTH, RANGE 42 CAST; DAOE COUNTY, A..ORIOA, AND BEING NORE PARTlCULARILY OCSCRIBED AS FOLLOWS: . COMMENCE AT 1I1E NOR1I1CAST CORNfIR OF 1I1E NORTI1WEST ONE-OUARTOR (NW 1/4) OF SAIO SECTION 34, TOWNSHIP 51 SOUTH, RANGE -1-2 CAST; OADE COUNTY, A..ORIDA, SAID POINT BClNG ALSO 1I1E NOR1I1E"AST CORNfIR OF LOT I, BLOCK J OF SAID PLAT ENTITLED ~P OF 1I1E TOWN OF HAl:.J..ANOALE:' 1I1ENCE RUN SOU1l1 89'SO'IS" WF:ST ALONG THE NORTH BOUNDARY' OF THE NORTHWF:ST.ONE-OUARTER (NW 1/4) OF SAID SECTlON.Jof-, BEING ALSO ALONG THE NOR1I1 BOUNDARY' OF SAID LOT I A DISTANCE OF .-1--1-6. 10 !'Fa TO THE POINT OF INTORSECTlON WITH A LINE THAT IS PARALLEL TO ANO 222 Fea CASTERLY' OF, AS MEASUReD AT RIGHT ANGLE.> TO, 1I1E WF:ST BOUNDARY OF SAID LOT I: THENCE RUN SOUTH 01"29'-I-S" CAST ALONG 1I1E OOT DCSCRIBEJJ LINE A OISTANCE OF 5OO.IJ !'FIT TO THE POINT OF INTERSECTION WITH A LINE THAT IS PAIl!lLLCL TO ANO 500 !'Fa SOUTHERLY' OF. AS Mo.SURED A T RIGHT ANGLE.> TO THE NORTH BOUNDARY' OF SAID LOT I, SAID POINT BClNG ALSO THE POINT OF BEGINNING OF 1I1E PARGEJ. OF LAND HEREINAFTER TO Be OE.>CRIBED: THENCE RUN NORTH 89'50'15" CAST ALONG THE LAST DE.>CRIBED LINE A DISTANCE OF 160.14 FEET TO THE POINT TO INTERSeCTION WITH THE ARC OF A CURVE CONC4VE" TO THE NORTHWeST ANO HAVING A RADIUS OF 3784.B3 FEET; SAID POINT OF INTERSECTION BCARING SOUTH 69"29'.J8" CAST FROM THE CENTER OF SAID CURVE, SAlO POINT BClNG ALSO ON THE WESTERLY' RIGHT OF WAY' BOUNOARY OF SAIO SrATE ROAD S (FeDfIRAL HICHWAr); THEN RUN SOUTHWESTERLY' ALONG THE ARC OF SAID CURVE, BEING ALSO ALONG THE WESTtRLY RICHT OF WAY' BOUNDARY OF SAID STATE ROAD NO. 5. THROUGH A CENTRAL ANGLE: OF 02'J9'08" A DISTANCE OF 17S.20 FEa TO THE POINT OF INTERSECTION WITH THE SOUTH BOUNOARY OF SAID LOT I. 8LOCK J: THENCE RUN SOUTH 89"SD'-I-5" WCST ALONG THE SOUTH BOUNDARY OF A PORnDN OF SAID LOT 1 A DISTANCE OF 90.76 FffT TO THE POINT OF INTERSECTION WITH SAID LINE BEING PARALLEJ. TO AND 222 FEa CASTERLY' OF. AS MCASURED AT RICHT ANGLES TO, THE WEST BOUNDARY' OF SAID LOT I; THENCE RUN NORTH 01"29"-I-S" WEST ALONG THE LAST OESCRIBEO LINE A DISTANCE OF 162A6 FffT TO THE POINT OF BEGINNING, CONTAINING 20.495 SOUARE FEET MORE OR LCSS OR OA7 ACRCS MORE OR LESS. ALL OF THE FORE:GOING SUBJECT TO ANY' OEDIC4T10NS. LIMlrATlONS. RESTRICTIONS. RESERVATIONS. OR CASEMENTS OF RECORD RodlMinor ii"'iJ:'l:Ty CONS ULT,\N T S 0.47 Acres - MO Zoned Aventura Parcel ADDENDUM C Definitions Roe~Minor ~y CONSULTANTS 0.47 Acres - MO Zoned Aventura Parcel 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 and knowledge- ably, 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: buyer and seller are typically motivated; both parties are well informed or well advised, and each acting in what they consider their own best interests; a reasonable time is allowed for exposure in the open market; payment is made in terms of cash in United States dollars or in terms of financial arrangements comparable thereto; and the price represents a normal consideration for the property sold unaffected by special or creative financing or sales concessions granted by anyone associated with the sale." Source: Uniform Standards of Professional Appraisal Practice PROPERTY RIGHTS APPRAISED The fee simple estate is being appraised. It is defined in The Dictionary of Real Estate ADDraisal. Third Edition (American Institute of Real Estate Appraisers, 1993) as: "Absolute ownership unencumbered by any other interest or estate subject only to the limitations imposed by the governmental powers of taxation, eminent domain, police power, and escheat." DEFINITION OF INVESTMENT VALUE The speCific value of an investment to a particular investor or class of investors based on individual investment requirements; distinguished from market value, which is impersonal and detached. Roc IllHlinor REALTY CONSVLTANTS 0.47 Acres - MO Zoned Aventura Parcel VALUATION METHODOLOGY The following definitions are from The Dictionary of Real Estate Aooraisal. Third Edition. (American Institute of Real Estate Appraisers, 1993): Income caDitalization aDDroach: "A set of procedures through which an appraiser derives a value indication for an income-producing property by converting its anticipated benefits (cash flows and reversions) into property value. This conversion can be accomplished in two ways. One year's income expectancy can be capitalized at a market-derived capitalization rate or at a capitalization rate that reflects a specified income pattern, return on investment, and change in the value of the investment. Alternatively, the annual cash flows for the holding period and the reversion can be discounted at a specified yield rate." Sales comDarison aDDroach: "A set of procedures in which a value indication is derived by comparing the property being appraised to similar properties that have been sold recently, applying appropriate units of comparison, and making adjustments to the sale prices of the comparables based on the elements of comparison. The sales comparison approach may be used to value improved properties, vacant land, or land being considered as though vacant; it is the most common and preferred method of land valuation when comparable sales data are available," Cost aDDroach: "A set of procedures through which a value indication is derived for the fee simple interest in a property by estimating the current cost to construct a reproduction of, or replacement for, the existing structure; deducting accrued depreciation from the reproduction or replacement cost; and adding the estimated land value plus an entrepreneurial profit. Adjustments may then be made to the indicated fee simple value of the subject property to reflect the value of the property interest being appraised." JL..Lc ~ M i.1!J!J: REALTY CONS ULTANTS 0.47 Acres - MO Zoned Aventura Parcel ADDENDUM D Qualifications of ADDraisers and CODY of State License Roc I M iJ!J!J: REALTY C ONSULTANT$ 0.47 Acres - MO Zoned Aventura Parcel Charles E. Minor, MAl President liJ!e IIIII Minor REALTY CONSULTANTS 1131 SE Third Avenue Fort Lauderdale, FL 33316 Phone (954)763-8033 Fax (954) 763-8157 E-mail cminor@roeminor.com M r. Minor's diverse practice covers valuation, counselin9, and brokerage on an extensive range of real property. This experience provides him with the ability to meet a wide range of business needs for the Firm's clients. Assignments have been executed for banks, insurance companies, governmental agencies, developers, corporations, real estate trusts, attorneys, and private clients. Mr. Minor holds the MAl designation from the Appraisal Institute and is active within this organization holding various offices and positions. He maintains a firm tradition of serving the community and participates on committees and boards for a variety of local and charitable organizations. Education . Florida Atlantic University-Master of Business Administration (MBA), 1997 . Florida State University-Bachelor of Science- Finance & Real Estate, 1992 . Certified by Appraisal Institute for Continuing Education Experience . 2002-Present President Roe Minor Realty Consultants Inc. Fort Lauderdale, FL . 1998-2001 Vice President Roe Research, Inc. Fort Lauderdale, FL . 1992-1998 Senior Appraiser Roe Research, Inc. Roe Westberry & Associates Fort Lauderdale, FL . Qualified as expert witness in Broward County Professional Memberships & Affiliations . Member of Appraisal Institute (MAl) No. 11473 o South Florida Chapter . Treasurer, 2004 . Board of Directors 2000-2005 . Public Relations Chair, 2002-2003 . Grievance Committee Chair, 2001 . Candidate Guidance Committee . Young Advisory Council-1999 . State-Certified General REA No. 0002252 (FL) . Society of Commercial Realtors, Greater Ft. Lauderdale . Licensed Florida Real Estate Broker No. BK-0597617 . CCIM - Candidate Community Involvement . Board of Directors, Riverwalk Fort Lauderdale Trust, 2003 . Alzheimer's Association-Broward County, 1999-2000 . Museum of Art-Fort Lauderdale, 1999-2002 . City of Fort Lauderdale-Youth Athletics Rod~Minor REALTY CONSULTANTS 0.47 Acres - MO Zoned Aventura Parcel 'ry0641589 STATE OF FLORIDA DBPARTMBHT OJ' BUS~SSAND PROI'BSSTONAL REGULATION I"L01t.IDA UAL ESTATE APPRAXSAL DO SEQ#L021004D256S DATI' IBATCH NUI.nER , .,. " ~mRIm~~SA~ PT LAUDBRDALE FL 33315 .. JBB BUSH OOVl!BHOR DISPlAY AS 1lEQU~ BY lAW KIM BINKLEY-SEYER l3I!eRETARY ll...LelilMinor REALTY CONS ULTANTS 0.47 Acres - MO Zoned Aventura Parcel Denise Reid Raska Senior Appraiser RoeW~Minor REALTY CONSULTANTS 1131 SE Third Avenue Fort Lauderdale, FL 33316 Phone (954) 763-8033 Fax (954)763-8157 E-mail draska@roeminor.com MrS. Raska has over 15 years of market research, valuation, and brokerage experience. While she has experience with a variety of property types-she specializes in retirement housing- independent and assisted living, health care facilities - nursing homes and hospitals, and self storage warehousing. As president of Seniors Housing Property Group, Mrs. Raska has become well known in the Seniors Housing industry and has sold or marketed over 4,000 units in her career. Her expertise and focus add significant value to assignments that have been executed for banks, insurance companies, governmental agencies, developers, corporations, real estate trusts, attorneys, and private clients. Education . Mercer University, Macon, GA Bachelor of Arts - Political Science, 1 982 . Various classes, seminars, and courses taken through the Appraisai Institute Experience . 2002-Present Senior Appraiser Roe Minor Realty Consultants Inc. Fort Lauderdale, FL . 1998-2001 President, Seniors Housing Property Group Associate Appraiser, Roe Research Fort Lauderdale, FL . 1994-1998 Senior Associate Seniors Housing Property Group Fort Lauderdale, FL . 1988-1993 Associate Appraiser Roe, Westberry & Associates, Inc. Fort Lauderdale, FL . 1987-1988 Research Analyst Slack, Slack, Roe & Blazejack, Inc. Fort Lauderdale, FL Professional Memberships & Affiliations . Candidate - Appraisal Institute o South Florida Chapter . State-Certified General REA No. 0001961 (FL) . Licensed Florida Real Estate Broker No. BK- 0516252 Community Involvement . Fort Lauderdale FIT . Girt Scouts of America - Troop Leader Roc~Minor ~y CONSULTANTS 0.47 Acres - MO Zoned Aventura Parcel Ac.0695121 STATE OF FLORIDA DEPARTMENT OF BUSINESS AND PROFESSIONAL REGULATION SEQ# FLORIDA REAL ESTATE APPRAISAL BD L02110B01532 1'110:;2002r:'::";:'::':~.":::::R ~~ " \<. Tbe CERTIFIED GENERAL APPRAISER ~...., Named below :IS CERTIFIBD ^a~ ! Under the provisions of Chapt~,47S_P~. Expiration datel NOV 30, 2004 ~ ~:,,-ir.l . , "', . Ie ');;'" . ~. ' ..' ~- . .".,.... "',- .. - --**!-,. ,".~' '~',' . . ~ , '.- '. t" . ~ RASKA, DENISE REID 1131 SE 3RD AVE FT LATJDERDALE FL 33316 JEB BUSH GOVERNOR DISPLAY AS REQUIRED BY LAW KIM BINKLEY-SEYER SECRETARY Roc~~Minor ii"'i""ALTYCONS'~ CITY O~ AVENTURA COMMUNITY DEVELOPMENT DEPARTMENT MEMORANDUM BY: TO: THROUGH: DATE: September 17, 2004 SUBJECT: Status of Gulfstream Park DRI Application I have attached the applicant's process chart showing status of the concurrent approval tracks for the DRI Development Order and the Land Use Plan Amendment, Rezoning and Site Plan for the Gulfstream mixed-use development proposal. As noted on the chart, as of September, 2004, the DRI is at the second round of responses and comments. The Land Use Plan Amendment has had its first hearing at the Broward County Planning Council. The rezoning application and conceptual site plan with design guidelines shown on the process chart were to be submitted to the City of Hallandale on July 1, 2004. These have not yet been submitted to date. Since the August 24, 2004 City Commission meeting with Special Counsel, the following actions have taken place: I. Staff Meetinq City staff met with the City of Hallandale City Manager and Community Development Director on August 24, 2004 to discuss concerns with the development. A second meeting between staff is scheduled for September 20, 2004. II. DRI Application for Development Approval The applicant has submitted Volume IV to the Application for Development Approval to the South Florida Regional Planning Council on September 1, 2004, received by the City on September 10, 2004. This volume contains the applicant's responses and comments to questions and requests for information by all commenting parties on its first round responses of August, 2004. Staff, Special Counsel and the City's Traffic ------,.-..-..- Consultant are presently reviewing these second round responses. Comments are due to the South Florida Regional Planning Council on September 28, 2004. III. Land Use Amendment Hearinq The proposed amendment to the Broward County Land Use Plan to change the land use from Commercial Recreation to Local Activity Center was heard on first reading by the Broward County Planning Council on August 26, 2004, after a recommendation of approval by the City of Hallandale. Planning Council staff had recommended denial of the land use amendment because of the planning staff's concern that current information does not indicate that future transit use would mitigate traffic impacts and further, that there is projected lack of sanitary sewer capacity that has not been addressed. The Planning Council, however, recommended approval based on the applicant's commitment to satisfactorily address staff's concerns prior to second reading. The application will now be transmitted to the Broward County Commission on September 28, 2004. If approved by the Broward County Commission, the application will be transmitted to the Department of Community Affairs. After the DCA has issued its objections, recommendations and comments report, the developer will need to discuss solutions with the State, County, Regional Planning Council and neighboring cities. The application may then be presented to the Broward County Planning Council for second reading, which is expected in January, 2005 at the earliest. IV. Meetinq with Broward Countv Planninq Council Staff City staff, Special Counsel and the City's Traffic Consultant met with the Planning Director and staff of the Broward County Planning Council on September 15, 2004 to express the City of Aventura's concern that all parties stay focused and apply scrutiny to solve the issues so that we can ensure that the developer follows through with its commitments to improve the infrastructure. The City's Special Counsel advised the Planning Council staff that the City of Aventura's position is to monitor the process, comment responsibly and work together with all agencies to solve the issues. The Planning Council offered to keep our City apprised of its progress and recommendations. We also discussed the City's desire that the developer investigate the City of Hallandale's recommendation in its August, 2004 comments to design, acquire the necessary right of way, obtain permits and build a four-lane limited access highway road along the County Line Road corridor from Biscayne Boulevard to 1-95 with new entrance and exit ramps. The new road would connect to Biscayne Boulevard at NE 213 Street in our City. This would alleviate traffic concerns along Ives Dairy Road and along Biscayne Boulevard from Ives Dairy Road north to our City limit. V. Local Traffic Studv The applicant has advised that a local traffic study is being prepared that will identify several transportation improvements to mitigate impacts from this development. This study is to be submitted to the City for review as soon as prepared. ~ ~ :;A , ~ ~o ~o ~~ ~ !. .~ [, -.i 0" ~ ~ 'U ~ 9 Ii" 1,[\ P !b ~ [ ::\ .~ i U . p ~ 11 o g_ .+- ~~ Ii"" ~~ [ :. i ~ :. .. ~ ~ ." 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