Reso 2021-3239 - Laserfiche WebLink

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Arthur L. Gallagher EVP, Chief Investment Officer Dezer Owners & Developers Page Two The proposed project site will only encompass the north 200 feet or 103,041 square feet or 2.366 acres. The proposed project will require the full utilization of bonuses and Transfer Development Rights (TDR's) in accordance with the zoning code and Land Development Regulations (LDR) for the City of Sunny Isles Beach. The developer is planning to acquire the maximum amount of bonuses at 2.10, and TDR's at 1.38, for a total project FAR of 5.98, and 216 residential units. The intended use of this appraisal report is to establish an appropriate per unit selling price for the proposed TDR's. This report may not be fully understood by users other than the property owner, their representatives and the appropriate officials with the City of Sunny Isles Beach. As per the LDR, at the time of approval of the TDR's, the City Commission shall consider the acceptance of the appraised land value for the receiving site as follows: the cost for a square foot of development right shall be determined by the market value of the receiving site as determined by a current real estate appraisal (updated no more than three months from the date the application is heard at a public hearing) prepared for the City by an appraiser, selected by the City Manager, but paid for by the owner of the receiving site. The appraisal amount shall then be divided by the permitted floor area ratio, including bonuses on the receiver site. Zoning and Legal Officials with the City of Sunny Isles Beach established parameters with regard to the selection of comparable sales. These parameters preclude the Appraiser from going outside the City limits to search for comparable land sales. Because of the parameters and restrictions enforced by City officials toward the appraisal process the conclusion should not, and has not been, considered market value as typically defined. The conclusion is the most probable price paid by a developer for TDR's in Greater Sunny Isles Beach and not a market supported value. This appraisal report is in compliance with the minimum standards of the Uniform Standards of Professional Appraisal Practice (USPAP 2020-2021). Because the intended use of the appraisal is for internal purposes, related to establishing a purchase price for the TDR's, the report may not be in conformance with Title XI of FIRREA and Department of the Treasury Interagency Appraisal and Evaluation Guidelines. The appraiser has previously provided consultation and value estimates for properties similar to the subject property throughout the South Florida region. As such, the appraiser is in compliance with the competency provision contained within USPAP. A copy of the appraiser's qualifications is included in the addenda.