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Sunny Isles Living LP <br />Page Two <br />The subject unit, which is unit 602, contains 4,609 square feet, and three bedroom, six and one half <br />bathroom floor plan. The unit owner is planning to enclose an approximate 313 square foot terrace. <br />In order to increase the square footage of the subject unit the owner will be required to purchase <br />TDR's from the TDR bank of Sunny Isles Beach. This report may not be fully understood by users <br />other than the property owner, their representatives and the appropriate officials with the City of <br />Sunny Isles Beach. <br />As per the LDR, at the time of approval of the TDR's, the City Commission shall consider the <br />acceptance of the appraised land value for the receiving site as follows: the cost for a square <br />foot of development right shall be determined by the market value of the receiving site as <br />determined by a current real estate appraisal (updated no more than three months from the <br />date the application is heard at a public hearing) prepared for the City by an appraiser, <br />selected by the City Manager, but paid for by the owner of the receiving site. The appraisal <br />amount shall then be divided by the permitted floor area ratio, including bonuses on the <br />receiver site. <br />Zoning and Legal Officials with the City of Sunny Isles Beach established parameters with <br />regard to the selection of comparable sales. These parameters preclude the Appraiser from <br />going outside the City limits to search for comparable land sales. Because of the parameters <br />and restrictions enforced by City officials toward the appraisal process the conclusion should <br />not, and has not been, considered market value as typically defined. The conclusion is the <br />most probable price paid by a developer for TDR's in Greater Sunny Isles Beach and not a <br />market supported value. <br />Because the intended use of the appraisal is for internal purposes, related to establishing a purchase <br />price for the TDR's, the report may not be in conformance with Title XI of FERREA and Department <br />of the Treasury Interagency Appraisal and Evaluation Guidelines. <br />The appraiser has previously provided consultation and value estimates for properties similar to the <br />subject property throughout the South Florida region. As such, the appraiser is in compliance with <br />the competency provision contained within USPAP. A copy of the appraiser's qualifications is <br />included in the addenda. <br />489 <br />