Reso 2014-2303 - Laserfiche WebLink

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GSF Acquisition, LLC c/o Mr. Brian T. Degnan Page Two The subject property of this appraisal is the underlying, MU -R zoned, parcel of land that is improved with said Golden Strand Ocean Villa Resort. These improvements, which include multiple structures, were generally completed in 1980. The subject parcel includes a total area of 243,988 square feet or 5.601 acres (Survey and Public Records). The parcel sits along the east side of Collins Avenue, at about 180 "' Street and includes about 500 ± feet of frontage along the Atlantic Ocean. 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. 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.