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Robert 1, Finvarb <br />President and Chief Executive officer <br />Page Two <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 />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 />I have not provided professional services related to the subject property, as an appraisers or in any <br />other professional capacity, within the prior three years, preceding this date of appraisal. <br />By virtue of my investigation and analyses, it is the opinion of the appraiser that, the cost per unit <br />for the purchase of TDR's, as they pertain to the subject property, as a fee simple estate, as of <br />September 15, 2014, is: <br />S43.00 Per SF of Allowable FAR <br />Respectfully submitted. <br />Frank Hornstein, MAI <br />State - Certified General <br />Real Estate Appraiser, No. RZ1376 <br />