Reso 2026-3963 - Laserfiche WebLink

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USE OF THE APPRAISAL This appraisal is to be used by the client as an aid in establishing the cost of Transfer Development Rights (TDR's) as it pertains to the subject property. 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. "Readdressing an appraisal report to another party that was completed and delivered to a client is prohibited by USPAP. Once the assignment is completed, it is misleading to try to add a new party as client or intended user who was not the original client or identified intended user." Any requests for updating or re -certification would constitute a new assignment at an additional fee. INTENDED USER OF THE APPRAISAL The intended users of the appraisal is the listed property owner, representatives and Officials with the City of Sunny Isles Beach. SUMMARY OF SCOPE OF WORK The aforementioned client has requested an appraisal to establish the Market Value of the subject property, as of the current date of value. The property rights appraised will be the fee simple estate. Frank Hornstein, MAI made a personal inspection of the subject property on September 10, 2025. As per the LDR's the underlying project site will be valued and its unit contribution will be utilized as a basis for the purchase of TDR's. Comparable sales that have been utilized in the appraisal report were confirmed through public records and/or with knowledgeable parties to the transactions where possible with primary and secondary data utilized. Confirmation with principals is often not possible due to their inaccessibility during the time frame over which the appraisal is being prepared. In the course of the sales investigation, proprietary information is often withheld from the appraisers. Such information, which is not a matter of public record is also not available to the general market and for that reason, the market is imperfect. Real estate taxes and zoning information has been obtained via various websites such as www.Municode.com and www.Miamidade.gov. All data is verified to the best of our ability. The appraisers have no legal or technical expertise and if legal agreements and other factual data under review appear on the surface to be reasonable, the information is accepted as accurate. The extent of this verification is to confirm that the documents exist and to review them. It is assumed that they are legal and valid. The appraisers do not have the ability to audit, make legal interpretations, or to detect fraud. No in depth investigation is conducted of the individual lease documents nor is verification made with tenants regarding rent levels and terms. 543