Reso 2026-3963 - Laserfiche WebLink

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SUMMARY OF SCOPE OF WORK (Continued) Extraordinary Assumption An assignment -specific assumption as. of the effective date regarding uncertain information used in an analysis which, if found to be false, could alter the appraiser's opinions or conclusions. Comment: Uncertain information might include physical, legal, or economic characteristics of the subject property; or conditions external to the property, such as market conditions or trends; or the integrity of data used in an analysis. Source: (USPAP, 2024 ed.) 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 previously 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. This is mainly due to the City's allowance for higher FAR's and building heights when compared to other oceanfront communities. Because of the parameters enforced by City officials the limit the scope of work and appraisal process, and the limitation of comparable sales activity, 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 should not be misconstrued as market supported value. 7 545