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PRESENTATION OF DATA 15 Owner of Record Dezer Universal, LLC 18001 Collins Avenue, 31st Floor Sunny Isles Beach, FL 33160 Property History The subject site was acquired by the current owner in May 2012 for a recoded purchase price of$7,000,000 (OR Book/Page 28167/2863). The seller was the City of Sunny Isles Beach. A cursory search of the Miami-Dade County Public Records revealed no other transactions involving the subject site within the past five years. However, it should be noted that an abstract of title was not examined by the appraisers. After acquiring the property, the owner obtained site plan approval for the development of a 17-story, 136,250-square foot office tower with ground floor retail and a structured parking garage. The development order was granted in October 2013 and is scheduled to expire in October 2015 if permits have not been pulled. According to an official with the Planning and Zoning Board, it does not appear the owner will be moving forward with the project, and the City of Sunny Isles Beach is contemplating a purchase of the property. Pending Sale and/or Listing CMD has not been advised of any current contract for sale or listing involving the subject property. However, the City of Sunny Isles Beach is contemplating a purchase of the site. Real Estate Tax Analysis In Florida, the assessed values for real and commercial personal properties are established each year as of January 1, by each County Property Appraiser's Office. Under the Florida Constitution and Statutes, this value is to be the "Just Value" of the property. "Just Value" is considered to be synonymous with "Market Value." The tax due is computed by multiplying the annual millage rate with the assessed value of the property. Millage rates are the amounts paid to each taxing body for every $1,000 of Assessed Value (25 mills equal $25 per $1,000 of Assessed Value). Millage rates are established by all of the various taxing bodies that exist within a given taxing district. Schedule of Assessment and Taxation Property taxes are paid in arrears with the assessment and taxation process spread out over the year, as follows: Clobus, McLemore & Duke, Inc.