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• <br /> Robert I, 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 /> 1 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 /> MY <br /> Frank Hornstein, MAI <br /> State-Certified General <br /> Real Estate Appraiser, No. RZ1376 <br />