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<br />Ms. Elena Del Campillo, Planning and Zoning Technician <br />City of Sunny Isles Beach <br />June 20, 2006 <br />Page 2 <br /> <br />Based on the inspection of the property and the investigation and analyses undertaken, I have formed <br />the opinion that, as of June 20, 2006, the subject property, based on its highest and best use, has a <br />Market Value of: <br /> <br />SEVENTEEN MILLION Two HUNDRED FIFTY THOUSAND DOLLARS <br /> <br />($17,250,000) <br /> <br />tfully submitted, <br /> <br />,0~ <br /> <br />J. ark Quinlivan, MAl <br />S te Certified General Appraiser <br />ertification Number: RZOOOOl12 <br /> <br /> <br />JMQ/pq <br />(06-131) <br />