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<br />QUINLIVAN APPRAISAL <br />A PROFESSIONAL AsSOCIATION <br />REAL ESTATE APPRAISERS & CONSULTANTS <br />5730 S.W. 74TH STREET, SUITE 300 <br />SOUTH MIAM:I, FLORIDA 33143 <br /> <br />J. MARK QUINLIVAN, MAl <br />STATE-CBRTIFIED GENERAL ,ApPRAISBRS <br />RZ 0000112 <br /> <br />TELEPHONE (30~) 663-6611 <br />FAX (305) 666-4921 <br /> <br />THOMAS F. MAGENHEIMBR, MAl <br />STATE-CEBTIFIED GBNBRAL ,ApPllt\ISBR.s <br />HZ OOOO~153 <br /> <br />August 18, 2006 <br /> <br />Elena De Campillo, Planning and Zoning Technician <br />City of Sunny Isles Beach <br />18070 Collins Avenue <br />Sunny Isles Beach, FL 33160 <br /> <br />Dear Ms. Campillo: <br /> <br />In accordance with your request and authorization, I have prepared this Appraisal Report covering <br />the following described property: <br /> <br />Ocean Beach Resort Motel Condo site located at 17475 Collins <br />Avenue, Sunny Isles Beach, Florida <br /> <br />The purpose of this Appraisal is to estimate the Market Value of the described property as of August <br />14, 2006, being one of the dates of personal inspection. <br /> <br />The narrative Appraisal Report that follows sets forth the identification of the property, the <br />assumptions and limiting conditions, pertinent facts about the area and the subject property, <br />comparable data, the results of the investigations and analyses, and the reasoning leading to the <br />conclusions set forth. <br />