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<br />Ms. Elena Del Campillo, Planning and Zoning Technician <br />City of Sunny Isles Beach <br />August Ill, 2006 <br />Page 2 <br /> <br />Based on the inspection ofthe property and the investigation and analyses undertaken, I have formed <br />the opinion that, as of August 14, 2006, the subject property, based on its highest and best use, has <br />a Market Value of: <br /> <br />TWENTY Two MILLION SEVEN HUNDRED THOUSAND DOLLARS <br /> <br />($22,700,000) <br /> <br /> <br /> <br />Patrick Quinliva <br />Registered Trainee Appraiser <br />State of Florida, License N. RI15680 <br /> <br />JMQ/vw <br />(06-183) <br />