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<br />QUINLIVA."T lu? PRAISAL <br />A PnoFESSIOXAL ASSOCIATIOX <br /> <br />HE.U ESTATB ..-\.pPRAISEHS & CO"'St.::LT.L,\TTS <br />5730 S.W. 74TH STREET, SenE nOG <br />SOUTH l'hA:'-U, FLORIDA :3814-3 <br /> <br />J. NARH Qt:L'\'LIYAN, pIAl <br />STxn:-CERTIF'lED GEI"ERA.l_ .-\PPR.'-'SEllS <br />HZ UOOOll2 <br /> <br />TELEPHONE (305) BG3-66!! <br />FAX (305) 665-4.021 <br /> <br />THONAS F. Jl.UOHXHEIHER, HAl <br /> <br />STATE-CER'fln1-:ll GEl'o-ERAL Al'PllhTSERS <br /> <br />RZ 0000553 <br /> <br />October 25, 2006 <br /> <br />Elena Del 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. CampiIlo: <br /> <br />In accordance with your request and authorization, we have prepared this AppraisalReport covering <br />the following described property: <br /> <br />Ocean Four site containing 27,7 acres located at 17201 Collins <br />A venue, Sunny Isles Beach, Florida <br /> <br />The purpose of this Appraisal is to estimate the Market Value of the described property as of October <br />20, 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 />