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<br />INTRODUCTION <br /> <br />IDENTIFICATION OF THE PROPERTY <br /> <br />Multi-family zoned land parcel containing approximately 117,917 gross square feet/2.707 acres, <br /> <br />ADDRESS <br /> <br />17201 Collins Avenue <br />Sunny Isles Beach, Florida <br /> <br />LOCATION <br /> <br />East side of Collins Avenue at lnnd Street, Sunny Isles Beach, Florida, <br /> <br />PURPOSE AND DATE OF APPRAISAL <br /> <br />The purpose of this Appraisal is to estimate the Market Value as of October 20,2006, being one of <br />the dates of personal inspection, <br /> <br />INTENDED USE AND USER OF APPRAISAL <br /> <br />The intended use of this appraisal is to assist the client in determining the market value of Transfer <br />Development Rights (TDR), The intended user is the City of Sunny Isles Beach, <br /> <br />LEGAL DESCRIPTION <br /> <br />The South 300 feet of the North 400 feet of Lot 2, TATUM'S OCEAN PARK COMPANY'S <br />SUBDIVISION, according to the plat thereof, as recorded in Plat Book 10, Page 64, of the Public <br />Records of Miami-Dade County, Florida; less portion lying westerly of Collins Avenue. <br /> <br />PROPERTY RIGHTS APPRAISED <br /> <br />The property is appraised in fee simple: a fee without limitations to any particular class of heirs or <br />restrictions, but subject to the limitations of eminent domain, escheat, police power and taxation, as <br />well as utility easements of record, <br /> <br />QUINLIVAN APPRAISAL <br /> <br />4 <br />