Resolution Zoning 11-Z-123 - Laserfiche WebLink

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GILCO Realty LC c/o Mr. Andrew Richards Page Two This is a summary appraisal report which is intended to comply with reporting requirements set forth under Standards Rule 2-2(b) of the Uniform Standards of Professional Appraisal Practice and FIRREA. As such, it presents only summary discussions of data, reasoning, and analyses that were used in the appraisal process to develop the appraiser's opinion of value. Supporting documentation concerning the data, reasoning, and analysis is retained in the appraiser's file. The three approaches to market value in an appraisal report include the Cost, Sales Comparison and Income Capitalization Approaches. When appraising vacant hind the only applicable method of valuation is the Sales Comparison Approach. U1e appraisal report is for the sole use of the listed client, or its assigns. "Readdressing an appraisal report to another party that was completed and.delivered to a client is prohibited by USP AP. Once the assignment is completed, it is misleading to try to add a new party as client or intended user who was not the original client or identified intended user." Any requests for updating or re-certification would constitute a new assignment at an additional fee. It is my understanding that the intended use of the appraisal report will be to assist the client in negotiation with the City of Sunny Isles Beach, Florida to purchase Transfer Development Rights (TDR's). The intended user of this appraisal is the client stated herein, its general council and/or aSSIgns. This appraisal report is in compliance with the minimum standards of the 2010-2011 Uniform Standards of Professional Appraisal Practice (US PAP), Title XIofFIRREA. .The value opinion reported is qualified by certain definitions, limiting conditions and certifications which are set forth on pages 26 through 29 of this report. This report includes no hypothetical conditions nor extraordinary assumptions. The appraiser has previously provided consultation and value estimates for properties similar to the subject property throughout the South Florida region. As such, the appraisers are in compliance with the competency provision contained within USP AP. A copy of the appraiser qualifications is included in the addenda. I have not provided professional services related to the subject property, as an appraiser or in another capacity, within the prior three. years.