HomeMy WebLinkAboutDocumentation_Workshop_Tab 02_8/4/2025 Agenda Item #2.
Workshop
STAFF MEMO x
Meeting: Workshop - Aug 04 2025
Staff Contact: Jeremy Allen, Village Manager Department: Manager
Consideration of a Ballot Question for a General Obligation Bond for the Purchase of 1 Main
Street/Paradise Park
The Village of Tequesta has an opportunity to acquire 1 Main Street/Paradise Park, a key property
within the Tequesta Village Center, consisting of three parcels:
• Parcel No. 60-43-40-30-47-002-0000
• Parcel No. 60-43-40-30-47-001-0000
• Parcel No. 60-43-40-30-47-003-0000
The properties have sat vacant since the early 2000s. The Village had an approved lease agreement
for the properties dating back to 2009, and the Village utilized the space as a park space. In 2021,
the properties went up for Sale, and the Village no longer had rights to the property. The Property
was sold in 2023.
In June 2021, the Village of Tequesta obtained an appraisal valuing the properties at $5,285,000 (see
attached), while the owner sought $6,000,000. A recent appraisal has increased the valuation to
$9,800,000 (see attached report). The new owner is willing to sell the properties to the Village for
$8,800,000. To finance this acquisition, the Village Council is proposing a General Obligation Bond of
"not to exceed" $9,000,000, subject to voter approval via ballot.
The placement of a referendum on the ballot for the March 2026 election, allowing voters to decide on
issuing a General Obligation Bond not to exceed $9 million for the purchase of 1 Main
Street/Paradise Park. The bond validation process will follow the timeline outlined in the "General
Obligation Bond Validation" document, ensuring compliance with all legal and procedural
requirements.
Page 5 of 164
Agenda Item #2.
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In exchange for the owner holding the property for the voters to decide on the purchase of this
property through a referendum, the Village would lease the property from the owner to assist in
covering the owner's cost for taxes and insurance obligations. The term of the lease would be for 1
year at a cost of $100,000. The owner would apply half of the lease proceeds toward the purchase
price.
We have included the Parkland Purchase Policy adopted by the Village Council in April 2023. This
will help guide the Council in evaluating the need/desire to move forward with the purchase of the
property.
Assumptions: 9 Million 30-year, % rate *Estimates (5.5%)
Taxable Value Estimated Millage Rate Estimated Annual Tax
1,500,000 .2936 $440
1,000,000 .2936 $294
650,000 .2936 $191
This document and any attachments may be reproduced upon request in an alternative format by
completing our Accessibility Feedback Form, sending an e-mail to the Village Clerk or calling 561-
768-0443.
Page 6 of 164
Agenda Item #2.
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BUDGET AMOUNT NA AMOUNT AVAILABLE NA EXPENDITURE AMOUNT: NA
FUNDING SOURCES: NA IS THIS A PIGGYBACK:
❑ Yes ❑ N/A
DID YOU OBTAIN 3 QUOTES?
❑ Yes ❑ N/A
COMMENTS/EXPLANATION ON SELECTIONNA
Validation Timeline-Teguesta 2025 2026
2025 Appraisal
Adopted Final Parkland Purchase Policy
2021 Appraisal
Page 7 of 164
Agenda Item #2.
VILLAGE OF TEQUESTA,FLORIDA
GENERAL OBLIGATION BOND
The chart below sets out the time frame required for a General Obligation Bond Validation
Action Timeframe Responsible Part
Initial Coordination with Supervisor of AUGUST 2025. Village Clerk/Village Manager &
Elections Office / Assemble Finance Team / AUGUST 12, 2025 VILLAGE Finance Director/Village Council.
Retain Bond Counsel. COUNCIL MTG.
Preparation of Referendum Resolution MID to LATE AUGUST 2025. Bond Counsel/Village Attorney.
(Sec. 166.121(1),Florida Statutes, 2025).
Adoption of the Referendum Resolution. SEPTEMBER 11, 2025 VILLAGE Village Council / Village Attorney
COUNCIL MEETING. /Village Manager.
Send adopted Referendum Resolution to No later than DECEMBER 1, Village Clerk.
Supervisor of Elections Office. 2025.**
"Village Clerk to verify.
Advertise Notice of Referendum Election The publication must be made at least Village Clerk.
(Sec. 100.342,Florida Statutes, 2025). twice, once in the fifth week before
(FEBRUARY 3, 2026), and once in
the third week before (FEBRUARY
17, 2026) the week in which the
referendum is to be held.
Bond Referendum MARCH 10, 2026. Electors of the Village.
Sec. 100.261,Florida Statutes, 2025).
Preparation of Bond Resolution MID to LATE MARCH 2O26. Bond Counsel/Village Attorney.
Sec. 166.121 1 ,Florida Statutes, 2025).
Adoption of Bond Resolution. MAY 14, 2026. Village Council / Village Attorney
/Village Manager.
Bond Validation Hearing in Circuit Court Complaint filed no more than 1 week Bond Counsel/Village Attorney.
(Ch. 75, Florida Statutes, 2025). after adoption of Bond Resolution
(MAY 21, 2026); validation hearing
within 30-45 days of filing complaint
(JUNE/JULY 2026).
Appeal Period for Bond Validation ends. 30 days after validation hearing
DULY/AUGUST 2026).
Preparation of Supplemental Bond Resolution. MID to LATE AUGUST 2026. Bond Counsel/Village Attorney.
Adoption of Supplemental Bond Resolution. SEPTEMBER 10, 2026 VILLAGE Village Council / Village Attorney
COUNCIL MEETING. /Village Manager.
Loan Closing. OCTOBER/NOVEMBER 2026. Bond Counsel/Village Manager&
Finance Director.
Page 8 of 164
Agend
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Valbridge Property Advisors
Palm Beach I Treasure Coast
3780 Burns Road, Suite 4
Palm Beach Gardens, FL 33410
561-833-5331 phone . • ••- •-
561-833-8231 fax 1 1 . 111
valbridge.com
Page 9 of 164
'atIN
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PROPERTY ADVISORS RESTRICTED APPRAISAL REPORT
PROPERTY
Report Date July 3, 2025 Owner Name FP Tequesta Property
Owner, LLC
Property Name Vacant Land
Client FP Tequesta Property
Property Type Land Owner, LLC
Property Subtype Commercial Client Contact Mr.Tom Frankel
All
Street Address Main Street
Tequesta, Florida 33469
VALUE SUMMARY
Value Conclusion
Component
Value Type Market Value
Real Property Interest Fee Simple
Effective Date of Value June 27, 2025
Value Conclusion $9,800,000
$69.96 PSF
PREMISE OF THE APPRAISAL
Report Option and This report was prepared in accordance with Standards Rule 2-2(b) of the Uniform
Use Disclosure Standards of Professional Appraisal Practice. Use of the report is limited to the client only.
It is assumed that the client understands the restricted utility of the Restricted Appraisal
Report.
The opinions and conclusions set forth in this report may not be understood properly
without additional information held in the work file. However, to meet the requirements
for an evaluation according to the Interagency Appraisal and Evaluation Guidelines, this
report has been supplemented with additional information about the subject property
and its market, as well as the data, reasoning, and analyses that were used in the analysis.
Intended User FP Tequesta Property Owner, LLC
Intended Use Internal use and decision-making purposes
Extraordinary 0 None.
Assumptions
Hypothetical • None.
Conditions:
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PROPERTY ADVISORS RESTRICTED APPRAISAL REPORT
SCOPEOF •
Scope of Work This analysis was prepared for FP Tequesta Property Owner, LLC and is presented in a
Restricted Appraisal Format as defined by Uniform Standards of Professional Appraisal
Practice under Standards Rule 2-2(b). Market data research including market area,
property-specific, and listing/transaction data was completed, and the data was analyzed.
Appraisers develop an opinion of property value with three distinct methods of data
analysis: The Cost Approach, Sales Comparison Approach, and Income Capitalization
Approach. All approaches to value were considered. The applicability of each approach
was assessed within the context of the characteristics of the subject property. Based on
this assessment the Sales Comparison Approach was developed. The scope of research
and analysis is adequate to produce a credible value conclusion. The appraiser(s)
maintains a specific, coherent work file in support of this Restricted Appraisal Report. The
contents of the work file include sufficient information to indicate that the appraiser(s)
complied with the requirements of STANDARD 1 and for the appraiser(s) to produce an
Appraisal Report.
Inspection of the An appraisal inspection of the subject property was completed on 06-27-2025.
Subject
Intended User and The client in this assignment is FP Tequesta Property Owner, LLC and the intended user of
Intended Use this report is FP Tequesta Property Owner, LLC. This report is to be for used for internal
use by the client only and is confidential between Valbridge Property Advisors and the
client. Under no circumstances shall any of the following parties be entitled to use or rely
on the appraisal or this appraisal report:
I. The borrower(s) on any loans or financing relating to or secured by the subject
property,
II. Any guarantor(s) of such loans or financing; or
III. Principals, shareholders, investors, members or partners in such borrower(s) or
guarantors.
Use of the report is limited to the client and any named intended user(s).
This report may not contain supporting rationale for all of the opinions and conclusions
set forth in the report.
The findings and conclusions are further contingent upon the previously defined
extraordinary assumptions and/or hypothetical conditions which might have affected the
assignment results.
Market Value The Market Value definition utilized is from the following source: FIRREA Code of Federal
Definition Regulations, Title 12, Part 34 Subpart C - 34.42, 1990; also Interagency Appraisal and
Evaluation Guidelines, Federal Register / V61.75, No. 237, 2070 and is located in the
Addenda.
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SUBJECT DATA
Aerial View and Location Map
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Aerial View
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PROPERTY ADVISORS RESTRICTED APPRAISAL REPORT
Site Overview q1
Property Name Vacant Land Zoning The subject's mixed-use zoning
Description allows for various uses. The
Street Address Main Street maximum FAR allowed by zoning is
Gross Land 3.22 Ac./140,076 SF 4.2 and residential density is 18
Area (GLA) units per acre. Residential uses
shall comprise no less than 20%
Zoning M-U - Mixed Use and no more than 80% of a mixed-
Designation use district.
Site Remarks The subject is well located within the Village of Tequesta near Federal Highway and
approximately 1/2 mile from the intracoastal waterway. The location has average access
and visibility and is conducive for a wide variety of uses including a combination of
residential, retail, and/or office. According to zoning, residential uses must comprise no
less than 20% and no more than 80% of a mixed-use district. The subject consists of
three (3) parcels which generally form an L-shape and have frontage along both
Tequesta Drive and Bridge Road. There is a public roadway between the southernmost
parcels and there is a circular roundabout at the center of the perimeter of the three
subject parcels which is not part of the subject property. Please see the aerial and survey
for further clarification.
Ownership and Sales History -
Ownership Changed Yes Prior Sale Date 03-31-2023
Within Last 3 Years? Prior Sales Price $3,500,000
Source of Information Public Records
Deed Book/Page: 34220/479&382
Prior Owner Main Street Village,Inc. &
J.M.Z.Tequesta Properties,
Inc.
Prior Sale Remarks The subject was acquired via two (2) transactions. Parcels 60-43-40-30-47-002-0000 &
60-43-40-30-47-003-0000 were purchased for $2,300,000 (OR Book/Page 34220/382).
Parcel 60-43-40-30-47-001-0000 was purchased for $1,200,000 (OR Book/Page
34220/479).
Tax and Assessment Details
Parcel ID Number(s) 60-43-40-30-47-002-0000, Tax Appraisal $3,233,482
60-43-40-30-47-001-0000,
60-43-40-30-47-003-0000 Annual Taxes $64,161.04
Assessment Year 2024
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Flood Zone Data
Flood Map Panel 12099C0179G Flood Zone Zone X: An area of minimal
flood hazard that is
Flood Map Eff. Date 12/20/2024 determined to be outside
the Special Flood Hazard
Area and higher than the
elevation of the 0.2 percent
annual chance (or 500-
year)flood.
Highest and Best Use -
As Vacant Mixed-Use Development
Likely Buyer and Exposure time -
Most Probable Buyer Developer Exposure Time 3 to 12 months
MARKET TRENDS AND ANALYSIS
The subject is located in the Tequesta section of Tequesta. The area is suburban in nature. The property is within the
Northeast Palm Beach County submarket.The characteristics of the area and submarket are summarized as follows:
• This area is in the stability stage of the market life cycle;
• Population is projected to be increasing;
• Most households are within the middle to upper income brackets;
• Most commercial and industrial properties would compete in the Class A or 1 st Tier investment class;
• There is an undersupply of properties similar to the subject property;
• Land Values - Stable to Increasing;
• Development Activity- Stable to Increasing
• Transaction Volume - Stable;
• Rental Rates - Stable;
• Vacancy Rates - Stable.
Page 14 of 164
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PROPERTY ADVISORS RESTRICTED APPRAISAL REPORT
LAND VALUATION
Subject Sale#I Sale#2 Sale#3 Sale#4 Sale#5 Sale#6
Sale ID 1809878 1809893 1809871 1809900 1796969 1714737
Date of Value&Sale June-25 March-25 March-25 January-25 December-24 February-24 August-23
Unadjusted Sales Price $15,000,000 $12,000,000 $1,675,000 $12,960,000 $12,033,652 $6,360,000
Usable Square Feet 140,076 191,664 189,486 30,492 204,732 186,175 98,446
Unadjusted Sales Price per Usable Sq.Ft. $78.26 $63.33 $54.93 $63.30 $64.64 $64.60
Transactional Adjustments
Property Rights Conveyed Fee Simple Fee Simple Fee Simple Fee Simple Fee Simple Fee Simple Fee Simple
Adjusted Sales Price $78.26 $63.33 $54.93 $63.30 $64.64 $64.60
Financing Terms Cash to Seller Cash to Seller Cash to Seller Cash to Seller Cash to Seller Cash to Setter Seller Financing
Adjusted Sales Price $78.26 $63.33 $54.93 $63.30 $64.64 $64.60
Conditions of Sale Typical Arm's Length Arm's Length Arm's Length Arm's Length Arm's Length Arm's Length
Adjusted Sales Price $78.26 $63.33 $54.93 $63.30 $64.64 $64.60
Expenditures after Sale $300,000
Adjustment - - - 2.3% - -
Adjusted Sales Price $78.26 $63.33 $54.93 $64.77 $64.64 $64.60
Market Conditions Adjustments
Elapsed Time from Date of Value 0.29 years 0.30 years 0.47 years 0.56 years 7.37 years 7.82 years
Market Trend Through June-25 1.5% 1.5% 2.3% 2.8% 6.8% 9.1%
Analyzed Sales Price $79.40 $64.27 $56.22 $66.57 $69.05 $70.50
Physical Adjustments
Location Main Street 2479-2605 N 7777 Broadway 7306-7320 73957 US 2677,2703, 3703 N Federal
Federal Highway Lucerne Ave Highway 1 2755,2521 S Hwy
Federal Highway
Tequesta,Florida Delray Beach, Riviera Beach, Lake Worth, Juno Beach, Boynton Beach, Boynton Beach,
Florida Florida Florida Florida Florida Florida
Adjustment -10.0% 15.0% 15.0% -5.0% 5.0% 5.0%
Size 140,076 sf 191,664 sf 189,486 sf 30,492 sf 204,732 sf 786,175 sf 98,446 sf
Adjustment - - -5.0% - - -
Utilities All available All Available All available All available All available All available All available
Adjustment - - - - - -
Topography Level Level Level Level Level Level Level
Adjustment - - - - - -
Zoning/Approvals M-U GC DC MU-E RM-2 C3 IPUD
Adjustment - - - 5.0% 5.0% -
Traffic Counts 70,900 29,000(2021) 22,688 8,657 27,106 27,136 26,005
Adjustment -5.0% -5.0% - -5.0% -5.0% -5.0%
Density or FAR 78/Ac.&4.2 FAR 12/Ac.&1.5 FAR 5.0 FAR 30/Ac.&7.5 FAR 72/Acre Live Local Varies
Adjustment 5.0% - 5.0% 5.0% -Net Physical Adjustment -10.0% 10.0% 15.0% - 5.0% -
Adjusted Sales Price per Usable Square Foot $71.46 $70,69 $64.65 $66,57 $72.51 $70.50
Page 15 of 164
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PROPERTY ADVISORS RESTRICTED APPRAISAL REPORT
LAND SALE COMPARABLES MAP
Jupiter island
Jupiter Farms ,B
Subject Property
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Land Sale No.4 —
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Benxi Land Sale No. 3
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Land Sale No. 5
Land Sale No.6 Hy ux
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Page 16 of 164
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PROPERTY ADVISORS RESTRICTED APPRAISAL REPORT
Land Comparable Sales Remarks
Complete write-ups of the individual sales can be found in the Addenda of this report.
Sale 1 ► ;- sl
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This property consists of several adjacent parcels, situated on the east side of Federal
Highway(US Highway 1), in Delray Beach.The sellers also owned the Delray
Hyundai/Genesis and Acura dealerships located to the south of this property and were
planning to expand the dealership. The buyer is a residential developer planning to
develop townhomes on the property. It has yet to be determined how many units are
planned. The overall comparison rating of comparable 1 is similar.
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This was the sale of a vacant parcel of land near the Riviera Beach marina. The site is
within the IHC-PUD Inlet Harbor Center Planned Unit Development which allows a variety
of mixed uses with a maximum floor area ratio of 5.0 and a height of 20 floors or 240 feet.
However, there are density and height bonuses available depending on use. The
developer reportedly will be developing the property with a mixed use development
including ground floor retail and residential upper floors. No plans have been submitted
yet. The overall comparison rating of comparable 2 is similar.
Page 17 of 164
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PROPERTY ADVISORS RESTRICTED APPRAISAL REPORT
Sale 3
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This property was purchased by the Lake Worth CRA for future planned development.
The zoning is mixed-use and allows a variety of commercial and residential uses. The
overall comparison rating of comparable 3 is inferior.
Sale 4 °'° _ -
Pulte Homes purchased 4.7 acres along US-1 in Juno Beach,where it plans to develop a
40-townhome community called The Dunes at Juno. It will be developed with their
DiVosta brand. The location is near the beach and homes will be priced from around $1.5
million.All residences will stand three stories tall and have three bedrooms, 3.5 baths and
personal elevators. Home sizes will range from 2,261 to 2,371 square feet.The Town
Council agreed to sell 0.38 acres of road right-of-way to Pulte for approximately$300,000
which we have included as an expenditure after the sale.The developer took the property
through the rezoning and entitlement process. The change in zoning reduced the
allowable units from 84 to 40 which reflects a density of approximately 8.51 units per acre.
The overall comparison rating of comparable 4 is similar.
Page 18 of 164
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PROPERTY ADVISORS RESTRICTED APPRAISAL REPORT
Sale 5 I „^� ►
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This transaction sold with approvals paid by the buyer for "The Dune North" and
"The Dune South".There are additional costs to razed an existing structure which
those improvements attributed no value to the sale price.According to Andrew
Meyer, a Senior Planner with the City of Boynton Beach, the project was reviewed
and approved administratively in compliance with the State of Florida's "Live Local
Act", which allows a developer to build at a higher density and height than allowed
by code if at least 40%affordable housing is provided for thirty(30 years). The
aggregate for 336 total DUs (38 townhomes/garages, four 3-story bldgs) (298 DUs
eight-story apartment building - mix of 1 &2 bedroom apartments) and 2,595 SF of
retail and 401-space parking garage. MU-C zoning district (The Dune South - rental
apartments) and the MU-2 zoning district(The Dune North - townhomes).
The overall comparison rating of comparable 5 is similar.
Sale 6 "n
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This 2.26 acre vacant parcel sold 8/31/2023 for$6,360,000 or$2,814,159 per acre.
According to the listing broker, Manny Chamizo of One Sotheby's International,there
were no special or unusual circumstances surrounding the deal, and the proposed
use was 25 townhomes. The seller provided financing in the amount of$3,100,000.
According to Mr.Chamizo,the seller financing influenced the price and it facilitated
the closing of the deal.The site was approved at the time of sale.Ventura Villas will
be a boutique, gated community with amenities such as a community pool,fitness
center, club room, and pet park.
The overall comparison rating of comparable 6 is similar.
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Land Valuation Conclusion
Land Sale Statistics
Metric Unadjusted Analyzed Adjusted
Min. Sales Price per Usable Square Foot $54.93 $56.22 $64.65
Max. Sales Price per Usable Square Foot $78.26 $79.40 $72.51
Median Sales Price per Usable Square Foot $63.97 $67.81 $70.60
Mean Sales Price per Usable Square Foot $64.84 $67.67 $69.40
Land Value Conclusion
Reasonable Adjusted Comparable Range
140,076 square feet x $69.00 psf = $9,665,244
140,076 square feet x $71.00 psf = $9,945,396
Market Value Opinion (Rounded)
140,076 square feet x $70.00 psf = $9,800,000
Land Valuation The subject's mixed-use zoning allows for a wide variety of uses with the most significant
Remarks restriction being that at least 20%and no more than 80%of the site must be developed
with a residential use. The comparables vary in their zoning and proposed uses at the
time of sale. Sales 1,4,and 5 are planned for residential uses only. Sales 2, 3, and 6 have
zoning that will allow for mixed uses including residential.
Overall, Sales 1, 2,4, and 5 were considered the most similar, however after adjustments
the sales represented a fairly tight range of values from $64.65 to $72.51 per square foot
with an average of$69.40 and a median of$70.60 per square foot. Based on our analysis
we would estimate a per unit value for the subject near the upper middle end of the
range at approximately$70.00 per square foot.
We must note that to our knowledge the subject does not have any approved plans for
development. The estimated value of the subject could potentially increase depending on
the proposed use and eventual entitlements.
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i./ PROPERTY ADVISORS GENERAL ASSUMPTIONS AND LIMITING CONDITIONS
GENERAL • NS AND LIMITING CONDITIONS
This restricted appraisal report is subject to the following general assumptions and limiting conditions:
1. The legal description is assumed to be correct, but the appraiser makes no representations or
guarantees as to its accuracy.
2. No responsibility is assumed for legal matters, questions of survey or title, soil or subsoil
conditions, engineering, availability or capacity of utilities, or other similar technical matters. The
appraisal does not constitute a survey of the property appraised. All existing liens and
encumbrances have been disregarded and the property is appraised as though free and clear,
under responsible ownership and competent management unless otherwise noted.
3. Unless otherwise noted, the appraisal will value the property as though free of contamination.
Valbridge Property Advisors I Palm Beach I Treasure Coast will conduct no hazardous materials or
contamination inspection of any kind. It is recommended that the Client hire an expert if the
presence of hazardous materials or contamination is of concern to the Client. Client means the
Client as defined in the appraisal report.
4. The stamps and/or consideration placed on deeds used to indicate sales are in correct
relationship to the actual dollar amount of the transaction.
5. Unless otherwise noted, it is assumed there are no encroachments, zoning violations or
restrictions existing in the subject property.
6. Unless expressly specified in the engagement letter, the fee for this appraisal does not include the
attendance or giving of testimony by Appraiser at any court, regulatory or other proceedings, or
any conferences or other work in preparation for such proceeding. If any partner, employee,
agent, or independent contractor of Valbridge Property Advisors I Palm Beach I Treasure Coast is
asked or required to appear and/or testify at any deposition, trial, or other proceeding about the
preparation, conclusions or any other aspect of this assignment, Client shall compensate
Appraiser for the time spent by the partner, employee, agent, or independent contractor in
appearing and/or testifying and in preparing to testify according to the Appraiser's then current
hourly rate plus reimbursement of expenses, regardless of whether the Client is the party seeking
the appearance of testimony.
7. The values for land and/or improvements, as contained in this report, are constituent parts of the
total value reported and neither is (or are) to be used in making a summation appraisal of a
combination of values created by another appraiser. Either is invalidated if so used.
8. The dates of value to which the opinions expressed in this report apply are set forth in this report.
The appraiser assumes no responsibility for economic or physical factors occurring at any other
date(s), which may affect the opinions stated herein. The forecasts, projections, or operating
estimates contained herein are based on current market conditions and anticipated short-term
supply and demand factors and are subject to change with future conditions. Appraiser is not
responsible for determining and makes no representations regarding whether the date(s) of value
requested by Client is appropriate for Client's intended use.
9. The sketches, maps, plats and exhibits in this report are included to assist the reader in visualizing
the property. The appraiser has made no survey of the property and assumed no responsibility in
connection with such matters.
10. The information, estimates, and opinions, which were obtained from outside sources are
considered reliable. However, the appraiser makes no representations regarding such sources,
and no liability for them can be assumed by the appraiser.
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i./ PROPERTY ADVISORS GENERAL ASSUMPTIONS AND LIMITING CONDITIONS
11. Possession of this report, or a copy thereof, does not carry with it the right of publication. Neither
all, nor any part of the content of the report, or copy thereof (including conclusions as to property
value, the identity of the appraisers, professional designations, reference to any professional
appraisal organization or the firm with which the appraisers are connected), shall be disseminated
to the public through advertising, public relations, news, sales, or other media without the
appraiser's prior express written consent and approval.
12. No claim is intended to be expressed for matters of expertise that would require specialized
investigation or knowledge beyond that ordinarily employed by real estate appraisers. The
appraiser claims no expertise and makes no representations in areas such as, but not limited to,
legal, survey, structural, environmental, quality of construction, pest control, mechanical, etc. It is
recommended that the Client hire an expert, such as a home inspector, if these areas are of
concern to the Client.
13. This appraisal was prepared for the sole and exclusive use of the Client for the function outlined
herein. Any party who is not the Client or intended user, as identified in the appraisal, is not
entitled to rely upon the contents of the appraisal without express written consent of Valbridge
Property Advisors I Palm Beach I Treasure Coast and Client. The Client shall not include partners,
members, stockholders, shareholders, affiliates, or relatives of the Client. The appraiser makes no
representations and assumes no obligation, liability or accountability to any third party.
14. Distribution of this report is at the sole discretion of the Client, as identified in the appraisal, but
the appraiser makes no representations to third parties not listed as an intended user on the face
of the appraisal and such third parties may not rely upon the contents of the appraisal, including
but not limited to the estimate of value. In no event shall the Client give a third-party a partial
copy of the appraisal report. The appraiser will make no distribution of the report without the
specific direction of the Client.
15. This appraisal shall be used only for the function outlined herein, unless expressly authorized by
Valbridge Property Advisors I Palm Beach I Treasure Coast.
16. This appraisal shall be considered in its entirety. No part thereof shall be used separately or out of
context.
17. Unless otherwise noted in the body of this report, this appraisal assumes that the subject property
does not fall within the areas where mandatory flood insurance is effective. Unless otherwise
noted, the appraiser has not completed, nor has the appraiser contracted to have completed an
investigation to identify and/or quantify the presence of non-tidal wetland conditions on the
subject property. Because the appraiser is not a surveyor, he or she makes no representations or
guarantees, express or implied, regarding this determination.
18. The flood maps are not site specific. The appraiser is not qualified to confirm the location of the
subject property in relation to flood hazard areas based on the FEMA Flood Insurance Rate Maps
or other surveying techniques. It is recommended that the Client obtain confirmation of the
subject property's flood zone classification from a licensed surveyor.
19. If the appraisal is for mortgage loan purposes 1) the appraiser assumes satisfactory completion of
improvements if construction is not complete, 2) no consideration has been given for rent loss
during rent-up unless noted in the body of this report, and 3) occupancy at levels consistent with
our"Income and Expense Projection" are anticipated.
20. It is assumed that there are no hidden or unapparent conditions of the property, subsoil, or
structures which would render it more or less valuable. No representations are made, and no
responsibility is assumed for such conditions or for engineering which may be required to
discover them.
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i./ PROPERTY ADVISORS GENERAL ASSUMPTIONS AND LIMITING CONDITIONS
21. The appraiser's inspection included an observation of the land and improvements thereon only. It
was not possible to observe conditions beneath the soil or hidden structural components within
the improvements.To the extent dictated by the scope of assignment, the appraiser inspected the
buildings involved and reported open and obvious damage (if any) by termites, dry rot,wet rot, or
other infestations as a matter of information, and no representation or guarantee of the amount
or degree of damage (if any) is implied. The condition of heating, cooling, ventilation, electrical
and plumbing equipment is considered to be commensurate with the condition of the balance of
the improvements unless otherwise stated. Should the Client have concerns in these areas, it is
the Client's responsibility to order the appropriate inspections. The appraiser is not a home
inspector or pest control expert and does not have the skill or expertise to make such inspections,
makes no representations regarding these items, and assumes no responsibility for these items.
22. This appraisal does not guarantee compliance with the building code and life safety code
requirements of the local jurisdiction. It is assumed that all required licenses, consents, certificates
of occupancy or other legislative or administrative authority from any local, state or national
governmental or private entity or organization have been or can be obtained or renewed for any
use on which the value conclusion contained in this report is based unless specifically stated to
the contrary.
23. When possible, the appraiser relied upon building measurements provided by the Client, owner,
or associated agents of these parties. In the absence of reliable public records or "as-built" plans
provided, to the appraiser relied upon his/her own measurements of the subject improvements.
The appraiser follows typical appraisal industry methods; however, the appraiser recognizes that
some factors may limit the ability to obtain accurate measurements including, but not limited to,
property access on the day of inspection, basements, fenced/gated areas, grade elevations,
greenery/shrubbery, uneven surfaces, multiple story structures, obtuse or acute wall angles,
immobile obstructions, etc. Professional building area measurements of the quality, level of detail,
or accuracy of professional measurement services are beyond the scope of this appraisal
assignment and the appraiser makes no representations concerning this information.
24. The appraiser has attempted to reconcile sources of data discovered or provided during the
appraisal process, including assessment department data. Ultimately, the measurements that are
deemed by the appraiser to be the most accurate and/or reliable are used within this report.
While the measurements and any accompanying sketches are considered to be reasonably
accurate and reliable, the appraiser cannot guarantee and makes no representations regarding
their accuracy. Should the Client desire more precise measurement, they are urged to retain the
measurement services of a qualified professional (space planner, architect or building engineer) as
an alternative source. If this alternative measurement source reflects or reveals substantial
differences with the measurements used within the report, upon request of the Client, the
appraiser will submit a revised report for an additional fee.
25. In the absence of being provided with a detailed land survey, the appraiser used assessment
department data to ascertain the physical dimensions and acreage of the property. Should a
survey prove this information to be inaccurate, upon request of the Client, the appraiser will
submit a revised report for an additional fee.
26. If only preliminary plans and specifications were available for use in the preparation of this
appraisal, and a review of the final plans and specifications reveals substantial differences, upon
request of the Client, the appraiser will submit a revised report for an additional fee.
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i./ PROPERTY ADVISORS GENERAL ASSUMPTIONS AND LIMITING CONDITIONS
27. Unless otherwise stated in this report, the value conclusion is predicated on the assumption that
the property is free of contamination, environmental impairment or hazardous materials. Unless
otherwise stated, the existence of hazardous material was not observed by the appraiser and the
appraiser has no knowledge of the existence of such materials on or in the property. The
appraiser, however, is not qualified to detect such substances. The presence of substances such as
asbestos, urea-formaldehyde foam insulation or other potentially hazardous materials may affect
the value of the property. No responsibility is assumed, and no representations are made
regarding any such conditions, or for any expertise or engineering knowledge required for
discovery.The Client is urged to retain an expert in this field, if desired.
28. The Americans with Disabilities Act ("ADA") became effective January 26, 1992. The appraiser has
not made a specific compliance survey of the property to determine if it is in conformity with the
various requirements of the ADA. It is possible that a compliance survey of the property, together
with an analysis of the requirements of the ADA, could reveal that the property is not in
compliance with one or more of the requirements of the Act. If so, this could have a negative
effect on the value of the property. Since the appraiser has no direct evidence relating to this
issue, the appraiser did not consider possible noncompliance with the requirements of ADA in
developing an opinion of value. It is recommended that the Client hire an expert, such as an
attorney or other qualified expert, if ADA compliance is an area of concern to the Client.
29. This appraisal applies to the land and building improvements only. The value of trade fixtures,
furnishings, and other equipment, or subsurface rights (minerals, gas, and oil) were not
considered in this appraisal unless specifically stated to the contrary.
30. No changes in any federal, state or local laws, regulations or codes (including, without limitation,
the Internal Revenue Code) are anticipated, unless specifically stated to the contrary.
31. Any income and expense estimates contained in the appraisal report are used only for the
purpose of estimating value and do not constitute prediction of future operating results.
Furthermore, it is inevitable that some assumptions will not materialize and that unanticipated
events may occur that will likely affect actual performance. As such, the appraiser makes no
representations regarding such income or expense estimates and the intended user(s) of the
appraisal may not rely on such estimates.
32. Any estimate of insurable value, if included within the scope of work and presented herein, is
based upon figures developed consistent with industry practices. However, actual local and
regional construction costs may vary significantly from our estimate and individual insurance
policies and underwriters have varied specifications, exclusions, and non-insurable items. As such,
the appraiser strongly recommends that the Client obtain estimates from professionals
experienced in establishing insurance coverage. The appraiser makes no representations
regarding such insurable value, and any analysis should not be relied upon to determine
insurance coverage and the appraiser makes no representations regarding the accuracy of this
estimate.
33. The data gathered in the course of this assignment (except data furnished by the Client) shall
remain the property of the Appraiser. Subject to the Uniform Standards of Professional Appraisal
Practice, the appraiser will not violate the confidential nature of the appraiser-client relationship
by improperly disclosing any confidential information furnished to the appraiser. Notwithstanding
the foregoing, the Appraiser is authorized by the Client to disclose all or any portion of the
appraisal and related appraisal data to appropriate representatives of the Appraisal Institute if
such disclosure is required to enable the appraiser to comply with the Bylaws and Regulations of
such Institute now or hereafter in effect.
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i./ PROPERTY ADVISORS GENERAL ASSUMPTIONS AND LIMITING CONDITIONS
34. The Client and Valbridge Property Advisors I Palm Beach I Treasure Coast both agree that any
dispute over matters in excess of $5,000 shall be submitted for resolution by mandatory
arbitration pursuant to the rules of the American Arbitration Association. This includes fee
disputes and any claim of malpractice. The parties agree to a sole arbitrator, who shall be
mutually selected. The arbitration shall be held in Palm Beach County, Florida, unless otherwise
expressly agreed to between the parties. Such arbitration shall be binding and final. In agreeing to
arbitration, both parties acknowledge that, by agreeing to binding arbitration, each is giving up
the right to have the dispute decided in a court of law before a judge orjury. In the event that the
Client, or any other party, makes a claim against Valbridge Property Advisors I Palm Beach
Treasure Coast or any of its employees, agents, representatives, or independent contractors in
connection with or in any way relating to this assignment, the maximum damages recoverable by
such claimant shall be the amount actually received by Valbridge Property Advisors I Palm Beach
Treasure Coast for this assignment, and under no circumstances shall any claim for consequential,
incidental, or punitive damages be made.
35. Valbridge Property Advisors I Palm Beach I Treasure Coast shall have no obligation, liability, or
accountability to any third party. Any party who is not the "Client" or intended user identified on
the face of the appraisal is not entitled to rely upon the contents of the appraisal without the
express written consent of Valbridge Property Advisors I Palm Beach I Treasure Coast. "Client"
shall not include partners, members, stockholders, shareholders, affiliates, or relatives of the party
identified as the Client in the appraisal. Client shall indemnify, defend (including the
reimbursement of reasonable attorneys' fees), and hold Valbridge Property Advisors I Palm Beach
Treasure Coast and its employees, agents, representatives, and/or independent contractors
harmless in the event of any lawsuit brought by any third party, lender, partner, or part-owner in
any form of ownership or any other party as a result of this assignment, including claims that arise
solely out of the negligence of the appraiser or Valbridge Property Advisors I Palm Beach
Treasure Coast. The Client also agrees that in case of lawsuit arising from or in any way involving
these appraisal services, Client shall indemnify, defend (including the reimbursement of
reasonable attorneys' fees) and hold Valbridge Property Advisors I Palm Beach I Treasure Coast
and its employees, agents, representatives, and independent contractors harmless from and
against any liability, loss, cost, or expense incurred or suffered by Valbridge Property Advisors
Palm Beach I Treasure Coast in such action, regardless of its outcome.
36. The appraiser responsible for the preparation for the appraisal report is an employee and/or
independent contractor of FL Appraisal Group, LLC. Neither Valbridge Property Advisors, Inc., nor
any of its affiliates has been engaged to provide this report. Valbridge Property Advisors, Inc.
does not provide valuation services and has taken no part in the preparation of this report.
37. This report and any associated work files may be subject to evaluation by Valbridge Property
Advisors, Inc., or its affiliates, for quality control purposes.
38. Acceptance and/or use of this appraisal report constitutes acceptance of the foregoing general
assumptions and limiting conditions.
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CERTIFICATIONS
? }. PROPERTY ADVISORS
Certification - Daniel Griffin
I certify that, to the best of my knowledge and belief:
1. The statements of fact contained in this report are true and correct.
2. The reported analyses, opinions, and conclusions are limited only by the reported assumptions and limiting
conditions and are my personal, impartial,and unbiased professional analyses,opinions,and conclusions.
3. 1 have no present or prospective interest in the property that is the subject of this report and no personal
interest with respect to the parties involved.
4. The undersigned has not performed services regarding the property that is the subject of this report within
the three-year period immediately preceding acceptance of this assignment.
S. I have no bias with respect to the property that is the subject of this report or to the parties involved with
this assignment.
6. My engagement in this assignment was not contingent upon developing or reporting predetermined results.
7. My compensation for completing this assignment is not contingent upon the development or reporting of a
predetermined value or direction in value that favors the cause of the client, the amount of value opinion,
the attainment of a stipulated result, or the occurrence of a subsequent event directly related to the
intended use of this appraisal.
8. My analyses, opinions and conclusions were developed, and this report has been prepared, in conformity
with the Uniform Standards of Professional Appraisal Practice.
9. Daniel Griffin has personally inspected the subject property.
10. No one provided significant real property appraisal assistance to the person signing this certification, unless
otherwise noted.
11. The reported analyses, opinions and conclusions were developed, and this report has been prepared, in
conformity with the requirements of the Code of Professional Ethics and Standards of Professional Appraisal
Practice of the Appraisal Institute.
12. The use of this report is subject to the requirements of the Appraisal Institute relating to review by its duly
authorized representatives.
13. As of the date of this report, the undersigned has completed the Standards and Ethics Education
Requirement for Candidates/Practicing Affiliates of the Appraisal Institute.
Daniel Griffin, MAI
Senior Managing Director
State-Certified General Real Estate Appraiser#RZ3393
Expiration Date: 11/30/26
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ADDENDA
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Definition of Market Value 0�9
The appraisal problem is to develop an opinion of the market value of the subject property. Market value is defined as
the most probable price which a property should bring in a competitive and open market under all conditions
requisite to a fair sale with the buyer and seller each acting prudently, knowledgeably and assuming the price is not
affected by undue stimulus. Implicit in this definition is the consummation of a sale as of a specified date and the
passing of title from seller to buyer under conditions whereby:
• buyer and seller are typically motivated,
• both parties are well informed or well advised, and acting in what they consider their own best interest;
• a reasonable time is allowed for exposure in the open market,
• payment is made in terms of cash in U.S. dollars or in terms of financial arrangements comparable thereto;and
• the price represents the normal consideration for the property sold unaffected by special or creative financing
or sales concessions granted by anyone associated with the sales
FIRREA Code of Federal Regulations, Title 12, Part 34 Subpart C-34.42, 1990;also Interagency Appraisal and
Evaluation Guidelines, Federal Register/Vol.75,No. 237,2070
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ADDENDA
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Additional Subject Photos
View of Subject View of Paved Portion of Subject Property
View From Tequesta Drive Frontage Along Tequesta Drive
1 t- /_ f�ftff� II{
Frontage Along Bridge Road View From Roundabout in Center of 3 Parcels
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ADDENDA
? }. PROPERTY ADVISORS
Engagement Letter
Page 29 of 164
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ADDENDA
? }. PROPERTY ADVISORS
f/ a I b r 1 d g e Palm Bums Road,Suite 4
01�
.}�/ 1 P2irt7 6e2ch Gardens, FL33At0
PROPF-RTY ADVISORS 561-833-5331 phone
Palm Beach I Treasure Coast valbfidgemm
June16,2425
FP Tequesta Property Owner,LLC
c/o Tom Frankel
535 Military Trail,Suite 141,Jupiter,FL 33458
tfran keleDfrankel-realty.com
RE: Restricted Appraisal Report
3 Vacant Parcels,Tequesta,FL 33469
Dear Mr.Frankel:
The following is the requested proposal for ourfirm to perform Appraisal Services for the above referenced
properties.If this docu ment is executed,it will also serve as an engagement contract forthe proposed scope
of work.
These services will be performed in accordance with the following provisions:
Client FP Tequesta Prope rty Owne r,LLC
Intended Use Internal use and decision-making purposes
Intended User(s) FP Tequesta Prope rty Owne r,LLC
Scope of Assignment The scope of our engagement will include the applicable research and analysis
required to estimate the current market value of the subject property at its highest
and best use.
Assignment Conditions Specific assignment conditions to be assumed by the appraiser per the client's
request:
None
Presentation of Findings Restricted Use Appraisal Report
Electronic copy in PDF format.Hard copies upon request.
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ADDENDA
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Tom Frankel
3 Vacant Parcels,Tequesta,FL 33469
Professional Fee The professional fee for this assignment will not exceed$2,000 for the referenced
scope of work
Retainer Half of the fee is due at the time of engagement,and half is due at the time of
delivery ACH is preferred and instructions will be included in your invoice.
Responsibility for Fees If the balance of the payment is not made upon completion of the identified
assignment, we will have the right to seek immediate enforcement of this
agreement including the recovery of all costs and attorney fees associated with
taking any legal action.Disputes arising out of this agreement will be governed by
the laws of the state of Florida without regard to or application of choice of law
rules or principles.The exclusive venue of any action or proceeding to enforce this
agreement is Palm Beach County,Florida.
Additional Services If additional work is required for additional research or analysis,hourly rates will
be based at$350 per hour for Senior Managing Directors(SMD),$175 per hour
for Senior Appraisers(SA),and at$100 per hour for associate appraisers(AA). If
court appearances, travel or meetings, are required, then additional time for
pretrial preparation, preparation for depositions, depositions,trial consultation,
court testimony or arbitration,will be charged at the same hourly rates noted
above. If hourly billing is anticipated,a retainer equal to the proposed next billing
cycle will be required. The initial retainer will be based on the estimated billing
time. At the end of the assignment, unused portions of the retainer will be
reimbursed.
Delivery Work product will be delivered within 10 business days by:
July 1,2025(final electronic report)
Above dates assume execution of this engagement contract and receipt of the
deposit, if required, within 3 business days of the preparation date of this
agreement and receipt of requested subject property documentation within 7
days of the preparation date of this agreement.Requested items for each property
are as follows:
Requested Items Survey or Surveys of each property
• Details on Zoning/Entitlements History
• Details on listing or offers(if applicable)
Professional Standards The analyses, opinions, and conclusions will be developed and presented in
Governing Assignment conformance with(and the use of this report is subject to)the requirements of.(1)
the Uniform Standards of Professional Appraisal Practice, and (2) the Code of
Professional Ethics and Standards of Professional Practice of the Appraisal
Institute.
Assignment Not Contingent Our compensation will not be contingent on an action or event resulting from the
analyses,opinions,or conclusions in,or the use of,the findings or any resulting
report Furthermore,the assignment will not be based on any requested value.
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ADDENDA
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Tom Frankel
3 Vacant Parcels,Tequesta,FL 33469
Once again,thank you for considering our firm for this assignment.Should you wish to proceed please
execute your agreement to this engagement letter in the place indicated below, retain a copy for your
records and return the duplicate original to us for our records,along with the deposit.We look forward to
working with you.
Attached to and incorporated in this engagement letter are Valbridge Property Advisors I Palm Beach
Treasure Coast's Terms and Conditions of Agreement.These Terms and Conditions are a substantive part
of our engagement and govern the work to be performed for you.The appraisal will be completed in a
timely fashion.
Respectfully submitted,
Valbridge Property Advisors I Palm Beach I Treasure Coast
Ic4f
Daniel Griffin,MAI
Senior Managing Director
State-Certified General Real Estate Appraiser#RZ3393
Expiration Date:11/30/24
dgriffinPvalbridge.com
(561)833-5331
AGREED AND ACCEPTED
SigT4�ur'e Title
Name(type or print) Date
Valbiidge Property Advisors I Palm Beach I Treasure Coast Pg.3 of E
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ADDENDA
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Tom Frankel
3 Vacant Parcels,Tequesta,FL 33469
STANDARD TERMS AND CONDITIONS
FOR SERVICES AGREEMENT
1. "Personnel." When capitalized, the term "Personnel" refers to all employees, partners, owners,
shareholders,members,officers,directors or independent contractors of the respective party.
2. Responsibility for Services. Valbridge Property Advisors I Palm Beach I Treasure Coast is solely
responsible for the services provided under this Agreement and the work product of its appraisers.
Valbridge Property Advisors I Palm Beach I Treasure Coast is an independently owned and operated
franchisee member firm of Valbridge Property Advisors Franchising System, LLC,which is a subsidiary
of Valbridge Property Advisors, Inc. (both collectively referred to below as "VPA'�. VPA and its
subsidiaries (including Valbridge Property Advisors Franchising System, LLC, Data Appraise Systems,
LLC,and Valbridge Property Advisors Data Solutions, LLC) do not perform valuation services,are not
being engaged to provide any services under this Agreement and have no responsibility concerning or
liability for the services of Valbridge Property Advisors I Palm Beach I Treasure Coast or any appraisal
or other work product.
3. Appraisal Fee Changes.The appraisal fee is based on an understanding of the assignment as outlined
in the specifications for the appraisal.Changes in the scope of work or unanticipated matters concerning
the property may result in a higher fee and will be billed at Valbridge Property Advisors I Palm Beach
Treasure Coast's regular hourly rates.If Client places the assignment"on hold"and then reactivates the
assignment, an additional charge may apply due to the inefficiency created. If Client cancels the
assignment prior to completion,Client agrees to pay for Valbridge Property Advisors I Palm Beach
Treasure Coast's costs and time incurred at its regular hourly rates prior to its receipt of written notice
of such cancellation.
4. Services Performed on an Hourly Basis.If this assignment includes a provision for services performed
on an hourly billing basis,the hourly rates for such services are subject to periodic adjustmentto current
rates.Valbridge Property Advisors I Palm Beach I Treasure Coast will provide 30 days'notice to Client
prior to any rate increases.If Client chooses not to consent to the increased rates,Client may terminate
the Agreement bywritten notice effective when received by Valbridge Property Advisors I Palm Beach
Treasure Coast. If this assignment includes a provision for services performed on an hourly billing
basis, Client acknowledges that Valbridge Property Advisors I Palm Beach I Treasure Coast has not
committed to any total fee amount to be incurred by Client under this Agreement.
5. Intended Users and Uses of Appraisal.In accordance with applicable professional appraisal standards,
each appraisal report will identify the client,any additional intended users,and the intended use(s)of
the appraisal.Valbridge Property Advisors I Palm Beach I Treasure Coast shall have no responsibility,
obligation or liability to any party who is not identified as the client or as an additional intended user
in the appraisal report or for any uses of an appraisal that are not identified in the report.Any partywho
is not the client or an intended user is not entitled to use or rely on the appraisal without the express
written consent of Valbridge Property Advisors I Palm Beach I Treasure Coast,notwithstanding that such
a party may receive a copy of the report for compliance or informational purposes.
6. Independence of Appraisal Services.The services performed under this Agreement will be delivered
in a manner that is independent,impartial and objective.Valbridge Property Advisors I Palm Beach
Treasure Coast's fees and Client's obligation to pay are not contingent on the value of the property,any
other assignment results, the funding of any loan, or the outcome of any dispute or litigation. Any
opinions expressed about the potential outcome of a matter or case are not guarantees of the outcome.
7. Confidentiality. Valbridge Property Advisors I Palm Beach I Treasure Coast and its Personnel will
comply with all confidentiality duties imposed by applicable law and professional standards. Client
agrees that Valbridge Property Advisors I Palm Beach I Treasure Coast maydisclose the appraisal report,
assignment results and other information relating to an appraisal,including information which may be
considered confidential under applicable professional standards,to third parties as required by law or
Valbridge Property Advisors I Palm Beach I Treasure Coast Pg.4 of 8
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ADDENDA
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Tom Frankel
3 Vacant Parcels,Tequesta,FL 33469
as necessary for compliance with professional standards. Client further consents to and authorizes
Valbridge Property Advisors I Palm Beach I Treasure Coast to disclose the appraisal report,assignment
results and other information relating to an appraisal,including information which may be considered
confidential under applicable professional standards, as reasonably necessary to defending or
responding to threatened or actual legal or regulatory actions or for insurance coverage of such
matters.
8. Testimony in Court or Other Proceedings.Unless otherwise stated in this Agreement,Client agrees
that Valbridge Property Advisors I Palm Beach I Treasure Coast's engagement under this Agreement
does not include Valbridge Property Advisors I Palm Beach I Treasure Coast's or its Personnel's
participation in or preparation foranyoral orwritten testimony in ajudicial,arbitration or administrative
proceeding; or attendance at any judicial, arbitration or administrative proceeding relating to this
assignment.Client will not designate or disclose Valbridge Property Advisors I Palm Beach I Treasure
Coast or any of its Personnel as an expert witness in any court,arbitration orother proceeding without
the prior written consent of Valbridge Property Advisors I Palm Beach I Treasure Coast.
9. Subpoenas and Testimony.In the event that Valbridge PropertyAdvisors I Palm Beach I Treasure Coast
or any of its Personnel is compelled by subpoena or other legal or administrative process to provide
testimony or produce documents relating to the appraisal or services under this Agreement,whether
in court,deposition,arbitration or any other proceeding, Valbridge Property Advisors I Palm Beach
Treasure Coast shall provide notice thereof to Client and Client agrees that Valbridge PropertyAdvisors
Palm Beach I Treasure Coast or any of its Personnel may disclose such information as required to
complywith such process and to compensate Valbridge Property Advisors I Palm Beach I Treasure Coast
for the reasonable time incurred in connection with preparation for and provision of such testimony
and/or documents at Valbridge Property Advisors I Palm Beach I Treasure Coast's rates in effect at that
time and reimburse its reasonable actual expenses.
10. Withdrawal Prior to Completion. Valbridge Property Advisors I Palm Beach I Treasure Coast may
terminate its rendition of services for the assignment(s) contemplated under this Agreement and
withdraw without penalty or liability before completion or reporting of the appraisal in the event that
it determines,at its sole discretion,that incomplete information was provided to Valbridge Property
Advisors I Palm Beach I Treasure Coast prior to the engagement,that Client or other parties have not
or cannot provide documentation orinformation necessaryto Valbridge Property Advisors I Palm Beach
Treasure Coast's analysis or reporting, that conditions of the subject property render the original
anticipated scope of work inappropriate,that Valbridge Property Advi so rs I Palm Beach I Treasure Coast
becomes aware that a conflict of interest has arisen,or that Client has not complied with its payment
obligations under this Agreement.
11. Third-Party Beneficiaries of Agreement.The Personnel of Valbridge Property Advisors I Palm Beach
Treasure Coast,VPA, its subsidiaries and their Personnel, and each franchisee and licensee of VPA
assisting or providing any services in connection with the services to be provided underthis Agreement
and each of such franchisee's and licensee's Personnel(each a"Third-Party Beneficiary")shall each be
an express third-party beneficiary of this Agreement and entitled to all of the rights and protections of
and applicable to Valbridge Property Advisors I Palm Beach I Treasure Coast, and the limitations
applicable to the Client,set forth herein(including,without limitation,the provisions regarding Intended
Users and Uses of Appraisal,Maximum Time Period for Legal Actions, Mutual Limitations of Liability,
Indemnification, Subpoenas and Testimony, Unauthorized Use or Publication, No Responsibility for
Certain Conditions and Arbitration).Without limiting the foregoing,although VPA and its subsidiaries
will provide no services under this Agreement,in the event of any legal claim or dispute,the following
protections and limitations shall apply for the benefit of each Third-Party Beneficiary:Responsibility for
Services, Intended Users and Uses of Appraisal, Maximum Time Period for Legal Actions, Mutual
Limitations of Liability, Indemnification, Subpoenas and Testimony, No Responsibility for Certain
Conditions and Arbitration,and no waiver,modification or amendment of such provisions shall apply
Valbridge Property Advisors I Palm Beach I Treasure Coast Pg.5 of 8
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ADDENDA
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Tom Frankel
3 Vacant Parcels,Tequesta,FL 33469
to any Third-Party Beneficiary, unless such waiver, modification or amendment is in writing and
executed by such Third-Party Beneficiary.There are no other third-party beneficiaries of this Agreement
or the services performed under this Agreement.
12. No Unauthorized Use or Publication. No part of an appraisal report or the opinions or conclusions
stated in a report may be published or used in any advertising materials,property listings,investment
offerings or prospectuses,or securities filings or statements without Valbridge Property Advisors I Palm
Beach I Treasure Coast's prior written authorization. If Client publishes or uses the report or Valbridge
Property Advisors I Palm Beach I Treasure Coast's work product without such authorization or provides
the report or other work product for unauthorized use or publication,Client agrees to indemnify and
hold Valbridge Property Advisors I Palm Beach I Treasure Coast and its Personnel harmless from and
against all damages,liabilities,losses,causes of actions,expenses,claims and costs,including attorneys'
fees,incurred in the investigation and/or defense of any claim arising from or in anyway connected to
the unauthorized use or publication.
13. No Responsibility for Certain Conditions. Notwithstanding that a report may comment on,analyze
or assume certain conditions,unless otherwise stated in the report,Valbridge Property Advisors I Palm
Beach I Treasure Coast and its Personnel shall have no responsibility for investigating and shall have no
responsibility or liability for matters pertaining to:(a)title defects, liens or encumbrances affecting the
property; (b) flood zones, earthquake zones, surveys, property lines or boundaries pertaining to the
property,(c)the property's compliance with local,state or federal zoning,planning,building,occupancy
permits,disability access, life safety and environmental laws, regulations and standards;(d) building
permits and planning approvals for improvements on the property; (e) structural or mechanical
soundness or safety; (f) contamination, mold,pollution,asbestos, storage tanks, subsoil conditions,
animal orvermin infestations and hazardous conditions affecting the property;and(f)other conditions
and matters forwhich real estate appraisers are not customarily deemed to have professional expertise.
Unless otherwise noted,the appraisal will value the property as though free of pollution, hazardous
materials or other contamination of any kind.Valbridge Property Advisors I Palm Beach I Treasure Coast
will conduct no hazardous materials or contamination inspection of any kind.
14. Maximum Time Period for Claims and Proceedings. Unless the time period is shorter under
applicable law and except for claims for indemnification pursuant to Section 19, each claim,cause of
action,or other proceeding concerning or relating to this Agreement,or the services or the results of
the services provided hereunder(each being a"Claim's between Client and Valbridge Property Advisors
Palm Beach I Treasure Coast shall be filed (whether in court or in an applicable arbitration tribunal),
within two (2)years from the date of delivery to Client of the appraisal report to which the claims or
causes of action relate or,in the case of acts or conduct after delivery of the report,two(2)years from
the date of the alleged acts or conduct.The time period stated in this section shall:(a)not be extended
by any delay in the discovery or accrual of the underlying claims, causes of action or damages,and(b)
apply to all non-criminal claims or causes of action of any type, except for intentional fraud or
intentionally wrongful conduct.
15. Mutual Limitations of Liability. Professional standards for the performance of real estate appraisals
require that appraisers perform their services independently, impartially, and objectively.Clients and
other users of appraisals often have separate legal or regulatory obligations imposed on them in
relation to the appraisal process.The provisions of this section are designed to assure that an appraiser
can render appraisal services in compliance with professional standards for reasonable compensation
and to assure that clients and users can comply freely with their own professional and legal obligations,
and any modifications hereof must be in writing and signed bythe parties.
a. Limitations of Liability.To the fullest extent permitted by applicable law,the maximum liability
of Valbridge Property Advisors I Palm Beach I Treasure Coast and its Personnel to Client orto any
third-party (regardless of whether such party's claimed use or reliance on the appraisal was
authorized by Appraiser) and of Client to Valbridge Property Advisors I Palm Beach I Treasure
Valbridge Property Advisors I Palm Beach I Treasure Coast Pg.6 of S
Page 35 of 164
a � taOr00e VACANT LAND
ADDENDA
? }. PROPERTY ADVISORS
Tom Frankel
3 Vacant Parcels,Tequesta,FL 33469
Coast for any Claim shall be limited to the total compensation actually paid to Valbridge Property
Advisors I Palm Beach I Treasure Coast for the appraisal or other services that are the subject of
the Claim.
This limitation of liability extends to all types of Claims,whether in contract or tort,but excludes:
()claims/causes of action for intentionally fraudulent or criminal conduct,intentionally caused
injury,or unauthorized use or publication of the appraisal or work product or Cii)claims/causes
of action by Valbridge Property Advisors I Palm Beach I Treasure Coast forthe collection of unpaid
compensation for the appraisal or other services(for which the maximum recovery shall be the
total amount unpaid and owing to Valbridge Property Advisors I Palm Beach I Treasure Coast,
plus applicable interest and late charges),or Ciii)claims,causes of action,or other proceedings
by Valbridge Property Advisors I Palm Beach I Treasure Coast or its Personnel against Client in
accordance with Section 19 (each an"Indemnification Claim', or for publication of any report
other than as may be expressly permitted by this Agreement(each a"Publication Claim'.
b. No Special or Consequential Damages. Except in the case of an Indemnification Claim or a
Publication Claim,neither Val bridge Property Advisors I Palm Beach I Treasure Coast/its Personnel
nor Client shall be liable to one another or to any third party(regardless of whether such party's
claimed use or reliance on the appraisal was authorized by Appraiser)claiming by or through any
of them or as a result of an appraisal or the matters set forth in this Agreement for special or
consequential damages, including, without limitation, loss of profits, prospective business
opportunities,or damages caused by loss of use of any property,regardless of whether arising
from negligence or a breach of this Agreement or otherwise,and regardless of whether a party
was advised or knew of the possibility of such damages.
c. Application to Other Parties.The limitations of liability in this section shall also apply to Claims
against a Third-Party Beneficiary.
16. No Assignment of Claims. No rights under this Agreement and no Claim may be assigned by any
party,except: (i)if set forth in the scope of services or Cii)with regard to the collection of a bona fide
existing debt for payment for the services.
17. Internal Compliance Reviews.The appraisal or other work product and files may be disclosed to and
subject to evaluation by Valbridge Property Advisors, Inc. for internal compliance purposes. Such
evaluations do not establish any responsibility to Client or any other parties. Client consents to
disclosure of information relating to the appraisal for that purpose.
18. Arbitration. Except for the Claims described hereinbelow,each Claim shall be resolved by binding
arbitration administered by the American Arbitration Association in accordance with its Commercial
Arbitration Rules,andjudgment on the award rendered by the arbitrators)may be entered in anycourt
having jurisdiction thereof.The place of arbitration shall be a mutually agreed location within the state
in which the subject property is located, This arbitration requirement shall not apply to any
Indemnification Claim, Publication Claim, or any Claim for monetary damages under $5,000, or for
collection of amounts due pursuant to this Agreement and not timely or fully paid.
19, Indemnification. Client will defend, indemnify and hold Valbridge Property Advisors I Palm Beach
Treasure Coast and its Personnel (each being an"Indemnified Party' harmless from and against any
liabilities,damages,obligations,costs,and expenses(including attorneys'fees)arising out of or suffered
by an Indemnified Party from or in connection with any claim,cause of action,or other proceeding
brought by a third party(a'Third-Party Action'l where such Third-Parry Action arises in connection
with,results from,or is based in whole or in part upon:(a) publication of the appraisal report or all or
any part of its content in a manner inconsistent with the terms of this Agreement,(b)use or reliance on
the appraisal by a person, entity,or association not identified as an intended user, unless Valbridge
Property Advisors I Palm Beach I Treasure Coast has consented in writing to adding such person as an
intended user,(c) Client's provision of inaccurate information or documentation,(d)Client's provision
Valbridge Property Advisors I Palm Beach I Treasure Coast Pg.7 of 8
Page 36 of 164
a � taOr00le VACANT LAND
ADDENDA
? }. PROPERTY ADVISORS
Tom Frankel
3 Vacant Parcels,Tequesta,FL 33469
of an incomplete copy of the appraisal report to any person,entity,or association,or(e)Client's use or
provision of the appraisal for a purpose other than its identified intended use.
20. Governing Law and Jurisdiction.This Agreement and each Claim shall be governed by the law of the
state in which Valbridge Property Advisors I Palm Beach I Treasure Coast's office performing the
assignment is located, exclusive of that state's choice of law rules. Client and Valbridge Property
Advisors I Palm Beach I Treasure Coast agree that,except for Indemnification Claims and Publication
Claims,each Claim and each legal proceeding to enforce an arbitration award entered pursuant to the
arbitration provision of this Agreement,shall be brought in a state or federal court having jurisdiction
over the location of the Valbridge Property Advisors I Palm Beach I Treasure Coast's office performing
the assignment,and the parties hereby waive any objections to the personal jurisdiction or venue of
such court.
21, Severability.If any provision of this Agreement is held,in whole or part,to be void, unenforceable,or
invalid for any reason,the remainder of that provision and the remainder of the entire Agreement shall
be severable and remain in full force and effect.
22. Execution of Agreement. Execution of this Agreement and delivery of an executed copy by any party
by electronic means will be as effective as delivery of a manually executed copy by such party. In the
event that any or all off services described in this Agreement are performed at Client's request or
direction,but prior to orwithout Client's execution of the Agreement,the terms and conditions of this
Agreement,including Client's obligation to pay,shall still apply.
23. Entire Agreement and Modifications.This Agreement contains the entire agreement of the parties.
No other agreement,statement or promise made on or before the effective date of this agreement will
be binding on the parties.This Agreement may only be modified by a subsequent agreement of the
parties in writing signed by all the parties.
24. Survival.Sections 2,5 through 10,and 12 through 23 of these Terms and Conditions shall survive and
continue to be applicable after completion of the services described herein.
Valbridge Property Advisors I Palm Beach I Treasure Coast Pg.8 of 8
Page 37 of 164
Agenda Item #2.
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Page 38 of 164
Agenda Item #2.
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Page 39 of 164
Agenda Item #2.
Land Sale Comparable Summary
Land Sales Summary
Sale ID 1809878 1809893 1809871 1809900 1778848 1796969 1714737
Property Name Federal Highway Broadway at Riviera Lucerne Ave Mixed The Dunes at Juno Vacant Parcel-Car The Dune North and Ventura Villas
Land Beach Use Land MF Wash The Dune South
Sale Status Closed Closed Closed Closed Closed Closed Closed
Location 2419-2605 N 1117 Broadway 1306-1320 Lucerne 13951 US Highway 1 4866 South Military 2617;2703;2755; 3103 N Federal Hwy
Federal Highway Ave Trail 2521 S Federal
Highway
Delray Beach, Riviera Beach, Lake Worth,Florida Juno Beach,Florida Lake Worth,Florida Boynton Beach, Boynton Beach,
Florida Florida Florida Florida
Tax ID 12-43-46-04-08-000 56-43-42-33-06-016 38-43-44-21-15-008 28-43-41-28-10-007 02-42-44-25-50-001 08434533000005070 08-43-46-04-17-000
0351,12-43-46-04- 0090,56-43-42-33- 0230+3 0111 0000 08434533000005080 0620
08-000-0340,12-43-06-016-0050,56-43- 0843453300000SO90
46-04-08-000-0330, 42-33-06-016-0011, 08434533000005100
12-43-46-04-08-000 56-43-42-33-06-016
0320,12-43-46-04- 0012,56-43-42-33-
08-000-0310+2 06-016-0030+11
Sales Data
Date of Sale 3/13/2025 3/11/2025 1/7/2025 12/6/2024 4/9/2024 2/14/2024 8/31/2023
Sales Price $15,000,000 $12,000,000 $1,675,000 $12,960,000 $2,375,000 $12,033,652 $6,360,000
Price/Usable Square Foot $78.26 $63.33 $54.93 $63.30 $50.37 $64.64 $64.60
Grantor ABC 1S Auto Imports JS 12 Real Estate Lake Worth Beach Juno Square,LLP Atlantis Retail LLC YoAtrium LLC,ICUG Southern Homes of
II,LLC Holdings,LLC Community LLC,Heywood,LLC Palm Beach V,LLC
Redevelopment
Agency
Grantee Ultra Luxury SJS#2,LLC Gregory D Rice Pulte Home Mavis Southeast LLC FED27 LLC 3103 Boynton
Townhomes LLC Company,LLC Development,LLC
Recording Number 20250102169 20250095454 20250019056 20240421441 20240132893 20240055905 20230309588
Book/Page Number 35629-1481 35618/785 35499/605 35438/780 34960/1259 34837/61 34544/822
Document Number
Property Rights Conveyed Fee Simple Fee Simple Fee Simple Fee Simple Fee Simple Fee Simple Fee Simple
Financing Cash to Seller Cash to Seller Cash to Seller Cash to Seller Cash to Seller Cash to Seller Seller Financing
Conditions of Sale Arm's Length Arm's Length Arm's Length Arm's Length Arm's Length Arm's Length Arm's Length
Physical Characteristics
Usable Land Area(Sq.Ft.) 191,664 189,486 30,492 204,732 47,149 186,175 98,446
Gross Land Area(Sq.Ft.) 191,664 189,486 30,492 204,732 47,149 186,175 98,446
Zoning GC DC MU-E RM-2 CG C3 IPUD
Flood Zone Zone X Zone X Zone X
Topography Level Level Level Level Level Level Level
Shape Roughly Roughly Irregular Rectangular Roughly
Rectangular Rectangular Rectangular
Utilities All Available All available All available All available All Available All available All available
Rail Access
Corner Exposure Mid-Block Interior Interior
Primary Traffic Count 29,000(2021) 22,688 8,651 27,106 37,000 VPD 27,136 26,005
Access/Visibility Average/Good Good/Good Average/Good /Average Limited Average/Average /Goad
Access/Good
Primary Frontage 500 feet on N feet on feet on feet on 320 feet on feet on 200 feet on Federal
Federal Highway Highway(US1)
Secondary Frontage feet on feet on feet on feet on feet on feet on feet on
Proposed Use Townhome Mixed Use Redevelopment Residential Car Wash Multifamily Townhomes
Development Development Subdivision Apartments
User Defined
Page 40 of 164
Agenda Item #2.
Land Sale Write-ups
LAND COMPARABLE 1
Property Identification
• _� {.
Property Name Federal Highway Land ' *, �.
Address 2419-2605 N Federal Highway
City County State Zip Delray Beach, Palm Beach
County, Florida 33483 "R
MSA West Palm Beach-Boca Raton
Tax ID 12-43-46-04-08-000-0351, 12-
43-46-04-08-000-0340, 12-43-
46-04-08-000-0330, 12-43-46-
04-08-000-0320, 12-43-46-04-
08-000-0310 +2
VPA Property/Sale ID 11524367/1809878
Transaction Data
Sale Status Closed ' s
Sale Date 03-13-2025 PropertyDescription
Grantor/Seller ABC JS Auto Imports II, LLC Proposed Use Townhome Development
Grantee/Buyer Ultra Luxury Townhomes LLC Gross Land Area 4.40 Acres/191,664 SF
Deed Book/Page 35629-1481 Usable Land Area 4.400 Acres/191,664 SF
Recording Number 20250102169 Frontage Feet 500
Property Rights Fee Simple Street Access Average
Financing Cash to Seller Visibility Good
Conditions of Sale Arm's Length Corner/Interior Mid-Block
Sales Price $15,000,000 Topography Level
Adjusted Sales Price $15,000,000 Utilities All Available
AdjustedDrainage Believed to have Off-Site
Price per Gross Acre $3,409,091 Retention
Price per Gross SF $78.26 Flood Hazard Zone Zone X
Price per Usable Acre $3,409,091 Zoning Code GC General Commercial
Price per Usable SF $78.26
Verification
Confirmed By Daniel Griffin
Confirmation Source Public Records, 3rd Party
Sources, and published articles
MIR
This property consists of several adjacent parcels, situated on the east side of Federal Highway(US Highway 1),
in Delray Beach.The sellers also owned the Delray Hyundai/Genesis and Acura dealerships located to the
south of this property and were planning to expand the dealership. The buyer is a residential developer
planning to develop townhomes on the property. It has yet to be determined how many units are planned.
Page 41 of 164
Agenda Item #2.
LAND COMPARABLE 2
Property 13th.SR i••� > t <.<
Q
Property Name Broadway at Riviera Beach "y
Address 1117 Broadway �►' 1
L vv 1 z m s i"
�- "E 121h�St"
City County State Zip Riviera Beach, Palm Beach ` QIw
County, Florida 33404
� rkln4'f--
MSA West Palm Beach-Boca Raton �ii� II s ,`'
Tax ID 56-43-42-33-06-016-0090, 56-
43-42-33-06-016-0050, 56-43-
42-33-06-016-0011, 56-43-42-
33-06-016-0012, 56-43-42-33- • ' vlb,4 ti ►'; `�_may !,
06-016-0030 +11 71�." Oft
3�t '; .a- -�
VPA Property/Sale ID 11524407/1809893 �' + 1Transaction Data
Sale Status Closed a � = X;
spa
Sale Date 03-11-2025 Property Description
Grantor/Seller JS 12 Real Estate Holdings, LLC
Proposed Use Mixed Use Development
Grantee/Buyer SJS#2, LLC
Gross Land Area 4.35 Acres/189,486 SF
Deed Book/Page 35618/785
Usable Land Area 4.350 Acres/189,486 SF
Recording Number 20250095454
Street Access Good
Property Rights Fee Simple
Visibility Good
Financing Cash to Seller
Shape Roughly Rectangular
Conditions of Sale Arm's Length
Topography Level
Days on Market 243
Utilities All available
Sales Price $12,000,000
Drainage Assumed adequate
Adjusted Sales Price $12,000,000
Flood Hazard Zone Zone X
Adjusted Sales Price Indicators Zoning Code DC Downtown Core
Price per Gross Acre $2,758,621
Price per Gross SF $63.33
Price per Usable Acre $2,758,621
Price per Usable SF $63.33
Verification
Confirmed By Daniel Griffin
Confirmation Source Public Records, 3rd Party
Sources, and published articles
This was the sale of a vacant parcel of land near the Riviera Beach marina. The site is within the IHC-PUD Inlet
Harbor Center Planned Unit Development which allows a variety of mixed uses with a maximum floor area
ratio of 5.0 and a height of 20 floors or 240 feet. However,there are density and height bonuses available
depending on use. The developer reportedly will be developing the property with a mixed use development
including ground floor retail and residential upper floors. No plans have been submitted yet.
Page 42 of 164
Agenda Item #2.
LAND COMPARABLE 3
Property Identification
Property Name Lucerne Ave Mixed Use Land
Address 1306-1320 Lucerne Ave
--
City County State Zip Lake Worth, Palm Beach
County, Florida 33460
MSA West Palm Beach-Boca Raton
Tax ID 38-43-44-21-15-008-0230 +3 IL IL
VPA Property/Sale ID 11524355/1809871 ��"•� " z �,
z
Transaction Data
� QSale Status Closed
'Lu cerne av
Sale Date 01-07-2025
Grantor/Seller Lake Worth Beach Community M i k,r ~
Redevelopment Agency .
Grantee/Buyer Gregory D Rice Property Description
Deed Book/Page 35499/605
Recording Number 20250019056 Proposed Use Redevelopment
Property Rights Fee Simple Gross Land Area 0.70 Acres/30,492 SF
Financing Cash to Seller Usable Land Area 0.700 Acres/30,492 SF
Conditions of Sale Arm's Length Street Access Average
Sales Price $1,675,000 Visibility Good
Adjusted Sales Price $1,675,000 Shape Roughly Rectangular
Adjusted Sales Price Indicators I Topography Level
Utilities All available
Price per Gross Acre $2,392,857
Drainage Assumed adequate
Price per Gross SF $54.93
Flood Hazard Zone Zone X
Price per Usable Acre $2,392,857
Zoning Code MU-E Mixed Use East
Price per Usable SF $54.93
Verification
Confirmed By Daniel Griffin
Confirmation Source Public Records, 3rd Party
Sources, and published articles
This property was purchased by the Lake Worth CRA for future planned development. The zoning is mixed-
use and allows a variety of commercial and residential uses.
Page 43 of 164
Agenda Item #2.
LAND COMPARABLE 4
Property
- Identification - Donald Ross Rd. r
Property Name The Dunes at Juno MF '� ���,,,,'
Address 13951 US Highway 1
City County State Zip Juno Beach, Palm Beach SUBJECT
~` .,• y_ N a
County, Florida 33408 N
a
MSA West Palm Beach-Boca Raton
Tax ID 28-43-41-28-10-007-0111
oilVPA Property/Sale ID 11524424/1809900 Transaction
ri
D. � r
ism. t L --
Sale Status Closed
Sale Date 12-06-2024 Property Description
Grantor/Seller Juno Square, LLP Proposed Use Residential Subdivision
Grantee/Buyer Pulte Home Company, LLC Gross Land Area 4.70 Acres/204,732 SF
Deed Book/Page 35438/780 Usable Land Area 4.700 Acres/204,732 SF
Recording Number 20240421441 Proposed Units 40
Property Rights Fee Simple Density(Units/Acre) 8.51
Conditions of Sale Arm's Length Visibility Average
Sales Price $12,960,000 Shape Irregular
Post-Sale Exp.Adj. $300,000 Topography Level
Adjusted Sales Price $13,260,000 Utilities All available
Adjusted Sales Price Indicators Drainage Assumed adequate
Zoning Code RM-2 Multi-Family
Price per Gross Acre $2,821,277 Moderate
Price per Gross SF $64.77
Price per Usable Acre $2,821,277
Price per Usable SF $64.77
Price per Unit $331,500
Verification
Confirmed By Daniel Griffin
Confirmation Source Public Records, 3rd Party
Sources, and published articles
Pulte Homes purchased 4.7 acres along US-1 in Juno Beach,where it plans to develop a 40-townhome
community called The Dunes at Juno. It will be developed with their DiVosta brand. The location is near the
beach and homes will be priced from around $1.5 million.All residences will stand three stories tall and have
three bedrooms, 3.5 baths and personal elevators. Home sizes will range from 2,261 to 2,371 square feet.The
Town Council agreed to sell 0.38 acres of road right-of-way to Pulte for approximately $300,000 which we
have included as an expenditure after the sale.The developer took the property through the rezoning and
entitlement process. The change in zoning reduced the allowable units from 84 to 40 which reflects a density
of approximately 8.51 units per acre.
Page 44 of 164
Agenda Item #2.
LAND COMPARABLE 5
Property Identification
E2:31d1Av2� xw
•wn
Property Name The Dune North and The Dune
South
-e lI T
Address 2617;2703; 2755; 2521 S - ' F100 r
Federal Highway39 RAW
City County State Zip Boynton Beach, Palm Beach -
County, Florida 33435
li�M a
MSA West Palm Beach-Boca Raton
Tax ID 08434533000005070
08434533000005080
08434533000005090
08434533000005100
VPA Property/Sale ID 11505544/1796969 r
i a
Transaction Data
Sale Status Closed
Sale Date 02-14-2024 DescriptionProperty
Grantor/Seller YoAtrium LLC, ICUG LLC, Proposed Use Multifamily Apartments
Heywood, LLC Gross Land Area 4.27 Acres/186,175 SF
Grantee/Buyer FED27 LLC Usable Land Area 4.274 Acres/186,175 SF
Deed Book/Page 34837/61 Proposed Units 336
Recording Number 20240055905 Density(Units/Acre) 78.61
Property Rights Fee Simple Street Access Average
Financing Cash to Seller Visibility Average
Conditions of Sale Arm's Length Topography Level
Sales Price $12,033,652 Utilities All available
Adjusted Sales Price $12,033,652 Drainage Assumed adequate
Adjusted Sales Price Indicators Zoning Code C3
Price per Gross Acre $2,815,548
Price per Gross SF $64.64
Price per Usable Acre $2,815,548
Price per Usable SF $64.64
Price per Unit $35,814.00
Verification
Confirmed By Daniel Griffin
Confirmation Source Public Records, 3rd Party
Sources, and published articles
This transaction sold with approvals paid by the buyer for "The Dune North" and "The Dune South".There are
additional costs to razed an existing structure which those improvements attributed no value to the sale price.
According to Andrew Meyer, a Senior Planner with the City of Boynton Beach, the project was reviewed and
Page 45 of 164
Agenda Item #2.
approved administratively in compliance with the State of Florida's "Live Local Act",which allows a developer
to build at a higher density and height than allowed by code if at least 40% affordable housing is provided for
thirty(30 years). The aggregate for 336 total DUs (38 town homes/garages,four 3-story bldgs) (298 DUs
eight-story apartment building - mix of 1 &2 bedroom apartments) and 2,595 SF of retail and 401-space
parking garage. MU-C zoning district(The Dune South - rental apartments) and the MU-2 zoning district (The
Dune North -townhomes).
Page 46 of 164
Agenda Item #2.
LAND COMPARABLE 6
Property Identification 7,
u f
Property Name Ventura Villas 1YX ..JEW cis
Address 3103 N Federal Hwy
City County State Zip Boynton Beach, Palm Beach
County, Florida 33435l
MSA West Palm Beach-Boca Raton i -- _
Tax ID 08-43-46-04-17-000-0620 `'' �W• I '
VPA Property/Sale ID 11397700/1714737 o`Q
Transaction Data 7i.
Sale Status Closed f l�
Sale Date 08-31-2023 { �w
Grantor/Seller Southern Homes of PalmI6.. � i ;; . F,!; ,a��
Beach V, LLC ` ' � `
��.
Grantee/Buyer 3103 Boynton Development,
LLC Property Description
Deed Book/Page 34544/822 Proposed Use Townhomes
Recording Number 20230309588 Gross Land Area 2.26 Acres/98,446 SF
Property Rights Fee Simple Usable Land Area 2.260 Acres/98,446 SF
Financing Seller Financing Frontage Feet 200
Sales Price $6,360,000 Proposed Units 25
Adjusted Sales Price $6,360,000 Density(Units/Acre) 11.06
Adjusted Sales Price Indicators Street Access Average
Price per Gross Acre $2,814,159 Visibility Good
Price per Gross SF $64.60 Corner/Interior Interior
Price per Usable Acre $2,814,159 Shape Roughly Rectangular
Price per Usable SF $64.60 Topography Level
Price per Unit $254,400 Utilities All available
Verification Drainage Assumed adequate
Confirmed By John Burns Zoning Code IPUD Infill Planned Unit
Development
Confirmation Source One Sotheby's International -
Manny Chamizo, listing broker
Confirmation Contact 786-486-6655
This 2.26 acre vacant parcel sold 8/31/2023 for$6,360,000 or$2,814,159 per acre. According to the listing
broker, Manny Chamizo of One Sotheby's International,there were no special or unusual circumstances
surrounding the deal, and the proposed use was 25 townhomes. The seller provided financing in the amount
of$3,100,000. According to Mr. Chamizo,the seller financing influenced the price and it facilitated the closing
of the deal.The site was approved at the time of sale.Ventura Villas will be a boutique, gated community with
amenities such as a community pool,fitness center, club room, and pet park.
Page 47 of 164
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PROPERTY ADVISORS
AP
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(626)4%-9327 (2081292-2965 1515 Central Pkwy., Ste. 120
17822171h St,Ste_211 Eagan, MN 55121
Tustin,CA 92780
6801 Lake Plaza Dr_, Ste_C-301 (fi it 370-1475
(714)449-0852 Indianapolis, IN 46220
775 Sunrise Ave., Ste.260 017)687 2747 1010 Rwd St
Rosewlle,CA 95861 KANSAS Gutfport,MS 39507
(916)361-2509 10990 GulAra Rd_, Ste. 100 (228)6041900
1E30 The Alameda,Ste. 100 Overland Park, KS 66210 224 Avalon Ctr.
San Jose,CA 95126 L'913)451-1451 Brandon,MS 39047
14M 279-1520 KENTUCKY (6011 853-0736
COLORADO W90 Star Shoot Pkwy. 501 Highway 12 W, Ste. 1'50-M
5345 Arapahoe Ave_, Ste.6 Lexington, KY 40509 Starkville,MS 39759
Boulder, Co 80303 ( 2) 585-3651 (662)617-2350
003)867-1935 9401 Williamsburg Plaza,Ste. 204
LoulvAl Ie, KY 40222 1118 Hampton Ave.,:Ste_208
(502) 585-3651 SL Louis}MO 63139
(314M 255-1222
CORPORATE OFFICE
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Agenda Item #2.
3034 S_1)urange Dr., Ste. 100 1250 Fairmont Ave. 527 E_Pioneer Rd., Ste_240
Las Vegas}NV 89117 Mt. Pleasant, SC 29464 Draper, UT 84020
17021242-9369 043.}884-1266 (80V 262-3388
1575 DeluNcchl Ln.,Ste_209 11 Cleveland CL 20 Nash Main Sit_
Reno,NV 89502 Greerrrllle, SC 29607 SL George, UT 84770
17751204-4100 0641233-6277 (435)7 3-6.300
NE'W' MEXI CO 920 Bay SL, Ste.26 321 NL County Btvd.,Ste_D
7301 Indian School Rd. N E,Ste_A Beaufort, 5C 29902 American Farb UT 84003
Allbucluer+que,NM 87110 1843)884-1266 (801)492-0000
(5051884-4721 TENNESSEE
NORTH CJ4ROLINA 35w Ringgord Idd, Ste_3 656 hdependence Pkwy.,Ste_220
5950 Fbtview Rd.,Site-405 Chattanooga, TN 37412 Chesapeake.VAL 23320
Charlotte, NC 28210 1423)206-2M (753)41OL1222
(704)376-5400 213 Fox Rd. 1231 Alverser Or.
` Knoxville, TN 37922 Midlothian,VA 23113
T , 118 Broadway N_, Ste_ 509 (865) 522-2424 (757)345-0010
` Fargo,ND 58091 756 Rrdge Lake Bh4, Ste.225 5107 Center St.,Ste. 213
' (701) 289-1676
Memphis,TN 38120 yNllllamslaurg,VA 23188
(901)753-6977 (7 5 71 345-001 0
8238 Clough Pike, Ste. 1 T1 45
Clnclnnatt,OH 45244 9D]Mopac Expy. 5., Bldg. 1,Ste-300 8378 W_Grandrldge Blvd.,Ste_110-D
(Sq 785-0820 Austin, TX 78746 Kennewick,WA 99336
1737)242-8585 (509)221-1540
6666 S_Sheridan Rd.,Ste. 1D4
10210 North Central Expy_, Ste. 115 324 N. Malian Rd.
Tulsa. OK 74133 Dallas,TIC 75221 Spokane Valley, WA 99206
1918)712-9992 1214)446-1611 (509)747-0999
3121 Quail Springs Pkwy., Ste. 150 974 Campbell Rd..Ste. 204
f oklahorna City,OK 73134 '
� (405)6034553 Houston,TX 77024 i20 W. North Avg_
I A3)467-585B Brookfield,VA 53005
2731 81St SL (2621782-7990
900 West Valley Rd.. Ste. 502 Lubbock, TX 79423
Wayne, PA 19087
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9901 IH-10 4�st,Ste_1025 4701 Baptist Rd-, Stye_31]4 Sian Antonio,TX 78230
Pittsburgh. PA 15227 1210)227-6229
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PROPERTY A DV I SO RS va1br i:66rof 164
Agenda
ParklandVillage of Tequesta LA Purchase Policy
/// F
y
J !
� � s
April, 2023
Page 164
Agenda VILLAGE OF TEQUESTAPARKLAND PURCHASE PRIORITY POLICY
Land Acquisition Framework and Criteria
All considerations for land acquisition are made within the context of the Village's Parkland and
Purchase Priority Policy, Parks Master Plan and the Village's Comprehensive Plan.
The emphasis of these policies is working with a willing seller in acquiring lands.
The development of a sustainable recreation and open space system that adequately provides
for the current and projected recreational needs of the Village and enhances its built and natural
environment by providing active and passive recreation opportunities.
ACQUISITION FRAMEWORK
Figure 4-1 presents a generalized decision model for considering the acquisition of candidate
properties. It involves five steps. At any given step an individual property may be excluded from
consideration.
➢ Step 1 - Acquisition Opportunity: The process begins with virtually anyone proposing a
parcel for acquisition, including an individual property owner. The general location,
assessor and land use information about the property, and the owner status as a willing
seller is documented. These considerations are further described in Section 1.1.
➢ Step 2 - System Context: The potential acquisition is characterized relative to the
acquisition goals of the Village and partnership opportunities. These are further described
in Section 1.2.
➢ Step 3 - Sustainability: A sustainability analysis is conducted to determine if the existing
Village Parks system can sustain the proposed acquisition. This analysis is further
described in Section 1.3.
➢ Step 4 - Property Characteristics: Detailed information about the parcel is characterized
to determine if there are specific resources, access conditions, use opportunities,
liabilities, or other use constraints that would affect considerations about acquiring the
property. This characterization is further described in Section 1.4. As more detailed
information is obtained about a property, circumstances may come to light that warrant
further deliberation as to the viability of that acquisition vis-a-vis the System Context and
➢ Step 5 - Acquisition Priority: The potential acquisition is evaluated and considered
relative to other potential acquisitions active at the time using specific priority criteria.
This analysis is further described in Sustainability considerations.
Encompassing all steps is the consideration of balancing the land acquisition costs with the
future value of the land in meeting the recreation needs of the Village. The Park Funds set aside
for acquisition can be considerable, yet they are limited.
1.1 Owner Considerations
If a property owner contacts the Village this indicates that there is a willing seller. An asking
price is requested. If the Village contacts the owner, and there is not interest on the part of the
owner to sell either property or an easement, the inquiry is terminated.
Page 1
Page 52 of 164
Agenda VILLAGE OF TEQUESTAPARKLAND PURCHASE PRIORITY POLICY
1.2 System Context
To allow the Village to determine in a timely fashion if the particular property would benefit the
Village's overall Park System and consistent with the Village's General Plan, an early
determination is made about partnership opportunities and countywide significance.
Following the guidance presented in the Strategic Plan and Comprehensive Plan, land
acquisitions that collect over time provide a continuum of outdoor recreation opportunities for
the Village's various demographics are important. Expanding and balancing today's spectrum of
recreation opportunities is benefited by partnerships that avoids the duplication of services and
helps maintain low cost.
1.3 Sustainability
When acquiring lands it is fair and reasonable to consider the general costs for staff, materials,
equipment and security that will have to be provided in the Department's annual operations
budget to operate and maintain the property at a selected standard, both in the undeveloped
and developed states. Lacking an operational partnership of some sort, if the effect of operating
the individual parcel may be burdensome relative to the ability of the Department to maintain
existing level-of-service standards for the whole park system, the acquisition must be
questioned.
1.4 Specific Property Characteristics
An analysis of the unique park purposes possible for a potential acquisition is made by
assessing the cultural, ecological and recreation attributes of each parcel.
Ownership and Property Characteristics
Criteria Definition
Value • Asking value and identification of circumstances (all cash,
life estate, reinvestment advantage, charitable remainder
trust, deferred gift annuity, deferred capital gains tax, partial
gift through bargain sale, partial sale, conservation
easement, public access easement, assure future sale)
• For comparative purposes, the value of recent transactions
of a similar type where such information is readily available
Property Description Assessor Parcel Number
• Location (relation to existing parks)
• Ownership information
• Acreage
• Type of Park (Community, Neighborhood Park)
• Zoning designation
• General description of property's natural features
Page 2
Page 53 of 164
AgendlW VILLAGE OF TEQUESTAPARKLAND PRIORITY POLICY
Acquisition Criteria
Approved Plans for New . The property is included in a planning document, site or
Parks capital improvement plan, General Plans, or other
agency regional open space plans.
Expansion of Existing . The property would expand an existing park such as a
Village Park Boundaries contiguous property, or extend a logical boundary of an
existing park.
Trail Route . The property involves connectivity to a walking/riding
path, park, or school.
Historic Value • Property associated with architecture, events, or persons
that have made a significant contribution to the broad
archaeologic or historic patterns of North America,
Florida, Region, or Village of Tequesta
Regional Demand /Appeal . The property would either expand an existing Village park
or would create a new park that lends itself to activities
and/or facilities that would:
o appeal to a broad cross-section of the population
and would draw users from within and outside the
Village.
o accommodate long-term outdoor recreation needs
(i.e., more than 20 years) as identified through
population projections, use surveys, and other
recreation needs analyses.
o represent a `one-of-a-kind', or nearly so,
opportunity not available from other recreation
suppliers.
o Strategically purchase parkland in an area or
neighborhood to enhance or change the character
of the area through converting developed property
into parkland or preserving an open space.
Accessibility Property would be accessed directly from the main
transportation routes within the Village or trails and
walking paths already established.
o Access routes to the property would not be
significantly limited in their capacity.
Resource Conservation The property has a direct relationship to attaining the
resource conservation priorities of the State, County, or
Village. Including the protection of scenic resources and
areas with rich biological habitat that provide opportunities
for appropriate resource-based recreation experiences of
regional significance. Site characteristics to be considered
include:
- Listed species protection
- Landscape connectivity
- Natural communities representation
- Watershed protection Page 3
Page 54 of 164
AgendIM VILLAGE OF TEQUESTAPARKLAND PRIORITY POLICY
Partnership Criteria
Lease or Acquisition Partner . Opportunity to leverage acquisition costs by partnering
with other park or open space providers, cities, or local
public agencies for properties that have a direct impact to
the Village.
Lease / Easement Partner . Opportunity to greatly reduce acquisition costs through
lease and/or easement acquisition.
Operations Partner • Opportunity to fund property acquisition that would
expand park systems and/or recreational facilities where
other agencies will take on operations responsibilities in
perpetuity.
Sustainability Criteria
Development Costs • Generalized costs (assumed) for planning, design, and
building improvements to open the park or trail for public
use to its optimum intended use.
• Effect on deferring needed infrastructure / life-cycle
capital expenditures in other parks and or new CIP
projects indicated in adopted Village Master Plan.
Operation Costs • Generalized costs (assumed) for staff, materials,
equipment, and security that will have to be provided in
the annual operations budget to open and maintain the
property at a selected standard, both in the undeveloped
and developed states.
Impact of operating the individual parcel will have on the
ability of the Department to maintain acceptable level-of-
service standard for the whole parks stem.
Revenue Potential . An initial estimate of revenue generation potential from
the hypothetical optimum development and operation of
the proposed property compares positively to the overall
costs to acquire, develop, operate, and maintain.
Property Characteristics
Interpretive Potential . Properties with natural or cultural resources that lend
themselves to interpretation.
• Properties that embody a "representative landscape"
exemplifying the natural diversity within the Village.
Page 4
Page 55 of 164
Agenda VILLAGE OF • PARKLAND PRIORITY POLICY
Acquisition Procedures
LEGAL REQUIREMENTS
Village parkland acquisition operates under a legal framework, drawing from multiple
federal, state, and local sources. Generally, the Village Council is vested with the
authority to acquire land or any interest in land whether within or outside of the Village's
territorial borders. This authority is found in the Village Charter Sec. 5.01 (11).
STEPS
A parcel evaluation is triggered by either the determination by the Department that the
property is needed or by the owner's contact to see if the Department is interested in
buying the property. If the evaluation results in the decision to purchase, the acquisition
procedure is begun. The specific actions taken to acquire follow the legal requirements
specified above and generally accepted professional standards for public real estate
practices. The time periods shown are approximate and may be affected by the
circumstances in an individual transaction.
The Village representative contacts the owner to determine willingness to consider sale
Step #1 to the Village. (Owners also contact the Department and start the evaluation process.)
1 to 3 The steps to be followed and the probable schedule are explained. Information about
weeks the owner's expectations is gathered.
Step #2 The Village Council is asked to approve proceeding with an appraisal(s) of the property.
1 to 3
weeks
Step #3 The property is appraised by an independent contract appraiser(s). If necessary, an
6-10 engineering study is ordered to analyze slope density and evaluate other development
weeks potential to determine the highest and best use under current conditions.
Step #4 The Village Council is asked to approve the offer of compensation based on the
1 to 3 appraisal.
weeks
Step #5 The Village representative is provided with the appraisal and presents the offer to the
owner.
1 week
Negotiations continue until agreement is reached. A definite response from the owner
Step #6 can shorten this period. Impasse can result from the owner's unwillingness to sell at this
4 to 8 time, dissatisfaction with the price offered, and/or disagreement with the basis of
weeks appraised value (typically the development potential under Village planning ordinances
and regulations). During negotiations, the willingness of the Village to structure an
agreement that meets the needs of the owner is emphasized. (Owner Options).
Page
Page 56 of 164
Agenda VILLAGE OF • PARKLAND PURCHASE PRIORITY POLICY.AftI M.
Step #7 The purchase agreement is forwarded to the Village Council for approval. When
8 weeks approved, escrow proceeds until clear title is vested. Taxes are prorated and canceled
as of the date of close of escrow.
Florida statutes provide a procedure when a municipality is purchasing land, which
keeps the negotiations and contract price exempt from public records disclosure
pending an option contract or pending 30 days prior to Village Council action:
166.045 Proposed purchase of real property by municipality; confidentiality of records;
procedure.—
(1)(a) In any case in which a municipality, pursuant to the provisions of this section, seeks
to acquire by purchase any real property for a municipal purpose, every appraisal, offer, or
counteroffer must be in writing. Such appraisals, offers, and counteroffers are not available
for public disclosure or inspection and are exempt from the provisions of S. 119.07(1) until an
option contract is executed or, if no option contract is executed, until 30 days before a
contract or agreement for purchase is considered for approval by the governing body of the
municipality. If a contract or agreement for purchase is not submitted to the governing body
for approval, the exemption from s. 119.07(1) will expire 30 days after the termination of
negotiations. The municipality shall maintain complete and accurate records of every such
appraisal, offer, and counteroffer. For the purposes of this section, the term "option
contract" means a proposed agreement by the municipality to purchase a piece of property,
subject to the approval of the local governing body at a public meeting after 30 days' public
notice. The municipality will not be under any obligation to exercise the option unless the
option contract is approved by the governing body at the public hearing specified in this
section.
(b) If the exemptions provided in this section are utilized, the governing body shall obtain
at least one appraisal by an appraiser approved pursuant to s. 253.025 for each purchase in an
amount of not more than $500,000. For each purchase in an amount in excess of $500,000, the
governing body shall obtain at least two appraisals by appraisers approved pursuant to
s. 253.025. If the agreed purchase price exceeds the average appraised price of the two
appraisals, the governing body is required to approve the purchase by an extraordinary vote.
The governing body may, by ordinary vote, exempt a purchase in an amount of $100,000 or
less from the requirement for an appraisal.
(c) Notwithstanding the provisions of this section, any municipality that does not choose
with respect to any specific purchase to utilize the exemption from s. 119.07(1) provided in
this section may follow any procedure not in conflict with the provisions of chapter 119 for
the purchase of real property which is authorized in its charter or established by ordinance.
(2) Nothing in this section shall be interpreted as providing an exemption from, or an
exception to, s. 286.011. Page 2
Page 57 of 164
Age VILLAGE OF - . PURCHASE PRIORITY POLICY
Seller Options
The Village of Tequesta offers land owners the opportunity to
contribute to the community while realizing the financial benefits of
their holdings.
Sellers have many options when selling or donating land to Village
of Tequesta for park purposes. Listed below are options available
for sellers to consider. The suitable choice will depend on individual
preferences and needs. Sellers will want to consult their tax advisor,
accountant or estate planner for advice on which option fits their
individual situation.
The Village can work with potential sellers and/or donors to find a
mechanism for property transfer that will serve the public interest
while accommodating the needs of the property owner.
The following options are not intended to be all-inclusive. These are
some options that may be available for potential sellers or donors of
property.
All Cash The Village can pay the full purchase price in cash. Few buyers can
finance a completely cash sale with no limiting conditions.
Life Estates In certain cases, the Village is willing to purchase property subject to
a seller's reservation of a life estate. A life estate provides the seller
the right to keep certain rights and interests in the property for the life
of the seller or another person. For example, it may allow an elderly
family member to remain in the family home. The seller still realizes
financial benefits from the property. An owner may also keep a life
estate in a property and make a gift of land to the Village that
qualifies for a charitable deduction.
Tax Deductible Gifts to the Village are eligible for tax deductions in the same way as
Gifts gifts to other charitable organizations.
Charitable A charitable remainder trust is a trust generally exempt from income
Remainder Trusts tax.
Deferred Gift This arrangement allows the seller to take a charitable deduction now
Annuity and defer income until a future date.
Deferred Capital The Village can structure a purchase with a long-term payment plan
Gains Tax that is based on the wishes of the seller.
Partial Gifts The seller can take the tax advantage of selling the land to the
through Bargain Village below market value and claiming the rest as a gift. The
Sales seller's own appraisal establishes the market value to validate the
claim.
Partial Sales The Village can purchase a portion of a parcel, leaving a portion of
the property, such as a rural home site, without the responsibilities of
the to_larger portion.The cellar ran also provide for sale of the
Page 1
Page 58 of 164
Agend . , . .. .
remainder to the Village at a future date.
Conservation A conservation easement is a mechanism that is used to encumber a
Easements property by defining allowable uses.
Charitable gifts of such rights may also qualify for charitable
deductions.
Public Access Areas needed for public access can be defined in carefully planned
Easement easements. The Village will work with the owner to assure privacy,
fencing and patrol of the easement area.
Assured Future Sale of land to Village can be assured through an agreement for a
Sale right of first refusal or granting an option for future purchase.
This agreement may specify the terms of a future sale or call for the
Village to match a legitimate offer by a third party.
Page 2
Page 59 of 164
Agenda Item #2.
A NARRATIVE APPRAISAL REPORT OF
THREE VACANT MIXED USE COMMERCIAL PROPERTIES
LOCATED ALONG MAIN STREET SOUTH OF TEQUESTA DRIVE
VILLAGE OF TEQUESTA, FLORIDA, 33469
PREPARED FOR
THE VILLAGE OF TEQUESTA
INSPECTION &VALUATION RATE
MAY 27, 2021
REPORT DATE
JUNE 28, 22021
BY
M. R. FORD &ASSOCIATES, INC.
REAL ESTATE APPRAISERS AND CONSULTANTS
[FILE; 21119]
Page 60 of 164
Agenda Item #2.
M. R. Ford & Associates, Inc.
Real Estate Appraiserslonsultants
8259 N. Military Trail, Suite 5
Palm Reach Gardens, Florida 33410
( 61) 627-6440 Fax: (561) 627-9012
,dune 28, 2021
.Jeremy Allen, Village Manager
345 Tequesta Drive
Village of Tequesta, Florida 33469
Fie: A Narrative Appraisal Report of three vacant mixed use commercial sites located along
Main Street south of Tequesta Drive„ Village of Tequesta, FL 33469
Dear Mr. Allen:
At your request, I have prepared this Narrative Appraisal Report which is intended to comply with
the reporting requirements set forth in the Uniform Standards of Professional Appraisal Practice_
As such, it presents summary discussions of the data„ reasoning, and analyses that were used in
the appraisal process to develop the appraiser's opinions of value. Supporting documentation
concerning the data, reasoning, and analyses is retained in the appraiser's file. The depth of
discussion contained in this report is specific to the needs of the client and for the intended use
stated below. The appraiser is not responsible for unauthorized use of this report. The purpose
of this appraisal was to estimate the As Is Market Value of the Fee Simple Estate for the property
as of my last date of inspection, May 27, 2021.
1 will refer to the three parcels as numbers 1, 2 & 3. Parcel 1 is the largest of the three, contains
1.887 acres, and is owned by Marin Street Village, Inc. Based upon are investigation and
subsequent analysis of the information assembled, as weill as my experience in matters pertaining
to real estate valuation, I have estimated the Market Value of the Fee Simple Interest for Parcel
One, as of my May 27, 2021 inspection date to be.
TWO MILLION FIVE HUNDRED FIFTY THOUSAND DOLLARS
( 2,51,000)
Parcel 2 Is the smallest parcel, contains 0.9883 acres, and is owned by JMZ Tequesta Properties„
Inc. I have estimated the Market Value of the Fee Simple Interest for it, as of my May 27, 2021
inspection date to be:
ONE MILLION THREE HUNDRED THIRTY FIVE THOUSAND DOLLARS
($1,355,000)
Parcel 3 contains 1.0167 acres, and is owned by JMZ Tequesta Properties, Inc_ l have
estimated the Market Value of the Fee Simple Interest for It, as of my May 27, 2021 inspection date
to be:
ONE MILLION THREE HUNDRED SEVENTY FIVE THOUSAND DOLLARS
( 1,375,000)
Page 61 of 164
Agenda Item #2.
June 28, 2021
Jeremy Allen, Village Manager
Rage Two
The previous page rn arket value estimates correspond with exposure time estimates of 12 rM0 nth s
or less, which .are assumed to have occurred prior to the effective date, and with a probable
marketing time to complete the sale of 12 months or less. This appraisal is subject to the
Assumptions and Limiting Conditions set forth at the beginning of this report.
A description of the properties appraised,the definitions of value and the valuation procedures and
analyses leading to the previous value conclusions are contained in the body of this report_ A
copy of the qualifications of the appraiser can be found in the Addenda. Thank you for the
opportunity to be of service in this matter. If I can be of any further assistance, please do not
hesitate to contact ma.
Respectfully submitted.
M.R. FORD & ASSOCIATES, INC.
Michael R- Ford, MAl, SRA, President
ert Gen RZ ## 31
Page 62 of 164
Agenda Item #2.
EXECUTIVE SUMMARY 4
PROPERTY TYPE: Three vacant mixed use commercial properties summarized by
their county property control numbers below-.
Parcel# PCN Land Zon LUP Assessed Appraisal 2020 RE
Ages Value 2020 Value Estimate Taxes A*
1 60-43-40-30-47-00 1-0000 1.1887 mum $676,221 $2,550.000 $14,070
2 60-43-40-30-47-002-0000 0,9883 mul $730,79V $1,335.000 S*16,4SV
3 60-43-40-30-47-003-0000 1,0167 MW $578.388 41.375.000 $12,034
Totals 3.19937 $1,987,427 NW` $44,580
Assessment includes Sr70,411 for parking tit improvenwis on slte, "Taxes shown Inclucle non-ad valorarn amouni c f$1,251.
—Only individual value estimates included In this report&may not be totaled as an overall value indication by 1htie appraiser_
LOCATION: Parcel 1 is located at the NWC of Bridge Road & Main Street_ Parcel 2 is located
at the SWC of Tequesta Drive & Main Street_ Parcel 3 is located at the NEC of Bridge Road &
Main Street. All three are located within the incorporated limits of the Village of Tequesta_
TOTAL LAND AREA: 3.1937 acres combined.
DESCRIPTION OF IMPROVEMENTS: Parcel 2 is the only parcel with improvements on
it, and it has a shared parking lot of 63 spaces on it.
HIGHEST & BEST USE:
IMPORTANT DATES: Date of Inspection and Appraisal: May 27, 2021
[Date Report was Completed: June 28, 2021
INTENDED USE: Determination of Market Value for potential purchase by the pillage
of Tequesta.
INTENDED USERS: Village of Tequesta or Assigns,
ESTIMATED EXPOSURE TIME: 12 Months or less
ESTIMATED MARKETING PERIOD: 12 Months or less
VALUATION & INSPECTION DATE: May 27, 2021
REPORT TRANSMISSION DATE: dune 28, 2021
APPRAISER: Michael R_ Ford, MAI, SRA
Cert Gen RZ # 31
Page 63 of 164
Agenda Item #2.
TABLE OF CONTENTS 5
Page No,
Cover Page
Letter of Transmittal
Executive Summary
INTRODUCTION
Table of Contents . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5
Certification . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . „ - „ - „ fir
General Assumptions and Limiting Conditions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7
GENERAL INFORMATION
Purpose, Date. and Intended Use of Appraisal . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8
Scope ofthe Appraisal . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8
ImportantDefinitions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8
Interest Appraised; Normal Marketing Period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9
Iden1fication of the Property
Location Map . . . . . . . . . . . . . . . . . . . . . . . . . . . 10
Location and Brief Descriptions; Legal Descriptions - - - - - - - - - - - - - - - - - . , . . , . , . . , . . 11
Owners of Record -, Sales History; Development Plans and Approvals . . . . 11
AREA DATA 13
NEIGHBORHOOD DATA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19
PROPERTY DATA
Tequesta Village Center Plat . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22
Location ; Access and Exposure . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23
Bice and Shape; Topography and Soils, Utilities; Flood Zone; Census Tract . . . . . . . . . . . . . . . . 23
Easements and Encroachments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23
Environmental Hazards; Zoning and Land Use Plan; Concurreney . . . . . . . . . . . . . . . . . . . . . . . . 24
Assessed Value and Real Estate Taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25
DESCRIPTION OF IMPROVEMENTS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25
H I G H EST AN D B EST USE ANALYSI S. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 26
RREFA E TO VALUE . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27
SALES COMPARISON APPROACH
Introduction . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 28
Land Sales Map, Summary & Comparison Charts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 29
Land Sales Discussion „ . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . , . . , . . . . . . . . . . . 39
Land Value Conclusions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 40
ADDENDA
Subject Photos
January, 1999 Village Newsletter
November, 2013 Conceptual Site Plan
Nilsa Zauarias, AICP response of 6125121
Land Sale Aerial Photos
Appraiser Qualifications
Page 64 of 164
Agenda Item #2.
CERTIFICATION 6
The undersigned dues hereby certify that, except as otherwise noted in this appraisal report,
1, I have personally inspected the property that is the subject of this appraisal report,
. 1 have no present or ccntemplated future interest in the real estate that is the subject of this appraisal
report- I have not previously appraised this property-
3. 1 have no personal interest or bias with respect to the subject matter of this appraisal report or the
parties involved. I have not provided professional services on this property within 3 years of
engagement for this assignment,
4. To the best of my knowledge and belief,the statements of fact contained in the appraisal report, upon
which the analyses,opinions and conclusions expressed herein are based, are true and correct, and
no pertinent facts affecting value have been knowingly withheld.
b. This appraisal report sets forth all the limiting conditions(imposed by the terms of this assignment or
by the undersigned)affecting the analyses, conclusions, and opinions in this report,
6. My compensation is not contingent upon the reporting of a predetermined value or direction in value
that favors the cause of the client, the amount of the value estimate, the attainment of a stipulated
result, or the occurrence of a subsequent event directly related to the intended use of this appraisal,
7. My analyses, opinions, and conclusions were developed, and this report has been prepared, in
conformity with the requirements of the STATE OF FLORIDA for the state certified appraiser,and the
CODE OF PROFESSIONAL ETHICS and the UNIFORM STANDARDS OF PROFESSIONAL
PRACTICE of the APPRAISAL INSTITUTE.
8. No one other then the undersigned rendered significant professional assistance in arriving at the
analyses, opinions and conclusions concerning the property which is the subject of this appraisal-
9. As of the date of this appraisal, Michael R. Ford has completed the requirements under the continuing
education programs of the STATE OF FLORIDA and the APPRAISAL INSTITUTE-
10. 1 certify that the use of this report.is subject to the requirements of the Appraisal Institute relating to
review by its duly authorized repressntatives,
11. This appraisal assignment was not based on a requested minimum valuation,a specific valuation,or
approval o(a loan.
12, 1 have substantial experience in appraisal of retaillservice buildings in this locality, and am competent
in appraisals of these properties. Neither I or myfirm has been sued by a regulatory agency or financial
institution for fraud or neglig.ence involving an appraisal report.
Michael R. Ford, MAI, SRA
Cert Gen RZ 0 31
Page 65 of 164
Agenda Item #2.
GENERAL ASSUMPTIONS AND LIMITING CONDITIONS 7
This appraisal has been made with the following general assumptions and limiting conditions;
1, No responsibility is assumed For the legal description or for matters including legal or title
considerations. Title to the property is assumed to be good and marketable unless otherwise stated,
2. The property is appraised free and clear of any or all liens or encumbrances unless otherwise stated,
:3. Responsible ownership and competent property management are assumed-
4. The information furnished by others is believed to be reliable. However, no warranty is given for its
accuracy-
All engIneeriing is assumed to be correct. The plat plans and illustrative material in this report are
Included only to assist the reader in visualizing the property-
G. All sales, cost, rental,financing offered and development data pertinent to this evaluation have been
verified by the appraiser.
7. It is assumed there are no hidden or unapparent conditions of the property,subsoil or structures which
would render it more or less valuable. No responsibility is assumed for such renditions or for
engineering which might be required to discover such factors. Further,unless otherwise stated in this
report,the existence of hazardous material,which may or may not be present on the property,was not
observed by the appraiser- The appraiser has no knowledge of the existence of such materials on or
in the property- The appraiser, however, is not qualified to detect such substances- The presence of
substances such as asbestos, urea-formaldehyde foam insulation, or other potentially hazardous
materials may affect the value of the property. The value estimate is predlcated on the assumption
that there is no such material on or in the property that would cause a loss in value.
8F It is assumed that there is full compliance with all applicable federal, state, and local environmental
regulations and laws unless noncompliance is stated,defined,and considered in the appraisal report.
9. It is assumed that 211 applicable zoning and land use regulations and restrictions have been complied
with, unless a nonconformity has been stated, defined and considered in the appraisal report.
10, It is assumed that all required licenses, certificates of occupancy, consents, or other legislative or
administrative authority from any local, state, or national government or private entity or organization
have been or can be obtained or renewed for any use on which the value estimate contained in this
report is based.
11. It is assumed that the utilization of the land and improvements is within the boundaries or property lines
of the property described and that there is no encroachment or trespass unless noted in the report,
12, The distribution,if any,of the total valuation in this report between land and improvements applies only
under the stated program of utilization. The separate allocations for land and buildings must not be
used in conjunction with any other appraisal and are invalid if so used-
11 Possession of this report, or a copy thereof, does not carry with it the right of publication.
14. The appraiser, by reason of this appraisal, Is not required to give further consultatiion,testirnony,or be
in attendance in court with reference to the properly in question unless arrangements have been
previously made.
15� Neith e r all nor any pa rt of th a contents of this report,especiia I I any conclusions as to va I ue,the identity
of the appraisers, or the firm with which the appraisers are connected, shall be disseminated to the
public: through advertising, public relations, news, sales or other media without the prior written
consent and approval of the appraiser.
Page 66 of 164
Agenda Item #2.
GENERAL INFORMATION 8
Purpose, Date and Intended Use and Intended Users of the Appraisal Report
The purpose of this appraisal report was to provide a supported opinion of the Market Value of the
Fee Simple Estate for the property as of my May 27, 2021 inspection date, in accordance
with the Uniform Standards of Professional Appraisal Practice (USPAP), The intended use of this
appraisal report is for a potential purchase of the three parcels by the pillage of Tecluesta. The
intended users of this report are the Village of Tequesta or their assigins.
Appraisal Development and Reporting Process -Scope
Research on the subject, neighborhood and sales has been undertaken to provide the client with
a summary analysis. Data sources include Palm Beach County Public Records, County and Local
Planning and Zoning Departments, real estate data services, local real estate agents, other
appraisal offices, and property owners. Additionally, research performed for other appraisals
completed by this office considered appropriate was also utilized.
This report is intended to represent a narrative appraisal, and includes a summary of all of the
pertinent data and its subsequent analysis. The scope and content of the report follows generally
accepted appraisal practices for an appraisal report as set forth in USPAP. The Scope of this
report is limited by the Statement of Assumptions and Limiting Conditions contained herein, no
departures from Standard 1 of the USPAP were invoked. The property being appraised was
inspected on May 27, 2021 by Michael R. Ford, at which time photographs of the property
as seen in the Addenda section of this report were taken.
IMPORTANT DEFINITIONS
Market Value
The term "Market Value" is defined for this appraisal as fellows,
The most probable price which a property should bring in a competitive and open market
under all conditions requisite to a fair sale, the buyer and seller each acting prudently and
knowledgeably, and assuming the price is not affected by undue stimulus. Implicit in this
definition is the consummation of a sale as of a specified elate and the passing of title from
seller to buyer under conditions whereby,
(1) Buyer and seller are typically motivated
(2) Both parties are well informed or well advised, and acting in what they
consider their own best interests
( ) A reasonable time is allowed for exposure in the open market
(4) Payment is made in terms of cash in U-S. dollars or in terms of financial
arrangements comparable thereto; and
(5) The price represents the normal consideration for the property sold unaffected
by special or creative financing or sales concessions granted by anyone
associated with the sale.
Source: 1pepartrnent of the Treaf>ury, office of Comptroller of the Currency, e0ard of Governors of the Federal
Reserve System. Federal Deposit Insurance Corporation, office of Thrift Supervision and National Credit Union
Administration under 12 CFR Part 34, Real Estate Appraisal and Title XI of the Financial Institutions Reform, Recov"
and Enforcement Act of 1989 (°FIRREA"), and the Interagency appraisal and Evaluation Guidelines, Federal Register,
Volume 75, No. 237, December 10. 2010.
Interest Appraised
The interest appraised is. the Fee Simple Estate."Fee Simple Estate" is defined as-
Absolute ownership unencumbered by any other interest or estate, subject only to the lirnitatioris
imposed by the governmental powers of taxation, eminent domain, police power, and escheat.
Source; The Dictionary of Real Estate appraisal, Fifth Edition, ,Appraisal Institute.
Page 67 of 164
Agenda Item #2.
GENERAL INFORMATION 9
Normal Marketing Period
The most probable amount of time necessary to expose a property in its entirety, to the open
market in order to achieve a sale. Implicit in this definition are the following characteristics:
The property will be actively exposed and aggressively marketed to potential purchasers
through marketing channels commonly used by sellers of similar-type properties
The property will be offered at a price reflecting the rnost probable mark-tip over market
value used by sellers of similar-type properties
A sale will be consummated under the terms and conditions of the definition of market value
set forth [herein],
Considering the present state of the local real estate market, I have concluded that the provable
marketing period estimate is best reflected at 12 months or less, as of the effective appraisal date.
Similarly, my As-is Market Value estimate coincides with exposure time estimates of 12 months
ar less, which are assumed to have already occurred.
Page 68 of 164
Agenda Item #2.
GENERAL INFORMATION 10
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Page 69 of 164
Agenda Item #2.
GENERAL INFORMATION 11
IDENTIFICATION OF THE SUBJECT PROPERTIES
Location and Brief Description
Parcel 1 is located at the; NVVC of Bridge Road & Main Street, Parcel 2 is located at the SWC of
Tequesta Drive & Bain Street. Parcel 3 is located at the NEC of Bridge Road & Main Street. All
three are located within the incorporated limits of the Village of Tequesta. Three vacant mixed use
commercial properties summarized by their county property control numbers below-.
Parcel# RCN Land ZoFl!L1P Owner Name Assessed 2020 RE
Acres value 2020 Taxes`
1 60-43-40.30-47-001-0000 1.1887 r0u), Main Street $676,221 514-070
Village. Inc.
2 60-0-40-30-47-00 1-004 0 9a43 Mu! TMZ Tequesta $73G.798' S16-456"
Propertles,Inc.
3 6""0-3"7-003 00OO 1.0167 MIX TMZ Tequesla $578.388 $12,034
Properties,Inc-
'Assessment includes$70,411 for parking tot improvements on site. "Taxes sboawn include non-ad valorem amount of$1,251.
Owners of Record
Show in chart above.
Brief Legal Descriptions & Recorded Sales Histry
Ramel Shod PCN Ladd Seller/Buyer Sale Price pkew OR Book/
4 s Acres Sale Cate Page
1-4+ NIA 4.833 FehlhaberCorp1 $1,300,000 $0,67 10275I452
TK4Z Tequesta
Properties, Inc. 2125198
1 + 001-0000+ 2.828' TMZ Tequesta $755,000 $6.13 10992 163
Main Street Properties, Ino.1
Village of Tequestel 311&99
1 001-0000 1.1887 Village of Tequesta 5520,000 $6.33 162141810
1 Main Street
village, Inc. 11119M3
2 D02-0000 0-9883 ThAZ Taquesta No more recent sale than in 1"row above.
Properties, Inc.
3 003-0000 1.0167 ThAZ Tequesta No more recent sale than in 1"row above.
Properties Inc.
F 1.887 Aare parcel 1 +.941 Acre Mein Sireel RAN=2.828 acres.
The three subject parcels and improved parcel 4 located at the SEC of Tequesta Drive and Main
Street owned by TMZ Tequesta Properties, Inc. are encumbered by a Reciprocal Parking
Easement recorded at OR Book 10992, Page 70 darted 3116199 which does not limit each parcel's
ability to be developed or redeveloped in accordance with governmental requirements. A copy of
that agreement is in rely workfile for this report.Additionally,a lease agreement between Main Street
Village Inc. and JMZ Tequesta Properties, Inc. as Lessors, and the Village of Tequesta was entered
into on 5114/09 to use the 3 subject parcels as a municipal park, and that lease was amended on
912416, It called for monthly rent of$ ,566 plus applicable sales tax. The stated intent of the rent
charged was to equal the amount of ad valorem taxes and insurance expense the Lessors pay on
the property. The amendment extended the term of the lease for 5 years, with the ability to be
extended beyond that date by mutual agreement of the parties.The amendment may be terminated
by (a) Lessor's sale of the entire property, or (b) by 60 days notice from either party following
Lessor's sale of only a portion of the;property, or(c) by default of either party, or(d) by written notice
of termination served upon the other party with a minimum of 6 months notice.
Page 70 of 164
Agenda Item #2.
GENERAL INFORMATION 12
The amendment also stated that after conclusion of the 5 year term the Lessors are free to sell the
entire property, or any portion thereof, with no money being due to the Village for park
improv ern ents_ The ViIIage shall have the right of first refusal to purchase the property or the portion
thereof which is offered for sale, under terms and conditions which are no less favorable than to any
third party purchaser_ The Village must notify lessors in writing of its intent to purchase the property
within 30 days from the date the lessors notify the Village in writing of its intent to sell.
The owners of the three sites have informed the Village that they intend to put the three parcels up
for sale, and the Vil lage has requested this appraisal to determine the current market value of them
for a potential purchase by the Village.
As I understand it from discussions with the Village Manager, .Jeremy Allen, the November, 2003
sale of parcel 1 to Main Street Village, Inc. resulted from the previous agreement between TMZ
Properties and the Village that, if the community building the Village had planned to build on that
site was not built within two years of its transfer to the Village, the property would be transferred
back to TMZ (or assigns) at the same approximate price that had been as to it previously.
A Village Newsletter, dated January, 199 (copy in Addenda) spells out the agreement between
the Village and TMZ regarding the four parcels and Main Street which were incorporated within the
Tequesta Village Center which described the buildings TMZ planned to, and later built on Parcel A
which was a 3-story 32,640 SF mixed use retail and apartment building. The FAR for that property
which contains a land area of 40,132 SF+was.8133_The newsletter also mentions a second building
TMZ planned to build on Parcel R (AKA panel 3 on the Main Street pillage plat) , which at that time
had been approved for d eve I o p ment with a 3-story retaillapartment building of42, 10 SF, reflecting
an FAR of.96.
According to Donna Krammer of,JMZ Properties, successor to TMZ and Main Street'Village, John
ucharelli of TMZ had an ongoing discussion with Village officials over the years about what he
wanted to build on the three parcels, and Mr_ ,Allen forwarded a Conceptual site plan to the
Village council for their 11/14/13 meeting (copy in Addenda). That site plan showed a residential
development which included all three vacant subject parcels, with 62 condos to be built in a 6-
story building, and 20 towvnhornes to be built in 3-story buildings. Those buildings were to be erected
on su bject parcels 1 & 2, with parcel 3 to be dedicated for city park use, and the development rights
from parcel 3 transferred to parcels 1 &2_The residential units in the conceptual site plan contained
a living area of 38,200 SF, and the three subject parcels were shown as containing 3.44 acres on
the conceptual plan (vs 3.892 acres per the plat). Based on 3.44 acres, the proposed FAR was
.255, at a density of 18 units per acre, The Council, in their workshop minutes of 21412019
decided they were not interested in going higher than 4 stories-
In an attempt to determine the probable highest and best use of the three subject parcels, I
contacted Donna K ram mer of JMZ, who referred me back to the Village regarding likely
development scenarios_ I contacted Nilsa Zacarlas, AJCP, who is the Community Development
Coordinator for the Village seeking her input regarding the likely intensity of development for
retaillapartm+ents, or residential on the subject parcels_ Her response to my inquiry, dated ,June
25, 2021 is included in the ,Addenda section of this report. In it, she reported on the density
proposed for a I I four parcels in the 1999 site plan, and concluded that it could be built as proposers
then today, barring any problems it would create incompliance with drainage, sewer, building code,
fire code, or traffic, The overall density proposed for the four parcels then was for 210,506 SF of
building space on a 4,83 acre site, reflecting an FAR of .48 (FAR-floor Area SF divided by land
area SF)_ Her response provided significant help in comparing the land sales found for comparison
to the subject parcels for the intensity of development planned for them to the subject parcels.
Page 71 of 164
Agenda Item #2.
AREA DATA 13
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Agenda Item #2.
AREA DATA 14
rc ording to the newly released 2021 U. S. Commercial Beal estate Market Outlook publication by Marcus&
Mill,ichap, "Vaccine distribution will play a critical role in how the national economy performs this year_ The
nation's economic situation has regained much of the momentum lost last spring as it continues along an
upward path in 2021. Sunbelt imetros noting exceptional in-migration, household formation and employment
growth prior to the health crisis have the strongest rnultifamily tailwinds. Fewer job losses in these markets
should help expedite the economic recovery, aiding rental demand_ Markets that were more aggressive with
reopening strategies due to lower population density or public policy are positioned to lead the retail recovery
this year,Sunbelt states and many Midwestern cities will be among the first to recoup pandemic-related losses,
A March 15, 2021 article titled Putting Economic Impact of Pandemic In Context from the U_ S. Census
B,ureau stated "We know the COVID-19 pandemic has caused record job losses and transformed the nation's
employment landscape but recently released historical data tables put the magnitude of the economic
disruption in clear context. In 2017, for example, roughly 30 million adults experienced either an end of
employment or a reduction in work hours, including both involuntary and voluntary job terminations_ But only
about 3.8 million collected Unernplo rnent Insurance (U1), which is contingent on !involuntary job termination,
according to the Census Bureau's Survey of Income and. Program Participation (SIPP), The GP ID-19
pandemic has taken a significant ton on particular economic sectors like hospitality,which includes jobs in tree
arts, entertainment, recreation, accommodation or food services_ In contrast, roughly four times,the number
of people(115 million) had experienced a loss in employment income from the start of the pandemic in March
2020 through February 2021, As a result, roughly 10 times the number of people(37 million)qualifiers for and
received Ul during that period, according to the Census Bureau's experimental Household Pulse Survey,
Economic Sectors- The COVID-19 pandemic has taken a significant toll on particular economic sectors like
hospitality,wh i ch includes jobs in the arts,entertainment,recreation,accommodationorfood services.In March
and April of 2020 alone, 8.3 million people lost hospitality jobs, according to the Bureau of Labor Statistics, In
contrast,SIPP data show that only about five million people lost jobs in the hospitality sector during all of 2017,
not significantly different from job losses in 2013—evidence that the pandemic has caused major disruptions
to what had been a stable economic sector.
Local Real Estate Market
The 1 st Quarter 2021 Palm Beach Industrial Market View Report by CBBE indicated the overall vacancy for
the county at 4.3%,with the sub-market extremes tieing Jupiter at 0.6%,and West Palm Beach at 6,7%.They
noted that "The outlook for the United States economy is becoming very positive as COVID-1 J vaccinations
are deployed at a rapid pace.The rate of daily vaccinations has accelerated to 2.5 million, making societal and
econom i c normalization poss i ble by m id-year-A reopening of the eccnorny wou Id support near 7 GDP growth
this year- the strongest pace seen since the early 1980's".
In their lurch, 2015 Palm Beach Retail overview, Co tar showed the average Palm Beach County vacancy
rate at 5_0%, with extremes being Power Centers at 7_8% and Malls at 3.3%-They stated that Palm Beach's
retail market has been hit hard by the coronavirus pandemic, but continues to outperform the nation on many
fronts. Permanent retail closures have pulled net absorption negative in three of the past four quarters, but
vacancies have increased by less than 100 basis points and remain bel,,ow the National Index rate."In the same
publication, CvStar showed an increase of 0-8% in the average retail vacancy over the past 12 months, and
rent growth at2.5%. In their March,2015 Palm Beach Multifamily Research Report,DoStarstated"Apartment
vacancies are near a three-year high in Palm Beach, a result of supply additions and lowered net absorption
amid the roronavirus pandemic.Vacancies in the metro are still about 100 basis points higher than the national
rate. There are still more than 4,000 units under construction due to complete in the coming quarters_ This
will keep upward pressure on the vacancy rater which is expected to climb aver the next 12 to 18 months".
Page 73 of 164
Agenda Item #2.
AREA DATA 15
Local Real Estate Market (continued)
In their 1 st Quarter 2021 Palm Beach office Market View Report by CBRE indicated the overaII vacancy for
thecounty at 13.5%, with the sub-market extremes being Palm Beach Island at 11.5%, and Delray
Beach/Boyn ton Beach at 25.2%.They noted that"The developm a nt pi pel i ne in the downtown contin ues to 0 row
with new proposed office projects In the Overview section of the same publication, OBRE stated"There teas
been an influx of individuals and companies, many are financial services related tenants, relocating from the
northeast. Florida and Palm Beach) County have fundamental advantages driving this trend including the
business-friendly environment, quality of life and year-round warm weather".
In their 2020 Southeast LJ. _ Real Estate Market Outlook for Palm Beach County, CBRE stated "+JI+'est Palm
Beach hotel supply declined in 2018. [despite this, the decline in demand from Latin America caused by the
strong U.S. dollar resulted in an occupancy decline of 1.8%4 during the year. The market conditions slumped
as defined by the 0.4' RevPAR during 2019.After realizing one of the nation's biggest ADR increases in 2018.
West Palm Beach hotel performance is predicted to decline sharply this year and into 2021, achieving annual
average RevPAR growth of only 1.2%". This prediction was prior to the COVID-19 pandemic, which has
resulted in a very severe economic crisis in this sector.
The Florida Realtors Association Monthly Market Detail publication for March,2021, compering that month
to March, 2020 reported "Single-family home closed sales for the month up 23.3%, cash sales up 47.6%,
median sale price at $ 271f up 18.9%, average sale price at $511,243 up 37.6%, dollar volume of sales up
69,7%,Median Percent of Original List Price Received at 99,8%,up 2.8 .Median Time to Contract of 15 days,
down 60-5%,and Months Supply of Inventory at 1.2. down 64.7%from 3.4 months of inventory in March,2020.
The publication notes that"MSI is useful indicatorof market conditions,The benchmark for a balanced market
is 5.5 months of inventory. Anything lower is traditionally a seller's market". The March, 2021 MS at 1.2 is
clearly an indication of a seller's market.
Redevelopment
Over the past decade,downtown redevelopment efforts have significantly enhanced the appeal of Vilest Palm
Beach, Jupiter and Delray Beach. The primary Improvement in West Palm Beach has been along Clernatis
Street"although peripheral areas are also experiencing a resurgence_ The most ambitious plan for downtown
West Palm Beach is a project formerly known as City Place (now known as Rosemary Square).The 77-acre
parcel is near the Kravis Center. Plans included a county convention center, hotel complex, specialty stores,
offices,apartments,entertainment, and possibly an aquarium. The project will contain 541,000 square feet of
commercial space including an 80,000 square foot 20 screen cinema, 90.000 square feet of restaurants" and
350,000 square feet of specialty retail stores_ Also,600 apartment units were completed in the Spring of 2001,
The $550 million project is about a halt-mile southwest of the main downtown area. Phase 1 held ifs
grand opening in October, 2000. with 83% of the 88 store and restaurant spaces teased, and the Muvico
theater was completed in December of 20DO0
Tha $80.7 million, 330,000 square foot Test Palm Beach Convention Center was completed in 2004. The
convention center has been built on the south side of Okeechobee Boulevard south of Rosemary Square, It
contains a 100,000 square foot exhibit hall, a 25,000 square foot ballroom with 2200 seating capacity, and
23,000 square feet of meeting rooms. On 10129/12 West Palm Beach approved a deal with the Related
Companies to build a 400-room Hilton hotel adjacent to the convention center on its east side,and on 10130/12
Palm Beach County approved a 27 million public subsidy for the project.The developer began construction
Page 74 of 164
Agenda Item #2.
AREA DATA 16
Redevelopment(Continued)
of the hotel and parking garage in November, 2014, and opening took place in early 2016. Local tourism
officials urged the public officials to support the plan to enable the convention center to compete with most
other tourist destinations which have hotels adjacent to their convention centers. The county will retain
ownership of the hotel and the land it sits on,and the;project will be exempt from property taxes.The developer
contHbuted$70,8 million to its construction, and an additional $S million came from federal trio credits.
Administrators estimate the project will create more than 1,500 construction and tourism jobs and more than
$1 billion to the county economy over the next 10 years.
New York real estate developer and film aficionado Charles Cohen bought the iiconic hurricane damaged
Carefree Theater property at 2000 S_ Dixie, West Palm Beach in 2015 for$3.0 million, with plans to build a
mixed-use center to include a theater that will show his Media Group's vast collection of classic, foreign and
art house films. A planned $200 million redo of Prospect Place, the former Sears and Winn Dixie shopping
centers at 3111 S. Dixie, West Palm Beach by Time Equities of New York call for five 15-story luxury condos,
plus shops and a 1-acre park on the 9.4 acre site, now home to nearly vacant offices_
A Major League Baseball spring training facility for the Washington Nationals and Houston Astros was
completed in 2017 on a former landfill south of 4V"Street between Military Trail and Haverhill Roads, in West
Palm Beach. Meanwhile, Palm Beach millionaire investor has spent the lest 4 years buying property in West
Palm Beach, with plans to develop mixed use projects featuring offices. retail, apartments and hotel uses on
several key locations in downtown West Palm Beach. Six multi-tenant office buildings are under construction
in Palm Beach County, which will add nearly 800,000 sq, ft. of new class A office product. more development
than the area has seen in 12 years_ This activity will increase the total market RBA by almost 3.5%.
Construction began on one West, a mixed-use project located in West Palm Beach which includes 2 10,000
sq. ft.of class A office, a 326-unit apartment building, a 200-unit hotel, and 14.000 sq. ft.of retail specs.Delray
Beach has also experienced a revitalization of the downtown area. This is particularly true along Bast Atlantic
Avenue, where many new restaurants, specialty shops, and jazz clubs have located in the past three years.
Also, some improvements have been made.along peripheral streets near Atlantic Avenue.A new large scale
mixed use development know, as Harborside Place, was recently completed at the northwest corner of U.S.
Highway 1 and Indianto n Road along the eastern side of the Intracoastal Waterway in .Jupiter. The
development includes a 178 roam hotel, a 22 slip marina, a public amphitheater, 122,000 square feet of retail
and office space,four restaurants and two five story parking garages with a total of 929 parking spaces, The
total construction cost for the project was estimated at 144 million, The Town of Lake Worth has also made
some downtown improvements, but on a more modest scale than Nest Palm Beach and Delray Beach.
A March 12,2021 article by the National Association of Realtors titled Commercial 2021 Forecast:A Rebound
in All Sectors stated "Peat-up demand, consumer savings and widespread vaccinations will spark broad
commercial expansion this year, according to economists attending NAR's Wed, webinar,
CHICA O — As vaccination rates rise nationwide, commercial veal estate is likely to post gains across all
sectors, fueled by pent-up demand and a high level of consumer savings, said leading economists on
Wednesday during the National Association of Realtors '(NAR) virtual -Real Estate Forecast Summit:
Commercial Update"webinar,.The U.S_economy will continue to improve in 2021,said NAR Chief Economist
Lawrence Yun, and that improvement is likely to drive gains across most commercial real estate markets.
Despite job losses and lower GDP in 2020,Yun said personal incoma was actually up by 10.7%in the second
quarter of 2020 and 4.3% in the fourth quarter thanks to federal stimulus measures,
Page 75 of 164
Agenda Item #2.
AREA DATA 17
2021 Forecasts
Including direct payments and unemployment compensation.The higher income combined with reduced activity
during the pandemic resulted in an elevated savings rate,which could result in a strong economic resurgence
once the COVID-19 vaccine distribution becomes widespread_"Once we reach herd immunity+,all these savings
could be unleashed,"said Yun. "It could be as soon as the second half of this year,"
The multifamily sector could also benefit from increased spending later in the year as renters return to the
market, 'Yun said. The shortage of affordable housing and the pandemic-related trend of additional family
members joining households may act as further spurs. ".lobs are being created, and people may be tired of
being cooped up with family,"he said_ "Some may rent simply because they're being choked out of the home-
buying market by rising prices." Yun p red ieted GDP growth of 4% and job gains of 3 million for 2021_
Calvin Schnure,the National Association of Real Estate Investment Trusts`(NAREIT)senior vice president of
research and economic analysis, said that the trajectory of commercial real estate recovery in 2021 will be
different from previous recoveries after economic downturns—specifically he expects a much faster recovery.
"The way we got here matters," noting that it's not like the Great Recession. In the latest downturn, the
economy and commercial real estate slowed due to an external shock rather than internal weaknesses,such
as overheated or over-leveraged markets_ Beyond the pandemic's impact, "CRE fundamentals were pretty
goad in 2020," he said. "Supply and demand were reasonably balanced in most sectors," He painted out
differences in the wady the work-from-home phenomenon affected office and multifamily vacancies and rents.
So-called "gateway cities," such as San Francisco, Washington, D.C., and Boston, experienced an Increase
in vacancy rates and steeper declines in rents in both office and multifamily,while vacancies actually declined
and rents grew for both sectors in some smaller cities_ The changes for both types of cities„ he noted, could
be transitory."Work from home is having a real effect, but I'm not sure if this is permanent. Somesignssuggest
this may be temporary+," Schnure said,
Brandon,Hardln,NAR's research economist,expects improvement in the retail sector as the vaccine becomes
more available in the second half of 2 021. Retail and food service sales were already in recovery as of January
2021, he stated,exceeding April 2020 by 5185.4 billion for a total of$568.2 billion. "Retail should attract new
customers and retain current ones,"though he did note that the retail rebound does ultimately depend on how
comfortable consurriers feel going into stores, He said adaptive reuse In the retail sector — repurposing a
building to be used in a different way than originally intended—will create opportunities. E-cornrnerce showed
strung growth throughout 2020, Hardin said, totaling $791.7 billion in sales, an increase of 32.4 8 over 2019.
He predicted that e-commerce sales will continue to increase, though the pace may be slower than it was in
2020. Industrial also emerged as a bright spot in commercial, Hardin said, partly driven by the need to support
e-commerce.Warehousing and storage jobs in February 2021 posted year-over-year increases of 72,400 jobs,
and industrial posted positive rent growth in the fourth quarter of 2020, as well as occupancy gains for 80%cif
markets in 2020, Hardin's outlook for industrial was optimistic; "Strong demand will continue."
Gay Cororaton, NAR's senior economist and director of housing and commercial research, said that land,
industrial and multifamily were all bright spots, posting year-over-year increases in sales prices in the fourth
quarter of 2020 (4%, 2%, and 1% respectively)- In addition; she predicted that off ce-using jobs eouId be
back to pre-pandemic levels by the second quarter of 2022. However. she noted that the work-from-home
trend could continue to impact the office occupancy rate. "Even if jobs return," she said, "I think we will
continue to see an uptrend in vacancy rates." She predicted positive trends in occupancy rates for
multifamily, industrial and retail—and for retail, she included brick-and-mortar stores in that optimistic
prognosis_
Page 76 of 164
Agenda Item #2.
AREA DATA 18
Conclusion
The north end of the county is the most dynamic area at present, beginning in Palm Beach Gardens and
extending northward through Jupiter_ Boca Raton has become quite popularfor image-conscious businesses,
while west Boynton each has lead the county in new home development, Delray Beach has also enjoyed a
resurgence because of its proximity to Boca Raton,as well as its own upscale image,The west-central portion
of the county, around Wellington and Royal Palm Beach,witnessed an enormous amount of commercial and
residential development activity prior to the 23 month recession which was declared to have ended in
November, 2009, The long delayed widening of State Road 7 resulted in substantial pent-up demand for
oammercial and housing developments along the State Road 7 corridor, and both types of development
exploded in the area since its completion in the late 1990's_
In light of the information provided in this area analysis. the outlook for both the local and U.S. econornies for
2021 is for a strong recovery in most real estate sectors.
Page 77 of 164
Agenda Item #2.
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Page 78 of 164
Agenda Item #2.
NFIGHRQRHnf')n nF%C,RIPTIC]N 2n
Indiantown Road is the major road providing access to the neighborhood from the east and west.
Indiantown Road is a six-lane read throughout the subject neighborhood, narrowing to four lanes to
the east of U_ S. Highway One and to the west of the Florida Turnpike. Access to the subject
neighborhood from other areas of the county and throughout the subject neighborhood is considered
to be very good.
The Intracoastal Waterway extends north and south along the east boundary of the neighborhood_
Bridges over the Intracoastal Waterway are located at Indiantown Road, U.S. Highway 1, ,Alternate
A1A, and Donald Ross Boulevard.
The neighborhood contains a wide variety of residential and commercial property uses and a small
amount of industrial property use. The neighborhood is approximately 95% developed. The
neighborhood experienced tremendous residential and commercial growth in the 1970's and early
to mid 198O's. Development slowed substantially dulring the 1990's and then again began to explode
at the turn of Lhe century, with a number of new residential and commercial developments occurring
within the neighborhood during the past five nears. However, new growth has been tempered by the
lack of undeveloped land along with concurrency regulations. The primary concurrency issue
affecting development in the area is traffic counts an various sections of roads within the
neighborhood and the potential increase in traffic generated by any new development_
Jonathan Dickinson State Park, the north boundary of the neighborhood contains approximately
11,500 acres and extends west from U.S. Highway One approximately six miles and north
approximately four miles from its southern boundary approximately one mile north of the subject
property and County Line Road. The park forms a natural boundary between the southernmost
developed portion of Martin County and the Town of Hobe Sound, located approximately eight miles
north of the subject property. The extensive amount of land dedicated to the park impacts properties
in the immediate area to the park by limiting additional development_
The immediate area surrounding the subject property is primarily developed with a mix of office
buildings, shopping centers, and businesslindustrial properties, none of which negatively affected
the subject property in terms of age&condition and upkeep_ Commercial development in the subject
neighborhood is primarily located along Indiantown Road and U.S. Highway 1. Of the two
commercially developed thoroughfares, Indiantown Road has been developed with the more recent
commercial developments. A new large scale mixed use development know, as Harborside Place,
was recently oompleted at the northwest corner of U.S. Highway 1 and Indiantown iRoad along the
eastern side of the Intracoastal Waterway. It includes a 178 room hotel, a 22 slip marina, a public
amphitheater, 122,000 square feet of retail and office space,. four restaurants and two five story
parking garages with a total of 929 parking spaces. The total construction cost for the project was
estimated at 144 million_
Page 79 of 164
Agenda Item #2.
NEIGHBORHOOD nESCRIPTION 21
The neighborhood also contains governmental and community facilities including the Jupiter
Municipal Complex and Community Center,elementary,junior Nigh and high schools,churches and
parks, Jupiter Hospital is located on the north side of Jupiter Lakes Boulevard just west of Alternate
Al A. A number of medical office buildings are located within the neighborhood in close proximity to
the hospital_
Conclusion
The subject neighborhood contains a relatively affluent population based on the residential unit
values in the neighborhood- Market conditions have improved over the past few years. and
residential development has returned, and demand for professional office space has improved, and
has enabled the nearby office projects and the subject to experience stabilized rental rates and
occupancy levels. The prospects of this trend continuing into tine future appear favorable.
Page 80 of 164
Agenda Item#2. `
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Agenda Item #2.
PROPERTY DATA 23
Location
Parcel 1 is located at the NWC of Bridge Road & Main Street. Parcel 2 is located at the SWC of
Tequesta Drive& Main Street. Parcel 3 is located at the NEC of Bridge Road &Alain Street. All three
are located within the incorporated limits of the Village of Tequesta.
Access and Exposure
Access to all three sites is goad. Tequesta Drive is a 4-lane median divided roadway joining 6-lane
median divided US-1 to the east, and 4-lane Old Dixie Highway to the west of the 3 sites. The
intersection ofTequesta Drive with both U -1 and Old pixie Highway are signalized. Bridge Road,
along the south side of parcels 1 & 3 is a 2-lane read which connects US-1 and Old Dixie Highway.
The properties surrounding the subject sites are office and retail properties.
Size and Shape
All three parcels have generally rectangular shapes. with parcel 1 containing 1.887 acres, parcel 2
containing 0.9883 acres, and parcel 3 containing 1.0167 acres..
Topography and Soil Conditions
The sites are slightlyabove the elevation of the surrounding roads,and appeartodrain well. No soils
information was provided for this assignment. The soils throughout the coastal areas of South
Florida are typically of a sandy composition which drain well.
Utilities
The property is served by municipal water and sewer services. Electricity is provided by Florida
Power & Light, and telephone service is provided by AT&T and other carriers_
Flood Zone
The property is located in Flood Zone C delineated by the National Flood Insurance Program.
This is in Community Panel Number 120228-0001 C dated 0-30-82.
Census Tract
The site is located in Census Tract 1.02.
Easements, Encroachments and Encumbrances
The plat of Tequesta Village provided for this appraisal, and included on the previous page shows
numerous utility easements crossing through all three subject parcels. No encroachments were
observed can myinspection. Utility easements can be relocated simplyto accommodate construction.
Consequently, I have assumed that the easements on the property are typical and have no adverse
impact on the property.
Page 82 of 164
Agenda Item #2.
PROPERTY DATA 24
Environmental Hazards
No environmental assessment information was furnished for this report. I did not observe any
environmental contamination on the property, but I am not an expert is such matters. In the
absence of any environmental information, I have assurned that the property is free and clear of
any environmental contamination.
Zoning and Land Use Plan
The subject is zoned MU-Mixed Use by the Village of Tequesta. Property development
standards areas follow:: For residential uses, a maximum density of 18 units per acre,
maximum building height is four stories or 50' above average finish grade. Maximum lot
coverage for residential uses is 62%, for commercial use on lots of less than 3 acres
the maximurn coverage is 60%, and minimum landscapedlopen space is 25% for both
commercial and residential. Permitted uses include single-family, two-family, and multiple-
family dwellings, small-scale retail sales & service, business services, health care facility or
medical or dental office, professional office or professional services, bakeries, restaurants, all
with a maximum of 5,040 square feet of gross leasable area for each tenant area or individually
owned unit. Special exception uses include hotels and Planned commercial development (PCD).
Restaurant and fast food uses shall be restricted to U -1 frontage. Prohibited uses include
motels, carwashes, motor vehicle dealers, pawnshops, service stations, auto repair, and
veterinary offices or kennels, The Future Land Use designation for the subject sites is also
Mixed Use by the Tillage of Tequesta. Please see the discussion on page 14 of this report
concerning the 1999 Tequesta Village Center Site Plan and its applicability to the probable
development intensity for the subject parcels currently-
Concurrency
The strongest growth control measure ever imposed on Palm Peach County was passed by the
Florida Legislature and became effective on February 1, 1990_ This was mandated by Chapter
163. Florida Statutes, otherwise known as the Growth Management Law. One provision of this law
is referred to as concurrency which dramatically limits the ability to develop real property. It is
basically the requirement that adequate infrastructure be available to serve new development. The
types of infrastructure affected include, traffic, potable water, sewer, drainage„ solid waste,
recreation and open space, mass transit, fire rescue, and schools.
Page 83 of 164
Agenda Item #2.
PROPERTY DATA 25
Taxes and Assessed Value
According to the Palm Beach County Property Appraiser"s records, the 2020 assessment and tax
information for the subject parcels is summarized and compared to my value conclusions on page
four of this report. Please refer to page four for those comparisons_
The 2020 assessments for the parcels range from 70 to 80% of my estimates of their market value.
It is not unusual for properties to be under-assessed by the county Property Appraiser. Those
appraisals are done on a mass basis which is less accurate than the individual property valuation
performed in this report,
Improvements
Parcel 2 is the only parcel with improvements on it, and it has a shared parking lot of 63 spaces
on it The paving on parcel 2 is worn, and in need of blacktopping and re-striping.
No other significant improvements were observed on the subject parcels on my inspection of
them_ The sites has been cleared and sort,ded, and are level, and slightly above the elevation of
the adjacent roads, and appear to have good drainage and elevation features.
Page 84 of 164
Agenda Item #2.
HIGHEST AND BEST USE 26
Highest and best use is defined in The Dictionary of Beal Estate Appraisal, 6th Edition, by the
Appraisal Institute as: "The reasonably probable and legal use of vacant land or an improved
property, which is physically possible, appropriately supported, financially feasible, and that results
in the highest value_"
More importantly, highest and best use results from an appraiser's judgment and analytical skills.
Hence, it is an opinion, not a fact to be found_ In appraisal practice, highest and best use represents
the foundation or premise upon which value is ultimately based. Highest and best use always
includes an analysis of the land, as if vacant. If improved, an additional analysis is required. In
some instances, the improved property may not represent a reasonable highest and best use of the
land and the property value mar actually be less than the land, as if vacant.
Highest and Best Use as if Vacant
The highest and best use of vacant land must meet certain basic criteria, as summarized herein.
1. Physically Possible Use:
The subject parcels are of sufficient size and shape to allow numerous types of development
permissible under their mixed use zoning and land use plan designations.The parcels are conducive
for the uses of the mixed use category due to the stable, and intensely developed surrounding
residential support base, and reasonably good access they enjoy from Teguesta
Driver US-1 and Old Dixie Highway..
. Legal Use;
A variety of uses are permissible under the mixed use zoning designation including residential,
retail, service, professional and medical offices, with a likely development intensity of a .48 FA,R.
3. Economically Feasible and Maximally Productive Use:
The market for this type of property is currently such that development in conformity with the mixed
use zoning and land use plan designations would likely be feasible.
Highest and Best Use as Improved
Not applicable to these vacant sites.
Page 85 of 164
Agenda Item #2.
PREFACE TO VALUE 27
The previous sections of this report contain the identification and analysis of the area,
neighborhood, site, market, and improvements as a basis for determining highest and best use for
the subject property. Estimating value for a property improved to its highest and best use typically
involves an analysis of the three ( ) traditional approaches to value. I have considered the Cost
Approach, Sales Comparison Approach, and Income Capitalization Approach to value.
The Cost Approach is based on the principle of substitution which states than an informed
purchaser will not pay more for a property than the cost of reproducing a property with identical
improvements and having the same utility. This approach consists of estimating value for the
subject site as if vacant and adding the direct and indirect costs of construction, deducting an
estimate of accrued depreciation, and adding an appropriate entrepreneurial profit.
The Sales Comparison ,Approach is also based upon the principle of substitution whereby similar
properties within competitive markets will realize similar prices. An informed purchaser would not
pay more for the subject property than the cost to acquire another property with the same amenities
and utility.
The Income Capitalization Approach is based on the principle of anticipation whereby an investor
expects benefits to be derived in the future. In evaluating future benefits, an informed purchaser will
analyze income as well as how change affects the income-producing characteristics of the property-
Vacant parcels like the three subject lots are seldom leased or purchased for their incorne producing
potential. It follows that this valuation approach is not applicable to this assignment.
The final step ire the vaIuati+on process is reconciNatiion of the value indications for each parcel into
a single final conclusion for each by analyzing the appropriateness, accuracy, and quantity of
evidence in each approach. Because the subject is a vacant site, buyers and sellers of pro perty+like
this would give no consideration to the Cost Approach, and the Cost Approach was not utilized to
estimate the value of the subject property.
The Sales Comparison Approach is the only applicable value indicator for this type of property. The
Income Approach was not utilized because it would likely be sold with no consideration of its income-
producing potential. The Sales Comparison Approach was utilized,and js presented on the following
pages.
Page 86 of 164
Agenda Item #2.
SALES COMPARISON APPROACH 28
Introduction
In estimating the Market Value of the Fee Simple Estate for the subject, the Sales Comparison
Approach has been utilized. The six vacant land sales identified can the following page reap, and
summarized on the following chart are the most recent indications of value found for
comparison_
A location map, and sales summary and comparison chart are located on the following pages. Aerial
photos of each of the sales are located in the addenda section of this report.
Page 87 of 164
Agenda Item #2.
SALES COMPARISON APPROACH 29
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Page 88 of 164
Agenda Item #2.
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Page 89 of 164
Agenda Item #2.
r
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Page 90 of 164
Agenda Item #2.
SALES COMPARISON APPROACH 32
Land Sees Discussion
Please note that the previous sales summary chart shows that subject parcel 3 had been
planned for development to an FAIL of .96 as part of the overall Tequesta Village Center
development, while parcels 1 & 2 were planned to be developed to much lower FAR intensities
as part of that site plan at .21, and .73 respectively. The Teguesta Village enter site plan was
conceived with parcel 2, containing the civic/cultural and governmental spaces at a much lower
intensity than the other parcels. In the absence of any dear evidence of what is planned for the
three sites, I have applied the overall FAIL from the four parcels in the Tequesta Village Center
site plan to each of the subject parcels, at 0,48 to each_
The sales were compared to the subject on a qualitative basis, assigning comparative ratings for
various value impacting attributes. After rating all of the pertinent value impacting attributes, an
overall rating will be assigned to each sale.
All of the sales were confirmed as having been arm's length transfers between unrelated parties
each knowledgeable and acting in their own best interest, so all were rated similar for conditions of
sale.
The sales took place in a time period from 0ctobor of 2019, March of 2 02 1. Market conditions for
these ;properties have stabilized since 2919, and all of the sales were rated similar accordingly.
The general location features of the subject and all but one of the sales are similar, and those were
rated similar for general location features. Sale 4 is located in a lower demographic area, and was
rated inferior.
The subject site's access and exposure features are good, and similar to these of each of the sales
except sale 5. Sale 5 was rated inferior for access and exposure features due to its relatively remote
location in Wellington.
The three subject sites have generally rectangular shapes and have sizes ranging from 43,050 to
82,198 SF, Other considerations being equal, largersites tend to sell forlower prices persquare foot
relative to smaller sites. Sales 1 through 5 were similar in size relative to the subject and were rated
similar to the subject parcels for size and shape. Sale 5, at 139,857 SF was much smaller than the
subject sites, and was rated inferior for size and shape_
This set of comparisons to the subject sites for zoning and approvals are is as if they were to be sold
on an "as is" basis without a contingency clause for obtaining development approvals prior to
closing_ On that basis, sales 3 &6 were rated superior, since sale 3 is planned for a story 175 unit
apartment complex which reflects a development density+ 124 units per acre. Sale 3 was sold on an
"as is" basis without those approvals in place, but was rated superior for Its greater development
intensity potential relative to the subject parcels. Sale 6 was sold with approvals in place for a 4
story, 136 unit apartment project with an FAR of _93, excluding the parking garage under it_ It was
Page 91 of 164
Agenda Item #2.
SALES COMPARISON APPROACH 33
rated superior accordingly compared to the subject sites. Sale 4 was sold with approvals in place
for development with a medical office building of 12,000 SF, and an FAR of only .18, It was rated
inferior accordingly compared to the subject parcels_ Sale 5 was rated inferior relative to the subject
sites due to the much lower intensity of development permissible on it, with an FAR of only _09 on
it. Sale 2 had no approvals in place at date of sale, and the intensity to which it is capable of being
developed under its G2 zoning by Jupiter is not expected to be nearly as intense as is permissible
for the three subject sites, and it was rated inferior for zoning and approvals also_ Sale 1 was rated
similar for zoning and approvals. Sale 1 was sold without approvals in place, but with shared parking
lot and site improvements already in place. It was developed with a bank to an FAR of ,31, and was
rated similar for zoning and approvals.
The subject parcels have been cleared, filled and leveled, as had all of the sale parcels, and all were
rated similar for topographic features.
Land Sales Conclusion
The two sales rated similar overall were sales 1 & 6, which sold for $31.80 and $30.39 per square
foot of land, and averaged $31.10 per square foot. The 3 sales rated inferior ranged from $25.69 to
29.95JSF, and one sale rated superior compared to the subject sold for $34.121SF.
Considering each of the indications, I have concluded at $31.00 per square foot for the subject
parcels on an"as is" basis. I applied the same 31.401SF to each of the three subject parcels, since,
presumably each could be developed to a similar development intensity. The calculations for my
individual parcel value conclusions for the three subject parcels are summarized below:
Parcel 1- 82,198 SF x $31.OtlfSF = $2,548,138, or$2,550,000. rounded.
Parcel 2-43,050 SF x $31 MISF = $1,334,550, or 1„335,000, rounded_
Parcel 3-44,287 SF x 31.00/SF = $1,37 ,897, or$1,375,000, rounded_
These market value estimates correspond with an exposure time estimate of 12 months or less,
which is assumed to have occurred prior to the effective date, and with a probable marketing
time to complete the .sale of 12 months or less_ This appraisal is subject to the Assumptions and
Limiting Conditions set forth at the beginning of this report_
Page 92 of 164
Agenda Item #2.
ADDENDA
Subject Photos
January, 1999 "tillage Newsletter
November. 2015 Conceptual Site Plan
Nilsa Zacarias, AI P response of 6/ 51 1
Land Sale Aerial Photos
Appraiser Qualifications
Page 93 of 164
Agenda Item #2.
?'uiin t -
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33 I
DISTANT AERIAL PHOTO OF SUBJECT PARCELS IN RED
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C:LOSEUP AERIAL PHOTO OF SUBJECT PARCELS IN RED
Page 94 of 164
Agenda Item #2.
FACING NW OVER PARCEL 1 FROM BRIDGE ROAD
_ r m
FACING NORTH FROM BRIDGE ROAD WITH PARCELS 1 &3 ON LEFT & RIGHT
Page 95 of 164
Agenda Item #2.
h
Y
FACING NL OVLR PARCLL 3 [ROM BRIDGL ROAD
molts 0
rip1
FACING WEST ALONG BRIDGE ROAJ) FROM SEC OF PARCEL :3
Page 96 of 164
Agenda Item #2.
fz.
�k
FACING NORTH ALOW ROAD ON EAST SIDE OF PARCEL 3
w�
ti
FACING EAST ALONG BRIDGE ROAD FROM SWC OF PARCEL 1
Page 97 of 164
Agenda Item #2.
-F!
h
dlkkb Te
/ _INC
VIEW OF RETAIL PROPERTIES SOUTH OF PARCEL I
VIEW OF RETAIL PROPERTIES SOUTH OF PARCEL.3
Page 98 of 164
Agenda Item #2.
_ I
� T
VIEW OF SOUTH & WEST ELEVATIONS OF iBU ILDING ON PARCEL 4 (NOT PART OF APPRAISAL)
FACING SE OVER PARCEL 3 FROM MAIN STREET CL I L-DE-SAC
Page 99 of 164
Agenda Item #2.
F
}
4 -
IL
i�
d
FACING SW OVER PARCEL 1 NEAR ITS NEC
IN_%lit.
FACING SW OVER PARCEL 2 FROM ITS NEC
Page 100 of 164
Agenda Item #2.
yr+f�mfre� -wt
,t_ t
ff'�IrfffT I!
VI7-VJ OF NORTH K 'A FST FI FVATION5 OF BUILDI NG ON PARCEL 4 (NOT PART OF APPRAISAL)
e
FACING NE FROM INTERSECTION OF MAIN STREET& TEQUESTA DRIVE
Page 101 of 164
Agenda Item #2.
FACING SW ALONG TEQUESTA DRIVE FROM MAIN S I L�LL'r INTERSECTION
RESTAURANT OPPOSITE PARCEL 2 AT NWC of MAIN STREET &TEQUESTA DRIVE
Page 102 of 164
Agenda Item #2.
W
-- x
RETAIL BUILDING OPPOSITE PARCEL 2 TO WEST OF ABOVE RESTAURANT
a
APARTMENT PROJECT TO WEST OF ABOVE RETAIL BUILDING
Page 103 of 164
Agenda
Awl
VIEW OF
TEQUESTA CORPORATE
f
FACING ALONG Q + •
Page 04 of •4
Agenda Item #2.
FACING 5E OVER PARCEL 2 FROM ITS NWC
Page 105 of 164
Agenda Item #2.
qN,
The Wiage of Tequesta Newsletter
qr
AID]_!jME ?1, F,T-R 12 i9 8
EQUESTA PLAZA
Ata Specda� .T,, Di ] �C t31 r �5, I �9�, the, Village,� oi�nc�� un a�I170� 5�y
approv
the PljrChaSe A211 c,Mt r t fir she aCquisition of portions of Lt e propufty cun-ei ct known as
T u -ta Plaza, 'Ais watershed deciwiQn all0),Vs jhe V'alla&,e#o initiate the final steps 0.4s
= °mter for•the ti. -tali zation ofthc Ccnirpl RtUness District eonce-,,red in the Mirage's
D€ i Cba7Ww hc1d 1nSepta-nixr t989. Tl,e piap is in keeping the
r om mendadon #hat t1le `illagc rozone and develop m)peiiy hi the dt,.,xni(nvt+ area to
combTm to riban design p17n6ples, a trail tiif)nal u.-ban design pattern with mphasi.s on
� �+ex�osti` r-`i+i ►cii envrot33'_=i;l1�.
'The CharretteMas ar Plan prr),A&d for nixed-osezoiir irciudvi r ideni6ai,{=merciaJ,
cut-ur�al, are yivic a ses. Cu till-al and civi o us�5 ere QhW as iaTortumt focal points for tfic
-=1lnunity. M4 remit ofthe C i-dia's rewmn, wdAcn,the iliage Council creamed fhe
ed-usc (MU-) IsLnO to wiz-iulatc dcveiopr sent and in T u ia',�
a .-&)Vvi-town aria, 'Through Wlefence .:L) ith km -C�TRl planning gcais and abjWiv-s, the
YIa u C"our&A igas beep.s.�ccQssLl in proAding aduh cong m ate 11v+n- Sterling
house, th?4 ind,,-p�,-6=nt g iEdes forihCorihng at the Crossh&g ,ffieprn Asian
of 252 lux_-,,ry s IIrai apartintti:ti . r err;.y un�d, on V!E ge Boulevard to be
knQvin 112-gll hou5a ti'f2; a n, -Jf 19,C()) �''+ju%-, fbct Post OEC c-'mfiiltly uIIa-lCr
t3;uth oT t#,c •Tc e,iesta Pr-),Ich T.i+bTr tTy Mire Tj"3auOE ' f nt' fifes acre
f -VeSor'efolm hop"i112{; �r, r, tlyr-,pl to m
o± CB 1L.OW11 3 l S 1i, i4 3�1 3r�?' silE 1?31 1 l 131(17�1g i i�K t{ I' 3rLV1g Y E: the
Taqu�,�a � lltlsl i s r±es s ? ,strl , tte --Jl iva:Jo+l of [��e Ti t-k�esia lli- eyesore and
Modetrization of':31-idssi�
The7pqut�AaPlaza.:` F er rigalls-nrTequcst�to uii-e52,77Ssq-ra ci et fiatrcti73t
r_owr au tie '- o�.�-174-est Par;mil :, 3,=5.i �q;:r�f t off#t-cis`�°a''�-of the SLX- swot
red,a,ny10 beL14:A4+jin fe-,-ti .>La DFive.i:; fir- eRoad7 z� d theTequestaRaza&hOpphig
f i o 'aJ'jkdiri 1;=4-S],C.G 0 -Mvf-�tiro -)ptI-:n `3 ouHe d,1i . or T.�tsrai facc Ir s
1 or,l lie saTr;e fie r ent ij,.;vTer Lif7N.ucs aPlaza,wid 1&k ffoorlstraction,
t r--,.-story 2, CJ T-ta-i! facility, �,Ath rbird fac`. r
x#. e t rreT �l fiarla-1 d,(In drile tyrebOldirrgter:�iv.
[•-L astPu-,d is cry_ lelrejj,7eclrrestalyr�&,moilik,tlie e isiirig-�hoppLng=tevbv4dung
wLcb TAB cost 100,OC{''bas up wj a pr•o oral io do the saw'.:v*1le icad4n dcmedtion
co:�tractor Ln FaLl,l;ea�-,b I Runty- Thereaftter,T�. ju--qa wi ofthe
new" {lain S#red;-'f om`f'equ tr;O-iveto ea4ii�sti=tedbyen, rreeringanalypis
Ul) 10 cost $1 Go,OCO. Page 106 of 164
Agenda Item #2.
7-4 G-K CO("'NCIL I JTS I A FLA'-Z.A . 'n
A C-TMNS S It a n'01.13 vv j J 1 0 r F,wizti.0�a C'.f t:-,t n'��VV T-0,1d, J-'1MZ P T 0 P ef ti e S wili
YilLige Liar) of -3e,oiid bujh�I T1,-7 I oifi a:4 Cd a uhv,";O-udhe--�ISL uol-ij�T
A-"ov, 22 § Def-r 10, 19 99
Pj:0-efty' �.-o n Si sftg of fk�� 4tald o.3 with 4 2,5?0 sq,
6LWWo-ofl JlveYLL ;D nffile-L' id ram?U 3p ar,e 4nd ��p art nlcnui- D U?,Ti-t- "Es 7 squc;StB -will a]
1',"99 B'd 10 Wy'!P U�7d,�OPS F7?V1- C DMDTHM��P,C OM3trUw lio R Of ha and I inl'ul 1 oil
izic- T�v�sc
Pul'o? 30(1Ch' f)f kl d:�-{-g
ro-L-)J, dra7'tiage, z!urb a-nj gutu�f-,
S2 0, 6 1 ?. 711 fo.�- 0
r'aviii and paf-k'-n-. T�� new Main Street wil 1 a!so -fi c-ij-si-Teet
Rvad 9 0 k
parking. The or-;m e parkilig both B 1-1 dgc R-,;ad and t�-w ww-Ivfa-.T-,
-FY 11993/�19 bc jA; gon a], `- - Ji�igoj,,a --av f
�)7h;� J1 -1 pi " fqj1-jci IT[ -�-Wntown
4 Uoc�-;Ij6n of S2 7.-00 0. 3 Lall -A v E m-c. The 3--1 dgk5 Rozd impi,ovemeln is es i itn4tr'd to
x t 475,000 -0D be Paid 1�oi-b i i5s,-,ssmont s tc Lhw b E Qi�fittl ng py-r)p(KM lavv71�7-
tbef 1:10.
�?kz R id Yow�gqv
FL, ip ihe
qf --5496.69 2 for j-',' 0
TP�JV VLk- I
T 31jj's? With 27jvndjrgPrqvTd-,d
by Me P"Llter E'Tv'-rj-Pj'?'av Furd
Eopd Cu,-!Vrvclio�� Acvo2im
FT 1998,:"99 17,�
0+14
Adopied a Res&lwiop. 4-pp;ro�
mg-v,
J-L
jxsld
A�socyaf-3, LAv W,,�7fh, T,-7�fop
Sef vkl��Du'-Ing the
—71 P
We!!No- 2
,-P,d the De-,j,,lopm C n CTe L3 2 1"Ag cif T,,tjue5la will have 1he, vvion to swan it,-, D arczl for 0)at parch jo cat-d g r,-ij&,
R.0, Wela' Mo. I �n The A of S4(� 500 Filk P'iv,�&ng 3110fthwest w7aer, having T"u e2la DI-1 ve ftont outage. Tequesta will hay.- -two
y,,, in which to eOrlst'
a civic or '-'u'Wf-a? faci&y on 1-*65 P.,-,,L 7rh,,-
v their Estei V
Ttquesta faciffiy is cnvkiojed -�-, �c two Aorifs with 14,5001 sq=e fed.
Ac-
Ti�,qu�-st a is no L rNUTTed -0 a V2 IRge Hal I OE t�is-prop t�av- ir-fac i,
Rwdgel YMTE�cti- - k
0'�'n of S48,500, f, after two years, qu
T-, -vicGroldluralfadikyen
- cvnllnived on nz,,v page- it RAZ properties must buy!he p�,Toel back f-h-)m TNue qa for$477,000.
The northwest p=ej Is anfic-i pated if.)b�-Ara wi!h 2 9,600 sglaaTc feet
-SHOKE S16NALS fjorij-- The n ,rlhwfst parul I-sowned
-is pi-bilshed by the by AIZ PToperties. L� afii,,r Iwo years, the property is not�jtijjzed f:T curie or
ge vf Teque5tu uultu?-ad purpo.ws,RAZ may deg-t�kp the,sau-ne as
Manager's Office
230 7,2qu�sta Drive if Tequesta doe5 rot congnct a V!Hage�
L . ah of cuitur3:j fwLF ry wit? this
Suits 300 project, Ttquesm'� nct �.ost Lea do a.fl hereLlabove, W111 be
Te-qu2sta, FL 33469
�5 6 1) 5 75-6 200 11,2 067 000. Trh,-, annual &ibt sef-vioe for thirty y;,ars ai 5.7 5% -U-Acrest rate is
- Edit-*r - $96,9'59p�i-&anum.7�-qucstawfll I
lou;n MangRnlello payment olfthL,;debt. No p-,Dperty taxes wifl he-Lised to pay this Fej"e*jCtoj 104
(3peTCOUFSTA'PLAZA.
Agenda Item #2.
'rom a1 U1,a] t\oj l „ '�iiv5w, it.i5 advau!, � ;a. fiiT{� 'v`i u � :rni rxt = T � rS
Y' [S:iiS{1` 1,c P op�-Jly lrry i, L;Y }r`��' +i q;.' .� 1 r� - C'C'.�J'r!2£P i7'f7. 0 7_
pp y ryryJJ r33 1 } } r ,0 '� It 3 l../ : _.a.. u�#i__' .I.,.I#: , .5, lw J' ag-
taxi.s ar-d i�5eq 4�1'1 l�� rDm 3cj; �i 4Y ll Ll.D J� :11�I i 'i YtLT L 1' a F
" 5 if.. . 13 _ 1 7;31 .( C} )1l£'L. i� 7 > IO?1 -�-p1{ ?i};'a
u! y d-cv: l; tied 1iY l�, aad F;.sid--YLq, 1s�� ull.li�8 d CI�?_L',r&i
lei s i_7? tJo-] ComcS fb3. w'dr i in=?k2 '_t3 oft � ;:;SI .C13::�� 3::�i,� ' t'2,"lllt a;?d f;V��{J d:3S
It � xl iO erg ;3 �.RtIL'Jt9t2d, r 7bu:s1t3� C:31 'he ri]',��_ ��Of� ��;���,�� '•f�� �? �D��3�7P�S'id Y! ��'F.�_ti�'r7f.�! v' '
pef ci? LLm '{L1L3 1I Q fhG Jw�IIJ I y11LCL> �1i1 7 {.a iC 71} I4.1V 1}` 11 Ci jl?ns n, ,?sD-PLL,,zn BeLIch' FT�
Tyrr)P4:1 1- - +01)th+ s}uth 3.{.d'1^���] ;j��R,)a.', �J h1�i- ,i^T-e; I_�t_ ��f gigi'i]ow 2:roT3 ??� �1�� '9, 750 J*,
tfL project nI auld ti 1 I7 ll 1 y } r eofi-ve t r 7^ (7-u Dr'� r,
k + �l_i. ]l. mod;. di•r' 7 1s �Ji jp4 1:13' '�.f7G
u7: 1;T 'J ':3 ltlil}".t1' {;�,1{}kl ,Sia' I'13�C` � 'i �'N rld L 3? 2?� T'Yiti }iu_Y �'"_l j'l- CT '''y 1 �31f J3 ' ;�S 1 C71� ?J G7 '
Lx Pr:iri i?3 3tlf:i h:Fp,-i[?^wgJ t.�cle`- 'iJ1 3 :C1 i.� ��551l11 5p nz- ? 98/99
' 1 � 441.4'.}p1a howl /.}'yTy/y /fly p� 4 T J
{ r .,Z {{'-�+ D 7 a � tL I`3 1`, +: y F L}F+FFi4frl iiS Y v } ,F{� s1.Fr 1-
���x.1i_�`, ��� � lle� _f1fo2„�:Sil..l.�.'t-°� .-3 �=��'�f2 �371[� 4��11��'_.,i�l'.�' .�+�.�
OcTdlon �f, 0,C fl.
rocw _ o�3U 1: .h n . iris a-va 1abdi,,y i]] b wics � , crutiT�; ed. is
in J f ro e�ii ' ec;aFJO. �Cc i'3}�r� 4s 10 sC;__+n OP ��fiC n�_ _� o z�c�a�2e.�'r}aztt:�7 tIccep� .
T;1 esta is 94/L, built La . e f �w, r rn v� r :� i e t t 1CAr sc ca? B : c}s ' as y F n r cv
irn r-)vir.�-theu��n�rai#;va11�wof�Cis1ingC'�v�1i�pd erI3ivfP,Oshto:i)ntir~Ll� �
Adedica� �'vzc' .s { 1211 Carr t
1Fj pmlt -dethe'�r`v Llhi s�n'7e-led to fUrL!stfOrg-p d flfe and 4ward,
t � v 15 � {iGe hi�lr' cf- £a.b' 1.1 i Gi7i�TlTPU-city ha:t bt-,.o c ac4ir E.`�.iom.cd so
y L reproved pt 'sp ; rc _ brxrr�
i?xt.1C t}'4 i eai'3_ .f ;.1 x'S±f3'S -�L}ilf Lti. .C$ {.`J '}P, Y{3 1{�i�Z f,:;l'Ii l A u %O4 i�?�nic V[Lli..
frotr� adl Pfi -,Pei'IY #ynP,5_ Thi-" e Via] r�s The rea-&Oning 0� �d the urn;iiasis o�i ��vaJ cel>�f�� e,�cri �d a5 the i�fo3 cet � nt or ail i: L t s, 'd the��ancl�capi� J'eq�;�r�rn s °Tarking A�-#a"(C.a lle-ry Sq ut-ge
b g plac.�,d on �Ti--Tmrdal n')pt�r y to inoreatie tfieif a. ean�-,I�and "ahie-
Sorth Pc.T z S Lot) err the
f ' ious y, talc pie to t i-npo tan arm for fevitz�LwicTi and r eVw;i?pir eat
is the we xrai BusL-ress 7'/1.t-=ct con isdng p-,nady 4)f Ttr quesia Plaza aic;d
33fidge Road. ']''np, 'Village Council has to Ome 10 -with t1 e Adopted to a soluljo j�pvr)r-
g1l!�stioE ofvv i le;l�-,l cf nvolvemimi,ifa:`iy,311,3 3.d b ur.c alien :ng Cm Ag7vePtleny -,f Selde ew
ir+ # e rid r 1 pnie3it of our i'evtr :, -Business -DiAT-i` t by bi ing pr u"v�D. a3IdMutmai-Relea 7 se .� Well
In regvd to 11xjue:.a Plaza, whaf yv� havft r,day i L33A�s ei r4�siuc3na, a Reciprocal
ar±'i I]a-le d aa5v?, oi:�: 02'n ne, shoppiu �,eni�r; Y3fithL-)r i t�r m sq,L:afc mi�ia 4 1 rN 1. ii ree e t V,-k l�v Mat-
- to the at-
ot'a , at has had a se'rirr}s T;eg�ivc i.Ebct on jh� appearan�,e and ; age of �"�� �_ 7 �ae,�'tu, Inc- u. �z11a e
T�qu to fbf c vet 10 C:'. , nod I.n 'zpeping vviL7� G{�iT ilrtY f + 3� DLT. statL s-
of ,''que3',t ,
Taq� s>a? a s'has derii;.d "feclue,,a fl"ability �o=rraxx c [ax 1-�5v�:nuc lrciri it Adopted cxri i�xr�tce r1 ��:rr�
s cf,)r-7 t n i'L�iaJy zoii t i opefly a1c.n * a i+.�Ti 'oate 'causes it~fiir(3�.�I.a��s�3
iNgkiPeL3#f-ze"31 7:0 rugfBgard
o # sire ol"Bfid load ; �i# i �oadi g � 1� and a;ades of p ling paint
which do :rot add arly ptdtstria9 01, vabzc-Aar t,afflc t�, beiZcfit Out p.Topefty yes'iaT33lora �'rsasf �'a�rr
� iwer3 d sii ess 0wrltrs on !fie soQl-h sad-- ofB:id �-Road. f,ctn��rrdal
' Neappoinled GY1ber'l
#cacti cs Or t]i� nort) 3-1d- of -5-i:dge Road, as -envisioned 1-1 the plea
Lance luaily spar Oved by t0c VMage ;o cil,woo d generate new yr due and cs 1A guscar Member o `ire 'r rrrd
of,4rustmentjbrt.���' a
'uedr- aM ',r:Ncuiar tfaf 2c io bore±i# the :xi si- -op o-wn�- and nrm ExpringDer,. }
bl,sMcss o e ne the tw�payer�;of Tyquesca by gc,=u -atLlg n-'x tax dollars and App,�imed AIfernwe Me m-
f= v,nhue than ;does not gist :oday.. The �,aich has been flat none of the 3r Kevin KJnne+�� w Lk. egu- �
iiii r v m '+Ls ir,. fovc e ?i;m and ma Z e eeor'soguo lar Member to Serve Me Unex- �
vahie can l;appcn witht)La nN-cAveTr eel- 113e e onoE�c ir1C :tiv�is pirad Term of Belly Gayle, Said
Anpiy not :i7ei y itlhc : a wflfir.gr+e s to �:av; go e�n,ner t invcIi{ rsnent t r it e PS je 3 8,of 164
(Set 7%QUT, TA PLAZA_ . ,
p- 1) I - ronfirrved are racxt naQe -
Agenda Item #2.
T171-L-LAGE COUNCYT,
'4 c Tj ON S Wgfer Rate Increast
-B a cK R-effln-d ApprDved
pajs"�d L7 Rcsc!Wjo'}�? Appeoving Seasonal Wag 11 T)'q'?'--
Inc,, increasa end, on 177
199 , the Jupftn;r T�rw-,�
0 ka�hjde .'Te Yiew qf 'f-E Q UX S'1A PLAZA r2�s:dnd-L-d the Ordhianj:4j� wfiq!i�t
adop-'Lwd OF-cc i-he vntff-
Ll t m 0 1 S. 11 e Lmi P.
7jD) �-aad vi'llage of 7-3qii,�ta
IMPleiN63'32a-U-0�Y "395 1707 -,Casa! 100iing OU2. cu�t�-Mcf-3 ,;Df
need ?o i-aakt I
19'Y 199811�'9 wa)'er b�-,rate,!jacrease. Now that m am,f-s
i� Cd) .T jin,�,Tcjal is thc
�w Aikca- tidj�n"'IHC-n ifiet T;,-questa has come io �3ocjafcd with the kipiwr Watf,-T
1 1 ij()fi 0j'S 2 1),091). h2 Rata D',3puv� 4a,;Q been Enalized,
-with. '-rhc VM ago Couii j -s r1jj j..
T)O)7iod I �Mt f-t�Lnd of Lbe
d e!erinj r% v at -y-Du I' �01:lai warer ra 1 e jncrk�zt�; by-T,,swm-
(EXMJ\' -P/' lad A
de M ci-s ro-f '�e T��q a eq,�t.a W-a:1 S v stc r2,11
Ls di-ler2tzt Fu- T�qij:�-sia IrLd the OTI the-Sam4z�'as was
-Low Sever h systej'n-
I makc ha-pper pioir�we b theV illy gt fouia6l e,
te
Me Dk, i�our th 0g1!L-Aag3F IM SDIPte.
ar-." 7ZD- "L' n hil
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co;" FQ`d 'vcdn-PrPent q ju, �' -w Cr w�nzu and&q
311L'� RATE
U.5 POSTAGE PAT'D
Af'EST PALM 5�AC-F, 'F-L
X�M)Vfdffof 164
Agenda Item #2. VILLAGECLERK'S OFFICE
AGENDA ITEM TRANSMITTAL FORM
Meting Cate: Meeting Type: Regular Ordinance #: -
November 14, 201
Consent Agenda: No Resolution #:
Originating Departiment: Planning &Zoning
AGENDA ITEM TITLE. 0yolginform the
_ _
Conceptual Presentation to pillage Council of proposed Tcguesta Village, a, nwhi-family dwelling project
located at One amain Street. The applimit is Jewel Construction Corp. for the owner, JN47, Tequesta Properties.
IMPACT:BUDGET I FINANCIAL
Account #: N/A Amount of this item:
Current Budgeted Amount Available: Amount Remaining after item:
Budget Transfer Required: No Appropriate Fund Balance: No
EXECUTIVE SUMMARY OF MAJOR DUES: "This is a .snap shot description of tyre agendaitem)
Conceptual Presentation io Village Council of proposed Teques-ta Village, a multi-Janiily dweliing project
! located at One pain Street_ Thy applicant is Jewel Construction Corp. for the o%,vner, JMZ Tequesta Properties.
The applicant proposes to build and convey tine for 62 condos in a six-story building. and 20 towirlhomes in
three-story buildings.
APPFOVAL : _ a .., r- Department Head
Finance Director ---- —_
9 eviewed far Rnencial Sufficiency ❑ ! :°
No Financial Impact
Attorney: (for legal sufficiency} -- -
Village Manager:
Submit for Council Discussion: e- --
Approve Itern:
Deny Item: I❑ 0
SkdIAl_ INSTRUCTION FOR L,I~RK: (if you wish to have agreements signed..'be sure to include the
_7
est�rr�ber or copies you 'rani signed arid; place "Sign Here' sticker on them)
Form Amended: 10120111
Page 110 of 164
Agenda m #2.
VII LADE OF TEQUESTA Ck. f
DeparhnetA ofCorimna*y Deweloprmem Rec- 4 � f
345 Te questa Drive Date:
Tequosta, FL 33469
Phone:561.768-0450
Fax- 561-769-069R
APPHCATI ON FOR CONCEPTUAL EPTUA►L PRESENTATION
TO VILIAGIE COUNCIL
PR( JECT ADDRE S: OQe, A1111145 " r .
ZOINLNG DESI NATTON: f ti t
Estimated Fmiect Cost: in
App9u unt atne: T + i. r AI�L_e.�,_CD A4� Cpf, pr. -
App]]Vcaot'sAddress: 'Svc '4 w E r ar I a + ' a�
Applicoknt'sPhone NO.: $- aliUw _ E Win.: , _ l<_ q
ce] Nv-= ,
Propffih,Owner's Name:
Prop" Owner's,Address:
Prop" Owrwrls Phone No.: 5 C. _ fT-P x 0 23—Fax No.: 5 i- )4— 3 c
CelfNO,: E-mail A d dres,%:
DES CRP3L71 ON OF WORK,
C t ,
Application eye: S300.M
The appE c aut w lsiihrrik to the Vi7Ige OfTegiaesid Departriret (if CutinLamy Dcvo rpmnt the foRowmgdoc=nts
fir V illage Cot=A Thirty (30)daps for to the YmMjrq date:
i, T:�Feih12)s�t� of Plate > 7 see
2) Any othcr docummts that n-ay help clec fy t pixpose of the conceptual preseiitatinn.
� r
. T )
APP LCANT'S NA
DATE -
OTE: AN render g�,modeb;.d wings.photos,etc.,saubmMM to the Village wiH become the property o`
Verge ofTe uesta.
Page 111 of 164
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Page 113 of 164
Agenda Item #2.
Michael Ford <mrfordappraiserCq)grnaiLcom>
please see response to your questions- TASKS TO PROVIDE INFORMATION TO MR.
FORD
1 rnessage
Nilsa Zacarias <nzacarias tequesta_org> Fri, Jun 25, 2021 at 4:00 PM
To: Michael Ford<mrfordappraiserr gmail.com>, Jeremy Allen<jallen@tequesta.org>
Cr,: Lence Lilly<llilly tequesta_org>, Debra Telfrin <dtelfrin@tequesta_org>
Good Afternoon Mr. Ford,
Please see my responses to the belowemail regarding the following three (3) tasks about
the Paradise Park. Appraisal that you are preparing for the Village of Tequesta;
TASK I- COULD-THE '1999 PROJECT-SE-BUILT NOW?
Please note that the Village regular process to review proposed development includes a
detailed review by the Development Review Committee (DR+C) that includes Fire Safety,
Police, Landscaping, Building, Zoning, 'Utilities, and Traffic Engineering. To respond to
Task 1 questions, the DRC did NOT conducted a review. The fallowing analysis regarding
the proposed 1999 Master Plan for parcels and buildings ,A, B, C and D was only
conducted by Community Development; and the key question was if the 1999 proposal
could he build now accor inq to the Village's current zorr code for the Mixed Use
zoom district. So to be clear, I am Not indicating that the 1999 proposal is currently in
compliance with drainage, sewer, building code, fire code, traffic, etc. This will demand a
full DRC review of the 1999 proposed development.
The follo in,.. review was based on the information presented on page 2 and 3 of the
attached docurrnent that was copied from 1,999 :site pan.
In terms of density (residential portion), intensity (non-residential portion), parking and
building height, the 1999 ,proposed development can be build today. The arnount of open
space is Not in compliance with our current code, see below table. The applicant would
need to apply for a variance or just change the design to provide more green area. The
1999 proposal provided a large amount of parking space that resulted on excessive
impervious area. Also, currently the Village code provides for a number of alternatives to
comply with required parking such as off-site parking, and parking demand study (this was
included on our cede in 019).
Page 114 of 164
Agenda Item #2,
.1riCt REQUIRED BY 1999 COMMENT
CURRENT CODE PROPOSED
Building Height The maximum All buildings were Yes, in compliance with
building height current code
allowed shall be four Less than 4 stories
stories or 50 feet
above average finish
grade.
Building A- 3 stories
Building B- 3 stories
Building O' 2 stories
Building D: 2 stories
Landscape Open Malin 25% 11.2 % The 1999 proposal was
Space deficient on green area.
The current code requires
25% green area and the
1999 proposal only
provided for 11.2%green
area.
TA — if we are attempting retail and apartments what will be a realistic expectation of
the intensity that both can be built now?
Based on the review that I conducted frorn the zoning point of view, the density and
intensity of the 1999 proposed development still applies today, and that will be realistic
expectation.
TASK - Since the conceptual 2013 proposal was a six (6) stories building, we know
that the code now only allows Building height. The n7a imu m building ej ht allowed shall
be Four stories or 50 feet above average llrrl l� gLacfe; Could the 2013 proposal be built
at four stories?
Please note, the 2013 conceptual presentation that was provided to Village Council was
NOT a complete site plan_ The developer just did a conceptual presentation to council and
then, they decided NOT to apply for the project. This means that Village Staff did NOT
review plans and drawings since the developer did not ripply and did not submitted to the
Village. So, based on that conceptual presentation, and the fact that the developer
decided not to proceed, I am not sure if the applicant would like to build it at four stories.
Page 115 of 164
Agenda Item #2.
Hope this information is helpful, please note I will be out of the office next week. My cell
number is 661-78-222, thank you, Nilsa
Nilsa Zacarias, AICP
Community Development Director
Village of Tequesta
Phone; 561168.0457
E-rnsiL nza ria.s tequesta-org
www.tequesta.org
From: Nilsa Zacairias
Sent: Wednesday, June 16. 2021 11;14 AM
Tv: 'MiQhael Ford' -4mrfprdapprgi5er gmuil.cam>;Jeremy Allen -4jeillen t"u:asta_arg>
Cc: Lance Lilly<Ililly tequesta_org>; Debra Telfrin <dtelfrin lequesta_org>
Subject: follow up-TASKS TO PROVIDE INFORMATION TO MR, FORD
Good morning Mr. Ford,
Based on our conference call this morning (6-16- 1 ), 1 understand you need my
assistance to provide you information regarding the following three (3) tasks
TASK 1- Gould the 1999 project can be built now?
/ will need to conduct e detail site plan review of the 1999 project in order to respond to
this question. It will take considerable fairs, at least a week or two.
Page 116 of 164
Agenda Item #2.
TASK 2 — if we are attempting retail and apartments what will be a realistic expectation of
the intensity that both can be built now?
i can respond to this one after task T, it will also take time.
TASK 3- Since the conceptual 2013 proposal was a six (6) stories building, we know
that the cede now only allows Bud g fight. The maximum bui1drrrc� fight allowed sha1�
be four stories or 50 feet above average-finish grade; Could the 2013 proposal be built at
four stories?
Again, i need to do further review to reply this question.
Please feel to review the above tasks and see if I reflect correctly what you reed. As I
mentioned, these are not yes or not questions and it will take considerable time and
effort. I will start, and as soon as I have something I will email it to you and Mr.
Allen. Thank you, Nilsa
Nilsa Zacarias, AICP
Community Development DirecWr
Village of T,-questa
Phone, 561.768.0457
E-mail. nzacarias@tequigsta.org
wwaw.teq uesta_org
rrom. Michael Forts <mrfordapprsiser gmail_com;�
Sent: Tuesday. June 15,2021 1:14 PM
To. Jeremy Allen <ja10en@tequesta.org>
Subject: [EXTERNAL] Re: F = Paradise Park
"This Email was sent from an external source, Please be mindful of its content"
Page 117 of 164
Agenda Item #2.
Thanks, I have reviewed this information, as well as the previous article in the January, 1999 Village Newsletter
about Parcel A being developed with a 3 story 32,640 SF retaiU`apartment building on a 40,132 SF site to a FAR of
.8133, and proposed development of Parcel B with a 3 story 42,510 SF retail/apartment building on a 44,287 SF site
to a FAR of.96. The 2013 proposal to develop parcels C & D with 38,200 SF of condos&townhouses on the 3
combined parcels(including Parcel B as a dedicated park site for the Village) shown as containing:3.44 acres, for an
FAR of only .255, The more recent proposal appears to have been turned down primarily blc of the 6 story height of
part of it. In estimating the value of the 3 lots, is it a fair assumption that each of them could be developed to a
density similar to that which was proposed for Parcel B in 1999 (FAR of.96)? Or would a more realistic assumption
be to use the development density proposed in 2013 at .255 for the 3 corn hined parcels with a 4 story building's 1
really need to "pick your brain" about the likelihood of development intensity. Can we schedule a call this afternoon
to discuss this, or meet in person?
I also need to find out what, if anything, is being proposed for development on the 1.05 acre site Nicholas
Mastiranni bought in March of 2021 located on the east side of US-1 between Canal &. Inlet Courts. Thanks for
your help and direction on this assignment. Best number to call me is 56 1-371-4645. Respectfully, Mike Ford
This email has been scanned for email related threats and delivered safely by Mimecast.
For more information please visit http:llwww_mimecast.com
Information-PARADISE PARR APPRAISER.pdf
709K
Page 118 of 164
Agenda Item #2.
TEQUESTA VILLAGE CENTER
Communiv Development Response to Mr. Michael Ford for Paradise Park Appraisel
TASK 1-COULD THE 1999 PROJECT BE BUILT CVO
Please note that the Village regular process to review proposed development includes a detailed review
by the Development Review Committee(DISC)that includes Fire Safety, Police, Landscaping, Building,
Zoning, Utilities„ and Traffic Engineering,
To respond to Task 1 questions, the DRC did NOT conducted a review. The following analysis regarding
the proposed 1999 Master Plan for parcels and buildings A, B, C and D was only conducted by Community
Development; and the key question was if the 1999 proposal could be build now according to the pillage's
current zoning code for the Mined Use zoning district. So to be clear, I am Not indicating that the 1999
proposal is currently in compliance with drainage, sewer, building code, fire code, traffic, etc. This will
dernand a full DRC review of the 1999 proposed development.
The following review was based on the in ormation p esented on page 7 and 3 rho t was copied from 1999
sit_ e No . In terms of density(residential portion), intensity(non-resident al portion), parking and building
height, the 1999 proposed development can be build today. The amount of open spate is Not in
compliance with our current code, see below table. The applicant would need to apply for a varian{e or
just change the design to provide more green area.The 1999 proposal provided a large amount of parking
space that resulted on excessive impervious area. Also, currently the Village code provides for a number
of alternatives to comply with required parking such as off-site parking, and parking demand study (this
was included on our code in 019).
REQUIREDM-U Zoning District BY 1999 y
CURRENT CODE PROPOSED
Building Height The maximum All buildings were Yes,in compliance with
building height Less than 4 stories current code
allowed shall be four
stories or 50 feet Building A: 3 stories
above average finish Building B. 3 stories
grade_ Building C_ 2 stories
Building D. 2 stories
Landscape Open Space Min 25% 11.2% The 1999 proposal was
deficient on green area.
The current code requires
25' green area and the
1999 proposal only
provided for 11.2%green
area.
1
Page 119 of 164
Agenda Item #2.
Srff DATA
WE A 4J53 AC 10 23 SF WWM
FLOOD Z
ENcISTNG WNNG 11TXED USE
1 1ZT*40 LJ WE rl-u
B DATA
EW
DER THWE STORY OULONG
16T FLOOR 0PPWj cEperEpt (RWTAJL) 812 .
T F-COR SHOFINW1 CV4MR (RE TAIJl °At ) 2*61 GF.
FLOCK OHCVr BUR (M TAURANT) 3 l GF.
D FLU filloep*45 cairEp. (DFrk=) I SF.
+ lcFtRE51r>E]l i r lbw_ 6F.
WTA. 9%ULMWA AREA 2!5,2. s#;-
MUK.9 s CADVEIZASE W. 6F
TWM WORT MMLDN
ITT PLOOM SHOFI�l� CEWMR (14 'A!L) tA 14D sp.
FUDOR SW It (am) W6,121 W=.
TOTAL !BUILDING AAA 43,1 Sf.
OULPM COVERAGE ib:ul sp.
Pfl Jtl C]#F.Y: [a
Md= USE
TWO STORY MUIL.PM
Jar PLC CAVlC L _ 4J12 5F.
1eT FLCX71R 6HOF2PWx CZNTER (RETAIL) 4,113 F.
FLL7+1 :7 ,SF.
TOTAL ISUILDbVI AAA 1-t~ sF_
11..D1 WVE D T€5 orm.
MXED USE TWO STORY BJEM046
IST FLU SHOM"4G DER (I TAJL) &,%34D 'OF_
1ST FL C-TVlC L 1G O'S30 B
2hO IF6 M-SelJ'1 A,014 6.F
TOTAL 0*45- AFF-A 3uwM BF
19U D Ys C.O [ME T7.1
2
Page 120 of 164
Agenda Item #2.
PANG DATA
TOTAL 95U14DNG SPAS "226 6F
WILDW-s A
6Ir1Orf* x CZNTER Pis fI PER 2 SPJ 23" 5F. 55 SPACE5
BSI TI, (1 PER 200 &FJ ublve Sr. III WACF-5
Eyj4L.DW-9 S
�s CAR PAFO<Wj 0 PER " 6F.) 26,ST1 SF. I" WAMS
WSIPE rLAL.- PAF +1G (2 PER APARTrOWT OR L3 UI*kItS 26 SPANS
NK isuI G I PER RENTAL WT) 26 UMTS
C-(vr- Tl-VU L IRAW.04 (I MR 50 W 4J0 5P. 26 WACES
SHOPP CEWTR PAI <Nn A PER 250 SP.) 4J0 OF. R WACES
wyow-cmTAL rA •wa n rf-R 3co opi IIb,M 6f. 30 6PACES
E49LI7MFdG D
',S4DP'Pws GEIVTER PAFKw. e1 PEFz 25c sFJ SA04 GF. 64 WbACrS
CIVIC TURAL rA ,l s CI rER I5O 6F.) kwo EPP. 41 brACZ3
f J5ELJr1 PAID 0 MR 700 OP, WCZA5LE F BLOC APACE)
A,674 W. X " LJ M APACE S 4.4 6P.
TOTAL. PAW&4rs PR17ADED 331 SPACES 446 SPACE9
br= rAr*r.M 7I !f'AC.E&I
MANDICAPFW PAS W 6PA=6
ORDOE ROOD PAF4CNG 20 WA CES
HAIwID AP'PED PAJ4<14G I w ACE
944ARED PAJRI 7GAtiL SX BANK it TECH. I IE65 A860a gn &FACES
M6 SPACES X 50
BLLMG LOT COVERAGE
IN C 'EIS S%--sc sr. 2$5*.
VEHICULAR USE AREA W4,3r Ll 6F. 49ub%
FEDESTP IAA USE AAA 22.565 153 &F. 10.9%
TOTAL WYE CzE 210 2+i 13 8F �
t
-ALL PAPuN&TO 3�AST PAVE
-ALL PAMUP49 S=' S40:LL aE DCUME crMPIM PER vl LAZe Cr 1 7A OWE
SIX tag U34 QwSv CJWNYG S-ikL ft OWNtED AKLM 7%e CNTI-
PDaMeTER Cr Y54CLe tlsC NMA;S
-ALL PLAWVt4,PEAS SRALL 05CIENt KXA COVWACE MCM A A.I.a,t
ALL L^%D5CAP"-MLA Sw.L W RYA T=To A Oenm OF W
3
Page 121 of 164
Agenda Item #2.
to
as i _ =r-•_�"_
"rw� -tom
M.0 .
I
Illustrative Master Plan
YE UESTA ILEA E EI -`EI .
TegLie5tar F I o r da
Fn
I
4
Page 122 of 164
Agenda Item #2.
M
1r riaiY�.oi1RA N -+�
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SALE 1 IN RED
3 WIN
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SALE 2 IN RED
Page 123 of 164
Agenda Item #2.
f
es s of Parcel
i O ► i - Ati ,
17doll
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Ya�y
4
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SALE 3 IN RED
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ry i 7
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_SALF 4 IN ?FD
Page 124 of 164
Agenda Item #2.
A.
�m'vest
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di
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SALE 5 IN RED
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SALE 6 IN RED
Page 125 of 164
Agenda Item #2.
QUALIFICATIONS - MI+CHAEL R. FORD, MAI, SRA
Mate-certified general appraiser # 31
Licensed Real Estate Broker BK 7818
PROFESSIONAL DESIGNATIONS
Member, Appraisal Institute, MAI, Designation #6646, 198
Senior Residential Appraiser, SRA, awarded by Appraisal Institute, 1983
COLLEGE
Bachelor of Science Degree from Florida. Mate University with major course work in
history, and psychology, 'Elective courses in accounting, economics, and statistics.
REAL AND APPRAISAL ESTATE EDUCATION
Real Estate Sales and Brokerage Courses prior to obtaining broker's license in 1974.
Numerous appraisal courses required to obtain professional designations in 1983, and
continuing education requirements for the State of Florida and the Appraisal Institute for
brokerage and appraisal licenses since then.
EXPERIENCE
Florida State Department of Transportation:
Right of 'Way Agent Trainee, 1971
Staff Appraiser, 1371-1974
Fee Appraiser, Daytona Beach, Florida, 1974 to July, 1977.
cr'nmercial Appraiser, First Federal Savings and Loan, Delray Bch,, FL, 19-77 to 1979
Fee Appraiser, Callaway and Price, Inc, from July, 1979 to June, 1983.
Fee Appraiser, M. R. Ford and Associates, Inc., since June, 1983.
COUNT QUALIFICATION
Qualified as an expert witness•• in counties of Broward, Wakulla, Leon, Calhoun, Partin
and Palm Beach, Served multiple years as Special Magistrate for Value Adjustment
Board in Tax Appeal Hearings
PROFESSIONAL OFFICES SERVED
Society of Real Estate Appraisers Chapter 4200 - Admissions Chairman, Professional
Practice Committee Chairman, Program Chairman, Director, Secretary, Treasurer, Vice-
President, President.
American Institute of Real Estate appraisers Chapter w2 - Admissions Chairman,
Director, Secretary, Firs( Vice-President-
South Florida and Caribbean Chapter of the Appraisal Institute - President
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Agenda Item #2.
QUALIFICATIONS - MICHAEL F . FORD, MAI, SRA - Continued
TYPES CIF PROPERTY APPRAISED
Appraisals made on the following types of property throughout the State of Florida for
individuals, attorneys, insurance companies, banks, corporations, government agencies,
major oil companies, and mortgage companies. Specialties are highlighted below;
Apartment Buildings
Automobile Dealerships Mixed Use Projects
Banks Mobile Home Parks
Boat Yards Motels
Churches, Schools Nursing Homes
Commercial Buildings Office Buildings
Condemnation Projects Packing Houses
Condominium Projects Ranches
Convalescent Facilities Recreation Leases
Convents Recreational Vehicle Parrs
Duplexes Residences
Easements Restaurants
Fast Food Restaurants Rights of Way
Golf Courses Service Stations
Hotels Self- Storage Warehouses
Horse Farms Shopping Centers
Industrial Buildings Special Purpose
Industrial Subdivisions Subdivisions
Insurance Appraisals More Buildings
Landmark Properties Timeshare Resorts
Marinas Vacant Land
Medical Buildings 'Warehouses
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