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HomeMy WebLinkAboutDocumentation_Regular_Tab 09_10/9/2025 Agenda Item #9. Regular Council STAFF MEMO x Meeting: Regular Council - Oct 09 2025 Staff Contact: Jeremy Allen, Village Manager Department: Manager Discuss and Consider a Motion to Direct Village Staff to Draft a Resolution for a Referendum Question to be Placed on the 2026 Election Ballot The Village Council has previously discussed purchasing 1 Main Street but has not reached a consensus. This item is now under consideration to direct staff to prepare for a referendum on the purchase through a bond. If directed, staff will draft a resolution with ballot language for review at the November 13, 2025, Council meeting. If approved, the bond referendum will appear on the March 10, 2026, ballot. The Village of Tequesta is exploring the opportunity to acquire 1 Main Street/Paradise Park, a key property within the Tequesta Village Center, consisting of three vacant 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 These properties have remained vacant since the early 2000s. The Village previously held an approved lease agreement dating back to 2009, utilizing the space as public parkland. In 2021, the properties were listed for sale, ending the Village's rights to the site. The properties were subsequently sold in 2023 to the current owner, FP Tequesta Property Owner, LLC. Appraisal History • In June 2021, the Village of Tequesta obtained an appraisal valuing the properties at $5,285,000 (see attached VOT Appraisal 2021), while the then-owner sought $6,000,000. • The Village recently requested an appraisal that was received in August (see attached 2025 Appraisal.pdf, prepared by Parrish & Edwards, Inc., effective August 19, 2025) estimates the individual "As Is" values as follows: o Lot 1 (51,780 sq ft, vacant sod, southwest quadrant): $3,310,000 o Lot 2 (43,050 sq ft, vacant paved, northwest quadrant): $2,320,000 o Lot 3 (44,287 sq ft, vacant sod, southeast quadrant): $2,830,000 • The combined (bulk) value in the 2025 appraisal is $8,460,000. All lots are zoned MU (Mixed Use) with a highest and best use as mixed use. The appraisal notes extraordinary assumptions, including no environmental contamination, reliance on property appraiser site sizes (no surveys provided), and easements restricting development (e.g., parking easements on Lots 1 and 2, access easement on Lot 3). Flood zone is "X" (minimal risk), and market/exposure time is estimated at 6 to 12 months. The current owner is willing to sell the properties to the Village for $8,460,000; however, the owner has stated that it is negotiable. Proposed Financing Page 104 of 735 Agenda Item #9. To fund the acquisition, the Village Council is proposing a General Obligation Bond not to exceed $8,460,000 or the agreed-upon value of purchase plus cost, subject to voter approval via a referendum on the March 2026 ballot. The bond validation process will adhere to the timeline outlined in the attached "General Obligation Bond Validation" document, ensuring full compliance with legal and procedural requirements. Interim Lease Agreement In exchange for holding the property until voters decide via the referendum, the Village would lease the properties from the owner for 1 year at a cost of $125,000 to cover the owner's taxes and insurance. Details of the lease agreement would still need to be finalized between the Village and the seller. Parking Covenants and Considerations Staff has consulted with adjacent property owners at 250 Tequesta Drive and 1 Main Street regarding existing parking agreements (see attached Memo Outline Parking Agreements): • 250 Tequesta Drive requires 21 parking spaces on Lot 1 upon development of the parcels. • 1 Main Street relies on a shared parking arrangement with the parcels (specifically Lot 2) to comply with parking codes, requiring a minimum of 40 spaces depending on uses. These covenants must be maintained by the owner of the three parcels and could impact future development or park use. Additional Attachments and Resources • Validation Timeline • Bond Referendum Language • Appraisal Estimated Tax Impact (Assumptions: $9 Million Bond, 30-Year Term at 5.5% Interest Rate*) Taxable Value Estimated Millage Rate Estimated Annual Tax $1,500,000 0.2936 $440 $1,000,000 0.2936 $294 $650,000 0.2936 $191 *Estimates only; actual rates may vary based on market conditions and final bond terms. This summary provides an overview for Council discussion. No action is required at this meeting unless directed. 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. BUDGET • - • 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 Page 105 of 735 Agenda Item #9. COMMENTS/EXPLANATION ON SELECTIONNA Validation Timeline-Teguesta 2025 2026 Bond Langugage VOT 2025 appraisal Page 106 of 735 Agenda Item #9. 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 107 of 735 Agenda Item #9. Village of Tequesta 345 Tequesta Drive 561-768-0700 Tequesta, FL 33469 ` ` www.tequesta.org �a Village of Tequesta General Obligation Bond Referendum Shall the Village of Tequesta issue bonds up to $9,000,000, repaid within 30 years, with interest not exceeding the legal maximum, funded by ad valorem taxes, to acquire, develop, and improve shared-use park space, including an amphitheater or pavilion, open green spaces, public accessory uses like parking and restrooms, limited private accessory uses under public oversight, and infrastructure, to promote recreation, environmental preservation, and well-being, with transparent expenditure reporting? This document may be reproduced upon request in an alternative format by contacting the Village Clerk's Office at 561-768-0440 or by completing our accessibility form: https://bit.ly/3mnfeU4 Page 108 of 735 Agenda Item #9. AN APPRAISAL REPORT OF THREE VACANT PROPERTIES LOCATED ON THE EAST AND WEST SIDES OF MAIN STREET BETWEEN TEQUESTA DRIVE AND BRIDGE ROAD, IN THE VILLAGE OF TEQUESTA, PALM BEACH COUNTY, FLORIDA 33469 PREPARED FOR THE VILLAGE OF TEQUESTA C/O MR. JAY HUBSCH COMMUNITY DEVELOPMENT DIRECTOR 345 TEQUESTA DRIVE TEQUESTA, FLORIDA 33469 AS OF AUGUST 19, 2025 PREPARED BY PARRISH & EDWARDS, INC. EI N 59-2550770 BRIAN G. EDWARDS, MAI STATE CERTIFIED GENERAL REAL ESTATE APPRAISER #RZ1303 Page 109 of 735 Agenda Item #9. PARRISH& ED WARDS, INC. 4111,16, 3450 Northlake Blvd.,#285—Northlake Corporate Park PH: (561)622-9992 Palm Beach Gardens,FL 33403 September 3, 2025 Village of Tequesta c/o Mr. Jay Hubsch Community Development Director 345 Tequesta Drive Tequesta, Florida 33469 RE: P&E File No. JS25-071 Dear Mr. Hubsch: In accordance with your request, we have made an inspection, analysis, and an appraisal report of the following: Lot# Type Address City 1 Vacant, Sod XXX Main Street Tequesta FL 33469 2 Vacant, Paved XXX Main Street Tequesta FL 33469 3 Vacant, Sod XXX Main Street Tequesta FL 33469 As a result of our investigation and analysis of the information outlined in the report, we hereby submit that our opinion of the "As Is" Individual Values of the three Subject Properties, as of August 19, 2025 are as follows: Value Lot # Conclusions 1 $3,310,000 2 $2,320,000 3 $2,830,000 JS25-071 PARRISH & EDWARDS, INC. Page 110 of 735 Agenda Item #9. Page 2 As a result of our investigation and analysis of the information outlined in the report, we hereby submit that our opinion of the overall or combined (bulk)value of the Subject Properties, as of August 19, 2025 is as follows: $8,460,000 This report is intended to comply with Federal reporting standards and the standards and reporting requirements of the Uniform Standards of Professional Practice (USPAP) adopted by the Appraisal Standards Board of the Appraisal Foundation. The appraiser has the ability to properly identify the problem to be addressed, the knowledge and experience to complete the assignment competently; and has recognition of, and compliance with, laws and regulations that apply to the appraiser or to the assignment. This appraisal assignment was not made, nor was the appraisal rendered on the basis of a requested minimum valuation, a specific valuation, or an amount which would result in approval of a loan. A description of the property being appraised, together with an explanation of the report type and valuation procedures utilized, is contained within the body of this report. This letter is made a part of and subject to the Limiting Conditions as set forth in the report herein. Sincerely, 1 Brian G. Edwards, MAI State Certified General Real Estate Appraiser #RZ1303 tG Joseph N. Stair State Certified General Real Estate Appraiser#RZ2952 JS25-071 PARRISH & EDWARDS, INC. Page 111 of 735 Agenda Item #9. EXTRAORDINARY ASSUMPTIONS / SPECIAL LIMITING CONDITIONS 1. The Subject Properties consist of three parcels. No surveys were available. For purpose of this report, we have utilized the site sizes for the Subject Properties taken from the Palm Beach County Property Appraiser's website. Based on dimensions taken from aerial images from Google Earth Pro, the sizes stated in the Palm Beach County Property Appraiser's website appear accurate. Should a current survey become available and it be determined that the Subject Properties differ significantly in size than this information, we reserve the right to amend our appraisal accordingly. 2. The Subject Properties have not been inspected for environmental contamination, such as underground storage tanks, drums of unknown contents, evidence of waste disposal such as sludge, paints chemical residues, oil spillage, asbestos, etc. No environmental contamination is known to exist by the appraiser. No environmental surveys for the Subject Sites were provided to the appraiser. Our value estimates contained herein assume clean sites. If such contaminants were found to be present, the values stated herein would be subject to review and modification. 3. At the request of the client, individual values for each of the Subject Properties will be provided. An overall value for the three sites together was also requested and will be provided. The Subject Properties currently do not have street addresses. For the purpose of this report the Subject Properties will be known as Lot #1, Lot #2, and Lot #3 of the Tequesta Village Center. There are a total of four parcels located around the Main Street traffic calming circle as part of the Tequesta Village Center. Lot #4 of the Tequesta Village Center is not part of our appraisal assignment. A more detailed description of the Subject Properties will be located in the property description section of this report. 4. Lot 1, located at the southwest quadrant of Main Street and the centrally located Main Street traffic circle is encumbered by a parking easement that allows the adjacent property to the west (250 Tequesta Drive) the use of an area to accommodate 21 parking spaces on Lot 1. Based on a sketch located within the parking easement document and the size of a typical parking space, we have estimated that the west 20 feet of Lot 1 would be needed to satisfy the parking requirement as set forth in the easement. The parking easement would have approximate dimensions of 20' by 225' and contain a total of 4,500 square feet (8.7% of the total site area). This parking easement would restrict development on this site. A copy of the easement is contained in the addenda of this report. JS25-071 PARRISH & EDWARDS, INC. Page 112 of 735 Agenda Item #9. ASSUMPTIONS/CONDITIONS (CONT'D) 5. Lot 2 is located on the northwest quadrant of Main Street and the centrally located traffic circle on Main Street. The site is leveled, cleared and has been asphalt paved with on-site drainage in place. The parcel contains 43,050 square feet. The site is encumbered by a parking easement which dedicates at least 40 parking spaces to the adjacent property to the east (1 Main Street)depending on the uses and parking requirements for this parcel. The location of the easement within the site is not designated. Although this would allow for some flexibility on where those spaces would be provided, this parking easement would restrict development on this site and encumber approximately 30% to 40% of the site. A copy of the easement is contained in the addenda of this report. 6. Lot 3 is located on the southeast quadrant of Main Street and the centrally located traffic circle on Main Street. The site is leveled, cleared and sod covered. The parcel contains 44,287 square feet. The site is encumbered by an access easement which is located along the east boundary of the site. The easement dedicates a 24-foot wide portion of the site that runs the length of the eastern boundary or approximately 200 feet. The access easement contains approximately 4,800 square feet (10.8% of the site). This access easement would restrict development on this site. A copy of the easement is contained in the addenda of this report. JS25-071 PARRISH & EDWARDS, INC. Page 113 of 735 Agenda Item #9. ASSUMPTIONS/CONDITIONS (CONT'D) 7. Over the past four years, there has been continued uncertainty in economic conditions as a result of the Coronavirus (COVID-19) which led to higher inflation, and the effects of the pandemic on the real estate market have yet to be determined. As of the effective date of this appraisal, the number of confirmed cases has dropped significantly since its high in early 2021. However, there is still uncertainty with future market conditions because of new variants in the COVID Virus and because only 70% of the population is fully vaccinated. If cases begin to rise again, this could slow or reverse the economic recovery and could impact businesses again which would have a significant negative effect on the real estate market. While the number of cases has dropped significantly, the pandemic has had and continues to have a significant effect on supply chains, which has resulted in a significant increase in inflation. In an attempt to slow down the effects of inflation, the Federal Reserve began raising the Federal Funds rate in March 2022, and after 11 separate rate hikes in the range of 0.25% to 0.75%, the rate rose to a high of approximately 5.5% in July 2023 which was a 23-year high. This has had a direct effect on mortgage interest rates, which is affecting some segments of the real estate market with longer marketing times and fewer sale transactions. Only recently (September 2024) did the Federal Reserve lower the rate by 0.5% as a result of a slowing in economic conditions and a decline in inflationary factors which was the first rate cut since March of 2020. Additional rate cuts of 0.25% were made on November 7, 2024 and December 18, 2024. As of the effective date of this report, limited data was available to determine the direct and indirect effect of the pandemic on the real estate market, but the economy has been affected by the higher interest rate environment, and now there is additional uncertainty with the recently imposed trade tariffs. The intended user of this report should be aware that as economic data becomes available over the coming months, the value contained within this report could be affected. The Extraordinary Assumptions/Special Limiting Conditions listed above could affect our assignment results. JS25-071 PARRISH & EDWARDS, INC. Page 114 of 735 Agenda Item #9. CERTIFICATION We hereby certify that to the best of our 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 our personal, impartial, and unbiased professional analyses, opinions, and conclusions. 3. We have no present or prospective interest in the property that is the Subject of this report, and we have no personal interest or bias with respect to the parties involved. 4. 1 have no bias with respect to the property that is the subject of this report or to the parties involved with this assignment. 5. Our engagement in this assignment was not contingent upon developing or reporting predetermined results. 6. Our 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 the value opinion, the attainment of a stipulated result, or the occurrence of a subsequent event directly related to the intended use of this appraisal. 7. The reported analyses, opinions, and conclusions were developed and this review report has been prepared, in conformity with the requirements of the Code of Ethics & Standards of Professional Appraisal Practice of the Appraisal Institute, which include the Uniform Standards of Professional Appraisal Practice. 8. The use of this report is subject to the requirements of the Appraisal Institute relating to review by its duly authorized representatives. 9. Brian G. Edwards and Joseph N. Stair have made an inspection of the properties that are the subject of this report. 10. No one provided significant professional assistance other than the person(s) signing this report. JS25-071 PARRISH & EDWARDS, INC. Page 115 of 735 Agenda Item #9. CERTIFICATION (CONT-D) 11. The Appraisal Institute conducts a program of continuing education for designated members who meet the minimum standards of this program and are awarded periodic educational certification. As of the date of this report, I, Brian G. Edwards have completed the requirements under the continuing education program of the Appraisal Institute. 12. Our analyses, opinions, or conclusions that were developed in this report have been prepared in conformity with the requirements of the State of Florida for the State Certified Appraisers. 13. The use of this report is subject to the requirements of the State of Florida relating to review by the Real Estate Appraisal Subcommittee of the Florida Real Estate Commission. 14. I, Brian G. Edwards, have performed no services, as an appraiser or in any other capacity, regarding the property that is the subject of this report within the three-year period immediately preceding acceptance of this assignment 15. I, Joseph N. Stair, have performed no services, as an appraiser or in any other capacity, regarding the property that is the subject of this report within the three-year period immediately preceding acceptance of this assignment Brian G. Edwards, MAI State Certified General Real Estate Appraiser#RZ1303 Joseph N. Stair State Certified General Real Estate Appraiser#RZ2952 JS25-071 PARRISH & EDWARDS, INC. Page 116 of 735 Agenda Item #9. SUMMARY OF SALIENT FACTS LOCATION: Lot 1 XXX Main Street Tequesta FL 33469 Lot 2 XXX Main Street Tequesta FL 33469 Lot 3 XXX Main Street Tequesta FL 33469 OWNER OF RECORD: FP Tequesta Property Owner, LLC DESCRIPTION: Site Lot# Type Address Size Zoning Land Use 1 Vacant, Sod XXX Main Street 51,780 MU MU 2 Vacant, Paved XXX Main Street 43,050 MU MU 3 Vacant, Sod XXX Main Street 44,287 MU MU FLOOD ZONE: "X" as indicated by Community Map Panel #1 2099CO 1 79G, dated December 20, 2024 CENSUS TRACT: 1.02 HIGHEST AND BEST USE (AS VACANT): Mixed Use FINAL VALUE INDICATIONS: Value Property # Conclusions 1 $3,310,000 2 $2,320,000 3 $2,830,000 Overall (Bulk) Value: $8,460,000 JS25-071 PARRISH & EDWARDS, INC. Page 117 of 735 Agenda Item #9. SUMMARY OF SALIENT FACTS (CONT'D) DATE OF INSPECTION: August 19, 2025 EFFECTIVE DATE OF VALUE: August 19, 2025 MARKET/EXPOSURE TIME: 6 to 12 Months APPRAISERS: Parrish & Edwards, Inc. Brian G. Edwards, MAI Joseph N. Stair JS25-071 PARRISH & EDWARDS, INC. Page 118 of 735 Agenda Item #9. i a� M1 II i ' I s_ t _a _ a 7" SUBJECT LOT#1 - LOOKING NORTH FROM BRIDGE ROAD gas ORW o �•I .v 'v�-ye t '{�Sp•-b s '�µ �4 `G t �.. 1 i+i � ':'V �� d 3,.'�- �, '� � ..I.'. ,�,' ...r... '�,ti`�:.a .. .. �. �_„+!'� as �wl*CS�Y1' s. �1 .�P.�•.'- at. ..��...a.at ^.".,�.. a. ...... SUBJECT LOT#1 - LOOKING EAST FROM WEST BOUNDARY JS25-071 PARRISH & EDWARDS, INC. Page 119 of 735 Agenda Item #9. a � r: —.- 2, WrOv cdrl f:•=1aa,.�,�:;;Ls.�„�*� ts'Sa�..-�i�- :t_S _��7a...� ,.-_.e+ ` __:. ae.�..T2AY^':.d�+`'.i�a !tr�ti'.rp.4�.�.. _ SUBJECT LOT#2- LOOKING NORTHEAST FROM SOUTH BOUNDARY SUBJECT LOT#2- LOOKING SOUTH FROM TEQUESTA DRIVE JS25-071 PARRISH & EDWARDS, INC. Page 120 of 735 � r 5 ,5 r1" :r h �4 Agenda Item #9. 4 4 II 5 ti c. 1� ryp e.t 4 t MAIN STREET LOOKING NORTH WNW "5 2 � TEQUESTA DRIVE LOOKING WEST JS25-071 PARRISH & EDWARDS, INC. Page 122 of 735 Agenda Item #9. s 'Eagle Island B art Pierce ! W Cl" Man :dai} Dixie Ranch Carlton `.�..' pores S T L B C °Ankona OKEECHOBEE LRiver Perk Walton wklspering Cana °Port St ° Pines ° Lucie °Eden ° Cypress(� r, Okeechobee Qwhers 'jjg;. d......�Waveland ° orth River Jensen Beach Shen Sho rma res, SEWBIS ° _.._. Rio Polrn ......._._. ............ ... ° 8em note 'Bloat eld l Llghth Polnt 9r1 Shares Up the Grave P CQY ° BuAhead Beach taerq olden Gate° pod Salerno Ridge °coral GLADES: D—"pad Careens 710 Arun Hobe Sound M A IT N SY Lucie Cana!° 708 oupher Island g f 1 a N P ! C ondiart-5. 51181EQ LOTK 0 Ca a n °Bessemer Blowing Rod¢ °POR Mayaca Tegdes[a'•. .............. ° °upiler Inlet Colony ..........Rood..... ...: Lake 7Ba ; Sand cat wart Ju °u Okeechobee 5UBJECT SIJB]ECT LOoTII LOT#3 Canal Pdrn each Relgh ° Bryant Delta uno fil°Jes PaWkee ° —North Palm ° Pdai Beach Grd n Beach Peooan Lake' 7m nc .°lake Park _ IGui a -h eramer"P ° °Palm Beach Cadwall e Polnt Ru von IDA Mang niaP k°�Shores s tm d FLffR CI Ho Ne, Ldke 16 µl Military a° Palm Beach Twn' la Royal Palm Navc Naoia Mon".� BBYq Nina it. Bk Beach 'West Pelm Beach mhole ae Bean Ci1 Da a Band �—�— t ° Lake Worth > SOIAh Bay ° A L B E A C H Wellington nRidge vau nn P IhnSprings° A banlla Ba Gree ores o 27 ° ,8m rrlake Worth ..law - Florid Garden At4ftis' Lartdni ° x — .:;:. (�Shawano NYpdu o Msnalapan q,Oceon Ridge Arthur 0.Marshell G iMA.n Beach Loaahalchee National ° .. - ... — , ,qr- Wlltllife Refuge chapel R Gulf Stream C,Ppyuortoantl fP 1988-2'0121MIefdBa -'sjld`n agar its`s Reis.All 115%—d. )q a Shores U LOCATION MAP JS25-071 PARRISH & EDWARDS, INC. Page 123 of 735 Agenda Item #9. 6 APPRAISAL REPORT This is an appraisal report which is intended to comply with the reporting requirements set forth under Standard Rule 2-2 of the Uniform Standards of Professional Appraisal Practice. As such, it presents summary discussions of the data, reasoning and analysis that were used in the appraisal process to develop the appraiser's opinion of value. Supporting documentation concerning the data, reasoning and analysis is summarized in this report and/or 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 within this report. The appraiser is not responsible for the unauthorized use of this report. PARCEL REFERENCE: P&E File #JS25-071 CLIENT: Village of Tequesta c/o Mr. Jay Hubsch Community Development Director 345 Tequesta Drive Tequesta, Florida 33469 APPRAISERS: Brian G. Edwards, MAI State Certified General Real Estate Appraiser#RZ1303 Joseph N. Stair State Certified General Real Estate Appraiser#RZ2952 Parrish & Edwards, Inc. 3450 Northlake Boulevard, Ste. 285 Palm Beach Gardens, Florida 33403 SUBJECT PROPERTY OWNER: FP Tequesta Property Owner LLC REAL ESTATE APPRAISED: Property Locations: Lot# Address city 1 XXX Main Street Tequesta FL 33469 2 XXX Main Street Tequesta FL 33469 3 XXX Main Street Tequesta FL 33469 JS25-071 PARRISH & EDWARDS, INC. Page 124 of 735 Agenda Item #9. LEGAL DESCRIPTIONS: Legal # Address Description Tax Folio# 1 XXX Main Street Tequesta Village Center Parcel 1 60-43-40-30-47-001-0000 2 XXX Main Street Tequesta Village Center Parcel 2 60-43-40-30-47-002-0000 3 XXX Main Street Tequesta Village Center Parcel 3 60-43-40-30-47-003-0000 Source: Palm Beach County Property Appraiser's website. PURPOSE OF THE APPRAISAL: The purpose of the appraisal is to provide an opinion of the individual "As Is" market values of the Fee Simple Estate in the Subject Properties as of August 19, 2025 as well as an overall or bulk value. INTENDED USE AND USER: The intended use of this appraisal is to provide an opinion of the market values of the Subject Properties to assist the client in the decision- making process with regard to the potential purchase of the properties. The intended user of this report is the Village of Tequesta c/o Mr. Jay Hubsch, Tequesta Community Director. The client has not advised us of any intended subsequent user of this report. This report should not be relied upon by anyone other than the intended user and for any use other than the use stated above. INTEREST APPRAISED: The property rights appraised are the unencumbered Fee Simple Estate of the Subject Property. Fee Simple: Absolute ownership unencumbered by any other interest or estate, subject only to the limitations imposed by the governmental powers of taxation, eminent domain, police power, and escheat. Source: The dictionary of Real Estate Appraisal, Appraisal Institute. JS25-071 PARRISH & EDWARDS, INC. Page 125 of 735 Agenda Item #9. g ESTIMATED EXPOSURE / MARKETING TIME: Per the Appraisal Institute, Exposure Time relates to the time preceding the appraisal date that the Subject hypothetically would have been offered on the market prior to a hypothetical sale on the effective date of the appraisal. Marketing Time is the time required to sell the property after the appraisal date. In estimating the marketing period for the Subject Property, discussions were held with local real estate professionals including brokers and property managers specializing in the Subject's area. Based on discussions with brokers and other professionals in the market, a marketing/exposure time for the Subject Property of 6 to 12 months is considered reasonable, assuming marketing by an experienced broker at a reasonable price. FIVE YEAR SALES HISTORY: A search of the Public Records of Palm Beach County indicated the Subject Properties sold in 2023. Lot 1 sold on March 31, 2023 for $1,200,000. The seller was Main Street Village, Inc. Lots 2 and 3 sold together on March 31, 2023 for $2,300,000. The seller for Lots 2 and 3 was J.M.Z Tequesta Properties. This sale will be discussed in more detail in the Sales Comparison Approach Analysis. To the best of the appraiser's knowledge the Subject Properties are not currently listed for sale or under contract. Property Five Year Lot# Address City Sales History 1 XXX Main Street Tequesta 3/23 - $ 1,200,000 2 XXX Main Street Tequesta 3/23 - $ 2,300,000* 3 XXX Main Street Tequesta 3/23 - $ 2,300,000* *Lot 2 and 3 sold together for a total of$2,300,000 in March 2023. DATE OF INSPECTION: August 19, 2025 EFFECTIVE DATE OF APPRAISAL: August 19, 2025 JS25-071 PARRISH & EDWARDS, INC. Page 126 of 735 Agenda Item #9. 9 DEFINITION OF MARKET VALUE The regulatory required market value definition is: 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, knowledgeably and assuming the price is not affected by undue stimulus. Implicit in this definition is consummation of a sale as of a specified date and 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 each acting in what they consider their own best interests; 3. 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: *Uniform Standards of Professional Appraisal Practice, Page 1-7 *Federal Reserve System, 12 CFR Parts 208 and 225, Sec. 225.62 *Office of the Comptroller of the Currency, 12 CFR Part 34, Sec. 34.42 *FDIC, 12 CFR Part 323, Sec. 323.2 *Office of Thrift Supervision, 12 CFR Part 564, Sec. 564.2 *NCUA, 12 CFR Part 722, Sec. 722.2 *RTC, 12 CFR Part 1608, Sec. 1608.2 *FIRREA, Title XI JS25-071 PARRISH & EDWARDS, INC. Page 127 of 735 Agenda Item #9. io SCOPE OF APPRAISAL Per the Appraisal Institute, an appraisal report is intended to comply with the reporting requirements set forth under Standards Rule 2-2 of the Uniform Standards of Professional Appraisal Practice. As such, it presents summary discussions of the data, reasoning, and analysis that were used in the appraisal process to develop the appraiser's opinion of value. Supporting documentation concerning the data, reasoning, and analysis is summarized in this report and/or 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 within this report. The appraiser is not responsible for the unauthorized use of this report. This report will provide an opinion of the individual market values of the Subject Properties and an overall value and will be in a summary format, with more detailed data maintained in our files. This report will contain a chart summarizing the applicable sales. In preparing this report, the appraiser personally inspected the Subject Properties. If possible, all sales data was verified with an interested party such as the buyer, seller, property manager, real estate agent, or closing attorney. The search for data was concentrated primarily in the Subject's immediate area but if limited sales data was available the search was expanded to other areas of Palm Beach County. Our opinion of the Market Value will be derived by considering the three standard approaches to value that are summarized as follows: COST APPROACH -A set of procedures through which a value indication is derived for the fee simple estate by estimating the cost new as of the effective date of the appraisal to construct a reproduction of (or replacement for) the existing structure, including an entrepreneurial incentive; deducting depreciation from the total cost; and adding the estimated land value. The contributory value of any site improvements that have not already been considered in the total cost can be added on a depreciated-cost basis. Adjustments may then be made to the indicated value of the fee simple estate in the subject property to reflect the value of the property rights being appraised. SALES COMPARISON APPROACH - The process of deriving a value indication for the subject property by comparing sales of similar properties to the property being appraised, identifying appropriate units of comparison, and making adjustments to the sale prices (or unit prices, as appropriate) of the comparable properties based on relevant, market-derived elements of comparison. The sales comparison approach may be used to value improved properties, vacant land, or land being considered as though vacant when an adequate supply of comparable sales is available. JS25-071 PARRISH & EDWARDS, INC. Page 128 of 735 Agenda Item #9. SCOPE (CONTT) INCOME CAPITALIZATION APPROACH - Specific appraisal techniques applied to develop a value indication for a property based on its earning capability and calculated by the capitalization of property income. The Sales Comparison Approach is the only approach considered applicable in valuing vacant land similar to the Subject Properties. Our analysis is based upon a physical inspection of the Subject Sites and information provided by the owner, the client, agents, and public records. In completing this assignment, the appraiser has engaged in original research of sales and general trends in the market. Data has been gathered from various sources, including public records, area brokers, appraisers, property owners, and published sources. Additionally, we have used original research performed in the preparation of other appraisals by this office, which is considered appropriate for the Subject Property. The product of this research and analysis is the valuation conclusion contained herein. JS25-071 PARRISH & EDWARDS, INC. Page 129 of 735 Agenda Item #9. 12 PALM BEACH COUNTY SUMMARY The Subject Property is located in Palm Beach County, Florida. Physical Characteristics Palm Beach County is located along the southeast "Gold Coast" of Florida and is the second-largest county in the state and ninth in the nation east of the Mississippi River with a land area of 2,578 square miles, of which roughly 20% is within Lake Okeechobee and other wetland areas. The county is rectangular-shaped and is bounded on the east by the Atlantic Ocean, on the west by Glades and Hendry Counties, on the south by Broward County, and on the north by Martin County. The geographic center of the county is +/-67 miles north of Miami and +/- 171 miles southeast of Orlando. Elevation averages 15' above sea-level. Natural habitat, moving from east to west, includes coastal beach dune ecosystems, pine flatlands, and freshwater wetland areas. "p IV�JapgUFYT'"= ' 2llmi _0 ida 724 suntand a Fort Pierce 0 Y ° 621 C Yn ell 441 White City 01'C�B asln er j °lndian River Estates 1 721 Port St.Lucie 6•ig�iton keecihobee ° 70 •., r OTa Inr-Creek-- - -- Stuart BYI hton Port Salerno -semi ole Ind..juckhea i ge P m rt o Res, aHobe Sound Indiamow Port mayaca Tequ a.. .......... -------- o]upiter 10 116 27 Im Beach Gardens maore Haven Pahokee 86 ° o Riviera Beach gq Clewiston 98 .° H rlTffm West Palm Beach e Westgat p 833 so h ay i F' G nacres Lake Worth 832 Okeeldntd n nton Beach 1a 846 Villag Delray Beach i Palm®ea 7 'Boca Raton ---- -------------- ° fnd.Res. Rraward Springs Pom pan Lauderdale-By-The-sea Fort Lauderdale Lau hi ° i Pembroke Pi a Hollywood 'I�qq atl.Pre55 Broward Carl Miami-Dade------- - - ° °Hallandale N O North Miami Beach 92002 Mapq uest.ca m,Inc. The county's renewable resources include 45 miles of coastline and an average year-round temperature of 75 degrees. Average temperature ranges from a low of 67 degrees to a high of 83 degrees. Winter temperatures are moderated by the Gulf Stream warm water current less than two miles offshore. These conditions have proven favorable for tourism, agriculture, and population in-migration. JS25-071 PARRISH & EDWARDS, INC. Page 130 of 735 Agenda Item #9. 13 Education The School District of Palm Beach County ranks as the loth largest in the nation and fifth largest district in the State of Florida. The District had over 190,000 PreK through 12th grade students at FYE 2024. There are 235 public schools including elementary schools, middle schools, high schools, ESE, alternative and charter schools available across the county. There are programs offered through two Virtual Schools and adult education sites. There are also a variety of private schools serving the Palm Beach County from preschool through 12th grade. Palm Beach County has several colleges / universities / technical institutes. Palm Beach State College offers 4 year degrees and has five campuses having an estimated total enrollment of approximately 49,000 full and part-time students. Florida Atlantic University (FAU) is a 4-year college with six campuses with over 72% of students enrolled at the main campus in Boca Raton. FAU is a part of the state university system with approximately 30,000 students. Other higher-learning institutions include Lynn University with approximately 3,500 students and Palm Beach Atlantic University with approximately 3,800 students. Other schools have campuses located in Palm Beach County including Everglades University, Northwood University, South University, Keiser University, Nova Southeastern University and Barry University. Transportation Roads in the county essentially run east-west and north-south, forming a grid system over the eastern one-third of the county. Roadways that extend beyond the county's borders include State Road 80, State Road 710, Interstate 95, and Florida's Turnpike. State Road 80 connects coastal Palm Beach County with the Glades and the west coast of Florida. This roadway was widened to four lanes from West Palm Beach to Belle Glade several years ago. State Road 710 (Beeline Highway) runs from the West Palm Beach area of Palm Beach County and travels northwest into Martin County. Interstate 95 is an interstate highway running from Florida to Maine. It serves as the main north/south artery in the county, transporting over 245,000 cars per day through Palm Beach County. Florida's Turnpike is a toll road running from Wildwood to Miami. It serves a mix of tourist and local traffic. The Turnpike is generally parallel and to the west of Interstate 95. Several exits and all of the rest stops have recently undergone renovation. JS25-071 PARRISH & EDWARDS, INC. Page 131 of 735 Agenda Item #9. 14 Palm-Tran is a county wide bus system serving all of the county and runs seven days a week. Rail transport is via two carriers: Florida East Coast Railway and CSX Transportation. Both lines are primarily freight oriented with limited passenger service via Amtrak. The Tri-Rail commuter rail system services Dade, Broward, and Palm Beach counties for commuter travel between Miami and West Palm Beach. Brightline is a high speed rail system recently implemented between Miami and Orlando. There are five public, general aviation airports in Palm Beach County and eight private airfields which serve local commercial/executive needs. The largest, Palm Beach International Airport is centrally located southwest of the city of West Palm Beach and eighteen airlines currently serve destinations in the continental United States and direct international flights to the Caribbean and Canada. The Palm Beach International Airport had total passengers of 8,403,519 for the twelve month period ending December 2024 which increased 8.2% from the total passengers from the previous twelve month period. The largest passenger carriers were Jet Blue, Delta, American Airlines and United. Other larger carriers included Southwest, Frontier, Spirit, Allegiant, Avelo, and Air Canada. The Port of Palm Beach is located due west of the Lake Worth inlet in Riviera Beach. The Port of Palm Beach is the fourth busiest container port of Florida's 14 deepwater ports, and is the 18t" busiest container port in the United States. The Port handles a variety of incoming and outgoing cargo including agricultural products, general cargo, oil and cement, and cruise line passengers. The Port of Palm Beach and its tenants combine to become one of the largest employers in Palm Beach County with many exports supporting the Caribbean. A Foreign Trade Zone has been in operation since 1987. Economic Drivers Population growth through in-migration is one of the primary economic drivers in the county. The county's year round population was 1,320,124 in 2010. Projected population estimates are expected to continue to increase. The estimated population for Palm Beach County in April 2024 was 1,545,905. The medium projected estimate for 2030 is expected to be 1,643,399. The following page provides a breakdown of population estimates by municipality. JS25-071 PARRISH & EDWARDS, INC. Page 132 of 735 Agenda Item #9. 15 April 1, 2024 April 1, 2023 Area Population Estimate Population Estimate Palm Beach County 1,545,905 1,532,718 Atlantis 2,135 2,147 Belle Glade 17,468 17,286 Boca Raton 100,560 100,491 Boynton Beach 82,393 82,208 Briny Breezes 498 500 Cloud Lake 137 140 Delray Beach 68,096 67,213 Glen Ridge 214 215 Golf 287 281 G re e n a cre s 45,439 45,476 Gulf Stream 956 959 Haverhill 2,188 2,193 Highland Beach 4,287 4,303 Hypol uxo 2,672 2,687 Juno Beach 3,871 3,883 Jupiter 61,215 61,333 Jupiter Inlet Colony 412 400 Lake Clarke Shores 3,545 3,556 Lake Park 9,014 9,025 Lake Worth Beach 43,472 43,432 Lantana 12,239 12,244 Loxahatchee Groves 3,374 3,373 Manalapan 416 420 Mangonia Park 2,511 2,369 North Palm Beach 13,101 13,145 Ocean Ridge 1,810 1,830 Pahokee 5,666 5,607 Palm Beach 9,212 9,207 Palm Beach Gardens 62,469 61,517 Palm Beach Shores 1,283 1,309 Palm Springs 27,312 27,167 Riviera Beach 39,390 38,795 Royal Palm Beach 40,430 40,299 South Bay 4,984 4,958 South Palm Beach 1,465 1,469 Te cl u e sta 6,093 6,179 Wellington 61,794 61,788 Westlake 6,419 4,694 West Palm Beach 125,401 122,157 UNINCORPORATED 671,677 666,463 Sources: 2024, 2023 US Census and Office of Economic and Demographic Research JS25-071 PARRISH & EDWARDS, INC. Page 133 of 735 Agenda Item #9. 16 Construction The demand trends for office space in Palm Beach County remain divided between the North and South County submarkets. North County has shown consistent positive absorption over the past decade, with 2024 closing with 120,000 square feet of absorption, primarily from the West Palm Beach CBD and Palm Beach Gardens. On the other hand, South County has experienced mixed results over the past ten years, principally a result of an influx of large block second generation spaces, with some years ending in positive absorption and others in negative. In 2024, South County closed the year with negative absorption of 143,000 square feet, mainly due to large blocks of available office space in North Boca. Properties under construction in 2024 total 813,100 square feet with 664,000 square feet in North County and 149,100 in South County. Source: CBRE - OFFICE Q4 2024 Palm Beach County's overall industrial vacancy rate ended Q1 2025 at 6.6%. Only two of Palm Beach County's seven submarkets recorded vacancy increases over the past year. With 1.1 million square feet of construction completions over the past 12 months still unoccupied, the Jupiter submarket's vacancy rate climbed from 4.9% to 22.8% by the close of Q1 2025. Meanwhile, Boca Raton rose to 9.3%. A total of 776,692 square feet was under construction at the end of Q1 2025, unchanged from the previous quarter. This marked just the second quarter without a construction start in three years and the first without a project delivery in 10 quarters. The expected lease-up and occupancy, coupled with a muted pipeline and the lack of construction starts point to vacancy rates trending downward in 2025. First quarter new leasing activity totaled 208,877 square feet, up 29.4% quarter-over-quarter. Q1 2025 marked the first quarter with net occupancy losses in two years. Palm Beach County's overall average asking rental rate was $13.30 per square foot, down 9.8% (year-over-year). Source: Cushman & Wakefield Industrial 1Q 2025 The West Palm Beach Metro Area for multi-family development over the past year ending the 4Q 2024 showed approximately 3,900 units delivered. The average rental rate increased to $2,475. Source: Marcus & Millichap I WEST PALM BEACH Multifamily Q4 2024 The 2024 single family residential building permit activity reflects the highest numbers in Westlake, West Palm Beach, Palm Beach Gardens, Boca Raton, Delray Beach and unincorporated areas of the county. Multi-family building activity is concentrated in West Palm Beach, Delray Beach, Royal Palm Beach, Pahokee, and unincorporated areas of the county. For 2024, there were 2,629 building permits for single family units and 1,373 building permits for multiple family dwelling units, with a total units' value of $1,466,570,085. The building permit value decreased 15% from the previous year. Other new public and private construction projects in all sectors are ongoing in the county. For 1 Q 2025, there are 560 building permits for single family units and 638 building permits for multiple family dwelling units. Source: Palm Beach County Planning & Zoning. JS25-071 PARRISH & EDWARDS, INC. Page 134 of 735 Agenda Item #9. 17 Health Care Health care is one of Florida's fastest growing service sectors, employing over 500,000 of the state's service workers and generating almost $1.3 billion dollars in payrolls. Approximately 35,000 health care practitioners and workers are employed in Palm Beach County. Palm Beach County has several acute-care hospitals including the regional Veterans Administration Medical Center. Included are two trauma centers - one at Delray Medical Center in Delray Beach, and the other at St. Mary's Medical Center in West Palm Beach. There are numerous nursing homes available in Palm Beach County. In addition, there are Urgent Care Centers, Hospices, Public Health Clinics, Treatment Centers, and Adult Living Facilities to serve the needs of the growing population. Tourism Palm Beach County is one of Florida's major destinations for business and leisure travelers. The county visitor industry employs more than 50,000 people and contributes more than $2.6 billion annually to the economy. A record 9.5 million visitors came to the Palm Beaches in 2023, according to numbers released by tourism officials. From January to June 2024, The Palm Beaches welcomed 5.19 million visitors, a 1.7% increase compared to the first half of 2023. International visitation grew to an all-time high of 488,100 visitors, an 11.9% increase compared to the first half of 2023. Visitor spending reached an all-time high of $4.05 billion, a 2.4% increase compared to the first half of 2023, contributing to the economic vitality of the region. The Palm Beach submarket has experienced minimal growth in Q1 2024 following decreased RevPAR in 2023. Twelve-month RevPAR for May declined 5.7% through March 2024, ADR was down 1%, and occupancy was down 4.3%. There were 350 rooms under construction within the year 2024. Over 1,000 rooms currently in the final planning stages are set to open in 2025 or 2026. The supply surge has led to a reduction in the occupancy rate, and rooms opened in 2024 are expected to limit further gains in occupancy. In Q1 2024, group occupancy in luxury and upper- upscale hotels declined slightly to 0.2%, while transient occupancy declined to 2.8%. Group ADR grew 9.8%, while transient ADR was flat at 0%. Palm Beach County by the numbers: Occupancy: 67.1%, ADR: $252.10, RevPAR: $169.24, Rooms: 19,533 1 Last 12 Months I Source: CoStar Group. Notably, Palm Beach County hotels saw a 17% surge in RevPAR in January 2025, nicknamed the "Trump bump". Palm Beach County's RevPAR for the month came in at around $239, while ADR was up just over 7%, to $313, according to data from CoStar 1 Q 2025. JS25-071 PARRISH & EDWARDS, INC. Page 135 of 735 Agenda Item #9. is Agriculture Commercial agricultural production is one of Palm Beach County's major core industries and employer. Two major crops in Palm Beach County are sugar and citrus. Agricultural production is expected to remain a vital segment of the Palm Beach County economy however coastal farmland acreage is gradually declining as urbanization spreads westward. In addition, Palm Beach County's Equestrian community is one of the country's premier locations for polo,jumpers, and dressage. Additionally, there is an extensive private recreational horse population. Employment An analysis of workforce and demographic characteristics, including commuting patterns of Palm Beach County was conducted to provide economic data on the population and labor force living or working in the county. A detailed examination of commuting patterns for Palm Beach County shows that the county has a net inflow of 24,303 workers with approximately 32.0% of workers who reside in Palm Beach County employed outside the county. Palm Beach County was ranked 61 of 67 for the highest outflow rankings among Florida counties. Of the 173,031 Palm Beach County workers employed outside the county, the top destination counties are Broward County (76,116 workers) and Miami-Dade County (31,281 workers). Of the 197,334 Palm Beach County workers living outside the county, the top origin counties are Broward County (70,988 workers), Miami-Dade County (29,394 workers), and St. Lucie County (16,348 workers). Source: Florida Department of Economic Opportunity Unemployment was 3.9% as of June 2025 up from 3.6% in June 2024 with a labor force of 779,860 in June 2025 down from 778,144 in June 2024. JS25-071 PARRISH & EDWARDS, INC. Page 136 of 735 Agenda Item #9. 19 strongTop EinolQj�ers Goods Producing r I Palm Beach County boasts some of the flnest manufacturers in the world.Their presence Is a the comry has a varloty of producers.there are dlstJnct Industry clusters.7he most pirevadent are-,oarnirroUncations&Information tachnohogy;aerospac'e& eNinearing:agriculture&food process":business&flnanclaf services and Eta sciences.including riedical&pharmaceutical products.Many of the county's Industr4ad efVloysrsafa eckrnpefing on a worldvAda basis wIth products-sold in the International ma*aL Below Is a Istofsorneof the largastquallty companies that have chosen Palm Reach Gounty as a businm kxmticn, APPROX- COMPANY EMPLOYEES PRODUCT LOCATION Florida Crystals Corporation(Hdgtrs) 2,000 Agriculture West Palm Beach Pratt&Whitney 1,600 AerospaceEngineerlag West Palm Beach (A United Tochnologies Company) U.S.Sugar 1,250t Agriculture Belle Glade Cheney Brothers 1,050' Food Distelburion Riviera Beach TBCCorporation(Hdgtrs] 870` Tire Distribution Palm Beach Gardens 2imVie dental&Spine a54 Dental Implants Palm Beach Gardens Lockheed M artJn and Aerospace€ngineerlrlg RlvleraBeach Sikorsky,a Lockheed Martin Company 816 &Helicopters West Palm Beach Sugar Cane Growers Cooperative 773• Agriculture Belle Glade Johnson Controls 741• Security System Manufacturing Baca RatonfWest Palm Beach IBMCarp, S00' Electronics R&D Baca Ratan Walgreens Distribution 569, PharmaceuticaIDistribution Jupiter ADT Security Services[Hdgtrs] S00 Security System Manufacturing Baca RatonlbWest Palm Beach AerojetRocketelyne 500 AerospaceEnglneering West Palm Beach Belcan Engineering Group,LLC 306 Aerospace Engineering Palm Beach Gardens US Fonda 374` Food Distrlbuban Baca Ratan Newell Brands-Appliances and 350` Smail Appliance Manufacturing Baca Rattan Cookware Division iHdgtrs) Power Systems Mfg.,LLC IPSMI 350' Turbine Parts Manufacturng )upper Belcan Engineering Group,LLC 306 Aerospace EngineerlW Palm Beach Gardens Gourt¢s:R¢tlom:Pmwtdatl Gy Cietirtrpiagiv.Jan�ar}+2tr1T 'L�rlatetl Rgno:vna,JlaNe attlatr MPiA�taCan owr a e APPROX. COMPANY EMPLOYEES PRODUCT LOCATION Palm Beach County School District 22,426 Education County Wide Palm Beach County Board of 5,7S3 County Government west Palm Beach County Commissioners Tenot Coa.stai Division Palm Saach County 5,734 Healthcare County Wide NextEra Energy,Inc.(Hdgtrs) 5,330 Cubes Jura Beach the parent company of Florida Power&Light Florida Atlantic University Use Higher Education Baca Raton Boca Raton Regional Hospital 3,135 Health Care Baca Raton Veterans Health Administration 2.500 Health care West Palm Beach HCA Florida Healthcare 2.419 Huth Care County Wick, The Breakers 2.300 Hotel Palm Beach Baptist Health South Florida 2.2821 Health Care Boynton Beach Office Depot[Hdgtrs] 2,000 Office Supplies Baca Raton Jupiter Medical Center 1,880 Health Care .Jupiter City of Boca Ratan 1,810' City Government Baca Raton City of west Palm Beach 1,725 City Government West Palm Beach G4S Secure Solutions(USA][Hdgtrs] 1,451a Security Servlaes .Jupiter South Florida water Mgmt District 1XV Regional Govemment county WIC Wellington Regional Medical Center 1.194 Health Care wellington Palm Beach State College 1,066 Hlgtrer€ducat]on Lake Worth Bank of America 1,000 Banking county Wide Wells Fargo&Company 946 Financial Services county Wide NCCI [Hdgtrs] 800 insurance Actuarial Baca Raton �ur�e:.:Lpdams Prertestl W�c er*c�ayer:Jan:�•af3+]n32 4epa�.cafi&unxinevalvdn ae aaee of Puwmnan JS25-071 PARRISH & EDWARDS, INC. Page 137 of 735 Agenda Item #9. 20 Residential MARKETPALM BEACH COUNTY liter Fa®Illy Honme 2fi26 20" Closed Sates tT87 1,269 Paid In Cash 488 547 Median Sale Bice $626,000 $t31501989 OrIgInol List Price Received 93.1% 84,6% Medlan Days to Contr= 42 35 Inventory(ACtive Llstfngs) 8,259 5,179 Months Supply of Inventory 5.7 4.5 T� 2025 2025 Closed Sales 821 888 Paid in Cash 464 521 Medlan Sale Price $315,000 $3MCGO Original List Price Recefve l 90.9% 924% Median Days to Contract 61 48 Inventory(Active Listings) 7,670 E=2 Months Supply of Inventory 9.7 7.1 BEA HE L}ivva Over the past several years, the real estate market had been trending upward with sales prices and rental rates increasing and vacancy rates declining. However, certain market segments appear to have stabilized or softened as a result of higher interest rates, and there continues to be uncertainty in the economy as a result of covid variants, inflation pressures, higher interest rates, supply chain shortages, and additional uncertainty with the new trade tariffs. The long term effects on the Palm Beach County market have yet to be determined. JS25-071 PARRISH & EDWARDS, INC. Page 138 of 735 Agenda Item #9. 21 1 Oakland Ct 1 J 1 Oakleaf Ct 0 T b f T,q.Lft 1 T SlBER 6 LOT S2 1 T Haq Bmppart Bh.&& �I ushl 6 1, AN,Pl SUB]EC7 SLBER LOT S1 LOT E3 1 7 p palm Beaah 1 aapoe quanum T Tegwsla Palma In Hui..Lnl. Angilen Gall, 1 a staaio Copyriland M 1988-201 MICmM al and, its su hers.All hb resahE. AREA MAP JS25-071 PARRISH & EDWARDS, INC. Page 139 of 735 Agenda Item #9. 22 AREA/NEIGHBORHOOD ANALYSIS The Subject Properties are located along the east and west side of Main Street, approximately 350 feet west of US Highway 1 between Tequesta Drive and Bridge Road, Tequesta, Palm Beach County, Florida. The Town of Jupiter and the Village of Tequesta to the north represent the northeastern extreme municipality limits of Palm Beach County, with Martin County located approximately 2 '/2 miles north of Indiantown Road. The Subject Property is located within the corporate limits of the Village of Tequesta. The Village of Tequesta a 2024 estimated population of 6,093 according to the Palm Beach County profile. The Town of Jupiter has a 2024 estimated population of 61,215 according to the Palm Beach County profile. The City of Palm Beach Gardens has a 2024 estimated population of 62,469 according to the Palm Beach County profile. Population growth has been steadily increasing for the area during the past decade, with long-term growth expected to continue due to the area's location and access to amenities. However, with the limited supply of vacant land in the immediate area, growth will likely be at a slower pace. One of the major features of the Subject area is the large Loxahatchee River frontage, which separates the Town of Jupiter and the Village of Tequesta. This river is widely used for recreational boating as well as providing expensive residential waterfront properties. The northwestern portion of the river was recently designated as a natural scenic river/aquatic preserve. The river flows into the Intracoastal Waterway and the Atlantic Ocean at the Jupiter Inlet. The major east/west roads consist of Indiantown Road and Donald Ross Road. Indiantown Road (State Road 706) extends from Ocean Boulevard to several miles west of 1-95, providing main access to the large Jupiter Farms area. Interchanges for 1-95 and the Florida Turnpike are located on Indiantown Road. Donald Ross Road is a four-lane divided road which also provides 1-95 access. Major north/south arteries of transportation in the area include 1-95, Military Trail, Alternate A1A, and U.S. Highway One. North/south roadways include Alternate A1A (Old Dixie Highway) and U.S. Highway One. Local roadways include County Line Road, Tequesta Drive, Riverside Drive, Country Club Drive, and Seabrook Road. County Line Road is a two lane connector roadway which runs from U.S. Highway #1 on the east and follows the Martin/Palm Beach County Line to the west, providing access for the residential areas in this area. Tequesta Drive is a connector roadway linking the commercial area to the east with residential areas to the west. Riverside Drive follows the Loxahatchee River and is primarily residential in nature. The Jupiter/Tequesta area has all the community conveniences found in most municipalities of Palm Beach County including houses of worship, schools, hospitals/medical, municipal, retail, recreation, and more. JS25-071 PARRISH & EDWARDS, INC. Page 140 of 735 Agenda Item #9. 23 AREAMEIGHBORHOOD ANALYSIS (CONT'D) Office Use: Professional office uses are primarily located along Indiantown Road, U.S. Highway One and Military Trail. Buildings are primarily one to three-story multi- tenant buildings with many having been built within the past 15 to 40 years and many of these buildings are condominiums. There are also a few office buildings in excess of three-stories but most are one to three-stories. Retail Use: Significant commercial uses are located along Indiantown Road, Donald Ross Road, Alternate A1A and Military Trail and consist of anchored shopping centers with numerous out-parcels and free-standing retail buildings, restaurants and banks. Industrial Use: Older industrial uses are located between Center Street and Indiantown Road just west of Old Dixie Highway. The uses within this area consist of auto service or light industrial uses dominated by local businesses that service the surrounding residential population base. The typical buildings are older and consist of a combination of small owner user facilities or multi-tenant buildings with small bays. Some industrial uses are also located on some of the side streets off of Indiantown Road. Residential Area Sales Local Market Update-July 2025 REALTORS SPOWAP0 PALM BEACHES ST.LUCIE Jupiter Single Family July Year to Date .I/ I« 1 I2 Closed Sales 68 77 +13.2% 514 558 +8.6% Median Sales Price' $1,132.500 S1,000,000 .11.7% $1,043,500 S1,000,000 -4.2% Average Sales Price' $1.791.660 $1,240,546 -30.8% 41,696,339 $1.832,228 +8.0% Dollar Volume $121.832.873 $95,522,079 -21.6% $871,918,045 $1,022,383,176 +17.3% Percent of Original List Price Received' 90.8% 91.9% +1.2% 92.3% 92.3% 0.0% Median Time to Contract 51 58 +13.7% 57 61 +7.0% Pending Sales 67 72 +7.5% 531 587 +10.5% New Listings 91 102 +12.1% 832 902 +8.4% Inventory of Homes for Sale 343 347 +12% - - - Months Supply of Inventory 5.3 4.7 -11.3% - - - Tomhouse/Condo July Year to Date Key Metrics • 2025 %ChangeI �« Closed Sales 47 47 0.0% 391 395 .1.0% Median Sales Price' $490,000 $500,000 +2.0% $550.000 S500,000 .9.1% Average Sales Price' $575.522 $587,631 +2.1% S681.487 $734,290 +7.7% Dollar Volume $27,049,555 $27,618,861 +2.1% $266,461,486 $290,040,481 +8.6% Percent of Original List Price Received' 91.7% 90.3% -1.5% 92.6% 90.6% -2.2% Median Time to Contract 64 81 +26.6% 54 80 +48.1% Pending Sales 54 46 -14.8% 416 412 -1.0% New Listings 83 84 +12% 731 708 -3.1% Inventory of Homes for Sale 325 332 +2.2% - Months SuPPly of hWerltory 6.2 6.7 +8.1% - - - •O rm e000uM M eetb,oorcaeepr Pecent Nanga mev m exlrone aye b mll aemple.xe.pW,[-I rrew ro s 4 n�atm fen apeoY,M tlrne pe, JS25-071 PARRISH & EDWARDS, INC. Page 141 of 735 Agenda Item #9. 24 AREAMEIGHBORHOOD ANALYSIS (CONT'D) Local Market Update-July 2025 REALTORS BROWARQ PALM BEACHES ST.LUCIE Tequesta Single Family July Year to Date Ir• I I I Closed Sales 9 11 +2224% 64 59 -7.B9% Median Sales Price' $935,000 $1,M%000 +28.34% $1,070,000 $965,000 -10.7% Average Sales Price' $1.075,000 $2,865,000 +166.5% $1,418,452 $1,764,110 +24.4% Dollar Volume $9,675,000 731,515,0110 +225.7% $90,780,950 $104,083,468 +14.7% Percent of Original List Price Received' 90.8% 93.1% +2.5% 91.1% 90.2% -1.04% Median Time to Contract 40 46 +15.09% 52 65 +26.9% Pending Sales 10 10 0.0% 66 64 -3.04% New Listings 4 6 +50.04% 76 95 +25.0% Inventory of Homes for Sale 24 31 +2929% - - - Months Supply of Inventory 2.9 4.1 +41.4% - - Tomhouse/Condo July Year to Date Ir• I I I Closed Sales 5 5 0.0% 44 49 +11.4% Median Sales Price' $320,000 $265,000 -172% $375,000 $36t1,000 -4.0% Average Sales Price' $366,400 $323,600 -11.7% $479,863 $673,893 +40.4% Dollar Volume $1,832,000 $1,616,000 -11.7% $21,113,979 $33,020,750 +56.4% Percent of Original List Price Received' 90.0% 87.81/6 -2.4% 90.6% 88.2% -2.64% Median Time to Contract 79 99 +25.3'% 61 102 +672% Pending Sales 7 10 +42.9% 50 54 +8.0% New Listings 8 13 +62.59% 97 109 +12.4% Inventory of Homes for Sale 53 68 +28.34% - - - Months Supply of Inventory 8.0 9.7 +21.34% - - _ _cenl mange map L.. Jue W srvmll s�- ...-. . r far speNil Gme peal Some of the larger developments currently planned, under construction, or recently completed nearby are as follows: • Barcelona - a commercial site plan for a medical office building (31,700 SF), fast food outlet (4,008 SF), restaurant (4,500 SF), retail (1,725 SF), and 351 residential apartment units. • Jupiter Innovation (aka Jupiter Medical and Technology Park) - A two-story 50,000 square-foot building for medical office and business office; and a two-story parking garage, on 15.9± acres. JS25-071 PARRISH & EDWARDS, INC. Page 142 of 735 Agenda Item #9. 25 AREAMEIGHBORHOOD ANALYSIS (CONT'D) • Jupiter Medical Center - Major expansion to add a five-story 135,016 square foot addition and construct a five-level parking garage on the east side of the existing hospital building, on 27.3± acres. • Fisherman's Wharf - Planned three story office building with underground parking and a two story restaurant with outdoor dining, a tiki bar and a private dock on 4.6 acres. • Flagler's Wharf - Planned five-story office building with three floors of underbuilding parking, restaurant with outdoor seating, three (3) residential accessory units, and a marina, on 2.95 acres. • Sonoma Isles (Lakewood) — 275 residential units, bioscience/high tech (150,000 SF), restaurant (5,000 SF), and drugstore (14,750 SF). • The Love Street project - a Planned Unit Development (PUD) for a commercial development that includes retail (40,512 SF), a restaurant (17,051 SF), fast food outlet (1,000 SF), a club/catering hall (25,311 SF), office space, and vacation rental. The 4 acre site is located on the northwest corner of Al and Love Street with frontage along the south side of the Jupiter Inlet. • Water Pointe - A 35 multi-family residential units on 4.2 acres located on the west side of U.S. Highway 1, approximately 850 feet north of the intersection of U.S. 1 and Ocean Way. Under Construction. • Caretta - Northwest corner of US Highway One and Donald Ross Road, Jupiter. This project will have 95 condominiums in four buildings plus some commercial first floor space. The project does not have waterfrontage but will have beach access. • River Plaza - A five story, 50,575 square foot office building with 41,063 square feet of business office, 7,000 square feet of medical, 6,151 square feet of restaurant space with 788 square feet of outdoor seating, 3,361 square feet of limited ancillary retail and a 130,740 square foot parking garage, modify an existing four story, 32,070 square foot office building to add an open air pavilion, on 4.8+/- acres. CONCLUSION In summary, the immediate neighborhood can be characterized as being an established area with favorable demographics that are above average for the County. JS25-071 PARRISH & EDWARDS, INC. Page 143 of 735 Agenda Item #9. 26 .y v R i H # m w , Ak for 9 - A d6 AM" AERIAL PHOTO — LOT 1 9 s. � r t ate- k� t 04 + J i dl 16 g . AERIAL PHOTO — LOT 2 JS25-071 PARRISH & EDWARDS, INC. Page 144 of 735 Agenda Item #9. 27 f k ACV D i7.Fn i 1W VIFfilm AIN AERIAL PHOTO — LOT 3 N.�, tmk or r ' " . - - AERIAL PHOTO - LOTS 1, 2, & 3 JS25-071 PARRISH & EDWARDS, INC. Page 145 of 735 Agenda Item #9. 28 SITE DATA Size and Shape: The Subject Properties consist of three irregular shaped parcels. Site Approx Lot# Type Address Size Dimensions 1 Vacant Land XXX Main Street 51,780 Irregular 2 Vacant Land XXX Main Street 43,050 Irregular 3 Vacant Land XXX Main Street 44,287 Irregular Location and Accessibility: The Subject Properties are located around a traffic circle on the east and west sides of Main Street between Tequesta Drive and Bridge Road in the Village of Tequesta. The individual lots do not have street addresses. Lot 1 is located at the southwest quadrant of Main Street and the Main Street traffic circle; Lot 2 is located at the northwest quadrant of Main Street and the Main Street traffic circle; Lot 3 is located at the southeast quadrant of Main Street and the Main Street traffic circle. Main Street is a secondary road that runs between Tequesta Drive and Bridge Road. Tequesta Drive and Bridge Road run east/west from US Highway 1 providing access to the Subject neighborhood. US Highway 1 is a primary north/south road that runs through Palm Beach County. Access to the individual lots are available from Main Street and several access easements. Topography and Drainage: The Subject sites appear level and are at or near road grade. Lot 1 and 3 are cleared and have a sod covering. Lot 2 is asphalt paved with drainage catch basins in place. Additional drainage is located along the surrounding roadways. JS25-071 PARRISH & EDWARDS, INC. Page 146 of 735 Agenda Item #9. 29 SITE DATA (CONT'D) Easements and Encroachments: Surveys of the Subject Properties were not available at the time of this report. We are aware of multiple access and parking easements that encumber the Subject Properties. The descriptions of these easements are as follows: Lot 1, located at the southwest quadrant of Main Street and the centrally located Main Street traffic circle is encumbered by a parking easement that allows the adjacent property to the west (250 Tequesta Drive) the use of an area to accommodate 21 parking spaces on Lot 1. Based on a sketch located within the parking easement document and the size of a typical parking space, we have estimated that the west 20 feet of Lot 1 would be needed to satisfy the parking requirement as set forth in the easement. The parking easement would have approximate dimensions of 20' by 225' and contain a total of 4,500 square feet (8.7% of the total site area). This parking easement would restrict development on this site. Lot 2 is located on the northwest quadrant of Main Street and the centrally located traffic circle on Main Street. The site is leveled, cleared and has been asphalt paved with on-site drainage in place. The parcel contains 43,050 square feet. The site is encumbered by a parking easement which dedicates at least 40 parking spaces to the adjacent property to the east (1 Main Street) depending on the uses and parking requirements for this parcel. The location of the easement within the site is not designated. Although this would allow for some flexibility on where those spaces would be provided, this parking easement would restrict development on this site and encumber approximately 30% to 40% of the site. Lot 3 is located on the southeast quadrant of Main Street and the centrally located traffic circle on Main Street. The site is leveled, cleared and sod covered. The parcel contains 44,287 square feet. The site is encumbered by an access easement which is located along the east boundary of the site. The easement dedicates a 24-foot wide portion of the site that runs the length of the eastern boundary or approximately 200 feet. The access easement contains approximately 4,800 square feet (10.8% of the site). The access easement contains approximately 4,800 square feet (10.8% of the site) and provides access to the adjacent property to the east. This access easement would restrict development on this site. There were no other apparent easements or encroachments noted that would adversely affect the development of the sites. However, current surveys would be recommended to verify the existence of any other potential adverse easements or encroachments. JS25-071 PARRISH & EDWARDS, INC. Page 147 of 735 Agenda Item #9. 30 SITE DATA (CONT'D) Environmental Issues: No adverse environmental conditions were noted, however, this is the domain of environmental experts, and the appraiser is not responsible for unapparent subsurface conditions. No environmental report was provided, and this appraisal assumes clean sites Utilities: The Subject Properties have public water and sewer service available. Electrical service is provided by Florida Power& Light and various private contractors provide communication services. All other municipal services are also available to the sites, including police and fire protection, by the Village of Tequesta. Census Tract: The Subject Properties are located in Census Tract 1.02. The 2024 estimated population for this tract is 3,268. The 2024 estimated Median Family Income for this tract is $131,835. The total housing units are 2,443 with 1,179 units being owner occupied and 339 being renter occupied. Median housing age is 34 years. Flood Zone: The Subject Properties are located in Flood Zone "X", as indicated by Community Map Panel #12099C0179G, dated December 20, 2024. This flood zone classification would not typically require flood insurance. jw A-: � � . a ,+* ....l�:i: -.-wl•.i,'f. n a ,-. fSC,lfi=.:. f1w,°...wi iy E.ar. acres+„+x:.bwes•rs.Pr m.�v ��R� �ti�'er-1b.[A6 'Hales!-N 1R al 4hnv ;.._.xo lcaas .•.re.'eea..r...,a..«..r... — a ywca e.anau q La aeasrar.e amc rrn•r.eaX NM lw�eN �� idlaL� laws ��r•N a �+-... '.'�.�I-..a. .-,.. r re.. dell—°—_°ewr.emu....r..r.a. gaxrH aul �-uum s.wx�r'ra xee arae"• 41606 NeIYJIG'j/her F+M.i x.tyea Mlra...... Al G+s JS25-071 PARRISH & EDWARDS, INC. Page 148 of 735 Agenda Item #9. 31 SITE DATA (CONT'D) Zoning/Land Use: Site Land Use Lot# Tyke Address Size Zoning Designation 1 Vacant XXX Main Street 51,780 MU MU 2 Vacant XXX Main Street 43,050 MU MU 3 Vacant XXX Main Street 44,287 MU MU The Mixed Use (MU)zoning district purpose and intent is to establish a village center which creates a vital, diverse core for the principles which utilize mixed-use development concepts and which permit a combination of usually separated uses within a unified development district area. The MU zoning district allows for a variety of uses including both commercial and residential uses. The district restricts building heights to four stories with a density of up to 18 units per acre. Within the "MU" district, residential use shall make up no less than 20% of the project and no more than 80%. The Subject Properties could also be developed under the Live Local Act, but would still be restricted to 18 units per acre although the height restriction of four stories could be increased to 11 stories. This option could require a work force housing component. Concurrence: In 1985, the Florida Legislature enacted the Local Government Comprehensive Planning and Land Development Regional Act (Chapter 163, Part II, Florida Statutes), commonly referred to as the "Growth Management Act". Pursuant to Section 163.3177 (10) (h), F.S., "it is the intent of the Legislature that public facilities and services needed to support development shall be available concurrent with the impacts of such development." From this statement, the term, the term "concurrency" was derived, and is commonly used to refer to the above legislation and its requirements. The basis of the concurrency concept is Rule 9J-5.0055 of the Florida Administrative Code. In 2011 the "Community Planning Act" was passed as HB 7207. This legislation significantly limits the role of state agencies and giving greater autonomy to local municipalities in regards to concurrency issues. It revises or removes some of the key hurdles for many development projects, including demonstrated "need" and state-mandated concurrency for transportation, schools, and parks and recreation facilities. The Act also incorporates substantial changes to Chapter 380 that should result in fewer projects being required to go through the Development of Regional Impact (DRI) process. JS25-071 PARRISH & EDWARDS, INC. Page 149 of 735 Agenda Item #9. 32 SITE DATA (CONT'D) Municipalities are encouraged to continue to follow professional guidelines on concurrency issues to ensure that facilities and services needed to support development are available concurrent with the impacts of such development. Many of the basic requirements and features of the current law will remain, but the changes will provide opportunities for existing, pending and new development projects and will allow local governments more flexibility and control at the local level. We have assumed concurrency will not restrict developing the Subject Properties to their Highest and Best Uses. Real Estate Taxes: The Subject Properties are assessed for 2024 taxes under the following property control numbers: Assessor's Assessor's 2024 Lot#Address Tax Folio# Market Value Taxable Value Taxes Tax 1 XXX Main St 60-43-40-30-47-001-0000 $1,233,041 $1,233,041 $23,870 Pd 2 XXX Main St 60-43-40-30-47-002-0000 $1,102,530 $1,102,530 $23,016 Pd 3 XXX Main St 60-43-40-30-47-003-0000 $1,054,651 $1,054,651 $20,416 Pd Per Palm Beach County Public Records, the 2024 taxes have been paid. According to the Public Records of Palm Beach County, there are delinquent taxes noted. Based on our final value conclusions and even considering the assessments are often 15% to 25% below the recent sale price or market value, the Subject's current assessments and taxes appear low and an increase in the assessments and taxes is possible. It should be noted there is a 10% cap on annual increases in the taxable value as long as ownership does not change. JS25-071 PARRISH & EDWARDS, INC. Page 150 of 735 Agenda Item #9. 33 PROPERTY DESCRIPTION Lot 1 Lot 1 is located at the southwest quadrant of Main Street and the centrally located traffic circle on Main Street. The site is leveled, cleared and sod covered. The site has approximately 205 feet of frontage along the north side of Bridge Road and 160 feet of frontage along the west side of Main Street. The parcel contains 51,780 square feet. The site is encumbered by a parking easement which is located along the west boundary of the site. The easement dedicates an area for 21 parking spaces for the use of the adjacent parcel to the west (250 Tequesta Drive). We have estimated dimensions for the easement of 20' by 225' containing approximately 4,500 square feet (8.7% of the site). This parking easement would restrict development on this site. Lot 2 Lot 2 is located at the northwest quadrant of Main Street and the centrally located traffic circle on Main Street. The site is leveled, cleared and has been asphalt paved with on-site drainage in place. The site has approximately 290 feet of frontage along the south side of Tequesta Drive and 130 feet of frontage along the west side of Main Street. The parcel contains 43,050 square feet. The site is encumbered by a parking easement which dedicates at least 40 parking spaces for the use of 1 Main Street depending on the uses and parking requirements for 1 Main Street. The location of the easement within the site is not designated, but will likely encumber approximately 30% to 40% of the site. Lot 3 Lot 3 is located at the southeast quadrant of Main Street and the centrally located traffic circle on Main Street. The site is leveled, cleared and sod covered. The site has approximately 200 feet of frontage along the north side of Bridge Road and 140 feet of frontage along the east side of Main Street. The parcel contains 44,287 square feet. The site is encumbered by an access easement which is located along the east boundary of the site and is paved. The easement dedicates a 24 foot wide portion of the site that runs the length of the eastern boundary or approximately 200 feet. The access easement contains approximately 4,800 square feet (10.8% of the site) and provides access to the adjacent property to the east. This access easement would restrict development on this site. JS25-071 PARRISH & EDWARDS, INC. Page 151 of 735 Agenda Item #9. 34 HIGHEST AND BEST USE Highest and Best Use is defined by the Appraisal Institute in the publication Real Estate Appraisal Terminology as follows (abbreviated): Highest and Best Use - That reasonable and probable use that will support the present value as the effective date of the appraisal. Alternatively, that use, from among the reasonable, probable, and legal alternative uses, bound to be physically possible, appropriately supported, financially feasible, and which, results in the highest land value. A proper analysis of the Highest and Best Use of a site is to examine each segment of the definition. AS VACANT Reasonable and Probable/Legally Permissible The first segment of the definition calls for the use to be reasonable and probable, and legally permissible. The Subject Properties are located around a traffic circle on the east and west sides of Main Street between Tequesta Drive and Bridge Road in the Village of Tequesta. The Subject Properties are zoned "MU" Mixed Use with an underlying land use designation of Mixed Use. The "MU" zoning permits a variety of commercial and residential uses. Based on the Subject Properties existing zoning and land use, a mixed use (commercial / multi-family) would be reasonable, probable, and legally permissible Physically Possible The next segment calls for the use to be physically possible. The Subject Properties consist of a 51,780 square foot parcel, 43,050 square foot parcel, and a 44,287 square foot parcel. The sites have adequate width/frontage and depth making development possible for a variety of uses. The properties are encumbered by parking and access easements that we have previously discussed. Due to the existence of the parking and access easements, the site's developable areas are impacted but still could be developed. JS25-071 PARRISH & EDWARDS, INC. Page 152 of 735 Agenda Item #9. 35 HIGHEST AND BEST USE (CONT'D) Financially Feasible and Appropriately Supported The final segments of the Highest and Best Use definition call for the use to be appropriately supported and financially feasible. Generally speaking, new construction is financially feasible if the value upon completion is at least equal to the cost to construct. Given the existing development trends in the Subject's surrounding area, developing the site with a mixed use project at this time would likely be appropriately supported and financially feasible, but the financial feasibility for any new development would have to be evaluated on a case by case basis considering the specifics of the proposed development and the cost of construction. There is limited developable land in the immediate area creating a demand for these type properties. Conclusion As Vacant Taking into consideration all of the above-mentioned factors, which include location of the Subject sites, size of the sites, and general supply and demand within the market area, the highest and best use for the Subject sites, as vacant, is to develop the sites with a mixed-use project. JS25-071 PARRISH & EDWARDS, INC. Page 153 of 735 Agenda Item #9. 36 VALUATION METHODS In estimating the market value of the Subject Property, three Approaches to Value - Cost, Sales Comparison, and Income - were considered but as discussed in the Scope of the Appraisal only the Sales Comparison Approach was considered to be relevant. The applicable approaches are defined as follows: SALES COMPARISON APPROACH - The process of deriving a value indication for the subject property by comparing sales of similar properties to the property being appraised, identifying appropriate units of comparison, and making adjustments to the sale prices (or unit prices, as appropriate) of the comparable properties based on relevant, market-derived elements of comparison. The sales comparison approach may be used to value improved properties, vacant land, or land being considered as though vacant when an adequate supply of comparable sales is available. (FROM: Real Estate Appraisal Terminology, The Appraisal Institute) JS25-071 PARRISH & EDWARDS, INC. Page 154 of 735 Agenda Item #9. 37 SALES COMPARISON APPROACH TO VALUE To estimate the market value of the Subject Property via the Sales Comparison Approach, a sales search was conducted to locate and analyze sales data and compare it to the Subject Properties via appropriate units of comparison. These sales were analyzed on a price per square foot of site area for the Subject Properties. The Sales Comparison Approach is based upon the principle of substitution, which states that a prudent purchaser would pay no more for a property than the cost of acquiring a substitute property on the open market. Substitution may assume purchase of an existing property, with equal utility, or of acquiring an investment which will produce an income stream of similar size with similar risk, as the Subject Properties. An analysis of the market is made in an effort to find reliable units of comparison to the Subject Properties. Adjustments are made to the sales to account for physical or economic differences as compared to the Subject Properties. An adjusted sales price indication is derived from each comparable sale analyzed. These are then weighted according to their relative comparability and then applied to each Subject Property to indicate individual values. JS25-071 PARRISH & EDWARDS, INC. Page 155 of 735 Agenda Item #9. 38 5w 25th A :7� WO �yy �1fM'26ih A g -27th P SW 27th Ave III_ SW 271k PI ti !] T CA gW19t �Gd rl SE 3111 Av B D, m Mller Rd Beach U I� I ll � 1 j/ 1�Mlselan H Rd� ulL�.l xaw e,9 noel Perkf =Ave PP z �J W O zEden�rn Vi rWii -::.. @ N 601� 2919 -- 2605 N,Fedeal HwY e a n each A t l a n t i c it O c NW 2'_ntl St � 22ntl'St"'—I'I „ 5, p Nw,elns5 _.—� .. _ J Allen Ave '1 �.1: �kIa Oi'I �ryE Ifith St 1 LJULJ I m T€ NE 14th$1 x Z Y NE 131h St q' NE 12,h 51 2 o NE 111h 51 7 je NE IBth Pelics NE 91h Stt _¢ NE Blh I u�� az m Ir� �.��e+', E FAY H+,b,r o" i A I L d' I� �F f i VACANT LAND SALE #1 JS25-071 PARRISH & EDWARDS, INC. Page 156 of 735 Agenda Item #9. 39 Emerson q tar ?aMerk'Rd _ _ —. 17th Ave N^ o Gardenp Lake cwrke Ave N Ifi[h Ave N z rn� z 15th Ave N o Gerol Ave S%b. a 15th Ave N -151h N Y J ,p c t d 7n Ave N z a N Oth A N J' py N W Iw o H = N �❑ [ElI L T o— a N m z z 9t1 Al eth,, N � Ave N — e� - nn Are N ae 611,Ave N sin Are N a N x —z s veesarxo-Awe.a � � sth Ave N n 4th Hve IN 2nd Ae N A N 3ke wo[h m palmee— a o, c o ahe VLodF�ArJ=_ $ 2n1 Ave N 2nd Awe N -' t'ek2irvlvRhi7d—I p �qe A e 80 Lak WgytM1 L rerne Ave°° Z n I Lake Hre • F� istZ eH 5 J L..JLJ 6 m P— s O pli IAr.5 2�a i s i P..k Lake 0 n j 6,h Are S Bth Ave =Rve g'W° n h p a 1p er k 6th Hve S\e�Oti o n r mona � 7ih,�S Roberts Ln _ O m rn n Ja i "I Ave � OS vl O c_ o � 101 Ave 11 ilih A e 5 I Jh Hve S r-� 1 th Ave o 12th Ave S Ptwmiv Perm ae. d ne 13th Ave S° A_wPlerk lgke Ody �tesl d' _ 19th Ave 9 14ih 6 .e�A Tahoe lfith Ave S 4' IT 14 4 SALE #2 JS25-071 PARRISH & EDWARDS, INC. Page 157 of 735 Agenda Item #9. 40 x � r. F ! t 13953 u5 Highway One �� Oorield ]rio eea�h A l l a n t i c o � eaa Pik. dR­a , i j, a 1 Garden Rd C el Rd w i L AI nH — Lake W r'h �� NoBe M1°°1 aSlrte Reereel on HreeM1 1 x 'k fi , I! r IkLa Ir i SALE #3 JS25-071 PARRISH & EDWARDS, INC. Page 158 of 735 Agenda Item #9. 41 �1 —71h PI sE27t 1 n SE 2lh Ave m 9loaniederd Mvy r�€tt pet H f L4 SE 31 st cneneiJm J dddiii _ Se—,d Servb NetureI Are. �tdission Fill Rd - - T SW Ertl PI SW 3dW� ❑ Al sv nnn � o,n l � f * r L I _ SALE #4 JS25-071 PARRISH & EDWARDS, INC. Page 159 of 735 Agenda Item #9. 42 SALES COMPARISON ANALYSIS JS25-071 PARRISH & EDWARDS, INC. Page 160 of 735 Agenda Item #9. VACANT LAND SALES CHART DATE OR BK/PG SALES SITE SIZE PRICE SALE Verification LOCATION PRICE (SF) /SF ZONING/LAND USE COMMENTS 1 Mar-25 2419-2605 N.Federal Highway $15,000,000 190,841 SF $78.60 GC An irregular shaped site consisting of seven contiguous parcels Del my Beach 4.38 AC General Commercial with 600 feet of frontage along the east side of Federal Highway. 35629/1481 General Commercial The site is Geared and leveled.Property was previously purchased Delray Beach by the adjacent property owner to the south for expansion of their 25-071 auto sales business but instead of developing it,they decided to list the property for sale. No approvals at time of purchase. Buyer 12 Units per acre intended on developing a townhome project on the site but has since relisted the site at an asking price of$24,000,000.A site plan and renderings for a 46 luxury townhome development have been completed. 2 Jan-25 1306-1320 Lucerne Avenue $1,675,000 30,540 SF $54.85 MU-E A rectangular shaped parcel consisting of four contiguous lots.The Lake Worth Beach 0.70 AC Mixed Use East site is located on the northeast corner of Lucerne Avenue and N.D 35499/605 Mixed Use East Street There is approximately 230 feet of frontage along the north Lake Worth side of Lucerne Avenue and 135 feet of frontage along the east side 25-071 of N.D Street The site is level and partially cleared with several mature trees on site. No approvals in place at time of sale.The 30 Units per acre property was purchased by the Lake Worth Beach CRA for future development 3 Dec-24 13953 US Highway 1 $13,260,000 204,732 SF $64,77 RM-2 An"L"shapes site with approximately 185'of frontage along the Juno Beach Effective 4.70 AC Residential Multi-Family west side of US Hwy 1 and 230'along the south side of Donald Ross 35438/780 (Effective) General Commercial Road.The site was previously improved with a branch bank that $12,960,000 Juno Beach was given no value.Property was purchased by Pulte Homes and is 25-071 Recorded planned for the development of 40 luxury townhomes to be known as The Dunes at Juno.Buyer purchased.38 acres of road right-of- way from the town of Jupiter for approximately$300,000 which results in the effective sale price and site size.No approvals in place at time of sale with the developer taking the property through rezoning and approvals. Based on approvals the site has an approximate density of 8.51 units per acre. 4 Aug-23 3103 N.Federal Highway $6,360,000 98,446 SF $64.60 IPUD This property is a vacant parcel located on the west side of Federal Boynton Beach 2.26 AC IPUD Infill Planned Unit Development Highway in Boynton Beach.Developers plan to build 25 two-story 34544/822 Boynton Beach luxury townhouse/villa units(11.06 units/acre)with prices starting at $1.95 million. The project will be known as Ventura Villas.This 24-097 20 Units per acre complex will have six buildings,a club room and pool,and a fitness center.The site was vacant and cleared at the time of sale.Selling broker indicated this was an arm's length sale.Seller held paper at market rates with no affect on the sale price. Property had entitlements for 18 units at time of sale,but the buyers received approvals to develop 25 villas(Ventura Villas). Subject Mar-23 Lot#1-6043-40-3047-001-0000 $1,200,000 51,780 SF $23.17 MU The Subject Properties consist of three irregular shaped parcels that 34220/479 Mixed Use are located along Main Street around a centrally located traffic circle.Main Street is located approximately 350'west of US Hwy 1 between Tequesta Drive and Bridge Road.Lot 1 is located in the Mar-23 Lot#2-6043-40-3047-002-0000 $2,300,000 43,050 SF Mixed Use southwest quadrant;Lot 2 in the northwest quadrant;and Lot 3 in 34220/382 (Lots 2&3) Tequesta the southeast quadrant In addition to the Subject Properties having frontage along Main Street,the properties have frontage Lot#3-6043-40-3047-003-0000 44287 SF along Bridge Road(Lots 1 &3)and Tequesta Drive(Lot 2).The 18 Units per acre Subject Properties are vacant with Lots 1 &3 being cleared and 87,337 SF $26.33 leveled with a sod covering while Lot 2 has been asphalt paved with drainage and approximately 53 lined parking spaces.All of the "The above sales did have conditions or restrictions associated with the sales which will be discussed in this report. Subject Properties are encumbered by access or parking easements. JS25-071 Land Sales Chart Page 161 of 735 Agenda Item #9. 43 SALES COMPARISON SUMMARY AND CONCLUSION Lot 1 Lot 1 is located at the southwest quadrant of Main Street and the centrally located traffic circle on Main Street. The site is leveled, cleared and sod covered. The site has approximately 205 feet of frontage along the north side of Bridge Road and 160 feet of frontage along the west side of Main Street. The parcel contains 51,780 square feet. The site is encumbered by a parking easement which is located along the west boundary of the site. The easement dedicates an area for 21 parking spaces for the use of the adjacent parcel to the west (250 Tequesta Drive). We have estimated dimensions for the easement of 20' by 225' containing approximately 4,500 square feet (8.7% of the site). This parking easement would restrict development on this site. Lot 2 Lot 2 is located at the northwest quadrant of Main Street and the centrally located traffic circle on Main Street. The site is leveled, cleared and has been asphalt paved with on-site drainage in place. The site has approximately 290 feet of frontage along the south side of Tequesta Drive and 130 feet of frontage along the west side of Main Street. The parcel contains 43,050 square feet. The site is encumbered by a parking easement which dedicates at least 40 parking spaces for the use of 1 Main Street depending on the uses and parking requirements for 1 Main Street. The location of the easement within the site is not designated, but will likely encumber approximately 30% to 40% of the site. Lot 3 Lot 3 is located at the southeast quadrant of Main Street and the centrally located traffic circle on Main Street. The site is leveled, cleared and sod covered. The site has approximately 200 feet of frontage along the north side of Bridge Road and 140 feet of frontage along the east side of Main Street. The parcel contains 44,287 square feet. The site is encumbered by an access easement which is located along the east boundary of the site and is paved. The easement dedicates a 24 foot wide portion of the site that runs the length of the eastern boundary or approximately 200 feet. The access easement contains approximately 4,800 square feet (10.8% of the site) and provides access to the adjacent property to the east. This access easement would restrict development on this site. Lot 1 was purchased by the current owner for $1,200,000 in March 2023 and Lots 2 and 3 were purchased at the same time for $2,300,000. The properties were never actively marketed, and the sale appeared to be a low sale. The existing easements/encumbrances were in place at the time of the sale. JS25-071 PARRISH & EDWARDS, INC. Page 162 of 735 Agenda Item #9. c~o o Lq o 0 le M -r-- T- LO L r- to co co to a c 0 0 0 0 0 Ou o c y � w •y +; 0 0 0 0 � � � r a co v J d �- 0 0 0 0 0 0 0 0 li y O o 0 o p C 2 LO CDL Z N ' LU Q r N o 0 0 0 Cl) O O O O C fA Q O o 0 0 LO�� LO //�� V V/ O Q O W J J � U- (0 co ti 00 -4 4 � Qta ti LO ta Q J °.3 f° o 0 0 �O o a� c 0 0 0 0 o 0 0 0 U- a w 00 ti w CD ti LOwwa. ti (D N 60- 61)- 61)- 61k 61. �a 0 J r N M It Q N � N 7 Page 163 of 735 Agenda Item #9. 44 LAND SALES (CONT-D) A sales search was conducted to locate and analyze sales data and compare it to the Subject Properties via appropriate units of comparison. The selected sales were analyzed on a price per square foot of site area basis which is the most commonly used unit of comparison for similar type properties and best interpreted the available data. The differences between the sales and Subject Properties will be discussed and adjustments will be made for these differences. The analysis appears below. Financing / Conditions of Sale All of the comparable sales selected were cash to the seller or institutional financing transactions. Financing concessions were not reported to have impacted the purchase price of the comparable sales; therefore, no financing adjustments were made. All of the comparables were arm's length transactions with no unusual conditions of sale. No adjustments were required. Date of Sale / Market Conditions This adjustment is generally required when a significant increase or decrease in value due to changing market conditions has occurred during the time period of comparable sale dates to the prevailing market conditions affecting the Subject's date of valuation. The Comparables range in date of sale from August 2023 to March 2025. All of the Comparables were considered similar in Market Conditions with the exception of Comparable #4 which closed in August 2023 and was the oldest sale. Comparable #4 was considered inferior in market conditions and was adjusted upward for the difference. No other adjustments were considered necessary. Location/Exposure The Subject Properties are located along the east and west sides of Main Street within the Village of Tequesta. Comparables #1 and #3 are located in Delray Beach and Juno Beach, respectively. Considering the surrounding demographics, quality of the surrounding development, and exposure, these comparables are considered superior with downward adjustments made for the difference. Comparables #2 and #4 are located in Lake Worth Beach and Boynton Beach respectively. The surrounding demographics are inferior as compared with the Subject with upward adjustments made for the difference. JS25-071 PARRISH & EDWARDS, INC. Page 164 of 735 Agenda Item #9. 00 LO 00 0 y LL Oo a0 OR 00 u L (D LO i LO LO a Esr 619- 619- 61)- 64 c R o 0 0 0) O O LSD > V N O N N O -0 C N �1 V u 0 0 0 0 }' T v CD 0 0 0 J a LL y N O O O O r W O o 0 0 00 r �C LC) O LO F- N a (1) a D N o 0 0 0 Q N 0 0 0 O O O O �Q W ° 0 0 0 J LO Q J Q N Q O LO I` M LL CO cq f*- M 00 It Z Q 6R f� L � CO QE11> H3 H3 H? J 0 0 0 �n o 0 c o 0 0 0 c o 0 0 0 o 0 0 0 c y LL g ci LL LO coo 00 1- (D r- 0 'C fn 6 4 4 4 LA N a - O D 40 6 N w q J N M It N N Page 165 of 735 Agenda Item #9. 45 LAND SALES (CONT-D) Size The Subject Properties range in size from 43,050 square feet to 51,780 square feet. The Comparables ranged in size from 30,540 square feet to 190,481 square feet. Typically, smaller sites sell for more on a per square foot basis than larger sites based upon the economies of scale concept, all other factors being equal. Conversely, a larger site would sell for less on a price per square foot basis than a smaller site. However, a pairing of the sales did not support the need for a size adjustment within the size range being considered since for residential or multi- family projects spreading the approval and site development costs over more units is often more advantageous, and no adjustments were made. Zoning/Land Use/Approvals The Subject Properties are zoned "MU" Mixed Use with a land use designation of MU, Mixed Use that would allow for mixed use-commercial/residential development up to 18 units per acre. Comparable #1 has a General Commercial zoning designation in place at time of sale with the buyer taking the property through the rezoning process to develop 46 townhome units (10.50 units per acre). The General Commercial zoning designation and the lower density were considered inferior with an upward adjustment made for the difference. Comparable #2 had a similar mixed use zoning designation. It allows for a higher density up to 30 units per acre, but the FAR is only 1.5. Overall, no adjustment was considered necessary. Comparable #3 has a Residential Medium Density zoning designation allowing for up to 12 units per acre. The zoning density is considered inferior with an upward adjustment made for the difference. Comparable #4 had an Infill Planned Unit Development zoning with in place approvals for the development of 18 townhome units but the zoning and land use designation would allow up to 20 units per acre. The in place approvals were considered superior as compared with the Subject with a downward adjustment made for the difference. Utilities The Subject Properties have water and sewer available. All of the Comparables had water and sewer available and are considered similar. JS25-071 PARRISH & EDWARDS, INC. Page 166 of 735 Agenda Item #9. m o UM o 0 d . u i N CD CD 0- 0 ca o 0 0 0 > U Lr) LO LO o c N V M u �•+ .N :: o 0 o a O LL; Ln J a � U Lf y o 0 N /� 0 0 V O O O O D Z I N W O o 0 o p C •O L LO O LO c CL N rz F a N o 0 0 0 fn O O O O Q C M W O L) L L V L) NO LO J 0 Cl) CDLO (M LL (D CO pl- 00 Q Q to r- LOLO LO Z 6r} EF} EA 61) J d 16 o 0 0 LO o am c o 0 0 o0 (a O O O O M c a) LL O Ln r- o O L0) LL CD 00 ~ to ~ a N O (D a) w o J N M It U N Page 167 of 735 Agenda Item #9. 46 LAND SALES (CONT-D) Physical Characteristics The Subject Properties #1 and #3 are vacant and cleared sites with sod covering. Comparable #2 is currently utilized as a parking lot and is asphalt paved with 53 lined parking spaces and on site drainage catch basins. As previously discussed, all three of the parcels are encumbered by parking or access easements (See Easements and Encroachments located on Page 29). Lot #1 is encumbered by a parking easement while none of the comparables were. All of the comparable sales were considered superior. Downward adjustments were made to all the comparable sales for superior physical characteristics. Comparable #2 is heavily impacted by a parking easement. All of the comparable sales were considered superior in this regard with larger downward adjustments made for the difference. Lot #3 is encumbered by a 24-foot access easement. All of the comparable sales were considered superior since they were not encumbered like the Subject. Downward adjustments were made to all the comparable sales for this difference, but consideration was given to the fact that the easement areas still would have some benefit to the owner since these areas could be used for density calculations and to potentially meet set back requirements. CONCLUSION Lot#1: After adjustments, the Comparables ranged on a price per square foot basis from $61.05 to $74.67 per square foot with a mean of$65.08 per square foot and a median of $62.30 per square foot. Giving weight to all of the Comparables and considering the mean and the median, a conclusion of $64.00 per square foot is considered reasonable and supportable. Therefore, our opinion of the fee simple market value of Subject Property #1, as of August 19, 2025, is as follows: 51,780 SF x $64.00 SF = $3,313,920 / $3,310,000 Rounded Lot#2: After adjustments, the Comparables ranged on a price per square foot basis from $50.88 to $62.88 per square foot with a mean of $55.10 per square foot and a median of $53.33 per square foot. Giving weight to all of the Comparables and considering the mean and the median, a conclusion of $54.00 per square foot is considered reasonable and supportable. Therefore, our opinion of the fee simple market value of Subject Property #2, as of August 19, 2025, is as follows: 43,050 SF x $54.00 SF = $2,324,700 / $2,320,000 Rounded Lot#3: After adjustments, the Comparables ranged on a price per square foot basis from $61.05 to $74.67 per square foot with a mean of$65.08 per square foot and a median of $62.30 per square foot. Giving weight to all of the Comparables Comparables and considering the mean and the median, a conclusion of$64.00 per square foot is considered reasonable and supportable. Therefore, our opinion of the fee simple market value of Subject Property#3, as of August 19, 2025, is as follows: 44,287 SF x $64.00 SF = $2,834,368 / $2,830,000 Rounded JS25-071 PARRISH & EDWARDS, INC. Page 168 of 735 Agenda Item #9. 47 SUBJECT PROPERTIES VALUATION AS A WHOLE The Subject Properties combined total 139,177 square feet or 3.195-acres. Lot #1 and Lot #2 are contiguous parcel. Lot #3 is adjacent to Lot #1 but is located along the east side of Main Street which runs north/south between Tequesta Drive to the north and Bridge Road to the south. Considering the proximity of the lots to each other and their current access, the sites could be developed with a single project. Any development would need to address the access and parking easements that we have previously discussed as well as Main Street which would bi-sect the development. The combined site may be more cost effective to develop and may provide some opportunity to relocate some of the easements to different areas, but there would still be legal issues to address if the easements are to be relocated and would require approvals from the adjacent owners that the easements are in favor of. Any benefit to developing, a larger site and the possibility of relocating the easements would be offset by the legal issues and uncertainty with relocating these easements. Therefore, our opinion of the fee simple market value (bulk) of the combined Subject Properties (Lots #1, #2, and #3), is as follows: Lot #1 - $3,310,000 Lot #2 - $2,320,000 Lot #3 - $2,830,000 $8,460,000 JS25-071 PARRISH & EDWARDS, INC. Page 169 of 735 Agenda Item #9. 48 ADDENDA JS25-071 PARRISH & EDWARDS, INC. Page 170 of 735 ,9/ge'n-17`item #9. Landmark Web Official Records Search CFN 20230112015 OR BK 34220 PG 479 RECORDED 4/5/2023 12:47 PM AMT:$1,200,000.00 DEED DOC$8,400.00 Palm Beach County,Florida Joseph Abruzzo,Clerk Prepared by and return to: Pgs:479-480;(2pgs) Julie L.Hogan,Esq. Sunfish Title,LLC 1340 N US Highway 1 Ok Suite 135 O Jupiter,FL 33469 0 561-295-5206 File Number:22-0013 il?Above This Line For Recording Data] ranty Deed This Warranty Deed made this 31 day of 2023 between Main Street Village,Inc.,a Florida corporation,whose post office address is 18903 S eral Highway,Tequesta,FL 33469,grantor,and FP Tequesta Property Owner LLC,a Delaware limit ility company,whose post office address is 3535 Military Trail,Suite 101,Jupiter,FL 33458.grante .� (Whenever used herein the terms"grantor"and"grantee"&all the parties to this instrument and the heirs, legal representatives,and assigns of individuals,and the succe and assigns of corporations,trusts and trustees) <) Witnesseth,that said grantor,for and in consideration of the sum$bsa* AND NO/100 DOLLARS($10.00)and other good and valuable considerations to said grantor in hand pai rantee,the receipt whereof is hereby acknowledged,has granted,bargained,and sold to the said grantee's heirs and assigns forever,the following described land,situate,lying and being in Pahn Beach County, �ida to-wit: Parcel 1,Tequesta Village Center,according to the Plat thereof as recorded in Plat Book 91,Page 162,Public Records of Palm Beach County,Florida. Together with Easement Interest: Non-Exclusive Easement rights contained within that certain Reciprocal Parking Easement Agreement recorded in O.R.Book 10992,Page 70,Public Records of Palm Beach County,Florida. Parcel Identification Number: 60-43-40-30-47-001-0000 Subject to restrictions,reservations,easements and limitations of record. Together with all the tenements,hereditaments and appurtenances thereto belonging or in anywise appertaining. To Have and to Hold,the same in fee simple forever. And the grantor hereby covenants with said grantee that the grantor is lawfully seized of said land in fee simple; that the grantor has good right and lawful authority to sell and convey said land;that the grantor hereby fully warrants the title to said land and will defend the same against the lawful claims of all persons whomsoever;and that said land is free of all encumbrances,except taxes accruing subsequent to December 31,2022. Pan 171 of 735 https://erec.mypalmbeachclerk.com/Search/DocumentAndlnfoByBookPage?Key=Assessor&booktype=O&booknumber=34220&pagenumbe- 79# 1/1 A/ge'n-17`item #9. Landmark Web Official Records Search CFN 20230112015 OR BK 34220 PG 480 Pg:2 of 2 In Witness Whereof,grantor h ereunto set grantor's hand and seal the day and year first above written. Signed, sealed and delivered in ouiresence: ;X Main Street Village,Inc.,a Florida corporation Witnes ignature / Elizabeth Marie Minelli, President Print Name: f::% P, Witness Signatu Print Name: t ie STATE OF F 1 `A O COUNTY � �r , 0- The foregoing ins ment was acknowledged before me by means of hysical presence or L]online notarization,this day of March,2023 by Elizabeth Marie Minell, President,of Main Street Village,Inc.,a Florida corporation,on behalf of the corporation,who 1] s personally knowp to me or U has produced a driver's license as identification. �t ##OIL ,�►� SHERI KIRNER �+Y X Notary Public•State of Floida <f Commission f HN 252891 �' ?or n My Comm,Expires Jun 20,2026 "bonded through National Notary Assn. Notary Public [Notary Seal] Name typed,printed or stamped My Commission Expires: Warranty Deed-Page 2 File No.:22-0013 Pan 172 of 735 https://erec.mypalmbeachclerk.com/Search/DocumentAndlnfoByBookPage?Key=Assessor&booktype=O&booknumber=34220&pagenumbe- 79# 1/1 ,9/ge, 1:2.0nda `item #9. Landmark Web Official Records Search CFN 20230111989 OR BK 34220 PG 382 RECORDED 4/5/2023 12:37 PM AMT:$2,300,000.00 DEED DOC$16,100.00 Palm Beach County,Florida Joseph Abruzzo,Clerk Prepared by and return to: Pgs:382-383;(2pgs) Julie L.Hogan,Esq. Sunfish Title,LLC 1340 N US Highway 1 Suite 135 Jupiter,FL 33469 561-295-5206 A File Number:22-0009 -v �XAbove This Line For Recording Data] ovarranty Deed 0 This Warranty Deed made this 31 day of M 2023 between J.M.Z.Tequesta Properties,Inc a/k/a JMZ Tequesta Properties,Inc.,a Florida corpo ,whose post office address is 18903 SE Federal Highway,Tequesta,FL 33469,grantor,and FP Te a Property Owner LLC,a Delaware limited liability company,whose post office address is 3535 Military Suite 101,Jupiter,FL 33458,grantee: (Whenever used herein the terms"grantor"and"grantee" ' e all the parties to this instrument and the heirs, legal representatives,and assigns of individuals,and the succ ss and assigns of corporations,trusts and trustees) O Witnesseth,that said grantor,for and in consideration of the sum o N AND NO/100 DOLLARS($10.00)and other good and valuable considerations to said grantor in hand paid b said grantee,the receipt whereof is hereby acknowledged,has granted,bargained,and sold to the said grantee,and grantee's heirs and assigns forever,the following described land,situate,lying and being in Palm Beach County,Florida to-wit: Parcel 2 and Parcel 3,Tequesta Village Center,according to the Plat thereof as recorded in Plat Book 91,Page 162,Public Records of Palm Beach County,Florida. Together with Easement Interest: Non-Exclusive Easement rights contained within that certain Reciprocal Parking Easement and Driveway Easement Agreement recorded in O.R.Book 10992,Page 80,as amended in O.R.Book 15959,Page 481,Public Records of Palm Beach County,Florida.As affected by Agreement for Purchase and Sale in Return for Parking Easement recorded in O.R.Book 16235,Page 307,Public Records of Palm Beach County,Florida.(as to Parcel 3) Parcel Identification Numbers: 60-43-40-30-47-002-0000 and 60-43-40-30-47-003-0000 Subject to restrictions,reservations,easements and limitations of record. Together with all the tenements,hereditaments and appurtenances thereto belonging or in anywise appertaining. To Have and to Hold,the same in fee simple forever. Pan, 173 of 735 https://erec.mypalmbeachclerk.com/Search/DocumentAndlnfoByBookPage?Key=Assessor&booktype=O&booknumber=34220&pagenumbe- 82# 1/4 A/ge, 1:1 `item #9. Landmark Web Official Records Search CFN 20230111989 OR BK 34220 PG 383 Pg:2 of 2 And the grantor hereby covenants with said grantee that the grantor is lawfully seized of said land in fee simple; that the grantor has good right and lawful authority to sell and convey said land;that the grantor hereby fully warrants the title to said land and will defend the same against the lawful claims of all persons whomsoever;and that said land is free of all encumbrances,except taxes accruing subsequent to December 31,2022. In Witness Whereof,grantor 2(' reunto set grantor's hand and seal the day and year first above written. Signed,sealed and delivered in our presence: J.M.Z.Tequesta Properties,Inc a/k/a JMZ Tequesta Properties,Inc.,a Florida corporation U AvIL— Witne s nature ,,A / Elizabe h Marie Minelli, President Print Na e:/Mg4 �v/r¢-''!oy e u 10 Ow Witness Signature - Print Name: STATE OF FL I A COUNTY OF (��G The foregoing instru e��tt�was acknowledged before me by means of)&h sical presence or LJ online notarization,this lay of March,2023 by Elizabeth Marie Minel4i, President,of J.M.Z Tecpjesta Properties, Inc a/k/a JMZ Tequesta Properties, Inc.,a Florida corporation,on behalf of the corporation, who is personally known to me or L]has produced a driver's license as identification. AJI l Notary Public [Notary Seal r SHERI KIRNER �T .. Notary Public•State of Florida �V� Commission r HH 252891 t os hWV my Comm.Expires Jun 20,2026 ""Bonded through National Notary Ass++• Name typed, printed or stamped My Commission Expires: \WYGW-PBG-FS01\Docs\15328\15328-30968\1360556.docx/comI st.pierre Warranty Deed-Page 2 File No.:22-0009 Pan, 174 of 735 https://erec.mypalmbeachclerk.com/Search/DocumentAndlnfoByBookPage?Key=Assessor&booktype=O&booknumber=34220&pagenumbe- 82# 1/1 Agenda Item #9. ADDENDUM TO CONTRAOT Adden um No.6 to the Contract with an Effective Date; 12/2012021 between Main Street yillage_[nc, (SELLER) and FP Tequesta Property Owner 11C, a Delaware thnited liability eoinpany, as assignee from Digital lrital Graun Iuc/DBA Perim Development Partners or Assigns (BUYER) concerning the property described as: Tcquesta Village Center Par l PCNi# 60.43-40-30-47-QQI.0000 "Pro crt " (the Contract) Seller and Buyer snake the following terns and conditions part of the contract: 1. The Closing Date is hereby extended as set forth in this Addendum. 2. Buyer will have until March 30, 2023 ("Site Plan Approval Period") in which to obtain Site Plan Approval,as hereinafter defined. Buyer will use its good faith efforts to achieve Site Plan Approval, In the event Buyer has not achieved Site Plan Approval on or before March 1,2023,and it is reasonably likely that.Ruyer will be able to achieve Site'Plan Approval on or before May 31,2023,based on written statements or documents by the Village of Tequesta town council, community director, manager or Village of Tcquesta attorney, Buyer or Seller shall have the right to extend the Site Plan Approval Period until on or before May 31, 2023. Any such extension shall be evidenced by written notice to the applicable party on or before March 1,2023. In the event Buyer has not achieved Site Plan Approval by March 1, 2023, within 3 business days thereafter, Buyer may elect to close without Site Plan Approval, in which event Closing shall occur on March 30, 2023, and Buyer covenants to take tite appropriate actions to ensure that Buyer's ownership,use and/or development of Buyer's property does not render Parcel 4 out of compliance with applicable zoning regulations,codes or ordinances. This is a covenant that runs with the land and binds successors and assigns. 3. The Closing Date is hereby extended to occur on the date that is 45 days after the date that Buyer receives Site Plan Approval. Buyer will provide Sellerwith notice of Site flan Approval within 5 days lifter the date that Buyer achieves Site Plan Approval. 4. Buyer will consult with Seller and provide Seller with copies of renderings, plans, specifications, applications,submittals,and other docuntentation prepared by or on behalf:of Buyer with respect to the site plan approval process. Seller will have the-right to 0r sect to such submittals, and Buyer will not make any submittals to any applicable governmental authorities, that would result in Parcel 4, as hereinafter defined,not being in compliance with applicable zoning codes and laws,including,but not limited to,compliance with the parking requirements of the Village of Tequosta. Seller and Buyer acknowledge that parking compliance for Parcel may be, addressed and satisfied through a cross-parking agreement mutually acceptable to Seller,Buyer and the Village of Tequesta, 5. Seller and Buyer agree to cooperate with each other with Buyer's efforts to achieve Site Plan Approval,which may include(i)a re-plat of all or a portion of the property that is subjected to the Plat of Village Tequesta Center,according to the plat thereof,as recorded in Plat Book 91,Page 162, Public Records of Palm Beach County,Florida("Plat"):(ii)right-of-way and easotnent modifications or abandonments;(i ii)the creation of and dedication of a roadway at a location acceptable to the Village of Tequesta to provide access between Bridge Road and Toquesta Drive;(iv)parking compliance and cross-parking agreements,which may include n shared parking concept to satisfy Page 175 of 735 Agenda Item #9. Village of Tequesta parking requirements for Ruyer and Seller;(v)allocation of density, including the allocation of residential units from Parcel 4 to increase the residential units that may be constmeted on the other property subjected to the flat;and(vi)unity of title and/or unity of control dovutnants governing tho property to the Wont required for allocation of parking and density purposes. "Parcel 4"is the Parcel 4 as designated in the Plat that is owned by JMZ Tequesta Properties,Inc. Such cooperatiou will be made in good faith and support,and,where required by regulatory proceedings or as otherwise reasonably requested by Buyer, Seller will join in or sign agreements,applications,and other instruments with respect to obtaining Site Plan Approval, and,if reasonably necessary,attend public hearings,meetings,and/or proceedings in order to achieve Site Plan Approval,with the understanding that Seller shall not be required to incur any liability or expense in connection with such cooperation and support. 6. All submissions to the Village of Tequesta in order for Buyer to obtain Site Plan Approval and for approval of a Conceptual Presentation shall, except as provided herein,mquire the written corcurrence or approval of Buyer and Seller, Notwithstanding the foregoing,Seller's concurrence or approval rights shall only apply to matters that would result in Parcel 4 not being in compliance with applicable zoning regulations,codes or ordinances, including,but not limited to,compliance with the parkilig requirements of tile Viliagc of Tequesta. After Sitc Plan Approval,the Property shall not thereafter be used or developed in any manner that will render Seller's propctty out of compliance with applicable zoning regulations,codes or ordinances.This is a covenant that runs with the land and binds successors and assigns. Before closing on the Property,Buyer and Seller shall enter into an agreement and record it in the public records in and for Palm Beach County,Florida stating,among other provisions,that 1)the ownership,use,site planning or development of the Property shall not reader Parcel 4 out of complianco with applicable zoning rogulations,codes or ordinances;2)the owner of Parcel 4 shall be.entitled to injunctive relief to restrain,enjoin or prevent any violation of the agreement including any other remedies available in equity or at law,which remedies shall be cumulative;3)the agreement shall be a covenant that runs with the land and binds successors and assigns;and 4)in any dispute arising out of or rotated to the agreement, the prevailing party shall be entitled to attorneys fees and costs. 7, Seller is trot required to take any acts that would require it to expend money or expense or incur any legal obligations or liabilities or lose or reduce any of its property rights or reduce the value of its Property in Connection with ttie performance of its duties under this Addendum. Seller's cooperation shall include Seller making a request to obtain consent of the foregoing front any lender with an interest in Marcel 4. 8. Section 6 and Section 7 of Addendum No,4 to the Contract are hereby deleted. 9. inthe event Buyer does not achieve final Site Pluuu Approval on or before the expiration of tile SitePlan Approval Period,as may be extended herein, or if after the Conceptual Presentation to the Village of Tequesta Town Council as described in Section 10 of this Addendum,or at any time thereafter,Buyer determines in its usornmmercially reasonable discretion (which determination, absent bad faith, shall be nun-challengeable by Seller)that Buyer will bu unable to acliiove Site Plan Approval,Buyer,in Buyer's sole discretion, shall have the right to ter►ninate the Contract by providing written notice to Seller, whereupon the$200,000 additional deposit shall be returned to buyer,and all parties shall be released from all further obligations set forth in the Contract,except those that specifically survive termination. If applicablo, Buyer shall provide any notice aP termination not later than 2 business days after termination ofthe Site Plan Approval Period. 2 Page 176 of 735 Agenda Item #9. 10. After the date hereof,Buyer shall use its good faith efforts to submit Flans and renderings to the Village of'requesta in order to be placed on the agenda for a Conceptual Presentation to the Village of'requesta Town Council addressing,among;other items,matters set forth in Section G above,on or before Ootobor 1,2022, IL The term"Site:Plan Approval'shall mean the approval of a site plan by the Village of Tequesta,after expiration of any applicable appeal periods or 30 days from the date of the Village of Tequesta's approval of the site plan, whichever is sooner, for a site plan that is satisfactory to, and approved by, Buyer, and would not result in Parcel being legally non-compliant with the applicable voning; regulations, cedes or ordinances, including, but not limited to, parking compliance, Reference to expiration of any appeal period shall be conlirmation that no appeal has been taken,noticed or applied for, or, in the event of an appeal, with a favorable decision having been rendered,and with no further appeal taken,noticed or applied for,and no pending lawsuits arc challouging the Site Plan Approval. 12. Seller and Buyer acknowledge and agree that the$200,000 additional deposit set forth in paragraph 5 of Addendum#4 is refundable to Buyer in accordance with the lernts hereof. 13, Seller and Buyer acknowledge and agree that the initial deposit of$50,000 set forth in paragraph#3 of Addendum 44 is non refundable and is owned by Seller. 14, Except as provided herein,the Contract shall not be assignable after the date hereof, An assignment, sale,transfer or disposition of any interest in FP Tequesta Property Owner LLC,shall be considered an assignment for purposes of this paragraph. Notwithstanding the foregoing, the Contract may be assigned to a related entity, and any interests in FP Tequesta Property Owner LLC may be assigned to other parties, provided either Philip J. Perko or Thomas Frankel retains a controlling or managing interest,. 15. This Addendum shall survive closing. 16. Time is of the essence with respect to all time periods. Ft,'Teq a Property Owner LL~ r assigns 7 Buyer: � / - — --_ Date; Buyer; Date; lvl In tmet Village Inc Seller; 1f�-,. Date: Seller: Date: VNYCYW-PTiG-FS011Uoc,A 15328415328-30968\1259558.docv/4jb 3 Page 177 of 735 - . tar-17-1%9 24.-44a !tom 10s4aa ps PREPJAAED 13Y AND RETURN TO-_ James M.iBlackbttrm Esq. 169 Tequcsta Drive,Suite 12-t Trque;,ta,};L 33469 RECIPROCAL PARKING _ASB. NT AND DRiYEt�l',�aY EASEMENT AGREEMENT is R xiprac:4 Parking Ezst==t and Driveway Eascme nt Agr=mcm �",lrasciner.! Rgrxsn "�.isf3i tiv,� rQ�a� �� .1999,and isenicred into byandbetweenJNIZ T"CS.br ,aFloridacta�mzsonC'J_Na")&ndNatiorsBank. .A_a national banking arss tart .' wnsBaW)(reflectively,the"Owncts"). RECITALS : A. IM title to the real propc#y dcscribcd in Exhibit-A" hereto(the"JMZ Parcel");and 'Kati sBan'k.�successor To Bamen Bank of Palm Beach County,owm title to the real prnprrt hed in Fixhibit 1S"hereto(tire"':IatinnsBank Parcel"). •The JMZ Parcel wid the NahYaParcel are hcrLinatcr tach co}lcctivc3y pllcd a'Parer}.,and ht;rrinsllv:r collative - led the"Parcels." - i3. T1vc p2==!s ous-to c=h other. C- The OwnemtwArrisrlwc:�tJ into this Eascintnt ASrecment. t NOW Tltl'_RL-FoRk- for v lc conz lid atton, t$u;purinc-s agree aL%fullc)tvs: l Rccitrls. The recitalss� m Paragraphs Athrough C above are true and camel and ar. incorporated her ein by ' refcnc a-. ?. fi_ascmcnt isr at by Jt LZ. y grants to NationsBank and its respcxtivc custonicr5. patrons. tints, employees, censees, invitees and mortgsagccs, a non-cxcluswc casement (subject to matters a record; however, JUIZ represents and w==Lc :o NwionsBsnk that their ace no E or es encumbering the JMf Parcel)over aml through the parking areas,drivewa a2r les,sidewAlks and walkways(if any)now or hereafter cm stwctul on the JMZP g and for prtle:2;tsi=anti vehicular areas. 3. l,a rrterrt Grant by Nigign!i3a k N n crcby Umnts to JMY-=LJ its rca-pcetive charmers,patrons.tenants,cnrploycss, invitccs rend mortZ.Ve s,a non- cultuivc cas=cat(subject to troths of p t a ;hosm eva x. itionsBank mpresents and warrants io JMZ U=tbcrc sic no hens es cncumbe ing the Naiionsfisnk Parcel)over and through ttte parkictg areas,dri ive aisles,sidewalks rr:d urs4ku may; (if any) now or herea$rr constructed on -the . atioasBantc Parcel for parking and for ptmicstriann xW vehicular access- 4. Vct:tcular Access Between the Parcels. In considcrati o Id:t:azfsTlank'c joivttter in anti execution of the TETWI :A'1<'iON AGREE. f ::Ven date aenueiL JM7. legdftumed e a em oRa a Lassa Pa s s NatiotlsBgnit, mui Tequesta Business Associates. a Flctnda gcncr--[ panncrshtp ("Associatcs") ]lam agrcm to continue to maintain a Twenty-Four (24) loot drivt;way e usment running essentially Aortic and south fratn Tcqucsta. Drive to Brulg;c Road in Tcq ucsta. Florida on the cast Tw"Four (24) feet of ibc JMZ I'ar=l wltizlt abuts thr NationsBank Parcel(the"Drivtway Eascntcnt"l This Drivrway E.—isc:ment is reserved y J2NIZ for itself, its customers,patrons.Umants, ernployres,agents es, license , invitcc5 and ntongagccs and is grouted to NaftonsBank and its customers,patrons,icnants,mployrcs- it t Iits,liti, =m invitm and mortgagor as anon-exclusive vuliculttr driveway foringr--is Egre s to and fmmm Tequesta Drive and Budge Road from and to the respective JM. Z land the NaEionsRank Parcel. J_M agrees that A'ationSBattk's thcisiing azcc s to this D ' yZasctiunt-shillnotbrblockedor impeded by3MZwithoutNatinncAank*swrit'wn ent, which agreement NationsBank agm not to unreasonably withhold. acknowledges thatTMZ contemplates demolition of thet_.xistingbuilding_can Parml and 3construction ofnmbuitdings thereon which will rc tult in-relocation cf es and terapormy disruptian of the riaraul flow of traffic can the�Mz I-arcel du construction. and NwionmBank agrees to accotttmodaic such construction aril disr.*ption fang as its au=s to and from the NanonsRank Parcel over the Drivetvay l asern aQt unreasonably detoured,restricted or imps: *1 �. PCdCS1ri.-U�1APczcrms'Bctwccn the Paresls. Each Owner shall continue to prnL-;dc for direst podestaian a tw=its Pa=1 amd the Parcel of theoil-cr Ovvrter so that pedestrians ° may directly b Parcel from the other Parcel. 6. acr's Main"gation. Each Owner shall maintain or cause to be maintained throe portions(if as Parcel which are used for pace and for access. The condition and maintenance o r areas, and access. shall comply with app!icabic codes and regulations pertaining i ?. Relocation arPxtin act u4cL Structures:Dt-yeltt meat orFarccls. With the-cXception of the Driveway Easement in paragraph 4 rove,each Owner sli:all lwve the righi to charig e,from titnc to time,in with applicable ordinances,m4n;and standards o C Tcqussta,the location of curbs cis,sidewalks.walkways am1 parking spacesiacatsti on their respective Parcel_ act Agreement shall not be deemed to prnhi a mduction in parking apaccs or an mi oran parking spaces on a givers Purcul it surly reduction or dimination is othrrw 12tcd under all applicab)_ codes, swridar iw, ordirtAst�s and regulations. The Gtwt�- ledze that access an a given Parcel may be temporarily restricted,from ti=io tans factivities asmociaicd with constriction on surf Patel Arspecial ev=M ho riveway Basornrn.t shAU not be inipaized as se4 fonts in p=graph4 above. The they sbah not reduce.expand or altar impro�;�tents now or l after located on � rive Parcel in reliance upon the use -of inch other`s parking spaces to meet 12 -ing spacL rLquircments or any applicablc law•. -Mis Pasenicrst agreement sh restrict or oflumvisc advccsely zfrcct each parry's ability to dcv clop its awn Parcel,erg-an cr's right to use the other Owner's Parcel I'or parlasag shzial not impose a requirement then Ownees Nwcal i,LL ttaairl'.9ira r<atum ihwa ht auini€ntun number of parking spaces Tani`Taszrracrst,�grccrncrt did nolr exist. The O�-i=s acknowledge tl=The impro`em r�currently exisronthc).%AZ Parecl(cxcxtt fm the Driveway Easement)will bo dem d that,ub of thu daft:of ilus Easement Agreemc�there are no specific plans far th o cnt afthc JMZ Parcel. No -- Pa e 179- EIRB le992 leg Be - Dunne shall have the right to ob}eU to the davelopmcnt of a Parccl or to the construction of irsnwavcrncats on such Parcel based WItly On this Eaa-tncnt Agree'-Icnt. X_ Attmncv-c"Fcc.. 1n Lhc d ent of any 1itisa-ior►(iacluding zPpe3Wt!pr0e0t- inks)ati5ing out Of ur in connection with this Easement Agreement and the rights. MgonsibilitiLs an obligations contaimcd herc=der,the prevaihng party shall be entitled to recover from the losing party,its rrasanablt:anotntYs fees and costs. 9. Anvurtenant pasem t_ The covenznts. restrictions, easements, burdens and litnimtions i sed and created by this l=ascment Agreement ill burden thcParcels and shall M vrith o-1 Matinvalidil ftt and shall be appurtenant to each of the Parreels_ 1(1_ . Ifany tetras,co*nznt,or condition ofthis Easernent Agrc-canent shall bL nvalid oruawforcc able,the remainder of this Easr m=t ,Xggrc=cnt steal l amt he lts t-by znd each remaining term, covtmant and condition shall he valid-to iltt fu}lest extent Pcmtiticd by law. l 1_ 3�io4iafxsaY' his Fzscmenl Aerciument may only be mod. %--d or amended upon written agmem parties hereto,and=corded in the public records of Palm Beach County, l"lor'da. 1� tnici atl WoNng contained in this 1~;utment Agreetttent shall lac t onstrucd To limit,rfect any m 6cipal ordinances or Tu3es as they amly ao or affect any of the P arccls,rx ressly provided herein. Govcrnim Law 7 emcal Agreement shall be construed wider the lava of the Swe of l-loritla,dntl vCptl or action artsing unc3=r this Agrccmcttt shall bt:in ilac ccaurts of Palm Reach County.3= 14. Succj--.sur and-Assigns 'If;i ement Agrccmtmtshall be bind Ilteir successms and assigns. 15. No IWIcatinn. Nothing here construed to crratc any rights in the general public. Sigtt_d.sealzd dclivcred ahonsBank,N. A.,a national banking in the p o amciation t'itnt Rame: p�;fsla- IYt ���'/ �i 149193M P9 83 -- x. STATE OF FLORI3 �� Cflt:Wry OF Ff. '3i�L Foregoing inStrumetu was at}-towledged bclbr---me this si slay of t(i9).by .4f.4�as V#0 on b6alf of 11wIdn-CBank.N,A.,n n3aional h an,sing associafion. on beWf of ft a ciatinu; ujo. personally known to me. or D has pnlduu ivc s licrosc as identif cat'son. Ise l\OT.A►ty PL'BLTC t JM7-Toqucsta-Froparties. 2 c_,a Flu iila corporation i'riri\1 - .Sc4' gss�Il� 1 o'nn Ni.Z ri i, id I t v Presidcnt Print Name_ a ( r�• Sc:crctary STATE O)�'')i'7.® R1 DA The Corsgoir�;instrument%gas acl noa'l oQ me this__IE-�- day of 1999.byldtn M.Lacs elli,ill,and_ N *as Presidcnt and Sccrclaty rz�crtiY� - or jVdZ-rtqucsm "emits.lrr—.-a-RaTida ,on behnif of the wr}�c�rsiion;wht3: �� personally knoum to nit',or is bas produc d a _ sb as 3z��ntifi�tioar. [Sean N T - - • s= src�arso o -- a e-181--off agenda Item #9. �B 109s2 Pg f14 LEGAL DESCRIPTION PARCEL NO. LYING IN SEcriON 0, -]'CIWNSIUP 40 SOUTH, RANGE 43 EAS-1- A PA F LAND LYING IN SECTION 30,TOWNSHIP 40 SOUTH,RANGE 43 FAST, PACH COUNTY, FLORIDA, BEING MORE PARTICULARLY DE RI� FOLLOWS: CONINIENC A -�iE POINT Or INTERSECTION OF THE CENTERLINE. OF STATE ROAD _ (US HIGHWAY NO. 1)WITH THE SOUTH LINE OF SECTION 30• IP 40 SOUTH, RANGE 43 EAST,THENCE NORTH 03054•=5- EAST IS OF BEARINGS), ALONG THE SAID CENTERLINE. A DISTANCE OF 695.55 TO A POINT ON THE EASTERLY EXTENSION OF THE NORTH-RIG AY LINE OF BRIDGE ROAD-(PER DEED 1300K 1166, PAGE 552 OF THE P CORDS OF PALM BEACH COUNTY, FLORIDA). TI3ENCE SOS 8904 5" 'EST, ALONG SAID EASTERLY EXTENSION AND SAID NORTH RIGHT-O - INE. A DISTANCE OF360.16 FEETTO THE POINT OF BEGINNING, NCE CONTINUE SOUTH S9°4G55" WEST. ALONG SAID NORTH RIGHT-OF-W. E, A DISTANCE OF 203-21 FEET.- THENCE NORTH 45'13V5" WEST. A NCE OF 3:5.36 FEET:THENCE NORTH 00013'05"WEST. A DI F 74.99 FF�'TO THE BEGINNING OF A CURVE, BEING CONCAVE TO T AND HAVING A RADIUS OF 70 FEET: THENCE NORTHERLY ALONG C OF SAID CURVE THROUGH A CENTRAL ANGLE OF 18056'18",F ARC LENGTH OF 23.14 Fes, THENCE NORTH 18-43'I3"EAST, NCE OF 173.19 FEET TO THE BEGINNING OF A CURVE,BEING C C TO T14E WEST AND HAVING A RADIUS OF 130 FEET.THENCE NOR (ALONG THE ARC OF SAID CURVE THROUGH A CENTRAL ANG ] 'IS",FOR AN ARC LENGTH OF 42.97 FEET.THENCE NORTH 00013"Of DISTANCE OF 74.99 FEET, THENCE NORTH 44"4T17" EAST,A DIST F 3536 FEET TO A POINT ON THE SOUTHERLY RIGHT-OF-WAY LINE O ESTA DRIVE(PER OFFICIAL RECORDS BOOK 6625, PAGE 302 OF T14E PU CORDS OF PALM REACH COLtNTY,FLORIDA),THENCE NORTH 89.4740 ONG SAID SOUTHERLY RIGHT-OF-WAY LINE, A DISTAN 146.98 FEET,THENCE SOUTH OOP I3'0S' EAST, A DISTANCE OF 279.06 CE SOUTH 03"54*55` WEST. A DISTANCE OF 150.00 FEET TO INT OF BEGINNING. - SAID PARCEL CONTAINS 1.982?ACRES MORE OR S BJECT TO EXISTING EASEMENTS OF RECORD. CUNNINGHAM ISL DURRANCE Consulting ingmeem Inc �� n a • tlRB i�99� Pg 85 - £XHISIT B LEGAL DESCRIPTION FOR A PORTION OF SECTION 31D, TOWNSHIP-44 SOLM-1 RANGE 43 E-AST NATIONNSBAN-KPARCEL. F.K-A. FIR5T•BANK OF JUTPIT£RII'EQU£STA I 'THE VILLAGE OF TEE QUESTA, FL.- - ti. LAIRD r SECTIOINI 30,TOWNSHIP OttSO T K RANGE 43 EAST,. COL-iNn,.FLORIDA,CONSISTING OF P.A_RCELS A, B.C.AND D. EACH BELNG t PARTICULARLY DESCRIBED AS FOLLOWS: PARCEL"A� PARCEL CONTROL I3£R tea-:tt-ztwcs��[�t�-7�u2 A PARCEL OF L SECT10IN.30.'$"OL��-NTSHIP A 5 b—TH.$1 A,N€.aE 43 FAST. PALM BEACH CD FLOR-TDA,MORE PARTICULARLY DP-SCRMF-D AS FOLLOWS: FROM THE POLNT OF III MON OF THE C�TEPJJNT OF STATE ROAD NO. 3 (US HIGHWAY I\T Q� THE SOUTH LLNE OF SECTIOIti 30, TOWI�'SH1P 40 SOUTH, GE3 EAST,PAi.IvI BEACH COUNTY. FLORIDA PROCEED NORTH-3°5455"- Oh GME SAID CEN lEMXXE(BAM.5'-0F- REAN X;}, A DISTANCE OF ;THENCE SOUTH 894655" WEST,A DISTAINCE OF 360.16 FEET TO LN TBE NORTH RIGHT-OF-WAY LrNE OF BRIDGE ROAD;T€ E CE N 54-55"EAST,A DISTANCE OF 150.00 1=EET:THENCE NORTH 8904655` TO THE SAID NORTH RIGHT OF WAY LLNEOF BRIDGE ISTA.CE OF 150.00 FEET TO THE POINq'OF BEGIIr'YIl�1+G,THEM'CE NO 3 WEST, A DISTANCE OF L 15.00 FEET;THEN CENORTH 9904V55"£AS- TO SAID-RIGHT-OF-- WAY LDM OF BRIDGE ROAD,A DISC 15B.31 F=To THE L%7STERLY RIGS OF%xTAY Lu s E OF TE ROAD NO.-S-.THENCE SOUTH Y54'55� WEST,ALO G SAID)VS RIGHT-OF WAY LINE OF SAID STATE ROAD No.5, A DISTANCE OF ;TFIDNCE SOUTH SV46'53"WEST, PARALLEL TO THE SAID N F--WAY LTti�OF BRIDGE ROAD, A DISTANCE OF 150.00 FEET THE POINT OF BEGINTNTNG. PARCEL"B" C'b PARCEL.CIDN'MOL Nl13 SFR 6&43-;0-30-00-000-ID4 - a . 1 .jenda ltem #9. - • - mm 1la9g32 Pg g� A PARCEL OF LAND IN SECTION 30,TOWNSHIP 40 SOUTK RANGE 43 EAST, PALM BEACH COUNTY, FLORIDA, MORE PARTICULARLY DESCRIBED AS FOLLOWS: 4NOR I'NTERSECI'lON OF THE CENI'MU INE OF STATE ROAD NO. 5(US No. 1A "m'4f',E Soul LUTE Op S `o-'-q 3f1,'I`OWNsmP 40 i E43 EAST,RUN NORTH 03°54'SS"EAST,ALONG THE SAID MAN�S Ol13E4RINGI A DISTANCE OF 69555 FEET` O ITS N WITH THE EXTENSION EAST OF THE FORTH RIGHT-OF-WAY M ROAD;T�ENC€SOUTH 99°46155'WEST,ALONG THE -IJF-W.AY LIME OF ERIDOE ROAD!�ITS-SAID E?LTINSION STAND OF 360.16 FM';THENCE NORTH 3054155"EAST A DwrA.TC 0.0 FEET;THENCE NORTH 89'46'55W£AST,PARALLEL WITH THE SAID RIGHT-0OF-WAY LINE OF BRIDGE ROAD,A DISTANCE OF '75.0 FEN] POINT OF BEGRZJM%-THENCE NORTH 0-13'03*WEST,A DISTA1 a OF 115. ;TlMNCE FORTH 89°46l55' -AST,PARALLEL IMTH TB E SAID NflR Y LLNE OF BRIDGE ROAD,A DLSTA2e C E OF 75.0 FE1="?; wl '03".EAST A DISTANCE.OF 115.0 FEET TIm'CE SOUTH 8 SST,PARALLEL WnH SAID NORTH RIGHT--OF- WAY LINE OF E ,A DISTANCE OF 75.0 FEET'TO THE PO OF - PARCEL`Ca - - •- `.S •- PARC EI-M T tC?L WIC -4's G-O"00-7047 A PARCEL OF LAND LN SE TOWNSHM 40 SOUS,RANGE 43 EAST, ' RALM BEACH COUNTY,FLO ORE P-ARTtCULA.RLY DESCRMM AS FOLLOWS: FRONT THE INTERSECTION OF OF STATE ROAD NO.5(US TiI�AY N0. l�WITH THE SO SEC3I0N 30,TOWNSHIP 40-SOUS RAC 43 EAST,RUNW0 5'EAST,ALONG SAID (AWS OFBEA14 M).AD CE OF 1.170-39 FEE'.I'(J.1.3&28 F=CALCULA ZED) TO AN Irk TIM EASTERLY EXTENSION OF THE SOUTH RIGIiT-OI°-1JV OF TEQUEST'A DRIVF, TBENCE RUN SOUTH 89'4T40'WEST ALON SION,A DISTANCE OF 60.16 FEET TO THE P0D4T OF HEGIISININ CE COI TI LNUE SOL`TH 89'4T4O"VV ST ALONG THE SOUTH RIGHT-0 -W LINE OF SAID TEQLTMA DRIVE,ADLS'T'A-4CCE-OF 320-52 F 7r CESOUTH OV 13W" BAST,A DISTANCE OF 169.07 FF=-.T CM N® 46aSS'EAST,ALONG A IDM INOM OF AND PARALLEL TO lli N -W'AY LLNE OF BRIDGE ROAD,A DISTANCE OF 308.31 FEET TO � CTIO-3"%MH ORB 10992 Ps 87 THE WEST RIGHT-OF-WAY OF SAID STATE ROAD NO.5 (US FUGHWAY NO. l);THENCE NORTH 03154'55A EAST ALONG SAID WEST RJCrHT-OF-WAY LRIE A DISTANCE OF 169.44 FEET TO TIM POR—TT OF JINGE • ION OF LAND FOR ADDITIONAL RIGHT-OF-WAY PURPOSES FOA DRIVE,VILLAGE OF TEQUESTA IN SECTION 30,TOWNSHIP 40 43 EAST,PALM BEACH COUNTY.FLORIDA,A�BEING MOil1..ARLY DESCRIBED AS FOLLOWS: CG AT A PODMON THE SOUTH LINE OF SAID SFC1`ION 30,SAM POINT B INMatSECIION OF THE CENTERLINE OF RUGHT-OF-WAY OF STATE K NO. 5(US HIGHWAY NO. 1)WITH TIM SOUTH LINE OF SAID SECTION 30: NORTH 03-23'58°EAST,ALONG SAID CEN MLEIM OF RIGHT-O&WA f)�'MANNG),A DISTANCE OF 1,092.46 FEET;THEA'CE TH-9603f fl2 ,A DISTANCE OF 60,00�TO A POINT ON'THE V�IES�yTy�Eq���'ppY LLWE .S STAtTErROAD 5 AySyLN IIC}AATEyD Igl�+i OyF�F�iCIAL �p�7 ' X`i CORD 1J'1,OK 53 , y7'�6iy7�O73''g,Tim Yy1�..��Z.]pmc i - .iPY\�.Yg.J�Sy''�6.�yF-P L�,TW�/1 m�yAcH COU1V 1 .i'IdL7Z� A, tt rVi�Y-Y OF�L`Yg�C' \ili:^►y�tV®Rii� 43"37'S7"WEST ALONG AG CHORD OF A 25 FOOT RADIUS, A DISTANCE OF 36-59 CE SOUTIi 89P20'09"WEST,A DISTANCE OF °38'06"WEST,A DISTANCE OF 125.48 FEEi'; 141-08 FEET;THENCE N� 95 THENCE SOUTH 99'20'09" DISTANCE OF 26.72 FEET TO A POINT ON THE WESTERLY LINE OF S CAL NO. 14 MARCH.DESMBED IN 01•1-7C1A BWORDS BOOK 22 1576I;THE14CENORTH 00'40'36"WEST ALONG SAID WESTERLV CEL NO. 14(PARCEL DESCMW IN OFFICIAL RRCORDSBOOK319d, b},A DISTANCE OF 5.00 FEET TO A POINT ON THE SOi3THE1tI.Y LINE A DRIVE AS RECORDED IN O- IL 8. (OFFCIAL RF.0 ORDSBOUAJ 7 OF SAID PUBLIC RECORDS; THENCE-NORTH R9'2t OWF FAT ODDLY I DM, OF TEQUESTA DRry F,A DISTANCE OF 3 TO A POINT cff Ii*ITERSEMON W.IT'Ii"SAII3 WESTERI. F STATE ROAD N0.5;TI3ENCE SOUTH BY23'58"WEST ALONG SAID YIJNE OF STATE ROAD NO. S,A DISTANCE OF 42.BS FEET TO THE Il Il1�G. PARCEL D PARCEL CONTROL]SOMBER 604340-30-004X04 oso _ 3 L19MR mm PELF A PARCEL OF LAND IN SECTION 30.TOWNSHIP 40 SOUTH, P ANGE 43 FAST. PALM BEACHCOUNTY.FLORIDA, MORE PARTICULARLY DESCMED AS- FOLLO WS; POINT OF DMMSEC nON OF THE CEIMRLINE OF STATE ROAD 5 HIGHWAY NO. l)E WITH THE 301)- lti LINE OF sEcnoN 3 SHM 40,RANGE 43 EAST,RUN NORTH 03°54'S5"EAST, ALONG THE SA A DISTANCE OF 695.55 FEET:THENCE RUN SOUTH A DISTANCE OF 60.16 FEET TO A POINT IN THE WESTERLY Ri AY LINE OF THE SAID STATE ROAD NO.5 AND THE POIN"r OF BEGIN THENCE CONS SOU'ITI.89c46'55"W.FST ALONG THE NORTH R1GHI'-€3F`WT24E€}F ERi GB ROAD,.ADISTANC'E OF 300.00 FEET, THEN RTH 03-S4'55"EAST,F EL'TO TIC WF�T LL�lE OF STATE RO 3,A DISTANCE OF 150.00 FEET;THUNM NORTH 99*46`55 ARALLEL TO THE NORTH LIIffi OF BRECxE ROAD,A DISTANCE OFvlz�wVVZST, TO A P©1I+-T 3N'i3 WESTERLY RIGHT 4F WAY LINEOF THENO-S;THENCE ALONG-SAID WEST RIGHT:OF- WAY LINESO 150 FEET TO TM POINT OF BEGLN- XWNG_ ,. TC GETIIFR W fH: A PARCEL OF I..AND 12` PON30,TOWNSHIP 40 SOUTH,AANGE 43 EAST, PALM BEACH COUNTY. A,MORE PAR.TICi3LARLY DESCRIED AS FOLLOWS-- FROM THE POINT OF �I OF Tm CENTERIXM OF STATE ROAD NO.5(IJS HIIGHWAYI O. 11 SOLD LINE OF SECTION 30-TO ' 40,RA. 43 NORTH 03°54�5�EAST,.ALOTt(s'? SAID {BASIS 4 ' - DISTANCE OF 695.55 FEET TO ITS ACTION WITH THE OF THE NORTH RIGHT-OF-WAY LINE OF E ROAD;THENCE �5'WEST,ALONG THE NORTH PIGffT.O�WAY LINE OF AND rrS SAID EXTENSION EAST,A DLSTANC3E OF 360.16 Fly; WORTH 3`5455"EAST A DISTANCE OF 150.0 FEET TO TIBIE PO G�C�,THENCE NO.J'.H _ ST46'55W EAST`,PARAUX-L WrM THE S RIGHT-OF-WAY LINE OF BRIDGE ROAD,& DI.S'T:ANCE OF 75.0 FIST; OATHOD-13'05-AEST,A DISTANCE OF 115.0 FM-.7 HENCE SOUTH °WEST,PARALLEL WrrH SAID NORTH RIGHT-OF-WAY LINTE OF B RO , A DISTANCE OF 75.0 FEET;THENCE SOUTH Wol3'05 EAST,ADIST I l 5.0'FEET TO THE POINT OF BEGIIqrI NG. i _ 1 A ftdi-1 dffi #9. LaArnark'Neb Official Reccrds Search III 111251213 3 10:2Z:26 a0030732433 OR BE 1&235 PG 03e7 Palmy Roach County, Florida Prepared by and when �J 4 recorded rett m to- JUM 32KMAMMAIM James A Cioff=i, P_A 250 3UWrequesm Drive, #2 0 u Tequesta, FL 33469 AGREEMENT F R PURCLUME AND SAIj IN RETURN FOR PARIMfz EASEM ENT THIS AGREEMENT FOR PURCHASE AND SALE IN RET URN FOR PARKING EASEMN T(hereinafter"this Agreement")is entered into as of the 29 t h day of Septcrnber,2003 by and betwma JMZ TEQUESTA PROPERTIF-S, 1rNC., a Florida corporation or its assigns ("JMZ'), and TEQUESTA BUSINESS ASSOCIATES, a Florida general partnership ("Associates"),(collectively,the 'Owners"). RECITALS JMZ and Associates entered into a Reciprocal Parma Easement and Driveway Easement Aft dated effective Marob 16, 1999 and recorded in OfficiaJ Rmords 10992,Page SQ arthe Public Records of Pahn B early County(the"Reciprocal Agreement")pertaining to the Parcels, The Reciprocal Agrmrwnt motes certain mwnems,including but not}invited to the Drivmay Easeri=t (as defined in the ReciproW Agreement);and sets forth detain LdditiorW rights and obligations of the Owners with respect to the Parcels. A# this time, the parties hereto desire to modify and amend oertain provisions of the Reciprocal Agreement as hereinafter set f'orth- NO' ,THEREFORE,in oonsideration of the mutual agreements and covenants.contained to the Reciprocal Agreement and hereinafter contained and for other good and valuable condderstior� the receipt and adequacy of which are hereby acknowledged, the parties hereto agree as follows. l- >'=1 of Parcel 1 Associates presently is the wmwU bidder aM bettddary ofa certain contract for the purchase of the Southwestern Parcel of Tequesta Village Center(hereinafter referred to as"Parcel 1")from+the Village of Tegitesta(hereinafter the"Village). 2. Immded Osee Associates would like additional panning availability for the tensntsof the existing ofE'irx building owned and operated by Associates and towards that and has contracted for the purchase.of Parcel 1 from the Village.n4Z wishes 10 purchase parcel l attd intends to submit to the Village,within three months of the date ofclvsingofthe purchase of Parcel l from the Village by Associatek a revised site plan for the develop rmmt of town home ournmur ity on the parcel, 1 Book162351Page307 Page 1 of 7 Page 187 of 735 h�l�s:f�erec.mypelrit5�2L-h1cl�rfc-�:arau5eard�li�dex?khorne=b[Ue&sBCCIUrr�SearchCril�ri7Be+nkPagQ��uiGkSearch3Sele,ctivn_� ! i Aci] MUM-it6fl l #9. Landrnark Web Official Rpcods Search Sell- Associates hereby agrees to sell, and JMZ agrees to purdhaw Parts 1 at the same purchase price as that wMch A mmiates has contracted to pay to the Village.The closing of the purchase"sale between JMZ and Associates wilt take place simultaaeously with the closing bin Associates and the Village. JMZ will pay all of the rioting costs and provide all of the harts necessary for the closing and transfer of title between Associates and the Village as wt,lt as for the closing and tasasfer of title between JMZ and Associates..As censideradon,lMZ agrees that its the event anal J11+lfZ is granted approval for the revised site plan to develop town homes on Par l 1, then JW will Vant to Associates an eavcment within the bounds of Parcel 1 fair the additi*nW parldng spaoes contiguous t4 the A ociattes parcel as shown on the attached proposed re%isM parking easement plan. If the revised parking easement plant requires modification then JMZ will provide the necessary area within Parcel one to accommodate the tonne number of parlors$spaces as am shown on the attached proposed revised parking easement plan.The eat will allow fear guest parking only, and as boats,RV's or other such veMcles may be stored there dunns normal business hours_ JMZ ayes to take title to the Parcel subjoct to all of the exceptions that are contained in the unmet for We ami Deed between Amciates and the Village. JMZ agrees to provide the funds necessary to permit Associatc3 to cim title and affect a mrnuit&neous elosirig.Jn the event that JMZ assigns its rights under this Agreement then JMZ hereby guarantees the perfanrtiance by JINtz's assignee ofJMZ's obligations under##pis Agreem nt. 4. if There is Ido,Change in Site Platt. IfJMZ is unable to obtain the nDoesasty appntvals for modification of the existing site plan far development of the town homes, them the Reciprocal Agrmment of March 16, 19919 will remain the controlling agreement and the portions of this Agreement meladve to the parking easment will be deemed a nullity, In that event J-MZ MR propose 'r for Associates' approval a modification to the Reciprocail Agreemczrt ,etch that Auociates will be granted an easerneut far the same number of parking spaces as is anticipated in tints Agreernenl_ S. Maintenance. In the event that JMZ becomes the owner of Parcel l under this Agre t, then RAZ and its successors and assigns will in accon1attce with the reciprocal Agreement cotrtmue to be obhgated for rnainter=ce ofthe parking easementgranted to Associates W di6 Agreement. 6, Counts Running With the Land. T Ws Agr mwat,the reciprocal Agrecuent..and the easements,tostrictiens and rights granted herein and therein sitall be perpetual and shell run with the land so as to hardens and boefiit bath tltc JMZ Parcel artd the Assodates Marcel in accordance with the terms hereof 7. Binding]Et'f`ect_ This Agreement s3ta11 be binding upon`and benefits hereinn shalt em ut to,the parties hereto and their respective sit=tors, sssigns,employees,agents,k4ntsees,invitees and tenants. R. Attorneys'pees. In the ovals it becomes newssarlr for either party hereto to file suit to enforce this Agreement or any provision contained herein the party prevailing in such suit shall be 2 Book162351Page308 Page 2 of 7 Page 188 of 735 1,Yrne-fe.—rn —h—h...—I arle—f--h.li—I—')II--=HI...X.—A::,,. f^.;V..,r,-.Ct.,r.4 D? n 2.niii+-l�"Qarrvh�'PlPr#inn=� Agenda4,1 AM #9. Landmark Web Official Records Search entitled to recover, ul addition to all other remedies or dfunage s as herein provided, reasonable attorneys',paralegals'or oqx t witness fees and costs incurred in such s ut at trial or en appesal or in connection with any bankmptcy, adminiArativ+e, post-judgment or similar proce inp, 9_ Natim All notim,requests and consems hereunder to any party,shall be demml to be sufficient if in writing and(i)delivered in person,(ii)duty sent by first class,registeredl or certified mail return receipt requcsted"postage pr-c*d in which case notice will be deemed received three (3)business clays after deposit in the US.Ault,or(iii)duly sent by nationally-recognized overnight courier se mcc in which ease it will be dexrned remved one(1)business day after deposit with the courier service, addre:m" in each instance to such party at the aciclress first set forth in this Agreement(or at such other addresses as"I be specified by like notice). The time period in which a rcaponse to any such notice must be given shall cvrnmmce on the date of receipt thereof and any rcj on or tether refusal to accept or inebUity to deliver because of changed address for which no notices has been received shad also constitute receipt. 10. AVV�hcable I.aw. This Agreement sMl be govmed l y and shall be commed in accordance with the laws of The State offlurida. 11. moo. Accept as 3pecifttaty modified by this Avcernent, all of the teens and conditions of the Reciprocal Agreement are hereby ratified and confirmed by JMZ and Associates as being in full force and effect. 12. T . Terms used in this Agr'oment but not dew herein shall have the meawng as such terms have in the Reciprocal Agreement. [SIGNATURES TO FOLLOW] 3 Book1 235/Page309 Page 3 of 7 Page 189 of 735 htrps:Ileroc.rnypal•nbeachclerk.rnmisearcheiadnx?theme=.blue$,ssGt on=searr-hCriteriaBookPageaquirkSearchSPlprtion-r 1.. Agendalte 1 #9. Landrnark Vjeb off iciq?Records Search tN IT-Ess' KEREQF,the partien have executod this Agreement as of the day and year and first written al>ovve.e., f J1+Z TEQUESTA PROPERIUS,INC., a I~lorida c0r30rario -- Print Name:e _ By:_ _ P Name: t C.�z+ F , Its: President STATE Of FLORIDA } SS: COUNTY OF PALM REACH The foregoing irwnau t uas acknowledged before me this.76Jh day of S eptember,2003, by JOHN ZUCCARELLI M the president&JMZ T`EQUESTA PROPERTIES,NC.,.a Florida corporation on behalf of the corporation_ He is persorWly known to me or produced a valid Florida driver's license as identificatian. r' M4ATE • r i e �J{�'VLL$'.r:P 0 a'.+9}�7 Not Notuy Public, tale of Florida b spa�•a:H ns77A2Y 4 Book16235IPage310 Page 4 0f 7 Page 190 of 735 . . ..., ____e,.__._en,2..,.�.,.........,—�.I,-�k.,.,.,:.�m.-r-.-.N..hF'r;�...;-,CI..nIrR•.++aR,ni,ir4Caar.'+h.�rP�d/`tlflYY=# `r I LI?1312 .J. /}1y'I Landmark Web,Of iicial FRecords Sea rcPi Agen a hem #9. Mrida general partaersWp r By- `Y'equesta Corporate Cemer Pis, Inc,a Florida Corps ratioa, its geferal Print Waw_ �i F} partner By: Herman J sident Print By: Tequesta Realty Cyr _ a Florida Co',qqratJOR its general er Print Name Ae' A7E 9 /'� 4. Vr,,, By o s N. Feibel,President 5 Book16235/Page311 Page 5 of 7 Page 191 of 735 11Rps:ldecec.mypalmaeachcferk.cpmisearchiindex?'thome=.b1ia&section=searchCrilari3BookPageS.quickSeamhSQlecjion=# -,:-t A -J:It&n #9. LandrrnafR VVeb ofoial Records search NEW JERSEY STATE OF PIJ3RM ) VALsSAzc sg: COUNTY OF RAM2MBRUM ) The foregoing kLttnutnent was acknowledged before me this 29jh day ofScptembm,2003, by HERMAN JEl[ R, President of Tequesta iC orme Center Partun, Inc, a Florida corporations on behalf of the coWration. I is personally known to me or has produc A a valid Florida driver's license as identification- Notary PoW State t3�-91 L-9ey d]- �ry A Notary Puff] � M Cnsfofi me o�!New�l • .. STATE OF FDDRIDA J � rrllrirrl M`Yl.hli: 53: _ COUNTY OF PALM REACT } The Foregoing insnmerd was acknowledged before me this A day IDr9gn=bcr,2001, by I OLIS N.FEIBEL Pm%dent of Tequesta Realty Corp.,a Florida corporation,on behWcfthe corporation. He is perscanally known to me or has produced a valid Florida driver's license as idm cation. L"33=� Notary►Public, State of Florida Pookl 235/Pege312 Page 6 of 7 Page 192 of 735 F,sN-.�-1.,.�..............Y.�4.P......h.-1..�4 ra1»rrvnnmFi�n rf qv?+F nmri-Ltl erv.A Cr3�in.-iF hs..nhY'wEwr+U.v.4�'Si+a 4 na.nYrCmamYySnlan4iasn-� . . Agenda 1�tem #9. Landm@rk Web C7foial R ords eirch SeiC 2r3 03 1 1 s 4 3 a �,2 PROPERTY 110UNDARY I PROPOSED PARKING AREA I SPACES LLJ Cal 12r ! G BRIDGE ROAD Books 6235/Page313 Page 7 of 7 Page 193 of 735 https;Rerec.nlypaJrnbeachdark.cam;seerchfindax?theme=.blue&ssctlan=Sea.rchCntenaBwk Page&tiuick5earchselection r.7 Agenda Item #9. Sec. 78-180. MU mixed-use district. (a) Purpose.The purpose and intent of the MU mixed-use district is to establish a village center which creates a vital, diverse core for the principles which utilize mixed-use development concepts and which permit a combination of usually separated uses within a unified development district area. Natural features should be enhanced and environmental conditions carefully assessed. Commercial uses are intended to be limited to specialty small scale retail sales and services, business services and professional services primarily designed to serve residential neighborhoods of the village. Orientation to and compatibility with neighborhoods to be served are essential. Residential uses are intended to encourage the accomplishment of a more complete residential living environment through the application of imaginative approaches to development which establish neighborhood identity and community focus. It is further the purpose and intent of this area to provide lands for a range of residential uses from lower density single-family to higher density residential uses.Traffic circulation should not only accommodate vehicular traffic, but provide for the efficient movement of pedestrian and bicycle traffic. (b) Applicability of development regulations to mixed-use development.Although mixed-use development produced in compliance with the provisions and requirements of this section and other regulations as set forth and detailed in this chapter may depart from the strict application of property development regulations expressed in this chapter,such developments are to be in compliance with the village comprehensive development plan and platted of record in accordance with the procedures for approval of subdivision plats in chapter 66.The mixed-use development provisions set forth in this section shall be utilized in the review of all future development proposals for the special planning area as identified in Policy 1.12.1 of the future land use element,as designated on the future land use map contained in the village comprehensive development plan and as identified on the village comprehensive zoning map as district MU. (c) Conflicts with other regulations. Where conflicts exist between the mixed-use district special regulations in this section and general zoning,subdivision and other applicable ordinance provisions,the special regulations in this section shall apply.Where conflicts exist between the mixed-use district special regulations in this section and an overlay district regulations,the overlay regulations supersede the mixed- use zoning district special regulations. (d) General requirements and special regulations.The following general requirements and special regulations shall apply to planned mixed-use development within the mixed-use district: (1) Location.A planned mixed-use development is permitted only in the special planning district identified by Policy 1.12.1 of the future land use element,as designated on the future land use map contained within the village comprehensive development plan and as identified on the village comprehensive zoning map as district MU. (2) Configuration of site.Any tract of land for which a planned mixed-use development application is made shall contain sufficient width, depth,and frontage on a publicly dedicated arterial or major street or appropriate access thereto to adequately accommodate its proposed use and design. (3) Unity of title. All land included for purpose of development within a planned mixed-use development shall be under unity of title of the petitioner for such zoning designation,whether that petitioner be an individual, partnership or corporation,or a group of individuals, partnerships or corporations.The petitioner shall present firm evidence of the unity of title of the entire area within the proposed planned mixed-use development and shall state agreement that, if he proceeds with the proposed development, he will: a. Do so in accord with the officially approved site plan of the development,and such other conditions or modifications as may be attached to the approval. Created: 2025-06-13 12:52:32 [EST] (Supp.No.39,Update 1) Page 1 of 7 Page 194 of 735 Agenda Item #9. b. Provide agreements,covenants,contracts,deed restrictions or sureties acceptable to the village for completion of the undertaking in accordance with the approved site plan as well as for the continuing operation and maintenance of such areas,functions, and facilities as are not to be provided, operated or maintained at general public expense. C. Bind his development successors in title to any commitments made under subsections(d)(3)a. and b.of this section. (4) Density. For the purpose of this section, if dwelling units are to be developed as part of a proposed development within the mixed-use district,the total number of dwelling units permitted in the mixed- use district shall be computed on the basis of 18 dwelling units per gross acre for all residential uses, with the following exceptions:ACLFs shall be computed on the basis of 18 dwelling units per gross acre;and rehabilitation facilities shall be computed on the basis of eight dwelling units per gross acre. (5) Building height. The maximum building height allowed shall be four stories or 50 feet above average finish grade. (6) Mix of uses. New development and redevelopment in the MU Zoning District shall comply with the requirements of Table FLU-1 of the future land use element of the Village of Tequesta Comprehensive Plan by integrating a mix of uses such that residential uses shall comprise no less than 20 percent and no more than 80 percent of the development or redevelopment.The village council may relax this requirement on a case-by-case basis when the development or redevelopment project parcel(s)are too small to comply, or when other circumstances necessitate the need to provide a solely commercial or residential development project. (e) Site plan review. In adherence to Policy 1.12.1 of the village comprehensive development plan future land use element, all proposed development plans for the mixed-use district shall be subject to review and approval by the village council. (f) Urban design principles. The following urban design principles shall be considered as guidelines in all development proposals of the mixed-use district: (1) That mixed use promotes economic and social well-being. (2) That streets serve the needs of the pedestrian and the automobile. (3) That proposed squares and plazas provide collective identity and a place for social activity and recreation. (4) That public buildings,facilities, and spaces are symbols of the community and convey identity and pride through their architectural clarity and civic functions. (5) That carefully placed buildings delineate and define public spaces and lots and blocks. (6) That streets are designed and act as amenities to the development and as quality public space. (g) Urban design objectives.The following urban design objectives shall be considered as guidelines in all development proposals of the mixed-use district: (1) To bring many of the activities of daily living, including dwelling,shopping and other activities,within walking distance. (2) To reduce the number and length of automobile trips to relieve traffic congestion. (3) To provide internal vehicular circulation to relieve traffic impact on arterial roads. (4) To provide defined public spaces and streets that allow the citizens to observe and watch over the collective security. (5) To provide sites for civic buildings. Created: 2025-06-13 12:52:32 [EST] (Supp.No.39,Update 1) Page 2 of 7 Page 195 of 735 Agenda Item #9. (6) To provide flexibility for the development strategies that evolve over time. (h) Permitted uses. Permitted uses in the mixed-use district are as follows,except as regulated by the Tequesta Drive Overlay,the U.S. Highway 1 Overlay,and the Village Center Overlay: (1) Single-family dwellings. (2) Two-family dwellings. (3) Multiple-family dwellings. (4) Small-scale retail sales and service,excluding retail package liquors.A maximum 5,000 square feet of gross leasable area is allowed for each tenant area or individually owned unit. (5) Business services. A maximum 5,000 square feet of gross leasable area is allowed for each tenant area or individually owned unit. (6) Health care facility or medical or dental office; professional office; professional services.A maximum 5,000 square feet of gross leasable area is allowed for each tenant area or individually owned unit. (7) Personal services. A maximum 5,000 square feet of gross leasable area is allowed for each tenant area or individually owned unit. (8) Bakeries. A maximum 5,000 square feet of gross leasable area is allowed for each tenant area or individually owned unit. (9) Recreation/open space. (10) Restaurants(including carryout and specialty),A maximum 5,000 square feet of gross leasable area is allowed for each tenant area or individually owned unit. (11) Places of assembly(1,500 square feet or less),subject to the following conditions: a. All presentations and events shall be conducted entirely within a building. b. Allowed accessory uses are: preschool and school facilities;assembly halls, sanctuaries or similar meeting rooms; community centers or fellowship halls; administrative offices related to the facility;gift shops for merchandise related to the facility; playgrounds and athletic fields;and rectory or similar residence for facility officials or on-site caretakers, limited to one dwelling unit. (i) Special exception uses. Special exception uses in the mixed-use district are as follows, except as regulated by the Tequesta Drive Overlay,the U.S. Highway 1 Overlay,and the Village Center Overlay: (1) Reserved. (2) Public buildings and facilities. (3) Reserved. (4) Places of assembly(1,515 square feet or more),subject to the following conditions: a. All presentations and events shall be conducted entirely within a building. b. Allowed accessory uses are: preschool and school facilities; assembly halls, sanctuaries or similar meeting rooms; community centers or fellowship halls; administrative offices related to the facility;gift shops for merchandise related to the facility; playgrounds and athletic fields;and rectory or similar residence for facility officials or on-site caretakers, limited to one dwelling unit. (5) Schools. (6) Bed and breakfast. (7) Hotel. Created: 2025-06-13 12:52:32 [EST] (Supp.No.39,Update 1) Page 3 of 7 Page 196 of 735 Agenda Item #9. (8) Adult congregate living facility(ACLF)subject to the provisions of section 78-177(d)(4). (9) Gasoline service station (only fronting on U.S. Highway 1). (10) Reserved. (11) Railway station. (12) Planned residential development(PRD) (subject to the provisions of article VII of this chapter). (13) Planned commercial development(PCD) (subject to the provisions of article VIII of this chapter). (14) Permitted uses under subsections(h)(4), (5), (6), (7), (8)and (10)of this section in excess of 5,000 square feet(including large scale retail sales and service)which are in conformity with the intent and integrity of the district. (15) Restaurants,fast food, subject to the following conditions: a. Each drive-up window stacking lane must be clearly designed and marked so as not to conflict or interfere with other vehicle or pedestrian traffic utilizing the site. b. A bypass traffic lane shall be provided if a one-way traffic flow pattern is utilized in the parking lot design. C. All restaurants,fast food,shall be restricted to U.S. Highway 1 frontage. d. A minimum 15-foot landscape buffer shall be provided at all public road rights-of-way, in addition to the requirements set forth in article IX,division 4 of this chapter. (16) Rehabilitation facilities, subject to the following conditions: a. Rehabilitation facilities shall be prohibited from being located within a one-half mile radius of another rehabilitation facility. b. Ninety percent of the dwelling units shall have a minimum of 575 square feet.The remaining ten percent of the dwelling units may have a minimum of 500 square feet. C. A maximum of 45 percent of the dwelling units shall be permitted to have two bedrooms. In no case shall a dwelling unit have more than two bedrooms.Two bedroom dwelling units shall have a minimum of 750 square feet. d. Occupant load for individuals receiving treatment shall not exceed the number of bedrooms. Bedrooms and studio dwelling units shall be for single occupancy only. Overall density for a rehabilitation facility shall not exceed eight dwelling units per gross acre. e. Dwelling units shall be configured as follows: 1. Studio units, if provided,shall have a one combination bedroom/living area/kitchen,and a private bathroom. 2. One-bedroom units, if provided,shall have one private bedroom, one private bathroom, private living areas and a private kitchen. 3. Two-bedroom units, if provided, shall have two private bedrooms,two private bathrooms, common living areas and a common kitchen. f. Dwelling units shall not have separate individual mailing addresses. Rather,the rehabilitation facility shall maintain one master address which all residents shall reside under during their stay at the rehabilitation facility. Created: 2025-06-13 12:52:32 [EST] (Supp.No.39,Update 1) Page 4 of 7 Page 197 of 735 Agenda Item #9. g. Rehabilitation facilities must be equipped with a controlled space,effectively screened from public view,for arrivals and departures of patients.This space shall be large enough to accommodate an ambulance for transporting patients in and out of the facility. h. Rehabilitation facilities shall be surrounded on all sides by a fence or wall located as close to the property lines as is practical.The fence or wall shall be a minimum of six feet in height but may be as high as ten feet, measured from finished grade, in order to ensure privacy for both rehabilitation facility patients and for village residents.The fence or wall shall be constructed in such a manner as to complement and accentuate the principal structures of the rehabilitation facility. Both the interior and exterior sides of the fence or wall shall be landscaped in accordance with the principles set forth at section 22-84 of the Village Code of Ordinances. If a fence,wall or hedge is located on a corner lot or a double frontage lot,a vehicular and pedestrian visibility triangle of a size and dimension which complies with current traffic engineering standards of the American Association of State Highway and Transportation Officials(AASHTO)and the county shall be provided in both directions from the intersection point of the property lines. i. The rehabilitation facility shall include a backup generator system.The system shall be sized for the building occupancy load and have a fuel source sufficient to operate the facility for a minimum of seven days. j. The rehabilitation facility shall by separate agreement guarantee payment to the primary fire rescue provider for patient ambulance transport service. k. In conjunction with the application for special exception use,the rehabilitation facility shall submit a security plan that includes patient off-site visits.The security plan shall be approved by the village council with input from the chief of police. I. Reserved. M. In conjunction with the application for special exception use,the village may,at its discretion, secure an impact analysis study, performed by an independent entity,detailing the proposed rehabilitation facility's projected community wide impacts.This study, if prepared,shall specifically address the rehabilitation facility's potential economic impact to the village,the creation and continuation of jobs,the potential impact on law enforcement and criminal activity, and the potential impact on the village's emergency medical resources. In addition,the study should address the proposed rehabilitation facility's impact on the quality of life for neighboring properties and the village as a whole. n. In conjunction with the application for a business tax receipt and the annual renewal thereof,a rehabilitation facility shall submit to the village, in the form of a sworn affidavit by the rehabilitation facility's legal representative who is authorized to do so,written documentation that the rehabilitation facility is in compliance with all requirements of this section as well as the definitional requirements of section 78-4.Should the rehabilitation facility's business tax receipt be issued based upon a false affidavit,the village may seek to impose all penalties allowed by law, pursuant to chapter 70,article II of the village code of ordinances. o. Should the rehabilitation facility at any time violate any of the requirements of this section or any of the definitional requirements of section 78-4,the village may obtain relief through the code enforcement special magistrate process pursuant to chapter 2, article IV of the village code of ordinances. For purposes of the code enforcement special magistrate process,each day that the rehabilitation facility is found to be in violation shall be considered a separate offense. In addition to the code enforcement special magistrate process,the village may seek any and all relief available to it by law or in equity, including, but not limited to injunctive relief, recovery of money damages, or both. Created: 2025-06-13 12:52:32 [EST] (Supp.No.39,Update 1) Page 5 of 7 Page 198 of 735 Agenda Item #9. (17) Shopping center. (j) Accessory uses.Accessory uses allowed in the mixed-use district are as follows: (1) Any accessory use customarily incidental to a permitted use. (2) Private garages,swimming pools,spas and hot tubs, cabanas and saunas,greenhouses,tennis courts, clubhouses, utility buildings,gazebos,and any other similar use deemed appropriate by the building official. (k) Planned mixed-use development review process required. Use of the planned mixed-use development (PMUD) review process is required for all permitted,special exception, and accessory uses within the mixed- use district except for the development or re-development of lots or parcels of less than three acres. (1) Prohibited uses.The following uses are prohibited in the mixed-use district: (1) Wholesale. (2) Warehouses. (3) Carwash (that is not an accessory use). (4) Motel. (5) Motor vehicle dealer. (6) Pawnshop. (7) Full-service fuel station/gasoline service station (not fronting U.S. Highway 1). (8) Flea markets, indoor or outdoor. (9) Automobile repair establishments, including garages and body shops. (10) Kennels or veterinary offices. (11) Any other use or structure not specifically or by reasonable implication permitted in this section as a permitted use,special exception use or accessory use. (m) Property development standards. Property development standards for the mixed-use district shall be as set forth in this subsection. However,as part of the review and approval process by the village,the village council may modify the property development standards, at its discretion, provided the spirit and intent of the regulations and standards are complied with in the development of the mixed-use district. (1) Parking requirements. On-street and off-street parking shall be allowed within the mixed-use district. The minimum number of required parking spaces to be provided shall be determined from section 78- 705,and may include a combination of on-street and off-street spaces.When using on-street parking to meet a portion of the required parking for a proposed project,only those spaces that lie within the street frontage areas of the property may be included in the total calculations for meeting the minimum required parking requirements. (2) Right-of-way width.The minimum width of rights-of-way within the MU district is as follows: a. Major street(collector): 50 feet. b. Minor street(collector): 1. Two-way street: 50 feet. 2. One-way street:42 feet. (3) Drainage of streets and rights-of-way. Raised curb and gutter drainage systems shall be the preferred method utilized within the MU district.Alternate drainage systems shall be approved at the discretion Created: 2025-06-13 12:52:32 [EST] (Supp.No.39,Update 1) Page 6 of 7 Page 199 of 735 Agenda Item #9. of the village council during the site plan review process for a proposed planned mixed-use development(PMUD). (4) Schedule of site regulations. Site regulations in the MU district are as follows: a. Minimum lot size 3,200 square feet b. Minimum lot width 40 feet C. Maximum lot coverage: Residential 62% Commercial: For a single minimum sized lot 60% For two or more lots or parcels in excess of the minimum sized lot under 70% unity of title d. Minimum front yard setback: Residential 10 feet Commercial 0 feet e. Minimum side yard setback: Residential: On one side 0 feet On remaining side 7 feet Commercial: On both sides where commercial abuts commercial 0 feet Where commercial abuts residential 7 feet f. Minimum rear yard setback: Residential 10 feet Commercial: Where commercial abuts commercial 0 feet Where commercial abuts residential 10 feet g. Minimum living area requirements Not applicable h. Minimum landscaped/open space: Residential 2S% Commercial 2S% (5) Landscaping requirements. Off-street parking facilities and all properties within the MU district shall be landscaped in accordance with article IX,division 4 of this chapter. (6) Signs.All wall,freestanding, monument,ceiling-mounted walkway, project identification, composite, changeable letter and similar signs and/or signage shall be in keeping with the purpose and intent of the mixed-use district and shall be subject to review and approval by the village.Sections 78-731,78- 733,78-734,78-735, 78-736,78-737,and 78-738 shall apply within the MU mixed-use district. (Ord. No. 14-14, § 1, 10-9-2014; Ord. No. 11-16, § 1, 10-31-2016; Ord. No. 1-19, §2, 3-14-2019;Ord. No.03-21, §5, 3-11-2021;Ord. No.01-24, §3, 10-16-2024) Created: 2025-06-13 12:52:32 [EST] (Supp.No.39,Update 1) Page 7 of 7 Page 200 of 735 Agenda Item #9. ASSUMPTIONS AND LIMITING CONDITIONS 1. This is an appraisal report, which is intended to comply with the reporting requirements set forth under Standard Rule 2-2 of 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 opinion of value. Supporting documentation concerning the data, reasoning and analyses is summarized in this report and/or 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 within this report. The appraiser is not responsible for unauthorized use if this report. 2. Unless otherwise stated, the value appearing in this appraisal represents our opinion of the Market Value of the value defined AS OF THE DATE SPECIFIED. Values of real estate are affected by national and local conditions and, consequently, will vary with future changes in such conditions. 3. Possession of this report or any copy thereof does not carry with it the right of publication, nor may it be used for other than its intended use. The physical report(s) remain the property of the Appraiser for the use of the client, the fee being for the analytical services only. The report may not be used for any purpose by any person or corporation other than the client or the party to whom it is addressed, or copied without the written consent of an officer of the appraisal firm of Parrish & Edwards, Inc., and then only in its entirety. 4. Neither all, nor any part of, the contents of this report shall be conveyed to the public through advertising, public relations efforts, news sales, or other media without written consent and approval of an officer of Parrish & Edwards, Inc.; nor may any reference be made in such public communications to the Appraisal Institute or the MAI/SRA/SRPA designations. 5. The Appraiser may not divulge the material contents of the report, analytical findings, or conclusions, or give a copy of the report to anyone other than the client or his designee, as specified in writing, except as may be required by the Appraisal Institute or as they may request in confidence for ethics enforcement or by a court of law or body with the power of subpoena. Page 201 of 735 Agenda Item #9. ASSUMPTIONS AND LIMITING CONDITIONS (CONT-D) 6. 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 Practice of the Appraisal Institute. 7. This appraisal is to be used only in its entirety and no part is to be used without the whole report. All conclusions and opinions concerning the analysis which are set forth were prepared by the Appraiser(s) whose signature(s) appear on the appraisal report, unless indicated as Review Appraiser. No change of any item in the report shall be made by anyone other than the Appraiser, and the Appraiser and the firm shall have no responsibility if any such unauthorized change is made. 8. No responsibility is assumed for matters legal in character or nature, nor matters of survey, nor of any architectural, structural, mechanical, or engineering nature. No opinion is rendered as to the title which is presumed to be good and merchantable. The property is appraised as if free and clear, unless otherwise stated in particular parts of the report. 9. No responsibility is assumed for accuracy of information furnished by or from others, the clients, his designee, or public records. We are not liable for such information or the work of possible subcontractors. The comparable data relied upon in this report has been confirmed with one or more parties familiar with the transaction or from affidavit. All are considered appropriate for inclusion to the best of our factual judgment and knowledge. 10. The contract for appraisal, consultation, or analytical service is fulfilled and the total fee payable upon completion of the report. The Appraiser or those assisting the preparation of the report will not be asked or required to give testimony in court or hearing because of having made the appraisal in full or in part nor engage in post-appraisal consultation with client or third parties, except under separate and special arrangement and at an additional fee. Page 202 of 735 Agenda Item #9. ASSUMPTIONS AND LIMITING CONDITIONS (CONT-D) 11. The sketches and maps in this report are included to assist the reader in visualizing the property and are not necessarily to scale. Various photos, if any, are included for the same purpose and are not intended to represent the property in other than actual status, as of the date of the photos. 12. It is assumed that there are no hidden or unapparent conditions of the property, subsoil, or structures which made it more or less valuable. The Appraiser assumes no responsibility for such conditions or the engineering which might be required to discover these facts. No topographical survey was provided. 13. The distribution of the total valuation of this report between land and improvements applies only under the existing program of utilization. The separate valuations for land and building must not be used in the conjunction with any other appraisal, no matter how similar, and are invalid if so used. 14. No environmental or impact studies, special market studies or analyses, highest and best use analysis study, or feasibility study has been requested or made unless otherwise specified in an agreement for services or in the report. The Appraiser reserves the unlimited right to alter, amend, revise, or rescind any of the statements, findings, opinions, values, estimates, or conclusions upon any subsequent such study or analysis of previous study or analysis, subsequently becoming known to him. 15. The market value estimated and the cost used are as of the date of the estimate of value. All dollar amounts are based on the purchasing power and price of the dollar as of the date of the value estimate. 16. This appraisal expresses our opinion and employment to make this appraisal was in no way contingent upon the reporting of a predetermined value or conclusion. The fee for this appraisal or study is for the service rendered and not for the time spent on the physical report. Page 203 of 735 Agenda Item #9. ASSUMPTIONS AND LIMITING CONDITIONS (CONT-D) 17. The value estimate in this appraisal report is gross without consideration given to any encumbrance, restriction, or questions of title unless specifically defined. The estimate of value in the appraisal report is not based in whole or in part upon the race, color, national origin of the present owners, or occupants of the properties in the vicinity of the property appraised. 18. In this appraisal assignment, the existence of potentially hazardous material used in the construction or maintenance of the building, such as the presence of urea formaldehyde foam insulation, and/or the existence of toxic waste, which may or may not be present on the property, has not been considered. The Appraiser is not qualified to detect such substances. We urge the client to retain an expert in this field, if desired. Unless otherwise stated in this report, the existence of hazardous substances, including without limitation asbestos, polychlorinated biphenyls, petroleum leakage, or agricultural chemicals, which may or may not be present on the property, or other environmental conditions, were not called to the attention of nor did the Appraiser become aware of such during the Appraiser's inspection. The Appraiser has no knowledge of the existence of such materials on or in the property unless otherwise stated. The Appraiser, however, is not qualified to test such substances or conditions. The presence of such substances such as asbestos, urea formaldehyde foam insulation, or other hazardous substances or environmental conditions may affect the value of the property. The value estimate is predicated on the assumption that there is no such condition on or in the property or in such proximity thereto that it would cause a loss in value. No responsibility is assumed for any such conditions, nor for any expertise or engineering knowledge required to discover them. The client is urged to retain an expert in the field of environmental impacts upon real estate, if so desired. Page 204 of 735 Agenda Item #9. ASSUMPTIONS AND LIMITING CONDITIONS (CONT-D) 19. The Americans with Disabilities Act (ADA) became effective January 26, 1992. The appraiser has not made a specific compliance survey and analysis of this property to determine whether or not it is in conformity with the various detailed requirements of the ADA. It is possible that a compliance survey of the property together with a detailed 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 fact could have a negative effect upon the value of the property. Since the appraiser has no direct evidence relating to this issue, possible noncompliance with the requirements of ADA was not considered in estimating the value of the property. 20. ACCEPTANCE OF, AND/OR USE OF, THIS APPRAISAL REPORT CONSTITUTES ACCEPTANCE OF THE PRECEDING CONDITIONS. Page 205 of 735 Agenda Item #9. QUALIFICATIONS BRIAN G. "BRIG" EDWARDS, MAI STATE CERTIFIED GENERAL REAL ESTATE APPRAISER #RZ1303 PERSONAL Born in Rome, GA. Resident of Palm Beach County, Florida for over 40 years. EDUCATION University of Florida - 1980-1985 B.S. Degree in Chemical Engineering University of Texas at Austin - 1987-1989 Master's in Business Administration (MBA) with a concentration in real estate. PROFESSIONAL AFFILIATIONS Member - The Appraisal Institute, MAI Member No. 10,815 (1995) PROFESSIONAL SERVICE Served as a Special Master to oversee Tax Appeals for Palm Beach County. Qualified as an Expert Witness in Palm Beach County Circuit Court. GEOGRAPHIC LOCATIONS FOR ASSIGNMENTS COMPLETED Florida Virginia Pennsylvania Wisconsin Texas Connecticut WORK EXPERIENCE Parrish & Edwards, Inc. - Partner, January, 1997 to Present Commercial Appraiser, August 1989 to January, 1997 Golf Investment Advisors, Inc. - Principal, October 1998 to June 2001 Bailey Controls Company, Houston, TX - Acting District Service Manager 1986-1987 Service Engineer 1985-1986 TYPES OF PROPERTY APPRAISED Adult Congregate Living Facilities (ACLF) Office Buildings Apartment Complexes Permanent Easements Community Shopping Centers Residential Projects Distribution Warehouses Restaurants Golf Courses R/W Acquisitions Hotels/Motels Service Stations Manufacturing Plants Single Family Residences Marina Special Purpose Properties Mini-Storage Facilities Vacant Acreage: Commercial & Residential Multi-Family Up to 4 Units Vacant Lots Neighborhood Shopping Centers Wetlands TYPES OF VALUATION/CONSULTATION SERVICES PERFORMED Appraisals Leasehold & Lease Fee Valuations Condemnations Market Studies Feasibility Reproduction/Replacement Cost Estimates Highest & Best Use Studies Page 206 of 735 Agenda Item #9. PROFESSIONAL COURSES / SEMINARS (MOST RECENT) FL Appraisal Laws and Regulations, December 2023 FL National USPAP, December 2023 Market Disturbances — Appraisals in Atypical Markets and Cycles, December 2023 The Income Approach: An Overview, December 2023 The Sales Comparison Approach, December 2023 Appraisal of Owner Occupied Commercial Properties, January 2021 Appraising Small Apartment Buildings, January 2021 Online Business Practices and Ethics, January 2021 The Cost Approach, January 2021 Commercial Land Valuation, January 2021 Intro to Expert Witness Testimony, December 2020 Uniform Appraisal Standards-Federal Land Acquisitions (Yellow Book), Dec., 2020 Commercial Land Valuation, November 2020 Online Business Practices and Ethics, February 2020 FL National USPAP, February 2020 Real Estate for Sales Associate, January 2020 Managing Appraiser Liability, December 2019 The Income Approach: An Overview, November 2019 The Cost Approach, November 2019 Florida Appraisal Law, June 2018 FL National USPAP, June 2018 Appraisal of Owner Occupied Commercial Properties, December 2017 Appraising Small Apartment Properties, December 2017 Appraisal of Land Subject to Ground Leases, January 2017 FL National USPAP, October 2015 Appraisal Law and Regulations, September 2015 Appraisal of self Storage Facilities, May 2015 Essential Elements/Disclosures/Disclaimers, May 2015 Appraisal of Assisted Living Facilities, May 2015 Online Business Practices and Ethics, May 2015 Online Analyzing Operating Expense, January, 2014 The Cost Approach, January, 2014 The Dirty Dozen, January 2014 Appraisal Application of Regression Analysis, October, 2013 FL Appraisal Laws and Regulations, September 2013 FL National USPAP, September 2013 Using your HP12C Financial Calculator, October 2012 Florida Appraisal Laws and Rules October 2012 FL National USPAP, January 2012 Appraisal/Analysis Income Properties, December 2011 Ad Valorem Tax Consultation, December 2010 Appraisal/Analysis Office Buildings for Mtg. Underwriting, December 2010 FL National USPAP, November 2010 Florida Appraisal Laws and Regulations February 2010 Feasibility, Market Value, Investment Timing: Option Value January 2010 Cost Approach January 2010 Florida Supervisor/Trainee Roles and Relationships January 2010 Income Capitalization January 2010 Online Analyzing Operating Expenses January 2010 Page 207 of 735 Agenda Item #9. QUALIFICATIONS OF APPRAISER Joseph N. Stair State Certified General Real Estate Appraiser #RZ2952 Personal Born in Chicago, Illinois; Resident of Palm Beach County, Florida since January 1989. Education Eastern Illinois University— 1983-1987, Bachelor of Arts Degree Work Experience 1995-1998 - Owned and Operated - Putter Around III (Golf Club Sales and Manufacturing) March 1999 to Present - Commercial Appraiser with the appraisal firm of Parrish & Edwards, Inc. Types of Property Appraised Medical Condos Car Washes Hotels Feasibility Study Motels Restaurants Daycare Facilities Golf Courses Office Warehouse Schools Multi-Tenant Office Buildings Community Centers Commercial Retail Marinas Vacant Commercial Land Automobile Dealership Vacant Residential Land Office/Warehouse Condos Vacant Civic Land Vacant Agricultural Land Single Family Residential Gas Stations Special Purpose Properties Auto Service Stations Mini Storage Facilities Multi Tenant Residential Mobile Home Parks Page 208 of 735 Agenda Item #9. Professional Courses/Seminars (recent) National USPAP Update, 2018 Florida Appraisal Law, 2018 The Income Approach: 2018 The Sales Comparison Approach, 2018 Florida Appraisal Law, 2016 FL National USPAP, 2016 The Income Approach: Case Studies for Commercial Appraisals, 2016 National USPAP Florida Appraisal Law AB3-Lic. General Appraisal Course AB2-Lic. Res. Appraisal Course 2 Business Appraisal AB1-Lic. Res. 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