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<br />INTRODUCTION <br /> <br />IDENTIFICATION OF THE PROPERTY <br /> <br />Multi-family zoned land parcel containing 49,830 square feet/1 .14 acres. <br /> <br />ADDRESS <br /> <br />19505 Collins Avenue <br />Sunny Isles Beach, Florida <br /> <br />LOCA TION <br /> <br />Southeast comer of Terracini A venue and Collins A venue, Sunny Isles Beach, Florida. <br /> <br />PURPOSE AND DATE OF APPRAISAL <br /> <br />The purpose of this Appraisal is to estimate the Market Value as of October 18, 2005, being one of <br />the dates of personal inspection. <br /> <br />INTENDED USE AND USER OF APPRAISAL <br /> <br />The intended use of this appraisal is to assist the client in determining a market value of Transfer <br />Development Rights (TOR). The intended user is the City of Sunny Isles Beach. <br /> <br />LEGAL DESCRIPTION <br /> <br />Lots I, 2 and 3, REPLAT OF BLOCK 1 OF VENICETTA BEACH, according to the plat thereof, as <br />recorded in Plat Book 44, Page 4, of the Public Records of Miami-Dade County, Florida <br /> <br />PROPERTY RIGHTS APPRAISED <br /> <br />The property is appraised in fee simple: a fee without limitations to any particular class of heirs or <br />restrictions, but subject to the limitations of eminent domain, escheat, police power and taxation, as <br />well as utility easements of record. <br /> <br />QUINLIVAN APPRAISAL <br /> <br />4 <br />