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<br />Mr. Jorge Vera <br />City of Sunny Isles Beach <br />October 21, 2005 <br />Page 2 <br /> <br />Based on the inspection of the property and the investigation and analyses undertaken, I have formed <br />the opinion that, as of October 18,2005, the subject property, based on its highest and best use, has <br />a Market Value of: <br /> <br />FIFTEEN MILLION DOLLARS <br /> <br />($15,000,000) <br /> <br />Re~'pectfully submitted, <br /> <br />..' ~ . \-') <br />/' " , <br />t '/',; f. / , : <br />,. i" J" ", 1 /--'/;' v <br />> 1/ ,/J_.\.../~__./ __,..., -____<'..-.....--t\-:.."..~ <br />! /. , , ..' Y <br />Jf, ~ark Quinlivan, MAl <br /> <br />State Certified General Appraiser <br /> <br />Certification Number: RZOOOO 112 <br /> <br />lMQ/pq <br />(05-221 ) <br />